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Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Summarized Financial Information by Segment | Summarized financial information by segment is as follows (dollars in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
Advisory Services | $ | 2,218 |  |  | $ | 2,042 |  |  | $ | 4,122 |  |  | $ | 3,895 |
Global Workplace Solutions | 5,944 |  |  | 5,426 |  |  | 11,753 |  |  | 10,764 |
Real Estate Investments | 232 |  |  | 256 |  |  | 460 |  |  | 480 |
Corporate, other and eliminations (1) | (3) |  |  | (4) |  |  | (9) |  |  | (8) |
Total revenue | $ | 8,391 |  |  | $ | 7,720 |  |  | $ | 16,326 |  |  | $ | 15,131 |
Segment Operating Profit |  |  |  |  |  |  |
Advisory Services | $ | 344 |  |  | $ | 315 |  |  | $ | 606 |  |  | $ | 585 |
Global Workplace Solutions | 258 |  |  | 233 |  |  | 490 |  |  | 462 |
Real Estate Investments | 10 |  |  | 33 |  |  | 44 |  |  | 165 |
Total reportable segment operating profit | $ | 612 |  |  | $ | 581 |  |  | $ | 1,140 |  |  | $ | 1,212 |
________________________________________________________________________________________________________________________________________ (1)Eliminations represent revenue from transactions with other operating segments. See Note 13.
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 millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income attributable to CBRE Group, Inc. | $ | 130 |  |  | $ | 201 |  |  | $ | 256 |  |  | $ | 318 |
Net income attributable to non-controlling interests | 12 |  |  | 5 |  |  | 34 |  |  | 13 |
Net income | 142 |  |  | 206 |  |  | 290 |  |  | 331 |
Adjustments to increase (decrease) net income: |  |  |  |  |  |  |
Depreciation and amortization | 161 |  |  | 155 |  |  | 319 |  |  | 316 |
Interest expense, net of interest income | 63 |  |  | 43 |  |  | 99 |  |  | 71 |
Provision for income taxes | 32 |  |  | 55 |  |  | 3 |  |  | 84 |
Costs associated with efficiency and cost-reduction initiatives | 67 |  |  | 3 |  |  | 97 |  |  | 141 |
Charges related to indirect tax settlement | 13 |  |  | — |  |  | 13 |  |  | — |
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue | 1 |  |  | (1) |  |  | 15 |  |  | 6 |
Costs incurred related to legal entity restructuring | — |  |  | — |  |  | 2 |  |  | — |
Integration and other costs related to acquisitions (1) | 13 |  |  | 36 |  |  | 8 |  |  | 54 |
Corporate and other loss, including eliminations | 120 |  |  | 84 |  |  | 294 |  |  | 209 |
Total reportable segment operating profit | $ | 612 |  |  | $ | 581 |  |  | $ | 1,140 |  |  | $ | 1,212 |
________________________________________________________________________________________________________________________________________ (1)During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $17.5 million in deal and integration costs, offset by reversal of $21.7 million in previously recognized transaction-related bonus expense due to change in estimate.
Schedule of Geographic Information | Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
United States | $ | 4,670 |  |  | $ | 4,211 |  |  | $ | 9,092 |  |  | $ | 8,356 |
United Kingdom | 1,195 |  |  | 1,056 |  |  | 2,280 |  |  | 2,051 |
All other countries | 2,526 |  |  | 2,453 |  |  | 4,954 |  |  | 4,724 |
Total revenue | $ | 8,391 |  |  | $ | 7,720 |  |  | $ | 16,326 |  |  | $ | 15,131 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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