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Telford Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Summary of Excess Purchase Price Over Estimated Fair Value of Net Assets Acquired | The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in thousands):
Purchase price | $ | 328,502 |
Less: Final fair value of net assets acquired (see table below) | 297,669 |
Excess purchase price over fair value of net assets acquired | $ | 30,833 |
Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final fair values assigned to the identified assets acquired and liabilities assumed (dollars in thousands):
Assets Acquired: |
Cash and cash equivalents | $ | 7,896 |
Receivables | 6,993 |
Contract assets, current | 31,850 |
Prepaid expenses | 2,704 |
Property and equipment | 2,637 |
Other intangible assets | 26,749 |
Operating lease assets | 6,488 |
Investments in unconsolidated subsidiaries | 79,667 |
Non-current contract assets | 8,015 |
Real estate under development | 208,402 |
Deferred tax assets, net | 2,857 |
Other assets (current and non-current) | 99,429 |
Total assets acquired | 483,687 |
Liabilities Assumed: |
Accounts payable and accrued expenses | 47,552 |
Compensation and employee benefits payable | 1,580 |
Accrued bonus | 3,274 |
Operating lease liabilities | 941 |
Contract liabilities, current | 1,949 |
Income taxes payable | 1,813 |
Line of credit | 110,687 |
Non-current operating lease liabilities | 5,547 |
Other liabilities (current and non-current) | 12,675 |
Total liabilities assumed | 186,018 |
Fair Value of Net Assets Acquired | $ | 297,669 |
Schedule of Trademarks Acquired as Part of Business Combination | In connection with the Telford Acquisition, below is a summary of the value allocated to the trademark acquired (dollars in thousands):
|  |  |  |  |  | December 31, 2019
Asset Class |  | Amortization Period |  | Amount Assigned at Acquisition Date |  | Accumulated Amortization and Foreign Currency Translation |  | Net Carrying Value
Trademark |  | 20 Years |  | $ | 26,749 |  |  | $ | 1,725 |  |  | $ | 28,474 |
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 Telford Acquisition occurred on January 1, 2018 and may not be indicative of future operating results (dollars in thousands, except share data):
| Year Ended December 31,
| 2019 |  | 2018
Revenue | $ | 24,158,427 |  |  | $ | 21,803,506 |
Operating income | 1,294,480 |  |  | 1,157,051 |
Net income attributable to CBRE Group, Inc. | 1,321,097 |  |  | 1,121,469 |
Basic income per share: |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 3.93 |  |  | $ | 3.31 |
Weighted average shares outstanding for basic income per share | 335,795,654 |  |  | 339,321,056 |
Diluted income per share: |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 3.88 |  |  | $ | 3.27 |
Weighted average shares outstanding for diluted income per share | 340,522,871 |  |  | 343,122,741 |

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