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Revenue
6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue
Note 5: Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by reportable segment and service line (in millions):
Three Months Ended June 30, 2023
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$1,281.4 $124.8 $246.7 $1,652.9 
LeasingAt a point in time351.5 54.1 42.3 447.9 
Capital marketsAt a point in time164.1 18.0 10.4 192.5 
Valuation and otherAt a point in time or over time39.5 43.0 30.2 112.7 
Total revenue$1,836.5 $239.9 $329.6 $2,406.0 
Three Months Ended June 30, 2022
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$1,196.2 $117.9 $242.9 $1,557.0 
LeasingAt a point in time451.7 64.4 42.5 558.6 
Capital marketsAt a point in time309.9 45.5 12.9 368.3 
Valuation and otherAt a point in time or over time53.6 44.1 31.0 128.7 
Total revenue$2,011.4 $271.9 $329.3 $2,612.6 
Six Months Ended June 30, 2023
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$2,546.4 $233.4 $506.5 $3,286.3 
LeasingAt a point in time653.5 94.7 68.9 817.1 
Capital marketsAt a point in time283.1 31.6 20.8 335.5 
Valuation and otherAt a point in time or over time73.7 85.5 57.2 216.4 
Total revenue$3,556.7 $445.2 $653.4 $4,655.3 
Six Months Ended June 30, 2022
Revenue recognition timingAmericasEMEAAPACTotal
Property, facilities and project managementOver time$2,318.9 $232.6 $465.6 $3,017.1 
LeasingAt a point in time824.6 114.0 79.7 1,018.3 
Capital marketsAt a point in time551.8 74.3 31.7 657.8 
Valuation and otherAt a point in time or over time101.5 88.6 60.3 250.4 
Total revenue$3,796.8 $509.5 $637.3 $4,943.6 
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 obligations 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 following table provides information on contract assets and contract liabilities from contracts with customers included in the Condensed Consolidated Balance Sheets (in millions):
As of
June 30, 2023December 31, 2022
Short-term contract assets$416.2 $397.3 
Contract asset allowances(41.6)(39.1)
Short-term contract assets, net374.6 358.2 
Non-current contract assets72.0 89.7 
Contract asset allowances(1.8)(2.2)
Non-current contract assets, net, included in Other non-current assets70.2 87.5 
Total contract assets, net$444.8 $445.7 
Contract liabilities included in Accounts payable and accrued expenses$66.8 $68.7 
The amount of revenue recognized during the six months ended June 30, 2023 that was included in the contract liabilities balance at the beginning of the period was $41.4 million. The Company had no material asset impairment charges related to contract assets in the periods presented.
Exemptions
The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”).
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 service line. Performance obligations within these businesses represent a significant portion of the Company's contracts with customers not expected to be completed within 12 months.