CBRE (CBRE) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-32205
Entity Registrant Name	CBRE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3391143
Entity Address, Address Line One	2121 North Pearl Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	979-6100
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	“CBRE”
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		306,431,434
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001138118
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 928,000	$ 1,265,000
Restricted cash	105,000	106,000
Receivables, less allowance for doubtful accounts of $103.7 and $102.0 at June 30, 2024 and December 31, 2023, respectively	6,304,000	6,370,000
Warehouse receivables	973,000	675,000
Contract assets	453,600	442,900
Prepaid expenses	342,000	333,000
Income taxes receivable	190,000	159,000
Other current assets	357,000	315,000
Total Current Assets	9,653,000	9,666,000
Property and equipment, net of accumulated depreciation and amortization of $1,703.4 and $1,576.1 at June 30, 2024 and December 31, 2023, respectively	895,000	907,000
Goodwill	5,667,000	5,129,000
Other intangible assets, net of accumulated amortization of $2,327.8 and $2,178.9 at June 30, 2024 and December 31, 2023, respectively	2,385,000	2,081,000
Operating lease assets	1,032,000	1,030,000
Investments in unconsolidated subsidiaries (with $904.6 and $997.3 at fair value at June 30, 2024 and December 31, 2023, respectively)	1,309,000	1,374,000
Non-current contract assets	92,000	75,000
Real estate under development	380,000	300,000
Non-current income taxes receivable	77,000	78,000
Deferred tax assets, net	338,000	361,000
Other assets, net	1,634,000	1,547,000
Total Assets	23,462,000	22,548,000
Current Liabilities:
Accounts payable and accrued expenses	3,568,000	3,562,000
Compensation and employee benefits payable	1,230,000	1,459,000
Accrued bonus and profit sharing	974,000	1,556,000
Operating lease liabilities	244,000	242,000
Contract liabilities	311,000	297,600
Income taxes payable	128,000	217,000
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)	961,000	666,000
Revolving credit facility	940,000	0
Other short-term borrowings	7,000	16,000
Current maturities of long-term debt	28,000	9,000
Other current liabilities	238,000	218,000
Total Current Liabilities	8,629,000	8,243,000
Long-term debt, net of current maturities	3,272,000	2,804,000
Non-current operating lease liabilities	1,091,000	1,089,000
Non-current income taxes payable	0	30,000
Non-current tax liabilities	148,000	157,000
Deferred tax liabilities, net	248,000	255,000
Other liabilities	885,000	903,000
Total Liabilities	14,273,000	13,481,000
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 306,473,349 and 304,889,140 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	3,000	3,000
Additional paid-in capital	0	0
Accumulated earnings	9,384,000	9,188,000
Accumulated other comprehensive loss	(1,031,000)	(924,000)
Total CBRE Group, Inc. Stockholders’ Equity	8,356,000	8,267,000
Non-controlling interests	833,000	800,000
Total Equity	9,189,000	9,067,000
Total Liabilities and Equity	$ 23,462,000	$ 22,548,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, less allowance for doubtful accounts	$ 103.7	$ 102
Accumulated depreciation and amortization	1,703.4	1,576.1
Other intangible assets, accumulated amortization	2,327.8	2,178.9
Investments in unconsolidated subsidiaries	$ 904.6	$ 997.3
Class A common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A common stock, shares authorized (in shares)	525,000,000	525,000,000
Class A common stock, shares issued (in shares)	306,473,349	304,889,140
Class A common stock, shares outstanding (in shares)	306,473,349	304,889,140

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 8,391,000	$ 7,720,000	$ 16,326,000	$ 15,131,000
Costs and expenses:
Cost of revenue	6,793,000	6,179,000	13,268,000	12,186,000
Operating, administrative and other	1,191,000	1,089,000	2,302,000	2,297,000
Depreciation and amortization	161,000	155,000	319,000	316,000
Total costs and expenses	8,145,000	7,423,000	15,889,000	14,799,000
Gain on disposition of real estate	0	9,000	13,000	12,000
Operating income	246,000	306,000	450,000	344,000
Equity (loss) income from unconsolidated subsidiaries	(15,000)	(8,000)	(73,000)	134,000
Other income	6,000	6,000	15,000	8,000
Interest expense, net of interest income	63,000	43,000	99,000	71,000
Income before provision for income taxes	174,000	261,000	293,000	415,000
Provision for income taxes	32,200	55,400	3,400	84,000
Net income	142,000	206,000	290,000	331,000
Less: Net income attributable to non-controlling interests	12,000	5,000	34,000	13,000
Net income attributable to CBRE Group, Inc.	$ 130,000	$ 201,000	$ 256,000	$ 318,000
Basic income per share:
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	$ 0.42	$ 0.65	$ 0.84	$ 1.02
Weighted average shares outstanding for basic income per share (in shares)	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. (in dollars per share)	$ 0.42	$ 0.64	$ 0.83	$ 1.01
Weighted average shares outstanding for diluted income per share (in shares)	308,035,211	314,282,247	308,269,040	314,821,615

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 142,000	$ 206,000	$ 290,000	$ 331,000
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(26,000)	37,000	(115,000)	74,000
Unrealized holding gains on available for sale debt securities, net of tax	3,000	0	3,000	1,000
Other, net of tax	(2,000)	0	(1,000)	5,000
Total other comprehensive (loss) income	(25,000)	37,000	(113,000)	80,000
Comprehensive income	117,000	243,000	177,000	411,000
Less: Comprehensive income attributable to non-controlling interests	13,000	18,000	28,000	39,000
Comprehensive income attributable to CBRE Group, Inc.	$ 104,000	$ 225,000	$ 149,000	$ 372,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 290,000	$ 331,000
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	319,000	316,000
Amortization of financing costs	3,000	2,000
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets	(60,000)	(45,000)
Gain on disposition of real estate assets	(13,000)	0
Net realized and unrealized gains, primarily from investments	(2,000)	(3,000)
Provision for doubtful accounts	9,000	6,000
Net compensation expense for equity awards	69,000	39,000
Equity loss (income) from unconsolidated subsidiaries	73,000	(134,000)
Distribution of earnings from unconsolidated subsidiaries	30,000	183,000
Proceeds from sale of mortgage loans	4,129,000	4,356,000
Origination of mortgage loans	(4,408,000)	(4,894,000)
Increase in warehouse lines of credit	295,000	549,000
Tenant concessions received	13,000	7,000
Purchase of equity securities	(28,000)	(8,000)
Proceeds from sale of equity securities	46,000	8,000
Increase in real estate under development	(6,000)	(37,000)
Decrease (increase) in receivables, prepaid expenses and other assets (including contract and lease assets)	110,000	(101,000)
Decrease in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)	(77,000)	(313,000)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing	(788,000)	(811,000)
Increase in net income taxes receivable/payable	(153,000)	(157,000)
Other operating activities, net	(56,000)	(50,000)
Net cash used in operating activities	(205,000)	(756,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(135,000)	(135,000)
Acquisition of businesses, including net assets acquired and goodwill, net of cash acquired	(1,051,000)	(166,000)
Contributions to unconsolidated subsidiaries	(73,000)	(60,000)
Distributions from unconsolidated subsidiaries	29,000	21,000
Acquisition and development of real estate assets	(136,000)	0
Proceeds from disposition of real estate assets	6,000	0
Other investing activities, net	53,000	(30,000)
Net cash used in investing activities	(1,307,000)	(370,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	2,505,000	3,206,000
Repayment of revolving credit facility	(1,565,000)	(2,801,000)
Proceeds from notes payable on real estate	12,000	0
Repurchase of common stock	(47,000)	(130,000)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)	(16,000)	(68,000)
Units repurchased for payment of taxes on equity awards	(97,000)	(50,000)
Non-controlling interest contributions	17,000	2,000
Non-controlling interest distributions	(30,000)	(1,000)
Other financing activities, net	(32,000)	(58,000)
Net cash provided by financing activities	1,242,000	1,075,000
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash	(68,000)	3,000
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(338,000)	(48,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD	1,371,000	1,405,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD	1,033,000	1,357,000
Cash paid during the period for:
Interest	170,000	91,000
Income tax payments, net	244,000	303,000
Non-cash investing and financing activities:
Deferred and/or contingent consideration	15,000	0
5.500% Senior Notes | Senior Notes
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance	495,000	0
5.950% Senior Notes | Senior Notes
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance	$ 0	$ 975,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - Senior Notes	Jun. 30, 2024
5.500% Senior Notes
Interest rate	5.50%
5.950% Senior Notes
Interest rate	5.95%

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Class A common stock	Additional paid-in capital	Accumulated earnings	Accumulated other comprehensive loss	Non- controlling interests
Beginning balance at Dec. 31, 2022	$ 8,606,000	$ 3,000	$ 0	$ 8,833,000	$ (983,000)	$ 753,000
Ending balance at Mar. 31, 2023	8,642,000	3,000	0	8,810,000	(953,000)	782,000
Beginning balance at Dec. 31, 2022	8,606,000	3,000	0	8,833,000	(983,000)	753,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	331,000			318,000		13,000
Compensation expense for equity awards	39,000		39,000
Units repurchased for payment of taxes on equity awards	(50,000)		(16,000)	(34,000)
Repurchase of common stock	(114,000)			(114,000)
Foreign currency translation (loss) gain	74,000				48,000	26,000
Unrealized holding gains on available for sale debt securities, net of tax	1,000				1,000
Contributions from non-controlling interests	2,000					2,000
Distributions to non-controlling interests	(1,000)					(1,000)
Other	6,000		(10,000)	8,000	5,000	3,000
Ending balance at Jun. 30, 2023	8,894,000	3,000	13,000	9,011,000	(929,000)	796,000
Beginning balance at Mar. 31, 2023	8,642,000	3,000	0	8,810,000	(953,000)	782,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	206,000			201,000		5,000
Compensation expense for equity awards	21,000		21,000
Units repurchased for payment of taxes on equity awards	(4,000)		(4,000)
Foreign currency translation (loss) gain	37,000				24,000	13,000
Unrealized holding gains on available for sale debt securities, net of tax	0
Contributions from non-controlling interests	1,000					1,000
Distributions to non-controlling interests	(1,000)					(1,000)
Other	(8,000)		(4,000)			(4,000)
Ending balance at Jun. 30, 2023	8,894,000	3,000	13,000	9,011,000	(929,000)	796,000
Beginning balance at Dec. 31, 2023	9,067,000	3,000	0	9,188,000	(924,000)	800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	290,000			256,000		34,000
Compensation expense for equity awards	69,000		69,000
Units repurchased for payment of taxes on equity awards	(97,000)		(46,000)	(51,000)
Repurchase of common stock	(48,000)		(39,000)	(9,000)
Foreign currency translation (loss) gain	(115,000)				(109,000)	(6,000)
Unrealized holding gains on available for sale debt securities, net of tax	3,000				3,000
Contributions from non-controlling interests	17,000					17,000
Distributions to non-controlling interests	(30,000)					(30,000)
Acquisition of non-controlling interests	22,000					22,000
Other	11,000		16,000		(1,000)	(4,000)
Ending balance at Jun. 30, 2024	9,189,000	3,000	0	9,384,000	(1,031,000)	833,000
Beginning balance at Mar. 31, 2024	9,099,000	3,000	0	9,263,000	(1,005,000)	838,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	142,000			130,000		12,000
Compensation expense for equity awards	39,000		39,000
Units repurchased for payment of taxes on equity awards	(1,000)		(1,000)
Foreign currency translation (loss) gain	(26,000)				(27,000)	1,000
Unrealized holding gains on available for sale debt securities, net of tax	3,000
Contributions from non-controlling interests	16,000					16,000
Distributions to non-controlling interests						(30,000)
Other	(5,000)		1,000		(2,000)	(4,000)
Ending balance at Jun. 30, 2024	$ 9,189,000	$ 3,000	$ 0	$ 9,384,000	$ (1,031,000)	$ 833,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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 “CBRE,” “the company,” “we,” “us” and “our”), for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K (2023 Annual Report) , 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 2023 Annual Report for further discussion of our significant accounting policies and estimates. Financial Statement Preparation 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 General Accepted Accounting Principles (GAAP), for annual financial statements. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., which require management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts reported in our consolidated financial statements and accompanying notes and 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. Actual results may differ from these estimates and assumptions.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recent Accounting Pronouncements Pending Adoption In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This update enhances reportable segment disclosures by requiring a public entity to: 1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, 2) disclose, on an annual and interim basis, an amount of other segment items by reportable segment and a description of its composition, 3) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, 4) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and 5) provide all the disclosures required by this update and all existing segment disclosures in Topic 280 if the entity has a single reportable segment. This ASU also clarifies that, in addition to the measure that is most consistent with the measurement principles under GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. We are evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.

J&J Worldwide Services Acquisit

J&J Worldwide Services Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
J&J Worldwide Services Acquisition	J&J Worldwide Services Acquisition On February 27, 2024, we acquired a 100% ownership interest in J&J Worldwide Services (J&J), a leading provider of engineering services, base support operations and facilities maintenance for the U.S. federal government. J&J primarily serves the U.S. Department of Defense through long-term, fixed-price contracts and is reported as part of our Global Workplace Solutions (GWS) segment. The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our GWS segment. The J&J acquisition was treated as a business combination under FASB Accounting Standards Codification (ASC) Topic 805 and was accounted for using the acquisition method of accounting. We financed the acquisition with a new issuance in February 2024 of $500.0 million in aggregate principal amount of 5.500% senior notes due April 1, 2029; (ii) borrowings under our existing revolving credit facility under our 2023 Credit Agreement; and (iii) cash on hand. See Note 8 for more information on the above mentioned debt instruments. 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 The purchase price included $7.4 million of contingent consideration, representing the acquisition date fair value recognized for up to $250.0 million gross of potential future earnout payments based on the achievement of certain performance thresholds during calendar years 2025 and 2026. 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 The preliminary purchase accounting adjustments related to the J&J acquisition have been recorded in the accompanying consolidated financial statements. The excess purchase price over the fair value of net assets acquired and non-controlling interest has been recorded to goodwill. The goodwill arising from the J&J acquisition consists largely of the synergies and opportunities to deliver premier engineering services, base support operations and facilities maintenance services. Of the goodwill generated, approximately $115.0 million is deductible for tax purposes. The acquired assets and assumed liabilities of J&J were recorded at their estimated fair values. The purchase price allocation for the business combination is preliminary, primarily for intangibles, and subject to change within the respective measurement period which will not extend beyond one year from the acquisition date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined. Any such adjustments may be material. 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 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 Amount Accumulated Amortization Net Carrying 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 The accompanying consolidated statements of operations for the three months ended June 30, 2024 includes revenue, operating loss and net loss of $105.7 million, $4.8 million and $4.4 million, respectively, and for the six months ended June 30, 2024 includes revenue, operating loss and net loss of $147.1 million, $5.1 million and $3.9 million, respectively, attributable to the J&J acquisition. This does not include the total direct transaction and integration costs of $17.5 million and $1.0 million incurred during the first and second quarter of 2024, respectively, in connection with the J&J acquisition, which are included in the unaudited pro forma results. The fair value of customer relationships and backlog was determined using the Multi-Period Excess Earnings Method (MPEEM), a form of the Income Approach. The MPEEM is a specific application of the Discounted Cash Flow Method. The principle behind the MPEEM is that the value of an intangible asset is equal to the present value of the incremental cash flows attributable only to the subject intangible asset. This estimation used certain unobservable key inputs such as timing of projected cash flows, growth rates, expected contract renewal probabilities, discount rates, and the assessment of useful life. The fair value of the trademark and the existing technology was determined by using the Relief-from-Royalty Method, a form of the Income Approach, and relied on key unobservable inputs such as timing of the projected cash flows, growth rates, and royalty rates. The basic tenet of the Relief-from-Royalty Method is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments. Unaudited pro forma results, assuming the J&J acquisition had occurred as of January 1, 2023 for purposes of the pro forma disclosures for the three and six months ended June 30, 2024 and 2023 are presented below. They include certain adjustments for increased amortization expense related to the intangible assets acquired (approximately $4.7 million for the three months ended June 30, 2023, and approximately $3.2 million and $9.4 million for the six months ended June 30, 2024 and 2023, respectively) as well as increased interest expense related to the long-term financing ($7.0 million for the three months ended June 30, 2023, and approximately $4.2 million and $14.1 million for the six months ended June 30, 2024 and 2023, respectively). Direct transaction and integration costs of $1.0 million incurred during the second quarter of 2024, $17.5 million, incurred during the the first quarter of 2024, and $2.1 million incurred during the fourth quarter of 2023 as well as the tax impact of all pro forma adjustments are also included in the unaudited pro forma results. 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 Six Months Ended 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 Other acquisitions During the three months ended June 30, 2024, the company completed five in-fill business acquisitions, including one in the Advisory Services segment and four in the GWS segment, with an aggregate purchase price of approximately $290.9 million in cash and non-cash consideration. Assets acquired and liabilities assumed are primarily working capital in nature. The results of operations of all acquisitions completed during the six months ended June 30, 2024 have been included in the company’s consolidated financial results since their respective acquisition dates. These acquisitions were not significant in relation to the company’s consolidated financial results and, therefore, pro-forma financial information has not been presented. 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 Goodwill $ 118 N/A Customer relationships 141 12 years Other intangible assets 3 2 years Total $ 262

Warehouse Receivables & Warehou

Warehouse Receivables & Warehouse Lines of Credit	6 Months Ended
	Jun. 30, 2024
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]
Warehouse Receivables & Warehouse Lines of Credit	Warehouse Receivables & Warehouse Lines of Credit Our wholly-owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets’ wholly-owned subsidiary CBRE Multifamily Capital, Inc. (CBRE MCI) is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets’ wholly-owned subsidiary CBRE HMF, Inc. (CBRE HMF) is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Loans are funded at the prevailing market rates. We elect the fair value option for all warehouse receivables. At June 30, 2024 and December 31, 2023, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae MBS that will be secured by the underlying loans. A rollforward of our warehouse receivables is as follows (dollars in millions): Beginning balance at December 31, 2023 $ 675 Origination of mortgage loans 4,408 Gains (premiums on loan sales) 14 Proceeds from sale of mortgage loans: Sale of mortgage loans (4,115) Cash collections of premiums on loan sales (14) Proceeds from sale of mortgage loans (4,129) Net increase in mortgage servicing rights included in warehouse receivables 5 Ending balance at June 30, 2024 $ 973 The following table is a summary of our warehouse lines of credit in place as of June 30, 2024 and December 31, 2023 (dollars in millions): June 30, 2024 December 31, 2023 Lender Current Pricing Maximum Carrying Maximum Carrying JP Morgan Chase Bank, N.A. (JP Morgan) 12/13/2024 daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%, with a SOFR adjustment of 0.05% $ 1,335 $ 675 $ 1,335 $ 613 JP Morgan (Business Lending Activity) 12/13/2024 daily floating SOFR plus 2.75%, with a SOFR adjustment of 0.05% 15 — 15 — Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program Cancelable daily floating SOFR plus 1.45%, with a SOFR floor of 0.25% 650 66 650 7 TD Bank, N.A. (TD Bank) (1) 7/31/2024 daily floating SOFR plus 1.30%, with a SOFR adjustment of 0.10% 600 16 600 28 Bank of America, N.A. (BofA) (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 350 204 350 18 BofA (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 250 — 250 — $ 3,200 $ 961 $ 3,200 $ 666 ________________________________________________________________________________________________________________________________________ (1) Effective July 15, 2023, this facility was renewed and amended to a maximum aggregate principal amount of $300.0 million, with an uncommitted $300.0 million temporary line of credit and a maturity date of July 15, 2024. Effective July 15, 2024, the maturity date was extended until July 31, 2024 and there were no changes to the SOFR rate or the SOFR adjustment rate with the extension. As of June 30, 2024, the uncommitted $300.0 million temporary line of credit was not utilized. (2) Effective May 22, 2024, this facility was renewed and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal. During the six months ended June 30, 2024, we had a maximum of $1.2 billion of warehouse lines of credit principal outstanding.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (VIEs) We hold variable interests in certain VIEs primarily in our Real Estate Investments (REI) segment which are not consolidated as it was determined that we are not the primary beneficiary. Our involvement with these entities is in the form of equity co-investments and fee arrangements. As of June 30, 2024 and December 31, 2023, our maximum exposure to loss related to the VIEs that are not consolidated was as follows (dollars in millions): June 30, 2024 December 31, 2023 Investments in unconsolidated subsidiaries $ 181 $ 165 Co-investment commitments 50 58 Maximum exposure to loss $ 231 $ 223

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Topic 820 of the FASB ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in our 2023 Annual Report , except as described below. The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (dollars in millions): As of June 30, 2024 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 10 $ — $ — $ 10 Corporate debt securities — 16 — 16 Total available for sale debt securities 10 16 — 26 Equity securities 65 — — 65 Investments in unconsolidated subsidiaries 96 — 457 553 Warehouse receivables — 973 — 973 Other assets — 12 31 43 Total assets at fair value $ 171 $ 1,001 $ 488 $ 1,660 Liabilities Contingent consideration — — 40 40 Total liabilities at fair value $ — $ — $ 40 $ 40 As of December 31, 2023 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 12 $ — $ — $ 12 Debt securities issued by U.S. federal agencies — 11 — 11 Corporate debt securities — 44 — 44 Asset-backed securities — 1 — 1 Total available for sale debt securities 12 56 — 68 Equity securities 41 — — 41 Investments in unconsolidated subsidiaries 168 — 477 645 Warehouse receivables — 675 — 675 Other assets — — 16 16 Total assets at fair value $ 221 $ 731 $ 493 $ 1,445 Liabilities Contingent consideration — — 36 36 Other liabilities — 5 — 5 Total liabilities at fair value $ — $ 5 $ 36 $ 41 Fair value measurements for our available for sale debt securities are obtained from independent pricing services which utilize observable market data that may include quoted market prices, dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. The equity securities are generally valued at the last reported sales price on the day of valuation or, if no sales occurred on the valuation date, at the mean of the bid and ask prices on such date. The above tables do not include our $142.8 million as of both June 30, 2024 and December 31, 2023, for capital investments in certain non-public entities as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment. These investments are included in “Other assets, net” in the accompanying consolidated balance sheets. The fair values of the warehouse receivables are primarily calculated based on already locked in purchase prices. At June 30, 2024 and December 31, 2023, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage backed securities that will be secured by the underlying loans (see Note 4). These assets are classified as Level 2 in the fair value hierarchy as a substantial majority of inputs are readily observable. As of June 30, 2024 and December 31, 2023, investments in unconsolidated subsidiaries at fair value using NAV were $351.8 million and $352.3 million, respectively, and investments at fair value using NAV which are not accounted for under the equity method were $19.6 million and $19.2 million, respectively. These investments fall under practical expedient rules that do not require them to be included in the fair value hierarchy and as a result have been excluded from the tables above. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions): Investment in Unconsolidated Subsidiaries Other Assets Contingent Consideration Balance as of March 31, 2024 $ 458 $ 18 $ 43 Transfer in (out) — — — Net change in fair value (1) 10 (3) Purchases / Additions — 3 2 Sales / Payments — — (2) Balance as of June 30, 2024 $ 457 $ 31 $ 40 Balance as of December 31, 2023 $ 477 $ 16 $ 36 Transfer in (out) — — — Net change in fair value (20) 9 (3) Purchases / Additions — 6 9 Sales / Payments $ — $ — $ (2) Balance as of June 30, 2024 $ 457 $ 31 $ 40 Net change in fair value, included in the table above, is reported in Net income as follows: Category of Assets/Liabilities using Unobservable Inputs Consolidated Financial Statements Investments in unconsolidated subsidiaries Equity (loss) income from unconsolidated subsidiaries Other assets (liabilities) Other income Contingent consideration (short term) Accounts payable and accrued expenses Contingent consideration (long term) Other liabilities The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of June 30, 2024 : Valuation Technique Unobservable Input Range Weighted Average Investment in unconsolidated subsidiaries Discounted cash flow Discount rate 18 % — Monte Carlo Volatility 35% - 61% 36 % Discount rate 25 % — Other assets Discounted cash flow Discount rate 18 % — Contingent consideration Monte Carlo Volatility 21 % — Discount rate 5 % — Discounted estimated payments Discount rate 5% - 6% 6 % There were no asset impairment charges or other significant non-recurring fair value measurement adjustments recorded during the three and six months ended June 30, 2024 and 2023. FASB ASC Topic 825, “Financial Instruments” requires disclosure of fair value information about financial instruments, whether or not recognized in the accompanying consolidated balance sheets. Our financial instruments are as follows: • Cash and Cash Equivalents and Restricted Cash – These balances include cash and cash equivalents as well as restricted cash with maturities of less than three months. The carrying amount approximates fair value due to the short-term maturities of these instruments. • Receivables, less Allowance for Doubtful Accounts – Due to their short-term nature, fair value approximates carrying value. • Warehouse Receivables – These balances are carried at fair value. The primary source of value is either a contractual purchase commitment from Freddie Mac or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS (see Note 4). • Investments in Unconsolidated Subsidiaries – A portion of these investments are carried at fair value as discussed above. It includes our equity investment and related interests in both public and non-public entities. Our ownership of common shares in Altus Power, Inc. (Altus) is considered level 1 and is measured at fair value using a quoted price in an active market. Our ownership of alignment shares of Altus and our investment in Industrious and certain other non-controlling equity investments are considered level 3 which are measured at fair value using Monte Carlo and discounted cash flows. The valuation of Altus’ common shares and alignment shares are dependent on its stock price which could be volatile and subject to wide fluctuations in response to various market conditions. Transfer out activities from level 3 represents annual conversion of a portion of our alignment shares in Altus to its common shares (see Note 7). • Available for Sale Debt Securities – Primarily held by our wholly-owned captive insurance company, these investments are carried at their fair value. • Equity Securities – Primarily held by our wholly-owned captive insurance company, these investments are carried at their fair value. • Other Assets and Liabilities – Includes (i) the fair value of the unfunded commitment related to a revolving facility designated as Level 3. Valuations are based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market comparables and recovery assumptions; (ii) the fair value of cross currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market’s expectation of future spot foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and discount rates. These are designated as Level 2. • Contingent Consideration – The fair values of contingent consideration related to business acquisitions are estimated using Monte Carlo simulations or the probability-weighted present value of estimated future payments resulting from the achievement levels of financial targets. • Short-Term Borrowings – The majority of this balance represents outstanding amounts under our warehouse lines of credit of our wholly-owned subsidiary, CBRE Capital Markets, and our revolving credit facilities. Due to the short-term nature and/or variable interest rates of these instruments, fair value approximates carrying value (see Notes 4 and 8). • Senior Term Loans and Senior Notes – The table below presents the estimated fair value and actual carrying value of our long-term debt as of June 30, 2024 and December 31, 2023 (dollars in millions). The estimated fair value is determined based on dealers’ quotes (which falls within Level 2 of the fair value hierarchy). The actual carrying value is presented net of unamortized debt issuance costs and discount (see Note 8). Estimated Fair Value Carrying Value Financial instrument June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Senior term loans $ 736 $ 746 $ 741 $ 752 5.950% senior notes 1,012 1,049 975 974 4.875% senior notes 593 600 598 597 5.500% senior notes 502 — 495 — 2.500% senior notes 415 424 491 490 • Notes Payable on Real Estate – As of June 30, 2024 and December 31, 2023, the carrying value of our notes payable on real estate, net of unamortized debt issuance costs, was $47.7 million and $36.3 million, respectively. These notes payable are not recourse to CBRE Group, Inc., except for being recourse to the single-purpose entities that held the real estate assets and were the primary obligors on the notes payable. These borrowings have either fixed interest rates or floating interest rates at spreads added to a market index. Although it is possible that certain portions of our notes payable on real estate may have fair values that differ from their carrying values, based on the terms of such loans as compared to current market conditions, or other factors specific to the borrower entity, we do not believe that the fair value of our notes payable is significantly different than their carrying value.

Investments in Unconsolidated S

Investments in Unconsolidated Subsidiaries	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Subsidiaries	Investments in Unconsolidated Subsidiaries Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging from 1.0% to 50.0%. The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions): Investment type June 30, 2024 December 31, 2023 Real Estate Investments (in projects and funds) $ 662 $ 661 Investment in Altus: Class A common stock (1) 96 168 Alignment shares (2) 16 56 Subtotal 112 224 Other (3) 535 489 Total investment in unconsolidated subsidiaries $ 1,309 $ 1,374 ________________________________________________________________________________________________________________________________________ (1) CBRE held 24,557,823 and 24,556,012 shares of Altus Class A common stock as of June 30, 2024 and December 31, 2023, respectively, representing approximate ownership of 15.35%. (2) The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock as of the relevant measurement date over the seven ears following the merger. At March 31, 2024 (the third measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. (3) Consists of our investments in Industrious and other non-public entities. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue $ 950 $ 559 $ 1,963 $ 4,658 Operating income (loss) 340 (59) 655 3,569 Net (loss) income (1) (198) (1,114) (1,235) 572 ________________________________________________________________________________________________________________________________________ (1) Included in Net (loss) income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income (loss).

Long-Term Debt and Short-Term B

Long-Term Debt and Short-Term Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Short-Term Borrowings	Long-Term Debt and Short-Term Borrowings Long-Term Debt Long-term debt consists of the following (dollars in millions): June 30, December 31, Senior term loans due in 2028 $ 743 $ 755 5.950% senior notes due in 2034, net of unamortized discount 977 976 4.875% senior notes due in 2026, net of unamortized discount 599 599 5.500% senior notes due in 2029, net of unamortized discount 496 — 2.500% senior notes due in 2031, net of unamortized discount 495 494 Total long-term debt 3,310 2,824 Less: current maturities of long-term debt 28 9 Less: unamortized debt issuance costs 10 11 Total long-term debt, net of current maturities $ 3,272 $ 2,804 We maintain credit facilities with third-party lenders, which we use for a variety of purposes. On July 10, 2023, CBRE Group, Inc., CBRE Services, Inc. (CBRE Services) and Relam Amsterdam Holdings B.V., a wholly-owned subsidiary of CBRE Services, entered into a new 5-year senior unsecured Credit Agreement (2023 Credit Agreement) maturing on July 10, 2028, which refinanced and replaced a prior credit agreement. The 2023 Credit Agreement provides for a senior unsecured term loan credit facility comprised of (i) tranche A Euro-denominated term loans in an aggregate principal amount of €366.5 million and (ii) tranche A U.S. Dollar-denominated term loans in an aggregate principal amount of $350.0 million, both requiring quarterly principal payments beginning on December 31, 2024 and continuing through maturity on July 10, 2028. The proceeds of the term loans under the 2023 Credit Agreement were applied to the repayment of all remaining outstanding senior term loans under the prior 2022 Credit Agreement, the payment of related fees and expenses and other general corporate purposes. We entered into a cross currency swap to hedge the associated foreign currency exposure related to this transaction. The fair value of the derivative instrument was immaterial as of June 30, 2024 and December 31, 2023. Borrowings denominated in euros under the 2023 Credit Agreement bear interest at a rate equal to (i) the applicable percentage plus (ii) at our option, either (1) the EURIBOR rate for the applicable interest period or (2) a rate determined by reference to Daily Simple Euro Short-Term Rate (ESTR). Borrowings denominated in U.S. dollars under the 2023 Credit Agreement bear interest at a rate equal to (i) the applicable percentage, plus (ii) at our option, either (1) the Term SOFR rate for the applicable interest period plus 10 basis points (“Adjusted Term SOFR”) or (2) a base rate determined by the reference to the greatest of (x) the prime rate, (y) the federal funds rate plus 1/2 of 1% and (z) the sum of (A) Term SOFR rate published by CME Group Benchmark Administration Limited for an interest period of one month and (B) 1.00%. The applicable rate for borrowings under the 2023 Credit Agreement is determined by reference to our Credit Rating (as defined in the 2023 Credit Agreement). As of June 30, 2024, we had (i) $392.1 million of euro term loan borrowings outstanding under the 2023 Credit Agreement (at an interest rate of 1.25% plus EURIBOR) and (ii) $348.3 million of U.S. Dollar term loan borrowings outstanding under the 2023 Credit Agreement (at an interest rate of 1.25% plus Adjusted Term SOFR), net of unamortized debt issuance costs, included in the accompanying consolidated balance sheets. The term loan borrowings under the 2023 Credit Agreement are guaranteed on a senior basis by CBRE Group, Inc. and CBRE Services. The 2023 Credit Agreement also requires us to maintain a minimum coverage ratio of consolidated EBITDA (as defined in the 2023 Credit Agreement) to consolidated interest expense of 2.00x and a maximum leverage ratio of total debt less available cash to consolidated EBITDA (as defined in the 2023 Credit Agreement) of 4.25x (and in the case of the first four full fiscal quarters following consummation of a qualified acquisition (as defined in the 2023 Credit Agreement), 4.75x) as of the end of each fiscal quarter. In addition, the 2023 Credit Agreement also contains other customary affirmative and negative covenants and events of default. We were in compliance with the covenants under this agreement as of June 30, 2024. On February 23, 2024, CBRE Services issued $500.0 million in aggregate principal amount of 5.500% senior notes due April 1, 2029 (the 5.500% senior notes) at a price equal to 99.837% of their face value. The 5.500% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 5.500% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024. The 5.500% senior notes are redeemable at our option, in whole or in part, on or after March 1, 2029 at a redemption price of 100% of the principal amount on that date, plus accrued and unpaid interest, if any, to, but excluding the date of redemption. At any time prior to March 1, 2029, we may redeem all or a portion of the notes at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to March 1, 2029, assuming the notes matured on March 1, 2029, discounted to the date of redemption on a semi-annual basis at an adjusted rate equal to the treasury rate plus 20 basis points, minus accrued interest to the date of redemption, plus, in either case, accrued and unpaid interest, if any, to the redemption date. On June 23, 2023, CBRE Services issued $1.0 billion in aggregate principal amount of 5.950% senior notes due August 15, 2034 (the 5.950% senior notes) at a price equal to 98.174% of their face value. The 5.950% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 5.950% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 5.950% per year and is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024 . The 5.950% senio r notes are redeemable at our option, in whole or in part, on or after May 15, 2034 at a redemption price of 100% of the principal amount on that date, plus accrued and unpaid interest, if any, to, but excluding the date of redemption. At any time prior to May 15, 2034, we may redeem all or a portion of the notes at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to May 15, 2034, assuming the notes matured on May 15, 2034, discounted to the date of redemption on a semi-annual basis at an adjusted rate equal to the treasury rate plus 40 basis points, minus accrued interest to the date of redemption, plus, in either case, accrued and unpaid interest, if any, to the redemption date. On March 18, 2021, CBRE Services issued $500.0 million in aggregate principal amount of 2.500% senior notes due April 1, 2031 (the 2.500% senior notes) at a price equal to 98.451% of their face value. The 2.500% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 2.500% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 2.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year. The 2.500% senior notes are redeemable at our option, in whole or in part, on or after January 1, 2031 at a redemption price of 100% of the principal amount on that date, plus accrued and unpaid interest, if any, to, but excluding the date of redemption. At any time prior to January 1, 2031, we may redeem all or a portion of the notes at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to January 1, 2031, assuming the notes matured on January 1, 2031, discounted to the date of redemption on a semi-annual basis at an adjusted rate equal to the treasury rate plus 20 basis points, minus accrued and unpaid interest to, but excluding, the date of redemption, plus, in either case, accrued and unpaid interest, if any, to, but not including, the redemption date. On August 13, 2015, CBRE Services issued $600.0 million in aggregate principal amount of 4.875% senior notes due March 1, 2026 (the 4.875% senior notes) at a price equal to 99.24% of their face value. The 4.875% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 4.875% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 4.875% per year and is payable semi-annually in arrears on March 1 and September 1 of each year. The 4.875% senior notes are redeemable at our option, in whole or in part, prior to December 1, 2025 at a redemption price equal to the greater of (1) 100% of the principal amount of the 4.875% senior notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 1, 2025 (not including any portions of payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indenture governing these notes). In addition, at any time on or after December 1, 2025, the 4.875% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption. If a change of control triggering event (as defined in the indenture governing these notes) occurs, we are obligated to make an offer to purchase the then outstanding 4.875% senior notes at a redemption price of 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The indentures governing our 5.950% senior notes, 5.500% senior notes, 4.875% senior notes and 2.500% senior notes (1) contain restrictive covenants that, among other things, limit our ability to create or permit liens on assets securing indebtedness, enter into sale/leaseback transactions and enter into consolidations or mergers, and (2) require that the notes be jointly and severally guaranteed on a senior basis by CBRE Group, Inc. and any domestic subsidiary that guarantees the 2023 Credit Agreement or the Revolving Credit Agreement. The indentures also contain other customary affirmative and negative covenants and events of default. We were in compliance with the covenants under our debt instruments as of June 30, 2024. Short-Term Borrowings Revolving Credit Agreement On August 5, 2022, we entered into a new 5-year senior unsecured Revolving Credit Agreement (the Revolving Credit Agreement). The Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $3.5 billion and a maturity date of August 5, 2027. Borrowings bear interest at (i) CBRE Services’ option, either (a) a Term SOFR rate published by CME Group Benchmark Administration Limited for the applicable interest period or (b) a base rate determined by reference to the greatest of (1) the prime rate determined by Wells Fargo, (2) the federal funds rate plus 1/2 of 1% and (3) the sum of (x) a Term SOFR rate published by CME Group Benchmark Administration Limited for an interest period of one month and (y) 1.00% plus (ii) 10 basis points, plus (iii) a rate equal to an applicable rate (in the case of borrowings based on the Term SOFR rate, 0.630% to 1.100% and in the case of borrowings based on the base rate, 0.0% to 0.100%, in each case, as determined by reference to our Debt Rating (as defined in the Revolving Credit Agreement)). The applicable rate is also subject to certain increases and/or decreases specified in the Revolving Credit Agreement linked to achieving certain sustainability goals. The Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). In addition, the Revolving Credit Agreement also includes capacity for letters of credit not to exceed $300.0 million in the aggregate. The Revolving Credit Agreement also requires us to maintain a minimum coverage ratio of consolidated EBITDA (as defined in the Revolving Credit Agreement) to consolidated interest expense of 2.00x and a maximum leverage ratio of total debt less available cash to consolidated EBITDA (as defined in the Revolving Credit Agreement) of 4.25x (and in the case of the first four full fiscal quarters following consummation of a qualified acquisition (as defined in the Revolving Credit Agreement), 4.75x) as of the end of each fiscal quarter. In addition, the Revolving Credit Agreement also contains other customary affirmative and negative covenants and events of default. We were in compliance with the covenants under this agreement as of June 30, 2024. As of June 30, 2024, $940.0 million was outstanding under the Revolving Credit Agreement. $10.0 million of letters of credit were outstanding as of June 30, 2024. Letters of credit are issued in the ordinary course of business and would reduce the amount we may borrow under the Revolving Credit Agreement. Turner & Townsend Revolving Credit Facility Turner & Townsend maintains a £120.0 million revolving credit facility pursuant to a credit agreement dated March 31, 2022, with an additional accordion option of £20.0 million, that matures on March 31, 2027. As of June 30, 2024, no amount was outstanding under this revolving credit facility. Warehouse Lines of Credit CBRE Capital Markets has warehouse lines of credit with third-party lenders for the purpose of funding mortgage loans that will be resold, and a funding arrangement with Fannie Mae for the purpose of selling a percentage of certain closed multifamily loans to Fannie Mae. These warehouse lines are recourse only to CBRE Capital Markets and are secured by our related warehouse receivables. See Note 4 for additional information.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases We are the lessee in contracts for our office space tenancies, for leased vehicles, and for some leases of land in our global development business. At times, we enter into ground leases on development projects in our REI segment. These arrangements account for the significant portion of our lease liabilities and right-of-use assets. We monitor our service arrangements to evaluate whether they meet the definition of a lease. Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification June 30, December 31, Assets Operating Operating lease assets $ 1,032 $ 1,030 Financing Other assets, net 210 210 Total leased assets $ 1,242 $ 1,240 Liabilities Current: Operating Operating lease liabilities $ 244 $ 242 Financing Other current liabilities 36 36 Non-current: Operating Non-current operating lease liabilities 1,091 1,089 Financing Other liabilities 75 72 Total lease liabilities $ 1,446 $ 1,439 Supplemental cash flow information and non-cash activity related to our operating and financing leases are as follows (dollars in millions): Six Months Ended 2024 2023 Right-of-use assets obtained in exchange for new operating lease liabilities $ 66 $ 71 Right-of-use assets obtained in exchange for new financing lease liabilities 30 25 Other non-cash increases (decreases) in operating lease right-of-use assets (1) 45 (38) Other non-cash decrease in financing lease right-of-use assets (1) (5) — ________________________________________________________________________________________________________________________________________ (1) The non-cash activity in the right-of-use assets resulted from lease modifications/remeasurements and terminations.
Leases	Leases We are the lessee in contracts for our office space tenancies, for leased vehicles, and for some leases of land in our global development business. At times, we enter into ground leases on development projects in our REI segment. These arrangements account for the significant portion of our lease liabilities and right-of-use assets. We monitor our service arrangements to evaluate whether they meet the definition of a lease. Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification June 30, December 31, Assets Operating Operating lease assets $ 1,032 $ 1,030 Financing Other assets, net 210 210 Total leased assets $ 1,242 $ 1,240 Liabilities Current: Operating Operating lease liabilities $ 244 $ 242 Financing Other current liabilities 36 36 Non-current: Operating Non-current operating lease liabilities 1,091 1,089 Financing Other liabilities 75 72 Total lease liabilities $ 1,446 $ 1,439 Supplemental cash flow information and non-cash activity related to our operating and financing leases are as follows (dollars in millions): Six Months Ended 2024 2023 Right-of-use assets obtained in exchange for new operating lease liabilities $ 66 $ 71 Right-of-use assets obtained in exchange for new financing lease liabilities 30 25 Other non-cash increases (decreases) in operating lease right-of-use assets (1) 45 (38) Other non-cash decrease in financing lease right-of-use assets (1) (5) — ________________________________________________________________________________________________________________________________________ (1)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are a party to a number of pending or threatened lawsuits arising out of, or incident to, our ordinary course of business. We believe that any losses in excess of the amounts accrued as liabilities on our consolidated financial statements are unlikely to be significant, but litigation is inherently uncertain and there is the potential for a material adverse effect on our consolidated financial statements if one or more matters are resolved in a particular period in an amount materially in excess of what we anticipated. In January 2008, CBRE MCI, a wholly-owned subsidiary of CBRE Capital Markets, entered into an agreement with Fannie Mae under Fannie Mae’s Delegated Underwriting and Servicing Lender Program (DUS Program) to provide financing for multifamily housing with five or more units. Under the DUS Program, CBRE MCI originates, underwrites, closes and services loans without prior approval by Fannie Mae, and typically, is subject to sharing up to one-third of any losses on loans originated under the DUS Program. CBRE MCI has funded loans with unpaid principal balances of $42.9 billion at June 30, 2024, of which $39.5 billion is subject to such loss sharing arrangements. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of June 30, 2024 and December 31, 2023, CBRE MCI had $150.0 million and $140.0 million, respectively, of letters of credit under this reserve arrangement and had recorded a liability of approximately $60.4 million and $67.4 million, respectively, for its loan loss guarantee obligation under such arrangement. Fannie Mae’s recourse under the DUS Program is limited to the assets of CBRE MCI, which assets totaled approximately $2.1 billion (including $505.7 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at June 30, 2024. CBRE Capital Markets participates in Freddie Mac’s Multifamily Small Balance Loan (SBL) Program. Under the SBL program, CBRE Capital Markets has certain repurchase and loss reimbursement obligations. We could potentially be obligated to repurchase any SBL loan originated by CBRE Capital Markets that remains in default for 120 days following the forbearance period, if the default occurred during the first 12 months after origination and such loan had not been earlier securitized. In addition, CBRE Capital Markets may be responsible for a loss not to exceed 10% of the original principal amount of any SBL loan that is not securitized and goes into default after the 12-month repurchase period. CBRE Capital Markets must post a cash reserve or other acceptable collateral to provide for sufficient capital in the event the obligations are triggered. As of both June 30, 2024 and December 31, 2023, CBRE Capital Markets had posted a $5.0 million letter of credit under this reserve arrangement. Letters of credit We had outstanding letters of credit totaling $254.7 million as of June 30, 2024, excluding letters of credit for which we have outstanding liabilities already accrued on our consolidated balance sheet related to our subsidiaries’ outstanding reserves for claims under certain insurance programs as well as letters of credit related to operating leases. The CBRE Capital Markets letters of credit totaling $155.0 million as of June 30, 2024 referred to in the preceding paragraphs represented the majority of the $254.7 million outstanding letters of credit as of such date. The remaining letters of credit are primarily executed by us in the ordinary course of business and expire at the end of each of the respective agreements. Guarantees We had guarantees totaling $196.5 million as of June 30, 2024, excluding guarantees related to pension liabilities, consolidated indebtedness and other obligations for which we have outstanding liabilities already accrued on our consolidated balance sheet, and excluding guarantees related to operating leases. The $196.5 million primarily represents guarantees executed by us in the ordinary course of business, including various guarantees of management and vendor contracts in our operations overseas, which expire at the end of each of the respective agreements. In addition, as of June 30, 2024, we had issued numerous non-recourse carveout, completion and budget guarantees relating to development projects for the benefit of third parties. These guarantees are commonplace in our industry and are made by us in the ordinary course of our Real Estate Investments business. Non-recourse carveout guarantees generally require that our project-entity borrower not commit specified improper acts, with us potentially liable for all or a portion of such entity’s indebtedness or other damages suffered by the lender if those acts occur. Completion and budget guarantees generally require us to complete construction of the relevant project within a specified timeframe and/or within a specified budget, with us potentially being liable for costs to complete in excess of such timeframe or budget. While there can be no assurance, we do not expect to incur any material losses under these guarantees. Performance and payment bonds In the ordinary course of business, we are required by certain customers to provide performance and payment bonds for contractual commitments related to our projects. These bonds provide a guarantee to the customer that the company will perform under the terms of a contract and that we will pay our subcontractors and vendors. If we fail to perform under a contract or to pay our subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. We must reimburse the surety for expenses or outlays it incurs. As of June 30, 2024 and December 31, 2023, outstanding performance and payment bonds approximated $988.5 million and $241.8 million, respectively. Deferred and contingent consideration The purchase price for our business acquisitions often includes deferred and contingent consideration. As of June 30, 2024 and December 31, 2023, we had short-term deferred and contingent consideration of $267.6 million and $264.1 million, respectively, which was included within Accounts payable and accrued expenses, and long-term deferred and contingent consideration of $271.3 million and $266.1 million, respectively, which was included within Other liabilities in the accompanying consolidated balance sheets. Indirect Taxes: U.S. Sales and Use Tax Liability The company is subject to indirect taxation in some, but not all, of the various U.S. states and foreign jurisdictions in which it conducts business. Such taxes are collected from clients and remitted to the respective states. From time to time, we are audited by those states and may incur settlements, interest charges and penalties. As of June 30, 2024 and December 31, 2023, we had reserves of $24.2 million and $3.2 million, respectively, for sales and use taxes. The increase in accrual, recorded in second quarter of 2024, was related to closure of certain ongoing state audits. In accordance with FASB ASC Topic 450, “Contingencies,” the company establishes accruals for contingencies, including uncertainties related to taxes not based on income, when the company believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Based on the information available, the company continues to evaluate and assess the jurisdictions in which indirect tax nexus exists and will adjust its estimated liability as new information becomes available in the future. Other An important part of the strategy for our REI segment involves co-investing our capital in certain real estate investments with our clients. For our investment funds, we generally co-invest up to 2.0% of the equity in a particular fund. As of June 30, 2024, we had aggregate future commitments of $157.9 million related to co-investment funds. Additionally, we make selective investments in real estate development projects on our own account or co-invest with our clients with up to 50% of the project’s equity as a principal in unconsolidated real estate projects. We had unfunded capital commitments of $168.0 million and $68.7 million to consolidated and unconsolidated projects, respectively, as of June 30, 2024. Also refer to Note 15 for the Telford Fire Safety Remediation provision.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our provision for income taxes on a consolidated basis was $32.2 million for the three months ended June 30, 2024 as compared to a provision for income taxes of $55.4 million for the three months ended June 30, 2023. The decrease of $23.2 million is primarily related to a decrease in earnings. Our effective tax rate decreased to 18.5% for the three months ended June 30, 2024 from 21.2% for the three months ended June 30, 2023. Our provision for income taxes on a consolidated basis was $3.4 million for the six months ended June 30, 2024 as compared to a provision for income taxes of $84.0 million for the six months ended June 30, 2023. The decrease of $80.6 million is primarily related to a decrease in earnings and the reversal of unrecognized tax positions. Our effective tax rate decreased to 1.1% for the six months ended June 30, 2024 from 20.1% for the six months ended June 30, 2023. Our effective tax rate for the three and six months ended June 30, 2024 were different than the U.S. federal statutory tax rate of 21.0% primarily due to the reversal of unrecognized tax positions, U.S. state taxes, and favorable permanent book tax differences. As of June 30, 2024 and December 31, 2023, the company had gross unrecognized tax benefits of $343.1 million and $413.5 million, respectively. The decrease of $70.4 million primarily relates to an audit closure and the expiration of statute of limitations in various tax jurisdictions.

Income Per Share and Stockholde

Income Per Share and Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Earnings Per Share And Stockholders Equity [Abstract]
Income Per Share and Stockholders' Equity	Income Per Share and Stockholders’ Equity The calculations of basic and diluted income per share attributable to CBRE Group, Inc. stockholders are as follows (dollars in millions, except share and per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 130 $ 201 $ 256 $ 318 Weighted average shares outstanding for basic income per share 306,745,116 310,857,203 306,276,871 310,662,324 Basic income per share attributable to CBRE Group, Inc. stockholders $ 0.42 $ 0.65 $ 0.84 $ 1.02 Diluted Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 130 $ 201 $ 256 $ 318 Weighted average shares outstanding for basic income per share 306,745,116 310,857,203 306,276,871 310,662,324 Dilutive effect of contingently issuable shares 1,290,095 3,425,044 1,992,169 4,159,291 Weighted average shares outstanding for diluted income per share 308,035,211 314,282,247 308,269,040 314,821,615 Diluted income per share attributable to CBRE Group, Inc. stockholders $ 0.42 $ 0.64 $ 0.83 $ 1.01 For the three and six months ended June 30, 2024, 983,949 and 693,772, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. For the three and six months ended June 30, 2023, 1,433,176 and 988,371, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. On November 19, 2021, our board of directors authorized a program for the repurchase of up to $2.0 billion of our Class A common stock over five years (the 2021 program). On August 18, 2022, our board of directors authorized an additional $2.0 billion, bringing the total authorized repurchase amount under this program to a total of $4.0 billion. We did not repurchase any of our common stock during the three months ended March 31, 2024 under the 2021 program. During the three months ended June 30, 2024, we repurchased 554,741 shares of our common stock with an average price of $87.25 per share using cash on hand for an aggregate of $48.4 million under the 2021 program. As of June 30, 2024, we had approximately $1.4 billion of capacity remaining under the 2021 program. During the three months ended March 31, 2023, we repurchased 1,368,173 shares of our common stock using cash on hand for an aggregate of $114.2 million. We did not repurchase any of our common stock during the three months ended June 30, 2023 under the 2021 program.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers We account for revenue with customers in accordance with FASB ASC Topic, “ Revenue from Contracts with Customers ” (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended June 30, 2024 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 4,127 $ — $ — $ 4,127 Project management — 1,817 — — 1,817 Advisory leasing 884 — — — 884 Advisory sales 386 — — — 386 Property management 555 — — (3) 552 Valuation 184 — — — 184 Commercial mortgage origination (1) 44 — — — 44 Loan servicing (2) 22 — — — 22 Investment management — — 149 — 149 Development services — — 80 — 80 Topic 606 Revenue 2,075 5,944 229 (3) 8,245 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 81 — — — 81 Loan servicing 62 — — — 62 Development services (3) — — 3 — 3 Total Out of Scope of Topic 606 Revenue 143 — 3 — 146 Total Revenue $ 2,218 $ 5,944 $ 232 $ (3) $ 8,391 Three Months Ended June 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 3,687 $ — $ — $ 3,687 Project management — 1,739 — — 1,739 Advisory leasing 814 — — — 814 Advisory sales 398 — — — 398 Property management 481 — — (4) 477 Valuation 180 — — — 180 Commercial mortgage origination (1) 32 — — — 32 Loan servicing (2) 18 — — — 18 Investment management — — 151 — 151 Development services — — 103 — 103 Topic 606 Revenue 1,923 5,426 254 (4) 7,599 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 58 — — — 58 Loan servicing 61 — — — 61 Development services (3) — — 2 — 2 Total Out of Scope of Topic 606 Revenue 119 — 2 — 121 Total Revenue $ 2,042 $ 5,426 $ 256 $ (4) $ 7,720 Six Months Ended June 30, 2024 Advisory Global Workplace Solutions Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 8,193 $ — $ — $ 8,193 Project management — 3,560 — — 3,560 Advisory leasing 1,624 — — — 1,624 Advisory sales 712 — — — 712 Property management 1,051 — — (9) 1,042 Valuation 351 — — — 351 Commercial mortgage origination (1) 73 — — — 73 Loan servicing (2) 42 — — — 42 Investment management — — 298 — 298 Development services — — 158 — 158 Topic 606 Revenue 3,853 11,753 456 (9) 16,053 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 146 — — — 146 Loan servicing 123 — — — 123 Development services (3) — — 4 — 4 Total Out of Scope of Topic 606 Revenue 269 — 4 — 273 Total Revenue $ 4,122 $ 11,753 $ 460 $ (9) $ 16,326 Six Months Ended June 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 7,367 $ — $ — $ 7,367 Project management — 3,397 — — 3,397 Advisory leasing 1,523 — — — 1,523 Advisory sales 765 — — — 765 Property management 945 — — (8) 937 Valuation 345 — — — 345 Commercial mortgage origination (1) 57 — — — 57 Loan servicing (2) 35 — — — 35 Investment management — — 299 — 299 Development services — — 177 — 177 Topic 606 Revenue 3,670 10,764 476 (8) 14,902 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 104 — — — 104 Loan servicing 121 — — — 121 Development services (3) — — 4 — 4 Total Out of Scope of Topic 606 Revenue 225 — 4 — 229 Total Revenue $ 3,895 $ 10,764 $ 480 $ (8) $ 15,131 ________________________________________________________________________________________________________________________________________ (1) We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606. (2) Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606. (3) Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of Topic 842. Contract Assets and Liabilities We had contract assets totaling $545.2 million ($453.6 million of which was current) and $517.4 million ($442.9 million of which was current) as of June 30, 2024 and December 31, 2023, respectively. We had contract liabilities totaling $311.0 million (all of which was current) and $304.3 million ($297.6 million of which was current) as of June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 30, 2024, we recognized revenue of $57.8 million and $189.7 million, respectively, that was included in the contract liability balance at December 31, 2023. The majority of contract liabilities are recognized as revenue within 90 days.

Segments

Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segments	Segments Summarized financial information by segment is as follows (dollars in millions): Three Months Ended Six Months Ended 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. Reconciliation of total reportable segment operating profit to net income is as follows (dollars in millions): Three Months Ended Six Months Ended 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. 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 Six Months Ended 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 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.

Telford Fire Safety Remediation

Telford Fire Safety Remediation	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Telford Fire Safety Remediation	Telford Fire Safety Remediation The accompanying consolidated balance sheets include an estimated liability of approximately $185.2 million (of which $92.7 million was current) and $192.1 million (of which $82.2 million was current) as of June 30, 2024 and December 31, 2023, respectively, related to the remediation efforts. The balance decreased as of June 30, 2024 primarily due to the movement of foreign exchange rates and certain costs incurred for work performed so far this year. There were no significant adjustments made during the three and six months ended June 30, 2024 related to the Telford Fire Safety Remediation provision. Management obtained additional fire safety assessments, reviewed various inputs and assumptions, including bids from subcontractors, and believes the above balance remains our best estimate of future losses associated with overall remediation efforts. The estimated remediation costs for in-scope buildings are subjective, highly complex and dependent on a number of variables outside of Telford Homes’ control. These include, but are not limited to, individual remediation requirements for each building, the time required for the remediation to be completed, cost of construction or remediation materials, availability of construction materials, potential discoveries made during remediation that could necessitate incremental work, investigation costs, availability of qualified fire safety engineers, potential business disruption costs, potential changes to or new regulations and regulatory approval. We will continue to assess new information as it becomes available during the remediation process and adjust our estimated liability accordingly.

Restructuring Activities

Restructuring Activities	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities The company continued to execute various restructuring activities during the second quarter of 2024 to simplify management and workforce structure and improve efficiencies in its operations. The following tables present the detail of expenses incurred during the three and six months ended June 30, 2024 (dollars in millions): The following tables present the detail of expenses incurred by segment (dollars in millions): Three Months Ended June 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ — $ 30 $ — $ 21 $ 51 Professional fees and other — — — 37 37 Total $ — $ 30 $ — $ 58 $ 88 Six Months Ended June 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ — $ 30 $ — $ 50 $ 80 Professional fees and other — — — 39 39 Total $ — $ 30 $ — $ 89 $ 119 Six Months Ended June 30, 2023 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ 19 $ 30 $ 13 $ 3 $ 65 Lease exit costs 39 1 5 1 46 Professional fees and other 6 19 4 1 30 Subtotal 64 50 22 5 141 Depreciation expense 6 — 3 — 9 Total $ 70 $ 50 $ 25 $ 5 $ 150 Of the total expenses above, $2.3 million were incurred during the three months ended June 30, 2023 and the remaining $147.2 million were incurred during the three months ended March 31, 2023. The following table shows ending liability balances associated major cash-based charges (dollars in millions): Employee separation benefits Professional fees and other Balance at December 31, 2023 $ 13 $ — Expense incurred 80 26 Payments made (59) (5) Balance at June 30, 2024 $ 34 $ 21 We expect these restructuring activities to be substantially completed by the end of fiscal year 2024. Ending balance related to employee separation benefits is included in “Compensation and employee benefits payable” in the accompanying consolidated balance sheets. Of the total charges incurred, $17.4 million is included within the “Cost of revenue” line item and $62.5 million is included in the “Operating, administrative, and other” line item in the accompanying consolidated statement of operations for the six months ended June 30, 2024. Ending balance related to professional fees and other is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The majority of charges are included within the “Operating, administrative, and other” line item in the accompanying consolidated statement of operations for the six months ended June 30, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to CBRE Group, Inc.	$ 130	$ 201	$ 256	$ 318

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 “CBRE,” “the company,” “we,” “us” and “our”), for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K (2023 Annual Report) , 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 2023 Annual Report for further discussion of our significant accounting policies and estimates. Financial Statement Preparation
Use of Estimates	Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., which require management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts reported in our consolidated financial statements and accompanying notes and 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.
Recent Accounting Pronouncements Pending Adoption	Recent Accounting Pronouncements Pending Adoption In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This update enhances reportable segment disclosures by requiring a public entity to: 1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, 2) disclose, on an annual and interim basis, an amount of other segment items by reportable segment and a description of its composition, 3) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, 4) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and 5) provide all the disclosures required by this update and all existing segment disclosures in Topic 280 if the entity has a single reportable segment. This ASU also clarifies that, in addition to the measure that is most consistent with the measurement principles under GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. We are evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.

J&J Worldwide Services Acquis_2

J&J Worldwide Services Acquisition (Tables)	6 Months Ended
	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 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 Amount Accumulated Amortization Net Carrying 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 Six Months Ended 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

Warehouse Receivables & Wareh_2

Warehouse Receivables & Warehouse Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2024
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]
Schedule of Warehouse Receivables	A rollforward of our warehouse receivables is as follows (dollars in millions): Beginning balance at December 31, 2023 $ 675 Origination of mortgage loans 4,408 Gains (premiums on loan sales) 14 Proceeds from sale of mortgage loans: Sale of mortgage loans (4,115) Cash collections of premiums on loan sales (14) Proceeds from sale of mortgage loans (4,129) Net increase in mortgage servicing rights included in warehouse receivables 5 Ending balance at June 30, 2024 $ 973
Schedule of Warehouse Lines of Credit in Place	The following table is a summary of our warehouse lines of credit in place as of June 30, 2024 and December 31, 2023 (dollars in millions): June 30, 2024 December 31, 2023 Lender Current Pricing Maximum Carrying Maximum Carrying JP Morgan Chase Bank, N.A. (JP Morgan) 12/13/2024 daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%, with a SOFR adjustment of 0.05% $ 1,335 $ 675 $ 1,335 $ 613 JP Morgan (Business Lending Activity) 12/13/2024 daily floating SOFR plus 2.75%, with a SOFR adjustment of 0.05% 15 — 15 — Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program Cancelable daily floating SOFR plus 1.45%, with a SOFR floor of 0.25% 650 66 650 7 TD Bank, N.A. (TD Bank) (1) 7/31/2024 daily floating SOFR plus 1.30%, with a SOFR adjustment of 0.10% 600 16 600 28 Bank of America, N.A. (BofA) (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 350 204 350 18 BofA (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 250 — 250 — $ 3,200 $ 961 $ 3,200 $ 666 ________________________________________________________________________________________________________________________________________ (1) Effective July 15, 2023, this facility was renewed and amended to a maximum aggregate principal amount of $300.0 million, with an uncommitted $300.0 million temporary line of credit and a maturity date of July 15, 2024. Effective July 15, 2024, the maturity date was extended until July 31, 2024 and there were no changes to the SOFR rate or the SOFR adjustment rate with the extension. As of June 30, 2024, the uncommitted $300.0 million temporary line of credit was not utilized. (2) Effective May 22, 2024, this facility was renewed and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal.

Variable Interest Entities (V_2

Variable Interest Entities (VIEs) (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Maximum Exposure to Loss	As of June 30, 2024 and December 31, 2023, our maximum exposure to loss related to the VIEs that are not consolidated was as follows (dollars in millions): June 30, 2024 December 31, 2023 Investments in unconsolidated subsidiaries $ 181 $ 165 Co-investment commitments 50 58 Maximum exposure to loss $ 231 $ 223

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (dollars in millions): As of June 30, 2024 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 10 $ — $ — $ 10 Corporate debt securities — 16 — 16 Total available for sale debt securities 10 16 — 26 Equity securities 65 — — 65 Investments in unconsolidated subsidiaries 96 — 457 553 Warehouse receivables — 973 — 973 Other assets — 12 31 43 Total assets at fair value $ 171 $ 1,001 $ 488 $ 1,660 Liabilities Contingent consideration — — 40 40 Total liabilities at fair value $ — $ — $ 40 $ 40 As of December 31, 2023 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 12 $ — $ — $ 12 Debt securities issued by U.S. federal agencies — 11 — 11 Corporate debt securities — 44 — 44 Asset-backed securities — 1 — 1 Total available for sale debt securities 12 56 — 68 Equity securities 41 — — 41 Investments in unconsolidated subsidiaries 168 — 477 645 Warehouse receivables — 675 — 675 Other assets — — 16 16 Total assets at fair value $ 221 $ 731 $ 493 $ 1,445 Liabilities Contingent consideration — — 36 36 Other liabilities — 5 — 5 Total liabilities at fair value $ — $ 5 $ 36 $ 41
Schedule of Reconciliation for Assets Measured at Fair Value	The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions): Investment in Unconsolidated Subsidiaries Other Assets Contingent Consideration Balance as of March 31, 2024 $ 458 $ 18 $ 43 Transfer in (out) — — — Net change in fair value (1) 10 (3) Purchases / Additions — 3 2 Sales / Payments — — (2) Balance as of June 30, 2024 $ 457 $ 31 $ 40 Balance as of December 31, 2023 $ 477 $ 16 $ 36 Transfer in (out) — — — Net change in fair value (20) 9 (3) Purchases / Additions — 6 9 Sales / Payments $ — $ — $ (2) Balance as of June 30, 2024 $ 457 $ 31 $ 40 Net change in fair value, included in the table above, is reported in Net income as follows: Category of Assets/Liabilities using Unobservable Inputs Consolidated Financial Statements Investments in unconsolidated subsidiaries Equity (loss) income from unconsolidated subsidiaries Other assets (liabilities) Other income Contingent consideration (short term) Accounts payable and accrued expenses Contingent consideration (long term) Other liabilities
Schedule of Reconciliation for Liabilities Measured at Fair Value	The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions): Investment in Unconsolidated Subsidiaries Other Assets Contingent Consideration Balance as of March 31, 2024 $ 458 $ 18 $ 43 Transfer in (out) — — — Net change in fair value (1) 10 (3) Purchases / Additions — 3 2 Sales / Payments — — (2) Balance as of June 30, 2024 $ 457 $ 31 $ 40 Balance as of December 31, 2023 $ 477 $ 16 $ 36 Transfer in (out) — — — Net change in fair value (20) 9 (3) Purchases / Additions — 6 9 Sales / Payments $ — $ — $ (2) Balance as of June 30, 2024 $ 457 $ 31 $ 40 Net change in fair value, included in the table above, is reported in Net income as follows: Category of Assets/Liabilities using Unobservable Inputs Consolidated Financial Statements Investments in unconsolidated subsidiaries Equity (loss) income from unconsolidated subsidiaries Other assets (liabilities) Other income Contingent consideration (short term) Accounts payable and accrued expenses Contingent consideration (long term) Other liabilities
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of June 30, 2024 : Valuation Technique Unobservable Input Range Weighted Average Investment in unconsolidated subsidiaries Discounted cash flow Discount rate 18 % — Monte Carlo Volatility 35% - 61% 36 % Discount rate 25 % — Other assets Discounted cash flow Discount rate 18 % — Contingent consideration Monte Carlo Volatility 21 % — Discount rate 5 % — Discounted estimated payments Discount rate 5% - 6% 6 %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	Estimated Fair Value Carrying Value Financial instrument June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Senior term loans $ 736 $ 746 $ 741 $ 752 5.950% senior notes 1,012 1,049 975 974 4.875% senior notes 593 600 598 597 5.500% senior notes 502 — 495 — 2.500% senior notes 415 424 491 490

Investments in Unconsolidated_2

Investments in Unconsolidated Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Financial Information of Equity Method Investments	The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions): Investment type June 30, 2024 December 31, 2023 Real Estate Investments (in projects and funds) $ 662 $ 661 Investment in Altus: Class A common stock (1) 96 168 Alignment shares (2) 16 56 Subtotal 112 224 Other (3) 535 489 Total investment in unconsolidated subsidiaries $ 1,309 $ 1,374 ________________________________________________________________________________________________________________________________________ (1) CBRE held 24,557,823 and 24,556,012 shares of Altus Class A common stock as of June 30, 2024 and December 31, 2023, respectively, representing approximate ownership of 15.35%. (2) The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock as of the relevant measurement date over the seven ears following the merger. At March 31, 2024 (the third measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. (3) Consists of our investments in Industrious and other non-public entities. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions): Three Months Ended Six Months Ended 2024 2023 2024 2023 Revenue $ 950 $ 559 $ 1,963 $ 4,658 Operating income (loss) 340 (59) 655 3,569 Net (loss) income (1) (198) (1,114) (1,235) 572 ________________________________________________________________________________________________________________________________________ (1) Included in Net (loss) income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income (loss).

Long-Term Debt and Short-Term_2

Long-Term Debt and Short-Term Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following (dollars in millions): June 30, December 31, Senior term loans due in 2028 $ 743 $ 755 5.950% senior notes due in 2034, net of unamortized discount 977 976 4.875% senior notes due in 2026, net of unamortized discount 599 599 5.500% senior notes due in 2029, net of unamortized discount 496 — 2.500% senior notes due in 2031, net of unamortized discount 495 494 Total long-term debt 3,310 2,824 Less: current maturities of long-term debt 28 9 Less: unamortized debt issuance costs 10 11 Total long-term debt, net of current maturities $ 3,272 $ 2,804

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification June 30, December 31, Assets Operating Operating lease assets $ 1,032 $ 1,030 Financing Other assets, net 210 210 Total leased assets $ 1,242 $ 1,240 Liabilities Current: Operating Operating lease liabilities $ 244 $ 242 Financing Other current liabilities 36 36 Non-current: Operating Non-current operating lease liabilities 1,091 1,089 Financing Other liabilities 75 72 Total lease liabilities $ 1,446 $ 1,439
Schedule of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases	Supplemental cash flow information and non-cash activity related to our operating and financing leases are as follows (dollars in millions): Six Months Ended 2024 2023 Right-of-use assets obtained in exchange for new operating lease liabilities $ 66 $ 71 Right-of-use assets obtained in exchange for new financing lease liabilities 30 25 Other non-cash increases (decreases) in operating lease right-of-use assets (1) 45 (38) Other non-cash decrease in financing lease right-of-use assets (1) (5) — ________________________________________________________________________________________________________________________________________ (1)

Income Per Share and Stockhol_2

Income Per Share and Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share And Stockholders Equity [Abstract]
Schedule of Calculations of Basic and Diluted Income Per Share	The calculations of basic and diluted income per share attributable to CBRE Group, Inc. stockholders are as follows (dollars in millions, except share and per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 130 $ 201 $ 256 $ 318 Weighted average shares outstanding for basic income per share 306,745,116 310,857,203 306,276,871 310,662,324 Basic income per share attributable to CBRE Group, Inc. stockholders $ 0.42 $ 0.65 $ 0.84 $ 1.02 Diluted Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 130 $ 201 $ 256 $ 318 Weighted average shares outstanding for basic income per share 306,745,116 310,857,203 306,276,871 310,662,324 Dilutive effect of contingently issuable shares 1,290,095 3,425,044 1,992,169 4,159,291 Weighted average shares outstanding for diluted income per share 308,035,211 314,282,247 308,269,040 314,821,615 Diluted income per share attributable to CBRE Group, Inc. stockholders $ 0.42 $ 0.64 $ 0.83 $ 1.01

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue from Contracts with Customers	The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended June 30, 2024 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 4,127 $ — $ — $ 4,127 Project management — 1,817 — — 1,817 Advisory leasing 884 — — — 884 Advisory sales 386 — — — 386 Property management 555 — — (3) 552 Valuation 184 — — — 184 Commercial mortgage origination (1) 44 — — — 44 Loan servicing (2) 22 — — — 22 Investment management — — 149 — 149 Development services — — 80 — 80 Topic 606 Revenue 2,075 5,944 229 (3) 8,245 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 81 — — — 81 Loan servicing 62 — — — 62 Development services (3) — — 3 — 3 Total Out of Scope of Topic 606 Revenue 143 — 3 — 146 Total Revenue $ 2,218 $ 5,944 $ 232 $ (3) $ 8,391 Three Months Ended June 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 3,687 $ — $ — $ 3,687 Project management — 1,739 — — 1,739 Advisory leasing 814 — — — 814 Advisory sales 398 — — — 398 Property management 481 — — (4) 477 Valuation 180 — — — 180 Commercial mortgage origination (1) 32 — — — 32 Loan servicing (2) 18 — — — 18 Investment management — — 151 — 151 Development services — — 103 — 103 Topic 606 Revenue 1,923 5,426 254 (4) 7,599 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 58 — — — 58 Loan servicing 61 — — — 61 Development services (3) — — 2 — 2 Total Out of Scope of Topic 606 Revenue 119 — 2 — 121 Total Revenue $ 2,042 $ 5,426 $ 256 $ (4) $ 7,720 Six Months Ended June 30, 2024 Advisory Global Workplace Solutions Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 8,193 $ — $ — $ 8,193 Project management — 3,560 — — 3,560 Advisory leasing 1,624 — — — 1,624 Advisory sales 712 — — — 712 Property management 1,051 — — (9) 1,042 Valuation 351 — — — 351 Commercial mortgage origination (1) 73 — — — 73 Loan servicing (2) 42 — — — 42 Investment management — — 298 — 298 Development services — — 158 — 158 Topic 606 Revenue 3,853 11,753 456 (9) 16,053 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 146 — — — 146 Loan servicing 123 — — — 123 Development services (3) — — 4 — 4 Total Out of Scope of Topic 606 Revenue 269 — 4 — 273 Total Revenue $ 4,122 $ 11,753 $ 460 $ (9) $ 16,326 Six Months Ended June 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 7,367 $ — $ — $ 7,367 Project management — 3,397 — — 3,397 Advisory leasing 1,523 — — — 1,523 Advisory sales 765 — — — 765 Property management 945 — — (8) 937 Valuation 345 — — — 345 Commercial mortgage origination (1) 57 — — — 57 Loan servicing (2) 35 — — — 35 Investment management — — 299 — 299 Development services — — 177 — 177 Topic 606 Revenue 3,670 10,764 476 (8) 14,902 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 104 — — — 104 Loan servicing 121 — — — 121 Development services (3) — — 4 — 4 Total Out of Scope of Topic 606 Revenue 225 — 4 — 229 Total Revenue $ 3,895 $ 10,764 $ 480 $ (8) $ 15,131 ________________________________________________________________________________________________________________________________________ (1) We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606. (2) Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606. (3) Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of Topic 842.

Segments (Tables)

Segments (Tables)	6 Months Ended
	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 Six Months Ended 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 Six Months Ended 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 Six Months Ended 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

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Expense Incurred By Segments	The following tables present the detail of expenses incurred by segment (dollars in millions): Three Months Ended June 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ — $ 30 $ — $ 21 $ 51 Professional fees and other — — — 37 37 Total $ — $ 30 $ — $ 58 $ 88 Six Months Ended June 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ — $ 30 $ — $ 50 $ 80 Professional fees and other — — — 39 39 Total $ — $ 30 $ — $ 89 $ 119 Six Months Ended June 30, 2023 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ 19 $ 30 $ 13 $ 3 $ 65 Lease exit costs 39 1 5 1 46 Professional fees and other 6 19 4 1 30 Subtotal 64 50 22 5 141 Depreciation expense 6 — 3 — 9 Total $ 70 $ 50 $ 25 $ 5 $ 150
Schedule of Liability Balance Associated with Major Cash-based Charges	The following table shows ending liability balances associated major cash-based charges (dollars in millions): Employee separation benefits Professional fees and other Balance at December 31, 2023 $ 13 $ — Expense incurred 80 26 Payments made (59) (5) Balance at June 30, 2024 $ 34 $ 21

J&J Worldwide Services Acquis_3

J&J Worldwide Services Acquisition - Narrative (Details)		3 Months Ended				6 Months Ended
	Feb. 27, 2024 USD ($)	Jun. 30, 2024 USD ($) acquisition	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) acquisition segement	Jun. 30, 2023 USD ($)	Feb. 23, 2024 USD ($)
Business Acquisition [Line Items]
Revenue		$ 8,391,000,000			$ 7,720,000,000	$ 16,326,000,000	$ 15,131,000,000
Operating income (loss)		246,000,000			306,000,000	450,000,000	344,000,000
Operational net income		$ 174,000,000			261,000,000	$ 293,000,000	415,000,000
Advisory Services
Business Acquisition [Line Items]
Number of businesses acquired | segement						1
Global Workplace Solutions
Business Acquisition [Line Items]
Number of businesses acquired | acquisition		5				4
5.500% Senior Notes | Senior Notes
Business Acquisition [Line Items]
Aggregate principal amount								$ 500,000,000
Interest rate		5.50%				5.50%
J&J Worldwide Services
Business Acquisition [Line Items]
Equity interest percentage	100%
Deferred consideration, gross	$ 7,400,000
Earnout payment	250,000,000
Goodwill deductible amount		$ 115,000,000				$ 115,000,000
Revenue		105,700,000				147,100,000
Operating income (loss)		(4,800,000)				(5,100,000)
Operational net income		(4,400,000)				(3,900,000)
Integration and other costs related to acquisitions		$ 1,000,000	$ 17,500,000	$ 2,100,000
Increased amortization expense					4,700,000	3,200,000	9,400,000
Increased depreciation expense					$ 7,000,000	4,200,000	$ 14,100,000
Payments to acquire business	809,000,000
J&J Worldwide Services | 5.500% Senior Notes | Senior Notes
Business Acquisition [Line Items]
Aggregate principal amount	$ 500,000,000
Interest rate	5.50%
Other Acquisitions
Business Acquisition [Line Items]
Payments to acquire business						$ 290,900,000

J&J Worldwide Services Acquis_4

J&J Worldwide Services Acquisition - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Feb. 27, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent deferred consideration		$ 271.3	$ 266.1
J&J Worldwide Services
Business Acquisition [Line Items]
Cash consideration	$ 809
Contingent deferred consideration	11
Total consideration	$ 820

J&J Worldwide Services Acquis_5

J&J Worldwide Services Acquisition - Schedule of Excess Purchase Price Over Estimated Fair Value of Net Assets Acquired (Details) - USD ($) $ in Millions	Feb. 27, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Excess purchase price over estimated fair value of net assets acquired		$ 5,667	$ 5,129
J&J Worldwide Services
Business Acquisition [Line Items]
Purchase price	$ 820
Less: Estimated fair value of net assets acquired	357
Excess purchase price over estimated fair value of net assets acquired	$ 463

J&J Worldwide Services Acquis_6

J&J Worldwide Services Acquisition - Schedule of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - J&J Worldwide Services $ in Millions	Feb. 27, 2024 USD ($)
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

J&J Worldwide Services Acquis_7

J&J Worldwide Services Acquisition - Schedule of Trademarks Acquired as Part of Business Combination (Details) - J&J Worldwide Services - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Feb. 27, 2024
Customer relationships
Business Acquisition [Line Items]
Finite lived Intangible assets, amount assigned at acquisition date		$ 174
Finite lived intangible assets, accumulated amortization and foreign currency translation	$ 5
Finite-lived intangible assets, net carrying value	$ 169
Customer relationships | Minimum
Business Acquisition [Line Items]
Amortization Period	9 years
Customer relationships | Maximum
Business Acquisition [Line Items]
Amortization Period	12 years
Backlog
Business Acquisition [Line Items]
Finite lived Intangible assets, amount assigned at acquisition date		111
Finite lived intangible assets, accumulated amortization and foreign currency translation	$ 9
Finite-lived intangible assets, net carrying value	$ 102
Backlog | Minimum
Business Acquisition [Line Items]
Amortization Period	4 years
Backlog | Maximum
Business Acquisition [Line Items]
Amortization Period	6 years
Trademarks
Business Acquisition [Line Items]
Amortization Period	3 years
Indefinite lived intangible assets, amount assigned at acquisition date		10
Indefinite lived intangible assets, accumulated amortization and foreign currency translation	$ 1
Gross carrying amount	$ 9
Technology
Business Acquisition [Line Items]
Amortization Period	5 years
Indefinite lived intangible assets, amount assigned at acquisition date		$ 2
Indefinite lived intangible assets, accumulated amortization and foreign currency translation	$ 0
Gross carrying amount	$ 2

J&J Worldwide Services Acquis_8

J&J Worldwide Services Acquisition - Schedule of Pro Forma Results Prepared for Comparative Purposes (Details) - J&J Worldwide Services - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
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. (in USD per share)	$ 0.43	$ 0.60	$ 0.85	$ 0.90
Weighted average shares outstanding for basic income per share (in shares)	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. (in USD per share)	$ 0.42	$ 0.59	$ 0.85	$ 0.89
Weighted average shares outstanding for diluted income per share (in shares)	308,035,211	314,282,247	308,269,040	314,821,615

J&J Worldwide Services Acquis_9

J&J Worldwide Services Acquisition - Summary of Company’s Allocation of Purchase Price to the Intangible Assets, and Goodwill Acquired (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 5,667	$ 5,129
Raleigh Joint Venture
Business Acquisition [Line Items]
Goodwill	118
Total	262
Raleigh Joint Venture | Customer relationships
Business Acquisition [Line Items]
Other intangible assets, net	$ 141
Amortization Period	12 years
Raleigh Joint Venture | Other Intangible Assets
Business Acquisition [Line Items]
Other intangible assets, net	$ 3
Amortization Period	2 years

Warehouse Receivables & Wareh_3

Warehouse Receivables & Warehouse Lines of Credit - Narrative (Details) - Warehouse Agreement Borrowings $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($)
Short-term Debt [Line Items]
Period of repayment for warehouse lines of credit	1 month
Lines of credit principal outstanding	$ 1.2

Warehouse Receivables & Wareh_4

Warehouse Receivables & Warehouse Lines of Credit - Schedule of Warehouse Receivables (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]
Beginning balance	$ 675
Origination of mortgage loans	4,408	$ 4,894
Gains (premiums on loan sales)	14
Proceeds from sale of mortgage loans:
Sale of mortgage loans	(4,115)
Cash collections of premiums on loan sales	(14)
Proceeds from sale of mortgage loans	(4,129)	$ (4,356)
Net increase in mortgage servicing rights included in warehouse receivables	5
Ending balance	$ 973

Warehouse Receivables & Wareh_5

Warehouse Receivables & Warehouse Lines of Credit - Schedule of Warehouse Lines of Credit in Place (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jul. 15, 2023
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Carrying Value	$ 961,000,000	$ 666,000,000
Revolving credit facility	940,000,000	0
Warehouse Agreement Borrowings
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	3,200,000,000	3,200,000,000
Carrying Value	961,000,000	666,000,000
Warehouse Agreement Borrowings | JP Morgan | JP Morgan Chase Bank, N.A. (JP Morgan), Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	1,335,000,000	1,335,000,000
Carrying Value	$ 675,000,000	613,000,000
Warehouse Agreement Borrowings | JP Morgan | JP Morgan Chase Bank, N.A. (JP Morgan), Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	1.50%
Warehouse Agreement Borrowings | JP Morgan | JP Morgan Chase Bank, N.A. (JP Morgan), Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.05%
Warehouse Agreement Borrowings | JP Morgan | JP Morgan, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	$ 15,000,000	15,000,000
Carrying Value	$ 0	0
Warehouse Agreement Borrowings | JP Morgan | JP Morgan, Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	2.75%
Warehouse Agreement Borrowings | JP Morgan | JP Morgan, Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.05%
Warehouse Agreement Borrowings | Fannie Mae ASAP Program | Fannie Mae Multifamily ASAP Program, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	$ 650,000,000	650,000,000
Carrying Value	$ 66,000,000	7,000,000
Warehouse Agreement Borrowings | Fannie Mae ASAP Program | Fannie Mae Multifamily ASAP Program, Pricing | London Interbank Offered Rate (LIBOR) | Maximum
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	1.45%
Warehouse Agreement Borrowings | Fannie Mae ASAP Program | Fannie Mae Multifamily ASAP Program, Pricing | London Interbank Offered Rate (LIBOR) | Minimum
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.25%
Warehouse Agreement Borrowings | TD Bank | TD Bank, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	$ 600,000,000	600,000,000	$ 300,000,000
Carrying Value	16,000,000	28,000,000
Revolving credit facility	$ 300,000,000		$ 300,000,000
Warehouse Agreement Borrowings | TD Bank | TD Bank, Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	1.30%
Warehouse Agreement Borrowings | TD Bank | TD Bank, Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.10%
Warehouse Agreement Borrowings | Bank of America (BofA) | Bank of America, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	$ 350,000,000	350,000,000
Carrying Value	$ 204,000,000	18,000,000
Warehouse Agreement Borrowings | Bank of America (BofA) | Bank of America, Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	1.25%
Warehouse Agreement Borrowings | Bank of America (BofA) | Bank of America, Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.10%
Warehouse Agreement Borrowings | Bank of America (BofA) | BofA, pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	$ 250,000,000	250,000,000
Carrying Value	$ 0	$ 0
Warehouse Agreement Borrowings | Bank of America (BofA) | BofA, pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	1.25%
Warehouse Agreement Borrowings | Bank of America (BofA) | BofA, pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.10%

Variable Interest Entities (V_3

Variable Interest Entities (VIEs) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in unconsolidated subsidiaries	$ 181	$ 165
Co-investment commitments	50	58
Maximum exposure to loss	$ 231	$ 223

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated subsidiaries	$ 904.6	$ 997.3
Warehouse receivables	973	675
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	26	68
Equity securities	65	41
Investments in unconsolidated subsidiaries	553	645
Warehouse receivables	973	675
Other assets	43	16
Total assets at fair value	1,660	1,445
Contingent consideration	40	36
Other liabilities		5
Total liabilities at fair value	40	41
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	10	12
Equity securities	65	41
Investments in unconsolidated subsidiaries	96	168
Warehouse receivables	0	0
Other assets	0	0
Total assets at fair value	171	221
Contingent consideration	0	0
Other liabilities		0
Total liabilities at fair value	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	16	56
Equity securities	0	0
Investments in unconsolidated subsidiaries	0	0
Warehouse receivables	973	675
Other assets	12	0
Total assets at fair value	1,001	731
Contingent consideration	0	0
Other liabilities		5
Total liabilities at fair value	0	5
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Equity securities	0	0
Investments in unconsolidated subsidiaries	457	477
Warehouse receivables	0	0
Other assets	31	16
Total assets at fair value	488	493
Contingent consideration	40	36
Other liabilities		0
Total liabilities at fair value	40	36
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	10	12
Recurring | U.S. treasury securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	10	12
Recurring | U.S. treasury securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | U.S. treasury securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | Debt securities issued by U.S. federal agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		11
Recurring | Debt securities issued by U.S. federal agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		0
Recurring | Debt securities issued by U.S. federal agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		11
Recurring | Debt securities issued by U.S. federal agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		0
Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	16	44
Recurring | Corporate debt securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | Corporate debt securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	16	44
Recurring | Corporate debt securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	$ 0	0
Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		1
Recurring | Asset-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		0
Recurring | Asset-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		1
Recurring | Asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in unconsolidated subsidiaries, fair value	$ 351.8		$ 351.8		$ 352.3
Asset impairments	0	$ 0	0	$ 0
Total long-term debt	3,310		3,310		2,824
Fair Value Measured at Net Asset Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments In Unconsolidated Subsidiaries, Fair Value					19.2
Fair Value Measured at Net Asset Value | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments In Unconsolidated Subsidiaries, Fair Value	19.6		19.6
2.500% Senior Notes | Carrying Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt	47.7		47.7		36.3
Non-Marketable Equity Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital investments	$ 142.8		$ 142.8		$ 142.8

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation for Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Investment in Unconsolidated Subsidiaries
Investment in Unconsolidated Subsidiaries
Beginning balance	$ 458	$ 477
Transfer in (out)	0	0
Net change in fair value	(1)	(20)
Purchases / Additions	0	0
Sales / Payments	0	0
Ending balance	457	457
Other Assets
Other Assets
Beginning balance	18	16
Transfer in (out)	0	0
Net change in fair value	10	9
Purchases / Additions	3	6
Sales / Payments	0	0
Ending balance	31	31
Contingent Consideration
Contingent Consideration
Beginning balance	43	36
Transfer in (out)	0	0
Net change in fair value	(3)	(3)
Purchases / Additions	2	9
Sales / Payments	(2)	(2)
Ending balance	$ 40	$ 40

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)	Jun. 30, 2024
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	0.21
Contingent consideration, weighted average, measurement input	0%
Volatility | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average, measurement input	36%
Volatility | Minimum | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.35
Volatility | Maximum | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.61
Discount rate | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.18
Weighted average, measurement input	0%
Other assets, measurement input	0.18
Other assets, weighted average, measurement input	0%
Contingent consideration, weighted average, measurement input	6%
Discount rate | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.25
Weighted average, measurement input	0%
Contingent consideration measurement input	0.05
Contingent consideration, weighted average, measurement input	0%
Discount rate | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	0.05
Discount rate | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	0.06

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 3,310	$ 2,824
Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	736	746
Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 741	752
5.950% Senior Notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	5.95%
5.950% Senior Notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 1,012	1,049
5.950% Senior Notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 975	974
4.875% Senior Notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	4.875%
Total long-term debt	$ 599	599
4.875% Senior Notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	593	600
4.875% Senior Notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 598	597
5.500% Senior Notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	5.50%
Total long-term debt	$ 496	0
5.500% Senior Notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	502	0
5.500% Senior Notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 495	0
2.500% Senior Notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	2.50%
Total long-term debt	$ 495	494
2.500% Senior Notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	415	424
2.500% Senior Notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 491	$ 490

Investments in Unconsolidated_3

Investments in Unconsolidated Subsidiaries - Narrative (Details) - Ownership Percentage	Jun. 30, 2024
Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage	1%
Maximum
Schedule of Equity Method Investments [Line Items]
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage	50%

Investments in Unconsolidated_4

Investments in Unconsolidated Subsidiaries - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 1,309		$ 1,374
Alignment shares, relevant measurement period following merger (in years)	7 years
Real Estate Investments (in projects and funds)
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 662		661
Altus Power, Inc.
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 112		$ 224
Alignment shares converted (in shares)		201,250
Shares converted to Class A common stock (in shares)		2,011
Altus Power, Inc. | Class A common stock
Schedule of Equity Method Investments [Line Items]
Common stock shares (in shares)	24,557,823		24,556,012
Ownership percentage	15.35%
Altus Power, Inc. | Parent Company | Class A common stock
Schedule of Equity Method Investments [Line Items]
Shares converted to Class A common stock (in shares)		1,811
Class A common stock
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 96		$ 168
Alignment shares
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	16		56
Other
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 535		$ 489

Investments in Unconsolidated_5

Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 8,391,000	$ 7,720,000	$ 16,326,000	$ 15,131,000
Net (loss) income	142,000	206,000	290,000	331,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenue	950,000	559,000	1,963,000	4,658,000
Operating income (loss)	340,000	(59,000)	655,000	3,569,000
Net (loss) income	$ (198,000)	$ (1,114,000)	$ (1,235,000)	$ 572,000

Long-Term Debt and Short-Term_3

Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 3,310	$ 2,824
Less: current maturities of long-term debt	28	9
Less: unamortized debt issuance costs	10	11
Long-term debt, net of current maturities	3,272	2,804
Senior Secured Term Loans
Debt Instrument [Line Items]
Total long-term debt	$ 743	755
5.950% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.95%
Total long-term debt	$ 977	976
4.875% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%
Total long-term debt	$ 599	599
5.500% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.50%
Total long-term debt	$ 496	0
2.500% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	2.50%
Total long-term debt	$ 495	$ 494

Long-Term Debt and Short-Term_4

Long-Term Debt and Short-Term Borrowings - Narrative (Details)							6 Months Ended
	Feb. 23, 2024 USD ($)	Jul. 10, 2023 USD ($)	Jun. 23, 2023 USD ($)	Aug. 05, 2022 USD ($)	Mar. 18, 2021 USD ($)	Aug. 13, 2015 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Jul. 10, 2023 EUR (€)	Mar. 31, 2022 EUR (€)
Debt Instrument [Line Items]
Total long-term debt							$ 3,310,000,000		$ 2,824,000,000
Letters of credit outstanding amount							254,700,000
Revolving credit facility							940,000,000		0
2023 Credit Agreement with Wells Fargo
Debt Instrument [Line Items]
Interest rate		0.10%								0.10%
Minimum coverage ratio of EBITDA to total interest expense expressed in percentage		2%
Maximum leverage ratio of total debt less available cash to EBITDA expressed in percentage		4.25%
Maximum leverage ratio during first four quarter that qualified acquisition is consummated		4.75%
2023 Credit Agreement with Wells Fargo | Euro Term Loan Facility
Debt Instrument [Line Items]
Total long-term debt							392,100,000
2023 Credit Agreement with Wells Fargo | U.S. Dollar Term Loan
Debt Instrument [Line Items]
Total long-term debt							$ 348,300,000
2023 Credit Agreement with Wells Fargo | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Debt Instrument [Line Items]
Variable rate (as a percent)		100%
2023 Credit Agreement with Wells Fargo | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | U.S. Dollar Term Loan | Minimum
Debt Instrument [Line Items]
Interest rate							1.25%	1.25%
2023 Credit Agreement with Wells Fargo | Europe Interbank Offered Rate (EURIBOR) | Euro Term Loan Facility | Minimum
Debt Instrument [Line Items]
Interest rate							1.25%	1.25%
2023 Credit Agreement with Wells Fargo | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable rate (as a percent)		0.50%
2023 Credit Agreement with Wells Fargo | Unsecured Debt
Debt Instrument [Line Items]
Debt agreement term		5 years
2023 Credit Agreement with Wells Fargo, Tranche A Euro Denominated Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount | €										€ 366,500,000
2023 Credit Agreement with Wells Fargo, Tranche A, US Dollar Denominated Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount		$ 350,000,000
Revolving Credit Agreement | Senior Notes
Debt Instrument [Line Items]
Minimum coverage ratio of EBITDA to total interest expense expressed in percentage				2%
Maximum leverage ratio of total debt less available cash to EBITDA expressed in percentage				4.25%
Maximum leverage ratio during first four quarter that qualified acquisition is consummated				4.75%
Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Debt agreement term				5 years
Interest rate				0.10%
Amounts available to borrow under credit agreement				$ 3,500,000,000
Revolving Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding amount				$ 300,000,000
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate (as a percent)				100%
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)				0.63%
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable rate (as a percent)				1.10%
Revolving Credit Agreement | Base Rate | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable rate (as a percent)				0%
Revolving Credit Agreement | Base Rate | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable rate (as a percent)				0.10%
Revolving Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate (as a percent)				0.50%
5.950% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000
Interest rate							5.95%	5.95%
Percentage of face value			98.174%
5.950% Senior Notes | Senior Notes | On Or After January 1, 2031
Debt Instrument [Line Items]
Redemption price percentage			100%
5.950% Senior Notes | Senior Notes | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Semi-annual basis adjustment (basis points)							0.40%
5.500% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Interest rate							5.50%	5.50%
Total long-term debt							$ 496,000,000		0
Percentage of face value	99.837%
5.500% Senior Notes | Senior Notes | On Or After January 1, 2031
Debt Instrument [Line Items]
Redemption price percentage	100%
5.500% Senior Notes | Senior Notes | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Semi-annual basis adjustment (basis points)							0.20%
2.500% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 500,000,000
Interest rate							2.50%	2.50%
Total long-term debt							$ 495,000,000		494,000,000
Percentage of face value					98.451%
4.875% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount						$ 600,000,000
Interest rate							4.875%	4.875%
Total long-term debt							$ 599,000,000		$ 599,000,000
Redemption price percentage						99.24%
2019 Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility							940,000,000
2019 Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding amount							10,000,000
2027 Credit Agreement | Revolving Credit Facility | Turner & Townsend
Debt Instrument [Line Items]
Amounts available to borrow under credit agreement | €											€ 120,000,000
Revolving credit facility							$ 0
Additional accordion option | €								€ 20,000,000
Two Point Five Percent Senior Notes | Senior Notes
Debt Instrument [Line Items]
Adjustment to treasury rate					0.20%
Two Point Five Percent Senior Notes | Senior Notes | On Or After January 1, 2031
Debt Instrument [Line Items]
Redemption price percentage					100%
Four Point Eight Seven Five Senior Notes | Senior Notes
Debt Instrument [Line Items]
Percentage of long term debt available for redemption						100%
Redemption price percentage, following change in control						101%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Operating	$ 1,032	$ 1,030
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Financing	$ 210	$ 210
Total leased assets	1,242	1,240
Current:
Operating	$ 244	$ 242
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Financing	$ 36	$ 36
Non-current:
Operating	$ 1,091	$ 1,089
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Financing	$ 75	$ 72
Total lease liabilities	$ 1,446	$ 1,439

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 66	$ 71
Right-of-use assets obtained in exchange for new financing lease liabilities	30	25
Other non-cash increases (decreases) in operating lease right-of-use assets	45	(38)
Other non-cash decrease in financing lease right-of-use assets	$ (5)	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Funded loans unpaid principal	$ 42,900	$ 42,900
Letters of credit outstanding	254.7	254.7
Accrued loan loss	60.4	60.4	$ 67.4
Assets available for recourse	2,100	2,100
Guarantees total	196.5	196.5
Recognized revenue included in contract liability	57.8	189.7
Contingent deferred consideration		(271.3)	(266.1)
Reserves for sales and use taxes	24.2	$ 24.2	3.2
Maximum future commitments equity in real estate investment, percent		2%
Commitments to investment in future real estate investment	157.9	$ 157.9
Commitments to investment in future real estate investment		0.50
Commitment to investment in consolidated projects	168	$ 168
Commitments to investment in unconsolidated real estate subsidiary	68.7	68.7
Performance Guarantee
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	988.5	988.5	241.8
Other Current Liabilities
Loss Contingencies [Line Items]
Recognized revenue included in contract liability		(267.6)	(264.1)
Warehouse Receivable
Loss Contingencies [Line Items]
Warehouse receivables	505.7	505.7
Funded Loan Subject to Loss Sharing Arrangements
Loss Contingencies [Line Items]
Funded loans unpaid principal	39,500	39,500
Letters of credit outstanding	150	150	140
SBL Program
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 5	$ 5	$ 5
Percentage of maximum original principal amount loan loss	10%	10%
Funded Loan Not Subject to Loss Sharing Arrangements
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 155	$ 155

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 32.2	$ 55.4	$ 3.4	$ 84
Increase (decrease) in income taxes	$ (23.2)		$ (80.6)
Effective tax rate	18.50%	21.20%	1.10%	20.10%
Federal statutory tax rate	21%		21%
Unrecognized tax benefits	$ 343.1		$ 343.1		$ 413.5
Increase in unrecognized tax benefits			$ (70.4)

Income Per Share and Stockhol_3

Income Per Share and Stockholders' Equity - Schedule of Calculations of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic Income Per Share
Net income attributable to CBRE Group, Inc. stockholders	$ 130	$ 201	$ 256	$ 318
Weighted average shares outstanding for basic income per share (in shares)	306,745,116	310,857,203	306,276,871	310,662,324
Basic income per share attributable to CBRE Group, Inc. stockholders (in dollars per share)	$ 0.42	$ 0.65	$ 0.84	$ 1.02
Diluted Income Per Share
Net income attributable to CBRE Group, Inc. stockholders	$ 130	$ 201	$ 256	$ 318
Weighted average shares outstanding for basic income per share (in shares)	306,745,116	310,857,203	306,276,871	310,662,324
Dilutive effect of contingently issuable shares (in shares)	1,290,095	3,425,044	1,992,169	4,159,291
Weighted average shares outstanding for diluted income per share (in shares)	308,035,211	314,282,247	308,269,040	314,821,615
Diluted income per share attributable to CBRE Group, Inc. stockholders (in dollars per share)	$ 0.42	$ 0.64	$ 0.83	$ 1.01

Income Per Share and Stockhol_4

Income Per Share and Stockholders' Equity - Narrative (Details) - USD ($)		3 Months Ended			6 Months Ended
	Nov. 19, 2021	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 18, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares repurchased during the period, value					$ 48,000,000	$ 114,000,000
Capacity remaining under current stock repurchase programs		$ 1,400,000,000			$ 1,400,000,000
November 2021 Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase amount	$ 2,000,000,000						$ 4,000,000,000
Authorized share repurchase term	5 years
Additional authorized amount							$ 2,000,000,000
Shares repurchased during the period, value		$ 48,400,000		$ 114,200,000
Shares repurchased during the period (in shares)		554,741	0	1,368,173
Average price per share (in dollars per share)		$ 87.25
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded in computation of diluted income per share (in shares)		983,949	1,433,176		693,772	988,371

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	$ 8,245	$ 7,599	$ 16,053	$ 14,902
Total Out of Scope of Topic 606 Revenue	146	121	273	229
Total Revenue	8,391	7,720	16,326	15,131
Corporate, other and eliminations
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	(3)	(4)	(9)	(8)
Total Out of Scope of Topic 606 Revenue	0	0	0	0
Total Revenue	(3)	(4)	(9)	(8)
Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	2,075	1,923	3,853	3,670
Total Out of Scope of Topic 606 Revenue	143	119	269	225
Total Revenue	2,218	2,042	4,122	3,895
Global Workplace Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	5,944	5,426	11,753	10,764
Total Out of Scope of Topic 606 Revenue	0	0	0	0
Total Revenue	5,944	5,426	11,753	10,764
Real Estate Investments | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	229	254	456	476
Total Out of Scope of Topic 606 Revenue	3	2	4	4
Total Revenue	232	256	460	480
Facilities management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	4,127	3,687	8,193	7,367
Facilities management | Global Workplace Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	4,127	3,687	8,193	7,367
Project management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	1,817	1,739	3,560	3,397
Project management | Global Workplace Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	1,817	1,739	3,560	3,397
Advisory leasing
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	884	814	1,624	1,523
Advisory leasing | Corporate, other and eliminations
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	0	0	0	0
Advisory leasing | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	884	814	1,624	1,523
Advisory sales
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	386	398	712	765
Advisory sales | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	386	398	712	765
Property management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	552	477	1,042	937
Property management | Corporate, other and eliminations
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	(3)	(4)	(9)	(8)
Property management | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	555	481	1,051	945
Valuation
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	184	180	351	345
Valuation | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	184	180	351	345
Commercial mortgage origination
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	44	32	73	57
Total Out of Scope of Topic 606 Revenue	81	58	146	104
Commercial mortgage origination | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	44	32	73	57
Total Out of Scope of Topic 606 Revenue	81	58	146	104
Loan servicing
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	22	18	42	35
Total Out of Scope of Topic 606 Revenue	62	61	123	121
Loan servicing | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	22	18	42	35
Total Out of Scope of Topic 606 Revenue	62	61	123	121
Investment management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	149	151	298	299
Investment management | Real Estate Investments | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	149	151	298	299
Development services
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	80	103	158	177
Total Out of Scope of Topic 606 Revenue	3	2	4	4
Development services | Real Estate Investments | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	80	103	158	177
Total Out of Scope of Topic 606 Revenue	$ 3	$ 2	$ 4	$ 4

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 545.2	$ 545.2	$ 517.4
Contract assets, current	453.6	453.6	442.9
Contract liabilities	311	311	304.3
Contract liabilities, current	311	311	$ 297.6
Recognized revenue included in contract liability	$ (57.8)	$ (189.7)

Segments - Schedule of Summariz

Segments - Schedule of Summarized Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 8,391	$ 7,720	$ 16,326	$ 15,131
Operating income (loss)	246	306	450	344
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	612	581	1,140	1,212
Operating Segments | Advisory Services
Segment Reporting Information [Line Items]
Revenue	2,218	2,042	4,122	3,895
Operating income (loss)	344	315	606	585
Operating Segments | Global Workplace Solutions
Segment Reporting Information [Line Items]
Revenue	5,944	5,426	11,753	10,764
Operating income (loss)	258	233	490	462
Operating Segments | Real Estate Investments
Segment Reporting Information [Line Items]
Revenue	232	256	460	480
Operating income (loss)	10	33	44	165
Corporate, other and eliminations
Segment Reporting Information [Line Items]
Revenue	(3)	(4)	(9)	(8)
Operating income (loss)	$ 120	$ 84	$ 294	$ 209

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Reportable Segment Operating Profit to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income attributable to CBRE Group, Inc.	$ 130,000		$ 201,000	$ 256,000	$ 318,000
Net income attributable to non-controlling interests	12,000		5,000	34,000	13,000
Net income	142,000		206,000	290,000	331,000
Adjustments to increase (decrease) net income:
Depreciation and amortization	161,000		155,000	319,000	316,000
Interest expense, net of interest income	63,000		43,000	99,000	71,000
Provision for income taxes	32,200		55,400	3,400	84,000
Costs associated with efficiency and cost-reduction initiatives	67,000		3,000	97,000	141,000
Charges related to indirect tax settlement	13,000		0	13,000	0
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue	1,000		(1,000)	15,000	6,000
Costs incurred related to legal entity restructuring	0		0	2,000	0
Integration and other costs related to acquisitions	13,000		36,000	8,000	54,000
Total reportable segment operating profit	246,000		306,000	450,000	344,000
Transaction and business realignment costs		$ 17,500
Offset by reversal of over-accrued amount		$ 21,700
Corporate and other loss, including eliminations
Adjustments to increase (decrease) net income:
Total reportable segment operating profit	120,000		84,000	294,000	209,000
Operating Segments
Adjustments to increase (decrease) net income:
Total reportable segment operating profit	$ 612,000		$ 581,000	$ 1,140,000	$ 1,212,000

Segments - Schedule of Geograph

Segments - Schedule of Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 8,391	$ 7,720	$ 16,326	$ 15,131
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,670	4,211	9,092	8,356
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,195	1,056	2,280	2,051
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,526	$ 2,453	$ 4,954	$ 4,724

Segments - Narrative (Details)

Segments - Narrative (Details)	Jun. 24, 2024 segment
Segment Reporting [Abstract]
Global business segments	4

Telford Fire Safety Remediati_2

Telford Fire Safety Remediation (Details) - Telford Fire Safety Remediation - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Estimated environmental liability	$ 185.2	$ 192.1
Current portion of estimated environmental liability	$ 92.7	$ 82.2

Restructuring Activities - Sche

Restructuring Activities - Schedule of Expense Incurred By Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2.3	$ 147.2
Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	88		$ 119	$ 150
Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	58		89	5
Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0	70
Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	30		30	50
Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0	25
Employee separation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges			80
Employee separation benefits | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	51		80	65
Employee separation benefits | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	21		50	3
Employee separation benefits | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0	19
Employee separation benefits | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	30		30	30
Employee separation benefits | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0	13
Lease exit costs | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges				46
Lease exit costs | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1
Lease exit costs | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				39
Lease exit costs | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1
Lease exit costs | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				5
Professional fees and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges			26
Professional fees and other | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	37		39	30
Professional fees and other | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	37		39	1
Professional fees and other | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0	6
Professional fees and other | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0	19
Professional fees and other | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 0	4
Subtotal | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges				141
Subtotal | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges				5
Subtotal | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				64
Subtotal | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				50
Subtotal | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				22
Depreciation expense | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges				9
Depreciation expense | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0
Depreciation expense | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				6
Depreciation expense | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0
Depreciation expense | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 3

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2.3	$ 147.2
Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 17.4
Operating, Administrative and Other Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 62.5

Restructuring Activities - Sc_2

Restructuring Activities - Schedule of Liability Balance Associated with Major Cash-based Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Expense incurred	$ 2.3	$ 147.2
Employee separation benefits
Restructuring Cost and Reserve [Line Items]
Balance at December 31, 2023			$ 13
Expense incurred			80
Payments made			(59)
Balance at June 30, 2024	34		34
Professional fees and other
Restructuring Cost and Reserve [Line Items]
Balance at December 31, 2023			0
Expense incurred			26
Payments made			(5)
Balance at June 30, 2024	$ 21		$ 21