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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Company’s Allocation of Purchase Price to the Intangible Assets, and Goodwill Acquired | The following table identifies the company’s allocation of purchase price to goodwill and other intangible assets by category (dollars in millions):
|  | Amount Assigned at Acquisition Date |  | Weighted-Average Life (in years)
Goodwill |  | $ | 199 |  |  | N/A
Customer relationships |  | 75 |  |  | 10 years
Other intangible assets |  | 7 |  |  | 4 years
Total |  | $ | 281 |  |  |
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 millions) |
Assets Acquired: |
Cash and cash equivalents | $ | 44 |
Receivables and other current assets | 266 |
Other intangible assets, net | 1,105 |
Other assets, net | 110 |
Total assets acquired | 1,525 |
Liabilities Assumed: |
Accounts payable and other liabilities | 277 |
Non-current operating lease liabilities | 31 |
Deferred tax liability | 291 |
Total liabilities assumed | 599 |
Non-controlling Interest Acquired | 774 |
Estimated Fair Value of Net Assets Acquired | $ | 152 |
Schedule of Business Acquisitions, by Acquisition | The following summarizes the consideration transferred at closing for the Turner & Townsend Acquisition (dollars in millions):
Cash consideration (1) | $ | 723 |
Deferred consideration | 494 |
Total consideration | $ | 1,217 |
________________________________________________________________________________________________________________________________________ (1)Represents cash paid at closing
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 millions):
Purchase price | $ | 1,217 |
Less: Estimated fair value of net assets acquired | 152 |
Plus: Estimated fair value of non-controlling interest (1) | 32 |
Excess purchase price over estimated fair value of net assets acquired | $ | 1,097 |
________________________________________________________________________________________________________________________________________ (1)Represents fair value of legacy non-controlling interest of Turner & Townsend
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 millions):
Asset Class |  | Amortization Period |  | Amount Assigned at Acquisition Date |  |  |  |
Customer relationships |  | 5-11 years |  | $ | 754 |  |  |  |  |
Backlog |  | 2-4 years |  | 75 |  |  |  |  |
Trademark |  | Indefinite |  | 276 |  |  |  |  |
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 millions, except share data):
| Year Ended December 31,
| 2021 |  | 2020
Revenue | $ | 28,546 |  |  | $ | 24,716 |
Operating income | 1,706 |  |  | 944 |
Net income attributable to CBRE Group, Inc. | 1,873 |  |  | 705 |
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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