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Segments
 9 Months Ended
Sep. 30, 2021
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. Effective January 1, 2021, we have realigned our organizational structure and performance measure to how our chief operating decision maker (CODM) views the company. This includes a “Corporate, other and elimination” component and a segment measurement of profit and loss referred to as segment operating profit.

Advisory Services provides a comprehensive range of services globally, including property leasing, property sales, mortgage services, property management, and valuation. Global Workplace Solutions provides a broad suite of integrated, contractually-based outsourcing services to occupiers of real estate, including facilities management and project management. Effective January 1, 2021, transaction services was fully moved under the Advisory Services segment and project management was fully moved under the Global Workplace Solutions segment. Previously transaction services and project management were split between the Global Workplace Solutions segment and the Advisory Services segment. Real Estate Investments includes investment management services provided globally, development services in the U.S., U.K. and Continental Europe and legacy flexible office space solutions. Corporate and other includes activities not attributed to our core business, primarily consisting of corporate headquarters costs for executive officers and certain other central functions, as well as certain strategic equity investments. These costs, which were previously allocated to the business segments on a reasonable basis, are no longer allocated and are reported under Corporate and other. It also includes eliminations related to inter-segment revenue. Prior period segment results for all of our reportable segments have been recast to conform to the above changes.
Segment operating profit is the measure reported to the CODM for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, impact of 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, costs associated with workforce optimization, transformation initiatives and integration and other costs related to acquisitions. This metric excludes the impact of corporate overhead as these costs are now reported under Corporate and other.
Summarized financial information by segment is as follows (dollars in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Revenue
Advisory Services$2,412,147 $1,630,010 $6,257,144 $4,886,929 
Global Workplace Solutions4,167,143 3,851,278 12,275,748 11,506,240 
Real Estate Investments223,832 169,612 678,324 542,693 
Corporate, other and eliminations(4,795)(5,758)(15,397)(20,168)
Total revenue$6,798,327 $5,645,142 $19,195,819 $16,915,694 
Segment operating profit
Advisory Services$521,539 $286,655 $1,318,136 $821,731 
Global Workplace Solutions187,315 160,829 509,644 395,286 
Real Estate Investments146,045 71,422 360,085 139,097 
Total reportable segment operating profit$854,899 $518,906 $2,187,865 $1,356,114 
Reconciliation of total reportable segment operating profit to net income is as follows (dollars in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Net income attributable to CBRE Group, Inc.$435,743 $184,132 $1,144,582 $438,224 
Adjustments to increase (decrease) net income:
Depreciation and amortization122,564 127,725 363,727 357,903 
Asset impairments— — — 75,171 
Interest expense, net of interest income11,038 17,829 34,916 51,795 
Provision for income taxes133,507 49,062 343,279 119,047 
Costs associated with transformation initiatives (1)
— 55,374 — 55,374 
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue16,959 3,767 33,963 (11,517)
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period47 2,289 772 9,289 
Costs incurred related to legal entity restructuring— 1,061 — 4,995 
Integration and other costs related to acquisitions16,211 525 24,345 1,544 
Costs associated with workforce optimization efforts (2)
— — — 37,594 
Corporate and other loss, including eliminations118,830 77,142 242,281 216,695 
Total reportable segment operating profit$854,899 $518,906 $2,187,865 $1,356,114 
_______________________________
(1)Commencing during the quarter ended September 30, 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.
(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 nine months ended September 30, 2020.
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):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Revenue
United States$3,943,714 $3,162,235 $10,856,277 $9,632,592 
United Kingdom841,241 736,927 2,451,222 2,188,822 
All other countries2,013,372 1,745,980 5,888,320 5,094,280 
Total revenue$6,798,327 $5,645,142 $19,195,819 $16,915,694