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Segments
9 Months Ended
Sep. 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 amounts 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, costs associated with efficiency and cost-reduction initiatives, 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
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenue
Advisory Services$2,433,801 $2,412,147 $7,270,232 $6,257,144 
Global Workplace Solutions4,843,739 4,167,143 14,557,500 12,275,748 
Real Estate Investments257,738 223,832 818,776 678,324 
Corporate, other and eliminations(5,732)(4,795)(12,751)(15,397)
Total revenue$7,529,546 $6,798,327 $22,633,757 $19,195,819 
Segment operating profit
Advisory Services$423,802 $521,678 $1,410,113 $1,318,762 
Global Workplace Solutions219,406 187,332 640,438 509,684 
Real Estate Investments59,458 146,768 501,028 363,878 
Total reportable segment operating profit$702,666 $855,778 $2,551,579 $2,192,324 
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,
2022202120222021
Net income attributable to CBRE Group, Inc.$446,639 $435,743 $1,326,258 $1,144,582 
Net income attributable to non-controlling interests5,041 879 11,609 $4,459 
Net income451,680 436,622 1,337,867 $1,149,041 
Adjustments to increase (decrease) net income:
Depreciation and amortization142,136 122,564 453,527 363,727 
Asset impairments— — 36,756 — 
Interest expense, net of interest income19,957 11,038 51,301 34,916 
Write-off of financing costs on extinguished debt1,862 — 1,862 — 
Provision for income taxes142,667 133,507 259,691 343,279 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(6,161)16,959 9,200 33,963 
Impact of fair value adjustments to real estate assets acquired in the
   Telford acquisition (purchase accounting) that were sold in period
(1,300)47 (4,447)772 
Costs incurred related to legal entity restructuring893 — 12,814 — 
Integration and other costs related to acquisitions7,716 16,211 24,046 24,345 
Costs associated with efficiency and cost-reduction initiatives18,929 — 18,929 — 
Provision associated with Telford’s fire safety remediation efforts9,479 — 46,984 — 
Corporate and other (income) loss, including eliminations(85,192)118,830 303,049 242,281 
Total reportable segment operating profit$702,666 $855,778 $2,551,579 $2,192,324 

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,
2022202120222021
Revenue
United States$4,320,235 $3,943,714 $12,887,747 $10,856,277 
United Kingdom970,307 841,241 3,002,798 2,451,222 
All other countries2,239,004 2,013,372 6,743,212 5,888,320 
Total revenue$7,529,546 $6,798,327 $22,633,757 $19,195,819