Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0000913353 |
Entity Registrant Name | Colliers International Group Inc. |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 271 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | 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 |
Multiple Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,325,694 |
Subordinate Voting Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 46,223,682 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues (note 27) | $ 4,335,141 | $ 4,459,487 |
Cost of revenues (exclusive of depreciation and amortization shown below) | 2,596,823 | 2,749,485 |
Selling, general and administrative expenses | 1,185,469 | 1,096,107 |
Depreciation | 54,608 | 48,680 |
Amortization of intangible assets | 147,928 | 128,741 |
Acquisition-related items (note 7) | 47,096 | 77,144 |
Loss on disposal of operations (note 5) | 2,282 | 26,834 |
Operating earnings | 300,935 | 332,496 |
Interest expense, net | 94,077 | 48,587 |
Earnings from equity accounted investments | (5,078) | (6,677) |
Other (income) expense | (841) | 1,032 |
Earnings before income tax | 212,777 | 289,554 |
Income tax expense (note 22) | 68,086 | 95,010 |
Net earnings | 144,691 | 194,544 |
Non-controlling interest share of earnings | 56,560 | 53,919 |
Non-controlling interest redemption increment (note 18) | 22,588 | 94,372 |
Net earnings attributable to Company | $ 65,543 | $ 46,253 |
Net earnings per common share (note 20) | ||
Basic (in dollars per share) | $ 1.43 | $ 1.07 |
Diluted (in dollars per share) | $ 1.41 | $ 1.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net earnings | $ 144,691 | $ 194,544 |
Change in foreign currency translation | 3,492 | (24,154) |
Reclassification of accumulated foreign currency translation on disposal of operations (note 5) | 541 | 19,152 |
Unrealized gain on interest rate swaps, net of tax | (2,433) | 6,955 |
Pension liability adjustments, net of tax | (660) | 1,292 |
Total other comprehensive earnings, net | 940 | 3,245 |
Comprehensive earnings | 145,631 | 197,789 |
Less: Comprehensive earnings attributable to non-controlling interests | 73,371 | 157,573 |
Comprehensive earnings attributable to Company | $ 72,260 | $ 40,216 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 181,134 | $ 173,661 |
Restricted cash | 37,941 | 25,381 |
Accounts receivable, net of allowance of $36,382 (December 31, 2022 - $25,332) | 643,375 | 577,879 |
Contract assets (note 27) | 83,389 | 91,924 |
Warehouse receivables (note 24) | 177,104 | 29,623 |
Income tax recoverable | 48,104 | 21,970 |
Prepaid expenses and other current assets (note 8) | 258,725 | 247,635 |
Warehouse fund assets (note 6) | 44,492 | 45,353 |
Total current assets | 1,474,264 | 1,213,426 |
Other receivables | 11,857 | 12,461 |
Contract assets (note 27) | 19,691 | 15,755 |
Other assets (note 8) | 157,197 | 138,510 |
Warehouse fund assets (note 6) | 47,536 | 0 |
Fixed assets (note 10) | 202,837 | 164,493 |
Operating lease right-of-use assets (note 9) | 390,565 | 341,623 |
Deferred tax assets, net (note 22) | 59,468 | 63,460 |
Intangible assets (note 11) | 1,080,471 | 1,159,910 |
Goodwill | 2,038,240 | 1,988,539 |
Total noncurrent assets | 4,007,862 | 3,884,751 |
Total assets | 5,482,126 | 5,098,177 |
Current liabilities | ||
Accounts payable and accrued expenses | 535,769 | 503,189 |
Accrued compensation | 569,166 | 625,565 |
Income tax payable | 16,527 | 32,282 |
Contract liabilities (note 27) | 45,293 | 25,616 |
Long-term debt - current (note 13) | 1,796 | 1,360 |
Contingent acquisition consideration - current (note 24) | 13,944 | 42,942 |
Warehouse credit facilities (note 15) | 168,780 | 24,286 |
Operating lease liabilities (note 9) | 89,938 | 84,989 |
Liabilities related to warehouse fund assets (note 6) | 0 | 1,353 |
Total current liabilities | 1,441,213 | 1,341,582 |
Long-term debt (note 13) | 1,500,843 | 1,437,739 |
Contingent acquisition consideration (note 24) | 30,768 | 48,287 |
Operating lease liabilities (note 9) | 375,454 | 322,496 |
Other liabilities | 120,565 | 91,105 |
Deferred tax liabilities, net (note 22) | 43,191 | 57,754 |
Liabilities related to warehouse fund assets (note 6) | 47,536 | 0 |
Convertible notes (note 14) | 0 | 226,534 |
Total noncurrent liabilites | 2,118,357 | 2,183,915 |
Redeemable non-controlling interests (note 18) | 1,072,066 | 1,079,306 |
Shareholders' equity | ||
Common shares (note 19) | 1,127,034 | 845,680 |
Contributed surplus | 123,394 | 104,504 |
Deficit | (332,866) | (384,199) |
Accumulated other comprehensive loss | (69,571) | (76,288) |
Total Company shareholders' equity | 847,991 | 489,697 |
Non-controlling interests | 2,499 | 3,677 |
Total shareholders' equity | 850,490 | 493,374 |
Total liabilities and shareholders' equity | 5,482,126 | 5,098,177 |
Commitments and contingencies (note 25) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance | $ 36,382 | $ 25,332 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | 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, 2021 | 44,054,744 | |||||
Balance at Dec. 31, 2021 | $ 852,167 | $ 79,407 | $ (279,724) | $ (70,251) | $ 3,670 | $ 585,269 |
Net earnings | 0 | 194,544 | 0 | 0 | 194,544 | |
Pension liability adjustments, net of tax | 0 | 0 | 1,292 | 0 | 1,292 | |
Change in foreign currency translation | 0 | 0 | (24,154) | 0 | (24,154) | |
Unrealized gain on interest rate swaps, net of tax | 0 | 0 | 6,955 | 0 | 6,955 | |
Other comprehensive earnings (loss) attributable to NCI | $ 0 | 0 | 0 | (9,282) | 90 | (9,192) |
NCI share of earnings | 0 | (53,919) | 0 | 2,834 | (51,085) | |
NCI redemption increment | 0 | (94,372) | 0 | 0 | (94,372) | |
Distributions to NCI | 0 | 0 | 0 | (2,387) | (2,387) | |
Acquisitions of businesses, net | 0 | 0 | 0 | 10 | 10 | |
Reclass to net earnings on disposal of operations (note 5) | (93) | 0 | 19,152 | (540) | 18,519 | |
Subsidiaries’ equity transactions | 8,004 | 0 | 0 | 0 | 8,004 | |
Stock option expense | 21,853 | 0 | 0 | 0 | $ 21,853 | |
Stock options exercised (in shares) | 305,125 | 305,125 | ||||
Stock options exercised | $ 21,445 | (4,667) | 0 | 0 | 0 | $ 16,778 |
Dividends | 0 | (12,932) | 0 | 0 | (12,932) | |
Purchased for cancellation (note 20) (in shares) | (1,426,713) | |||||
Purchased for cancellation (note 20) | $ (27,932) | 0 | (137,796) | 0 | 0 | (165,728) |
Balance (in shares) at Dec. 31, 2022 | 42,933,156 | |||||
Balance at Dec. 31, 2022 | $ 845,680 | 104,504 | (384,199) | (76,288) | 3,677 | 493,374 |
Net earnings | 0 | 144,691 | 0 | 0 | 144,691 | |
Pension liability adjustments, net of tax | 0 | 0 | (660) | 0 | (660) | |
Change in foreign currency translation | 0 | 0 | 0 | 3,492 | 0 | 3,492 |
Unrealized gain on interest rate swaps, net of tax | $ 0 | 0 | 0 | (2,433) | 0 | (2,433) |
Other comprehensive earnings (loss) attributable to NCI | 0 | 0 | 5,777 | 349 | 6,126 | |
NCI share of earnings | 0 | (56,560) | 0 | 2,939 | (53,621) | |
NCI redemption increment | 0 | (22,588) | 0 | 0 | (22,588) | |
Distributions to NCI | 0 | 0 | 0 | (3,212) | (3,212) | |
Reclass to net earnings on disposal of operations (note 5) | 0 | 0 | 541 | (1,210) | (669) | |
Subsidiaries’ equity transactions | 3,998 | 0 | 0 | 0 | 3,998 | |
Stock option expense | 27,087 | 0 | 0 | 0 | $ 27,087 | |
Stock options exercised (in shares) | 600,500 | 600,500 | ||||
Stock options exercised | $ 54,253 | (12,195) | 0 | 0 | 0 | $ 42,058 |
Dividends | 0 | (14,210) | 0 | 0 | (14,210) | |
Acquisition of businesses, net | 0 | 0 | 0 | (44) | $ (44) | |
Redemption of Convertible Notes (note 14) (in shares) | 4,015,720 | 4,015,720 | ||||
Redemption of Convertible Notes (note 14) | $ 227,101 | 0 | 0 | 0 | 0 | $ 227,101 |
Balance (in shares) at Dec. 31, 2023 | 47,549,376 | |||||
Balance at Dec. 31, 2023 | $ 1,127,034 | $ 123,394 | $ (332,866) | $ (69,571) | $ 2,499 | $ 850,490 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net earnings | $ 144,691 | $ 194,544 |
Depreciation and amortization | 202,536 | 177,421 |
Loss on disposal of operations (note 5) | 2,282 | 26,834 |
Gains attributable to mortgage servicing rights | (17,722) | (17,385) |
Gains attributable to the fair value of mortgage premiums and origination fees | (16,335) | (16,582) |
Deferred tax | (9,924) | (25,997) |
Earnings from equity accounted investments | (5,078) | (6,677) |
Stock option expense (note 21) | 27,087 | 21,853 |
Amortization of advisor loans | 33,844 | 27,408 |
Contingent consideration (note 7) | 32,948 | 53,869 |
Other | 23,649 | 19,498 |
Increase in accounts receivable, prepaid expenses and other assets | (203,727) | (469,062) |
Increase in accounts payable, accrued expenses and other liabilities | 9,036 | 39,166 |
Decrease in accrued compensation | (70,395) | (85,547) |
Contingent acquisition consideration paid | (39,115) | (69,224) |
Proceeds received on sale of mortgage loans | 1,138,535 | 1,137,730 |
Principal funded on originated mortgage loans | (1,262,361) | (973,466) |
Increase (decrease) in warehouse credit facilities | 144,493 | (138,625) |
Sales to AR Facility, net (note 16) | 31,217 | 171,273 |
Net cash provided by operating activities | 165,661 | 67,031 |
Investing activities | ||
Acquisitions of businesses, net of cash acquired (note 4) | (60,343) | (1,007,297) |
Purchases of fixed assets | (84,524) | (67,681) |
Advisor loans issued | (75,243) | (55,610) |
Purchases of warehouse fund assets | (122,604) | (161,042) |
Proceeds from disposal of warehouse fund assets | 74,627 | 137,578 |
Collections of AR facility deferred purchase price (note 16) | 124,313 | 288,004 |
Other investing activities | 9,791 | (6,796) |
Net cash used in investing activities | (133,983) | (872,844) |
Financing activities | ||
Increase in long-term debt | 924,980 | 1,629,242 |
Repayment of long-term debt | (832,934) | (700,201) |
Purchases of non-controlling interests' subsidiary shares, net | (32,661) | (31,622) |
Contingent acquisition consideration paid | (17,415) | (56,290) |
Proceeds received on exercise of stock options | 42,058 | 16,779 |
Dividends paid to common shareholders | (13,517) | (13,100) |
Distributions paid to non-controlling interests | (77,400) | (62,926) |
Repurchases of Subordinate Voting Shares | 0 | (165,728) |
Other financing activities | (917) | (3,237) |
Net cash provided by (used in) financing activities | (7,806) | 612,917 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,839) | (33,333) |
Net change in cash, cash equivalents and restricted cash | 20,033 | (226,229) |
Cash, cash equivalents and restricted cash, beginning of year | 199,042 | 425,271 |
Cash, cash equivalents and restricted cash, end of year | $ 219,075 | $ 199,042 |
Note 1 - Description of the Bus
Note 1 - Description of the Business | 12 Months Ended |
Dec. 31, 2023 | |
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 34 countries around the world (66 countries including affiliates and franchisees). Colliers’ primary service lines are Outsourcing & Advisory, Investment Management (“IM”), 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, 2023 | |
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, 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 credit losses, 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 7 years straight-line Leasehold improvements 1 to 10 years straight-line (based upon term of the lease) 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 24 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 Convertible Notes are accounted for entirely as debt as 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. Convertible Notes were fully settled in June 2023 ( 14 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 an expense 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, 25 Warehouse receivables The Company originates held for sale mortgage loans with commitments to sell to third 45 Warehouse fund assets From time to time, the Company’s Investment Management segment purchases investments for placement, or “seeding”, of assets into a fund which it manages. The purchased investments are recorded at fair value as warehouse fund assets and corresponding liabilities related to warehouse fund assets prior to the ultimate divestiture to the identified fund. These assets and associated liabilities may may not twelve The transactions are not not 6 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, 2023 December 31, 2022, As at December 31, 2023 2022 Discount rate 11.7 % 11.5 % Conditional prepayment rate 3.1 % 3.1 % As at December 31, 2023, 2022 11 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 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 (see note 27 (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 a calculated fee base which may 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 as well as evaluation of incentive-fee related compensation expense and significant judgment is involved in making such determinations. At each reporting period, the Company considers various factors in estimating revenue to be recognized and incentive fee related-compensation expense to be accrued. 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 may December 31, 2023 The Company incurred compensation expense related to subsidiary stock-based plans of $2,656 during the year ended December 31, 2023 ( 2022 December 31, 2023, seven December 31, 2023, $6,671. 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 |
Note 3 - Impact of Recently Iss
Note 3 - Impact of Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2023 | |
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 Contract Assets and Contract Liabilities from Contracts with Customers Business Combinations In October 2021, No. 2021 08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Subtopic 805 10: 606 805 January 1, 2023. not Reference Rate Reform The FASB has issued three 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. December 2022, No. 2022 06 Reference Rate Reform (Topic 848 848 December 31, 2022 December 31, 2024, no 848. may Recently issued accounting guidance, not Improvements to Reportable Segment Disclosures In November 2023, No. 2023 07 Improvements to Reportable Segment Disclosures December 15, 2023, December 15, 2024. no Improvements to Income Tax Disclosures In December 2023, No. 2023 09 Improvements to Income Tax Disclosures. December 15, 2024 no |
Note 4 - Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisitions 2023 During the year ended December 31, 2023, The acquisition date fair value of consideration transferred and the purchase price allocations are summarized as follows: Aggregate Acquisitions Current assets, excluding cash $ 15,372 Non-current assets 9,286 Current liabilities 6,653 Long-term liabilities 8,445 $ 9,560 Cash consideration, net of cash acquired of $ 7,278 $ 60,343 Acquisition date fair value of contingent consideration 3,962 Total purchase consideration $ 64,305 Acquired intangible assets (note 11) Finite life $ 44,567 Goodwill (note 12) $ 34,369 Redeemable non-controlling interest (note 18) $ 24,191 Certain balances included in the assets and liabilities reported as at December 31, 2023 not not December 31, 2023, no 2022. 2022 The Company acquired controlling interests in twelve businesses operating in the Americas, EMEA, Asia Pacific, and Investment Management. The acquisition date fair value of consideration transferred and purchase price allocation was as follows: Aggregate Acquisitions Current assets, excluding cash $ 44,190 Non-current assets 49,817 Current liabilities 95,844 Long-term liabilities 82,920 $ (84,757 ) Cash consideration, net of cash acquired of $ 122,964 $ 1,007,297 Acquisition date fair value of contingent consideration 57,600 Total purchase consideration $ 1,064,897 Acquired intangible assets (note 11) Finite life $ 714,775 Goodwill (note 12) $ 936,122 Redeemable non-controlling interest (note 18) $ 501,243 Acquired goodwill and intangible assets The purchase price allocations of acquisitions resulted in the recognition of goodwill. The primary factors contributing to goodwill acquired in the years ended December 31, 2023 December 31, 2022 December 31, 2023, 2022 In determining the fair value of intangible assets acquired in business combinations, management makes estimates and assumptions which require significant judgment. In particular, the Company acquired $37,312 of Customer lists and relationships. Valuation of these intangible assets is based upon a discounted cash flow methodology where the most significant estimates relate to discount rates and forecasted revenues. 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. Contingent acquisition consideration 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, 2023, December 31, 2022 - 24 December 31, 2023, December 31, 2022 - September 2028. The consideration for the acquisitions during the year ended December 31, 2023, December 31, 2023, 2022 Unaudited Supplemental proforma 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, 2023, January 1, 2022, Revenues Net earnings Actual from acquired entities for 2023 $ 41,029 $ 5,027 Supplemental pro forma for 2023 (unaudited) 4,354,159 140,120 Supplemental pro forma for 2022 (unaudited) 4,715,661 217,556 Supplemental pro forma results were adjusted for non-recurring items. |
Note 5 - Business Disposals
Note 5 - Business Disposals | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. Business disposals In June 2023, December 31, 2023 In 2022, four December 31, 2022, |
Note 6 - Warehouse Fund Assets
Note 6 - Warehouse Fund Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 6. Warehouse fund assets During the year ended December 31, 2023, six four December 31, 2022, three 2024. As is customary for closed-end funds, the Company typically holds an equity interest of between 1% and 2% in these funds. There was no December 31, 2023, 2022. The following table summarizes the warehouse fund assets: As at December 31, 2023 2022 Warehouse fund assets Warehouse fund assets $ 44,492 $ 45,353 Warehouse fund assets - non-current $ 47,536 $ - Total warehouse fund assets $ 92,028 $ 45,353 Liabilities related to warehouse fund assets Liabilities related to warehouse fund assets $ - $ 1,353 Liabilities related to warehouse fund assets - non-current $ 47,536 $ - Total liabilities related to warehouse fund assets $ 47,536 $ 1,353 Net warehouse fund assets $ 44,492 $ 44,000 |
Note 7 - Acquisition-related It
Note 7 - Acquisition-related Items | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure Acquisition Related Items [Text Block] | 7. Acquisition-related items Year ended December 31, 2023 2022 Transaction costs $ 14,148 $ 23,275 Contingent consideration fair value adjustments (note 24) (17,698 ) 3,700 Contingent consideration compensation expense (note 4) 50,646 50,169 $ 47,096 $ 77,144 Contingent consideration compensation expense and contingent consideration fair value adjustments relate to acquisitions made in the current year as well as the preceding five December 31, 2023 2023 |
Note 8 - Prepaid Expenses and O
Note 8 - Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. Prepaid expenses and other assets As at December 31, 2023 2022 Prepaid expenses $ 73,592 $ 61,324 Advisor loans receivable 35,893 23,958 Investments in equity securities 3,956 9,486 Investments in debt securities 19,565 18,364 Deferred Purchase Price (notes 16 and 24) 107,743 92,278 Mortgage derivative asset (note 24) 14,224 40,879 Interest rate swap asset (note 24) - 659 Other 3,752 687 Prepaid and other assets (Current Assets) $ 258,725 $ 247,635 As at December 31, 2023 2022 Advisor loans receivable $ 94,508 $ 66,991 Equity accounted investments (note 17) 33,851 28,175 Investments in equity securities 8,440 8,943 Investments in debt securities 5,934 15,449 Financing fees, net of accumulated amortization of $ 9,865 8,018 3,109 4,040 Interest rate swap asset (note 24) 4,275 6,940 Other 7,080 7,972 Other assets (Non-Current Assets) $ 157,197 $ 138,510 Captive insurance investments Investments in equity securities in the amount of $3,945 ( 2022 24 2022 2022 December 31, 2023, Colliers Securities investments Investments in equity and debt securities in the amount of $19,188 ( 2022 24 Other investments in equity securities Investments in equity securities non-current in the amount of $7,335 ( 2022 December 31, 2023, |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 9. 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 (a) Equipment leases The Company leases certain equipment in its operations, including furniture and equipment, computer equipment and vehicles. Equipment leases may one five may The components of lease expense were as follows: Year ended December 31, 2023 2022 Operating lease cost $ 107,323 $ 97,467 Finance lease cost Amortization of right-of-use assets 1,169 1,034 Interest on lease liabilities 173 29 Variable lease cost 26,520 21,728 Short term lease cost 4,580 4,323 Total lease expense $ 139,765 $ 124,581 Sublease revenues (6,856 ) (6,904 ) Total lease cost, net of sublease revenues $ 132,909 $ 117,677 Supplemental information related to leases was as follows: Year ended December 31, 2023 2022 Right-of-use assets obtained in exchange for new operating lease obligations $ 134,442 $ 99,669 Right-of-use assets obtained in exchange for new finance lease obligations 4,965 1,101 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (104,570 ) $ (94,761 ) Operating cash flows from finance leases (173 ) (29 ) Financing cash flows from finance leases (1,077 ) (1,391 ) Supplemental balance sheet information related to leases was as follows: As at December 31, 2023 2022 Operating leases Operating lease right-of-use assets $ 390,565 $ 341,623 Operating lease liabilities - current $ (89,938 ) $ (84,989 ) Operating lease liabilities - non-current (375,454 ) (322,496 ) Total operating lease liabilities $ (465,392 ) $ (407,485 ) Finance leases Fixed assets, cost $ 8,244 $ 3,895 Accumulated depreciation (2,566 ) (2,511 ) Fixed assets, net $ 5,678 $ 1,384 Long-term debt - current $ (1,415 ) $ (755 ) Long-term debt - non-current (4,295 ) (725 ) Total finance lease liabilities $ (5,710 ) $ (1,480 ) Maturities of lease liabilities were as follows: 1 year 2 years 3 years 4 years 5 years Thereafter Total Operating leases $ 109,682 $ 92,538 $ 70,696 $ 57,788 $ 49,193 $ 159,990 $ 539,887 Present value of operating lease liabilities 465,392 Difference between undiscounted cash flows and discounted cash flows $ 74,495 Finance leases $ 1,991 $ 1,707 $ 1,366 $ 1,144 $ 737 $ - $ 6,945 Present value of finance lease liabilities 5,710 Difference between undiscounted cash flows and discounted cash flows $ 1,235 As at December 31, 2023 Weighted average remaining lease term Operating leases (in years) 7.0 Finance leases (in years) 4.0 Weighted average discount rate Operating leases 4.2 % Finance leases 9.2 % As of December 31, 2023, not three eleven |
Note 10 - Fixed Assets
Note 10 - Fixed Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 10. Fixed assets December 31, 2023 Accumulated Cost depreciation Net Buildings $ 2,564 $ 1,765 $ 799 Vehicles 19,147 9,714 9,433 Furniture and equipment 107,708 68,744 38,964 Computer equipment and software 220,136 157,514 62,622 Leasehold improvements 182,331 91,312 91,019 $ 531,886 $ 329,049 $ 202,837 December 31, 2022 Accumulated Cost depreciation Net Buildings $ 2,553 $ 1,615 $ 938 Vehicles 14,338 7,413 6,925 Furniture and equipment 93,827 58,908 34,919 Computer equipment and software 185,260 136,582 48,678 Leasehold improvements 149,401 76,368 73,033 $ 445,379 $ 280,886 $ 164,493 Fixed assets include ROU assets - Finance leases (see note 9). |
Note 11 - Intangible Assets
Note 11 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 11. 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: Gross carrying Accumulated December 31, 2023 amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 23,408 - 23,408 $ 52,608 $ - $ 52,608 Finite life intangible assets: Customer lists and relationships $ 707,355 $ 218,435 $ 488,920 Investment management contracts 591,826 181,653 410,173 Mortgage servicing rights ("MSRs") 188,489 84,058 104,431 Trademarks and trade names 27,563 7,486 20,077 Management contracts and other 13,893 10,547 3,346 Backlog 6,349 5,433 916 $ 1,535,475 $ 507,612 $ 1,027,863 $ 1,588,083 $ 507,612 $ 1,080,471 Gross carrying Accumulated December 31, 2022 amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 23,285 - 23,285 $ 52,485 $ - $ 52,485 Finite life intangible assets: Customer lists and relationships $ 695,007 $ 187,743 $ 507,264 Investment management contracts 589,885 126,904 462,981 Mortgage servicing rights ("MSRs") 170,213 65,771 104,442 Trademarks and trade names 27,702 4,389 23,313 Management contracts and other 15,426 10,635 4,791 Backlog 8,299 3,665 4,634 $ 1,506,532 $ 399,107 $ 1,107,425 $ 1,559,017 $ 399,107 $ 1,159,910 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, 2023, 2022. The following table summarizes activity related to the Company’s mortgage servicing rights for the year ended December 31, 2023: 2023 2022 Balance, January 1 $ 104,442 $ 106,423 Additions, following the sale of loan 18,276 22,335 Amortization (14,833 ) (14,943 ) Prepayments and write-offs (3,454 ) (9,373 ) Balance, December 31 $ 104,431 $ 104,442 During the year ended December 31, 2023, Estimated weighted average amortization Amount period (years) Finite life intangible assets: Customer lists and relationships $ 38,061 9.9 Trademarks and trade names - finite life 481 2.0 Customer backlog 6,670 0.7 Other 627 4.4 $ 45,839 8.4 The table above includes $1,272 related to assets acquired that do not The following is the estimated future expense for amortization of the finite life intangible assets for each of the next five For the year ended December 31, MSRs Other Intangibles Total 2024 $ 12,540 $ 114,023 $ 126,563 2025 11,402 103,800 115,202 2026 10,783 103,107 113,890 2027 10,047 93,671 103,718 2028 9,426 87,599 97,025 Thereafter 50,233 421,232 471,465 $ 104,431 $ 923,432 $ 1,027,863 |
Note 12 - Goodwill
Note 12 - Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 12. Goodwill Asia Americas EMEA Pacific IM Consolidated December 31, 2021 $ 359,945 259,764 92,018 379,321 $ 1,091,048 Goodwill acquired during the year 35,221 135,061 30,829 735,011 936,122 Goodwill disposed during the year - (7,052 ) - - (7,052 ) Other items - 2,410 - (2,410 ) - Foreign exchange (71 ) (21,118 ) (8,486 ) (1,904 ) (31,579 ) December 31, 2022 395,095 369,065 114,361 1,110,018 1,988,539 Goodwill acquired during the year 22,168 - 12,201 - 34,369 Goodwill disposed during the year (629 ) - - - (629 ) Other items (144 ) (683 ) - - (827 ) Foreign exchange 643 14,234 400 1,511 16,788 December 31, 2023 417,133 382,616 126,962 1,111,529 2,038,240 Goodwill 443,404 385,928 126,962 1,111,529 2,067,823 Accumulated impairment loss (26,271 ) (3,312 ) - - (29,583 ) $ 417,133 $ 382,616 $ 126,962 $ 1,111,529 $ 2,038,240 A test for goodwill impairment is required to be completed annually, in the Company’s case as of August 1, 2023 2022. 2009. |
Note 13 - Long-term Debt
Note 13 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 13. Long-term debt As at December 31, 2023 2022 Revolving Credit Facility $ 977,110 $ 930,042 Senior Notes 518,982 506,533 Finance leases maturing at various dates through 2028 5,710 1,480 Other long-term debt maturing at various dates through 2028 837 1,044 1,502,639 1,439,099 Less: current portion 1,796 1,360 Long-term debt - non-current $ 1,500,843 $ 1,437,739 On May 27, 2022, April 28, 2023, May 27, 2027, may 0.05% 2022 December 31, 2023 ( December 31, 2022). December 31, 2023, December 31, 2022). The Company has outstanding €210,000 2028” 2028 May 30, 2028. The Company also has outstanding €125,000 2031” 2031 October 7, 2031. The Revolving Credit Facility, Senior Notes due 2028, 2031 December 31, 2023. The estimated aggregate principal repayments on long-term debt required in each of the next five For the year ended December 31, 2024 $ 1,796 2025 1,605 2026 1,181 2027 978,073 2028 and thereafter 519,984 $ 1,502,639 |
Note 14 - Convertible Notes
Note 14 - Convertible Notes | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Subordinated Debt [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. Convertible notes On April 4, 2023, 2025 June 1, 2023, Upon conversion and redemption of the Convertible Notes, the unamortized financing cost of $2,899 was reclassified to equity. |
Note 15 - Warehouse Credit Faci
Note 15 - Warehouse Credit Facilities | 12 Months Ended |
Dec. 31, 2023 | |
Warehouse Credit Facilities [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 15. Warehouse credit facilities The following table summarizes the Company’s mortgage warehouse credit facilities: December 31, 2023 December 31, 2022 Current Maximum Carrying Maximum Carrying Maturity Capacity Value Capacity Value Facility A - SOFR plus 1.40 October 17, 2024 $ 275,000 $ 168,780 $ 125,000 $ 1,924 Facility B - SOFR plus 1.45 On demand 125,000 - 125,000 7,619 Facility C - SOFR plus 1.60 Terminated - - 150,000 14,743 $ 400,000 $ 168,780 $ 400,000 $ 24,286 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 any warehouse mortgages financed on the facilities. On April 17, 2023, On October 19, 2023, October 17, 2024. |
Note 16 - AR Facility
Note 16 - AR Facility | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 16. AR Facility In 2019, third On September 28, 2023, two third October 24, 2024. December 31, 2023, 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, 2023, 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, 2023, December 31, 2023, $194,199; 24 For the year ended December 31, 2023, 2022 The non-cash investing activities associated with the DPP for the year ended December 31, 2023, 2022 |
Note 17 - Variable Interest Ent
Note 17 - Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 17. 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, 2023 2022 Equity accounted investments $ 29,631 $ 22,361 Co-investment commitments 42,395 18,588 Maximum exposure to loss $ 72,026 $ 40,949 |
Note 18 - Redeemable Non-contro
Note 18 - Redeemable Non-controlling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 18. 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: 2023 2022 Balance, January 1 $ 1,079,306 $ 536,903 RNCI share of earnings 53,621 51,084 RNCI redemption increment 22,588 94,372 Distributions paid to RNCI (74,268 ) (60,623 ) Purchase of interests from RNCI (36,922 ) (43,061 ) Sale of interests to RNCI 3,550 1,994 Disposal of operations (note 5) - (2,361 ) RNCI recognized on business acquisitions 24,191 501,243 Other - (245 ) Balance, December 31 $ 1,072,066 $ 1,079,306 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, 2023, December 31, 2022 - December 31, 2023, Increases or decreases to the formula price of the underlying shares are recognized in the statement of earnings as the NCI redemption increment. |
Note 19 - Capital Stock
Note 19 - Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 19. 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, 2022 41,607,462 845,307 1,325,694 373 42,933,156 845,680 December 31, 2023 46,223,682 1,126,661 1,325,694 373 47,549,376 1,127,034 During the year ended December 31, 2023, 2022 |
Note 20 - Net Earnings (Loss) P
Note 20 - Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 20. Net earnings per common share The earnings per share calculation cannot be anti-dilutive. Diluted EPS is calculated using the “if-converted” method of calculating earnings per share in relation to the Convertible Notes. The Convertible Notes were fully converted or redeemed by June 1, 2023 ( 14 December 31, 2022. The following table reconciles the basic and diluted common shares outstanding: Year ended December 31, (in thousands of US dollars, except share information) 2023 2022 Net earnings attributable to Company $ 65,543 $ 46,253 After-tax interest on Convertible Notes (119 ) - Adjusted numerator under the "If-Converted" Method $ 65,424 $ 46,253 Weighted average number of shares used in computing basic earnings per share 45,679,676 43,409,265 Assumed exercise of stock options acquired under the Treasury Stock Method 307,987 509,138 Conversion of Convertible Notes 285,911 - Number of shares used in computing diluted earnings per share 46,273,574 43,918,403 On July 17, 2023, “2023/2024 2023/2024 2023/2024 July 20, 2023 July 19, 2024. |
Note 21 - Stock-based Compensat
Note 21 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 21. 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, 2023, Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2023, 2022 Weighted average Weighted remaining Aggregate Number of average contractual life intrinsic options exercise price (years) value Shares issuable under options - December 31, 2021 2,550,875 $ 89.34 Granted 837,500 95.69 Exercised (305,125 ) 54.99 Forfeited (30,250 ) 110.73 Shares issuable under options - December 31, 2022 3,053,000 $ 94.30 Granted 815,000 106.75 Exercised (600,500 ) 70.04 Forfeited (25,250 ) 119.82 Shares issuable under options - December 31, 2023 3,242,250 $ 101.73 3.2 $ 87,846 Options exercisable - December 31, 2023 1,378,039 $ 94.61 2.2 $ 47,249 The Company incurred stock-based compensation expense related to these awards of $27,087 during the year ended December 31, 2023 ( 2022 December 31, 2023, The following table summarizes information about option exercises: Year ended December 31, 2023 2022 Number of options exercised 600,500 305,125 Aggregate fair value $ 68,629 $ 41,528 Intrinsic value 26,571 16,779 Amount of cash received 42,058 24,749 Tax benefit recognized $ 131 $ 754 As at December 31, 2023, four December 31, 2023, 2022 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, 2023 2022 Risk free rate 4.9 % 4.2 % Expected life in years 4.75 4.75 Expected volatility 42.3 % 41.2 % Dividend yield 0.3 % 0.3 % Weighted average fair value per option granted $ 44.78 $ 38.22 The risk-free interest rate is based on the implied yield of a zero |
Note 22 - Income Tax
Note 22 - Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 Income tax expense using a combined statutory rate of 26.5 26.5 $ 56,386 $ 76,732 Loss on disposal of operations 361 7,110 Permanent differences 5,515 2,686 Tax effect of flow through entities (12,264 ) (10,890 ) Adjustments to tax liabilities for prior periods (407 ) (1,597 ) Changes in liability for unrecognized tax benefits (1,980 ) 1,617 Stock-based compensation 1,730 2,024 Foreign, state, and provincial tax rate differential 1,266 1,875 Change in valuation allowance 3,349 2,626 Acquisition-related items 8,864 10,106 Withholding taxes and other 5,266 2,721 Income tax expense $ 68,086 $ 95,010 Earnings (loss) before income tax by jurisdiction comprise the following: Year ended December 31, 2023 2022 Canada $ (33,907 ) $ 10,112 United States 200,035 211,382 Foreign 46,649 68,060 Total $ 212,777 $ 289,554 Income tax expense (recovery) comprises the following: Year ended December 31, 2023 2022 Current Canada $ 3,125 $ 9,390 United States 28,268 60,101 Foreign 46,617 51,517 78,010 121,008 Deferred Canada (10,360 ) (3,006 ) United States 16,753 (11,837 ) Foreign (16,317 ) (11,155 ) (9,924 ) (25,998 ) Total $ 68,086 $ 95,010 The significant components of deferred tax assets and liabilities are as follows: As at December 31, 2023 2022 Loss carryforwards and other credits $ 29,876 $ 21,960 Expenses not currently deductible 67,950 56,385 Revenue not currently taxable (1,108 ) (3,079 ) Stock-based compensation 9,490 3,573 Investments (7,818 ) 16,269 Provision for doubtful accounts 11,375 9,752 Financing fees (71 ) (227 ) Net unrealized foreign exchange losses 443 764 Depreciation and amortization (88,012 ) (96,044 ) Operating leases 14,698 13,496 Less: valuation allowance (20,546 ) (17,145 ) Net deferred tax (liabilities) assets $ 16,277 $ 5,704 As at December 31, 2023, not The Company has pre-tax NOL carryforward balances as follows: Pre-tax losses Pre-tax losses Pre-tax losses carryforward not recognized recognized 2023 2022 2023 2022 2023 2022 Canada $ 19,400 $ 4,554 $ 169 $ 159 $ 19,231 $ 4,395 United States 8,120 5,546 931 929 7,189 4,617 Foreign 90,164 69,884 59,734 50,120 30,430 19,764 The Company has pre-tax capital loss carryforwards as follows: Pre-tax losses Pre-tax losses Pre-tax losses carryforward not recognized recognized 2023 2022 2023 2022 2023 2022 Canada $ 2,397 $ 1,482 $ 2,397 $ 1,482 $ - $ - Foreign 6,089 6,071 6,089 6,071 - - 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. 2024. may Cumulative unremitted foreign earnings of US subsidiaries are nil 2022 nil December 31, 2023 ( 2022 not not A reconciliation of the beginning and ending amounts of the liability for unrecognized tax benefits is as follows: 2023 2022 Balance, January 1 $ 5,467 $ 4,048 Gross increases for tax positions of current period - 1,178 Gross increases for tax positions of prior periods 310 438 Reduction for settlements with taxing authorities (2,281 ) - Reduction for lapses in applicable statutes of limitations - (44 ) Foreign currency translation 27 (153 ) Balance, December 31 $ 3,523 $ 5,467 Of the $3,523 ( 2022 2022 December 31, 2023, 2022 2023 2022 December 31, 2023, 2022 Within the next twelve 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, 2023 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 23. Other supplemental information Year ended December 31, 2023 2022 Cash payments made during the year Income tax, net of refunds $ 118,175 $ 138,274 Interest 96,203 49,709 Non-cash financing activities Dividends declared but not paid 7,132 6,440 |
Note 24 - Financial Instruments
Note 24 - Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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, contract assets, 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 other counterparties, 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, 2023: Level 1 Level 2 Level 3 Assets Cash equivalents $ 3,753 $ - $ - Equity securities 5,049 12 - Debt securities - 19,176 - Mortgage derivative assets - - 14,224 Warehouse receivables - 177,104 - Interest rate swap assets - 4,275 - Deferred Purchase Price on AR Facility - - 107,743 Total assets $ 8,802 $ 200,567 $ 121,967 Liabilities Mortgage derivative liabilities $ - $ - $ 10,547 Interest rate swap liabilities - 1,470 - Contingent consideration liabilities - - 44,712 Total liabilities $ - $ 1,470 $ 55,259 Other than the assets and liabilities acquired in relation to business combinations (see note 4 no twelve December 31, 2023. Cash equivalents Cash equivalents include highly liquid investments with original maturities of less than three 1 Debt and equity securities The Company records debt and equity securities 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 Interest rate lock commitments and forward sale commitments are derivative instruments which use a discounted cash flow model and consider observable market data in determining their fair values, particularly changes in interest rates. In the case of interest rate lock commitments, the fair value measurement also considers the expected net cash flows associated with the servicing of the loans. The Company also considers the impact of unobservable inputs related to counterparty non-performance risk when measuring the fair value of these derivatives. Therefore, these mortgage-related derivatives are categorized as Level 3. Given the credit quality of the Company’s counterparties, the short duration of interest rate lock commitments and forward sale commitments and the Company’s historical experience, management does not Changes in the fair value of the net mortgage derivative assets and liabilities comprises the following: 2023 Balance, January 1 $ 6,949 Settlements (31,919 ) Realized gains recorded in earnings 24,970 Unrealized gains recorded in earnings 3,677 Balance, December 31 $ 3,677 Warehouse receivables Warehouse receivables represent mortgage loans originated by the Company with commitments to sell to third third December 31, 2023, 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 16 Changes in the fair value of the DPP comprises the following: 2023 2022 Balance, January 1 $ 92,278 $ 238,835 Additions to DPP 139,065 143,579 Collections on DPP (124,313 ) (288,004 ) Fair value adjustment 129 (78 ) Foreign exchange and other 584 (2,054 ) Balance, December 31 $ 107,743 $ 92,278 Interest rate swaps The Company has entered into interest rate swap agreements (“IRS”) to convert floating interest on US dollar denominated debt to fixed interest rates. The interest rate swaps are measured at fair value and are included in Other assets on the consolidated balance sheets. The table below summarizes the details of the interest rate swaps in place as at December 31, 2023. Effective Maturity Notional Amount Interest rates Date Date of US dollar debt Floating Fixed 2022 IRS A July 15, 2022 May 27, 2027 $ 150,000 SOFR 2.8020 % 2022 IRS B December 21, 2022 May 27, 2027 $ 250,000 SOFR 3.5920 % 2023 IRS A April 28, 2023 May 27, 2027 $ 100,000 SOFR 3.7250 % 2023 IRS B December 5, 2023 May 27, 2027 $ 100,000 SOFR 4.0000 % 2022 2022 2023 2023 In the year ended December 31, 2023, 2022 December 2018 July 1, 2021. April 30, 2023. Contingent acquisition consideration The inputs to the measurement of the fair value of contingent consideration related to acquisitions are Level 3 4 Changes in the fair value of the contingent consideration liability comprises the following: 2023 2022 Balance, January 1 $ 91,229 $ 154,671 Amounts recognized on acquisitions 3,962 57,600 Fair value adjustments (note 7) (17,698 ) 3,700 Resolved and settled in cash (34,475 ) (123,629 ) Other 1,694 (1,113 ) Balance, December 31 $ 44,712 $ 91,229 Less: current portion $ 13,944 $ 42,942 Non-current portion $ 30,768 $ 48,287 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. These fair value measurements use a net present value approach; significant model inputs were expected future cash outflows and discount rates which are Level 3 The carrying amount and the estimated fair value of Senior Notes and Convertible Notes are presented in the table below. Interest rate yield curves, interest rate indices and market prices (Level 2 December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair amount value amount value Senior Notes $ 518,982 $ 458,377 $ 506,533 $ 414,195 Convertible Notes - - 226,534 366,183 |
Note 25 - Commitments and Conti
Note 25 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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, 2024 $ 31,984 2025 13,829 2026 9,106 2027 1,365 2028 1,576 Thereafter 9,147 $ 67,007 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 accrued, 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, 2023, December 31, 2023, December 31, 2022 - Pursuant to its licenses with Fannie Mae, Ginnie Mae and the Department of Housing and Urban Development, 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, 2023, |
Note 26 - Related Party Transac
Note 26 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 26. Related party transactions As at December 31, 2023, 2022 nil 2032 |
Note 27 - Revenue
Note 27 - Revenue | 12 Months Ended |
Dec. 31, 2023 | |
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. OPERATING SEGMENT REVENUES Asia Americas EMEA Pacific IM Corporate Consolidated Year ended December 31, 2023 Leasing $ 788,132 $ 140,111 $ 134,845 $ - $ - $ 1,063,088 Capital Markets 481,226 101,494 119,752 - - 702,472 E&D and Project management 644,303 245,429 112,673 - - 1,002,405 Property management 323,437 82,950 121,353 - - 527,740 Valuation and advisory 187,178 148,526 101,237 - - 436,941 IM - Advisory and other - - - 480,674 - 480,674 IM - Incentive Fees - - - 6,783 - 6,783 Other 85,726 8,390 20,453 - 469 115,038 Total Revenue $ 2,510,002 $ 726,900 $ 610,313 $ 487,457 $ 469 $ 4,335,141 2022 Leasing $ 851,621 $ 147,473 $ 125,012 $ - $ - $ 1,124,106 Capital Markets 760,486 161,454 162,232 - - 1,084,172 E&D and Project management 518,214 191,378 81,073 - - 790,665 Property management 297,573 70,148 131,507 - - 499,228 Valuation and advisory 244,719 139,365 93,635 - - 477,719 IM - Advisory and other - - - 348,604 - 348,604 IM - Incentive Fees - - - 30,277 - 30,277 Other 83,732 5,322 15,001 - 661 104,716 Total Revenue $ 2,756,345 $ 715,140 $ 608,460 $ 378,881 $ 661 $ 4,459,487 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, 2023 - 2022 2022 606. Contract balances As at December 31, 2023, December 31, 2022 - December 31, 2023, 16 As at December 31, 2023, December 31, 2022). December 31, 2023, 2022 Certain constrained revenues may may 5% |
Note 28 - Segmented Information
Note 28 - Segmented Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 28. Segmented information Operating segments Colliers has identified four Included in segment total assets at December 31, 2023 2022 2022 2022 Asia Americas EMEA Pacific IM Corporate Consolidated Year ended December 31, 2023 Revenues $ 2,510,002 $ 726,900 $ 610,313 $ 487,457 $ 469 $ 4,335,141 Depreciation and amortization 84,725 31,698 12,174 71,429 2,510 202,536 Operating earnings (loss) 174,613 5,483 62,709 103,139 (45,009 ) 300,935 Equity earnings 2,095 98 - 2,885 - 5,078 Other income, net 841 Interest expense, net (94,077 ) Income tax expense (68,086 ) Net earnings $ 144,691 Total assets $ 1,898,815 $ 879,919 $ 467,122 $ 2,062,956 $ 173,314 $ 5,482,126 Total additions to fixed assets, intangible assets and goodwill 112,953 18,187 28,127 6,334 2,571 168,172 Asia Americas EMEA Pacific IM Corporate Consolidated Year ended December 31, 2022 Revenues $ 2,756,345 $ 715,140 $ 608,460 $ 378,881 $ 661 $ 4,459,487 Depreciation and amortization 86,927 27,432 11,476 48,543 3,043 177,421 Operating earnings (loss) 254,375 9,891 72,256 37,055 (41,081 ) 332,496 Equity earnings 1,671 58 - 4,948 - 6,677 Other income, net (1,032 ) Interest expense, net (48,587 ) Income tax expense (95,010 ) Net earnings $ 194,544 Total assets $ 1,685,753 $ 857,974 $ 408,825 $ 2,101,208 $ 44,417 $ 5,098,177 Total additions to fixed assets, intangible assets and goodwill 131,114 237,622 59,759 1,291,202 3,703 1,723,400 Geographic information Revenues in each geographic region are reported by customer locations except for IM where revenues are reported by the location of the fund management. GEOGRAPHIC INFORMATION 2023 2022 United States Revenues $ 2,362,420 $ 2,542,270 Total long-lived assets 2,293,362 2,270,468 Canada Revenues $ 432,176 $ 467,975 Total long-lived assets 110,195 76,071 Euro currency countries Revenues $ 404,158 $ 411,834 Total long-lived assets 368,198 367,749 Australia Revenues $ 284,471 $ 277,488 Total long-lived assets 114,754 111,013 United Kingdom Revenues $ 266,487 $ 218,304 Total long-lived assets 526,669 527,157 China Revenues $ 87,509 $ 96,222 Total long-lived assets 8,073 7,410 Other Revenues $ 497,920 $ 445,394 Total long-lived assets 290,862 294,697 Consolidated Revenues $ 4,335,141 $ 4,459,487 Total long-lived assets 3,712,113 3,654,565 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 credit losses, 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 7 years straight-line Leasehold improvements 1 to 10 years straight-line (based upon term of the lease) |
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 24 |
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 Convertible Notes are accounted for entirely as debt as 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. Convertible Notes were fully settled in June 2023 ( 14 |
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 an expense 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, 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 |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Warehouse fund assets From time to time, the Company’s Investment Management segment purchases investments for placement, or “seeding”, of assets into a fund which it manages. The purchased investments are recorded at fair value as warehouse fund assets and corresponding liabilities related to warehouse fund assets prior to the ultimate divestiture to the identified fund. These assets and associated liabilities may may not twelve The transactions are not not 6 |
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, 2023 December 31, 2022, As at December 31, 2023 2022 Discount rate 11.7 % 11.5 % Conditional prepayment rate 3.1 % 3.1 % As at December 31, 2023, 2022 11 |
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 The Company generates revenue 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 (see note 27 (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 a calculated fee base which may 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 as well as evaluation of incentive-fee related compensation expense and significant judgment is involved in making such determinations. At each reporting period, the Company considers various factors in estimating revenue to be recognized and incentive fee related-compensation expense to be accrued. 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 may December 31, 2023 The Company incurred compensation expense related to subsidiary stock-based plans of $2,656 during the year ended December 31, 2023 ( 2022 December 31, 2023, seven December 31, 2023, $6,671. |
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 |
Note 2 - Summary of Presentat_2
Note 2 - Summary of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Mortgage Servicing Rights ("MSRs") [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | As at December 31, 2023 2022 Discount rate 11.7 % 11.5 % Conditional prepayment rate 3.1 % 3.1 % |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Aggregate Acquisitions Current assets, excluding cash $ 15,372 Non-current assets 9,286 Current liabilities 6,653 Long-term liabilities 8,445 $ 9,560 Cash consideration, net of cash acquired of $ 7,278 $ 60,343 Acquisition date fair value of contingent consideration 3,962 Total purchase consideration $ 64,305 Acquired intangible assets (note 11) Finite life $ 44,567 Goodwill (note 12) $ 34,369 Redeemable non-controlling interest (note 18) $ 24,191 Aggregate Acquisitions Current assets, excluding cash $ 44,190 Non-current assets 49,817 Current liabilities 95,844 Long-term liabilities 82,920 $ (84,757 ) Cash consideration, net of cash acquired of $ 122,964 $ 1,007,297 Acquisition date fair value of contingent consideration 57,600 Total purchase consideration $ 1,064,897 Acquired intangible assets (note 11) Finite life $ 714,775 Goodwill (note 12) $ 936,122 Redeemable non-controlling interest (note 18) $ 501,243 Revenues Net earnings Actual from acquired entities for 2023 $ 41,029 $ 5,027 Supplemental pro forma for 2023 (unaudited) 4,354,159 140,120 Supplemental pro forma for 2022 (unaudited) 4,715,661 217,556 |
Note 6 - Warehouse Fund Assets
Note 6 - Warehouse Fund Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disclosure of Long-Lived Assets Held-for-Sale [Table Text Block] | As at December 31, 2023 2022 Warehouse fund assets Warehouse fund assets $ 44,492 $ 45,353 Warehouse fund assets - non-current $ 47,536 $ - Total warehouse fund assets $ 92,028 $ 45,353 Liabilities related to warehouse fund assets Liabilities related to warehouse fund assets $ - $ 1,353 Liabilities related to warehouse fund assets - non-current $ 47,536 $ - Total liabilities related to warehouse fund assets $ 47,536 $ 1,353 Net warehouse fund assets $ 44,492 $ 44,000 |
Note 7 - Acquisition-related _2
Note 7 - Acquisition-related Items (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Acquisition Related Expenses [Table Text Block] | Year ended December 31, 2023 2022 Transaction costs $ 14,148 $ 23,275 Contingent consideration fair value adjustments (note 24) (17,698 ) 3,700 Contingent consideration compensation expense (note 4) 50,646 50,169 $ 47,096 $ 77,144 |
Note 8 - Prepaid Expenses and_2
Note 8 - Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As at December 31, 2023 2022 Prepaid expenses $ 73,592 $ 61,324 Advisor loans receivable 35,893 23,958 Investments in equity securities 3,956 9,486 Investments in debt securities 19,565 18,364 Deferred Purchase Price (notes 16 and 24) 107,743 92,278 Mortgage derivative asset (note 24) 14,224 40,879 Interest rate swap asset (note 24) - 659 Other 3,752 687 Prepaid and other assets (Current Assets) $ 258,725 $ 247,635 As at December 31, 2023 2022 Advisor loans receivable $ 94,508 $ 66,991 Equity accounted investments (note 17) 33,851 28,175 Investments in equity securities 8,440 8,943 Investments in debt securities 5,934 15,449 Financing fees, net of accumulated amortization of $ 9,865 8,018 3,109 4,040 Interest rate swap asset (note 24) 4,275 6,940 Other 7,080 7,972 Other assets (Non-Current Assets) $ 157,197 $ 138,510 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2023 2022 Operating lease cost $ 107,323 $ 97,467 Finance lease cost Amortization of right-of-use assets 1,169 1,034 Interest on lease liabilities 173 29 Variable lease cost 26,520 21,728 Short term lease cost 4,580 4,323 Total lease expense $ 139,765 $ 124,581 Sublease revenues (6,856 ) (6,904 ) Total lease cost, net of sublease revenues $ 132,909 $ 117,677 Year ended December 31, 2023 2022 Right-of-use assets obtained in exchange for new operating lease obligations $ 134,442 $ 99,669 Right-of-use assets obtained in exchange for new finance lease obligations 4,965 1,101 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (104,570 ) $ (94,761 ) Operating cash flows from finance leases (173 ) (29 ) Financing cash flows from finance leases (1,077 ) (1,391 ) As at December 31, 2023 Weighted average remaining lease term Operating leases (in years) 7.0 Finance leases (in years) 4.0 Weighted average discount rate Operating leases 4.2 % Finance leases 9.2 % |
Lessee, Leases Balance Sheet Infomration [Table Text Block] | As at December 31, 2023 2022 Operating leases Operating lease right-of-use assets $ 390,565 $ 341,623 Operating lease liabilities - current $ (89,938 ) $ (84,989 ) Operating lease liabilities - non-current (375,454 ) (322,496 ) Total operating lease liabilities $ (465,392 ) $ (407,485 ) Finance leases Fixed assets, cost $ 8,244 $ 3,895 Accumulated depreciation (2,566 ) (2,511 ) Fixed assets, net $ 5,678 $ 1,384 Long-term debt - current $ (1,415 ) $ (755 ) Long-term debt - non-current (4,295 ) (725 ) Total finance lease liabilities $ (5,710 ) $ (1,480 ) |
Lessee, Lease, Liability, Maturity [Table Text Block] | 1 year 2 years 3 years 4 years 5 years Thereafter Total Operating leases $ 109,682 $ 92,538 $ 70,696 $ 57,788 $ 49,193 $ 159,990 $ 539,887 Present value of operating lease liabilities 465,392 Difference between undiscounted cash flows and discounted cash flows $ 74,495 Finance leases $ 1,991 $ 1,707 $ 1,366 $ 1,144 $ 737 $ - $ 6,945 Present value of finance lease liabilities 5,710 Difference between undiscounted cash flows and discounted cash flows $ 1,235 |
Note 10 - Fixed Assets (Tables)
Note 10 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 Accumulated Cost depreciation Net Buildings $ 2,564 $ 1,765 $ 799 Vehicles 19,147 9,714 9,433 Furniture and equipment 107,708 68,744 38,964 Computer equipment and software 220,136 157,514 62,622 Leasehold improvements 182,331 91,312 91,019 $ 531,886 $ 329,049 $ 202,837 December 31, 2022 Accumulated Cost depreciation Net Buildings $ 2,553 $ 1,615 $ 938 Vehicles 14,338 7,413 6,925 Furniture and equipment 93,827 58,908 34,919 Computer equipment and software 185,260 136,582 48,678 Leasehold improvements 149,401 76,368 73,033 $ 445,379 $ 280,886 $ 164,493 Fixed assets include ROU assets - Finance leases (see note 9). |
Note 11 - Intangible Assets (Ta
Note 11 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross carrying Accumulated December 31, 2023 amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 23,408 - 23,408 $ 52,608 $ - $ 52,608 Finite life intangible assets: Customer lists and relationships $ 707,355 $ 218,435 $ 488,920 Investment management contracts 591,826 181,653 410,173 Mortgage servicing rights ("MSRs") 188,489 84,058 104,431 Trademarks and trade names 27,563 7,486 20,077 Management contracts and other 13,893 10,547 3,346 Backlog 6,349 5,433 916 $ 1,535,475 $ 507,612 $ 1,027,863 $ 1,588,083 $ 507,612 $ 1,080,471 Gross carrying Accumulated December 31, 2022 amount amortization Net Indefinite life intangible assets: Licenses $ 29,200 $ - $ 29,200 Trademarks and trade names 23,285 - 23,285 $ 52,485 $ - $ 52,485 Finite life intangible assets: Customer lists and relationships $ 695,007 $ 187,743 $ 507,264 Investment management contracts 589,885 126,904 462,981 Mortgage servicing rights ("MSRs") 170,213 65,771 104,442 Trademarks and trade names 27,702 4,389 23,313 Management contracts and other 15,426 10,635 4,791 Backlog 8,299 3,665 4,634 $ 1,506,532 $ 399,107 $ 1,107,425 $ 1,559,017 $ 399,107 $ 1,159,910 |
Servicing Asset at Amortized Cost [Table Text Block] | 2023 2022 Balance, January 1 $ 104,442 $ 106,423 Additions, following the sale of loan 18,276 22,335 Amortization (14,833 ) (14,943 ) Prepayments and write-offs (3,454 ) (9,373 ) Balance, December 31 $ 104,431 $ 104,442 |
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 $ 38,061 9.9 Trademarks and trade names - finite life 481 2.0 Customer backlog 6,670 0.7 Other 627 4.4 $ 45,839 8.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the year ended December 31, MSRs Other Intangibles Total 2024 $ 12,540 $ 114,023 $ 126,563 2025 11,402 103,800 115,202 2026 10,783 103,107 113,890 2027 10,047 93,671 103,718 2028 9,426 87,599 97,025 Thereafter 50,233 421,232 471,465 $ 104,431 $ 923,432 $ 1,027,863 |
Note 12 - Goodwill (Tables)
Note 12 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Asia Americas EMEA Pacific IM Consolidated December 31, 2021 $ 359,945 259,764 92,018 379,321 $ 1,091,048 Goodwill acquired during the year 35,221 135,061 30,829 735,011 936,122 Goodwill disposed during the year - (7,052 ) - - (7,052 ) Other items - 2,410 - (2,410 ) - Foreign exchange (71 ) (21,118 ) (8,486 ) (1,904 ) (31,579 ) December 31, 2022 395,095 369,065 114,361 1,110,018 1,988,539 Goodwill acquired during the year 22,168 - 12,201 - 34,369 Goodwill disposed during the year (629 ) - - - (629 ) Other items (144 ) (683 ) - - (827 ) Foreign exchange 643 14,234 400 1,511 16,788 December 31, 2023 417,133 382,616 126,962 1,111,529 2,038,240 Goodwill 443,404 385,928 126,962 1,111,529 2,067,823 Accumulated impairment loss (26,271 ) (3,312 ) - - (29,583 ) $ 417,133 $ 382,616 $ 126,962 $ 1,111,529 $ 2,038,240 |
Note 13 - Long-term Debt (Table
Note 13 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As at December 31, 2023 2022 Revolving Credit Facility $ 977,110 $ 930,042 Senior Notes 518,982 506,533 Finance leases maturing at various dates through 2028 5,710 1,480 Other long-term debt maturing at various dates through 2028 837 1,044 1,502,639 1,439,099 Less: current portion 1,796 1,360 Long-term debt - non-current $ 1,500,843 $ 1,437,739 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | For the year ended December 31, 2024 $ 1,796 2025 1,605 2026 1,181 2027 978,073 2028 and thereafter 519,984 $ 1,502,639 |
Note 15 - Warehouse Credit Fa_2
Note 15 - Warehouse Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | December 31, 2023 December 31, 2022 Current Maximum Carrying Maximum Carrying Maturity Capacity Value Capacity Value Facility A - SOFR plus 1.40 October 17, 2024 $ 275,000 $ 168,780 $ 125,000 $ 1,924 Facility B - SOFR plus 1.45 On demand 125,000 - 125,000 7,619 Facility C - SOFR plus 1.60 Terminated - - 150,000 14,743 $ 400,000 $ 168,780 $ 400,000 $ 24,286 |
Note 17 - Variable Interest E_2
Note 17 - Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | As at December 31, 2023 2022 Equity accounted investments $ 29,631 $ 22,361 Co-investment commitments 42,395 18,588 Maximum exposure to loss $ 72,026 $ 40,949 |
Note 18 - Redeemable Non-cont_2
Note 18 - Redeemable Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2023 2022 Balance, January 1 $ 1,079,306 $ 536,903 RNCI share of earnings 53,621 51,084 RNCI redemption increment 22,588 94,372 Distributions paid to RNCI (74,268 ) (60,623 ) Purchase of interests from RNCI (36,922 ) (43,061 ) Sale of interests to RNCI 3,550 1,994 Disposal of operations (note 5) - (2,361 ) RNCI recognized on business acquisitions 24,191 501,243 Other - (245 ) Balance, December 31 $ 1,072,066 $ 1,079,306 |
Note 19 - Capital Stock (Tables
Note 19 - Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2022 41,607,462 845,307 1,325,694 373 42,933,156 845,680 December 31, 2023 46,223,682 1,126,661 1,325,694 373 47,549,376 1,127,034 |
Note 20 - Net Earnings (Loss)_2
Note 20 - Net Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 Net earnings attributable to Company $ 65,543 $ 46,253 After-tax interest on Convertible Notes (119 ) - Adjusted numerator under the "If-Converted" Method $ 65,424 $ 46,253 Weighted average number of shares used in computing basic earnings per share 45,679,676 43,409,265 Assumed exercise of stock options acquired under the Treasury Stock Method 307,987 509,138 Conversion of Convertible Notes 285,911 - Number of shares used in computing diluted earnings per share 46,273,574 43,918,403 |
Note 21 - Stock-based Compens_2
Note 21 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2021 2,550,875 $ 89.34 Granted 837,500 95.69 Exercised (305,125 ) 54.99 Forfeited (30,250 ) 110.73 Shares issuable under options - December 31, 2022 3,053,000 $ 94.30 Granted 815,000 106.75 Exercised (600,500 ) 70.04 Forfeited (25,250 ) 119.82 Shares issuable under options - December 31, 2023 3,242,250 $ 101.73 3.2 $ 87,846 Options exercisable - December 31, 2023 1,378,039 $ 94.61 2.2 $ 47,249 |
Stock Options Exercised [Table Text Block] | Year ended December 31, 2023 2022 Number of options exercised 600,500 305,125 Aggregate fair value $ 68,629 $ 41,528 Intrinsic value 26,571 16,779 Amount of cash received 42,058 24,749 Tax benefit recognized $ 131 $ 754 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | As at December 31, 2023 2022 Risk free rate 4.9 % 4.2 % Expected life in years 4.75 4.75 Expected volatility 42.3 % 41.2 % Dividend yield 0.3 % 0.3 % Weighted average fair value per option granted $ 44.78 $ 38.22 |
Note 22 - Income Tax (Tables)
Note 22 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2023 2022 Income tax expense using a combined statutory rate of 26.5 26.5 $ 56,386 $ 76,732 Loss on disposal of operations 361 7,110 Permanent differences 5,515 2,686 Tax effect of flow through entities (12,264 ) (10,890 ) Adjustments to tax liabilities for prior periods (407 ) (1,597 ) Changes in liability for unrecognized tax benefits (1,980 ) 1,617 Stock-based compensation 1,730 2,024 Foreign, state, and provincial tax rate differential 1,266 1,875 Change in valuation allowance 3,349 2,626 Acquisition-related items 8,864 10,106 Withholding taxes and other 5,266 2,721 Income tax expense $ 68,086 $ 95,010 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2023 2022 Canada $ (33,907 ) $ 10,112 United States 200,035 211,382 Foreign 46,649 68,060 Total $ 212,777 $ 289,554 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2023 2022 Current Canada $ 3,125 $ 9,390 United States 28,268 60,101 Foreign 46,617 51,517 78,010 121,008 Deferred Canada (10,360 ) (3,006 ) United States 16,753 (11,837 ) Foreign (16,317 ) (11,155 ) (9,924 ) (25,998 ) Total $ 68,086 $ 95,010 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As at December 31, 2023 2022 Loss carryforwards and other credits $ 29,876 $ 21,960 Expenses not currently deductible 67,950 56,385 Revenue not currently taxable (1,108 ) (3,079 ) Stock-based compensation 9,490 3,573 Investments (7,818 ) 16,269 Provision for doubtful accounts 11,375 9,752 Financing fees (71 ) (227 ) Net unrealized foreign exchange losses 443 764 Depreciation and amortization (88,012 ) (96,044 ) Operating leases 14,698 13,496 Less: valuation allowance (20,546 ) (17,145 ) Net deferred tax (liabilities) assets $ 16,277 $ 5,704 |
Summary of Operating Loss Carryforwards [Table Text Block] | Pre-tax losses Pre-tax losses Pre-tax losses carryforward not recognized recognized 2023 2022 2023 2022 2023 2022 Canada $ 19,400 $ 4,554 $ 169 $ 159 $ 19,231 $ 4,395 United States 8,120 5,546 931 929 7,189 4,617 Foreign 90,164 69,884 59,734 50,120 30,430 19,764 Pre-tax losses Pre-tax losses Pre-tax losses carryforward not recognized recognized 2023 2022 2023 2022 2023 2022 Canada $ 2,397 $ 1,482 $ 2,397 $ 1,482 $ - $ - Foreign 6,089 6,071 6,089 6,071 - - |
Summary of Income Tax Contingencies [Table Text Block] | 2023 2022 Balance, January 1 $ 5,467 $ 4,048 Gross increases for tax positions of current period - 1,178 Gross increases for tax positions of prior periods 310 438 Reduction for settlements with taxing authorities (2,281 ) - Reduction for lapses in applicable statutes of limitations - (44 ) Foreign currency translation 27 (153 ) Balance, December 31 $ 3,523 $ 5,467 |
Note 23 - Other Supplemental _2
Note 23 - Other Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Supplement Information [Table Text Block] | Year ended December 31, 2023 2022 Cash payments made during the year Income tax, net of refunds $ 118,175 $ 138,274 Interest 96,203 49,709 Non-cash financing activities Dividends declared but not paid 7,132 6,440 |
Note 24 - Financial Instrumen_2
Note 24 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Assets Cash equivalents $ 3,753 $ - $ - Equity securities 5,049 12 - Debt securities - 19,176 - Mortgage derivative assets - - 14,224 Warehouse receivables - 177,104 - Interest rate swap assets - 4,275 - Deferred Purchase Price on AR Facility - - 107,743 Total assets $ 8,802 $ 200,567 $ 121,967 Liabilities Mortgage derivative liabilities $ - $ - $ 10,547 Interest rate swap liabilities - 1,470 - Contingent consideration liabilities - - 44,712 Total liabilities $ - $ 1,470 $ 55,259 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2023 Balance, January 1 $ 6,949 Settlements (31,919 ) Realized gains recorded in earnings 24,970 Unrealized gains recorded in earnings 3,677 Balance, December 31 $ 3,677 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2023 2022 Balance, January 1 $ 92,278 $ 238,835 Additions to DPP 139,065 143,579 Collections on DPP (124,313 ) (288,004 ) Fair value adjustment 129 (78 ) Foreign exchange and other 584 (2,054 ) Balance, December 31 $ 107,743 $ 92,278 |
Schedule of Derivative Instruments [Table Text Block] | Effective Maturity Notional Amount Interest rates Date Date of US dollar debt Floating Fixed 2022 IRS A July 15, 2022 May 27, 2027 $ 150,000 SOFR 2.8020 % 2022 IRS B December 21, 2022 May 27, 2027 $ 250,000 SOFR 3.5920 % 2023 IRS A April 28, 2023 May 27, 2027 $ 100,000 SOFR 3.7250 % 2023 IRS B December 5, 2023 May 27, 2027 $ 100,000 SOFR 4.0000 % |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | 2023 2022 Balance, January 1 $ 91,229 $ 154,671 Amounts recognized on acquisitions 3,962 57,600 Fair value adjustments (note 7) (17,698 ) 3,700 Resolved and settled in cash (34,475 ) (123,629 ) Other 1,694 (1,113 ) Balance, December 31 $ 44,712 $ 91,229 Less: current portion $ 13,944 $ 42,942 Non-current portion $ 30,768 $ 48,287 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair amount value amount value Senior Notes $ 518,982 $ 458,377 $ 506,533 $ 414,195 Convertible Notes - - 226,534 366,183 |
Note 25 - Commitments and Con_2
Note 25 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Year ended December 31, 2024 $ 31,984 2025 13,829 2026 9,106 2027 1,365 2028 1,576 Thereafter 9,147 $ 67,007 |
Note 27 - Revenue (Tables)
Note 27 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Asia Americas EMEA Pacific IM Corporate Consolidated Year ended December 31, 2023 Leasing $ 788,132 $ 140,111 $ 134,845 $ - $ - $ 1,063,088 Capital Markets 481,226 101,494 119,752 - - 702,472 E&D and Project management 644,303 245,429 112,673 - - 1,002,405 Property management 323,437 82,950 121,353 - - 527,740 Valuation and advisory 187,178 148,526 101,237 - - 436,941 IM - Advisory and other - - - 480,674 - 480,674 IM - Incentive Fees - - - 6,783 - 6,783 Other 85,726 8,390 20,453 - 469 115,038 Total Revenue $ 2,510,002 $ 726,900 $ 610,313 $ 487,457 $ 469 $ 4,335,141 2022 Leasing $ 851,621 $ 147,473 $ 125,012 $ - $ - $ 1,124,106 Capital Markets 760,486 161,454 162,232 - - 1,084,172 E&D and Project management 518,214 191,378 81,073 - - 790,665 Property management 297,573 70,148 131,507 - - 499,228 Valuation and advisory 244,719 139,365 93,635 - - 477,719 IM - Advisory and other - - - 348,604 - 348,604 IM - Incentive Fees - - - 30,277 - 30,277 Other 83,732 5,322 15,001 - 661 104,716 Total Revenue $ 2,756,345 $ 715,140 $ 608,460 $ 378,881 $ 661 $ 4,459,487 |
Note 28 - Segmented Informati_2
Note 28 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Asia Americas EMEA Pacific IM Corporate Consolidated Year ended December 31, 2023 Revenues $ 2,510,002 $ 726,900 $ 610,313 $ 487,457 $ 469 $ 4,335,141 Depreciation and amortization 84,725 31,698 12,174 71,429 2,510 202,536 Operating earnings (loss) 174,613 5,483 62,709 103,139 (45,009 ) 300,935 Equity earnings 2,095 98 - 2,885 - 5,078 Other income, net 841 Interest expense, net (94,077 ) Income tax expense (68,086 ) Net earnings $ 144,691 Total assets $ 1,898,815 $ 879,919 $ 467,122 $ 2,062,956 $ 173,314 $ 5,482,126 Total additions to fixed assets, intangible assets and goodwill 112,953 18,187 28,127 6,334 2,571 168,172 Asia Americas EMEA Pacific IM Corporate Consolidated Year ended December 31, 2022 Revenues $ 2,756,345 $ 715,140 $ 608,460 $ 378,881 $ 661 $ 4,459,487 Depreciation and amortization 86,927 27,432 11,476 48,543 3,043 177,421 Operating earnings (loss) 254,375 9,891 72,256 37,055 (41,081 ) 332,496 Equity earnings 1,671 58 - 4,948 - 6,677 Other income, net (1,032 ) Interest expense, net (48,587 ) Income tax expense (95,010 ) Net earnings $ 194,544 Total assets $ 1,685,753 $ 857,974 $ 408,825 $ 2,101,208 $ 44,417 $ 5,098,177 Total additions to fixed assets, intangible assets and goodwill 131,114 237,622 59,759 1,291,202 3,703 1,723,400 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2023 2022 United States Revenues $ 2,362,420 $ 2,542,270 Total long-lived assets 2,293,362 2,270,468 Canada Revenues $ 432,176 $ 467,975 Total long-lived assets 110,195 76,071 Euro currency countries Revenues $ 404,158 $ 411,834 Total long-lived assets 368,198 367,749 Australia Revenues $ 284,471 $ 277,488 Total long-lived assets 114,754 111,013 United Kingdom Revenues $ 266,487 $ 218,304 Total long-lived assets 526,669 527,157 China Revenues $ 87,509 $ 96,222 Total long-lived assets 8,073 7,410 Other Revenues $ 497,920 $ 445,394 Total long-lived assets 290,862 294,697 Consolidated Revenues $ 4,335,141 $ 4,459,487 Total long-lived assets 3,712,113 3,654,565 |
Note 1 - Description of the B_2
Note 1 - Description of the Business (Details Textual) | Dec. 31, 2023 |
Number of Countries in which Entity Operates | 34 |
Number of Geographic Regions in which Entity Operates | 4 |
Colliers and Its Affiliates and Franchisees [Member] | |
Number of Countries in which Entity Operates | 66 |
Note 2 - Summary of Presentat_3
Note 2 - Summary of Presentation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 27,087 | $ 21,853 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 49,299 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 22,971 | 16,866 |
Long-term Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-Based Payment Arrangement, Expense | $ 2,656 | 6,954 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 24,026 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | 6,671 | |
Mortgage Servicing Rights ("MSRs") [Member] | ||
Servicing Asset at Fair Value, Amount | 179,858 | $ 172,833 |
Mortgage Servicing Rights (MSR) Impairment (Recovery) | $ 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) | 7 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 1 year | |
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, 2023 | Dec. 31, 2022 |
Measurement Input, Discount Rate [Member] | ||
MSRs, assumption | 0.117 | 0.115 |
Measurement Input, Prepayment Rate [Member] | ||
MSRs, assumption | 0.031 | 0.031 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Businesses Acquired | 3 | 12 |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 22,168,000 | $ 483,159,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 714,775 | |
Acquisitions after December 31, 2008 [Member] | ||
Business Combination, Contingent Consideration, Liability | 44,712,000 | 91,229,000 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 347,079,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 404,458,000 | |
Contingent Consideration Paid | 56,530,000 | 125,514,000 |
Acquisitions after December 31, 2008 [Member] | Contingent Consideration, Compensation Element [Member] | ||
Business Combination, Contingent Consideration, Liability | 90,480,000 | $ 61,870,000 |
Customer Lists and Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 37,312,000 | |
Asia Pacific [Member] | ||
Number of Businesses Acquired | 2 | |
Americas [Member] | ||
Number of Businesses Acquired | 1 |
Note 4 - Acquisitions - Acquisi
Note 4 - Acquisitions - Acquisitions Details (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets, excluding cash | $ 44,190,000 | |
Non-current assets | 49,817,000 | |
Current liabilities | 95,844,000 | |
Long-term liabilities | 82,920,000 | |
Net identifiable assets acquired | (84,757,000) | |
Cash consideration, net of cash acquired | $ 60,343,000 | 1,007,297,000 |
Acquisition date fair value of contingent consideration | 57,600,000 | |
Total purchase consideration | 1,064,897,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 714,775 | |
Goodwill (note 12) | 34,369,000 | 936,122,000 |
Redeemable non-controlling interest (note 18) | 501,243 | |
Actual from acquired entities, Revenues | 41,029,000 | |
Actual from acquired entities, Net earnings from continuing operations | 5,027,000 | |
Supplemental pro forma revenues (unaudited), Revenues | 4,354,159,000 | 4,715,661,000 |
Supplemental pro forma net earnings (unaudited), Net earnings from continuing operations | 140,120,000 | $ 217,556,000 |
Basalt Infrastructure Partners LLP [Member] | ||
Current assets, excluding cash | 15,372,000 | |
Non-current assets | 9,286,000 | |
Current liabilities | 6,653,000 | |
Long-term liabilities | 8,445,000 | |
Net identifiable assets acquired | 9,560,000 | |
Cash consideration, net of cash acquired | 60,343,000 | |
Acquisition date fair value of contingent consideration | 3,962,000 | |
Total purchase consideration | 64,305,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 44,567,000 | |
Goodwill (note 12) | 34,369,000 | |
Redeemable non-controlling interest (note 18) | $ 24,191,000 |
Note 4 - Acquisitions - Acqui_2
Note 4 - Acquisitions - Acquisitions Details (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash consideration, cash acquired | $ 7,278 | $ 122,964 |
Cash consideration, cash acquired | $ 7,278 | $ 122,964 |
Note 5 - Business Disposals (De
Note 5 - Business Disposals (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (2,282) | $ (26,834) | |
Operation in Peru [Member] | |||
Disposal Group, Including Discontinued Operation, Assets | $ 9,739 | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 6,788 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (2,282) |
Note 6 - Warehouse Fund Asset_2
Note 6 - Warehouse Fund Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate Portfolio [Member] | ||
Income, Real Estate Assets Held for Sale | $ 0 | $ 0 |
Minimum [Member] | ||
Limited Partner Equity Interest in Real Estate Portfolio | 1% | |
Maximum [Member] | ||
Limited Partner Equity Interest in Real Estate Portfolio | 2% |
Note 6 - Warehouse Fund Asset_3
Note 6 - Warehouse Fund Assets - Warehouse Fund Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Warehouse fund assets (note 6) | $ 44,492 | $ 45,353 |
Warehouse fund assets - non-current | 47,536 | 0 |
Total warehouse fund assets | 92,028 | 45,353 |
Liabilities related to warehouse fund assets | 0 | 1,353 |
Liabilities related to warehouse fund assets - non-current | 47,536 | 0 |
Total liabilities related to warehouse fund assets | 47,536 | 1,353 |
Net warehouse fund assets | $ 44,492 | $ 44,000 |
Note 7 - Acquisition-related _3
Note 7 - Acquisition-related Items (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contingent Consideration Compensation Expense | $ 50,646 | $ 50,169 |
The 2023 Acquisitions [Member] | ||
Contingent Consideration Compensation Expense | $ 2,853 |
Note 7 - Acquisition-related _4
Note 7 - Acquisition-related Items - Composition of Acquisition-related Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Transaction costs | $ 14,148 | $ 23,275 |
Contingent consideration fair value adjustments (note 24) | (17,698) | 3,700 |
Contingent consideration compensation expense (note 4) | 50,646 | 50,169 |
Acquisition-related expense | $ 47,096 | $ 77,144 |
Note 8 - Prepaid Expenses and_3
Note 8 - Prepaid Expenses and Other Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Securities, FV-NI, Current | $ 3,945 | $ 9,476 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current | 389 | 1,410 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Noncurrent | $ 5,934 | 15,449 |
Debt Securities, Held-to-maturity, Term (Year) | 10 years | |
Marketable Securities, Current | $ 19,188 | 16,961 |
Equity Securities, FV-NI, Noncurrent | 7,335 | $ 7,768 |
Other Income [Member] | ||
Equity Securities, FV-NI, Realized Gain (Loss) | 101 | |
Letter of Credit [Member] | Asset Pledged as Collateral [Member] | ||
Short-Term Investments | $ 1,214 |
Note 8 - Prepaid Expenses and_4
Note 8 - Prepaid Expenses and Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses | $ 73,592 | $ 61,324 |
Advisor loans receivable | 35,893 | 23,958 |
Investments in equity securities | 3,956 | 9,486 |
Investments in debt securities | 19,565 | 18,364 |
Deferred Purchase Price (notes 16 and 24) | 107,743 | 92,278 |
Other | 3,752 | 687 |
Prepaid and other assets (Current Assets) | 258,725 | 247,635 |
Advisor loans receivable | 94,508 | 66,991 |
Equity accounted investments | 33,851 | 28,175 |
Investments in equity securities | 8,440 | 8,943 |
Investments in debt securities | 5,934 | 15,449 |
Financing fees, net of accumulated amortization of $9,865 (December 31, 2022 - $8,018) | 3,109 | 4,040 |
Other | 7,080 | 7,972 |
Other assets (Non-Current Assets) | 157,197 | 138,510 |
Mortgage-related Derivatives [Member] | ||
Derivative asset | 14,224 | 40,879 |
Interest Rate Swap [Member] | ||
Derivative asset | 0 | 659 |
Interest rate swap asset (note 24) | $ 4,275 | $ 6,940 |
Note 8 - Prepaid Expenses and_5
Note 8 - Prepaid Expenses and Other Assets - Components of Other Assets (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing fees, accumulated amortization | $ 9,865 | $ 8,018 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Lessee, Operating Lease, Lease Not yet Commenced | $ 40,749 | |
Minimum [Member] | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 3 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) | 11 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) | 5 years |
Note 9 - Leases - Lease Informa
Note 9 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 107,323 | $ 97,467 |
Amortization of right-of-use assets | 1,169 | 1,034 |
Interest on lease liabilities | 173 | 29 |
Variable lease cost | 26,520 | 21,728 |
Short term lease cost | 4,580 | 4,323 |
Total lease expense | 139,765 | 124,581 |
Sublease revenues | (6,856) | (6,904) |
Total lease cost, net of sublease revenues | 132,909 | 117,677 |
Right-of-use assets obtained in exchange for new operating lease obligations | 134,442 | 99,669 |
Right-of-use assets obtained in exchange for new finance lease obligations | 4,965 | 1,101 |
Operating cash flows from operating leases | (104,570) | (94,761) |
Operating cash flows from finance leases | (173) | (29) |
Financing cash flows from finance leases | $ (1,077) | $ (1,391) |
Operating leases (in years) (Year) | 7 years | |
Finance leases (in years) (Year) | 4 years | |
Operating leases | 4.20% | |
Finance leases | 9.20% |
Note 9 - Leases - Balance Sheet
Note 9 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets (note 9) | $ 390,565 | $ 341,623 |
Operating lease liabilities - current | (89,938) | (84,989) |
Operating lease liabilities - non-current | (375,454) | (322,496) |
Total operating lease liabilities | (465,392) | (407,485) |
Fixed assets, cost | 8,244 | 3,895 |
Accumulated depreciation | (2,566) | (2,511) |
Fixed assets, net | 5,678 | 1,384 |
Long-term debt - current | (1,415) | (755) |
Long-term debt - non-current | (4,295) | (725) |
Total finance lease liabilities | $ (5,710) | $ (1,480) |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating leases, one year | $ 109,682 | |
Operating leases, two years | 92,538 | |
Operating leases, three years | 70,696 | |
Operating leases, four years | 57,788 | |
Operating leases, five years | 49,193 | |
Operating leases, thereafter | 159,990 | |
Operating leases | 539,887 | |
Present value of operating lease liabilities | 465,392 | $ 407,485 |
Difference between undiscounted cash flows and discounted cash flows, operating lease | 74,495 | |
Finance leases, one year | 1,991 | |
Finance leases, two years | 1,707 | |
Finance leases, three years | 1,366 | |
Finance leases, four years | 1,144 | |
Finance leases, five years | 737 | |
Finance leases, thereafter | 0 | |
Finance leases | 6,945 | |
Present value of finance lease liabilities | 5,710 | $ 1,480 |
Difference between undiscounted cash flows and discounted cash flows, finance lease | $ 1,235 |
Note 10 - Fixed Assets - Compon
Note 10 - Fixed Assets - Components of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cost | $ 531,886 | |
Accumulated depreciation | 329,049 | |
Net | 202,837 | |
Building [Member] | ||
Cost | 2,564 | $ 2,553 |
Accumulated depreciation | 1,765 | 1,615 |
Net | 799 | 938 |
Vehicles [Member] | ||
Cost | 19,147 | 14,338 |
Accumulated depreciation | 9,714 | 7,413 |
Net | 9,433 | 6,925 |
Furniture and Fixtures [Member] | ||
Cost | 107,708 | 93,827 |
Accumulated depreciation | 68,744 | 58,908 |
Net | 38,964 | 34,919 |
Computer Equipment [Member] | ||
Cost | 220,136 | 185,260 |
Accumulated depreciation | 157,514 | 136,582 |
Net | 62,622 | 48,678 |
Leasehold Improvements [Member] | ||
Cost | 182,331 | 149,401 |
Accumulated depreciation | 91,312 | 76,368 |
Net | $ 91,019 | $ 73,033 |
Note 11 - Intangible Assets (De
Note 11 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
Assets Acquired That Do Not Constitute a Business [Member] | ||
Finite-Lived Intangible Assets Acquired | $ 1,272 |
Note 11 - Intangible Assets - C
Note 11 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Indefinite life intangible assets | $ 52,608 | $ 52,485 |
Finite life intangible assets, gross | 1,535,475 | 1,506,532 |
Accumulated amortization | 507,612 | 399,107 |
Finite life intangible assets, net | 1,027,863 | 1,107,425 |
Intangible assets, gross | 1,588,083 | 1,559,017 |
Intangible assets, net | 1,080,471 | 1,159,910 |
Customer Lists and Relationships [Member] | ||
Finite life intangible assets, gross | 707,355 | 695,007 |
Accumulated amortization | 218,435 | 187,743 |
Finite life intangible assets, net | 488,920 | 507,264 |
Investment Management Contracts [Member] | ||
Finite life intangible assets, gross | 591,826 | 589,885 |
Accumulated amortization | 181,653 | 126,904 |
Finite life intangible assets, net | 410,173 | 462,981 |
Mortgage Servicing Rights ("MSRs") [Member] | ||
Finite life intangible assets, gross | 188,489 | 170,213 |
Accumulated amortization | 84,058 | 65,771 |
Finite life intangible assets, net | 104,431 | 104,442 |
Trademarks and Trade Names [Member] | ||
Finite life intangible assets, gross | 27,563 | 27,702 |
Accumulated amortization | 7,486 | 4,389 |
Finite life intangible assets, net | 20,077 | 23,313 |
Management Contracts and Other [Member] | ||
Finite life intangible assets, gross | 13,893 | 15,426 |
Accumulated amortization | 10,547 | 10,635 |
Finite life intangible assets, net | 3,346 | 4,791 |
Brokerage Backlog [Member] | ||
Finite life intangible assets, gross | 6,349 | 8,299 |
Accumulated amortization | 5,433 | 3,665 |
Finite life intangible assets, net | 916 | 4,634 |
Licensing Agreements [Member] | ||
Indefinite life intangible assets | 29,200 | 29,200 |
Trademark and Trade Names [Member] | ||
Indefinite life intangible assets | $ 23,408 | $ 23,285 |
Note 11 - Intangible Assets - M
Note 11 - Intangible Assets - MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, January 1 | $ 104,442 | $ 106,423 |
Additions, following the sale of loan | 18,276 | 22,335 |
Amortization | (14,833) | (14,943) |
Prepayments and write-offs | (3,454) | (9,373) |
Balance, December 31 | $ 104,431 | $ 104,442 |
Note 11 - Intangible Assets - A
Note 11 - Intangible Assets - Acquired Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Customer Lists and Relationships [Member] | |
Finite life intangible assets, acquired | $ 38,061 |
Estimated weighted average amortization period (Year) | 9 years 10 months 24 days |
Trademarks and Trade Names [Member] | |
Finite life intangible assets, acquired | $ 481 |
Estimated weighted average amortization period (Year) | 2 years |
Brokerage Backlog [Member] | |
Finite life intangible assets, acquired | $ 6,670 |
Estimated weighted average amortization period (Year) | 8 months 12 days |
Other Intangible Assets [Member] | |
Finite life intangible assets, acquired | $ 627 |
Estimated weighted average amortization period (Year) | 4 years 4 months 24 days |
Note 11 - Intangible Assets - E
Note 11 - Intangible Assets - Estimated Annual Amortization Expense for Recorded Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 126,563 | |
2025 | 115,202 | |
2026 | 113,890 | |
2027 | 103,718 | |
2028 | 97,025 | |
Thereafter | 471,465 | |
Finite-Lived Intangible Assets, Net | 1,027,863 | $ 1,107,425 |
Servicing Contracts [Member] | ||
2024 | 12,540 | |
2025 | 11,402 | |
2026 | 10,783 | |
2027 | 10,047 | |
2028 | 9,426 | |
Thereafter | 50,233 | |
Finite-Lived Intangible Assets, Net | 104,431 | |
Other Intangible Assets [Member] | ||
2024 | 114,023 | |
2025 | 103,800 | |
2026 | 103,107 | |
2027 | 93,671 | |
2028 | 87,599 | |
Thereafter | 421,232 | |
Finite-Lived Intangible Assets, Net | $ 923,432 |
Note 12 - Goodwill (Details Tex
Note 12 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 12 - Goodwill - Components
Note 12 - Goodwill - Components of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 30, 2021 | |
Balance | $ 1,988,539 | ||
Goodwill acquired during the year | 34,369 | $ 936,122 | |
Goodwill disposed during the year | (629) | (7,052) | |
Other items | (827) | 0 | |
Foreign exchange | 16,788 | (31,579) | |
Balance | 2,038,240 | 1,988,539 | |
Goodwill | 2,067,823 | ||
Accumulated impairment loss | (29,583) | ||
Goodwill | 2,038,240 | 1,988,539 | $ 1,091,048 |
Investment Management [Member] | |||
Balance | 1,110,018 | ||
Goodwill acquired during the year | 0 | 735,011 | |
Goodwill disposed during the year | 0 | 0 | |
Other items | 0 | (2,410) | |
Foreign exchange | 1,511 | (1,904) | |
Balance | 1,111,529 | 1,110,018 | |
Goodwill | 1,111,529 | ||
Accumulated impairment loss | 0 | ||
Goodwill | 1,111,529 | 1,110,018 | 379,321 |
Americas [Member] | |||
Balance | 395,095 | ||
Goodwill acquired during the year | 22,168 | 35,221 | |
Goodwill disposed during the year | (629) | 0 | |
Other items | (144) | 0 | |
Foreign exchange | 643 | (71) | |
Balance | 417,133 | 395,095 | |
Goodwill | 443,404 | ||
Accumulated impairment loss | (26,271) | ||
Goodwill | 417,133 | 395,095 | 359,945 |
EMEA [Member] | |||
Balance | 369,065 | ||
Goodwill acquired during the year | 0 | 135,061 | |
Goodwill disposed during the year | 0 | (7,052) | |
Other items | (683) | 2,410 | |
Foreign exchange | 14,234 | (21,118) | |
Balance | 382,616 | 369,065 | |
Goodwill | 385,928 | ||
Accumulated impairment loss | (3,312) | ||
Goodwill | 382,616 | 369,065 | 259,764 |
Asia Pacific [Member] | |||
Balance | 114,361 | ||
Goodwill acquired during the year | 12,201 | 30,829 | |
Goodwill disposed during the year | 0 | 0 | |
Other items | 0 | 0 | |
Foreign exchange | 400 | (8,486) | |
Balance | 126,962 | 114,361 | |
Goodwill | 126,962 | ||
Accumulated impairment loss | 0 | ||
Goodwill | $ 126,962 | $ 114,361 | $ 92,018 |
Note 13 - Long-term Debt (Detai
Note 13 - Long-term Debt (Details Textual) $ in Thousands, € in Millions | 12 Months Ended | ||||||
Apr. 28, 2023 USD ($) | May 27, 2022 USD ($) | Jul. 28, 2021 USD ($) | May 17, 2018 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Jul. 28, 2021 EUR (€) | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 557,594 | $ 759,358 | |||||
Letters of Credit Outstanding, Amount | $ 12,365 | $ 13,532 | |||||
The 1.52% 2031 Notes [Member] | |||||||
Debt Instrument, Term (Year) | 10 years | ||||||
Debt Instrument, Face Amount | € | € 125 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.52% | 1.52% | |||||
The 3.02 % 2031 Notes [Member] | |||||||
Debt Instrument, Term (Year) | 10 years | ||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.02% | 3.02% | |||||
Senior Unsecured Notes [Member] | |||||||
Debt Instrument, Term (Year) | 10 years | ||||||
Debt Instrument, Face Amount | € | € 210 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.23% | ||||||
Revolving Credit Facility [Member] | Extended Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750,000 | $ 1,500,000 | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 250,000 | ||||||
Debt Instrument, Term (Year) | 5 years | ||||||
Debt, Weighted Average Interest Rate | 4.10% | 6.60% | |||||
Revolving Credit Facility [Member] | Extended Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.11% | ||||||
Revolving Credit Facility [Member] | Extended Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% |
Note 13 - Long-term Debt - Long
Note 13 - Long-term Debt - Long-term Debt and Convertible Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revolving Credit Facility | $ 977,110 | $ 930,042 |
Senior Notes | 518,982 | 506,533 |
Present value of finance lease liabilities | 5,710 | 1,480 |
Other long-term debt maturing at various dates through 2028 | 837 | 1,044 |
Long-term debt | 1,502,639 | 1,439,099 |
Less: current portion | 1,796 | 1,360 |
Long-term debt - non-current | $ 1,500,843 | $ 1,437,739 |
Note 13 - Long-term Debt - Prin
Note 13 - Long-term Debt - Principal Repayments on Long-term Debt (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 1,796 |
2025 | 1,605 |
2026 | 1,181 |
2027 | 978,073 |
2028 and thereafter | 519,984 |
Long-Term Debt | $ 1,502,639 |
Note 14 - Convertible Notes (De
Note 14 - Convertible Notes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Jun. 30, 2023 | Apr. 04, 2023 | |
Stock Redeemed or Called During Period, Value | $ 227,101 | ||
Stock Redeemed or Called During Period, Shares (in shares) | 4,015,720 | ||
Unarmortized Financing Cost Reclassified to Equity [Member] | |||
Unamortized Debt Issuance Expense | $ 2,899 | ||
Convertible Senior Subordinated Notes [Member] | Convertible Subordinated Debt [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4% |
Note 15 - Warehouse Credit Fa_3
Note 15 - Warehouse Credit Facilities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Facility A [Member] | Colliers Mortgage [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ||
Warehouse Credit Facilities [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | $ 400 | |
Warehouse Credit Facilities [Member] | Facility A [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275 | $ 275 | $ 125 |
Line of Credit Facility, Additional Borrowing Capacity | $ 150 | ||
Warehouse Credit Facilities [Member] | Facility A [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.40% |
Note 15 - Warehouse Credit Fa_4
Note 15 - Warehouse Credit Facilities - Mortgage Warehouse Credit Facilities (Details) - Warehouse Credit Facilities [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 17, 2023 | Dec. 31, 2022 |
Maximum Capacity | $ 400,000 | $ 400,000 | |
Carrying value | 168,780 | 24,286 | |
Facility A [Member] | |||
Maximum Capacity | 275,000 | $ 275,000 | 125,000 |
Carrying value | 168,780 | 1,924 | |
Facility B [Member] | |||
Maximum Capacity | 125,000 | 125,000 | |
Carrying value | 0 | 7,619 | |
Facility C [Member] | |||
Maximum Capacity | 0 | 150,000 | |
Carrying value | $ 0 | $ 14,743 |
Note 15 - Warehouse Credit Fa_5
Note 15 - Warehouse Credit Facilities - Mortgage Warehouse Credit Facilities (Details) (Parentheticals) - Warehouse Credit Facilities [Member] - Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Facility A [Member] | |
Basis spread | 1.40% |
Facility B [Member] | |
Basis spread | 1.45% |
Facility C [Member] | |
Basis spread | 1.60% |
Note 16 - AR Facility (Details
Note 16 - AR Facility (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 28, 2023 | Oct. 28, 2022 | |
Accounts Receivable Facility, Maximum Borrowing Capacity | $ 200,000 | $ 175,000 | |||
Accounts Receivable Facility, Outstanding | $ 199,986 | $ 199,986 | |||
Servicing Liability at Amortized Cost, Balance, Ending Balance | $ 0 | ||||
Transfer of Financial Assets Accounted for as Sales, Amount Derecognized | 1,621,501 | 1,621,501 | |||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | 1,575,267 | 1,575,267 | |||
Accounts Receivable Facility, Principal on Trade Accounts Receivable, Net of Allowance | 194,199 | 194,199 | |||
Accounts Receivable Facility, Outstanding Princpal on Contract Assets | 139,649 | 139,649 | |||
Fair Value Adjustment of Deferred Purchase Price | $ 129 | 78 | |||
Non-cash Investing Activities, Deferred Purchase Price | $ 139,065 | $ 143,579 |
Note 17 - Variable Interest E_3
Note 17 - Variable Interest Entities (Details Textual) | Dec. 31, 2023 |
Minimum [Member] | |
Limited Partner Equity Interest in Real Estate Portfolio | 1% |
Maximum [Member] | |
Limited Partner Equity Interest in Real Estate Portfolio | 2% |
Note 17 - Variable Interest E_4
Note 17 - Variable Interest Entities - Maximum Exposure Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity accounted investments | $ 33,851 | $ 28,175 |
Co-investment commitments | 42,395 | 18,588 |
Maximum exposure to loss | 72,026 | 40,949 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Equity accounted investments | $ 29,631 | $ 22,361 |
Note 18 - Redeemable Non-cont_3
Note 18 - Redeemable Non-controlling Interests (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 1,072,066 | $ 1,079,306 |
Subordinate Non-controlling Interest Shares (in shares) | 8,200,000 | |
Redemption Amount [Member] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 943,235 | $ 1,027,124 |
Note 18 - Redeemable Non-cont_4
Note 18 - Redeemable Non-controlling Interests - Reconciliation of the Beginning and Ending NCI Amounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 1,079,306 | $ 536,903 |
RNCI redemption increment | 22,588 | 94,372 |
Distributions paid to RNCI | (77,400) | (62,926) |
Purchase of interests from RNCI | (36,922) | (43,061) |
Sale of interests to RNCI | 3,550 | 1,994 |
Disposal of operations (note 5) | 0 | (2,361) |
Other | 0 | (245) |
Balance | 1,072,066 | 1,079,306 |
Non-controlling Interest Share of Earnings [Member] | ||
RNCI share of earnings | 53,621 | 51,084 |
Non-controlling Interest Redemption Increment [Member] | ||
RNCI redemption increment | 22,588 | 94,372 |
Non-controlling Interest Distributions Paid to NCI [Member] | ||
Distributions paid to RNCI | (74,268) | (60,623) |
Non-controlling Interest Recognized on Business Acquisitions [Member] | ||
RNCI recognized on business acquisitions | $ 24,191 | $ 501,243 |
Note 19 - Capital Stock (Detail
Note 19 - Capital Stock (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.3 | $ 0.3 |
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 19 - Capital Stock - Capit
Note 19 - Capital Stock - Capital Stock Issued and Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Capital Shares, Number (in shares) | 47,549,376 | 42,933,156 |
Capital Shares, Amount | $ 1,127,034 | $ 845,680 |
Subordinate Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 46,223,682 | 41,607,462 |
Capital Shares, Amount | $ 1,126,661 | $ 845,307 |
Multiple Voting Shares [Member] | ||
Capital Shares, Number (in shares) | 1,325,694 | 1,325,694 |
Capital Shares, Amount | $ 373 | $ 373 |
Note 20 - Net Earnings (Loss)_3
Note 20 - Net Earnings (Loss) Per Common Share (Details Textual) | Jul. 20, 2023 shares |
The 2023/2024 NCIB [Member] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 4,000,000 |
Note 20 - Net Earnings (Loss)_4
Note 20 - 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, 2023 | Dec. 31, 2022 | |
Net earnings attributable to Company | $ 65,543 | $ 46,253 |
After-tax interest on Convertible Notes | (119) | 0 |
Adjusted numerator under the "If-Converted" Method | $ 65,424 | $ 46,253 |
Weighted average number of shares used in computing basic earnings per share (in shares) | 45,679,676 | 43,409,265 |
Assumed exercise of stock options acquired under the Treasury Stock Method (in shares) | 307,987 | 509,138 |
Conversion of Convertible Notes (in shares) | 285,911 | 0 |
Number of shares used in computing diluted earnings per share (in shares) | 46,273,574 | 43,918,403 |
Note 21 - Stock-based Compens_3
Note 21 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 102,300 | ||
Share-Based Payment Arrangement, Expense | $ 27,087 | $ 21,853 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 101.73 | $ 94.3 | $ 89.34 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 49,299 | ||
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 | $ 22,971 | $ 16,866 | |
Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 47.41 | ||
Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 150.24 | ||
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 |
Note 21 - Stock-based Compens_4
Note 21 - Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Shares issuable under options (in shares) | 3,053,000 | 2,550,875 |
Shares issuable under options, weighted average exercise price (in dollars per share) | $ 94.3 | $ 89.34 |
Granted, number of options (in shares) | 815,000 | 837,500 |
Granted, weighted average exercise price (in dollars per share) | $ 106.75 | $ 95.69 |
Exercised, number of options (in shares) | (600,500) | (305,125) |
Exercised, weighted average exercise price (in dollars per share) | $ 70.04 | $ 54.99 |
Forfeited, number of options (in shares) | (25,250) | (30,250) |
Forfeited, weighted average exercise price (in dollars per share) | $ 119.82 | $ 110.73 |
Shares issuable under options (in shares) | 3,242,250 | 3,053,000 |
Shares issuable under options, weighted average exercise price (in dollars per share) | $ 101.73 | $ 94.3 |
Shares issuable under options, weighted average remaining contractual life (Year) | 3 years 2 months 12 days | |
Shares issuable under options, aggregate intrinsic value | $ 87,846 | |
Options exercisable, number of options (in shares) | 1,378,039 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 94.61 | |
Options exercisable, weighted average remaining contractual life (Year) | 2 years 2 months 12 days | |
Options exercisable, aggregate intrinsic value | $ 47,249 |
Note 21 - Stock-based Compens_5
Note 21 - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of options exercised (in shares) | 600,500 | 305,125 |
Aggregate fair value | $ 42,058 | $ 16,778 |
Share-Based Payment Arrangement, Option [Member] | ||
Number of options exercised (in shares) | 600,500 | 305,125 |
Aggregate fair value | $ 68,629 | $ 41,528 |
Intrinsic value | 26,571 | 16,779 |
Amount of cash received | 42,058 | 24,749 |
Tax benefit recognized | $ 131 | $ 754 |
Note 21 - Stock-based Compens_6
Note 21 - Stock-based Compensation - Fair Value of Each Option Grant Assumptions Used (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Risk free rate | 4.90% | 4.20% |
Expected life in years (Year) | 4 years 9 months | 4 years 9 months |
Expected volatility | 42.30% | 41.20% |
Dividend yield | 0.30% | 0.30% |
Weighted average fair value per option granted (in dollars per share) | $ 44.78 | $ 38.22 |
Note 22 - Income Tax (Details T
Note 22 - Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Gross | $ 59,468 | ||
Undistributed Earnings of Foreign Subsidiaries | 139,541 | $ 131,062 | |
Unrecognized Tax Benefits | 3,523 | 5,467 | $ 4,048 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,523 | 5,467 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 310 | 132 | |
Recovery of Income Tax Interest and Penalties | 60 | 22 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 854 | 604 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 1,131 | ||
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 | $ 0 | $ 0 |
Note 22 - Income Tax - Effectiv
Note 22 - Income Tax - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax expense using a combined statutory rate of 26.5% (2022 - 26.5%) | $ 56,386 | $ 76,732 |
Loss on disposal of operations | 361 | 7,110 |
Permanent differences | 5,515 | 2,686 |
Tax effect of flow through entities | (12,264) | (10,890) |
Adjustments to tax liabilities for prior periods | (407) | (1,597) |
Changes in liability for unrecognized tax benefits | (1,980) | 1,617 |
Stock-based compensation | 1,730 | 2,024 |
Foreign, state, and provincial tax rate differential | 1,266 | 1,875 |
Change in valuation allowance | 3,349 | 2,626 |
Acquisition-related items | 8,864 | 10,106 |
Withholding taxes and other | 5,266 | 2,721 |
Income tax expense | $ 68,086 | $ 95,010 |
Note 22 - Income Tax - Effect_2
Note 22 - Income Tax - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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, 2023 | Dec. 31, 2022 | |
Earnings Before Income Tax by Jurisdiction | $ 212,777 | $ 289,554 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Earnings Before Income Tax by Jurisdiction | (33,907) | 10,112 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Earnings Before Income Tax by Jurisdiction | 200,035 | 211,382 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Earnings Before Income Tax by Jurisdiction | $ 46,649 | $ 68,060 |
Note 22 - Income Tax - Provisio
Note 22 - Income Tax - Provision for (Recovery of) Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current | $ 78,010 | $ 121,008 |
Deferred | (9,924) | (25,998) |
Income tax expense | 68,086 | 95,010 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Current, Canada | 3,125 | 9,390 |
Deferred, Canda | (10,360) | (3,006) |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Current, United States and Other Foreign | 28,268 | 60,101 |
Deferred, United States and Other Foreign | 16,753 | (11,837) |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Current, United States and Other Foreign | 46,617 | 51,517 |
Deferred, United States and Other Foreign | $ (16,317) | $ (11,155) |
Note 22 - Income Tax - Deferred
Note 22 - Income Tax - Deferred Income Tax Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loss carryforwards and other credits | $ 29,876 | $ 21,960 |
Expenses not currently deductible | 67,950 | 56,385 |
Revenue not currently taxable | (1,108) | (3,079) |
Stock-based compensation | 9,490 | 3,573 |
Investments | (7,818) | |
Investments | 16,269 | |
Provision for doubtful accounts | 11,375 | 9,752 |
Financing fees | (71) | (227) |
Net unrealized foreign exchange losses | 443 | 764 |
Depreciation and amortization | (88,012) | (96,044) |
Operating leases | 14,698 | 13,496 |
Less: valuation allowance | (20,546) | (17,145) |
Net deferred tax (liabilities) assets | $ 16,277 | $ 5,704 |
Note 22 - Income Tax - Gross Op
Note 22 - Income Tax - Gross Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Gross net operating loss carry forward | $ 19,400 | $ 4,554 |
Gross net operating loss not recognized | 169 | 159 |
Net operating loss carry foward | 19,231 | 4,395 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 2,397 | 1,482 |
Gross capital loss not recognized | 2,397 | 1,482 |
Net capital loss carry forward | 0 | 0 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Gross net operating loss carry forward | 8,120 | 5,546 |
Gross net operating loss not recognized | 931 | 929 |
Net operating loss carry foward | 7,189 | 4,617 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | ||
Gross net operating loss carry forward | 90,164 | 69,884 |
Gross net operating loss not recognized | 59,734 | 50,120 |
Net operating loss carry foward | 30,430 | 19,764 |
Foreign Tax Authority [Member] | Other Foreign Tax Authorities [Member] | Capital Loss Carryforward [Member] | ||
Gross capital loss carry forward | 6,089 | 6,071 |
Gross capital loss not recognized | 6,089 | 6,071 |
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, 2023 | Dec. 31, 2022 | |
Balance | $ 5,467 | $ 4,048 |
Gross increases for tax positions of current period | 0 | 1,178 |
Gross increases for tax positions of prior periods | 310 | 438 |
Reduction for settlements with taxing authorities | (2,281) | 0 |
Reduction for lapses in applicable statutes of limitations | 0 | (44) |
Foreign currency translation | 27 | (153) |
Balance | $ 3,523 | $ 5,467 |
Note 23 - Other Supplemental _3
Note 23 - Other Supplemental Information - Summary of Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax, net of refunds | $ 118,175 | $ 138,274 |
Interest | 96,203 | 49,709 |
Dividends declared but not paid | $ 7,132 | $ 6,440 |
Note 24 - Financial Instrumen_3
Note 24 - Financial Instruments (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Contingent Consideration Liability [Member] | ||
Fair Value Inputs, Weighted Average Discount Rate Increase | 2% | |
Reduction in Fair Value of Contingent Consideration Liability | $ 1,000 | |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (825) | $ (2,510) |
Measurement Input, Discount Rate [Member] | ||
Servicing Asset, Measurement Input | 0.117 | 0.115 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Servicing Asset, Measurement Input | 0.025 | |
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.035 | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Servicing Asset, Measurement Input | 0.05 | |
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.103 | |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.059 |
Note 24 - Financial Instrumen_4
Note 24 - Financial Instruments - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Equity securities | $ 3,945 | $ 9,476 | |
Fair Value, Inputs, Level 3 [Member] | |||
Business Combination, Contingent Consideration, Liability | 44,712 | $ 91,229 | $ 154,671 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | 3,753 | ||
Equity securities | 5,049 | ||
Debt securities | 0 | ||
Warehouse receivables | 0 | ||
Total assets | 8,802 | ||
Business Combination, Contingent Consideration, Liability | 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 1 [Member] | Mortgage-related Derivatives [Member] | |||
Derivative assets | 0 | ||
Derivative Liabilities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Derivative assets | 0 | ||
Derivative Liabilities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | 0 | ||
Equity securities | 12 | ||
Debt securities | 19,176 | ||
Warehouse receivables | 177,104 | ||
Total assets | 200,567 | ||
Business Combination, Contingent Consideration, Liability | 0 | ||
Total liabilities | 1,470 | ||
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 2 [Member] | Mortgage-related Derivatives [Member] | |||
Derivative assets | 0 | ||
Derivative Liabilities | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative assets | 4,275 | ||
Derivative Liabilities | 1,470 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash equivalents | 0 | ||
Equity securities | 0 | ||
Debt securities | 0 | ||
Warehouse receivables | 0 | ||
Total assets | 121,967 | ||
Business Combination, Contingent Consideration, Liability | 44,712 | ||
Total liabilities | 55,259 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Deferred Purchase Price on AR Facility [Member] | |||
Deferred Purchase Price on AR Facility | 107,743 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-related Derivatives [Member] | |||
Derivative assets | 14,224 | ||
Derivative Liabilities | 10,547 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Derivative assets | 0 | ||
Derivative Liabilities | $ 0 |
Note 24 - Financial Instrumen_5
Note 24 - Financial Instruments - Changes in Fair Value of the Net Mortgage Derivative Assets and Liabilities (Details) - Mortgage-related Derivatives [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Balance, January 1 | $ 6,949 |
Settlements | (31,919) |
Realized gains recorded in earnings | 24,970 |
Unrealized gains recorded in earnings | 3,677 |
Balance, December 31 | $ 3,677 |
Note 24 - Financial Instrumen_6
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, 2023 | Dec. 31, 2022 | |
Balance, January 1 | $ 92,278 | $ 238,835 |
Additions to DPP | 139,065 | 143,579 |
Collections on DPP | (124,313) | (288,004) |
Fair value adjustment | 129 | (78) |
Foreign exchange and other | 584 | (2,054) |
Balance, December 31 | $ 107,743 | $ 92,278 |
Note 24 - Financial Instrumen_7
Note 24 - Financial Instruments - Details of Interest Rate Swaps In Place (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Interest Rate Swap, 2022 IRS A [Member] | |
Derivative, Notional Amount | $ 150 |
Derivative, Fixed Interest Rate | 2.802% |
Interest Rate Swap, 2022 IRS B [Member] | |
Derivative, Notional Amount | $ 250 |
Derivative, Fixed Interest Rate | 3.592% |
Interest Rate Swap, 2023 IRS A [Member] | |
Derivative, Notional Amount | $ 100 |
Derivative, Fixed Interest Rate | 3.725% |
Interest Rate Swap, 2023 IRS B [Member] | |
Derivative, Notional Amount | $ 100 |
Derivative, Fixed Interest Rate | 4% |
Note 24 - Financial Instrumen_8
Note 24 - Financial Instruments - Change in Fair Value of Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value adjustments (note 7) | $ (39,115) | $ (69,224) |
Less: current portion | 13,944 | 42,942 |
Non-current portion | 30,768 | 48,287 |
Fair Value, Inputs, Level 3 [Member] | ||
Balance | 91,229 | 154,671 |
Amounts recognized on acquisitions | 3,962 | 57,600 |
Fair value adjustments (note 7) | (17,698) | 3,700 |
Resolved and settled in cash | (34,475) | (123,629) |
Other | 1,694 | (1,113) |
Balance | 44,712 | 91,229 |
Less: current portion | 13,944 | 42,942 |
Non-current portion | $ 30,768 | $ 48,287 |
Note 24 - Financial Instrumen_9
Note 24 - Financial Instruments - Estimated of Fair Values for Other Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Senior Notes | $ 518,982 | $ 506,533 |
Senior Notes, fair value | 458,377 | 414,195 |
Convertible Notes, carrying amount | 0 | 226,534 |
Convertible Notes, fair value | $ 0 | $ 366,183 |
Note 25 - Commitments and Con_3
Note 25 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unpaid Principal Balance of Funded and Sold Loans Subject to Loss Sharing Obligations | $ 4,991,000 | |
Loss Sharing Obligations [Member] | Other Liabilities [Member] | ||
Loss Contingency Accrual | $ 12,837 | $ 14,470 |
Note 25 - Commitments and Con_4
Note 25 - Commitments and Contingencies - Minimum Contractual Purchase Commitments Obligation Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 31,984 |
2025 | 13,829 |
2026 | 9,106 |
2027 | 1,365 |
2028 | 1,576 |
Thereafter | 9,147 |
Purchase Obligation | $ 67,007 |
Note 26 - Related Party Trans_2
Note 26 - Related Party Transactions (Details Textual) - Non-controlling Shareholders [Member] - Loans Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction, Amounts of Transaction | $ 2,778 | $ 3,615 |
Minimum [Member] | ||
Related Party Transaction, Rate | 0% | |
Maximum [Member] | ||
Related Party Transaction, Rate | 7.55% |
Note 27 - Revenue (Details Text
Note 27 - Revenue (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 103,080 | $ 107,679 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 83,389 | 91,924 |
Contract with Customer, Liability, Current | 45,293 | 25,616 |
Contract with Customer, Liability, Revenue Recognized | 23,446 | 28,165 |
Capital Markets [Member] | ||
Revenue Not from Contract with Customer | 42,304 | 48,244 |
Other Revenue [Member] | ||
Revenue Not from Contract with Customer | $ 44,549 | $ 53,105 |
Note 27 - Revenue - Disaggregat
Note 27 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 4,335,141 | $ 4,459,487 |
Lease Brokerage [Member] | ||
Revenues | 1,063,088 | 1,124,106 |
Capital Markets [Member] | ||
Revenues | 702,472 | 1,084,172 |
E&D and Project Management [Member] | ||
Revenues | 1,002,405 | 790,665 |
Property Management [Member] | ||
Revenues | 527,740 | 499,228 |
Valuation and Advisory [Member] | ||
Revenues | 436,941 | 477,719 |
Advisory [Member] | ||
Revenues | 480,674 | 348,604 |
Incentive Fees [Member] | ||
Revenues | 6,783 | 30,277 |
Other Revenue [Member] | ||
Revenues | 115,038 | 104,716 |
Americas Segment [Member] | ||
Revenues | 2,510,002 | 2,756,345 |
Americas Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 788,132 | 851,621 |
Americas Segment [Member] | Capital Markets [Member] | ||
Revenues | 481,226 | 760,486 |
Americas Segment [Member] | E&D and Project Management [Member] | ||
Revenues | 644,303 | 518,214 |
Americas Segment [Member] | Property Management [Member] | ||
Revenues | 323,437 | 297,573 |
Americas Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 187,178 | 244,719 |
Americas Segment [Member] | Advisory [Member] | ||
Revenues | 0 | 0 |
Americas Segment [Member] | Incentive Fees [Member] | ||
Revenues | 0 | 0 |
Americas Segment [Member] | Other Revenue [Member] | ||
Revenues | 85,726 | 83,732 |
EMEA Segment [Member] | ||
Revenues | 726,900 | 715,140 |
EMEA Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 140,111 | 147,473 |
EMEA Segment [Member] | Capital Markets [Member] | ||
Revenues | 101,494 | 161,454 |
EMEA Segment [Member] | E&D and Project Management [Member] | ||
Revenues | 245,429 | 191,378 |
EMEA Segment [Member] | Property Management [Member] | ||
Revenues | 82,950 | 70,148 |
EMEA Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 148,526 | 139,365 |
EMEA Segment [Member] | Advisory [Member] | ||
Revenues | 0 | 0 |
EMEA Segment [Member] | Incentive Fees [Member] | ||
Revenues | 0 | 0 |
EMEA Segment [Member] | Other Revenue [Member] | ||
Revenues | 8,390 | 5,322 |
Asia Pacific Segment [Member] | ||
Revenues | 610,313 | 608,460 |
Asia Pacific Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 134,845 | 125,012 |
Asia Pacific Segment [Member] | Capital Markets [Member] | ||
Revenues | 119,752 | 162,232 |
Asia Pacific Segment [Member] | E&D and Project Management [Member] | ||
Revenues | 112,673 | 81,073 |
Asia Pacific Segment [Member] | Property Management [Member] | ||
Revenues | 121,353 | 131,507 |
Asia Pacific Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 101,237 | 93,635 |
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 | 20,453 | 15,001 |
Investment Management [Member] | ||
Revenues | 487,457 | 378,881 |
Investment Management [Member] | Lease Brokerage [Member] | ||
Revenues | 0 | 0 |
Investment Management [Member] | Capital Markets [Member] | ||
Revenues | 0 | 0 |
Investment Management [Member] | E&D and Project Management [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 | 480,674 | 348,604 |
Investment Management [Member] | Incentive Fees [Member] | ||
Revenues | 6,783 | 30,277 |
Investment Management [Member] | Other Revenue [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | ||
Revenues | 469 | 661 |
Corporate Segment [Member] | Lease Brokerage [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Capital Markets [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | E&D and Project Management [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Property Management [Member] | ||
Revenues | 0 | 0 |
Corporate Segment [Member] | Valuation and Advisory [Member] | ||
Revenues | 0 | 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 | $ 469 | $ 661 |
Note 28 - Segmented Informati_3
Note 28 - Segmented Information (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Operating Segments | 4 | |
Americas Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 2,438 | $ 2,690 |
EMEA Segment [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,665 | 1,483 |
Investment Management [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 29,748 | $ 24,002 |
Note 28 - Segmented Informati_4
Note 28 - Segmented Information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues | $ 4,335,141 | $ 4,459,487 |
Depreciation and amortization | 202,536 | 177,421 |
Operating earnings (loss) | 300,935 | 332,496 |
Equity earnings | 5,078 | 6,677 |
Other income, net | 841 | (1,032) |
Interest expense, net | (94,077) | (48,587) |
Income tax expense | (68,086) | (95,010) |
Net earnings | 144,691 | 194,544 |
Total assets | 5,482,126 | 5,098,177 |
Total additions to fixed assets, intangible assets and goodwill | 168,172 | 1,723,400 |
Americas Segment [Member] | ||
Revenues | 2,510,002 | 2,756,345 |
EMEA Segment [Member] | ||
Revenues | 726,900 | 715,140 |
Asia Pacific Segment [Member] | ||
Revenues | 610,313 | 608,460 |
Investment Management [Member] | ||
Revenues | 487,457 | 378,881 |
Operating Segments [Member] | Americas Segment [Member] | ||
Revenues | 2,510,002 | 2,756,345 |
Depreciation and amortization | 84,725 | 86,927 |
Operating earnings (loss) | 174,613 | 254,375 |
Equity earnings | 2,095 | 1,671 |
Total assets | 1,898,815 | 1,685,753 |
Total additions to fixed assets, intangible assets and goodwill | 112,953 | 131,114 |
Operating Segments [Member] | EMEA Segment [Member] | ||
Revenues | 726,900 | 715,140 |
Depreciation and amortization | 31,698 | 27,432 |
Operating earnings (loss) | 5,483 | 9,891 |
Equity earnings | 98 | 58 |
Total assets | 879,919 | 857,974 |
Total additions to fixed assets, intangible assets and goodwill | 18,187 | 237,622 |
Operating Segments [Member] | Asia Pacific Segment [Member] | ||
Revenues | 610,313 | 608,460 |
Depreciation and amortization | 12,174 | 11,476 |
Operating earnings (loss) | 62,709 | 72,256 |
Equity earnings | 0 | 0 |
Total assets | 467,122 | 408,825 |
Total additions to fixed assets, intangible assets and goodwill | 28,127 | 59,759 |
Operating Segments [Member] | Investment Management [Member] | ||
Revenues | 487,457 | 378,881 |
Depreciation and amortization | 71,429 | 48,543 |
Operating earnings (loss) | 103,139 | 37,055 |
Equity earnings | 2,885 | 4,948 |
Total assets | 2,062,956 | 2,101,208 |
Total additions to fixed assets, intangible assets and goodwill | 6,334 | 1,291,202 |
Corporate, Non-Segment [Member] | ||
Revenues | 469 | 661 |
Depreciation and amortization | 2,510 | 3,043 |
Operating earnings (loss) | (45,009) | (41,081) |
Equity earnings | 0 | 0 |
Total assets | 173,314 | 44,417 |
Total additions to fixed assets, intangible assets and goodwill | $ 2,571 | $ 3,703 |
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, 2023 | Dec. 31, 2022 | |
Revenues | $ 4,335,141 | $ 4,459,487 |
Total long-lived assets | 390,565 | 341,623 |
Total long-lived assets | 3,712,113 | 3,654,565 |
UNITED STATES | ||
Revenues | 2,362,420 | 2,542,270 |
Total long-lived assets | 2,293,362 | 2,270,468 |
CANADA | ||
Revenues | 432,176 | 467,975 |
Total long-lived assets | 110,195 | 76,071 |
Euro Currency Countries [Member] | ||
Revenues | 404,158 | 411,834 |
Total long-lived assets | 368,198 | 367,749 |
AUSTRALIA | ||
Revenues | 284,471 | 277,488 |
Total long-lived assets | 114,754 | 111,013 |
UNITED KINGDOM | ||
Revenues | 266,487 | 218,304 |
Total long-lived assets | 526,669 | 527,157 |
CHINA | ||
Revenues | 87,509 | 96,222 |
Total long-lived assets | 8,073 | 7,410 |
Other Geographic Locations [Member] | ||
Revenues | 497,920 | 445,394 |
Total long-lived assets | $ 290,862 | $ 294,697 |