XML 58 R36.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Turner & Townsend Acquisition (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The Turner & Townsend Acquisition was funded with cash on hand. The following summarizes the consideration transferred at closing for the Turner & Townsend Acquisition (dollars in thousands):
Cash consideration (1) | $ | 722,595 |
Deferred consideration (2) | 494,349 |
Total consideration | $ | 1,216,944 |
_______________ (1)Represents cash paid at closing (2)Represents the fair value of deferred consideration, to be settled in cash, with the only remaining condition on such payments being the passage of time
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 and fair value of non-controlling interest (dollars in thousands):
Purchase price | $ | 1,216,944 |
Less: Estimated fair value of net assets acquired (see table below) | 152,027 |
Plus: Estimated fair value of non-controlling interest (1) | 32,416 |
Excess purchase price over estimated fair value of net assets acquired | $ | 1,097,333 |
_______________ (1)Represents fair value of legacy non-controlling interest of Turner & Townsend
Summary of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values assigned to the identified assets acquired and liabilities assumed at the acquisition date on November 1, 2021.
(Dollars in thousands) |
Assets Acquired: |
Cash and cash equivalents | $ | 44,007 |
Trade and other receivables | 239,269 |
Prepaid expenses | 7,969 |
Other current assets | 19,359 |
Property and equipment, net | 57,138 |
Other intangible assets, net | 1,104,968 |
Operating lease assets | 44,249 |
Other assets, net | 8,427 |
Total assets acquired | 1,525,386 |
Liabilities Assumed: |
Accounts payable and accrued expenses | 59,986 |
Compensation and employee benefits | 34,557 |
Operating lease liabilities | 11,144 |
Contract liabilities | 44,943 |
Other current liabilities | 126,034 |
Non-current operating lease liabilities | 30,939 |
Deferred tax liability | 291,634 |
Total liabilities assumed | 599,237 |
Non-controlling Interest Acquired | 774,122 |
Estimated Fair Value of Net Assets Acquired | $ | 152,027 |
Schedule of Trademarks Acquired as Part of Business Combination | In connection with the Turner & Townsend Acquisition, below is a summary of the preliminary value allocated to the intangible assets acquired (dollars in thousands):
|  |  |  |  |  | December 31, 2021
Asset Class |  | Amortization Period |  | Amount Assigned at Acquisition Date |  | Accumulated Amortization and Foreign Currency Translation |  | Net Carrying Value
Customer relationships |  | 5-11 years |  | $ | 753,935 |  |  | $ | 21,577 |  |  | $ | 732,358 |
Backlog |  | 2-4 years |  | 75,407 |  |  | 5,255 |  |  | 70,152 |
Trademark |  | Indefinite |  | 275,626 |  |  | 3,202 |  |  | 272,424 |
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 Turner & Townsend Acquisition occurred on January 1, 2020 and may not be indicative of future operating results (dollars in thousands, except share data):
| Year Ended December 31,
| 2021 |  | 2020
Revenue | $ | 28,545,833 |  |  | $ | 24,715,787 |
Operating income | 1,705,982 |  |  | 944,102 |
Net income attributable to CBRE Group, Inc. | 1,873,426 |  |  | 705,375 |
Basic income per share: |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 5.59 |  |  | $ | 2.10 |
Weighted average shares outstanding for basic income per share | 335,232,840 |  |  | 335,196,296 |
Diluted income per share: |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 5.51 |  |  | $ | 2.08 |
Weighted average shares outstanding for diluted income per share | 339,717,401 |  |  | 338,392,210 |

X
- Definition Business combination, goodwill. + References No definition available. + Details
Name: | cbre_BusinessCombinationGoodwillTableTableTextBlock
Namespace Prefix: | cbre_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration