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Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summarized Financial Information by Segment

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

			Year Ended December 31,
			2021						2020						2019
Revenue
Advisory Services			$	9,575,759					$	7,214,562					$	8,654,637
Global Workplace Solutions			17,098,917						15,808,033						14,601,819
Real Estate Investments			1,091,716						831,530						660,622
Corporate, other and eliminations			(20,356)						(27,930)						(22,987)
Total revenue			$	27,746,036					$	23,826,195					$	23,894,091
Depreciation and Amortization
Advisory Services			$	311,397					$	311,445					$	275,270
Global Workspace Solutions			158,757						134,383						130,427
Real Estate Investments			27,111						27,367						13,483
Corporate, other and eliminations			28,606						28,533						20,044
Total depreciation and amortization			$	525,871					$	501,728					$	439,224
Equity Income (Loss) from Unconsolidated Subsidiaries
Advisory Services			$	24,778					$	4,526					$	3,110
Global Workspace Solutions			1,720						90						(927)
Real Estate Investments			555,341						123,548						155,454
Corporate, other and eliminations			36,858						(2,003)						3,288
Total equity income from unconsolidated subsidiaries			$	618,697					$	126,161					$	160,925
Segment Operating Profit
Advisory Services			$	2,063,227					$	1,347,826					$	1,690,959
Global Workplace Solutions			708,039						575,299						475,767
Real Estate Investments			520,001						257,700						209,666
Total reportable segment operating profit			$	3,291,267					$	2,180,825					$	2,376,392

Reconciliation of Segment Operating Profit

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

			Year Ended December 31,
			2021						2020						2019
Net income attributable to CBRE Group, Inc.			$	1,836,574					$	751,989					$	1,282,357
Net income attributable to non-controlling interests			5,341						3,879						9,093
Net income			1,841,915						755,868						1,291,450
Adjustments to increase (decrease) net income:
Depreciation and amortization			525,871						501,728						439,224
Asset impairments			—						88,676						89,787
Interest expense, net of interest income			50,352						67,753						85,754
Write-off of financing costs on extinguished debt			—						75,592						2,608
Provision for income taxes			567,506						214,101						69,895
Costs associated with transformation initiatives (1)			—						155,148						—
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue			49,941						(22,912)						13,101
Impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in period			(5,725)						11,598						9,301
Costs incurred related to legal entity restructuring			—						9,362						6,899
Integration and other costs related to acquisitions			44,552						1,756						15,292
Costs associated with workforce optimization efforts (2)			—						37,594						—
Costs associated with our reorganization, including cost-savings initiatives (3)			—						—						49,565
Corporate and other loss, including eliminations			216,855						284,561						303,516
Total reportable segment operating profit			$	3,291,267					$	2,180,825					$	2,376,392

_______________

(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.

Summary of 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,
			2021						2020						2019
Revenue
United States			$	15,700,279					$	13,472,013					$	13,852,018
United Kingdom			3,617,504						3,083,810						2,972,704
All other countries			8,428,253						7,270,372						7,069,369
Total revenue			$	27,746,036					$	23,826,195					$	23,894,091

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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