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J&J Worldwide Services Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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) | 357 |
Excess purchase price over estimated fair value of net assets acquired | $ | 463 |
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 |  | 91 |
Contract assets |  | 22 |
Prepaid expenses |  | 2 |
Other current assets |  | 2 |
Property and equipment, net |  | 11 |
Other intangible assets, net |  | 297 |
Operating lease assets |  | 2 |
Investments in unconsolidated subsidiaries |  | 24 |
Other assets, net |  | 15 |
Total assets acquired |  | 492 |
Liabilities Assumed: |  |
Accounts payable and accrued expenses |  | 54 |
Compensation and employee benefits payable |  | 8 |
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 |  | 129 |
Non-controlling Interest Acquired |  | 6 |
Estimated Fair Value of Net Assets Acquired |  | $ | 357 |
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 |  | $ | 118 |  |  | N/A
Customer relationships |  | 141 |  |  | 12 years
Other intangible assets |  | 3 |  |  | 2 years
Total |  | $ | 262 |  |  |
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):
|  |  |  |  |  | As of June 30, 2024
Asset Class |  | Amortization Period |  | Amount Assigned at Acquisition Date |  | Accumulated Amortization |  | Net Carrying Value
Customer relationships |  | 9-12 years |  | $ | 174 |  |  | $ | 5 |  |  | $ | 169 |
Backlog |  | 4-6 years |  | 111 |  |  | 9 |  |  | 102 |
Trademark |  | 3 years |  | 10 |  |  | 1 |  |  | 9 |
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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | $ | 8,391 |  |  | $ | 7,830 |  |  | $ | 16,398 |  |  | $ | 15,355 |
Operating income | 247 |  |  | 295 |  |  | 461 |  |  | 308 |
Net income attributable to CBRE Group, Inc. | 131 |  |  | 187 |  |  | 262 |  |  | 279 |
Basic income per share: |  |  |  |  |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 0.43 |  |  | $ | 0.60 |  |  | $ | 0.85 |  |  | $ | 0.90 |
Weighted average shares outstanding for basic income per share | 306,745,116 |  |  | 310,857,203 |  |  | 306,276,871 |  |  | 310,662,324 |
Diluted income per share: |  |  |  |  |  |  |
Net income per share attributable to CBRE Group, Inc. | $ | 0.42 |  |  | $ | 0.59 |  |  | $ | 0.85 |  |  | $ | 0.89 |
Weighted average shares outstanding for diluted income per share | 308,035,211 |  |  | 314,282,247 |  |  | 308,269,040 |  |  | 314,821,615 |

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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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