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v3.24.3

Segments | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segments | Segments Summarized financial information by segment is as follows (dollars in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
Advisory Services | $ | 2,395 |  |  | $ | 2,013 |  |  | $ | 6,518 |  |  | $ | 5,908 |
Global Workplace Solutions | 6,346 |  |  | 5,649 |  |  | 18,099 |  |  | 16,413 |
Real Estate Investments | 302 |  |  | 210 |  |  | 762 |  |  | 690 |
Corporate, other and eliminations (1) | (7) |  |  | (4) |  |  | (16) |  |  | (12) |
Total revenue | $ | 9,036 |  |  | $ | 7,868 |  |  | $ | 25,363 |  |  | $ | 22,999 |
Segment Operating Profit |  |  |  |  |  |  |
Advisory Services | $ | 414 |  |  | $ | 277 |  |  | $ | 1,020 |  |  | $ | 862 |
Global Workplace Solutions | 318 |  |  | 251 |  |  | 808 |  |  | 714 |
Real Estate Investments | 67 |  |  | 7 |  |  | 111 |  |  | 171 |
Total reportable segment operating profit | $ | 799 |  |  | $ | 535 |  |  | $ | 1,939 |  |  | $ | 1,747 |
________________________________________________________________________________________________________________________________________ (1)Eliminations represent revenue from transactions with other operating segments. See Note 13. Reconciliation of total reportable segment operating profit to net income is as follows (dollars in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income attributable to CBRE Group, Inc. | $ | 225 |  |  | $ | 191 |  |  | $ | 481 |  |  | $ | 509 |
Net income attributable to non-controlling interests | 20 |  |  | 10 |  |  | 54 |  |  | 23 |
Net income | 245 |  |  | 201 |  |  | 535 |  |  | 532 |
Adjustments to increase (decrease) net income: |  |  |  |  |  |  |
Depreciation and amortization | 178 |  |  | 149 |  |  | 497 |  |  | 465 |
Interest expense, net of interest income | 64 |  |  | 38 |  |  | 163 |  |  | 110 |
Provision for income taxes | 67 |  |  | 31 |  |  | 70 |  |  | 114 |
Costs associated with efficiency and cost-reduction initiatives | 41 |  |  | 4 |  |  | 137 |  |  | 145 |
Charges related to indirect tax audit / settlement | 25 |  |  | — |  |  | 39 |  |  | — |
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue | (4) |  |  | (8) |  |  | 12 |  |  | (2) |
Costs incurred related to legal entity restructuring | — |  |  | 4 |  |  | 2 |  |  | 4 |
Integration and other costs related to acquisitions (1) | 22 |  |  | 5 |  |  | 30 |  |  | 60 |
Provision associated with Telford’s fire safety remediation efforts | 33 |  |  | — |  |  | 33 |  |  | — |
Impact of fair value non-cash adjustments related to unconsolidated equity investments | 9 |  |  | — |  |  | 9 |  |  | — |
Corporate and other loss, including eliminations | 119 |  |  | 111 |  |  | 412 |  |  | 319 |
Total reportable segment operating profit | $ | 799 |  |  | $ | 535 |  |  | $ | 1,939 |  |  | $ | 1,747 |
________________________________________________________________________________________________________________________________________ (1)During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $18 million in deal and integration costs, offset by reversal of $22 million in previously recognized transaction-related bonus expense due to change in estimate. Our chief operating decision maker (CODM) is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment. Geographic Information Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
United States | $ | 5,210 |  |  | $ | 4,274 |  |  | $ | 14,302 |  |  | $ | 12,630 |
United Kingdom | 1,257 |  |  | 1,100 |  |  | 3,537 |  |  | 3,152 |
All other countries | 2,569 |  |  | 2,494 |  |  | 7,524 |  |  | 7,217 |
Total revenue | $ | 9,036 |  |  | $ | 7,868 |  |  | $ | 25,363 |  |  | $ | 22,999 |
On June 24, 2024, we announced plans to combine our project management business with our Turner & Townsend subsidiary and expect this transaction to close early 2025. We intend to organize our operations around, and publicly report our financial results on, four reportable segments in 2025. For the remainder of 2024, we will continue to report our financial results under our existing reportable segments given this is how the CODM currently manages the business.

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