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v3.23.2

Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  |  |  |  |  |  |
Advisory Services | $ | 2,041,673 |  |  | $ | 2,587,983 |  |  | $ | 3,895,541 |  |  | $ | 4,836,431 |
Global Workplace Solutions | 5,426,062 |  |  | 4,908,145 |  |  | 10,763,784 |  |  | 9,713,761 |
Real Estate Investments | 255,657 |  |  | 277,281 |  |  | 479,503 |  |  | 561,038 |
Corporate, other and eliminations (1) | (3,529) |  |  | (2,131) |  |  | (7,851) |  |  | (7,019) |
Total revenue | $ | 7,719,863 |  |  | $ | 7,771,278 |  |  | $ | 15,130,977 |  |  | $ | 15,104,211 |
Segment Operating Profit |  |  |  |  |  |  |
Advisory Services | $ | 315,443 |  |  | $ | 520,657 |  |  | $ | 585,175 |  |  | $ | 986,311 |
Global Workplace Solutions | 232,680 |  |  | 218,296 |  |  | 462,336 |  |  | 421,032 |
Real Estate Investments | 33,131 |  |  | 274,518 |  |  | 164,629 |  |  | 441,570 |
Total reportable segment operating profit | $ | 581,254 |  |  | $ | 1,013,471 |  |  | $ | 1,212,140 |  |  | $ | 1,848,913 |
_______________________________ (1)Eliminations represent revenue from transactions with other operating segments. See Note 12.
Schedule of Reconciliation of Reportable Segment Operating Profit to Net Income | 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net income attributable to CBRE Group, Inc. | $ | 201,403 |  |  | $ | 487,322 |  |  | $ | 318,295 |  |  | $ | 879,619 |
Net income attributable to non-controlling interests | 4,750 |  |  | 2,594 |  |  | 12,931 |  |  | $ | 6,568 |
Net income | 206,153 |  |  | 489,916 |  |  | 331,226 |  |  | $ | 886,187 |
Adjustments to increase (decrease) net income: |  |  |  |  |  |  |
Depreciation and amortization | 154,387 |  |  | 162,359 |  |  | 315,878 |  |  | 311,391 |
Asset impairments | — |  |  | 26,405 |  |  | — |  |  | 36,756 |
Interest expense, net of interest income | 42,982 |  |  | 18,518 |  |  | 71,396 |  |  | 31,344 |
Provision for income taxes | 55,404 |  |  | 120,762 |  |  | 83,439 |  |  | 117,024 |
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue | (459) |  |  | (7,495) |  |  | 6,519 |  |  | 15,361 |
Impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in period | — |  |  | (1,451) |  |  | — |  |  | (3,147) |
Costs incurred related to legal entity restructuring | — |  |  | 10,245 |  |  | — |  |  | 11,921 |
Integration and other costs related to acquisitions | 36,444 |  |  | 8,209 |  |  | 54,578 |  |  | 16,330 |
Costs associated with efficiency and cost-reduction initiatives | 2,310 |  |  | — |  |  | 140,557 |  |  | — |
Provision associated with Telford’s fire safety remediation efforts (1) | — |  |  | 37,505 |  |  | — |  |  | 37,505 |
Corporate and other loss, including eliminations | 84,033 |  |  | 148,498 |  |  | 208,547 |  |  | 388,241 |
Total reportable segment operating profit | $ | 581,254 |  |  | $ | 1,013,471 |  |  | $ | 1,212,140 |  |  | $ | 1,848,913 |
______________ (1)See Note 15 for additional information.
Schedule of 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  |  |  |  |  |  |
United States | $ | 4,211,104 |  |  | $ | 4,436,115 |  |  | $ | 8,355,700 |  |  | $ | 8,567,512 |
United Kingdom | 1,055,985 |  |  | 1,046,493 |  |  | 2,051,413 |  |  | 2,032,491 |
All other countries | 2,452,774 |  |  | 2,288,670 |  |  | 4,723,864 |  |  | 4,504,208 |
Total revenue | $ | 7,719,863 |  |  | $ | 7,771,278 |  |  | $ | 15,130,977 |  |  | $ | 15,104,211 |

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