$CBRE
CBRE GROUP, INC.

2020 Q1 Form 10-Q Financial Statement

#000156459020022348 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $5.889B $5.136B
YoY Change 14.68% 9.88%
Cost Of Revenue $4.713B $4.022B
YoY Change 17.17% 11.11%
Gross Profit $1.176B $1.113B
YoY Change 5.66% 5.64%
Gross Profit Margin 19.98% 21.68%
Selling, General & Admin $790.1M $796.0M
YoY Change -0.74% 8.71%
% of Gross Profit 67.16% 71.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $113.8M $105.8M
YoY Change 7.56% -2.22%
% of Gross Profit 9.67% 9.5%
Operating Expenses $903.9M $907.7M
YoY Change -0.42% 8.02%
Operating Profit $220.3M $145.0M
YoY Change 51.94% -32.13%
Interest Expense $4.600M $22.73M
YoY Change -79.76% -21.25%
% of Operating Profit 2.09% 15.67%
Other Income/Expense, Net -$193.0K $20.85M
YoY Change -100.93% -587.22%
Pretax Income $224.7M $214.7M
YoY Change 4.66% 9.38%
Income Tax $51.18M $43.88M
% Of Pretax Income 22.78% 20.44%
Net Earnings $172.2M $164.4M
YoY Change 4.74% 9.4%
Net Earnings / Revenue 2.92% 3.2%
Basic Earnings Per Share $0.51 $0.49
Diluted Earnings Per Share $0.51 $0.48
COMMON SHARES
Basic Shares Outstanding 335.0M shares 336.0M shares
Diluted Shares Outstanding 339.7M shares 340.2M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $628.0M $605.0M
YoY Change 3.8% -5.91%
Cash & Equivalents $732.7M $605.0M
Short-Term Investments
Other Short-Term Assets $682.0M $688.0M
YoY Change -0.87% 21.34%
Inventory
Prepaid Expenses
Receivables $4.592B $3.801B
Other Receivables $1.362B $1.606B
Total Short-Term Assets $7.264B $6.997B
YoY Change 3.82% 21.6%
LONG-TERM ASSETS
Property, Plant & Equipment $1.897B $1.729B
YoY Change 9.72% 172.71%
Goodwill $3.674B
YoY Change
Intangibles
YoY Change
Long-Term Investments $423.0M $228.0M
YoY Change 85.53% -0.44%
Other Assets $691.4M $736.0M
YoY Change -6.06% 20.07%
Total Long-Term Assets $8.416B $7.696B
YoY Change 9.36% 25.08%
TOTAL ASSETS
Total Short-Term Assets $7.264B $6.997B
Total Long-Term Assets $8.416B $7.696B
Total Assets $15.68B $14.69B
YoY Change 6.72% 23.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.365B $1.834B
YoY Change 28.95% 21.86%
Accrued Expenses $2.115B $1.994B
YoY Change 6.07% 30.75%
Deferred Revenue $107.0M $115.1M
YoY Change -7.07%
Short-Term Debt $1.264B $1.897B
YoY Change -33.38% 17.77%
Long-Term Debt Due $1.718M $2.573M
YoY Change -33.23%
Total Short-Term Liabilities $6.065B $6.010B
YoY Change 0.91% 23.41%
LONG-TERM LIABILITIES
Long-Term Debt $1.755B $1.760B
YoY Change -0.32% 0.12%
Other Long-Term Liabilities $461.7M $447.8M
YoY Change 3.11% -35.57%
Total Long-Term Liabilities $2.216B $2.208B
YoY Change 0.37% -9.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.065B $6.010B
Total Long-Term Liabilities $2.216B $2.208B
Total Liabilities $9.511B $9.489B
YoY Change 0.23% 25.68%
SHAREHOLDERS EQUITY
Retained Earnings $5.950B $4.675B
YoY Change 27.27%
Common Stock $1.030B $1.130B
YoY Change -8.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.129B $5.089B
YoY Change
Total Liabilities & Shareholders Equity $15.68B $14.69B
YoY Change 6.72% 23.4%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $172.2M $164.4M
YoY Change 4.74% 9.4%
Depreciation, Depletion And Amortization $113.8M $105.8M
YoY Change 7.56% -2.22%
Cash From Operating Activities -$128.8M -$392.6M
YoY Change -67.2% 57.06%
INVESTING ACTIVITIES
Capital Expenditures $62.24M $56.98M
YoY Change 9.23% 21.95%
Acquisitions
YoY Change
Other Investing Activities -$9.068M -$2.771M
YoY Change 227.25% -143.03%
Cash From Investing Activities -$92.23M -$73.94M
YoY Change 24.74% 15.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.03M $45.09M
YoY Change 10.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$101.4M 300.0M
YoY Change -133.8% 65.45%
NET CHANGE
Cash From Operating Activities -$128.8M -392.6M
Cash From Investing Activities -$92.23M -73.94M
Cash From Financing Activities -$101.4M 300.0M
Net Change In Cash -$361.1M -176.3M
YoY Change 104.82% 71.13%
FREE CASH FLOW
Cash From Operating Activities -$128.8M -$392.6M
Capital Expenditures $62.24M $56.98M
Free Cash Flow -$191.0M -$449.6M
YoY Change -57.51% 51.53%

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CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q1 us-gaap Interest Paid Net
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CY2019Q1 us-gaap Interest Paid Net
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CY2019Q1 us-gaap Income Taxes Paid Net
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CY2020Q1 us-gaap Profit Loss
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CY2020Q1 cbre Adjustments To Additional Paid In Capital Share Based Compensation Reversal For Equity Awards
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CY2020Q1 us-gaap Stock Repurchased During Period Value
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CY2020Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2020Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2020Q1 cbre Minority Interest Increase From Contributions From Noncontrolling Interest Holders
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CY2020Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2019Q1 cbre Minority Interest Increase From Contributions From Noncontrolling Interest Holders
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CY2019Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2019Q4 cbre Loan Receivable Mortgage Warehouse Lending Current
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CY2020Q1 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
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CY2020Q1 us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
GainLossOnSalesOfMortgageBackedSecuritiesMBS
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CY2020Q1 cbre Sale Of Mortgage Loans Held For Sale
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CY2020Q1 us-gaap Proceeds From Collection Of Mortgage Loans Held For Sale
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CY2020Q1 us-gaap Proceeds From Sale Of Mortgage Loans Held For Sale
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CY2020Q1 cbre Net Increase Decrease In Mortgage Servicing Rights Included In Warehouse Receivables
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CY2020Q1 cbre Loan Receivable Mortgage Warehouse Lending Current
LoanReceivableMortgageWarehouseLendingCurrent
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CY2019Q1 us-gaap Stockholders Equity Other
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q1 us-gaap Basis Of Accounting
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:5.24%;white-space:nowrap" valign="top"> <p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p id="Notes_to_Financial_Stmts" style="margin-top:0pt;text-align:justify;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:normal;"/>Basis of Presentation</p></td></tr></table></div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Readers of this Quarterly Report on Form 10-Q (Quarterly Report) should refer to the audited financial statements and notes to consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as “the company,” “we,” “us” and “our”), for the year ended December 31, 2019, which are included in our <a href="http://www.sec.gov/Archives/edgar/data/1138118/000156459020008056/cbre-10k_20191231.htm"><span style="text-decoration:underline;">2019 Annual Report on Form 10-K (2019 Annual Report),</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> filed with the United States Securities and Exchange Commission (SEC) and also available on our website (www.cbre.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Significant Accounting Policies, in the notes to consolidated financial statements in our </span><span style="text-decoration:underline;">2019 Annual Report</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> for further discussion of our significant accounting policies and estimates.</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Considerations Related to the COVID‑19 Pandemic</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the first quarter of 2020, the outbreak of the widespread novel coronavirus (COVID‑19) illness resulted in tremendous amounts of uncertainty, interruption of business activity and significantly impacted global markets. On March 11, 2020, the World Health Organization declared COVID‑19 a pandemic, pointing to over 118,000 cases of the coronavirus illness in over 110 countries and territories around the world at that time.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The emergence of the COVID‑19 pandemic and resultant shutdown of economic activity across much of the world has led to sharp increases in unemployment, dislocations in debt and equity markets and businesses instituting cost-cutting and capital-preservation measures. There has been a significant impact on commercial real estate markets in the first quarter of 2020, as many property owners and occupiers have put transactions on hold and withdrawn existing mandates, driving lower sales and leasing volumes. Real estate investment management and property development markets have been equally affected by the abrupt macroeconomic, real estate and capital markets changes brought about by COVID‑19. The timing of these impacts varies by geography, with Asian markets experiencing the earliest effects from the pandemic, while many other markets did not begin to experience significant effects until the end of the first quarter. We expect the effects of COVID‑19 will adversely impact our financial position, results of operations, and cash flows for fiscal year 2020. The unaudited consolidated financial statements presented herein reflect our current estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements and reported amounts of sales and expenses during the reporting periods presented.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">See Note 5 (Fair Value Measurements), Note 7 (Goodwill) and Note 11 (Commitments and Contingencies) for further discussion of COVID‑19 considerations.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Financial Statement Preparation</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying consolidated financial statements have been prepared in accordance with the rules applicable to quarterly reports on Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (U.S.), or GAAP, for annual financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions about future events, including the impact COVID‑19 may have on our business. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported and reported amounts of revenue and expenses. Such estimates include the value of goodwill, intangibles and other long-lived assets, real estate assets, accounts receivable, contract assets, operating lease assets, investments in unconsolidated subsidiaries and assumptions used in the calculation of income taxes, retirement and other post-employment benefits, among others. These estimates and assumptions are based on our best judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain re</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">classifications</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> have been made to the 201</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> financial statements to conform with the 20</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> presentation</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
CY2020Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:5.24%;white-space:nowrap" valign="top"> <p style="margin-top:2pt;text-align:justify;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2.</span></p></td> <td valign="top"> <p style="margin-top:2pt;text-align:justify;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">New Accounting Pronouncements</p></td></tr></table></div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Recently Adopted Accounting Pronouncements</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Financial Accounting Standards Board (FASB) previously issued five Accounting Standards Updates (ASUs) related to related to financial instruments – credit losses. The ASUs issued were: (1) in June 2016, ASU 2016-13, “<span style="font-style:italic;">Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,</span>” (2) in November 2018, ASU 2018-19, “<span style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments—Credit Losses,</span>” (3) in April 2019, ASU 2019-04, “<span style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,</span>” (4) in May 2019, ASU 2019-05, “<span style="font-style:italic;">Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief</span>” and (5) in November 2019, ASU 2019-11, “<span style="font-style:italic;">Codification Improvements to Topic 326, Financial Instruments—Credit Losses.”</span> Additionally, in February and March 2020, the FASB issued ASU 2020-02, “<span style="font-style:italic;">Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)</span>” and ASU 2020-03, “<span style="font-style:italic;">Codification Improvements to Financial Instruments,</span>” respectively, which include amendments to Topic 326.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ASU 2016-13 is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leasing standard. ASU 2019-04 clarifies and improves areas of guidance related to the recently issued standards on financial instruments – credit losses, derivatives and hedging, and financial instruments. ASU 2019-05 provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall. ASU 2019-11 clarifies guidance around how to report expected recoveries and reinforces existing guidance that prohibits organizations from recording negative allowances for available-for-sale debt securities, among other narrow scope and technical improvements. ASU 2020-02 adds a Securities and Exchange Commission (SEC) paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119 on loan losses to FASB Codification Topic 326 and also updates the SEC section of the Codification for the change in the effective date of Topic 842. ASU 2020-03 makes narrow-scope improvements to various aspects of the financial instrument guidance as part of the FASB’s ongoing Codification improvement project aimed at clarifying specific areas of accounting guidance to help avoid unintended application. We adopted ASU 2016-13, ASU 2018-19, ASU 2019-04 (as it related to financial instruments – credit losses), ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 in the first quarter of 2020 and the adoption did not have a material impact on our consolidated financial statements and related disclosures.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2018, the FASB issued ASU 2018‑18, “<span style="font-style:italic;">Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606</span>.” This ASU provides guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard and provides more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, with early adoption permitted. We adopted ASU 2018‑18 in the first quarter of 2020 and the adoption did not have a material impact on our consolidated financial statements and related disclosures.      </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements Pending Adoption</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU 2018‑14, “<span style="font-style:italic;">Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.</span>” This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. ASU 2018-14 only revises disclosure requirements. We are evaluating the effect, if any, that ASU 2018‑14 will have on our disclosures, but do not expect it to have a material impact.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the FASB issued ASU 2019</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">‑12, “</span><span style="font-style:italic;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">” This ASU removes specific exceptions to the general principles in Topic 740 and improves and simplifies financial statement preparers’ application of income tax-related guidance. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those years, with early adoption permitted. We are evaluating the effect that ASU 2019</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">‑12 will have on our consolidated financial statements and related disclosures, but do not expect it to have a material impact.</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2020, the FASB issued ASU 2020‑01, “<span style="font-style:italic;">Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)</span>” This ASU, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 and clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those years, with early adoption permitted. We are evaluating the effect that ASU 2020‑01 will have on our consolidated financial statements and related disclosures.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, the FASB issued ASU 2020‑04, “<span style="font-style:italic;">Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.”</span> This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. This ASU is effective for a limited time for all entities through December 31, 2022. We are evaluating the effect that ASU 2020‑04 will have on our consolidated financial statements and related disclosures.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
CY2019Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
48928000
CY2020Q1 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Planned Sale Investments Not Identified Value
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerSharePlannedSaleInvestmentsNotIdentifiedValue
58400000
CY2019Q4 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Planned Sale Investments Not Identified Value
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerSharePlannedSaleInvestmentsNotIdentifiedValue
45200000
CY2019Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
89000000.0
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
25000000.0
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
4821999000
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
1068506000
CY2019Q4 us-gaap Goodwill
Goodwill
3753493000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
25000000
CY2020Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
18675000
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-73410000
CY2020Q1 us-gaap Goodwill Gross
GoodwillGross
4767264000
CY2020Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
1093506000
CY2020Q1 us-gaap Goodwill
Goodwill
3673758000
CY2020Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
411251000
CY2019Q1 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
365125000
CY2020Q1 cbre Equity Method Investment Summarized Financial Information Operating Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingProfitLoss
174534000
CY2019Q1 cbre Equity Method Investment Summarized Financial Information Operating Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationOperatingProfitLoss
94621000
CY2020Q1 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
104528000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
4137968
CY2020Q1 cbre Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
1328799000
CY2019Q4 cbre Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
1321388000
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1766084000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1773396000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1718000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1814000
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
9848000
CY2019Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
10337000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1754518000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1761245000
CY2020Q1 cbre Minimum Coverage Ratio Of Earnings Before Interest Tax Depreciation And Amortization To Interest Expense Expressed In Percentage
MinimumCoverageRatioOfEarningsBeforeInterestTaxDepreciationAndAmortizationToInterestExpenseExpressedInPercentage
2.00
CY2020Q1 cbre Maximum Leverage Ratio Of Debt To Earnings Before Interest Tax Depreciation And Amortization Expressed In Percentage
MaximumLeverageRatioOfDebtToEarningsBeforeInterestTaxDepreciationAndAmortizationExpressedInPercentage
4.25
CY2020Q1 cbre Maximum Leverage Ratio During First Four Quarter That Qualified Acquisition Is Consummated
MaximumLeverageRatioDuringFirstFourQuarterThatQualifiedAcquisitionIsConsummated
4.75
CY2020Q1 cbre Coverage Ratio Of Earnings Before Interest Tax Depreciation And Amortization To Interest Expense Expressed In Percentage
CoverageRatioOfEarningsBeforeInterestTaxDepreciationAndAmortizationToInterestExpenseExpressedInPercentage
22.47
CY2020Q1 cbre Leverage Ratio Of Debt To Earnings Before Interest Tax Depreciation And Amortization Expressed In Percentage
LeverageRatioOfDebtToEarningsBeforeInterestTaxDepreciationAndAmortizationExpressedInPercentage
0.60
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
997793000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
997966000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
98437000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
94141000
CY2020Q1 cbre Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
1096230000
CY2019Q4 cbre Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
1092107000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
183159000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
168663000
CY2020Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
36916000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
34966000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1045708000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1057758000
CY2020Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
63016000
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
60001000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
61310000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
47467000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
14683000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2668000
CY2020Q1 cbre Other Noncash Increases Decreases In Operating Lease Right Of Use Assets
OtherNoncashIncreasesDecreasesInOperatingLeaseRightOfUseAssets
6888000
CY2019Q1 cbre Other Noncash Increases Decreases In Operating Lease Right Of Use Assets
OtherNoncashIncreasesDecreasesInOperatingLeaseRightOfUseAssets
1372000
CY2020Q1 cbre Other Noncash Increases Decreases In Finance Lease Right Of Use Assets
OtherNoncashIncreasesDecreasesInFinanceLeaseRightOfUseAssets
-517000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
339737911
CY2019Q4 cbre Loan Loss Sharing Reserve
LoanLossSharingReserve
37000000.0
CY2020Q1 cbre Assets Available For Recourse
AssetsAvailableForRecourse
629700000
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
93800000
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
93800000
CY2020Q1 cbre Line Of Credit Facility Latest Expiration Date
LineOfCreditFacilityLatestExpirationDate
2021-04
CY2020Q1 cbre Guarantor Obligations Maximum Exposure Undiscounted
GuarantorObligationsMaximumExposureUndiscounted
77400000
CY2020Q1 cbre Guarantor Obligations Maximum Exposure Undiscounted
GuarantorObligationsMaximumExposureUndiscounted
77400000
CY2020Q1 cbre Commitments To Investment In Future Real Estate Investment
CommitmentsToInvestmentInFutureRealEstateInvestment
82500000
CY2020Q1 cbre Commitments To Investment In Unconsolidated Entity
CommitmentsToInvestmentInUnconsolidatedEntity
42700000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
172195000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
164409000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
334969826
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
336020431
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
172195000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
164409000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
334969826
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
336020431
CY2020Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
4768085
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
340158399
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
350000000.0
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5745129000
CY2020Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
144039000
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-21192000
CY2020Q1 us-gaap Revenues
Revenues
5889168000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4999172000
CY2019Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
136338000
CY2019Q1 us-gaap Revenues
Revenues
5135510000
CY2020Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
530700000
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
330000000.0
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
529800000
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
328000000.0
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
113700000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
107000000.0
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
115000000.0
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
108700000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
63200000
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q1 us-gaap Revenues
Revenues
5889168000
CY2019Q1 us-gaap Revenues
Revenues
5135510000
CY2020Q1 cbre Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
430351000
CY2019Q1 cbre Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
450032000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
172195000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
164409000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
113794000
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
105823000
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
75171000
CY2019Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
89037000
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-16016000
CY2019Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2608000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51182000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
43878000
CY2020Q1 cbre Income Loss Before Net Interest Expense Write Off Of Financing Costs Income Taxes Depreciation And Amortization
IncomeLossBeforeNetInterestExpenseWriteOffOfFinancingCostsIncomeTaxesDepreciationAndAmortization
428358000
CY2019Q1 cbre Income Loss Before Net Interest Expense Write Off Of Financing Costs Income Taxes Depreciation And Amortization
IncomeLossBeforeNetInterestExpenseWriteOffOfFinancingCostsIncomeTaxesDepreciationAndAmortization
426947000
CY2020Q1 cbre Impact Of Fair Value Adjustments To Assets Acquired In Business
ImpactOfFairValueAdjustmentsToAssetsAcquiredInBusiness
5753000
CY2020Q1 us-gaap Restructuring Costs
RestructuringCosts
3241000
CY2020Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
783000
CY2020Q1 cbre Carried Interest Incentive Compensation Expense Reversal
CarriedInterestIncentiveCompensationExpenseReversal
-7784000
CY2019Q1 cbre Carried Interest Incentive Compensation Expense Reversal
CarriedInterestIncentiveCompensationExpenseReversal
7336000
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
15749000
CY2020Q1 cbre Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
430351000
CY2019Q1 cbre Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
450032000
CY2020Q1 us-gaap Revenues
Revenues
5889168000
CY2019Q1 us-gaap Revenues
Revenues
5135510000

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