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Revenue
3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue
Note 5: Revenue
On January 1, 2018, the Company adopted and applied Topic 606 and all the related amendments to all contracts using the modified retrospective method. The Company recognized the cumulative effect on the unaudited condensed consolidated balance sheet of applying the new revenue standard as an adjustment to the opening balance of Accumulated deficit of $35.9 million as of January 1, 2018.
Revenue is recognized upon transfer of control of promised services to clients in an amount that reflects the consideration the Company expects to receive in exchange for those services. The Company enters into contracts and earns revenue from its Property, facilities and project management, Leasing, Capital markets and Valuation and other service lines. Revenue is recognized net of any taxes collected from customers.
A performance obligation is a promise in a contract to transfer a distinct service to the client and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct service in the contract.
Contract Balances
The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance not yet invoiced or able to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable. The majority of contract liabilities are recognized as revenue within 90 days. The Company had no material asset impairment charges related to contract assets in the periods presented.
As of March 31, 2019 and December 31, 2018, we had contract assets of $135.5 million and $160.6 million and $18.0 million and $25.8 million, which were recorded in Prepaid expenses and other current assets and Other non-current assets, respectively in the unaudited condensed consolidated balance sheets.
As of March 31, 2019 and December 31, 2018, we had contract liabilities of $50.6 million and $66.8 million of which were recorded in Accounts payable and accrued expenses in the unaudited condensed consolidated balance sheets.
Disaggregation of Revenue
The following tables disaggregate revenue by reportable segment and service line (in millions):
 
 
Three Months Ended March 31, 2019
 
Revenue recognition timing
Americas
EMEA
APAC
Total
Property, facilities and project management
Over time
$
869.3

$
87.9

$
275.7

$
1,232.9

Leasing
At a point in time
300.1

48.9

26.8

375.8

Capital markets
At a point in time
141.1

26.4

23.9

191.4

Valuation and other
At a point in time or over time
37.1

39.4

26.4

102.9

Total revenue
 
$
1,347.6

$
202.6

$
352.8

$
1,903.0

 
 
Three Months Ended March 31, 2018
 
Revenue recognition timing
Americas
EMEA
APAC
Total
Property, facilities and project management
Over time
$
758.2

$
99.9

$
275.8

$
1,133.9

Leasing
At a point in time
247.3

48.0

26.0

321.3

Capital markets
At a point in time
163.6

23.9

27.1

214.6

Valuation and other
At a point in time or over time
37.1

37.4

23.4

97.9

Total revenue
 
$
1,206.2

$
209.2

$
352.3

$
1,767.7


Exemptions
Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Property, facilities and project management services lines. Performance obligations within these businesses represent a significant portion of the Company's contracts with customers not expected to be completed within 12 months.