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Turner & Townsend Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [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 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 |

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