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Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Summarized Financial Information by Segment

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Revenue
Advisory Services			$	2,136,985					$	1,454,232					$	3,844,997					$	3,256,919
Global Workplace Solutions			4,082,722						3,770,433						8,108,605						7,654,962
Real Estate Investments			243,363						161,611						454,492						373,081
Corporate, other and eliminations			(4,457)						(4,892)						(10,602)						(14,410)
Total revenue			$	6,458,613					$	5,381,384					$	12,397,492					$	11,270,552
Segment operating profit
Advisory Services			$	464,297					$	202,112					$	796,597					$	535,076
Global Workplace Solutions			170,152						127,490						322,329						234,457
Real Estate Investments			153,463						24,654						214,040						67,675
Total reportable segment operating profit			$	787,912					$	354,256					$	1,332,966					$	837,208

Adjusted EBITDA Calculation by Segment

Reconciliation of total reportable segment operating profit to net income is as follows (dollars in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Net income attributable to CBRE Group, Inc.			$	442,637					$	81,897					$	708,839					$	254,092
Adjustments to increase (decrease) net income:
Depreciation and amortization			119,085						116,384						241,163						230,178
Asset impairments			—						—						—						75,171
Interest expense, net of interest income			13,772						17,950						23,878						33,966
Provision for income taxes			133,445						18,803						209,772						69,985
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue			1,672						(7,500)						17,004						(15,284)
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period			(374)						1,247						725						7,000
Costs incurred related to legal entity restructuring			—						693						—						3,934
Integration and other costs related to acquisitions			8,134						236						8,134						1,019
Costs associated with workforce optimization efforts (1)			—						37,594						—						37,594
Corporate and other loss, including eliminations			69,541						86,952						123,451						139,553
Total reportable segment operating profit			$	787,912					$	354,256					$	1,332,966					$	837,208

_______________________________

(1)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 both the three and six months ended June 30, 2020.

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 June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Revenue
United States			$	3,563,704					$	3,089,794					$	6,912,563					$	6,470,357
United Kingdom			832,938						677,880						1,609,981						1,451,895
All other countries			2,061,971						1,613,710						3,874,948						3,348,300
Total revenue			$	6,458,613					$	5,381,384					$	12,397,492					$	11,270,552

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.

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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.

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