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Acquisitions (Tables)
 12 Months Ended
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 DateWeighted-Average Life
(in years)
Goodwill$199 N/A
Customer relationships75 10 years
Other intangible assets7 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 assets266 
Other intangible assets, net1,105 
Other assets, net110 
Total assets acquired1,525 
Liabilities Assumed:
Accounts payable and other liabilities277 
Non-current operating lease liabilities31 
Deferred tax liability 291 
Total liabilities assumed599 
Non-controlling Interest Acquired774 
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 
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(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 acquired152 
Plus: Estimated fair value of non-controlling interest (1)
32 
Excess purchase price over estimated fair value of net assets acquired$1,097 
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(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 ClassAmortization
Period		Amount Assigned at Acquisition Date
Customer relationships
5-11 years
$754 
Backlog
2-4 years
75 
TrademarkIndefinite276 
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,
20212020
Revenue$28,546 $24,716 
Operating income1,706 944 
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 share335,232,840 335,196,296 
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 share339,717,401 338,392,210