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Segments
 12 Months Ended
Dec. 31, 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. In addition, we also have a “Corporate, other and elimination” component. 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 aggregation 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, costs associated with transformation initiatives, workforce optimization, efficiency and cost-reduction initiatives, integration and other costs related to acquisitions, and 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.
Summarized financial information by segment is as follows (dollars in thousands):
Year Ended December 31,
202220212020
Revenue
Advisory Services$9,883,506 $9,575,759 $7,214,562 
Global Workplace Solutions19,851,221 17,098,917 15,808,033 
Real Estate Investments1,109,609 1,091,716 831,530 
Corporate, other and eliminations (1)
(16,090)(20,356)(27,930)
Total revenue$30,828,246 $27,746,036 $23,826,195 
Depreciation and Amortization
Advisory Services$310,823 $311,397 $311,445 
Global Workspace Solutions253,013 158,757 134,383 
Real Estate Investments16,250 27,111 27,367 
Corporate, other and eliminations33,002 28,606 28,533 
Total depreciation and amortization$613,088 $525,871 $501,728 
Equity Income (Loss) from Unconsolidated Subsidiaries
Advisory Services$14,662 $24,778 $4,526 
Global Workspace Solutions1,118 1,720 90 
Real Estate Investments380,566 555,341 123,548 
Corporate, other and eliminations(167,348)36,858 (2,003)
Total equity income from unconsolidated subsidiaries$228,998 $618,697 $126,161 
Segment Operating Profit
Advisory Services$1,909,924 $2,063,227 $1,347,826 
Global Workplace Solutions899,221 708,039 575,299 
Real Estate Investments518,194 520,001 257,700 
Total reportable segment operating profit$3,327,339 $3,291,267 $2,180,825 
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(1)Eliminations represent revenue from transactions with other operating segments. See Note 18.
Reconciliation of total reportable segment operating profit to net income is as follows (dollars in thousands):
Year Ended December 31,
202220212020
Net income attributable to CBRE Group, Inc.$1,407,370 $1,836,574 $751,989 
Net income attributable to non-controlling interests16,590 5,3413,879
Net income1,423,960 1,841,915755,868
Adjustments to increase (decrease) net income:
Depreciation and amortization613,088 525,871 501,728 
Asset impairments58,713 — 88,676 
Interest expense, net of interest income68,999 50,352 67,753 
Write-off of financing costs on extinguished debt1,860 — 75,592 
Provision for income taxes234,230 567,506 214,101 
Costs associated with transformation initiatives— — 155,148 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue(4,228)49,941 (22,912)
Impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in period(5,115)(5,725)11,598 
Costs incurred related to legal entity restructuring13,447 — 9,362 
Integration and other costs related to acquisitions40,702 44,552 1,756 
Costs associated with workforce optimization efforts— — 37,594 
Costs associated with efficiency and cost-reduction initiatives117,534 — — 
Provision associated with Telford’s fire safety remediation efforts (1)
185,921 — — 
Corporate and other loss, including eliminations578,228 216,855 284,561 
Total reportable segment operating profit$3,327,339 $3,291,267 $2,180,825 
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(1)See Note 22 for additional information.
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):
Year Ended December 31,
202220212020
Revenue
United States$17,464,098 $15,700,279 $13,472,013 
United Kingdom4,084,408 3,617,504 3,083,810 
All other countries9,279,740 8,428,253 7,270,372 
Total revenue$30,828,246 $27,746,036 $23,826,195