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v3.19.3.a.u2

Segments (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
|  | Year Ended December 31, |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Advisory Services |  | $ | 9,069,468 |  |  | $ | 8,440,002 |  |  | $ | 7,379,725 |
Global Workspace Solutions |  |  | 14,164,001 |  |  |  | 12,365,362 |  |  |  | 10,791,963 |
Real Estate Investments |  |  | 660,622 |  |  |  | 534,724 |  |  |  | 457,099 |
Total revenue |  | $ | 23,894,091 |  |  | $ | 21,340,088 |  |  | $ | 18,628,787 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Advisory Services |  | $ | 304,766 |  |  | $ | 280,921 |  |  | $ | 243,791 |
Global Workspace Solutions |  |  | 120,975 |  |  |  | 147,222 |  |  |  | 136,127 |
Real Estate Investments |  |  | 13,483 |  |  |  | 23,845 |  |  |  | 26,196 |
Total depreciation and amortization |  | $ | 439,224 |  |  | $ | 451,988 |  |  | $ | 406,114 |
Equity Income (Loss) from Unconsolidated Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Advisory Services |  | $ | 6,894 |  |  | $ | 16,017 |  |  | $ | 20,740 |
Global Workspace Solutions |  |  | (1,423 | ) |  |  | 115 |  |  |  | — |
Real Estate Investments |  |  | 155,454 |  |  |  | 308,532 |  |  |  | 189,467 |
Total equity income from unconsolidated subsidiaries |  | $ | 160,925 |  |  | $ | 324,664 |  |  | $ | 210,207 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Advisory Services |  | $ | 1,465,792 |  |  | $ | 1,303,251 |  |  | $ | 1,174,943 |
Global Workspace Solutions |  |  | 424,026 |  |  |  | 345,560 |  |  |  | 334,377 |
Real Estate Investments |  |  | 173,965 |  |  |  | 256,357 |  |  |  | 207,454 |
Total Adjusted EBITDA |  | $ | 2,063,783 |  |  | $ | 1,905,168 |  |  | $ | 1,716,774 |
Adjusted EBITDA Calculation by Segment | Adjusted EBITDA is calculated as follows (dollars in thousands):
|  | Year Ended December 31, |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Net income attributable to CBRE Group, Inc. |  | $ | 1,282,357 |  |  | $ | 1,063,219 |  |  | $ | 697,109 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 439,224 |  |  |  | 451,988 |  |  |  | 406,114 |
Intangible asset impairment |  |  | 89,787 |  |  |  | — |  |  |  | — |
Interest expense, net of interest income |  |  | 85,754 |  |  |  | 98,685 |  |  |  | 126,961 |
Write-off of financing costs on extinguished debt |  |  | 2,608 |  |  |  | 27,982 |  |  |  | — |
Provision for income taxes |  |  | 69,895 |  |  |  | 313,058 |  |  |  | 467,757 |
EBITDA |  |  | 1,969,625 |  |  |  | 1,954,932 |  |  |  | 1,697,941 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Costs associated with our reorganization, including cost-savings initiatives (1) |  |  | 49,565 |  |  |  | 37,925 |  |  |  | — |
Integration and other costs related to acquisitions |  |  | 15,292 |  |  |  | 9,124 |  |  |  | 27,351 |
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue |  |  | 13,101 |  |  |  | (5,261 | ) |  |  | (8,518 | )
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period |  |  | 9,301 |  |  |  | — |  |  |  | — |
Costs incurred related to legal entity restructuring |  |  | 6,899 |  |  |  | — |  |  |  | — |
Costs incurred in connection with litigation settlement |  |  | — |  |  |  | 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 |  |  | — |  |  |  | (100,420 | ) |  |  | — |
Adjusted EBITDA |  | $ | 2,063,783 |  |  | $ | 1,905,168 |  |  | $ | 1,716,774 |
(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):
|  | Year Ended December 31, |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 13,852,018 |  |  | $ | 12,264,188 |  |  | $ | 10,954,608 |
United Kingdom |  |  | 2,972,704 |  |  |  | 2,586,890 |  |  |  | 2,242,973 |
All other countries |  |  | 7,069,369 |  |  |  | 6,489,010 |  |  |  | 5,431,206 |
Total revenue |  | $ | 23,894,091 |  |  | $ | 21,340,088 |  |  | $ | 18,628,787 |

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- 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
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