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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 receivables239,269 
Prepaid expenses7,969 
Other current assets19,359 
Property and equipment, net57,138 
Other intangible assets, net1,104,968 
Operating lease assets44,249 
Other assets, net8,427 
Total assets acquired1,525,386 
Liabilities Assumed:
Accounts payable and accrued expenses59,986 
Compensation and employee benefits34,557 
Operating lease liabilities11,144 
Contract liabilities44,943 
Other current liabilities126,034 
Non-current operating lease liabilities30,939 
Deferred tax liability 291,634 
Total liabilities assumed599,237 
Non-controlling Interest Acquired774,122 
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 ClassAmortization
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 
TrademarkIndefinite275,626 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,
20212020
Revenue$28,545,833 $24,715,787 
Operating income1,705,982 944,102 
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 share335,232,840 335,196,296 
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 share339,717,401 338,392,210