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Segments (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Revenue |  |  |  |  |
Advisory Services | $ | 7,698,992 |  |  | $ | 9,069,468 |  |  | $ | 8,440,002 |
Global Workspace Solutions | 15,295,673 |  |  | 14,164,001 |  |  | 12,365,362 |
Real Estate Investments | 831,530 |  |  | 660,622 |  |  | 534,724 |
Total revenue | $ | 23,826,195 |  |  | $ | 23,894,091 |  |  | $ | 21,340,088 |
Depreciation and Amortization |  |  |  |  |
Advisory Services | $ | 348,669 |  |  | $ | 304,766 |  |  | $ | 280,921 |
Global Workspace Solutions | 125,692 |  |  | 120,975 |  |  | 147,222 |
Real Estate Investments | 27,367 |  |  | 13,483 |  |  | 23,845 |
Total depreciation and amortization | $ | 501,728 |  |  | $ | 439,224 |  |  | $ | 451,988 |
Equity Income (Loss) from Unconsolidated Subsidiaries |  |  |  |  |
Advisory Services | $ | 2,245 |  |  | $ | 6,894 |  |  | $ | 16,017 |
Global Workspace Solutions | 368 |  |  | (1,423) |  |  | 115 |
Real Estate Investments | 123,548 |  |  | 155,454 |  |  | 308,532 |
Total equity income from unconsolidated subsidiaries | $ | 126,161 |  |  | $ | 160,925 |  |  | $ | 324,664 |
Adjusted EBITDA |  |  |  |  |
Advisory Services | $ | 1,143,889 |  |  | $ | 1,465,792 |  |  | $ | 1,303,251 |
Global Workspace Solutions | 516,814 |  |  | 424,026 |  |  | 345,560 |
Real Estate Investments | 231,682 |  |  | 173,965 |  |  | 256,357 |
Total Adjusted EBITDA | $ | 1,892,385 |  |  | $ | 2,063,783 |  |  | $ | 1,905,168 |
Adjusted EBITDA Calculation by Segment | Adjusted EBITDA is calculated as follows (dollars in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Net income attributable to CBRE Group, Inc. | $ | 751,989 |  |  | $ | 1,282,357 |  |  | $ | 1,063,219 |
Add: |  |  |  |  |
Depreciation and amortization | 501,728 |  |  | 439,224 |  |  | 451,988 |
Asset impairments | 88,676 |  |  | 89,787 |  |  | — |
Interest expense, net of interest income | 67,753 |  |  | 85,754 |  |  | 98,685 |
Write-off of financing costs on extinguished debt | 75,592 |  |  | 2,608 |  |  | 27,982 |
Provision for income taxes | 214,101 |  |  | 69,895 |  |  | 313,058 |
EBITDA | 1,699,839 |  |  | 1,969,625 |  |  | 1,954,932 |
Adjustments: |  |  |  |  |
Costs associated with transformation initiatives (1) | 155,148 |  |  | — |  |  | — |
Costs associated with workforce optimization efforts (2) | 37,594 |  |  | — |  |  | — |
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in the period | 11,598 |  |  | 9,301 |  |  | — |
Costs incurred related to legal entity restructuring | 9,362 |  |  | 6,899 |  |  | — |
Integration and other costs related to acquisitions | 1,756 |  |  | 15,292 |  |  | 9,124 |
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue | (22,912) |  |  | 13,101 |  |  | (5,261) |
Costs associated with our reorganization, including cost-savings initiatives (3) | — |  |  | 49,565 |  |  | 37,925 |
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 | $ | 1,892,385 |  |  | $ | 2,063,783 |  |  | $ | 1,905,168 |
_______________ (1)During 2020, management began the implementation of certain transformation initiatives to enable the company to reduce costs, streamline operations and support future growth. The majority of expenses incurred were cash in nature and primarily related to employee separation benefits, lease termination costs and professional fees. See Note 21 for further discussion. (2)Primarily represents costs incurred related to workforce optimization initiated and executed in the second quarter of 2020 as part of management’s cost containment efforts in response to the Covid-19 pandemic. The charges are cash expenditures primarily for severance costs incurred related to this effort. Of the total costs, $7.4 million was included within the “Cost of revenue” line item and $30.2 million was included in the “Operating, administrative, and other” line item in the accompanying consolidated statements of operations for the year ended December 31, 2020. (3)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,
| 2020 |  | 2019 |  | 2018
Revenue |  |  |  |  |
United States | $ | 13,472,013 |  |  | $ | 13,852,018 |  |  | $ | 12,264,188 |
United Kingdom | 3,083,810 |  |  | 2,972,704 |  |  | 2,586,890 |
All other countries | 7,270,372 |  |  | 7,069,369 |  |  | 6,489,010 |
Total revenue | $ | 23,826,195 |  |  | $ | 23,894,091 |  |  | $ | 21,340,088 |

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- 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=120311839&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=120311839&loc=d3e8906-108599 + Details
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- 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=120395209&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=120311839&loc=d3e9038-108599 + Details
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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=120311839&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=120311839&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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