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J&J Worldwide Services Acquisition (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following summarizes the consideration transferred at closing for the J&J acquisition (dollars in millions):
Cash consideration | $ | 809 |
Deferred and contingent consideration | 11 |
Total consideration | $ | 820 |
Schedule 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 (dollars in millions):
Purchase price | $ | 820 |
Less: Estimated fair value of net assets acquired (see table below) | 354 |
Excess purchase price over estimated fair value of net assets acquired | $ | 466 |
Schedule 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 February 27, 2024 (dollars in millions):
Assets Acquired: |  |
Cash and cash equivalents |  | $ | 26 |
Receivables, net |  | 92 |
Contract Assets |  | 22 |
Prepaid expenses |  | 2 |
Other current assets |  | 2 |
Property and equipment, net |  | 11 |
Other intangible assets, net |  | 297 |
Operating lease assets |  | 6 |
Investments in unconsolidated subsidiaries |  | 25 |
Other assets, net |  | 11 |
Total assets acquired |  | 494 |
Liabilities Assumed: |  |
Accounts payable and accrued expenses |  | 60 |
Compensation and employee benefits |  | 7 |
Contract liabilities |  | 1 |
Income taxes payable |  | 1 |
Other current liabilities |  | 2 |
Non-current operating lease liabilities |  | 3 |
Deferred tax liabilities, net |  | 57 |
Other liabilities |  | 3 |
Total liabilities assumed |  | 134 |
Non-controlling Interest Acquired |  | 6 |
Estimated Fair Value of Net Assets Acquired |  | $ | 354 |
Schedule of Trademarks Acquired as Part of Business Combination | In connection with the J&J acquisition, below is a summary of the preliminary value allocated to the intangible assets acquired (dollars in millions):
|  |  |  |  |  | March 31, 2024
Asset Class |  | Amortization Period |  | Amount Assigned at Acquisition Date |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships |  | 9-12 years |  | $ | 174 |  |  | $ | 1 |  |  | $ | 173 |
Backlog |  | 4-6 years |  | 111 |  |  | 2 |  |  | 109 |
Trademark |  | 3 years |  | 10 |  |  | — |  |  | 10 |
Technology |  | 5 years |  | 2 |  |  | — |  |  | 2 |
Schedule 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 J&J acquisition occurred on January 1, 2023 and may not be indicative of future operating results (dollars in millions, except share and per share data):
| Three Months Ended March 31,
| 2024 |  | 2023
Revenue | $ | 8,007 |  |  | $ | 7,525 |
Operating income | 214 |  |  | 14 |
Net income attributable to CBRE Group, Inc. | 131 |  |  | 93 |
Basic income per share: |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 0.43 |  |  | $ | 0.30 |
Weighted average shares outstanding for basic income per share | 305,808,212 |  |  | 310,464,609 |
Diluted income per share: |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 0.42 |  |  | $ | 0.29 |
Weighted average shares outstanding for diluted income per share | 308,502,456 |  |  | 315,358,147 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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