Document And Entity Information
Document And Entity Information | Dec. 31, 2021shares | Dec. 31, 2021shares |
Document Information [Line Items] | ||
Entity Registrant Name | Colliers International Group Inc. | |
Document, Type | 40-F | |
Document, Annual Report | true | |
Document, Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Entity, File Number | 001-36898 | |
Entity, Incorporation, State or Country Code | A6 | |
Entity, Address, Address Line One | 1140 Bay Street, Suite 4000 | |
Entity, Address, City or Town | Toronto | |
Entity, Address, State or Province | ON | |
Entity, Address, Country | CA | |
Entity, Address, Postal Zip Code | M5S 2B4 | |
City Area Code | 416 | |
Local Phone Number | 960-9500 | |
Title of 12(b) Security | Subordinate Voting Shares | |
Trading Symbol | CIGI | |
Security Exchange Name | NASDAQ | |
Entity, Current Reporting Status | Yes | |
Entity, Interactive Data, Current | Yes | |
Entity, Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Amendment Flag | false | |
Entity Central Index Key | 0000913353 | |
Document Registration Statement | false | |
Annual Information Form | true | |
Audited Annual Financial Statements | true | |
Auditor Firm ID | 271 | |
Auditor Name | PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP |
Auditor Location | Toronto, Canada | Toronto, Canada |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Entity, Address, Address Line One | 126 Prospect Street | |
Entity, Address, City or Town | Cambridge | |
Entity, Address, State or Province | MA | |
Entity, Address, Postal Zip Code | 02139 | |
City Area Code | 617 | |
Local Phone Number | 868-5000 | |
Contact Personnel Name | Mr. Santino Ferrante, Ferrante & Associates | |
SubordinateVotingShares Custom [Member] | ||
Document Information [Line Items] | ||
Entity, Common Stock Shares, Outstanding | 42,729,050 | 42,729,050 |
MultipleVotingShares Custom [Member] | ||
Document Information [Line Items] | ||
Entity, Common Stock Shares, Outstanding | 1,325,694 | 1,325,694 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues (note 27) | $ 4,089,129 | $ 2,786,857 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 2,519,866 | 1,740,860 |
Selling, general and administrative expenses | 1,022,734 | 709,665 |
Depreciation | 45,873 | 39,349 |
Amortization of intangible assets | 99,221 | 86,557 |
Acquisition-related items (note 6) | 61,008 | 45,848 |
Settlement of long-term incentive arrangement ("LTIA") (note 21) | 471,928 | 0 |
Operating earnings (loss) | (131,501) | 164,578 |
Interest expense, net | 31,819 | 30,949 |
Earnings from equity accounted investments | (6,190) | (2,919) |
Other income, net | (5,083) | 13 |
Earnings (loss) before income tax | (152,047) | 136,535 |
Income tax expense (note 22) | 85,510 | 42,046 |
Net earnings (loss) | (237,557) | 94,489 |
Non-controlling interest share of earnings | 53,465 | 29,572 |
Non-controlling interest redemption increment (note 17) | 99,316 | 15,843 |
Net earnings (loss) attributable to Company | $ (390,338) | $ 49,074 |
Net earnings (loss) per common share (note 19) | ||
Basic (in dollars per share) | $ (9.09) | $ 1.23 |
Diluted (in dollars per share) | $ (9.09) | $ 1.22 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings (loss) | $ (237,557) | $ 94,489 |
Foreign currency translation gain (loss) | (11,662) | 2,591 |
Unrealized gain (loss) on interest rate swaps, net of tax | 4,319 | (2,448) |
Pension liability adjustments, net of tax | (541) | (753) |
Comprehensive earnings (loss) | (245,441) | 93,879 |
Less: Comprehensive earnings attributable to non- controlling interests | 153,169 | 39,620 |
Comprehensive earnings (loss) attributable to Company | $ (398,610) | $ 54,259 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 396,745 | $ 156,614 |
Restricted cash | 28,526 | 20,919 |
Accounts receivable, net of allowance of $22,413 (December 31, 2020 - $25,632) | 502,416 | 372,149 |
Contract assets (note 27) | 71,294 | 61,101 |
Warehouse receivables (note 24) | 174,717 | 232,207 |
Income tax recoverable | 13,373 | 15,041 |
Prepaid expenses and other current assets (note 7) | 339,847 | 177,780 |
Real estate assets held for sale (note 5) | 1,286 | 0 |
Total current assets | 1,528,204 | 1,035,811 |
Other receivables | 12,441 | 14,989 |
Contract assets (note 27) | 7,647 | 5,335 |
Other assets (note 7) | 99,983 | 74,355 |
Fixed assets (note 9) | 144,755 | 129,221 |
Operating lease right-of-use assets | 316,517 | 288,134 |
Deferred tax assets, net (note 22) | 68,502 | 45,008 |
Intangible assets (note 10) | 561,830 | 610,330 |
Goodwill, Ending Balance | 1,091,048 | 1,088,984 |
Real estate assets held for sale (note 5) | 42,803 | 0 |
Total noncurrent assets | 2,345,526 | 2,256,356 |
Total assets | 3,873,730 | 3,292,167 |
Current liabilities | ||
Accounts payable and accrued expenses | 391,170 | 297,766 |
Accrued compensation | 691,604 | 450,894 |
Income tax payable | 35,446 | 26,783 |
Contract liabilities (note 27) | 30,397 | 21,076 |
Less: current portion | 1,458 | 9,024 |
Contingent acquisition consideration - current (note 24) | 120,246 | 5,802 |
Warehouse credit facilities (note 14) | 162,911 | 218,018 |
Operating lease liabilities (note 8) | 80,928 | 78,923 |
Liabilities related to real estate assets held for sale (note 5) | 6 | 0 |
Total current liabilities | 1,514,166 | 1,108,286 |
Long-term debt - non-current (note 12) | 529,596 | 470,871 |
Contingent acquisition consideration (note 24) | 34,425 | 109,841 |
Operating lease liabilities (note 8) | 296,633 | 251,680 |
Other liabilities | 86,064 | 48,525 |
Deferred tax liabilities, net (note 22) | 42,371 | 50,523 |
Convertible notes (note 13) | 225,214 | 223,957 |
Liabilities related to real estate assets held for sale (note 5) | 23,089 | 0 |
Total noncurrent liabilities | 1,237,392 | 1,155,397 |
Redeemable non-controlling interests (note 17) | 536,903 | 442,375 |
Shareholders' equity | ||
Common shares (note 18) | 852,167 | 457,993 |
Contributed surplus | 79,407 | 66,971 |
Retained earnings (deficit) | (279,724) | 119,421 |
Accumulated other comprehensive loss | (70,251) | (61,979) |
Total Company shareholders' equity | 581,599 | 582,406 |
Non-controlling interests | 3,670 | 3,703 |
Total shareholders' equity | 585,269 | 586,109 |
Total liabilities and shareholders' equity | $ 3,873,730 | $ 3,292,167 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance | $ 22,413 | $ 25,632 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 39,845,211 | ||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ (2,824) | $ 0 | $ 0 | $ (2,824) | $ 442,153 | $ 60,706 | $ 77,181 | $ (67,164) | $ 4,423 | $ 517,299 |
Net earnings (loss) | 0 | 94,489 | 0 | 0 | 94,489 | ||||||
Pension liability adjustments, net of tax | 0 | 0 | (753) | 0 | (753) | ||||||
Foreign currency translation gain (loss) | 0 | 0 | 2,591 | 0 | 2,591 | ||||||
Unrealized gain (loss) on interest rate swaps, net of tax | 0 | 0 | (2,448) | 0 | (2,448) | ||||||
Other comprehensive earnings (loss) attributable to NCI | $ 0 | 0 | 0 | 5,795 | (154) | 5,641 | |||||
NCI share of earnings | 0 | (29,572) | 0 | 2,023 | (27,549) | ||||||
NCI redemption increment | 0 | (15,843) | 0 | 0 | (15,843) | ||||||
Distributions to NCI | 0 | 0 | 0 | (2,524) | (2,524) | ||||||
Acquisitions of businesses, net | 0 | 0 | 0 | (65) | (65) | ||||||
Subsidiaries’ equity transactions | 134 | 0 | 0 | 0 | 134 | ||||||
Stock option expense | 9,628 | 0 | 0 | 0 | $ 9,628 | ||||||
Stock options exercised (in shares) | 344,225 | 344,225 | |||||||||
Stock options exercised | $ 15,840 | (3,497) | 0 | 0 | 0 | $ 12,343 | |||||
Dividends | 0 | (4,010) | 0 | 0 | (4,010) | ||||||
Balance (in shares) at Dec. 31, 2020 | 40,189,436 | ||||||||||
Balance at Dec. 31, 2020 | $ 457,993 | 66,971 | 119,421 | (61,979) | 3,703 | 586,109 | |||||
Net earnings (loss) | 0 | (237,557) | 0 | 0 | (237,557) | ||||||
Pension liability adjustments, net of tax | 0 | 0 | (541) | 0 | (541) | ||||||
Foreign currency translation gain (loss) | 0 | 0 | (11,662) | 0 | (11,662) | ||||||
Unrealized gain (loss) on interest rate swaps, net of tax | 0 | 0 | 4,319 | 0 | 4,319 | ||||||
Other comprehensive earnings (loss) attributable to NCI | 0 | 0 | (388) | (245) | (633) | ||||||
NCI share of earnings | 0 | (53,465) | 0 | 2,726 | (50,739) | ||||||
NCI redemption increment | 0 | (99,316) | 0 | 0 | (99,316) | ||||||
Distributions to NCI | 0 | 0 | 0 | (2,472) | (2,472) | ||||||
Acquisitions of businesses, net | 0 | 0 | 0 | (42) | (42) | ||||||
Subsidiaries’ equity transactions | 2,078 | 0 | 0 | 0 | 2,078 | ||||||
Stock option expense | 14,349 | 0 | 0 | 0 | $ 14,349 | ||||||
Stock options exercised (in shares) | 292,450 | 292,450 | |||||||||
Stock options exercised | $ 18,432 | (3,991) | 0 | 0 | 0 | $ 14,441 | |||||
Dividends | 0 | (8,807) | 0 | 0 | (8,807) | ||||||
Settlement of LTIA (note 21) (in shares) | 3,572,858 | ||||||||||
Settlement of LTIA (note 21) | $ 375,742 | 0 | 0 | 0 | 0 | 375,742 | |||||
Balance (in shares) at Dec. 31, 2021 | 44,054,744 | ||||||||||
Balance at Dec. 31, 2021 | $ 852,167 | $ 79,407 | $ (279,724) | $ (70,251) | $ 3,670 | $ 585,269 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | ||
Net earnings (loss) | $ (237,557) | $ 94,489 |
Depreciation and amortization | 145,094 | 125,906 |
Settlement of long-term incentive arrangement (note 21) | 375,742 | 0 |
Gains attributable to mortgage servicing rights | (29,214) | (17,065) |
Gains attributable to the fair value of mortgage premiums and origination fees | (48,839) | (38,531) |
Deferred tax | (37,538) | (13,184) |
Earnings from equity accounted investments | (6,190) | (2,919) |
Stock option expense (note 20) | 14,349 | 9,628 |
Non-cash lease expense | 18,516 | 5,159 |
Allowance for credit losses | 8,699 | 15,275 |
Amortization of advisor loans | 22,678 | 20,871 |
Contingent consideration (note 6) | 47,978 | 29,679 |
Other | (97) | 2,804 |
(Increase) decrease in accounts receivable, prepaid expenses and other assets | (322,331) | 49,039 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 153,119 | (13,901) |
Increase (decrease) in accrued compensation | 246,278 | (78,591) |
Contingent acquisition consideration paid | (18,017) | (18,224) |
Proceeds from sale of mortgage loans | 2,577,283 | 1,226,041 |
Origination of mortgage loans | (2,467,733) | (1,395,734) |
(Decrease) increase in warehouse credit facilities | (55,107) | 193,168 |
Repurchases from AR Facility, net (note 15) | (98,133) | (27,431) |
Net cash provided by operating activities | 288,980 | 166,479 |
Investing activities | ||
Acquisitions of businesses, net of cash acquired (note 4) | (60,832) | (205,608) |
Purchases of fixed assets | (57,951) | (40,353) |
Advisor loans issued | (35,563) | (14,695) |
Purchase of held for sale real estate assets | (31,074) | (84,382) |
Proceeds from sale of held for sale real estate assets | 10,080 | 178,604 |
Collections of AR facility deferred purchase price (note 15) | 151,202 | 51,994 |
Other investing activities | (25,276) | 982 |
Net cash used in investing activities | (49,414) | (113,458) |
Financing activities | ||
Increase in long-term debt | 597,328 | 616,121 |
Repayment of long-term debt | (819,914) | (779,185) |
Issuance of senior notes (note 12) | 294,649 | 0 |
Issuance of convertible notes (note 13) | 0 | 230,000 |
Purchases of non-controlling interests' subsidiary shares, net | (5,534) | (19,791) |
Contingent acquisition consideration paid | (5,276) | (11,181) |
Proceeds received on exercise of stock options | 14,441 | 12,343 |
Dividends paid to common shareholders | (4,209) | (3,992) |
Distributions paid to non-controlling interests | (51,508) | (35,698) |
Financing fees paid | (1,376) | (7,568) |
Net cash provided by financing activities | 18,601 | 1,049 |
Effect of exchange rate changes on cash | (10,429) | 8,470 |
Net change in cash, cash equivalents and restricted cash | 247,738 | 62,540 |
Cash, cash equivalents and restricted cash, beginning of year | 177,533 | 114,993 |
Cash, cash equivalents and restricted cash, end of year | $ 425,271 | $ 177,533 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of the business Colliers International Group Inc. (“Colliers” or the “Company”) provides commercial real estate professional services and investment management to corporate and institutional clients in 37 countries around the world (64 countries including affiliates and franchisees). Colliers’ primary service lines are Outsourcing & Advisory, Investment Management, Leasing and, Capital Markets. Operationally, Colliers is organized into four distinct segments: Americas; Europe, Middle East and Africa (“EMEA”); Asia and Australasia (“Asia Pacific”) and Investment Management. |
Note 2 - Summary of Presentatio
Note 2 - Summary of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of presentation The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the judgments used to determine the timing and amount of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions, recoverability of deferred tax assets, determination of the fair value of capitalized mortgage servicing rights and derivative financial instruments, and current expected credit losses on financial assets including collectability of accounts receivable and allowance for loss sharing obligations. Actual results could be materially different from these estimates. Significant accounting policies are summarized as follows: Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not When applying the principles of consolidation, the Company begins by determining whether an investee is a variable interest entity (“VIE”) or a voting interest entity (“VOE”). Assessing whether an entity is a VIE or a VOE involves judgment and analysis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership, and any related party or de facto agent implications of the Company’s involvement with the entity. VOEs are embodied by common and traditional corporate and certain partnership structures. For VOEs, the interest holder with control through majority ownership and majority voting rights consolidates the entity. For VIEs, identification of the primary beneficiary determines the accounting treatment. In evaluating whether the Company is the primary beneficiary, it evaluates its direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both ( 1 2 The primary beneficiary analysis is performed at the inception of the Company’s investment and upon the occurrence of a reconsideration event. When the Company determines it is the primary beneficiary of a VIE, it consolidates the VIE; when it is determined that the Company is not Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities and money market mutual funds. These cash equivalents are readily convertible into cash and the interest-bearing securities have original maturities at the date of purchase of three not not Restricted cash Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business, primarily at Colliers Mortgage. Receivables and allowance for credit losses Accounts receivables are recorded when the Company has a right to payment within customary payment terms or it recognizes a contract asset if revenue is recognized prior to when payment is due. From the point of initial recognition, the carrying value of such receivables and contract assets, net of allowance for doubtful accounts, represents their estimated net realizable value after deducting for potential credit losses. The Company’s expected loss allowance methodology uses historical collection experience, the current status of customers’ accounts receivable and considers both current and expected future economic and market conditions. Due to the short-term nature of such receivables, the estimate of accounts receivable that may not In some cases, the Company may Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not Buildings 20 to 40 years straight-line Vehicles 3 to 5 years straight-line Furniture and equipment 3 to 10 years straight-line Computer equipment and software 3 to 5 years straight-line Leasehold improvements term of the lease to a maximum of 10 years Investments Equity accounted investments For equity investments where it does not not may may The Company’s equity accounted investees that are investment companies record their underlying investments at fair value. Therefore, under the equity method of accounting, the Company’s share of the investee’s underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. The Company’s share of the investee’s underlying net income or loss is based upon the most currently available information, which may Investments in debt and equity securities The Company invests in debt and equity securities primarily in relation to its wholly owned captive insurance company and Colliers Securities, a broker-dealer licensed under the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (“FINRA”). These investments are accounted for at fair value with changes recorded in net earnings (loss). Financial instruments and derivatives Certain loan commitments and forward sales commitments related to the Company’s warehouse receivables meet the definition of a derivative and are recorded at fair value in the consolidated balance sheets upon the execution of the commitment to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue in the consolidated statements of earnings. The estimated fair value of loan commitments includes the value of loan origination fees and premiums on anticipated sale of the loan, net of related costs and broker fees, a loss sharing reserve, the fair value of the expected net cash flows associated with servicing of the loan, and the effects of interest rate movements. The estimated fair value of the forward sales commitments includes the effects of interest rate movements. Adjustments to the fair value related to loan commitments and forward sale commitments are included within Capital Markets revenue on the consolidated statements of earnings. From time to time, the Company may not, may not Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. See note 25 Fair value The Company uses the fair value measurement framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three three Level 1 Level 2 Level 3 no Convertible notes The Company issued Convertible Notes in May 2020 ( 13 no The earnings per share impact of the Convertible Notes is calculated using the “if-converted” method, if dilutive, where coupon interest expense, net of tax, is added to the numerator and the number of potentially issuable subordinate voting shares is added to the denominator. Financing fees Financing fees related to the Revolving Credit Facility are recorded as an asset and amortized to interest expense using the effective interest method. Financing fees related to the Senior Notes and Convertible Notes are recorded as a reduction of the debt amount and are amortized to interest expense using the effective interest method. Financial guarantees and allowance for loss sharing obligations For certain loans originated and sold under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) Program the Company undertakes an obligation to partially guarantee performance of the loan typically up to one third When the Company commits to making a loan to a borrower, it recognizes a liability equal to the estimated fair value of this loss sharing obligation (the “Loss Reserve”), which reduces the gain on sale of the loan reported in Capital Markets revenue. In accordance with ASC 326, December 31, 2021, 19 25 Warehouse receivables The Company originates held for sale mortgage loans with commitments to sell to third 45 Mortgage servicing rights ( MSRs ) MSRs, or the rights to service mortgage loans for others, result from the sale or securitization of loans originated by the Company and are recognized as intangible assets on the Consolidated Balance Sheets. The Company initially recognizes MSRs based on the fair value of these rights on the date the loans are sold. Subsequent to initial recognition, MSRs are amortized and carried at the lower of amortized cost or fair value. They are amortized in proportion to and over the estimated period that net servicing income is expected to be received based on projections and timing of estimated future net cash flows. In connection with the origination and sale of mortgage loans for which the Company retains servicing rights, an asset or liability is recognized based upon the fair value of the MSR on the date that the loans are sold. Upon origination of a mortgage loan held for sale, the fair value of the retained MSR is included in the forecasted proceeds from the anticipated loan sale and results in a net gain (which is reflected in Capital Markets revenue). MSRs do not December 31, 2021, As at December 31, 2021 Discount rate 11.4 % Conditional prepayment rate 4.4 % As at December 31, 2021, 10 no Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not Customer lists and relationships straight-line over 4 to 20 years Investment management contracts straight-line over 5 to 15 years Trademarks and trade names straight-line over 2 to 10 years Franchise rights straight-line over 2 to 15 years Management contracts and other straight-line over life of contract ranging from 2 to 10 years Backlog as underlying backlog transactions are completed The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has four first not not no not 3 Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. Revenue The Company generates revenue from contracts with customers through its provision of commercial real estate services. These services consist of Leasing, Capital Markets, Outsourcing & Advisory and Investment Management services. (a) Leasing Leasing includes landlord and tenant representation services. Landlord representation provides real estate owners with services to strategically position properties and to secure appropriate tenants. Tenant representation focuses on assisting businesses to assess their occupancy requirements and evaluating and negotiating leases and lease renewals. (b) Capital Markets Capital Markets revenue is generated through sales brokerage and other capital markets transactions. These services include real estate sales, debt origination and placement, equity capital raising, market value opinions, acquisition advisory and transaction management. The Company’s debt finance operations relate to the origination and sale of multifamily and commercial mortgage loans. (c) Outsourcing & Advisory Outsourcing & Advisory services consist of project management, engineering and design, valuation services, property management as well as loan servicing. Project management services include design and construction management, move management and workplace solutions consulting. Engineering & design services consist of multidisciplinary planning, consulting and design engineering services to multiple end-markets. Project management and engineering & design engagements range from single project contracts with a duration of less than one one three 30 120 Valuation services consist of helping customers determine market values for various types of real estate properties. Such services may may Loan servicing fees consist of revenues earned in accordance with the contractual arrangements associated with the Company’s debt finance operations and represent fees earned for servicing loans originated by the Company. Loan servicing revenues are included in the Other revenue line. (d) Investment Management Investment Management revenues include consideration for services in the form of asset management advisory and administration fees, transaction fees and incentive fees (carried interest). The performance obligation is to manage client’s invested capital for a specified period of time and is delivered over time. Revenue recognition and unearned revenues Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of services, which are capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. (a) Nature of services The Company has determined that control of real estate sales brokerage services rendered transfer to a customer when a sale and purchase agreement becomes unconditional. Leasing services rendered transfer to a customer when a lease between the landlord and the tenant is executed. At these points in time the customer has received substantially all of the benefit of the services provided by the Company. The transaction price is typically associated with the underlying asset involved in the transaction, most commonly a percentage of the sales price or the aggregate rental payments over the term of the lease which are generally known when revenue is recognized. Other Capital Market revenues are recorded when the Company’s performance obligation is satisfied. Although the performance obligation varies based upon the contractual terms of the transaction or service, the performance obligation is generally recognized at the point in time when a defined outcome is satisfied, including completion of financing or closing of a transaction. At this time, the Company has transferred control of the promised service and the customer obtains control. Revenues from the Company’s debt finance operations, included in Capital Markets revenue, are excluded from the scope of ASC Topic 606, Revenue from Contracts with Customers 606” no Outsourcing & Advisory services including those provided in relation to property management, project management and engineering & design transfer to the customer over time as the services are performed and revenue from providing these services is recognized in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognized based upon the actual labor hours spent relative to the total expected labor hours or the project costs incurred relative to the total project costs. For some projects certain obligations that are representative of the work completed may For other advisory services, including valuation and appraisal review, the customer is unable to benefit from the services until the work is substantially complete, revenue is recognized upon delivery of materials to the customer because this faithfully represents when the service has been rendered. For most fixed fee consulting assignments, revenue is recognized based upon the actual service provided to the end of the reporting period as a proportion of the total services to be provided. Loan servicing revenues are recognized over the contractual service period. Loan servicing fees related to retained MSRs are governed by ASC 820 860 606. not 606. Investment Management advisory fees are recognized as the services are performed over time and are primarily based on agreed-upon percentages of assets under management or committed capital. Revenue recognition for transactional performance obligations are recognized at a point in time when the performance obligation has been met. The Company receives investment management advisory incentive fees (carried interest) from certain investment funds. These incentive fees are dependent upon exceeding specified performance thresholds on a relative or absolute basis, depending on the product. Incentive fees are recognized when it is determined that significant reversal is considered no (b) Significant judgments The Company’s contracts with customers may may not Brokerage commission arrangements may may may not not Outsourcing & Advisory arrangements may In providing project management, engineering and design or property management services, the Company may not In some cases, the Company may may Investment Management fee arrangements are unique to each contract and evaluated on an individual basis to determine the timing of revenue recognition and significant judgment is involved in making such determination. At each reporting period, the Company considers various factors in estimating revenue to be recognized. Incentive fees have a broad range of possible amounts and the determination of these amounts is based upon the market value for managed assets which is highly susceptible to factors outside of the Company’s influence. As a result, incentive fee revenue is generally constrained until significant reversal is considered no Certain constrained Capital Markets and Leasing fees, Outsourcing & Advisory fees and Investment Management fees may may Contract balances Timing of revenue recognition may may not one not The Company generally does not one one Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 90 not one may not one not not Contract liabilities represent advance payments associated with the Company’s performance obligations that have not Remaining performance obligations Remaining performance obligations represent the aggregate transaction prices for contracts where the Company’s performance obligations have not one Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method. Long-term incentive plans Under these plans, certain subsidiary employees are compensated if the earnings before interest, income tax and amortization of the subsidiary increases. In some instances, subsidiary employees may ten five ten The Company incurred compensation expense related to stock-based plans of $7,316 during the year ended December 31, 2021 ( 2020 December 31, 2021, ten December 31, 2021, nil. Foreign currency translation and transactions Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. Income tax Income tax has been provided using the asset and liability method whereby deferred tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not The Company recognizes uncertainty in tax positions taken or expected to be taken utilizing a two first not second 50 The Company classifies interest and penalties associated with income tax positions in income tax expense. Leases The Company recognizes an operating lease right-of-use (“ROU”) asset and a lease liability on the consolidated balance sheet at the lease commencement date. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term adjusted for lease pre-payments and lease incentives. After the commencement date any modifications to the leasing arrangement are assessed and the ROU asset and lease liability are remeasured to recognize modifications to the lease term or fixed payments. As most of the Company’s leases do not may Finance leases are included in fixed assets and long-term debt on the consolidated balance sheet. Finance lease assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of lease term. Variable lease payments and variable payments related to non-lease components are recorded to SG&A as incurred. Variable lease payments include amounts related to changes in payments associated with changes in an index or rate but which are not The Company has operating lease agreements with lease and non-lease components, and the Company has elected to apply the practical expedient to not not The Company has elected not twelve not twelve Business combinations All business combinations are accounted for using the acquisition method of accounting. Transaction costs are expensed as incurred. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not Government assistance related to the COVID- 19 The Company received $5,482 of wage subsidies from governments in several countries around the world during the year ended December 31, 2021 ( 2020 2020 2020 |
Note 3 - Impact of Recently Iss
Note 3 - Impact of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Impact of recently issued accounting standards Recently adopted accounting guidance Accounting for Income Taxes In December 2019, No. 2019 12, Income Taxes (Topic 740 January 1, 2021. not Recently issued accounting guidance, not Reference Rate Reform The FASB has issued two March 2020, No. 2020 04, Reference Rate Reform (Topic 848 January 2021 No. 2021 01, Reference Rate Reform (Topic 848 December 31, 2021, June 30, 2023, December 31, 2022. may Debt with Conversion Options In August 2020, No. 2020 06, Debt- Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 s Own Equity. December 15, 2021. January 1, 2022. not |
Note 4 - Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisitions 2021 On November 1, 2021, During the year ended December 31, 2021, one These acquisitions were completed to add scale to the Company’s engineering and design services and expand its geographic presence. These acquisitions were accounted for by the acquisition method of accounting for business combinations and accordingly, the consolidated statements of earnings do not The acquisition date fair value of consideration transferred and purchase price allocation was as follows: Aggregate Acquisitions Current assets, excluding cash $ 38,215 Non-current assets 18,958 Current liabilities $ 20,006 Long-term liabilities 18,106 $ 19,061 Cash consideration, net of cash acquired of $ 3,322 $ 60,832 Acquisition date fair value of contingent consideration 1,850 Total purchase consideration $ 62,682 Acquired intangible assets (note 10) $ 21,130 Goodwill (note 11) $ 22,491 The Bergmann acquisition represents $56,932 of the total purchase consideration above. 2020 The Company acquired controlling interests two Colliers International affiliates operating in the Americas segment (Austin, Texas and Nashville, Tennessee), Colliers Mortgage, headquartered in Minneapolis, and Colliers Engineering & Design, headquartered in New Jersey. The acquisition date fair value of consideration transferred and purchase price allocation was as follows: Colliers Colliers Engineering & Aggregate Mortgage Design Other Acquisitions Current assets, excluding cash $ 46,510 $ 57,533 $ 2,800 $ 106,843 Warehouse receivables 31,282 - - 31,282 Non-current assets 9,021 37,516 3,449 49,986 Current liabilities 55,881 32,582 3,156 91,619 Warehouse credit facilities 25,850 - - 25,850 Long-term liabilities 6,266 54,739 2,951 63,956 $ (1,184 ) $ 7,728 $ 142 $ 6,686 Cash consideration, net of cash acquired of $ 50,331 $ 134,204 $ 59,355 $ 12,049 $ 205,608 Acquisition date fair value of contingent consideration 9,250 12,204 2,263 23,717 Total purchase consideration $ 143,454 $ 71,559 $ 14,312 $ 229,325 Acquired intangible assets (note 10) Indefinite life $ 29,200 $ - $ - $ 29,200 Finite life $ 105,150 $ 51,100 $ 11,430 $ 167,680 Goodwill (note 11) $ 53,530 $ 56,838 $ 7,616 $ 117,984 Redeemable non-controlling interest (note 17) $ 43,242 $ 44,107 $ 4,876 $ 92,225 Indefinite life intangible assets consist mainly of the mortgage licenses acquired. Finite life intangibles included $99,900 of MSR intangible assets. In all years presented, the fair values of non-controlling interests were determined using an income approach with reference to a discounted cash flow model using the same assumptions implied in determining the purchase consideration. The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill are assembled workforces, synergies with existing operations and future growth prospects. For acquisitions completed during the year ended December 31, 2021, 2020 The Company typically structures its business acquisitions to include contingent consideration. Certain vendors, at the time of acquisition, are entitled to receive a contingent consideration payment if the acquired businesses achieve specified earnings levels during the one five not nil. Unless it contains an element of compensation, contingent consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at December 31, 2021, December 31, 2020 - 24 December 31, 2021, December 31, 2020 - June 2026. The consideration for the acquisitions during the year ended December 31, 2021, December 31, 2021, 2020 The amounts of revenues and earnings contributed from the dates of acquisition and included in the Company’s consolidated results for the year ended December 31, 2021, January 1, 2020, Revenues Net earnings Actual from acquired entities for 2021 $ 23,132 $ 198 Supplemental pro forma for 2021 (unaudited) 4,153,379 (236,934 ) Supplemental pro forma for 2020 (unaudited) 3,010,244 105,783 Supplemental pro forma results were adjusted for non-recurring items. |
Note 5 - Real Estate Assets Hel
Note 5 - Real Estate Assets Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 5. Real estate assets held for sale From time to time, the Company’s Investment Management segment purchases real estate assets for placement into a fund. This typically occurs in the early stages of fundraising where temporary liquidity is needed to fund investment opportunities that arise prior to the availability of fund capital. The purchased assets are recorded as real estate assets held for sale prior to the ultimate sale to the identified fund. The assets are typically held for a short period of time not twelve not not not In July 2021, December 2021, In December 2021, first 2022. During the year ended December 31, 2021, nil 2020 The following table summarizes the real estate assets and associated liabilities held for sale. As at December 31, 2021 Real estate assets held for sale Real estate assets held for sale - current $ 1,286 Real estate assets held for sale - non-current $ 42,803 Total real estate assets held for sale $ 44,089 Liabilities related to real estate assets held for sale Liabilities related to real estate assets held for sale - current $ 6 Liabilities related to real estate assets held for sale - non-current $ 23,089 Total liabilities related to real estate assets held for sale $ 23,095 Net real estate assets held for sale $ 20,994 |
Note 6 - Acquisition-related It
Note 6 - Acquisition-related Items | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure Acquisition Related Items [Text Block] | 6. Acquisition-related items Year ended December 31, 2021 2020 Transaction costs $ 13,030 $ 16,169 Contingent consideration fair value adjustments (note 24) 42,686 23,393 Contingent consideration compensation expense 5,292 6,286 $ 61,008 $ 45,848 Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as the preceding four |
Note 7 - Prepaid Expenses and O
Note 7 - Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 7. Prepaid expenses and other assets As at December 31, 2021 2020 Prepaid expenses $ 44,173 $ 35,956 Advisor loans receivable 23,030 18,571 Investments in equity securities 11,862 3,918 Investments in debt securities 10,362 12,525 Deferred Purchase Price (notes 15 and 24) 238,836 87,957 Other 11,584 18,853 Prepaid and other assets (Current Assets) $ 339,847 $ 177,780 As at December 31, 2021 2020 Advisor loans receivable $ 47,980 $ 42,900 Equity accounted investments (note 16) 22,490 11,154 Investments in equity securities 9,327 5,261 Investments in debt securities 10,343 3,948 Financing fees, net of accumulated amortization of $ 6,363 4.956 2,458 3,751 Other 7,385 7,341 Other assets (Non-Current Assets) $ 99,983 $ 74,355 Captive Insurance Investments Investments in equity securities in the amount of $11,705 ( 2020 24. 2020 2020 December 31, 2021, Colliers Securities Investments Investments in equity and debt securities in the amount of $8,538 ( 2020 24. Other Investments in equity securities Investments in equity securities non-current in the amount of $9,327 ( 2020 December 31, 2021, |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 8. Leases The Company enters into premise leases and equipment leases as a lessee. (a) Premise leases The Company leases office space where the remaining lease term ranges from less than one fifteen (b) Equipment leases The Company leases certain equipment in its operations, including furniture and equipment, computer equipment and vehicles. Equipment leases may one three may The components of lease expense were as follows: Year ended December 31, 2021 2020 Operating lease cost $ 90,129 $ 82,643 Finance lease cost Amortization of right-of-use assets 975 898 Interest on lease liabilities 16 17 Variable lease cost 24,008 25,297 Short term lease cost 4,024 3,662 Total lease expense $ 119,152 $ 112,517 Sublease revenues (6,214 ) (2,844 ) Total lease cost, net of sublease revenues $ 112,938 $ 109,673 Supplemental information related to leases was as follows: Year ended December 31, 2021 2020 Right-of-use assets obtained in exchange for new operating lease obligations $ 111,578 $ 91,575 Right-of-use assets obtained in exchange for new finance lease obligations 400 2,160 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (94,256 ) $ (83,351 ) Operating cash flows from finance leases (16 ) (17 ) Financing cash flows from finance leases 1,936 (884 ) Supplemental balance sheet information related to leases was as follows: As at December 31, 2021 2020 Operating leases Operating lease right-of-use assets $ 316,517 $ 288,134 Operating lease liabilities - current $ (80,928 ) $ (78,923 ) Operating lease liabilities - non-current (296,633 ) (251,680 ) Total operating lease liabilities $ (377,561 ) $ (330,603 ) Finance leases Fixed assets, cost $ 3,312 $ 4,662 Accumulated depreciation (2,564 ) (2,327 ) Fixed assets, net $ 748 $ 2,335 Long-term debt - current $ (562 ) $ (1,113 ) Long-term debt - non-current (248 ) (1,316 ) Total finance lease liabilities $ (810 ) $ (2,429 ) Maturities of lease liabilities were as follows: One Two Three Four Five year years years years years Thereafter Total Operating leases $ 91,217 $ 76,315 $ 60,221 $ 46,449 $ 32,920 $ 112,720 $ 419,842 Present value of operating lease liabilities 377,561 Difference between undiscounted cash flows and discounted cash flows $ 42,281 Finance leases $ 589 $ 184 $ 45 $ - $ - $ - $ 818 Present value of finance lease liabilities 810 Difference between undiscounted cash flows and discounted cash flows $ 8 As at December 31, 2021 Weighted average remaining lease term Operating leases (years) 6.9 Finance leases (years) 1.6 Weighted average discount rate Operating leases 3.0 % Finance leases 1.6 % As of December 31, 2021, not five fifteen |
Note 9 - Fixed Assets
Note 9 - Fixed Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Fixed assets December 31, 2021 Accumulated Cost depreciation Net Buildings $ 2,555 $ 1,467 $ 1,088 Vehicles 11,040 5,245 5,795 Furniture and equipment 87,880 57,483 30,397 Computer equipment and software 172,267 130,939 41,328 Leasehold improvements 135,069 68,922 66,147 $ 408,811 $ 264,056 $ 144,755 December 31, 2020 Accumulated Cost depreciation Net Buildings $ 2,558 $ 1,321 $ 1,237 Vehicles 8,539 2,505 6,034 Furniture and equipment 82,117 53,353 28,764 Computer equipment and software 151,246 114,429 36,817 Leasehold improvements 113,786 57,417 56,369 $ 358,246 $ 229,025 $ 129,221 Fixed assets include ROU assets - Finance leases. (note 8 |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10. Intangible assets The following table summarizes the gross value, accumulated amortization and net carrying value of the Company’s indefinite life and finite life intangible assets: December 31, 2021 Gross carrying Accumulated amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 23,804 - 23,804 $ 53,004 $ - $ 53,004 Finite life intangible assets: Customer lists and relationships $ 352,860 $ 152,026 $ 200,834 Investment management contracts 270,600 85,012 185,588 Mortgage servicing rights ("MSRs") 147,878 41,455 106,423 Franchise rights 1,185 1,092 93 Trademarks and trade names 12,600 4,861 7,739 Management contracts and other 17,606 11,057 6,549 Backlog 2,400 800 1,600 $ 805,129 $ 296,303 $ 508,826 $ 858,133 $ 296,303 $ 561,830 Gross December 31, 2020 carrying Accumulated amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 24,096 - 24,096 $ 53,296 $ - $ 53,296 Finite life intangible assets: Customer lists and relationships $ 345,511 $ 123,368 $ 222,143 Investment management contracts 270,600 60,723 209,877 Mortgage servicing rights ("MSRs") 114,909 13,121 101,788 Franchise rights 5,630 5,322 308 Trademarks and trade names 14,803 4,355 10,448 Management contracts and other 20,813 12,406 8,407 Backlog 16,307 12,244 4,063 $ 788,573 $ 231,539 $ 557,034 $ 841,869 $ 231,539 $ 610,330 MSR intangible assets represent the carrying value of servicing assets in the Americas segment. The MSR asset is being amortized over the estimated period that the net servicing income is expected to be received. The MSR assets are evaluated quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. There was no twelve December 31, 2021. The following table summarizes activity related to the Company’s mortgage servicing rights for the year ended December 31, 2021. 2021 2020 Balance, January 1 $ 101,788 $ - Recognized on business acquisitions 99,900 Additions, following the sale of loan 32,969 15,009 Amortization (15,682 ) (8,553 ) Prepayments and write-offs (12,652 ) (4,568 ) Balance, December 31 $ 106,423 $ 101,788 During the year ended December 31, 2021, Estimated weighted average amortization Amount period (years) Finite life intangible assets: Customer lists and relationships $ 18,918 9.7 Trademarks and trade names - finite life 700 2.0 Customer backlog 2,820 0.5 Other 900 5.0 $ 23,338 8.2 The table above includes $2,208 related to assets acquired that do not The following is the estimated future expense for amortization of the recorded MSRs and other intangible assets for each of the next five For the year ended December 31, MSRs Other Intangibles Total 2022 $ 14,063 $ 65,044 $ 79,107 2023 12,760 59,840 72,600 2024 11,973 51,671 63,644 2025 11,035 36,895 47,930 2026 9,892 37,621 47,513 Thereafter 46,700 151,332 198,032 $ 106,423 $ 402,403 $ 508,826 |
Note 11 - Goodwill
Note 11 - Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 11. Goodwill Asia Investment Americas EMEA Pacific Management Consolidated Balance, December 31, 2019 $ 220,410 $ 257,333 $ 92,327 $ 379,151 $ 949,221 Goodwill acquired during the year 117,984 - - - 117,984 Other items - - 150 - 150 Foreign exchange (667 ) 18,213 2,942 1,141 21,629 Balance, December 31, 2020 337,727 275,546 95,419 380,292 1,088,984 Goodwill acquired during the year 22,491 - - - 22,491 Other items 2 - - - 2 Foreign exchange (275 ) (15,782 ) (3,401 ) (971 ) (20,429 ) Balance, December 31, 2021 359,945 259,764 92,018 379,321 1,091,048 Goodwill 386,216 263,076 92,018 379,321 1,120,631 Accumulated impairment loss (26,271 ) (3,312 ) - - (29,583 ) $ 359,945 $ 259,764 $ 92,018 $ 379,321 $ 1,091,048 A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, 2021 2020. 2009. |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 12. Long-term debt As at December 31, 2021 2020 Revolving Credit Facility $ - $ 213,239 Senior Notes 529,089 255,790 Capital leases maturing at various dates through 2024 810 2,430 Other long-term debt maturing at various dates up to 2023 1,155 8,436 531,054 479,895 Less: current portion 1,458 9,024 Long-term debt - non-current $ 529,596 $ 470,871 The Company has a multi-currency senior unsecured revolving credit facility (the “Revolving Credit Facility”) of $1,000,000. The Revolving Credit Facility has a 5-year term ending April 30, 2024, 2021 2020 December 31, 2021 ( December 31, 2020). December 31, 2021, December 31, 2020). The Company has outstanding €210,000 2028” 2028 May 30, 2028. On July 28, 2021, €125,000 2031 2031” 2028. October 7, 2021. The Revolving Credit Facility, the Senior Notes due 2028, 2031 December 31, 2021. The estimated aggregate amount of principal repayments on long-term debt required in each of the next five December 31 For the year ended December 31, 2022 $ 1,458 2023 462 2024 45 2025 - 2026 and thereafter 529,089 $ 531,054 |
Note 13 - Convertible Notes
Note 13 - Convertible Notes | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Subordinated Debt [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 13. Convertible notes In May 2020, June 1, 2025, June 1 December 1 December 1, 2020. no The Convertible Notes may $1,000 December 7, 2021, $1,000 The Company, at its option, may June 1, 2023, 20 30 not Subject to specified conditions, the Company may In connection with the issuance of the Convertible Notes, at the time, the Company incurred financing costs of $6,795 which are being amortized over five December 31, 2021, |
Note 14 - Warehouse Credit Faci
Note 14 - Warehouse Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Warehouse Credit Facilities [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. Warehouse credit facilities The following table summarizes the Company’s mortgage warehouse credit facilities as at December 31, 2021: December 31, 2021 December 31, 2020 Current Maximum Carrying Maximum Carrying Maturity Capacity Value Capacity Value Facility A - LIBOR plus 1.60 October 19, 2022 $ 125,000 $ 70,694 $ 275,000 $ 167,004 Facility B - SOFR plus 1.70 On demand 125,000 49,860 125,000 51,014 Facility C - LIBOR plus 1.60 April 27, 2022 150,000 42,357 - - $ 400,000 $ 162,911 $ 400,000 $ 218,018 Colliers Mortgage LLC (“Colliers Mortgage”) has warehouse credit facilities which are used exclusively for the purpose of funding warehouse mortgages receivable. The warehouse credit facilities are recourse only to Colliers Mortgage, are revolving and are secured by warehouse mortgages financed on the facilities, if any. On October 20, 2021 , October 19, 2022. On April 28, 2021, April 27, 2022 , April 27, 2023. |
Note 15 - AR Facility
Note 15 - AR Facility | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 15. AR Facility In April 2019, third On April 26, 2021, one April 25, 2022, December 31, 2021, nil. All transactions under the AR Facility are accounted for as a true sale in accordance with ASC 860, Transfers and Servicing 860” 860. December 31, 2021, nil. The proceeds from the sale of these Receivables comprises of cash and a deferred purchase price (“Deferred Purchase Price” or “DPP”). The DPP asset is realized following the collection of Receivables sold to the Purchaser; however, due to the revolving nature of the AR Facility, collections are reinvested by the Purchaser monthly in new Receivable purchases. For the year ended December 31, 2021, December 31, 2021, $149,832; 24 For the year ended December 31, 2021, 2020 The non-cash investing activities associated with the DPP for the year ended December 31, 2021, |
Note 16 - Variable Interest Ent
Note 16 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 16. Variable interest entities The Company holds variable interests in certain Variable Interest Entities (“VIE”) in its Investment Management segment which are not not The following table provides the maximum exposure to loss related to these non-consolidated VIEs: As at December 31, 2021 2020 Equity accounted investments $ 16,550 $ 6,158 Co-investment commitments 20,284 14,345 Maximum exposure to loss $ 36,834 $ 20,503 |
Note 17 - Redeemable Non-contro
Note 17 - Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 17. Redeemable non-controlling interests The minority equity positions in the Company’s subsidiaries are referred to as redeemable non-controlling interests (“RNCI”). The RNCI are considered to be redeemable securities. Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. The following table provides a reconciliation of the beginning and ending RNCI amounts: 2021 2020 Balance, January 1 $ 442,375 $ 359,150 RNCI share of earnings 50,739 27,550 RNCI redemption increment 99,316 15,843 Distributions paid to RNCI (49,168 ) (33,293 ) Purchase of interests from RNCI (24,371 ) (25,639 ) Sale of interests to RNCI 18,012 6,539 RNCI recognized on business acquisitions - 92,225 Balance, December 31 $ 536,903 $ 442,375 The Company has shareholders’ agreements in place at each of its non-wholly owned subsidiaries. These agreements allow the Company to “call” the RNCI at a price determined with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest, depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to “put” their equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and may December 31, 2021, December 31, 2020 - December 31, 2021, Increases or decreases to the formula price of the underlying shares are recognized in the statement of earnings as the NCI redemption increment. |
Note 18 - Capital Stock
Note 18 - Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 18. Capital stock The authorized capital stock of the Company is as follows: An unlimited number of Preferred Shares, issuable in series; An unlimited number of Subordinate Voting Shares having one An unlimited number of Multiple Voting Shares having 20 votes per share, convertible at any time into Subordinate Voting Shares at a rate of one The following table provides a summary of total capital stock issued and outstanding: Subordinate Voting Shares Multiple Voting Shares Total Common Shares Number Amount Number Amount Number Amount Balances as at: December 31, 2020 38,863,742 457,620 1,325,694 373 40,189,436 457,993 December 31, 2021 42,729,050 851,794 1,325,694 373 44,054,744 852,167 During the year ended December 31, 2021, 2020 |
Note 19 - Net Earnings (Loss) P
Note 19 - Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Net earnings (loss) per common share The earnings per share calculation cannot be anti-dilutive, therefore diluted shares is not Diluted EPS is calculated using the “if-converted” method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. no December 31, 2021, December 31, 2020. The following table reconciles the basic and diluted common shares outstanding: Year ended December 31, (in thousands of US dollars, except share information) 2021 2020 Net earnings (loss) attributable to Company $ (390,338 ) $ 49,074 Adjusted numerator under the If-Converted Method $ (390,338 ) $ 49,074 Shares issued and outstanding at beginning of period 40,189,436 39,845,211 Weighted average number of shares: Issued during the period 2,730,653 140,657 Weighted average number of shares used in computing basic earnings per share 42,920,089 39,985,868 Assumed exercise of stock options acquired under the Treasury Stock Method - 193,296 Number of shares used in computing diluted earnings per share 42,920,089 40,179,164 |
Note 20 - Stock-based Compensat
Note 20 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 20. Stock-based compensation The Company has a stock option plan for certain officers, key full-time employees and directors of the Company and its subsidiaries. Options are granted at the market price for the underlying shares on the day immediately prior to the date of grant. Each option vests over a four five one December 31, 2021, Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2021 , 2020 Weighted average Weighted remaining Aggregate Number of average contractual life intrinsic options exercise price (years) value Shares issuable under options - December 31, 2019 2,001,600 $ 58.96 Granted 547,250 85.79 Exercised (344,225 ) 35.86 Forfeited (14,500 ) 70.07 Shares issuable under options - December 31, 2020 2,190,125 $ 69.22 Granted 682,500 136.38 Exercised (292,450 ) 49.38 Forfeited (29,300 ) 80.15 Shares issuable under options - December 31, 2021 2,550,875 $ 89.34 3.1 $ 147,597 Options exercisable - December 31,2021 978,188 $ 72.14 2.1 $ 73,420 The Company incurred stock-based compensation expense related to these awards of $14,349 during the year ended December 31, 2021 ( 2020 December 31, 2021, The following table summarizes information about option exercises: Year ended December 31, 2021 2020 Number of options exercised 292,450 344,225 Aggregate fair value $ 32,808 $ 25,919 Intrinsic value 14,440 13,576 Amount of cash received 18,367 12,343 Tax benefit recognized $ 937 $ 102 As at December 31, 2021, four December 31, 2021, 2020 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions: As at December 31, 2021 2020 Risk free rate 0.8 % 0.2 % Expected life in years 4.75 4.41 Expected volatility 39.4 % 36.5 % Dividend yield 0.2 % 0.1 % Weighted average fair value per option granted $ 46.12 $ 28.33 The risk-free interest rate is based on the implied yield of a zero four |
Note 21 - Long-term Incentive A
Note 21 - Long-term Incentive Arrangement | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Incentive Arrangement [Text Block] | 21. Long-term incentive arrangement On April 16, 2021, February 1, 2004 no September 1, 2028. US$96,200 C$120,300 US$106.40 February 11, 2021, February 25, 2021, |
Note 22 - Income Tax
Note 22 - Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 22. Income tax Income tax differs from the amounts that would be obtained by applying the combined statutory corporate income tax rate of Ontario, Canada to the respective year’s earnings before income tax. Differences result from the following items: Year ended December 31, 2021 2020 Income tax expense using a combined statutory rate of 26.5 26.5 $ (40,292 ) $ 36,181 Settlement of long-term incentive arrangement 125,061 - Permanent differences 2,592 2,400 Tax effect of flow through entities (8,660 ) (6,214 ) Adjustments to tax liabilities for prior periods 869 (246 ) Effect of changes in enacted tax rate in other jurisdictions (76 ) 428 Changes in liability for unrecognized tax benefits (111 ) 821 Stock-based compensation 2,891 2,085 Foreign, state, and provincial tax rate differential (3,532 ) (3,075 ) Change in valuation allowance 2,407 5,233 Acquisition related costs and contingent consideration 1,970 2,173 Withholding taxes and other 2,391 2,260 Income tax expense $ 85,510 $ 42,046 Earnings (loss) before income tax by jurisdiction comprise the following: Year ended December 31, 2021 2020 Canada $ (472,611 ) $ 8,257 United States 158,448 53,111 Foreign 162,116 75,167 Total $ (152,047 ) $ 136,535 Income tax expense (recovery) comprises the following: Year ended December 31, 2021 2020 Current Canada $ 3,832 $ 3,309 United States 63,212 19,577 Foreign 56,003 32,344 123,047 55,230 Deferred Canada 912 2,154 United States (31,291 ) (9,765 ) Foreign (7,158 ) (5,573 ) (37,537 ) (13,184 ) Total $ 85,510 $ 42,046 The significant components of deferred tax assets and liabilities are as follows: As at December 31, 2021 2020 Loss carryforwards and other credits $ 19,143 $ 18,314 Expenses not currently deductible 44,012 33,442 Revenue not currently taxable (6,223 ) (14,076 ) Stock-based compensation 543 526 Investments 21,782 10,696 Provision for doubtful accounts 9,078 8,308 Financing fees (267 ) (325 ) Net unrealized foreign exchange losses 442 560 Depreciation and amortization (58,793 ) (57,746 ) Operating leases 11,695 8,110 Less: valuation allowance (15,281 ) (13,324 ) Net deferred tax (liabilities) assets $ 26,131 $ (5,515 ) As at December 31, 2021, not The Company has pre-tax NOL carryforward balances as follows: Pre-tax loss carryforward Pre-tax losses not recognized Pre-tax losses recognized 2021 2020 2021 2020 2021 2020 Canada $ 4,664 $ 5,632 $ 104 $ 65 $ 4,560 $ 5,567 United States 1,395 3,059 926 924 469 2,135 Foreign 60,891 53,997 43,003 32,091 17,888 21,906 The Company has pre-tax capital loss carryforwards as follows: Pre-tax loss carryforward Pre-tax losses not recognized Pre-tax losses recognized 2021 2020 2021 2020 2021 2020 Canada $ 1,796 $ 1,922 $ 1,796 $ 1,922 $ - $ - United States - 1,698 - 1,698 - - Foreign 6,483 6,876 6,483 6,876 - - These amounts above are available to reduce future, federal, state, and provincial income taxes in their respective jurisdictions. NOL carryforward balances attributable to Canada begin to expire in 2035. 2028. 2022. may Cumulative unremitted foreign earnings of US subsidiaries are $10,963 ( 2020 nil December 31, 2021 ( 2020 not not A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows: 2021 2020 Balance, January 1 $ 2,344 $ 1,468 Gross increases for tax positions of prior periods 151 908 Amount recognized on acquisitions 1,826 - Reduction for lapses in applicable statutes of limitations (262 ) (87 ) Foreign currency translation (11 ) 55 Balance, December 31 $ 4,048 $ 2,344 Of the $4,048 ( 2020 2020 December 31, 2021, 2020 2021 2020 December 31, 2021, 2020 Within the next twelve may The Company files tax returns in Canada and multiple foreign jurisdictions. The number of years with open tax audits varies depending on the tax jurisdiction. Generally, income tax returns filed with the Canada Revenue Agency and related provinces are open for four seven three five four The Company does not may may |
Note 23 - Other Supplemental In
Note 23 - Other Supplemental Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 23. Other supplemental information Year ended December 31, 2021 2020 Cash payments made during the year Income tax, net of refunds $ 116,873 $ 46,492 Interest 28,003 29,148 Non-cash financing activities Dividends declared but not paid 6,608 2,009 |
Note 24 - Financial Instruments
Note 24 - Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 24. Financial instruments Concentration of credit risk The Company is subject to credit risk with respect to its cash and cash equivalents, accounts receivable, unbilled revenues, other receivables and advisor loans receivable. Concentrations of credit risk with respect to cash and cash equivalents are limited by the use of multiple large and reputable banks. Concentrations of credit risk with respect to receivables are limited due to the large number of entities comprising the Company’s customer base and their dispersion across different service lines in various countries. Foreign currency risk Foreign currency risk is related to the portion of the Company’s business transactions denominated in currencies other than US dollars. A significant portion of revenue is generated by the Company’s Canadian, Australian, UK and Euro currency operations. The Company’s head office expenses are incurred primarily in Canadian dollars which are hedged by Canadian dollar denominated revenue. Fluctuations in foreign currencies impact the amount of total assets and liabilities that are reported for foreign subsidiaries upon the translation of these amounts into US dollars. In particular, the amount of cash, working capital, goodwill and intangibles held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on the consolidated balance sheets). Interest rate risk The Company utilizes an interest rate risk management strategy that may Fair values of financial instruments The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2021: Carrying value at Fair value measurements December 31, 2021 Level 1 Level 2 Level 3 Assets Cash equivalents $ 3,942 $ 3,942 $ - $ - Equity securities 11,917 11,760 157 - Debt securities 8,381 - 8,381 - Mortgage derivative assets 10,813 - 10,813 - Warehouse receivables 174,717 - 174,717 - Deferred Purchase Price on AR Facility 238,836 - - 238,836 Total assets $ 448,606 $ 15,702 $ 194,068 $ 238,836 Liabilities Mortgage derivative liability $ 1,564 $ - $ 1,564 $ - Interest rate swap liability 2,975 - 2,975 - Contingent consideration liability 154,671 - - 154,671 Total liabilities $ 159,210 $ - $ 4,539 $ 154,671 There were no December 31, 2021. Cash equivalents Cash equivalents include highly liquid investments with original maturities of less than three 1 Financial instruments and other inventory positions owned The Company records financial instruments and other inventory positions owned at fair value on the Consolidated Balance Sheets. These financial instruments are valued based on observable market data that may 2 Certain investments in equity securities where quoted prices are readily available are classified as Level 1 Mortgage-related derivatives The fair value of interest rate lock commitments and forward sale commitments are derivatives and considered Level 2 not not Warehouse receivables As at December 31, 2021, 2 AR Facility deferred purchase price ( DPP ) The Company recorded a DPP under its AR Facility. The DPP represents the difference between the fair value of the Receivables sold and the cash purchase price and is recognized at fair value as part of the sale transaction. The DPP is remeasured each reporting period in order to account for activity during the period, including the seller’s interest in any newly transferred Receivables, collections on previously transferred Receivables attributable to the DPP and changes in estimates for credit losses. Changes in the DPP attributed to changes in estimates for credit losses are expected to be immaterial, as the underlying Receivables are short-term and of high credit quality. The DPP is valued using Level 3 15 Changes in the fair value of the DPP comprises the following: 2021 2020 Balance, January 1 $ 87,957 $ 69,873 Additions to DPP 306,088 68,017 Collections on DPP (151,202 ) (51,994 ) Fair value adjustment (71 ) (142 ) Foreign exchange and other (3,937 ) 2,203 Balance, December 31 $ 238,835 $ 87,957 Interest rate swaps In April 2017, December 2018, January 18, 2022, April 30, 2023, At the inception of the interest rate swaps, the Company designated each swap as a cash flow hedge. From inception until June 30, 2021, On July 1, 2021, July 1, 2021, As at June 30, 2021, not six December 31, 2021, Contingent acquisition consideration The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 Changes in the fair value of the contingent consideration liability comprises the following: 2021 2020 Balance, January 1 $ 115,643 $ 84,993 Amounts recognized on acquisitions 2,249 23,717 Fair value adjustments (note 6) 42,686 23,393 Resolved and settled in cash (5,539 ) (17,249 ) Other (368 ) 789 Balance, December 31 $ 154,671 $ 115,643 Less: current portion $ 120,246 $ 5,802 Non-current portion $ 34,425 $ 109,841 The carrying amounts for cash, restricted cash, accounts receivable, accounts payable, advisor loans, other receivables and accrued liabilities approximate their estimated fair values due to the short-term nature of these instruments, unless otherwise indicated. The carrying value of the Company’s Revolving Credit Facility and other short-term borrowings approximate their estimated fair value due to their short-term nature and variable interest rate terms. The inputs to the measurement of the fair value of non-current receivables, advisor loans and long-term debt are Level 3 The following are estimates of the fair values for other financial instruments: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair amount value amount value Senior Notes $ 529,089 $ 548,440 $ 255,790 $ 275,928 Convertible Notes 225,214 590,193 223,957 353,638 |
Note 25 - Commitments and Conti
Note 25 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 25. Commitments and Contingencies Purchase commitments Minimum contractual purchase commitments for the years ended December 31 Year ended December 31, 2022 $ 14,016 2023 12,202 2024 11,805 2025 13,344 2026 9,088 Thereafter 3,269 $ 63,724 Acquisition Commitments In October 2021, January 2022. first second 2022, Claims and Litigation In the normal course of operations, the Company is subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution of such proceedings, combined with amounts set aside, will not Contingencies associated with US government sponsored enterprises Colliers Mortgage is a lender in the Fannie Mae DUS Program. Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery commitment to sell the loan to Fannie Mae. As discussed in note 24, Colliers Mortgage is obligated to share in losses, if any, related to mortgages originated under the DUS Program. These obligations expose the Company to credit risk on mortgage loans for which the Company is providing underwriting, servicing, or other services under the DUS Program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one third December 31, 2021, December 31, 2021, December 31, 2020 - Pursuant to its licenses with Fannie Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy which include minimum net worth and liquidity requirements. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy, the licensor reserves the right to terminate the Company’s servicing authority for all or some of the portfolio. At December 31, 2021, |
Note 26 - Related Party Transac
Note 26 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 26. Related party transactions As at December 31, 2021, 2020 nil 2028 See note 21 |
Note 27 - Revenue
Note 27 - Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 27. Revenue Disaggregated revenue Colliers has disaggregated its revenue from contracts with customers by type of service and operating segment as presented in the following table. Asia Investment Americas EMEA Pacific Management Corporate Consolidated Year ended December 31, 2021 Leasing $ 729,050 $ 145,422 $ 126,211 $ - $ - $ 1,000,683 Capital Markets 838,678 190,525 207,040 - - 1,236,243 Property services 638,741 196,491 227,183 - - 1,062,415 Valuation and advisory 214,665 134,489 98,323 - 7 447,484 IM - Advisory and other - - - 217,864 - 217,864 IM - Incentive Fees - - - 35,026 - 35,026 Other 68,083 5,810 14,904 - 617 89,414 Total Revenue $ 2,489,217 $ 672,737 $ 673,661 $ 252,890 $ 624 $ 4,089,129 2020 Leasing $ 495,597 $ 107,947 $ 82,917 $ - $ 21 $ 686,482 Capital Markets 460,224 136,479 104,201 - - 700,904 Property services 471,377 162,853 200,727 - - 834,957 Valuation and advisory 162,672 104,498 71,463 - - 338,633 IM - Advisory and other - - - 168,404 - 168,404 IM - Incentive Fees - - - 4,190 - 4,190 Other 36,502 4,730 11,324 - 731 53,287 Total Revenue $ 1,626,372 $ 516,507 $ 470,632 $ 172,594 $ 752 $ 2,786,857 Revenue associated with the Company’s debt finance and loan servicing operations are outside the scope of ASC 606, Revenue from Contracts with Customers 606” December 31, 2021, 606 2020 Contract balances The Company had contract assets totaling $78,941 of which $71,294 was current ( 2020 December 31, 2021, 15 The Company had contract liabilities (all current) totaling $30,397 ( 2020 December 31, 2021, 2020 Certain constrained brokerage fees, outsourcing & advisory fees and investment management fees may may 5% |
Note 28 - Segmented Information
Note 28 - Segmented Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 28. Segmented information Operating segments Colliers has identified four December 31, 2021, 21 Included in segment total assets at December 31, 2021 2020 2020 2020 Asia Investment Americas EMEA Pacific Management Corporate Consolidated Year ended December 31, 2021 Revenues $ 2,489,217 $ 672,737 $ 673,661 $ 252,890 $ 624 $ 4,089,129 Depreciation and amortization 80,210 22,868 10,471 27,691 3,854 145,094 Operating earnings (loss) 233,788 59,606 82,023 63,659 (570,577 ) (131,501 ) Equity earnings 2,352 65 - 3,773 - 6,190 Other income, net 5,083 Interest expense, net (31,819 ) Income tax expense (85,510 ) Net earnings $ (237,557 ) Total assets $ 1,740,447 $ 757,980 $ 387,564 $ 774,845 $ 212,894 $ 3,873,730 Total additions to fixed assets, intangible assets and goodwill 92,059 8,747 3,245 2,861 2,461 109,373 Asia Investment Americas EMEA Pacific Management Corporate Consolidated Year ended December 31, 2020 Revenues $ 1,626,372 $ 516,507 $ 470,632 $ 172,594 $ 752 $ 2,786,857 Depreciation and amortization 56,667 22,391 14,616 27,464 4,768 125,906 Operating earnings (loss) 121,371 8,336 45,221 40,738 (51,088 ) 164,578 Equity earnings 1,469 75 - 1,181 193 2,919 Other income, net (13 ) Interest expense, net (30,949 ) Income tax expense (42,046 ) Net earnings $ 94,489 Total assets $ 1,640,046 $ 648,557 $ 384,001 $ 694,270 $ (74,707 ) $ 3,292,167 Total additions to fixed assets, intangible assets and goodwill 357,187 8,194 4,593 3,669 2,255 375,898 Geographic information Revenues in each geographic region are reported by customer locations. GEOGRAPHIC INFORMATION 2021 2020 United States Revenues $ 2,232,277 $ 1,432,288 Total long-lived assets 1,442,476 1,378,648 Canada Revenues $ 437,307 $ 304,039 Total long-lived assets 81,897 82,520 Euro currency countries Revenues $ 343,364 $ 280,853 Total long-lived assets 269,104 306,472 Australia Revenues $ 320,959 $ 190,106 Total long-lived assets 72,572 84,758 United Kingdom Revenues $ 170,896 $ 135,572 Total long-lived assets 70,968 79,738 China Revenues $ 108,898 $ 90,390 Total long-lived assets 9,908 8,316 Other Revenues $ 475,428 $ 353,609 Total long-lived assets 167,225 176,217 Consolidated Revenues $ 4,089,129 $ 2,786,857 Total long-lived assets 2,114,150 2,116,669 Page 45 of 45 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates are related to the judgments used to determine the timing and amount of revenue recognition, recoverability of goodwill and intangible assets, determination of fair values of assets acquired and liabilities assumed in business combinations, estimated fair value of contingent consideration related to acquisitions, quantification of uncertain tax positions, recoverability of deferred tax assets, determination of the fair value of capitalized mortgage servicing rights and derivative financial instruments, and current expected credit losses on financial assets including collectability of accounts receivable and allowance for loss sharing obligations. Actual results could be materially different from these estimates. Significant accounting policies are summarized as follows: |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and those variable interest entities where the Company is the primary beneficiary. Where the Company does not When applying the principles of consolidation, the Company begins by determining whether an investee is a variable interest entity (“VIE”) or a voting interest entity (“VOE”). Assessing whether an entity is a VIE or a VOE involves judgment and analysis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership, and any related party or de facto agent implications of the Company’s involvement with the entity. VOEs are embodied by common and traditional corporate and certain partnership structures. For VOEs, the interest holder with control through majority ownership and majority voting rights consolidates the entity. For VIEs, identification of the primary beneficiary determines the accounting treatment. In evaluating whether the Company is the primary beneficiary, it evaluates its direct and indirect economic interests in the entity. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in the VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative approach focused on identifying which reporting entity has both ( 1 2 The primary beneficiary analysis is performed at the inception of the Company’s investment and upon the occurrence of a reconsideration event. When the Company determines it is the primary beneficiary of a VIE, it consolidates the VIE; when it is determined that the Company is not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of short-term interest-bearing securities and money market mutual funds. These cash equivalents are readily convertible into cash and the interest-bearing securities have original maturities at the date of purchase of three not not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash consists primarily of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business, primarily at Colliers Mortgage. |
Receivable [Policy Text Block] | Receivables and allowance for credit losses Accounts receivables are recorded when the Company has a right to payment within customary payment terms or it recognizes a contract asset if revenue is recognized prior to when payment is due. From the point of initial recognition, the carrying value of such receivables and contract assets, net of allowance for doubtful accounts, represents their estimated net realizable value after deducting for potential credit losses. The Company’s expected loss allowance methodology uses historical collection experience, the current status of customers’ accounts receivable and considers both current and expected future economic and market conditions. Due to the short-term nature of such receivables, the estimate of accounts receivable that may not In some cases, the Company may |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed assets Fixed assets are carried at cost less accumulated depreciation. The costs of additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying value of an asset group may not Buildings 20 to 40 years straight-line Vehicles 3 to 5 years straight-line Furniture and equipment 3 to 10 years straight-line Computer equipment and software 3 to 5 years straight-line Leasehold improvements term of the lease to a maximum of 10 years |
Investment, Policy [Policy Text Block] | Investments Equity accounted investments For equity investments where it does not not may may The Company’s equity accounted investees that are investment companies record their underlying investments at fair value. Therefore, under the equity method of accounting, the Company’s share of the investee’s underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees. The Company’s share of the investee’s underlying net income or loss is based upon the most currently available information, which may Investments in debt and equity securities The Company invests in debt and equity securities primarily in relation to its wholly owned captive insurance company and Colliers Securities, a broker-dealer licensed under the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (“FINRA”). These investments are accounted for at fair value with changes recorded in net earnings (loss). |
Derivatives, Policy [Policy Text Block] | Financial instruments and derivatives Certain loan commitments and forward sales commitments related to the Company’s warehouse receivables meet the definition of a derivative and are recorded at fair value in the consolidated balance sheets upon the execution of the commitment to originate a loan with a borrower and to sell the loan to an investor, with a corresponding amount recognized as revenue in the consolidated statements of earnings. The estimated fair value of loan commitments includes the value of loan origination fees and premiums on anticipated sale of the loan, net of related costs and broker fees, a loss sharing reserve, the fair value of the expected net cash flows associated with servicing of the loan, and the effects of interest rate movements. The estimated fair value of the forward sales commitments includes the effects of interest rate movements. Adjustments to the fair value related to loan commitments and forward sale commitments are included within Capital Markets revenue on the consolidated statements of earnings. From time to time, the Company may not, may not Derivative financial instruments are recorded on the consolidated balance sheets as other assets or other liabilities and carried at fair value. See note 25 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value The Company uses the fair value measurement framework for financial assets and liabilities and for non-financial assets and liabilities that are recognized or disclosed at fair value on a non-recurring basis. The framework defines fair value, gives guidance for measurement and disclosure, and establishes a three three Level 1 Level 2 Level 3 no |
Convertible Notes [Policy Text Block] | Convertible notes The Company issued Convertible Notes in May 2020 ( 13 no The earnings per share impact of the Convertible Notes is calculated using the “if-converted” method, if dilutive, where coupon interest expense, net of tax, is added to the numerator and the number of potentially issuable subordinate voting shares is added to the denominator. |
Deferred Charges, Policy [Policy Text Block] | Financing fees Financing fees related to the Revolving Credit Facility are recorded as an asset and amortized to interest expense using the effective interest method. Financing fees related to the Senior Notes and Convertible Notes are recorded as a reduction of the debt amount and are amortized to interest expense using the effective interest method. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Financial guarantees and allowance for loss sharing obligations For certain loans originated and sold under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) Program the Company undertakes an obligation to partially guarantee performance of the loan typically up to one third When the Company commits to making a loan to a borrower, it recognizes a liability equal to the estimated fair value of this loss sharing obligation (the “Loss Reserve”), which reduces the gain on sale of the loan reported in Capital Markets revenue. In accordance with ASC 326, December 31, 2021, 19 25 |
Financing Receivable, Held-for-sale [Policy Text Block] | Warehouse receivables The Company originates held for sale mortgage loans with commitments to sell to third 45 |
Mortgage Servicing Rights [Policy Text Block] | Mortgage servicing rights ( MSRs ) MSRs, or the rights to service mortgage loans for others, result from the sale or securitization of loans originated by the Company and are recognized as intangible assets on the Consolidated Balance Sheets. The Company initially recognizes MSRs based on the fair value of these rights on the date the loans are sold. Subsequent to initial recognition, MSRs are amortized and carried at the lower of amortized cost or fair value. They are amortized in proportion to and over the estimated period that net servicing income is expected to be received based on projections and timing of estimated future net cash flows. In connection with the origination and sale of mortgage loans for which the Company retains servicing rights, an asset or liability is recognized based upon the fair value of the MSR on the date that the loans are sold. Upon origination of a mortgage loan held for sale, the fair value of the retained MSR is included in the forecasted proceeds from the anticipated loan sale and results in a net gain (which is reflected in Capital Markets revenue). MSRs do not December 31, 2021, As at December 31, 2021 Discount rate 11.4 % Conditional prepayment rate 4.4 % As at December 31, 2021, 10 no |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not Intangible assets are recorded at fair value on the date they are acquired. Indefinite life intangible assets are not Customer lists and relationships straight-line over 4 to 20 years Investment management contracts straight-line over 5 to 15 years Trademarks and trade names straight-line over 2 to 10 years Franchise rights straight-line over 2 to 15 years Management contracts and other straight-line over life of contract ranging from 2 to 10 years Backlog as underlying backlog transactions are completed The Company reviews the carrying value of finite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not Goodwill and indefinite life intangible assets are tested for impairment annually, on August 1, Impairment of goodwill is tested at the reporting unit level. The Company has four first not not no not 3 Impairment of indefinite life intangible assets is tested by comparing the carrying amount to the estimated fair value on an individual intangible asset basis. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Redeemable non-controlling interests Redeemable non-controlling interests (“RNCI”) are recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date of inception of the minority equity position. This amount is recorded in the “mezzanine” section of the balance sheet, outside of shareholders’ equity. Changes in the RNCI amount are recognized immediately as they occur. |
Revenue [Policy Text Block] | Revenue recognition and unearned revenues Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of services, which are capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. (a) Nature of services The Company has determined that control of real estate sales brokerage services rendered transfer to a customer when a sale and purchase agreement becomes unconditional. Leasing services rendered transfer to a customer when a lease between the landlord and the tenant is executed. At these points in time the customer has received substantially all of the benefit of the services provided by the Company. The transaction price is typically associated with the underlying asset involved in the transaction, most commonly a percentage of the sales price or the aggregate rental payments over the term of the lease which are generally known when revenue is recognized. Other Capital Market revenues are recorded when the Company’s performance obligation is satisfied. Although the performance obligation varies based upon the contractual terms of the transaction or service, the performance obligation is generally recognized at the point in time when a defined outcome is satisfied, including completion of financing or closing of a transaction. At this time, the Company has transferred control of the promised service and the customer obtains control. Revenues from the Company’s debt finance operations, included in Capital Markets revenue, are excluded from the scope of ASC Topic 606, Revenue from Contracts with Customers 606” no Outsourcing & Advisory services including those provided in relation to property management, project management and engineering & design transfer to the customer over time as the services are performed and revenue from providing these services is recognized in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognized based upon the actual labor hours spent relative to the total expected labor hours or the project costs incurred relative to the total project costs. For some projects certain obligations that are representative of the work completed may For other advisory services, including valuation and appraisal review, the customer is unable to benefit from the services until the work is substantially complete, revenue is recognized upon delivery of materials to the customer because this faithfully represents when the service has been rendered. For most fixed fee consulting assignments, revenue is recognized based upon the actual service provided to the end of the reporting period as a proportion of the total services to be provided. Loan servicing revenues are recognized over the contractual service period. Loan servicing fees related to retained MSRs are governed by ASC 820 860 606. not 606. Investment Management advisory fees are recognized as the services are performed over time and are primarily based on agreed-upon percentages of assets under management or committed capital. Revenue recognition for transactional performance obligations are recognized at a point in time when the performance obligation has been met. The Company receives investment management advisory incentive fees (carried interest) from certain investment funds. These incentive fees are dependent upon exceeding specified performance thresholds on a relative or absolute basis, depending on the product. Incentive fees are recognized when it is determined that significant reversal is considered no (b) Significant judgments The Company’s contracts with customers may may not Brokerage commission arrangements may may may not not Outsourcing & Advisory arrangements may In providing project management, engineering and design or property management services, the Company may not In some cases, the Company may may Investment Management fee arrangements are unique to each contract and evaluated on an individual basis to determine the timing of revenue recognition and significant judgment is involved in making such determination. At each reporting period, the Company considers various factors in estimating revenue to be recognized. Incentive fees have a broad range of possible amounts and the determination of these amounts is based upon the market value for managed assets which is highly susceptible to factors outside of the Company’s influence. As a result, incentive fee revenue is generally constrained until significant reversal is considered no Certain constrained Capital Markets and Leasing fees, Outsourcing & Advisory fees and Investment Management fees may may Contract balances Timing of revenue recognition may may not one not The Company generally does not one one Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 90 not one may not one not not Contract liabilities represent advance payments associated with the Company’s performance obligations that have not Remaining performance obligations Remaining performance obligations represent the aggregate transaction prices for contracts where the Company’s performance obligations have not one |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation For equity classified awards, compensation cost is measured at the grant date based on the estimated fair value of the award adjusted for expected forfeitures. The related stock option compensation expense is allocated using the graded attribution method. Long-term incentive plans Under these plans, certain subsidiary employees are compensated if the earnings before interest, income tax and amortization of the subsidiary increases. In some instances, subsidiary employees may ten five ten The Company incurred compensation expense related to stock-based plans of $7,316 during the year ended December 31, 2021 ( 2020 December 31, 2021, ten December 31, 2021, nil. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation and transactions Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated at current exchange rates from the local currency to the reporting currency, the US dollar. The resulting unrealized gains or losses are reported as a component of accumulated other comprehensive earnings. Realized and unrealized foreign currency gains or losses related to any foreign dollar denominated monetary assets and liabilities are included in net earnings. |
Income Tax, Policy [Policy Text Block] | Income tax Income tax has been provided using the asset and liability method whereby deferred tax assets and liabilities are recognized for the expected future income tax consequences of events that have been recognized in the consolidated financial statements or income tax returns. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse, be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in earnings in the period in which the change occurs. A valuation allowance is recorded unless it is more likely than not The Company recognizes uncertainty in tax positions taken or expected to be taken utilizing a two first not second 50 The Company classifies interest and penalties associated with income tax positions in income tax expense. |
Lessee, Leases [Policy Text Block] | Leases The Company recognizes an operating lease right-of-use (“ROU”) asset and a lease liability on the consolidated balance sheet at the lease commencement date. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term adjusted for lease pre-payments and lease incentives. After the commencement date any modifications to the leasing arrangement are assessed and the ROU asset and lease liability are remeasured to recognize modifications to the lease term or fixed payments. As most of the Company’s leases do not may Finance leases are included in fixed assets and long-term debt on the consolidated balance sheet. Finance lease assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of lease term. Variable lease payments and variable payments related to non-lease components are recorded to SG&A as incurred. Variable lease payments include amounts related to changes in payments associated with changes in an index or rate but which are not The Company has operating lease agreements with lease and non-lease components, and the Company has elected to apply the practical expedient to not not The Company has elected not twelve not twelve |
Business Combinations Policy [Policy Text Block] | Business combinations All business combinations are accounted for using the acquisition method of accounting. Transaction costs are expensed as incurred. The fair value of the contingent consideration is classified as a financial liability and is recorded on the balance sheet at the acquisition date and is re-measured at fair value at the end of each period until the end of the contingency period, with fair value adjustments recognized in earnings. However, if the contingent consideration includes an element of compensation to the vendors (i.e. it is tied to continuing employment or it is not |
Government Assistance Related to COVID-19 Pandemic [Policy Text Block] | Government assistance related to the COVID- 19 The Company received $5,482 of wage subsidies from governments in several countries around the world during the year ended December 31, 2021 ( 2020 2020 2020 |
Note 2 - Summary of Presentat_2
Note 2 - Summary of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Servicing Rights ("MSRs") [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | As at December 31, 2021 Discount rate 11.4 % Conditional prepayment rate 4.4 % |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Aggregate Acquisitions Current assets, excluding cash $ 38,215 Non-current assets 18,958 Current liabilities $ 20,006 Long-term liabilities 18,106 $ 19,061 Cash consideration, net of cash acquired of $ 3,322 $ 60,832 Acquisition date fair value of contingent consideration 1,850 Total purchase consideration $ 62,682 Acquired intangible assets (note 10) $ 21,130 Goodwill (note 11) $ 22,491 Colliers Colliers Engineering & Aggregate Mortgage Design Other Acquisitions Current assets, excluding cash $ 46,510 $ 57,533 $ 2,800 $ 106,843 Warehouse receivables 31,282 - - 31,282 Non-current assets 9,021 37,516 3,449 49,986 Current liabilities 55,881 32,582 3,156 91,619 Warehouse credit facilities 25,850 - - 25,850 Long-term liabilities 6,266 54,739 2,951 63,956 $ (1,184 ) $ 7,728 $ 142 $ 6,686 Cash consideration, net of cash acquired of $ 50,331 $ 134,204 $ 59,355 $ 12,049 $ 205,608 Acquisition date fair value of contingent consideration 9,250 12,204 2,263 23,717 Total purchase consideration $ 143,454 $ 71,559 $ 14,312 $ 229,325 Acquired intangible assets (note 10) Indefinite life $ 29,200 $ - $ - $ 29,200 Finite life $ 105,150 $ 51,100 $ 11,430 $ 167,680 Goodwill (note 11) $ 53,530 $ 56,838 $ 7,616 $ 117,984 Redeemable non-controlling interest (note 17) $ 43,242 $ 44,107 $ 4,876 $ 92,225 Revenues Net earnings Actual from acquired entities for 2021 $ 23,132 $ 198 Supplemental pro forma for 2021 (unaudited) 4,153,379 (236,934 ) Supplemental pro forma for 2020 (unaudited) 3,010,244 105,783 |
Note 5 - Real Estate Assets H_2
Note 5 - Real Estate Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | As at December 31, 2021 Real estate assets held for sale Real estate assets held for sale - current $ 1,286 Real estate assets held for sale - non-current $ 42,803 Total real estate assets held for sale $ 44,089 Liabilities related to real estate assets held for sale Liabilities related to real estate assets held for sale - current $ 6 Liabilities related to real estate assets held for sale - non-current $ 23,089 Total liabilities related to real estate assets held for sale $ 23,095 Net real estate assets held for sale $ 20,994 |
Note 6 - Acquisition-related _2
Note 6 - Acquisition-related Items (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Acquisition Related Expenses [Table Text Block] | Year ended December 31, 2021 2020 Transaction costs $ 13,030 $ 16,169 Contingent consideration fair value adjustments (note 24) 42,686 23,393 Contingent consideration compensation expense 5,292 6,286 $ 61,008 $ 45,848 |
Note 7 - Prepaid Expenses and_2
Note 7 - Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As at December 31, 2021 2020 Prepaid expenses $ 44,173 $ 35,956 Advisor loans receivable 23,030 18,571 Investments in equity securities 11,862 3,918 Investments in debt securities 10,362 12,525 Deferred Purchase Price (notes 15 and 24) 238,836 87,957 Other 11,584 18,853 Prepaid and other assets (Current Assets) $ 339,847 $ 177,780 As at December 31, 2021 2020 Advisor loans receivable $ 47,980 $ 42,900 Equity accounted investments (note 16) 22,490 11,154 Investments in equity securities 9,327 5,261 Investments in debt securities 10,343 3,948 Financing fees, net of accumulated amortization of $ 6,363 4.956 2,458 3,751 Other 7,385 7,341 Other assets (Non-Current Assets) $ 99,983 $ 74,355 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2021 2020 Operating lease cost $ 90,129 $ 82,643 Finance lease cost Amortization of right-of-use assets 975 898 Interest on lease liabilities 16 17 Variable lease cost 24,008 25,297 Short term lease cost 4,024 3,662 Total lease expense $ 119,152 $ 112,517 Sublease revenues (6,214 ) (2,844 ) Total lease cost, net of sublease revenues $ 112,938 $ 109,673 Year ended December 31, 2021 2020 Right-of-use assets obtained in exchange for new operating lease obligations $ 111,578 $ 91,575 Right-of-use assets obtained in exchange for new finance lease obligations 400 2,160 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (94,256 ) $ (83,351 ) Operating cash flows from finance leases (16 ) (17 ) Financing cash flows from finance leases 1,936 (884 ) As at December 31, 2021 Weighted average remaining lease term Operating leases (years) 6.9 Finance leases (years) 1.6 Weighted average discount rate Operating leases 3.0 % Finance leases 1.6 % |
Lessee, Leases Balance Sheet Infomration [Table Text Block] | As at December 31, 2021 2020 Operating leases Operating lease right-of-use assets $ 316,517 $ 288,134 Operating lease liabilities - current $ (80,928 ) $ (78,923 ) Operating lease liabilities - non-current (296,633 ) (251,680 ) Total operating lease liabilities $ (377,561 ) $ (330,603 ) Finance leases Fixed assets, cost $ 3,312 $ 4,662 Accumulated depreciation (2,564 ) (2,327 ) Fixed assets, net $ 748 $ 2,335 Long-term debt - current $ (562 ) $ (1,113 ) Long-term debt - non-current (248 ) (1,316 ) Total finance lease liabilities $ (810 ) $ (2,429 ) |
Lessee, Lease, Liability, Maturity [Table Text Block] | One Two Three Four Five year years years years years Thereafter Total Operating leases $ 91,217 $ 76,315 $ 60,221 $ 46,449 $ 32,920 $ 112,720 $ 419,842 Present value of operating lease liabilities 377,561 Difference between undiscounted cash flows and discounted cash flows $ 42,281 Finance leases $ 589 $ 184 $ 45 $ - $ - $ - $ 818 Present value of finance lease liabilities 810 Difference between undiscounted cash flows and discounted cash flows $ 8 |
Note 9 - Fixed Assets (Tables)
Note 9 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 Accumulated Cost depreciation Net Buildings $ 2,555 $ 1,467 $ 1,088 Vehicles 11,040 5,245 5,795 Furniture and equipment 87,880 57,483 30,397 Computer equipment and software 172,267 130,939 41,328 Leasehold improvements 135,069 68,922 66,147 $ 408,811 $ 264,056 $ 144,755 December 31, 2020 Accumulated Cost depreciation Net Buildings $ 2,558 $ 1,321 $ 1,237 Vehicles 8,539 2,505 6,034 Furniture and equipment 82,117 53,353 28,764 Computer equipment and software 151,246 114,429 36,817 Leasehold improvements 113,786 57,417 56,369 $ 358,246 $ 229,025 $ 129,221 |
Note 10 - Intangible Assets (Ta
Note 10 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 Gross carrying Accumulated amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 23,804 - 23,804 $ 53,004 $ - $ 53,004 Finite life intangible assets: Customer lists and relationships $ 352,860 $ 152,026 $ 200,834 Investment management contracts 270,600 85,012 185,588 Mortgage servicing rights ("MSRs") 147,878 41,455 106,423 Franchise rights 1,185 1,092 93 Trademarks and trade names 12,600 4,861 7,739 Management contracts and other 17,606 11,057 6,549 Backlog 2,400 800 1,600 $ 805,129 $ 296,303 $ 508,826 $ 858,133 $ 296,303 $ 561,830 Gross December 31, 2020 carrying Accumulated amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 24,096 - 24,096 $ 53,296 $ - $ 53,296 Finite life intangible assets: Customer lists and relationships $ 345,511 $ 123,368 $ 222,143 Investment management contracts 270,600 60,723 209,877 Mortgage servicing rights ("MSRs") 114,909 13,121 101,788 Franchise rights 5,630 5,322 308 Trademarks and trade names 14,803 4,355 10,448 Management contracts and other 20,813 12,406 8,407 Backlog 16,307 12,244 4,063 $ 788,573 $ 231,539 $ 557,034 $ 841,869 $ 231,539 $ 610,330 |
Servicing Asset at Amortized Cost [Table Text Block] | 2021 2020 Balance, January 1 $ 101,788 $ - Recognized on business acquisitions 99,900 Additions, following the sale of loan 32,969 15,009 Amortization (15,682 ) (8,553 ) Prepayments and write-offs (12,652 ) (4,568 ) Balance, December 31 $ 106,423 $ 101,788 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Estimated weighted average amortization Amount period (years) Finite life intangible assets: Customer lists and relationships $ 18,918 9.7 Trademarks and trade names - finite life 700 2.0 Customer backlog 2,820 0.5 Other 900 5.0 $ 23,338 8.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, MSRs Other Intangibles Total 2022 $ 14,063 $ 65,044 $ 79,107 2023 12,760 59,840 72,600 2024 11,973 51,671 63,644 2025 11,035 36,895 47,930 2026 9,892 37,621 47,513 Thereafter 46,700 151,332 198,032 $ 106,423 $ 402,403 $ 508,826 |
Note 11 - Goodwill (Tables)
Note 11 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Asia Investment Americas EMEA Pacific Management Consolidated Balance, December 31, 2019 $ 220,410 $ 257,333 $ 92,327 $ 379,151 $ 949,221 Goodwill acquired during the year 117,984 - - - 117,984 Other items - - 150 - 150 Foreign exchange (667 ) 18,213 2,942 1,141 21,629 Balance, December 31, 2020 337,727 275,546 95,419 380,292 1,088,984 Goodwill acquired during the year 22,491 - - - 22,491 Other items 2 - - - 2 Foreign exchange (275 ) (15,782 ) (3,401 ) (971 ) (20,429 ) Balance, December 31, 2021 359,945 259,764 92,018 379,321 1,091,048 Goodwill 386,216 263,076 92,018 379,321 1,120,631 Accumulated impairment loss (26,271 ) (3,312 ) - - (29,583 ) $ 359,945 $ 259,764 $ 92,018 $ 379,321 $ 1,091,048 |
Note 12 - Long-term Debt (Table
Note 12 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As at December 31, 2021 2020 Revolving Credit Facility $ - $ 213,239 Senior Notes 529,089 255,790 Capital leases maturing at various dates through 2024 810 2,430 Other long-term debt maturing at various dates up to 2023 1,155 8,436 531,054 479,895 Less: current portion 1,458 9,024 Long-term debt - non-current $ 529,596 $ 470,871 |
Schedule of Maturities of Long-term Debt [Table Text Block] | For the year ended December 31, 2022 $ 1,458 2023 462 2024 45 2025 - 2026 and thereafter 529,089 $ 531,054 |
Note 14 - Warehouse Credit Fa_2
Note 14 - Warehouse Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | December 31, 2021 December 31, 2020 Current Maximum Carrying Maximum Carrying Maturity Capacity Value Capacity Value Facility A - LIBOR plus 1.60 October 19, 2022 $ 125,000 $ 70,694 $ 275,000 $ 167,004 Facility B - SOFR plus 1.70 On demand 125,000 49,860 125,000 51,014 Facility C - LIBOR plus 1.60 April 27, 2022 150,000 42,357 - - $ 400,000 $ 162,911 $ 400,000 $ 218,018 |
Note 16 - Variable Interest E_2
Note 16 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As at December 31, 2021 2020 Equity accounted investments $ 16,550 $ 6,158 Co-investment commitments 20,284 14,345 Maximum exposure to loss $ 36,834 $ 20,503 |
Note 17 - Redeemable Non-cont_2
Note 17 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2021 2020 Balance, January 1 $ 442,375 $ 359,150 RNCI share of earnings 50,739 27,550 RNCI redemption increment 99,316 15,843 Distributions paid to RNCI (49,168 ) (33,293 ) Purchase of interests from RNCI (24,371 ) (25,639 ) Sale of interests to RNCI 18,012 6,539 RNCI recognized on business acquisitions - 92,225 Balance, December 31 $ 536,903 $ 442,375 |
Note 18 - Capital Stock (Tables
Note 18 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Subordinate Voting Shares Multiple Voting Shares Total Common Shares Number Amount Number Amount Number Amount Balances as at: December 31, 2020 38,863,742 457,620 1,325,694 373 40,189,436 457,993 December 31, 2021 42,729,050 851,794 1,325,694 373 44,054,744 852,167 |
Note 19 - Net Earnings (Loss)_2
Note 19 - Net Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, (in thousands of US dollars, except share information) 2021 2020 Net earnings (loss) attributable to Company $ (390,338 ) $ 49,074 Adjusted numerator under the If-Converted Method $ (390,338 ) $ 49,074 Shares issued and outstanding at beginning of period 40,189,436 39,845,211 Weighted average number of shares: Issued during the period 2,730,653 140,657 Weighted average number of shares used in computing basic earnings per share 42,920,089 39,985,868 Assumed exercise of stock options acquired under the Treasury Stock Method - 193,296 Number of shares used in computing diluted earnings per share 42,920,089 40,179,164 |
Note 20 - Stock-based Compens_2
Note 20 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted average Weighted remaining Aggregate Number of average contractual life intrinsic options exercise price (years) value Shares issuable under options - December 31, 2019 2,001,600 $ 58.96 Granted 547,250 85.79 Exercised (344,225 ) 35.86 Forfeited (14,500 ) 70.07 Shares issuable under options - December 31, 2020 2,190,125 $ 69.22 Granted 682,500 136.38 Exercised (292,450 ) 49.38 Forfeited (29,300 ) 80.15 Shares issuable under options - December 31, 2021 2,550,875 $ 89.34 3.1 $ 147,597 Options exercisable - December 31,2021 978,188 $ 72.14 2.1 $ 73,420 |
Stock Options Exercised [Table Text Block] | Year ended December 31, 2021 2020 Number of options exercised 292,450 344,225 Aggregate fair value $ 32,808 $ 25,919 Intrinsic value 14,440 13,576 Amount of cash received 18,367 12,343 Tax benefit recognized $ 937 $ 102 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | As at December 31, 2021 2020 Risk free rate 0.8 % 0.2 % Expected life in years 4.75 4.41 Expected volatility 39.4 % 36.5 % Dividend yield 0.2 % 0.1 % Weighted average fair value per option granted $ 46.12 $ 28.33 |
Note 22 - Income Tax (Tables)
Note 22 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2021 2020 Income tax expense using a combined statutory rate of 26.5 26.5 $ (40,292 ) $ 36,181 Settlement of long-term incentive arrangement 125,061 - Permanent differences 2,592 2,400 Tax effect of flow through entities (8,660 ) (6,214 ) Adjustments to tax liabilities for prior periods 869 (246 ) Effect of changes in enacted tax rate in other jurisdictions (76 ) 428 Changes in liability for unrecognized tax benefits (111 ) 821 Stock-based compensation 2,891 2,085 Foreign, state, and provincial tax rate differential (3,532 ) (3,075 ) Change in valuation allowance 2,407 5,233 Acquisition related costs and contingent consideration 1,970 2,173 Withholding taxes and other 2,391 2,260 Income tax expense $ 85,510 $ 42,046 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2021 2020 Canada $ (472,611 ) $ 8,257 United States 158,448 53,111 Foreign 162,116 75,167 Total $ (152,047 ) $ 136,535 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2021 2020 Current Canada $ 3,832 $ 3,309 United States 63,212 19,577 Foreign 56,003 32,344 123,047 55,230 Deferred Canada 912 2,154 United States (31,291 ) (9,765 ) Foreign (7,158 ) (5,573 ) (37,537 ) (13,184 ) Total $ 85,510 $ 42,046 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As at December 31, 2021 2020 Loss carryforwards and other credits $ 19,143 $ 18,314 Expenses not currently deductible 44,012 33,442 Revenue not currently taxable (6,223 ) (14,076 ) Stock-based compensation 543 526 Investments 21,782 10,696 Provision for doubtful accounts 9,078 8,308 Financing fees (267 ) (325 ) Net unrealized foreign exchange losses 442 560 Depreciation and amortization (58,793 ) (57,746 ) Operating leases 11,695 8,110 Less: valuation allowance (15,281 ) (13,324 ) Net deferred tax (liabilities) assets $ 26,131 $ (5,515 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Pre-tax loss carryforward Pre-tax losses not recognized Pre-tax losses recognized 2021 2020 2021 2020 2021 2020 Canada $ 4,664 $ 5,632 $ 104 $ 65 $ 4,560 $ 5,567 United States 1,395 3,059 926 924 469 2,135 Foreign 60,891 53,997 43,003 32,091 17,888 21,906 Pre-tax loss carryforward Pre-tax losses not recognized Pre-tax losses recognized 2021 2020 2021 2020 2021 2020 Canada $ 1,796 $ 1,922 $ 1,796 $ 1,922 $ - $ - United States - 1,698 - 1,698 - - Foreign 6,483 6,876 6,483 6,876 - - |
Summary of Income Tax Contingencies [Table Text Block] | 2021 2020 Balance, January 1 $ 2,344 $ 1,468 Gross increases for tax positions of prior periods 151 908 Amount recognized on acquisitions 1,826 - Reduction for lapses in applicable statutes of limitations (262 ) (87 ) Foreign currency translation (11 ) 55 Balance, December 31 $ 4,048 $ 2,344 |
Note 23 - Other Supplemental _2
Note 23 - Other Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Supplement Information [Table Text Block] | Year ended December 31, 2021 2020 Cash payments made during the year Income tax, net of refunds $ 116,873 $ 46,492 Interest 28,003 29,148 Non-cash financing activities Dividends declared but not paid 6,608 2,009 |
Note 24 - Financial Instrumen_2
Note 24 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying value at Fair value measurements December 31, 2021 Level 1 Level 2 Level 3 Assets Cash equivalents $ 3,942 $ 3,942 $ - $ - Equity securities 11,917 11,760 157 - Debt securities 8,381 - 8,381 - Mortgage derivative assets 10,813 - 10,813 - Warehouse receivables 174,717 - 174,717 - Deferred Purchase Price on AR Facility 238,836 - - 238,836 Total assets $ 448,606 $ 15,702 $ 194,068 $ 238,836 Liabilities Mortgage derivative liability $ 1,564 $ - $ 1,564 $ - Interest rate swap liability 2,975 - 2,975 - Contingent consideration liability 154,671 - - 154,671 Total liabilities $ 159,210 $ - $ 4,539 $ 154,671 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2021 2020 Balance, January 1 $ 87,957 $ 69,873 Additions to DPP 306,088 68,017 Collections on DPP (151,202 ) (51,994 ) Fair value adjustment (71 ) (142 ) Foreign exchange and other (3,937 ) 2,203 Balance, December 31 $ 238,835 $ 87,957 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | 2021 2020 Balance, January 1 $ 115,643 $ 84,993 Amounts recognized on acquisitions 2,249 23,717 Fair value adjustments (note 6) 42,686 23,393 Resolved and settled in cash (5,539 ) (17,249 ) Other (368 ) 789 Balance, December 31 $ 154,671 $ 115,643 Less: current portion $ 120,246 $ 5,802 Non-current portion $ 34,425 $ 109,841 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair amount value amount value Senior Notes $ 529,089 $ 548,440 $ 255,790 $ 275,928 Convertible Notes 225,214 590,193 223,957 353,638 |
Note 25 - Commitments and Con_2
Note 25 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Year ended December 31, 2022 $ 14,016 2023 12,202 2024 11,805 2025 13,344 2026 9,088 Thereafter 3,269 $ 63,724 |
Note 27 - Revenue (Tables)
Note 27 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Asia Investment Americas EMEA Pacific Management Corporate Consolidated Year ended December 31, 2021 Leasing $ 729,050 $ 145,422 $ 126,211 $ - $ - $ 1,000,683 Capital Markets 838,678 190,525 207,040 - - 1,236,243 Property services 638,741 196,491 227,183 - - 1,062,415 Valuation and advisory 214,665 134,489 98,323 - 7 447,484 IM - Advisory and other - - - 217,864 - 217,864 IM - Incentive Fees - - - 35,026 - 35,026 Other 68,083 5,810 14,904 - 617 89,414 Total Revenue $ 2,489,217 $ 672,737 $ 673,661 $ 252,890 $ 624 $ 4,089,129 2020 Leasing $ 495,597 $ 107,947 $ 82,917 $ - $ 21 $ 686,482 Capital Markets 460,224 136,479 104,201 - - 700,904 Property services 471,377 162,853 200,727 - - 834,957 Valuation and advisory 162,672 104,498 71,463 - - 338,633 IM - Advisory and other - - - 168,404 - 168,404 IM - Incentive Fees - - - 4,190 - 4,190 Other 36,502 4,730 11,324 - 731 53,287 Total Revenue $ 1,626,372 $ 516,507 $ 470,632 $ 172,594 $ 752 $ 2,786,857 |
Note 28 - Segmented Informati_2
Note 28 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Asia Investment Americas EMEA Pacific Management Corporate Consolidated Year ended December 31, 2021 Revenues $ 2,489,217 $ 672,737 $ 673,661 $ 252,890 $ 624 $ 4,089,129 Depreciation and amortization 80,210 22,868 10,471 27,691 3,854 145,094 Operating earnings (loss) 233,788 59,606 82,023 63,659 (570,577 ) (131,501 ) Equity earnings 2,352 65 - 3,773 - 6,190 Other income, net 5,083 Interest expense, net (31,819 ) Income tax expense (85,510 ) Net earnings $ (237,557 ) Total assets $ 1,740,447 $ 757,980 $ 387,564 $ 774,845 $ 212,894 $ 3,873,730 Total additions to fixed assets, intangible assets and goodwill 92,059 8,747 3,245 2,861 2,461 109,373 Asia Investment Americas EMEA Pacific Management Corporate Consolidated Year ended December 31, 2020 Revenues $ 1,626,372 $ 516,507 $ 470,632 $ 172,594 $ 752 $ 2,786,857 Depreciation and amortization 56,667 22,391 14,616 27,464 4,768 125,906 Operating earnings (loss) 121,371 8,336 45,221 40,738 (51,088 ) 164,578 Equity earnings 1,469 75 - 1,181 193 2,919 Other income, net (13 ) Interest expense, net (30,949 ) Income tax expense (42,046 ) Net earnings $ 94,489 Total assets $ 1,640,046 $ 648,557 $ 384,001 $ 694,270 $ (74,707 ) $ 3,292,167 Total additions to fixed assets, intangible assets and goodwill 357,187 8,194 4,593 3,669 2,255 375,898 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | GEOGRAPHIC INFORMATION 2021 2020 United States Revenues $ 2,232,277 $ 1,432,288 Total long-lived assets 1,442,476 1,378,648 Canada Revenues $ 437,307 $ 304,039 Total long-lived assets 81,897 82,520 Euro currency countries Revenues $ 343,364 $ 280,853 Total long-lived assets 269,104 306,472 Australia Revenues $ 320,959 $ 190,106 Total long-lived assets 72,572 84,758 United Kingdom Revenues $ 170,896 $ 135,572 Total long-lived assets 70,968 79,738 China Revenues $ 108,898 $ 90,390 Total long-lived assets 9,908 8,316 Other Revenues $ 475,428 $ 353,609 Total long-lived assets 167,225 176,217 Consolidated Revenues $ 4,089,129 $ 2,786,857 Total long-lived assets 2,114,150 2,116,669 |
Note 1 - Description of the B_2
Note 1 - Description of the Business (Details Textual) | Dec. 31, 2021 |
Number of Countries in which Entity Operates | 37 |
Number of Geographic Regions in which Entity Operates | 4 |
Colliers and Its Affiliates and Franchisees [Member] | |
Number of Countries in which Entity Operates | 64 |
Note 2 - Summary of Presentat_3
Note 2 - Summary of Presentation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Asset at Fair Value, Amount, Ending Balance | $ 126,162 | |
Share-based Payment Arrangement, Expense | 14,349 | $ 9,628 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 34,339 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 11,986 | 7,841 |
COVID 19 [Member] | ||
Government Assistance, Wage Subsidies | 5,482 | 34,767 |
COVID 19 [Member] | Cost of Sales [Member] | ||
Government Assistance, Wage Subsidies | 3,639 | 24,456 |
COVID 19 [Member] | Selling, General and Administrative Expenses [Member] | ||
Government Assistance, Wage Subsidies | $ 1,843 | 9,312 |
Long-term Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | |
Share-based Payment Arrangement, Expense | $ 7,316 | $ 2,076 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 34,371 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 0 | |
Fannie Mae Delegated Underwriting and Servicing (“DUS”) [Member] | ||
Financing Receivable, Originated, Guarantee Performance Percentage | 33.33% | |
Minimum [Member] | Long-term Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Minimum [Member] | Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | |
Minimum [Member] | Investment Management Contracts [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Minimum [Member] | Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Minimum [Member] | Franchise Rights [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Minimum [Member] | Management Contracts and Other [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Maximum [Member] | Long-term Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | |
Maximum [Member] | Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |
Maximum [Member] | Investment Management Contracts [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Maximum [Member] | Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Maximum [Member] | Franchise Rights [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Maximum [Member] | Management Contracts and Other [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Computer Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Summary of Presentat_4
Note 2 - Summary of Presentation - Assumptions Used in Measuring Fair Value of MSRs (Details) | Dec. 31, 2021 |
Measurement Input, Discount Rate [Member] | |
MSRs, assumption | 0.114 |
Measurement Input, Prepayment Rate [Member] | |
MSRs, assumption | 0.044 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) $ in Thousands | Nov. 01, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 31, 2020USD ($) |
Business Combination, Consideration Transferred, Total | $ 62,682 | $ 229,325 | ||
Servicing Asset at Fair Value, Amount, Ending Balance | 126,162 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 2,678 | 61,416 | ||
Bergman Associates [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Combination, Consideration Transferred, Total | $ 56,932 | |||
Miami, Florida Business [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Colliers Mortgage [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 143,454 | |||
Servicing Asset at Fair Value, Amount, Ending Balance | $ 99,900 | |||
Colliers Mortgage [Member] | Americas [Member] | ||||
Number of Businesses Acquired | 2 | |||
Acquisitions after December 31, 2008 [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 154,671 | $ 115,643 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 177,646 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 191,647 | |||
Contingent Consideration Paid | 23,293 | 29,405 | ||
Acquisitions after December 31, 2008 [Member] | Contingent Consideration, Compensation Element [Member] | ||||
Business Combination, Contingent Consideration, Liability, Total | $ 5,070 | $ 17,646 |
Note 4 - Acquisitions - Acquisi
Note 4 - Acquisitions - Acquisitions Details (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets, excluding cash | $ 38,215 | $ 106,843 |
Non-current assets | 18,958 | 49,986 |
Current liabilities | 20,006 | 91,619 |
Long-term liabilities | 18,106 | 63,956 |
Net identifiable assets acquired | 19,061 | 6,686 |
Cash consideration, net of cash acquired | 60,832 | 205,608 |
Acquisition date fair value of contingent consideration | 1,850 | 23,717 |
Business Combination, Consideration Transferred, Total | 62,682 | 229,325 |
Acquired intangible assets (note 10) | 21,130 | |
Goodwill (note 11) | 22,491 | 117,984 |
Warehouse receivables | 31,282 | |
Warehouse credit facilities | 25,850 | |
Indefinite life | 29,200 | |
Finite life | 167,680 | |
Redeemable non-controlling interest (note 17) | 92,225 | |
Actual from acquired entities, Revenues | 23,132 | |
Actual from acquired entities, Net earnings from continuing operations | 198 | |
Supplemental pro forma revenues (unaudited), Revenues | 4,153,379 | 3,010,244 |
Supplemental pro forma net earnings (unaudited), Net earnings from continuing operations | $ (236,934) | 105,783 |
Colliers Mortgage [Member] | ||
Current assets, excluding cash | 46,510 | |
Non-current assets | 9,021 | |
Current liabilities | 55,881 | |
Long-term liabilities | 6,266 | |
Net identifiable assets acquired | (1,184) | |
Cash consideration, net of cash acquired | 134,204 | |
Acquisition date fair value of contingent consideration | 9,250 | |
Business Combination, Consideration Transferred, Total | 143,454 | |
Goodwill (note 11) | 53,530 | |
Warehouse receivables | 31,282 | |
Warehouse credit facilities | 25,850 | |
Indefinite life | 29,200 | |
Finite life | 105,150 | |
Redeemable non-controlling interest (note 17) | 43,242 | |
Colliers Engineering and Design [Member] | ||
Current assets, excluding cash | 57,533 | |
Non-current assets | 37,516 | |
Current liabilities | 32,582 | |
Long-term liabilities | 54,739 | |
Net identifiable assets acquired | 7,728 | |
Cash consideration, net of cash acquired | 59,355 | |
Acquisition date fair value of contingent consideration | 12,204 | |
Business Combination, Consideration Transferred, Total | 71,559 | |
Goodwill (note 11) | 56,838 | |
Warehouse receivables | 0 | |
Warehouse credit facilities | 0 | |
Indefinite life | 0 | |
Finite life | 51,100 | |
Redeemable non-controlling interest (note 17) | 44,107 | |
Other Acquisitions [Member] | ||
Current assets, excluding cash | 2,800 | |
Non-current assets | 3,449 | |
Current liabilities | 3,156 | |
Long-term liabilities | 2,951 | |
Net identifiable assets acquired | 142 | |
Cash consideration, net of cash acquired | 12,049 | |
Acquisition date fair value of contingent consideration | 2,263 | |
Business Combination, Consideration Transferred, Total | 14,312 | |
Goodwill (note 11) | 7,616 | |
Warehouse receivables | 0 | |
Warehouse credit facilities | 0 | |
Indefinite life | 0 | |
Finite life | 11,430 | |
Redeemable non-controlling interest (note 17) | $ 4,876 |
Note 4 - Acquisitions - Acqui_2
Note 4 - Acquisitions - Acquisitions Details (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash consideration, cash acquired | $ 3,322 | $ 50,331 |
Note 5 - Real Estate Assets H_3
Note 5 - Real Estate Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Portfolio [Member] | ||
Income, Real Estate Assets Held for Sale | $ 0 | $ 2,396 |
Minimum [Member] | ||
Limited Partner Equity Interest in Real Estate Portfolio | 1.00% | |
Maximum [Member] | ||
Limited Partner Equity Interest in Real Estate Portfolio | 2.00% |
Note 5 - Real Estate Assets H_4
Note 5 - Real Estate Assets Held for Sale - Real Estate Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate assets held for sale - current | $ 1,286 | $ 0 |
Real estate assets held for sale - non-current | 42,803 | $ 0 |
Total real estate assets held for sale | 44,089 | |
Liabilities related to real estate assets held for sale - current | 6 | |
Liabilities related to real estate assets held for sale - non-current | 23,089 | |
Total liabilities related to real estate assets held for sale | 23,095 | |
Net real estate assets held for sale | $ 20,994 |
Note 6 - Acquisition-related _3
Note 6 - Acquisition-related Items - Composition of Acquisition-related Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Transaction costs | $ 13,030 | $ 16,169 |
Contingent consideration fair value adjustments (note 24) | 42,686 | 23,393 |
Contingent consideration compensation expense | 5,292 | 6,286 |
Acquisition-related expense | $ 61,008 | $ 45,848 |
Note 7 - Prepaid Expenses and_3
Note 7 - Prepaid Expenses and Other Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Securities, FV-NI, Current | $ 11,705 | $ 3,781 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current | 1,981 | 2,585 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Noncurrent | $ 10,343 | 3,948 |
Debt Securities, Held-to-maturity, Term (Year) | 10 years | |
Pledged Financial Instruments, Not Separately Reported, Securities for Letter of Credit Facilities | $ 4,514 | |
Marketable Securities, Current, Total | 8,538 | 10,077 |
Equity Securities, FV-NI, Noncurrent | 9,327 | $ 5,261 |
Other Income [Member] | ||
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 3,866 |
Note 7 - Prepaid Expenses and_4
Note 7 - Prepaid Expenses and Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses | $ 44,173 | $ 35,956 |
Advisor loans receivable | 23,030 | 18,571 |
Investments in equity securities | 11,862 | 3,918 |
Investments in debt securities | 10,362 | 12,525 |
Deferred Purchase Price (notes 15 and 24) | 238,836 | 87,957 |
Other | 11,584 | 18,853 |
Prepaid and other assets (Current Assets) | 339,847 | 177,780 |
Advisor loans receivable | 47,980 | 42,900 |
Equity accounted investments | 22,490 | 11,154 |
Investments in equity securities | 9,327 | 5,261 |
Investments in debt securities | 10,343 | 3,948 |
Financing fees, net of accumulated amortization of $6,363 (December 31, 2020 - $4.956) | 2,458 | 3,751 |
Other | 7,385 | 7,341 |
Other assets (Non-Current Assets) | $ 99,983 | $ 74,355 |
Note 7 - Prepaid Expenses and_5
Note 7 - Prepaid Expenses and Other Assets - Components of Other Assets (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing fees, accumulated amortization | $ 6,363 | $ 4,956 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee, Operating Lease, Lease Not yet Commenced | $ 60,460 |
Minimum [Member] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 5 years |
Minimum [Member] | Premise Leases [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 1 year |
Minimum [Member] | Equipment Leases [Member] | |
Lessee, Lease, Term of Contract (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 15 years |
Maximum [Member] | Premise Leases [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 15 years |
Maximum [Member] | Equipment Leases [Member] | |
Lessee, Lease, Term of Contract (Year) | 3 years |
Note 8 - Leases - Lease Informa
Note 8 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 90,129 | $ 82,643 |
Amortization of right-of-use assets | 975 | 898 |
Interest on lease liabilities | 16 | 17 |
Variable lease cost | 24,008 | 25,297 |
Short term lease cost | 4,024 | 3,662 |
Total lease expense | 119,152 | 112,517 |
Sublease revenues | (6,214) | (2,844) |
Total lease cost, net of sublease revenues | 112,938 | 109,673 |
Right-of-use assets obtained in exchange for new operating lease obligations | 111,578 | 91,575 |
Right-of-use assets obtained in exchange for new finance lease obligations | 400 | 2,160 |
Operating cash flows from operating leases | (94,256) | (83,351) |
Operating cash flows from finance leases | (16) | (17) |
Financing cash flows from finance leases | $ 1,936 | $ (884) |
Operating leases (years) (Year) | 6 years 10 months 24 days | |
Finance leases (years) (Year) | 1 year 7 months 6 days | |
Operating leases | 3.00% | |
Finance leases | 1.60% |
Note 8 - Leases - Balance Sheet
Note 8 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease right-of-use assets | $ 316,517 | $ 288,134 |
Operating lease liabilities - current | (80,928) | (78,923) |
Operating lease liabilities - non-current | (296,633) | (251,680) |
Total operating lease liabilities | (377,561) | (330,603) |
Fixed assets, cost | 3,312 | 4,662 |
Accumulated depreciation | (2,564) | (2,327) |
Fixed assets, net | 748 | 2,335 |
Long-term debt - current | (562) | (1,113) |
Long-term debt - non-current | (248) | (1,316) |
Total finance lease liabilities | $ (810) | $ (2,429) |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating leases, one year | $ 91,217 | |
Operating leases, two years | 76,315 | |
Operating leases, three years | 60,221 | |
Operating leases, four years | 46,449 | |
Operating leases, five years | 32,920 | |
Operating leases, thereafter | 112,720 | |
Operating leases | 419,842 | |
Present value of operating lease liabilities | 377,561 | $ 330,603 |
Difference between undiscounted cash flows and discounted cash flows, operating lease | 42,281 | |
Finance leases, one year | 589 | |
Finance leases, two years | 184 | |
Finance leases, three years | 45 | |
Finance leases, four years | 0 | |
Finance leases, five years | 0 | |
Finance leases, thereafter | 0 | |
Finance leases | 818 | |
Capital leases maturing at various dates through 2024 | 810 | $ 2,429 |
Difference between undiscounted cash flows and discounted cash flows, finance lease | $ 8 |
Note 9 - Fixed Assets - Compone
Note 9 - Fixed Assets - Components of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cost | $ 408,811 | $ 358,246 |
Accumulated depreciation | 264,056 | 229,025 |
Net | 144,755 | 129,221 |
Building [Member] | ||
Cost | 2,555 | 2,558 |
Accumulated depreciation | 1,467 | 1,321 |
Net | 1,088 | 1,237 |
Vehicles [Member] | ||
Cost | 11,040 | 8,539 |
Accumulated depreciation | 5,245 | 2,505 |
Net | 5,795 | 6,034 |
Furniture and Fixtures [Member] | ||
Cost | 87,880 | 82,117 |
Accumulated depreciation | 57,483 | 53,353 |
Net | 30,397 | 28,764 |
Computer Equipment [Member] | ||
Cost | 172,267 | 151,246 |
Accumulated depreciation | 130,939 | 114,429 |
Net | 41,328 | 36,817 |
Leasehold Improvements [Member] | ||
Cost | 135,069 | 113,786 |
Accumulated depreciation | 68,922 | 57,417 |
Net | $ 66,147 | $ 56,369 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 |
Assets Acquired That Do Not Constitute a Business [Member] | |
Finite-lived Intangible Assets Acquired | $ 2,208 |
Note 10 - Intangible Assets - C
Note 10 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Indefinite life intangible assets | $ 53,004 | $ 53,296 |
Indefinite life intangible assets, net | 53,004 | 53,296 |
Finite life intangible assets, gross | 805,129 | 788,573 |
Accumulated amortization | 296,303 | 231,539 |
Finite life intangible assets, net | 508,826 | 557,034 |
Intangible assets, gross | 858,133 | 841,869 |
Intangible assets, net | 561,830 | 610,330 |
Accumulated amortization | 296,303 | 231,539 |
Customer Lists and Relationships [Member] | ||
Finite life intangible assets, gross | 352,860 | 345,511 |
Accumulated amortization | 152,026 | 123,368 |
Finite life intangible assets, net | 200,834 | 222,143 |
Accumulated amortization | 152,026 | 123,368 |
Investment Management Contracts [Member] | ||
Finite life intangible assets, gross | 270,600 | 270,600 |
Accumulated amortization | 85,012 | 60,723 |
Finite life intangible assets, net | 185,588 | 209,877 |
Accumulated amortization | 85,012 | 60,723 |
Mortgage Servicing Rights ("MSRs") [Member] | ||
Finite life intangible assets, gross | 147,878 | 114,909 |
Accumulated amortization | 41,455 | 13,121 |
Finite life intangible assets, net | 106,423 | 101,788 |
Accumulated amortization | 41,455 | 13,121 |
Franchise Rights [Member] | ||
Finite life intangible assets, gross | 1,185 | 5,630 |
Accumulated amortization | 1,092 | 5,322 |
Finite life intangible assets, net | 93 | 308 |
Accumulated amortization | 1,092 | 5,322 |
Trademarks and Trade Names [Member] | ||
Finite life intangible assets, gross | 12,600 | 14,803 |
Accumulated amortization | 4,861 | 4,355 |
Finite life intangible assets, net | 7,739 | 10,448 |
Accumulated amortization | 4,861 | 4,355 |
Management Contracts and Other [Member] | ||
Finite life intangible assets, gross | 17,606 | 20,813 |
Accumulated amortization | 11,057 | 12,406 |
Finite life intangible assets, net | 6,549 | 8,407 |
Accumulated amortization | 11,057 | 12,406 |
Brokerage Backlog [Member] | ||
Finite life intangible assets, gross | 2,400 | 16,307 |
Accumulated amortization | 800 | 12,244 |
Finite life intangible assets, net | 1,600 | 4,063 |
Accumulated amortization | 800 | 12,244 |
Licensing Agreements [Member] | ||
Indefinite life intangible assets | 29,200 | 29,200 |
Indefinite life intangible assets, net | 29,200 | 29,200 |
Trademark and Trade Names [Member] | ||
Indefinite life intangible assets | 23,804 | 24,096 |
Indefinite life intangible assets, net | $ 23,804 | $ 24,096 |
Note 10 - Intangible Assets - M
Note 10 - Intangible Assets - MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, January 1 | $ 101,788 | $ 0 |
Recognized on business acquisitions | 99,900 | |
Additions, following the sale of loan | 32,969 | 15,009 |
Amortization | (15,682) | (8,553) |
Prepayments and write-offs | (12,652) | (4,568) |
Balance, December 31 | $ 106,423 | $ 101,788 |
Note 10 - Intangible Assets - A
Note 10 - Intangible Assets - Acquired Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Estimated weighted average amortization period (Year) | 8 years 2 months 12 days |
Intangible assets, acquired | $ 23,338 |
Customer Lists and Relationships [Member] | |
Finite life intangible assets, acquired | $ 18,918 |
Estimated weighted average amortization period (Year) | 9 years 8 months 12 days |
Trademarks and Trade Names [Member] | |
Finite life intangible assets, acquired | $ 700 |
Estimated weighted average amortization period (Year) | 2 years |
Brokerage Backlog [Member] | |
Finite life intangible assets, acquired | $ 2,820 |
Estimated weighted average amortization period (Year) | 6 months |
Other Intangible Assets [Member] | |
Finite life intangible assets, acquired | $ 900 |
Estimated weighted average amortization period (Year) | 5 years |
Note 10 - Intangible Assets - E
Note 10 - Intangible Assets - Estimated Annual Amortization Expense for Recorded Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 79,107 | |
2023 | 72,600 | |
2024 | 63,644 | |
2025 | 47,930 | |
2026 | 47,513 | |
Thereafter | 198,032 | |
Finite-Lived Intangible Assets, Net, Ending Balance | 508,826 | $ 557,034 |
Servicing Contracts [Member] | ||
2022 | 14,063 | |
2023 | 12,760 | |
2024 | 11,973 | |
2025 | 11,035 | |
2026 | 9,892 | |
Thereafter | 46,700 | |
Finite-Lived Intangible Assets, Net, Ending Balance | 106,423 | |
Other Intangible Assets [Member] | ||
2022 | 65,044 | |
2023 | 59,840 | |
2024 | 51,671 | |
2025 | 36,895 | |
2026 | 37,621 | |
Thereafter | 151,332 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 402,403 |
Note 11 - Goodwill (Details Tex
Note 11 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 11 - Goodwill - Components
Note 11 - Goodwill - Components of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 1,088,984 | $ 949,221 |
Goodwill acquired during the year | 22,491 | 117,984 |
Other items | 2 | 150 |
Foreign exchange | (20,429) | 21,629 |
Balance | 1,091,048 | 1,088,984 |
Goodwill | 1,120,631 | |
Accumulated impairment loss | (29,583) | |
Goodwill, Ending Balance | 1,091,048 | 1,088,984 |
Investment Management [Member] | ||
Balance | 380,292 | 379,151 |
Goodwill acquired during the year | 0 | 0 |
Other items | 0 | 0 |
Foreign exchange | (971) | 1,141 |
Balance | 379,321 | 380,292 |
Goodwill | 379,321 | |
Accumulated impairment loss | 0 | |
Goodwill, Ending Balance | 379,321 | 380,292 |
Americas [Member] | ||
Balance | 337,727 | 220,410 |
Goodwill acquired during the year | 22,491 | 117,984 |
Other items | 2 | 0 |
Foreign exchange | (275) | (667) |
Balance | 359,945 | 337,727 |
Goodwill | 386,216 | |
Accumulated impairment loss | (26,271) | |
Goodwill, Ending Balance | 359,945 | 337,727 |
EMEA [Member] | ||
Balance | 275,546 | 257,333 |
Goodwill acquired during the year | 0 | 0 |
Other items | 0 | 0 |
Foreign exchange | (15,782) | 18,213 |
Balance | 259,764 | 275,546 |
Goodwill | 263,076 | |
Accumulated impairment loss | (3,312) | |
Goodwill, Ending Balance | 259,764 | 275,546 |
Asia Pacific [Member] | ||
Balance | 95,419 | 92,327 |
Goodwill acquired during the year | 0 | 0 |
Other items | 0 | 150 |
Foreign exchange | (3,401) | 2,942 |
Balance | 92,018 | 95,419 |
Goodwill | 92,018 | |
Accumulated impairment loss | 0 | |
Goodwill, Ending Balance | $ 92,018 | $ 95,419 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) $ in Thousands, € in Millions | Apr. 19, 2018USD ($) | Dec. 31, 2021USD ($) | Jul. 28, 2021USD ($) | Jul. 28, 2021EUR (€) | Dec. 31, 2020USD ($) | May 17, 2018EUR (€) |
Line of Credit Facility, Remaining Borrowing Capacity | $ 988,167 | $ 777,322 | ||||
Letters of Credit Outstanding, Amount | $ 11,833 | $ 9,439 | ||||
The 3.02 % 2031 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 150,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.02% | 3.02% | ||||
The 1.52% 2031 Notes [Member] | ||||||
Debt Instrument, Face Amount | € | € 125 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.52% | 1.52% | ||||
Senior Unsecured Notes [Member] | ||||||
Debt Instrument, Face Amount | € | € 210 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.23% | |||||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||
Debt Instrument, Term (Year) | 5 years | |||||
Debt, Weighted Average Interest Rate | 1.70% | 2.10% | ||||
Line of Credit Facility, Additional Borrowing Capacity | $ 250,000 | |||||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
Revolving Credit Facility [Member] | Syndicate of Banks [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.60% |
Note 12 - Long-term Debt - Long
Note 12 - Long-term Debt - Long-term Debt and Convertible Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revolving Credit Facility | $ 0 | $ 213,239 |
Senior Notes | 529,089 | 255,790 |
Capital leases maturing at various dates through 2024 | 810 | 2,429 |
Other long-term debt maturing at various dates up to 2023 | 1,155 | 8,436 |
Long-term debt | 531,054 | 479,895 |
Less: current portion | 1,458 | 9,024 |
Long-term debt - non-current | $ 529,596 | $ 470,871 |
Note 12 - Long-term Debt - Prin
Note 12 - Long-term Debt - Principal Repayments on Long-term Debt (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 1,458 |
2023 | 462 |
2024 | 45 |
2025 | 0 |
2026 and thereafter | 529,089 |
Long-term Debt, Total | $ 531,054 |
Note 13 - Convertible Notes (De
Note 13 - Convertible Notes (Details Textual) | Dec. 07, 2021$ / shares | May 19, 2020USD ($)$ / shares | Dec. 31, 2021USD ($) |
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.15 | $ 0.05 | |
Convertible Senior Subordinated Notes [Member] | Convertible Subordinated Debt [Member] | |||
Debt Instrument, Face Amount | $ 230,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
Debt Instrument, Convertible, Conversion Ratio | 17.2624 | 17.2507 | |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 57.93 | $ 57.97 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||
Debt Issuance Costs, Net, Total | $ 6,795,000 | ||
Debt Instrument, Convertible, Remaining Discount Amortization Period (Year) | 5 years | ||
Amortization of Debt Issuance Costs | $ 1,257,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.70% |
Note 14 - Warehouse Credit Fa_3
Note 14 - Warehouse Credit Facilities (Details Textual) - Warehouse Credit Facilities [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 20, 2021 | Apr. 28, 2021 | Dec. 31, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | $ 400,000 | ||
Facility A [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | $ 125,000 | 275,000 | |
Facility C [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | $ 150,000 | $ 0 |
Note 14 - Warehouse Credit Fa_4
Note 14 - Warehouse Credit Facilities - Mortgage Warehouse Credit Facilities (Details) - Warehouse Credit Facilities [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 20, 2021 | Apr. 28, 2021 | Dec. 31, 2020 |
Maximum Capacity | $ 400,000 | $ 400,000 | ||
Carrying value | 162,911 | 218,018 | ||
Facility A [Member] | ||||
Maximum Capacity | 125,000 | $ 125,000 | 275,000 | |
Carrying value | 70,694 | 167,004 | ||
Facility B [Member] | ||||
Maximum Capacity | 125,000 | 125,000 | ||
Carrying value | 49,860 | 51,014 | ||
Facility C [Member] | ||||
Maximum Capacity | 150,000 | $ 150,000 | 0 | |
Carrying value | $ 42,357 | $ 0 |
Note 14 - Warehouse Credit Fa_5
Note 14 - Warehouse Credit Facilities - Mortgage Warehouse Credit Facilities (Details) (Parentheticals) - Warehouse Credit Facilities [Member] - London Interbank Offered Rate (LIBOR) [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Facility A [Member] | |
Basis spread | 1.60% |
Facility B [Member] | |
Basis spread | 1.70% |
Facility C [Member] | |
Basis spread | 1.60% |
Note 15 - AR Facility (Details
Note 15 - AR Facility (Details Textual) - USD ($) $ in Thousands | Apr. 26, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable Facility, Term (Year) | 1 year | ||
Accounts Receivable Facility, Maximum Borrowing Capacity | $ 125,000 | ||
Accounts Receivable Facility, Outstanding | $ 0 | ||
Servicing Liability at Amortized Cost, Balance, Ending Balance | 0 | ||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | 1,556,071 | ||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | 1,503,971 | ||
Accounts Receivable Facility, Principal on Trade Accounts Receivable, Net of Allowance | 149,832 | ||
Accounts Receivable Facility, Outstanding Princpal on Contract Assets | 89,686 | ||
Fair Value Adjustment of Deferred Purchase Price | 71 | $ 142 | |
Non-cash Investing Activities, Deferred Purchase Price | $ 302,080 |
Note 16 - Variable Interest E_3
Note 16 - Variable Interest Entities (Details Textual) | Dec. 31, 2021 |
Minimum [Member] | |
Limited Partner Equity Interest in Real Estate Portfolio | 1.00% |
Maximum [Member] | |
Limited Partner Equity Interest in Real Estate Portfolio | 2.00% |
Note 16 - Variable Interest E_4
Note 16 - Variable Interest Entities - Maximum Exposure Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Equity accounted investments | $ 22,490 | $ 11,154 |
Co-investment commitments | 20,284 | 14,345 |
Maximum exposure to loss | 36,834 | 20,503 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Equity accounted investments | $ 16,550 | $ 6,158 |
Note 17 - Redeemable Non-cont_3
Note 17 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ in Thousands, shares in Billions | Dec. 31, 2021 | Dec. 31, 2020 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 536,903 | $ 442,375 |
Subordinate Non-controlling Interest Shares (in shares) | 3.6 | |
Redemption Amount [Member] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | $ 513,291 | $ 415,141 |
Note 17 - Redeemable Non-cont_4
Note 17 - Redeemable Non-controlling Interests - Reconciliation of the Beginning and Ending NCI Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 442,375 | $ 359,150 |
RNCI redemption increment | 99,316 | 15,843 |
Distributions paid to RNCI | (51,508) | (35,698) |
Purchase of interests from RNCI | (24,371) | (25,639) |
Sale of interests to RNCI | 18,012 | 6,539 |
Balance | 536,903 | 442,375 |
Non-controlling Interest Share of Earnings [Member] | ||
RNCI share of earnings | 50,739 | 27,550 |
Non-controlling Interest Redemption Increment [Member] | ||
RNCI redemption increment | 99,316 | 15,843 |
Non-controlling Interest Distributions Paid to NCI [Member] | ||
Distributions paid to RNCI | (49,168) | (33,293) |
Non-controlling Interest Recognized on Business Acquisitions [Member] | ||
RNCI recognized on business acquisitions | $ 0 | $ 92,225 |
Note 18 - Capital Stock (Detail
Note 18 - Capital Stock (Details Textual) | 12 Months Ended | |
Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.20 | $ 0.10 |
Subordinate Voting Shares [Member] | ||
Number of Votes for Subordinate Voting Shares | 1 | |
Multiple Voting Shares [Member] | ||
Number of Votes for Multiple Voting Shares | 20 |
Note 18 - Capital Stock - Capit
Note 18 - Capital Stock - Capital Stock Issued and Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Shares, Number (in shares) | 44,054,744 | 40,189,436 |
Capital Shares, Amount | $ 852,167 | $ 457,993 |
Subordinate Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 42,729,050 | 38,863,742 |
Capital Shares, Amount | $ 851,794 | $ 457,620 |
Multiple Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 1,325,694 | 1,325,694 |
Capital Shares, Amount | $ 373 | $ 373 |
Note 19 - Net Earnings (Loss)_3
Note 19 - Net Earnings (Loss) Per Common Share - Reconciliation of the Denominator Used to Calculate Earnings Per Common Share (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings (loss) attributable to Company | $ (390,338) | $ 49,074 |
Adjusted numerator under the If-Converted Method | $ (390,338) | $ 49,074 |
Shares issued and outstanding at beginning of period (in shares) | 40,189,436 | 39,845,211 |
Issued during the period (in shares) | 2,730,653 | 140,657 |
Weighted average number of shares used in computing basic earnings per share (in shares) | 42,920,089 | 39,985,868 |
Assumed exercise of stock options acquired under the Treasury Stock Method (in shares) | 0 | 193,296 |
Number of shares used in computing diluted earnings per share (in shares) | 42,920,089 | 40,179,164 |
Note 20 - Stock-based Compens_3
Note 20 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 14,349 | $ 9,628 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 89.34 | $ 69.22 | $ 58.96 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 34,339 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 11,986 | $ 7,841 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 45 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 138.12 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 699,300 |
Note 20 - Stock-based Compens_4
Note 20 - Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares issuable under options (in shares) | 2,190,125 | 2,001,600 |
Shares issuable under options, weighted average exercise price (in dollars per share) | $ 69.22 | $ 58.96 |
Granted, number of options (in shares) | 682,500 | 547,250 |
Granted, weighted average exercise price (in dollars per share) | $ 136.38 | $ 85.79 |
Exercised, number of options (in shares) | (292,450) | (344,225) |
Exercised, weighted average exercise price (in dollars per share) | $ 49.38 | $ 35.86 |
Forfeited, number of options (in shares) | (29,300) | (14,500) |
Forfeited, weighted average exercise price (in dollars per share) | $ 80.15 | $ 70.07 |
Shares issuable under options (in shares) | 2,550,875 | 2,190,125 |
Shares issuable under options, weighted average exercise price (in dollars per share) | $ 89.34 | $ 69.22 |
Shares issuable under options, weighted average remaining contractual life (Year) | 3 years 1 month 6 days | |
Shares issuable under options, aggregate intrinsic value | $ 147,597 | |
Options exercisable, number of options (in shares) | 978,188 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 72.14 | |
Options exercisable, weighted average remaining contractual life (Year) | 2 years 1 month 6 days | |
Options exercisable, aggregate intrinsic value | $ 73,420 |
Note 20 - Stock-based Compens_5
Note 20 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of options exercised (in shares) | 292,450 | 344,225 |
Aggregate fair value | $ 14,441 | $ 12,343 |
Share-based Payment Arrangement, Option [Member] | ||
Number of options exercised (in shares) | 292,450 | 344,225 |
Aggregate fair value | $ 32,808 | $ 25,919 |
Intrinsic value | 14,440 | 13,576 |
Amount of cash received | 18,367 | 12,343 |
Tax benefit recognized | $ 937 | $ 102 |
Note 20 - Stock-based Compens_6
Note 20 - Stock-based Compensation - Fair Value of Each Option Grant Assumptions Used (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Risk free rate | 0.80% | 0.20% |
Expected life in years (Year) | 4 years 9 months | 4 years 4 months 28 days |
Expected volatility | 39.40% | 36.50% |
Dividend yield | 0.20% | 0.10% |
Weighted average fair value per option granted (in dollars per share) | $ 46.12 | $ 28.33 |
Note 21 - Long-term Incentive_2
Note 21 - Long-term Incentive Arrangement (Details Textual) $ / shares in Units, $ in Millions, $ in Millions | Apr. 16, 2021USD ($)$ / sharesshares | Apr. 16, 2021CAD ($)shares |
Percentage of Disinterested Shareholders Voting for Approval | 95.00% | |
Management Services Agreement [Member] | Jay S. Hennick and Jayset Management [Member] | Chief Executive Officer [Member] | ||
Payments to Employees | $ 96.2 | $ 120.3 |
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 106.40 | |
Management Services Agreement [Member] | Jay S. Hennick and Jayset Management [Member] | Chief Executive Officer [Member] | Subordinate Voting Shares [Member] | ||
Stock Issued During Period, Shares, Issued for Services (in shares) | shares | 3,572,858 | 3,572,858 |
Note 22 - Income Tax (Details T
Note 22 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Tax Assets, Gross, Total | $ 68,502 | ||
Undistributed Earnings of Foreign Subsidiaries | 106,830 | $ 117,897 | |
Unrecognized Tax Benefits, Ending Balance | 4,048 | 2,344 | $ 1,468 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,048 | 2,344 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 201 | 224 | |
Recovery of Income Tax Interest and Penalties | 69 | 44 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 494 | 362 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 43 | ||
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Minimum [Member] | |||
Income Tax Return Examination Period (Year) | 4 years | ||
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Maximum [Member] | |||
Income Tax Return Examination Period (Year) | 7 years | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Return Examination Period (Year) | 3 years | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax Return Examination Period (Year) | 5 years | ||
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | |||
Income Tax Return Examination Period (Year) | 4 years | ||
UNITED STATES | |||
Undistributed Earnings of Foreign Subsidiaries | $ 10,963 | $ 0 |
Note 22 - Income Tax - Effectiv
Note 22 - Income Tax - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax expense using a combined statutory rate of 26.5% (2020 - 26.5%) | $ (40,292) | $ 36,181 |
Settlement of long-term incentive arrangement | 125,061 | 0 |
Permanent differences | 2,592 | 2,400 |
Tax effect of flow through entities | (8,660) | (6,214) |
Adjustments to tax liabilities for prior periods | 869 | (246) |
Effect of changes in enacted tax rate in other jurisdictions | (76) | 428 |
Changes in liability for unrecognized tax benefits | (111) | 821 |
Stock-based compensation | 2,891 | 2,085 |
Foreign, state, and provincial tax rate differential | (3,532) | (3,075) |
Change in valuation allowance | 2,407 | 5,233 |
Acquisition related costs and contingent consideration | 1,970 | 2,173 |
Withholding taxes and other | 2,391 | 2,260 |
Income tax expense | $ 85,510 | $ 42,046 |
Note 22 - Income Tax - Effect_2
Note 22 - Income Tax - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory rate | 26.50% | 26.50% |
Note 22 - Income Tax - Earnings
Note 22 - Income Tax - Earnings Before Income Tax by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Before Income Tax by Jurisdiction | $ (152,047) | $ 136,535 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Earnings Before Income Tax by Jurisdiction | (472,611) | 8,257 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Earnings Before Income Tax by Jurisdiction | 158,448 | 53,111 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Earnings Before Income Tax by Jurisdiction | $ 162,116 | $ 75,167 |
Note 22 - Income Tax - Provisio
Note 22 - Income Tax - Provision for (Recovery of) Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | $ 123,047 | $ 55,230 |
Deferred | (37,537) | (13,184) |
Income tax expense | 85,510 | 42,046 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Current, Canada | 3,832 | 3,309 |
Deferred, Canda | 912 | 2,154 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Current, United States and Other Foreign | 63,212 | 19,577 |
Deferred, United States and Other Foreign | (31,291) | (9,765) |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Current, United States and Other Foreign | 56,003 | 32,344 |
Deferred, United States and Other Foreign | $ (7,158) | $ (5,573) |
Note 22 - Income Tax - Deferred
Note 22 - Income Tax - Deferred Income Tax Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loss carryforwards and other credits | $ 19,143 | $ 18,314 |
Expenses not currently deductible | 44,012 | 33,442 |
Revenue not currently taxable | (6,223) | (14,076) |
Stock-based compensation | 543 | 526 |
Investments | 21,782 | 10,696 |
Provision for doubtful accounts | 9,078 | 8,308 |
Financing fees | (267) | (325) |
Net unrealized foreign exchange losses | 442 | 560 |
Depreciation and amortization | (58,793) | (57,746) |
Operating leases | 11,695 | 8,110 |
Less: valuation allowance | (15,281) | (13,324) |
Net deferred tax (liabilities) assets | 26,131 | 5,515 |
Net deferred tax (liabilities) assets | $ (26,131) | $ (5,515) |
Note 22 - Income Tax - Gross Op
Note 22 - Income Tax - Gross Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Gross net operating loss carry forward | $ 4,664 | $ 5,632 |
Gross net operating loss not recognized | 104 | 65 |
Net operating loss carry foward | 4,560 | 5,567 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 1,796 | 1,922 |
Gross capital loss not recognized | 1,796 | 1,922 |
Net capital loss carry forward | 0 | 0 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Gross net operating loss carry forward | 1,395 | 3,059 |
Gross net operating loss not recognized | 926 | 924 |
Net operating loss carry foward | 469 | 2,135 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 0 | 1,698 |
Gross capital loss not recognized | 0 | 1,698 |
Net capital loss carry forward | 0 | 0 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Gross net operating loss carry forward | 60,891 | 53,997 |
Gross net operating loss not recognized | 43,003 | 32,091 |
Net operating loss carry foward | 17,888 | 21,906 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 6,483 | 6,876 |
Gross capital loss not recognized | 6,483 | 6,876 |
Net capital loss carry forward | $ 0 | $ 0 |
Note 22 - Income Tax - Unrecogn
Note 22 - Income Tax - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 2,344 | $ 1,468 |
Gross increases for tax positions of prior periods | 151 | 908 |
Amount recognized on acquisitions | 1,826 | 0 |
Reduction for lapses in applicable statutes of limitations | (262) | (87) |
Foreign currency translation | (11) | 55 |
Balance | $ 4,048 | $ 2,344 |
Note 23 - Other Supplemental _3
Note 23 - Other Supplemental Information - Summary of Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax, net of refunds | $ 116,873 | $ 46,492 |
Interest | 28,003 | 29,148 |
Dividends declared but not paid | $ 6,608 | $ 2,009 |
Note 24 - Financial Instrumen_3
Note 24 - Financial Instruments (Details Textual) $ in Thousands | 6 Months Ended | |||
Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2017USD ($) | |
Contingent Consideration Liability [Member] | ||||
Fair Value Inputs, Weighted Average Discount Rate Increase | 2.00% | |||
Reduction in Fair Value of Contingent Consideration Liability | $ 1,400 | |||
Interest Rate Swap [Member] | ||||
Derivative Asset, Notional Amount | $ 100,000 | $ 100,000 | ||
Derivative, Fixed Interest Rate | 2.7205% | 1.897% | ||
Derivative, Cumulative Losses | $ 5,595 | |||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (2,260) | |||
Measurement Input, Discount Rate [Member] | ||||
Servicing Asset, Measurement Input | 0.114 | |||
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||
Servicing Asset, Measurement Input | 0.025 | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.021 | |||
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||
Servicing Asset, Measurement Input | 0.050 | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.088 | |||
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.046 |
Note 24 - Financial Instrumen_4
Note 24 - Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity securities | $ 11,705 | $ 3,781 | |
Fair Value, Inputs, Level 3 [Member] | |||
Business Combination, Contingent Consideration, Liability, Total | 154,671 | $ 115,643 | $ 84,993 |
Fair Value, Recurring [Member] | |||
Cash equivalents | 3,942 | ||
Equity securities | 11,917 | ||
Debt securities | 8,381 | ||
Mortgage derivative assets | 10,813 | ||
Warehouse receivables | 174,717 | ||
Total assets | 448,606 | ||
Mortgage derivative liability | 1,564 | ||
Interest rate swap liability | 2,975 | ||
Business Combination, Contingent Consideration, Liability, Total | 154,671 | ||
Total liabilities | 159,210 | ||
Fair Value, Recurring [Member] | Deferred Purchase Price on AR Facility [Member] | |||
Deferred Purchase Price on AR Facility | 238,836 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 3,942 | ||
Equity securities | 11,760 | ||
Debt securities | 0 | ||
Mortgage derivative assets | 0 | ||
Warehouse receivables | 0 | ||
Total assets | 15,702 | ||
Mortgage derivative liability | 0 | ||
Interest rate swap liability | 0 | ||
Business Combination, Contingent Consideration, Liability, Total | 0 | ||
Total liabilities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Deferred Purchase Price on AR Facility [Member] | |||
Deferred Purchase Price on AR Facility | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | 0 | ||
Equity securities | 157 | ||
Debt securities | 8,381 | ||
Mortgage derivative assets | 10,813 | ||
Warehouse receivables | 174,717 | ||
Total assets | 194,068 | ||
Mortgage derivative liability | 1,564 | ||
Interest rate swap liability | 2,975 | ||
Business Combination, Contingent Consideration, Liability, Total | 0 | ||
Total liabilities | 4,539 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Deferred Purchase Price on AR Facility [Member] | |||
Deferred Purchase Price on AR Facility | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents | 0 | ||
Equity securities | 0 | ||
Debt securities | 0 | ||
Mortgage derivative assets | 0 | ||
Warehouse receivables | 0 | ||
Total assets | 238,836 | ||
Mortgage derivative liability | 0 | ||
Interest rate swap liability | 0 | ||
Business Combination, Contingent Consideration, Liability, Total | 154,671 | ||
Total liabilities | 154,671 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Deferred Purchase Price on AR Facility [Member] | |||
Deferred Purchase Price on AR Facility | $ 238,836 |
Note 24 - Financial Instrumen_5
Note 24 - Financial Instruments - Changes in Fair Value of DPP (Details) - Deferred Purchase Price on AR Facility [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, January 1 | $ 87,957 | $ 69,873 |
Additions to DPP | 306,088 | 68,017 |
Collections on DPP | (151,202) | (51,994) |
Fair value adjustment | (71) | (142) |
Foreign exchange and other | (3,937) | 2,203 |
Balance, December 31 | $ 238,835 | $ 87,957 |
Note 24 - Financial Instrumen_6
Note 24 - Financial Instruments - Change in Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value adjustments (note 6) | $ (18,017) | $ (18,224) |
Less: current portion | 120,246 | 5,802 |
Non-current portion | 34,425 | 109,841 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 115,643 | 84,993 |
Amounts recognized on acquisitions | 2,249 | 23,717 |
Fair value adjustments (note 6) | 42,686 | 23,393 |
Resolved and settled in cash | (5,539) | (17,249) |
Other | (368) | 789 |
Balance | 154,671 | 115,643 |
Less: current portion | 120,246 | 5,802 |
Non-current portion | $ 34,425 | $ 109,841 |
Note 24 - Financial Instrumen_7
Note 24 - Financial Instruments - Estimated of Fair Values for Other Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Senior Notes | $ 529,089 | $ 255,790 |
Senior Notes, fair value | 548,440 | 275,928 |
Convertible Notes, carrying amount | 225,214 | 223,957 |
Convertible Notes, fair value | $ 590,193 | $ 353,638 |
Note 25 - Commitments and Con_3
Note 25 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Sharing Obligations [Member] | |||
Unpaid Principal Balance of Funded and Sold Loans Subject to Loss Sharing Obligations | $ 4,432,000 | ||
Loss Sharing Obligations [Member] | Other Liabilities [Member] | |||
Loss Contingency Accrual, Ending Balance | $ 15,807 | $ 15,194 | |
Antirion SGR S.p.A and Colliers Italy [Member] | Forecast [Member] | |||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 364,436 |
Note 25 - Commitments and Con_4
Note 25 - Commitments and Contingencies - Minimum Contractual Purchase Commitments Obligation Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 14,016 |
2023 | 12,202 |
2024 | 11,805 |
2025 | 13,344 |
2026 | 9,088 |
Thereafter | 3,269 |
Purchase Obligation, Total | $ 63,724 |
Note 26 - Related Party Trans_2
Note 26 - Related Party Transactions (Details Textual) - Non-controlling Shareholders [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Due from Related Parties, Total | $ 4,022 | $ 3,356 |
Minimum [Member] | ||
Related Party Transaction, Rate | 0.00% | |
Maximum [Member] | ||
Related Party Transaction, Rate | 4.00% |
Note 27 - Revenue (Details Text
Note 27 - Revenue (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Not from Contract with Customer | $ 138,641 | $ 75,975 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 78,941 | 66,436 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | 71,294 | 61,101 |
Contract with Customer, Liability, Current | 30,397 | 21,076 |
Contract with Customer, Liability, Revenue Recognized | $ 19,076 | $ 22,338 |
Note 27 - Revenue - Disaggregat
Note 27 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 4,089,129 | $ 2,786,857 |
Lease Brokerage [Member] | ||
Revenues | 1,000,683 | 686,482 |
Capital Markets [Member] | ||
Revenues | 1,236,243 | 700,904 |
Property Management [Member] | ||
Revenues | 1,062,415 | 834,957 |
Valuation and Advisory [Member] | ||
Revenues | 447,484 | 338,633 |
Advisory [Member] | ||
Revenues | 217,864 | 168,404 |
Incentive Fees [Member] | ||
Revenues | 35,026 | 4,190 |
Other Revenue [Member] | ||
Revenues | 89,414 | 53,287 |
Americas Segment [Member] | ||
Revenues | 2,489,217 | 1,626,372 |
Americas Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 729,050 | 495,597 |
Americas Segment [Member] | Capital Markets [Member] | ||
Revenues | 838,678 | 460,224 |
Americas Segment [Member] | Property Management [Member] | ||
Revenues | 638,741 | 471,377 |
Americas Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 214,665 | 162,672 |
Americas Segment [Member] | Advisory [Member] | ||
Revenues | 0 | 0 |
Americas Segment [Member] | Incentive Fees [Member] | ||
Revenues | 0 | 0 |
Americas Segment [Member] | Other Revenue [Member] | ||
Revenues | 68,083 | 36,502 |
EMEA Segment [Member] | ||
Revenues | 672,737 | 516,507 |
EMEA Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 145,422 | 107,947 |
EMEA Segment [Member] | Capital Markets [Member] | ||
Revenues | 190,525 | 136,479 |
EMEA Segment [Member] | Property Management [Member] | ||
Revenues | 196,491 | 162,853 |
EMEA Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 134,489 | 104,498 |
EMEA Segment [Member] | Advisory [Member] | ||
Revenues | 0 | 0 |
EMEA Segment [Member] | Incentive Fees [Member] | ||
Revenues | 0 | 0 |
EMEA Segment [Member] | Other Revenue [Member] | ||
Revenues | 5,810 | 4,730 |
Asia Pacific Segment [Member] | ||
Revenues | 673,661 | 470,632 |
Asia Pacific Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 126,211 | 82,917 |
Asia Pacific Segment [Member] | Capital Markets [Member] | ||
Revenues | 207,040 | 104,201 |
Asia Pacific Segment [Member] | Property Management [Member] | ||
Revenues | 227,183 | 200,727 |
Asia Pacific Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 98,323 | 71,463 |
Asia Pacific Segment [Member] | Advisory [Member] | ||
Revenues | 0 | 0 |
Asia Pacific Segment [Member] | Incentive Fees [Member] | ||
Revenues | 0 | 0 |
Asia Pacific Segment [Member] | Other Revenue [Member] | ||
Revenues | 14,904 | 11,324 |
Investment Management [Member] | ||
Revenues | 252,890 | 172,594 |
Investment Management [Member] | Lease Brokerage [Member] | ||
Revenues | 0 | 0 |
Investment Management [Member] | Capital Markets [Member] | ||
Revenues | 0 | 0 |
Investment Management [Member] | Property Management [Member] | ||
Revenues | 0 | 0 |
Investment Management [Member] | Valuation and Advisory [Member] | ||
Revenues | 0 | 0 |
Investment Management [Member] | Advisory [Member] | ||
Revenues | 217,864 | 168,404 |
Investment Management [Member] | Incentive Fees [Member] | ||
Revenues | 35,026 | 4,190 |
Investment Management [Member] | Other Revenue [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | ||
Revenues | 624 | 752 |
Corporate Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 0 | 21 |
Corporate Segment [Member] | Capital Markets [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Property Management [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 7 | 0 |
Corporate Segment [Member] | Advisory [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Incentive Fees [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Other Revenue [Member] | ||
Revenues | $ 617 | $ 731 |
Note 28 - Segmented Informati_3
Note 28 - Segmented Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 4 | |
Americas Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 2,324 | $ 3,147 |
EMEA Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 1,599 | 1,550 |
Investment Management [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 18,567 | $ 7,518 |
Note 28 - Segmented Informati_4
Note 28 - Segmented Information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 4,089,129 | $ 2,786,857 |
Depreciation and amortization | 145,094 | 125,906 |
Operating earnings (loss) | (131,501) | 164,578 |
Equity earnings | 6,190 | 2,919 |
Other income, net | 5,083 | (13) |
Interest expense, net | (31,819) | (30,949) |
Income tax expense | (85,510) | (42,046) |
Net earnings | (237,557) | 94,489 |
Total assets | 3,873,730 | 3,292,167 |
Total additions to fixed assets, intangible assets and goodwill | 109,373 | 375,898 |
Americas Segment [Member] | ||
Revenues | 2,489,217 | 1,626,372 |
EMEA Segment [Member] | ||
Revenues | 672,737 | 516,507 |
Asia Pacific Segment [Member] | ||
Revenues | 673,661 | 470,632 |
Investment Management [Member] | ||
Revenues | 252,890 | 172,594 |
Operating Segments [Member] | Americas Segment [Member] | ||
Revenues | 2,489,217 | 1,626,372 |
Depreciation and amortization | 80,210 | 56,667 |
Operating earnings (loss) | 233,788 | 121,371 |
Equity earnings | 2,352 | 1,469 |
Total assets | 1,740,447 | 1,640,046 |
Total additions to fixed assets, intangible assets and goodwill | 92,059 | 357,187 |
Operating Segments [Member] | EMEA Segment [Member] | ||
Revenues | 672,737 | 516,507 |
Depreciation and amortization | 22,868 | 22,391 |
Operating earnings (loss) | 59,606 | 8,336 |
Equity earnings | 65 | 75 |
Total assets | 757,980 | 648,557 |
Total additions to fixed assets, intangible assets and goodwill | 8,747 | 8,194 |
Operating Segments [Member] | Asia Pacific Segment [Member] | ||
Revenues | 673,661 | 470,632 |
Depreciation and amortization | 10,471 | 14,616 |
Operating earnings (loss) | 82,023 | 45,221 |
Equity earnings | 0 | 0 |
Total assets | 387,564 | 384,001 |
Total additions to fixed assets, intangible assets and goodwill | 3,245 | 4,593 |
Operating Segments [Member] | Investment Management [Member] | ||
Revenues | 252,890 | 172,594 |
Depreciation and amortization | 27,691 | 27,464 |
Operating earnings (loss) | 63,659 | 40,738 |
Equity earnings | 3,773 | 1,181 |
Total assets | 774,845 | 694,270 |
Total additions to fixed assets, intangible assets and goodwill | 2,861 | 3,669 |
Corporate, Non-Segment [Member] | ||
Revenues | 624 | 752 |
Depreciation and amortization | 3,854 | 4,768 |
Operating earnings (loss) | (570,577) | (51,088) |
Equity earnings | 0 | 193 |
Total assets | 212,894 | (74,707) |
Total additions to fixed assets, intangible assets and goodwill | $ 2,461 | $ 2,255 |
Note 28 - Segmented Informati_5
Note 28 - Segmented Information - Revenues and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 4,089,129 | $ 2,786,857 |
Total long-lived assets | 316,517 | 288,134 |
Total long-lived assets | 2,114,150 | 2,116,669 |
UNITED STATES | ||
Revenues | 2,232,277 | 1,432,288 |
Total long-lived assets | 1,442,476 | 1,378,648 |
CANADA | ||
Revenues | 437,307 | 304,039 |
Total long-lived assets | 81,897 | 82,520 |
Euro Currency Countries [Member] | ||
Revenues | 343,364 | 280,853 |
Total long-lived assets | 269,104 | 306,472 |
AUSTRALIA | ||
Revenues | 320,959 | 190,106 |
Total long-lived assets | 72,572 | 84,758 |
UNITED KINGDOM | ||
Revenues | 170,896 | 135,572 |
Total long-lived assets | 70,968 | 79,738 |
CHINA | ||
Revenues | 108,898 | 90,390 |
Total long-lived assets | 9,908 | 8,316 |
Other Geographic Locations [Member] | ||
Revenues | 475,428 | 353,609 |
Total long-lived assets | $ 167,225 | $ 176,217 |