Revenue (Tables)

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of changes in the contract assets and contract liabilities

Significant changes in the contract assets and contract liabilities during the period are as follows (in millions):

	Contract Assets
Balance as of December 31, 2017	$	—
Contract assets recognized upon adoption	144.1
Contract assets from revenues earned, not yet invoiced	180.0
Contract assets transferred to accounts receivable	(113.4		)
Balance as of September 30, 2018	$	210.7

	Contract Liabilities
Balance as of December 31, 2017	$	46.4
Contract liabilities recognized upon adoption	—
Contract liabilities recognized for cash received in advance	425.9
Contract liabilities reduced due to revenue recognition criteria being satisfied	(413.5		)
Balance as of September 30, 2018	$	58.8

Disaggregation of revenue

The following tables disaggregate revenue by reportable segment and service line (in millions):

		Three Months Ended September 30, 2018
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	849.3	$	75.0	$	292.2	$	1,216.5
Leasing	At a point in time	413.1		67.5		41.4		522.0
Capital markets	At a point in time	177.8		40.0		16.5		234.3
Valuation and other	At a point in time or over time	35.4		44.4		23.4		103.2
Total revenue		$	1,475.6	$	226.9	$	373.5	$	2,076.0

		Nine Months Ended September 30, 2018
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,412.0	$	252.6	$	869.6	$	3,534.2
Leasing	At a point in time	1,034.6		174.5		110.4		1,319.5
Capital markets	At a point in time	492.8		98.5		59.1		650.4
Valuation and other	At a point in time or over time	114.5		125.3		74.1		313.9
Total revenue		$	4,053.9	$	650.9	$	1,113.2	$	5,818.0

Schedule of new accounting pronouncements and changes in accounting principles

The following table compares the reported unaudited condensed consolidated balance sheet as of September 30, 2018 and the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2018, as a result of the adoption of Topic 606 on January 1, 2018 compared to the pro forma presentation of each respective statement, which assumes the previous guidance remained in effect as of September 30, 2018 (in millions):

	Balance as of September 30, 2018
Balance Sheet	Balance Without Adoption of Topic 606			Adoption Impact			As Reported
Trade and other receivables	$	1,246.7		$	53.2		$	1,299.9
Prepaid expenses and other current assets	189.0			184.9			373.9
Total current assets	2,385.7			238.1			2,623.8
Other non-current assets	474.2			25.8			500.0
Total assets	6,168.5			263.9			6,432.4
Accounts payable and accrued expenses	697.7			50.7			748.4
Accrued compensation	748.2			126.7			874.9
Total current liabilities	1,723.5			177.4			1,900.9
Deferred tax liabilities	92.0			15.9			107.9
Other non-current liabilities	349.0			19.0			368.0
Total liabilities	4,811.0			212.3			5,023.3
Accumulated deficit	(1,354.0		)	51.8			(1,302.2		)
Accumulated other comprehensive loss	(98.6		)	(0.2		)	(98.8		)
Total equity	1,357.5			51.6			1,409.1
Total liabilities and shareholders’ equity	6,168.5			263.9			6,432.4

	Three Months Ended September 30, 2018
Statement of Operations	Balance Without Adoption of Topic 606			Adoption Impact		As Reported
Revenue	$	1,953.0		$	123.0	$	2,076.0
Cost of services	1,572.9			114.3		1,687.2
Total costs and expenses	1,950.7			114.3		2,065.0
Operating income	2.3			8.7		11.0
Loss before income taxes	(90.3		)	8.7		(81.6		)
(Benefit) provision for income taxes	(34.2		)	1.3		(32.9		)
Net loss	$	(56.1	)	$	7.4	$	(48.7	)

	Nine Months Ended September 30, 2018
Statement of Operations	Balance Without Adoption of Topic 606			Adoption Impact		As Reported
Revenue	$	5,466.6		$	351.4	$	5,818.0
Cost of services	4,393.2			332.0		4,725.2
Total costs and expenses	5,523.2			332.0		5,855.2
Operating (loss) income	(56.6		)	19.4		(37.2		)
Loss before income taxes	(241.8		)	19.4		(222.4		)
(Benefit) provision for income taxes	(53.0		)	3.5		(49.5		)
Net loss	$	(188.8	)	$	15.9	$	(172.9	)