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Segments
6 Months Ended
Jun. 30, 2022
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. As part of the realignment of our organizational structure and performance measure to how our chief operating decision maker (CODM) views the company, we created a “Corporate, other and elimination” segment.

Our Corporate segment primarily consists of corporate headquarters costs for executive officers and certain other central functions. We track our strategic non-core non-controlling equity investments in “other” which is considered an operating segment and reported together with Corporate as it does not meet the criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue.

Segment operating profit (SOP) 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, inclusive of amount attributable to non-controlling interest, 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, 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, integration and other costs related to acquisitions, and a provision associated with Telford’s fire safety remediation efforts. This metric excludes the impact of corporate overhead as these costs are now reported under Corporate and other. During fourth quarter of 2021, we changed the definition of SOP to include net income (loss) attributable to non-controlling interest to provide a more meaningful view of the segment’s performance and related margins and to conform to the CODM’s view of the business segments. Prior period segment operating profit for our reportable segments have been recast to conform to this change.

Summarized financial information by segment is as follows (dollars in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Revenue
Advisory Services$2,587,983 $2,136,985 $4,836,431 $3,844,997 
Global Workplace Solutions4,908,145 4,082,722 9,713,761 8,108,605 
Real Estate Investments277,281 243,363 561,038 454,492 
Corporate, other and eliminations(2,131)(4,457)(7,019)(10,602)
Total revenue$7,771,278 $6,458,613 $15,104,211 $12,397,492 
Segment operating profit
Advisory Services$520,657 $464,505 $986,311 $797,084 
Global Workplace Solutions218,296 170,169 421,032 322,352 
Real Estate Investments274,518 154,043 441,570 217,110 
Total reportable segment operating profit$1,013,471 $788,717 $1,848,913 $1,336,546 
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,
2022202120222021
Net income attributable to CBRE Group, Inc.$487,322 $442,637 $879,619 $708,839 
Net income attributable to non-controlling interests2,594 805 6,568 $3,580 
Net income489,916 443,442 886,187 $712,419 
Adjustments to increase (decrease) net income:
Depreciation and amortization162,359 119,085 311,391 241,163 
Asset impairments26,405 — 36,756 — 
Interest expense, net of interest income18,518 13,772 31,344 23,878 
Provision for income taxes120,762 133,445 117,024 209,772 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(7,495)1,672 15,361 17,004 
Impact of fair value adjustments to real estate assets acquired in the
   Telford acquisition (purchase accounting) that were sold in period
(1,451)(374)(3,147)725 
Costs incurred related to legal entity restructuring10,245 — 11,921 — 
Integration and other costs related to acquisitions8,209 8,134 16,330 8,134 
Provision associated with Telford’s fire safety remediation efforts37,505 — 37,505 — 
Corporate and other loss, including eliminations148,498 69,541 388,241 123,451 
Total reportable segment operating profit$1,013,471 $788,717 $1,848,913 $1,336,546 

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
June 30,
Six Months Ended
June 30,
2022202120222021
Revenue
United States$4,436,115 $3,563,704 $8,567,512 $6,912,563 
United Kingdom1,046,493 832,938 2,032,491 1,609,981 
All other countries2,288,670 2,061,971 4,504,208 3,874,948 
Total revenue$7,771,278 $6,458,613 $15,104,211 $12,397,492