XML 36 R33.htm IDEA: XBRL DOCUMENT
v3.19.3

Segments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Segment Reporting [Abstract] |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  |  | 2019 |  |  | 2018 (1) |  |  |  | 2019 |  |  | 2018 (1) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advisory Services |  | $ | 2,240,712 |  |  | $ | 2,059,359 |  |  | $ | 6,254,072 |  |  | $ | 5,717,899 |
Global Workplace Solutions |  |  | 3,555,176 |  |  |  | 3,082,781 |  |  |  | 10,106,543 |  |  |  | 8,945,257 |
Real Estate Investments |  |  | 129,213 |  |  |  | 118,814 |  |  |  | 414,069 |  |  |  | 383,184 |
Total revenue |  | $ | 5,925,101 |  |  | $ | 5,260,954 |  |  | $ | 16,774,684 |  |  | $ | 15,046,340 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advisory Services |  | $ | 345,482 |  |  | $ | 295,902 |  |  | $ | 942,860 |  |  | $ | 801,646 |
Global Workplace Solutions |  |  | 95,209 |  |  |  | 82,810 |  |  |  | 298,948 |  |  |  | 244,626 |
Real Estate Investments |  |  | 13,939 |  |  |  | 84,696 |  |  |  | 131,346 |  |  |  | 204,250 |
Total Adjusted EBITDA |  | $ | 454,630 |  |  | $ | 463,408 |  |  | $ | 1,373,154 |  |  | $ | 1,250,522 |
(1) | Results for 2018 have been presented in conformity with the new structure.
Adjusted EBITDA Calculation by Segment | Adjusted EBITDA is calculated as follows (dollars in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |
Net income attributable to CBRE Group, Inc. |  | $ | 256,599 |  |  | $ | 290,469 |  |  | $ | 644,739 |  |  | $ | 669,424 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 111,560 |  |  |  | 113,484 |  |  |  | 323,862 |  |  |  | 335,048 |
Intangible asset impairment |  |  | — |  |  |  | — |  |  |  | 89,037 |  |  |  | — |
Interest expense, net of interest income |  |  | 21,846 |  |  |  | 25,420 |  |  |  | 67,638 |  |  |  | 76,053 |
Write-off of financing costs on extinguished debt |  |  | — |  |  |  | — |  |  |  | 2,608 |  |  |  | 27,982 |
Provision for income taxes |  |  | 63,468 |  |  |  | 94,963 |  |  |  | 169,867 |  |  |  | 211,446 |
EBITDA |  |  | 453,473 |  |  |  | 524,336 |  |  |  | 1,297,751 |  |  |  | 1,319,953 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Integration and other costs related to acquisitions |  |  | 4,517 |  |  |  | 6,100 |  |  |  | 13,554 |  |  |  | 6,100 |
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue |  |  | (3,360 | ) |  |  | 3,960 |  |  |  | 12,284 |  |  |  | (4,543 | )
Costs associated with our reorganization, including cost-savings initiatives (1) |  |  | — |  |  |  | 12,768 |  |  |  | 49,565 |  |  |  | 12,768 |
Costs incurred in connection with litigation settlement |  |  | — |  |  |  | 8,868 |  |  |  | — |  |  |  | 8,868 |
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 |  |  | — |  |  |  | (92,624 | ) |  |  | — |  |  |  | (92,624 | )
Adjusted EBITDA |  | $ | 454,630 |  |  | $ | 463,408 |  |  | $ | 1,373,154 |  |  | $ | 1,250,522 |
(1) | 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.
Summary of Geographic Information | Revenue in the table below is allocated based upon the country in which services are performed (dollars in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 3,442,570 |  |  | $ | 3,063,616 |  |  | $ | 9,851,477 |  |  | $ | 8,646,018 |
United Kingdom |  |  | 758,084 |  |  |  | 638,018 |  |  |  | 2,003,671 |  |  |  | 1,852,799 |
All other countries |  |  | 1,724,447 |  |  |  | 1,559,320 |  |  |  | 4,919,536 |  |  |  | 4,547,523 |
Total revenue |  | $ | 5,925,101 |  |  | $ | 5,260,954 |  |  | $ | 16,774,684 |  |  | $ | 15,046,340 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration