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Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segments Segments
We organize our operations around, and publicly report our financial results on, three global business segments: (1) Advisory Services; (2) Global Workplace Solutions and (3) Real Estate Investments.

Summarized financial information by segment is as follows (dollars in thousands):

Year Ended December 31,
202020192018
Revenue
Advisory Services$7,698,992 $9,069,468 $8,440,002 
Global Workspace Solutions15,295,673 14,164,001 12,365,362 
Real Estate Investments831,530 660,622 534,724 
Total revenue$23,826,195 $23,894,091 $21,340,088 
Depreciation and Amortization
Advisory Services$348,669 $304,766 $280,921 
Global Workspace Solutions125,692 120,975 147,222 
Real Estate Investments27,367 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 Solutions368 (1,423)115 
Real Estate Investments123,548 155,454 308,532 
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 Solutions516,814 424,026 345,560 
Real Estate Investments231,682 173,965 256,357 
Total Adjusted EBITDA$1,892,385 $2,063,783 $1,905,168 
Adjusted EBITDA is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to and assessing performance of each segment. EBITDA represents earnings before depreciation and amortization, asset impairments, interest expense, net of interest income, write-off of financing costs on extinguished debt, and provision for income taxes. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of costs associated with transformation initiatives, costs associated with workforce optimization efforts, fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, costs associated with our reorganization, including cost-savings initiatives, costs incurred in connection with litigation settlement, and a 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.

Adjusted EBITDA is calculated as follows (dollars in thousands):

Year Ended December 31,
202020192018
Net income attributable to CBRE Group, Inc.$751,989 $1,282,357 $1,063,219 
Add:
Depreciation and amortization501,728 439,224 451,988 
Asset impairments88,676 89,787 — 
Interest expense, net of interest income67,753 85,754 98,685 
Write-off of financing costs on extinguished debt75,592 2,608 27,982 
Provision for income taxes214,101 69,895 313,058 
EBITDA1,699,839 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 restructuring9,362 6,899 — 
Integration and other costs related to acquisitions1,756 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.
Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment.

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,
202020192018
Revenue
United States$13,472,013 $13,852,018 $12,264,188 
United Kingdom3,083,810 2,972,704 2,586,890 
All other countries7,270,372 7,069,369 6,489,010 
Total revenue$23,826,195 $23,894,091 $21,340,088