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Segments (Tables) | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
|  | Year Ended December 31, |
|  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
|  |  |  |  |  | (As Adjusted) (1) |  |  | (As Adjusted) (1) (2) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 13,131,906 |  |  | $ | 11,791,377 |  |  | $ | 11,069,965 |
EMEA |  |  | 5,465,923 |  |  |  | 4,396,825 |  |  |  | 4,128,906 |
Asia Pacific |  |  | 2,207,535 |  |  |  | 1,983,486 |  |  |  | 1,729,528 |
Global Investment Management |  |  | 434,405 |  |  |  | 377,644 |  |  |  | 369,800 |
Development Services |  |  | 100,319 |  |  |  | 79,455 |  |  |  | 70,909 |
Total revenue |  | $ | 21,340,088 |  |  | $ | 18,628,787 |  |  | $ | 17,369,108 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 327,556 |  |  | $ | 289,338 |  |  | $ | 254,118 |
EMEA |  |  | 80,290 |  |  |  | 72,322 |  |  |  | 66,619 |
Asia Pacific |  |  | 20,297 |  |  |  | 18,258 |  |  |  | 17,810 |
Global Investment Management |  |  | 23,017 |  |  |  | 24,123 |  |  |  | 25,911 |
Development Services |  |  | 828 |  |  |  | 2,073 |  |  |  | 2,469 |
Total depreciation and amortization |  | $ | 451,988 |  |  | $ | 406,114 |  |  | $ | 366,927 |
|  | Year Ended December 31, |
|  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
|  |  |  |  |  | (As Adjusted) (1) |  |  | (As Adjusted) (1) (2) |
Equity Income from Unconsolidated Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 14,177 |  |  | $ | 18,789 |  |  | $ | 17,892 |
EMEA |  |  | 1,523 |  |  |  | 1,553 |  |  |  | 1,817 |
Asia Pacific |  |  | 433 |  |  |  | 397 |  |  |  | 223 |
Global Investment Management |  |  | 6,131 |  |  |  | 7,923 |  |  |  | 7,243 |
Development Services |  |  | 302,400 |  |  |  | 181,545 |  |  |  | 170,176 |
Total equity income from unconsolidated subsidiaries |  | $ | 324,664 |  |  | $ | 210,207 |  |  | $ | 197,351 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,111,014 |  |  | $ | 1,011,643 |  |  | $ | 950,573 |
EMEA |  |  | 329,522 |  |  |  | 309,233 |  |  |  | 272,894 |
Asia Pacific |  |  | 197,684 |  |  |  | 180,043 |  |  |  | 142,299 |
Global Investment Management |  |  | 78,469 |  |  |  | 94,373 |  |  |  | 83,150 |
Development Services |  |  | 188,479 |  |  |  | 121,482 |  |  |  | 113,431 |
Total Adjusted EBITDA |  | $ | 1,905,168 |  |  | $ | 1,716,774 |  |  | $ | 1,562,347 |
(1) | We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information
(2) | In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. 2016 amounts were reclassified to conform with the 2017 presentation. This change had no impact on our consolidated results.
Adjusted EBITDA Calculation by Segment | Adjusted EBITDA is calculated as follows (dollars in thousands):
|  | Year Ended December 31, |
|  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
|  |  |  |  |  | (As Adjusted) (1) |  |  | (As Adjusted) (1) |
Net income attributable to CBRE Group, Inc. |  | $ | 1,063,219 |  |  | $ | 697,109 |  |  | $ | 573,079 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 451,988 |  |  |  | 406,114 |  |  |  | 366,927 |
Interest expense |  |  | 107,270 |  |  |  | 136,814 |  |  |  | 144,851 |
Write-off of financing costs on extinguished debt |  |  | 27,982 |  |  |  | — |  |  |  | — |
Provision for income taxes |  |  | 313,058 |  |  |  | 467,757 |  |  |  | 296,900 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 8,585 |  |  |  | 9,853 |  |  |  | 8,051 |
EBITDA |  |  | 1,954,932 |  |  |  | 1,697,941 |  |  |  | 1,373,706 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Costs associated with our reorganization, including cost-savings initiatives (2) |  |  | 37,925 |  |  |  | — |  |  |  | — |
Integration and other costs related to acquisitions |  |  | 9,124 |  |  |  | 27,351 |  |  |  | 125,743 |
Costs incurred in connection with litigation settlement |  |  | 8,868 |  |  |  | — |  |  |  | — |
Carried interest incentive compensation reversal to align with the timing of associated revenue |  |  | (5,261 | ) |  |  | (8,518 | ) |  |  | (15,558 | )
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired |  |  | (100,420 | ) |  |  | — |  |  |  | — |
Cost-elimination expenses (3) |  |  | — |  |  |  | — |  |  |  | 78,456 |
Adjusted EBITDA |  | $ | 1,905,168 |  |  | $ | 1,716,774 |  |  | $ | 1,562,347 |
(1) | We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
(2) | Primarily represents severance costs related to headcount reductions in connection with our reorganization announced in the third quarter of 2018 that became effective January 1, 2019.
(3) | 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. The total amount for each period does have a cash impact.
Schedule of Capital Expenditures by Segment |
|  | Year Ended December 31, |
|  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 131,055 |  |  | $ | 127,135 |  |  | $ | 134,046 |
EMEA |  |  | 63,947 |  |  |  | 28,716 |  |  |  | 35,452 |
Asia Pacific |  |  | 17,122 |  |  |  | 19,360 |  |  |  | 19,179 |
Global Investment Management |  |  | 15,348 |  |  |  | 2,776 |  |  |  | 2,273 |
Development Services |  |  | 331 |  |  |  | 55 |  |  |  | 255 |
Total capital expenditures |  | $ | 227,803 |  |  | $ | 178,042 |  |  | $ | 191,205 |
Schedule of Identifiable Assets by Segment |
|  | December 31, |
|  |  | 2018 |  |  |  | 2017 |
|  |  |  |  |  | (As Adjusted) (1) |
Identifiable Assets |  |  |  |  |  |  |  |
Americas |  | $ | 7,432,532 |  |  | $ | 5,808,332 |
EMEA |  |  | 3,168,050 |  |  |  | 3,013,586 |
Asia Pacific |  |  | 978,331 |  |  |  | 894,066 |
Global Investment Management |  |  | 1,018,999 |  |  |  | 1,075,691 |
Development Services |  |  | 166,864 |  |  |  | 176,971 |
Corporate |  |  | 692,017 |  |  |  | 749,750 |
Total identifiable assets |  | $ | 13,456,793 |  |  | $ | 11,718,396 |
(1) | We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
Schedule of Investments in Unconsolidated Subsidiaries by Segment | 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, |
|  |  | 2018 |  |  |  | 2017 |
Investments in Unconsolidated Subsidiaries |  |  |  |  |  |  |  |
Americas |  | $ | 41,446 |  |  | $ | 39,105 |
EMEA |  |  | 864 |  |  |  | 852 |
Asia Pacific |  |  | 6,845 |  |  |  | 6,581 |
Global Investment Management |  |  | 77,926 |  |  |  | 83,430 |
Development Services |  |  | 89,093 |  |  |  | 108,033 |
Total investments in unconsolidated subsidiaries |  | $ | 216,174 |  |  | $ | 238,001 |
Summary of 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, |
|  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
|  |  |  |  |  | (As Adjusted) (1) |  |  | (As Adjusted) (1) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 12,264,188 |  |  | $ | 10,954,608 |  |  | $ | 10,434,782 |
United Kingdom |  |  | 2,586,890 |  |  |  | 2,242,973 |  |  |  | 2,150,428 |
All other countries |  |  | 6,489,010 |  |  |  | 5,431,206 |  |  |  | 4,783,898 |
Total revenue |  | $ | 21,340,088 |  |  | $ | 18,628,787 |  |  | $ | 17,369,108 |
(1) | We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
The long-lived assets in the table below are comprised of net property and equipment (dollars in thousands).
|  | December 31, |
|  |  | 2018 |  |  |  | 2017 |
Property and Equipment, Net |  |  |  |  |  |  |  |
United States |  | $ | 512,110 |  |  | $ | 432,102 |
United Kingdom |  |  | 71,119 |  |  |  | 61,335 |
All other countries |  |  | 138,463 |  |  |  | 124,302 |
Total property and equipment, net |  | $ | 721,692 |  |  | $ | 617,739 |

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