10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______________ to _______________

Commission File Number 001-38611

Cushman & Wakefield plc

(Exact name of Registrant as specified in its charter)

England and Wales	98-1193584
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
125 Old Broad Street
London, United Kingdom	EC2N 1AR
(Address of principal executive offices)	(Zip Code)
44 20 3296 3000
(Registrant's telephone number, including area code)	(Former name, former address and former fiscal year, if changed since last report)

 Securities registered pursuant to section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Ordinary Shares, $0.10 nominal value	CWK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐     No  ☒.

As of October 31, 2020, 221,629,557 of the Registrant's ordinary shares, $0.10 nominal value per share, were outstanding.

FORM 10-Q

September 30, 2020

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 (Unaudited)	2
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019 (Unaudited)	4
	Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019 (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (Unaudited)	7
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	40
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 5.	Other Information	41
Item 6.	Exhibits	41
Signatures		43

1

Part I. Financial Information

Item 1. Financial Statements

Cushman & Wakefield plc

Condensed Consolidated Balance Sheets

(unaudited)

	As of
(in millions, except per share data)	September 30, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	916.8	$	813.2
Trade and other receivables, net of allowance balance of $81.5 million and $58.4 million, as of September 30, 2020 and December 31, 2019, respectively	1,210.5		1,524.2
Income tax receivable	35.0		39.0
Prepaid expenses	98.1		70.7
Other current assets	449.2		413.7
Total current assets	2,709.6		2,860.8
Property and equipment, net	243.3		299.4
Goodwill	2,059.5		1,969.1
Intangible assets, net	991.8		1,062.6
Equity method investments	108.1		7.9
Deferred tax assets	84.7		86.6
Non-current operating lease assets	444.8		490.7
Other non-current assets	486.6		386.3
Total assets	$	7,128.4	$	7,163.4
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings and current portion of long-term debt	$	37.4	$	39.3
Accounts payable and accrued expenses	1,023.5		1,145.3
Accrued compensation	627.1		888.8
Income tax payable	35.3		59.6
Current operating lease liabilities	112.1		118.6
Other current liabilities	112.0		71.0
Total current liabilities	1,947.4		2,322.6
Long-term debt	3,239.5		2,620.3
Deferred tax liabilities	47.0		110.0
Long-term tax liabilities	29.4		28.5
Non-current operating lease liabilities	415.4		457.1
Other non-current liabilities	402.8		323.6
Total liabilities	6,081.5		5,862.1
Commitments and contingencies (See Note 11)
Shareholders' Equity:
Ordinary shares, nominal value $0.10 per share, 221.8 and 219.5 shares issued and outstanding at September 30, 2020 and at December 31, 2019, respectively	22.2		22.0
Additional paid-in capital	2,835.1		2,819.1
Accumulated deficit	(1,500.9)		(1,297.0)
Accumulated other comprehensive loss	(310.3)		(242.8)
Total equity attributable to the Company	1,046.1		1,301.3
Non-controlling interests	0.8		—
Total equity	1,046.9		1,301.3
Total liabilities and shareholders' equity	$	7,128.4	$	7,163.4

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

2

Cushman & Wakefield plc

Condensed Consolidated Statements of Operations

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Revenue	$	1,931.6	$	2,118.8	$	5,570.6	$	6,143.5
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	1,599.6		1,692.2		4,652.3		4,944.1
Operating, administrative and other	254.3		315.2		810.4		908.9
Depreciation and amortization	64.9		75.0		211.5		222.8
Restructuring, impairment and related charges	13.1		(0.6)		45.0		3.5
Total costs and expenses	1,931.9		2,081.8		5,719.2		6,079.3
Operating income (loss)	(0.3)		37.0		(148.6)		64.2
Interest expense, net of interest income	(44.9)		(37.4)		(120.2)		(112.8)
Earnings from equity method investments	2.8		0.7		5.8		2.0
Other income, net	0.5		0.4		31.0		3.2
Earnings (loss) before income taxes	(41.9)		0.7		(232.0)		(43.4)
Benefit from income taxes	(4.6)		(11.0)		(38.8)		(40.5)
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Basic earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, basic	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Diluted earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, diluted	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)
Weighted average shares outstanding for diluted earnings (loss) per share	221.1		224.5		220.5		217.2

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

3

Cushman & Wakefield plc

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Other comprehensive income (loss), net of tax:
Designated hedge gains (losses)	10.0		(27.7)		(89.0)		(111.0)
Defined benefit plan actuarial gain (loss)	(0.1)		0.2		1.9		0.2
Foreign currency translation	41.2		(34.4)		19.6		(32.9)
Total other comprehensive income (loss)	51.1		(61.9)		(67.5)		(143.7)
Total comprehensive income (loss)	$	13.8	$	(50.2)	$	(260.7)	$	(146.6)

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

4

Cushman & Wakefield plc

Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019

(unaudited)

								Accumulated Other Comprehensive Income (Loss)
(in millions)	Ordinary Shares	Ordinary Shares ($)		Additional Paid-in Capital		Accumulated Deficit		Unrealized Hedging (Losses) Gains		Foreign Currency Translation		Defined Benefit Plans		Total Accumulated Other Comprehensive Loss, net of tax		Total Equity
Balance as of June 30, 2019	217.0	$	21.7	$	2,814.3	$	(1,311.8)	$	(69.4)	$	(161.9)	$	(4.9)	$	(236.2)	$	1,288.0
Net income	—	—		—		11.7		—		—		—		—		11.7
Stock-based compensation	—	—		16.2		—		—		—		—		—		16.2
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	2.0	0.2		(19.6)		—		—		—		—		—		(19.4)
Share repurchase	—	—		(0.4)		—		—		—		—		—		(0.4)
Foreign currency translation	—	—		—		—		—		(34.4)				(34.4)		(34.4)
Defined benefit plans actuarial gain	—	—		—		—		—		—		0.2		0.2		0.2
Unrealized loss on hedging instruments	—	—		—		—		(26.6)		—		—		(26.6)		(26.6)
Amounts reclassified from AOCI to the statement of operations	—	—		—		—		(1.1)		—		—		(1.1)		(1.1)
Balance as of September 30, 2019	219.0	$	21.9	$	2,810.5	$	(1,300.1)	$	(97.1)	$	(196.3)	$	(4.7)	$	(298.1)	$	1,234.2

								Accumulated Other Comprehensive Income (Loss)
(in millions)	Ordinary Shares	Ordinary Shares ($)		Additional Paid-in Capital		Accumulated Deficit		Unrealized Hedging (Losses) Gains		Foreign Currency Translation		Defined Benefit Plans		Total Accumulated Other Comprehensive Loss, net of tax		Total Equity Attributable to the Company		Non-Controlling Interests		Total Equity
Balance as of June 30, 2020	220.8	$	22.1	$	2,832.3	$	(1,463.6)	$	(177.4)	$	(180.0)	$	(4.0)	$	(361.4)	$	1,029.4	$	0.4	$	1,029.8
Net loss	—	—		—		(37.3)		—		—		—		—		(37.3)		—		(37.3)
Acquisition of non-controlling interests	—	—		—		—		—		—		—		—		—		0.4		0.4
Stock-based compensation	—	—		9.8		—		—		—		—		—		9.8		—		9.8
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	1.0	0.1		(7.0)		—		—		—		—		—		(6.9)		—		(6.9)
Foreign currency translation	—	—		—		—		—		41.2		—		41.2		41.2		—		41.2
Defined benefit plans actuarial loss	—	—		—		—		—		—		(0.1)		(0.1)		(0.1)		—		(0.1)
Unrealized gain on hedging instruments	—	—		—		—		19.3		—		—		19.3		19.3		—		19.3
Amounts reclassified from AOCI to the statement of operations	—	—		—		—		(9.3)		—		—		(9.3)		(9.3)		—		(9.3)
Balance as of September 30, 2020	221.8	$	22.2	$	2,835.1	$	(1,500.9)	$	(167.4)	$	(138.8)	$	(4.1)	$	(310.3)	$	1,046.1	$	0.8	$	1,046.9

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

5

Cushman & Wakefield plc

Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019

(continued) (unaudited)

								Accumulated Other Comprehensive Income (Loss)
(in millions)	Ordinary Shares	Ordinary Shares ($)		Additional Paid-in Capital		Accumulated Deficit		Unrealized Hedging (Losses) Gains		Foreign Currency Translation		Defined Benefit Plans		Total Accumulated Other Comprehensive Loss, net of tax		Total Equity
Balance as of December 31, 2018	216.6	$	21.7	$	2,791.2	$	(1,298.4)	$	13.9	$	(163.4)	$	(4.9)	$	(154.4)	$	1,360.1
Net loss	—	—		—		(2.9)		—		—		—		—		(2.9)
Adoption of new stock-based compensation accounting standard (see Note 2)	—	—		(1.2)		1.2		—		—		—		—		—
Stock-based compensation	—	—		46.3		—		—		—		—		—		46.3
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	2.4	0.2		(25.4)		—		—		—		—		—		(25.2)
Share repurchase	—	—		(0.4)		—		—		—		—		—		(0.4)
Foreign currency translation	—	—		—		—		—		(32.9)		—		(32.9)		(32.9)
Defined benefit plans actuarial gain	—	—		—		—		—		—		0.2		0.2		0.2
Unrealized loss on hedging instruments	—	—		—		—		(105.9)		—		—		(105.9)		(105.9)
Amounts reclassified from AOCI to the statement of operations	—	—		—		—		(5.1)		—		—		(5.1)		(5.1)
Balance as of September 30, 2019	219.0	$	21.9	$	2,810.5	$	(1,300.1)	$	(97.1)	$	(196.3)	$	(4.7)	$	(298.1)	$	1,234.2

								Accumulated Other Comprehensive Income (Loss)
(in millions)	Ordinary Shares	Ordinary Shares ($)		Additional Paid-in Capital		Accumulated Deficit		Unrealized Hedging (Losses) Gains		Foreign Currency Translation		Defined Benefit Plans		Total Accumulated Other Comprehensive Loss, net of tax		Total Equity Attributable to the Company		Non-Controlling Interests		Total Equity
Balance as of December 31, 2019	219.5	$	22.0	$	2,819.1	$	(1,297.0)	$	(78.4)	$	(158.4)	$	(6.0)	$	(242.8)	$	1,301.3	$	—	$	1,301.3
Net loss	—	—		—		(193.2)		—		—		—		—		(193.2)		—		(193.2)
Adoption of new credit loss accounting standard (see Note 2)	—	—		—		(10.7)		—		—		—		—		(10.7)		—		(10.7)
Acquisition of non-controlling interests	—	—		—		—		—		—		—		—		—		0.8		0.8
Stock-based compensation	—	—		34.3		—		—		—		—		—		34.3		—		34.3
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	2.3	0.2		(18.3)		—		—		—		—		—		(18.1)		—		(18.1)
Foreign currency translation	—	—		—		—		—		19.6		—		19.6		19.6		—		19.6
Defined benefit plans actuarial gain	—	—		—		—		—		—		1.9		1.9		1.9		—		1.9
Unrealized loss on hedging instruments	—	—		—		—		(78.0)		—		—		(78.0)		(78.0)		—		(78.0)
Amounts reclassified from AOCI to the statement of operations	—	—		—		—		(11.0)		—		—		(11.0)		(11.0)		—		(11.0)
Balance as of September 30, 2020	221.8	$	22.2	$	2,835.1	$	(1,500.9)	$	(167.4)	$	(138.8)	$	(4.1)	$	(310.3)	$	1,046.1	$	0.8	$	1,046.9

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

6

Cushman & Wakefield plc

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended September 30,
(in millions)	2020		2019
Cash flows from operating activities
Net loss	$	(193.2)	$	(2.9)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	211.5		222.8
Impairment charges	3.2		3.9
Unrealized foreign exchange (gain) loss	(5.4)		1.5
Stock-based compensation	34.3		46.2
Lease amortization	85.0		84.9
Amortization of debt issuance costs	7.4		3.5
Change in deferred taxes	(62.2)		(140.5)
Bad debt expense	26.5		18.2
Other non-cash operating activities	(43.9)		(17.9)
Changes in assets and liabilities:
Trade and other receivables	270.6		121.2
Income taxes payable	(23.0)		41.3
Prepaid expenses and other current assets	(34.3)		(152.4)
Other non-current assets	13.0		37.2
Accounts payable and accrued expenses	(147.0)		(107.0)
Accrued compensation	(299.3)		(148.9)
Other current and non-current liabilities	(65.7)		(111.7)
Net cash used in operating activities	(222.5)		(100.6)
Cash flows from investing activities
Payment for property and equipment	(26.9)		(47.4)
Acquisitions of businesses, net of cash acquired	(102.5)		(268.5)
Return of beneficial interest in a securitization	(85.0)		—
Investments in equity securities	(13.9)		(3.9)
Other investing activities, net	(8.5)		0.4
Net cash used in investing activities	(236.8)		(319.4)
Cash flows from financing activities
Net proceeds from issuance of shares	—		0.1
Shares repurchased for payment of employee taxes on stock awards	(18.8)		(25.2)
Payment of contingent consideration	(5.5)		(16.4)
Proceeds from senior secured notes	650.0		—
Repayment of borrowings	(13.3)		(20.3)
Debt issuance costs	(22.7)		—
Payment of finance lease liabilities	(9.9)		(9.2)
Other financing activities, net	1.7		0.1
Net cash provided by (used in) financing activities	581.5		(70.9)
Change in cash, cash equivalents and restricted cash	122.2		(490.9)
Cash, cash equivalents and restricted cash, beginning of the period	872.3		965.4
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	0.6		(5.0)
Cash, cash equivalents and restricted cash, end of the period	$	995.1	$	469.5

The accompanying notes form an integral part of these Condensed Consolidated Financial Statements.

7

Cushman & Wakefield plc

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 1: Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared under accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP") and in conformity with rules applicable to quarterly financial information. The Condensed Consolidated Financial Statements as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim Condensed Consolidated Financial Statements for these interim periods have been included.

Readers of this unaudited interim Condensed Consolidated quarterly financial information should refer to the audited Consolidated Financial Statements and notes thereto of Cushman & Wakefield plc and its subsidiaries (“Cushman & Wakefield,” the "Company,” “we,” “our” and “us”) for the year ended December 31, 2019 included in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") and also available on our website (www.cushmanwakefield.com). Certain footnote disclosures that would substantially duplicate those contained in such audited financial statements or which are not required by the rules and regulations of the SEC for interim financial reporting have been condensed or omitted.

Refer to Note 2: Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company's 2019 Annual Report on form 10-K for further discussion of the Company's accounting policies and estimates.

Due to seasonality, the results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2020.

The Company provides for the effects of income taxes on interim financial statements based on estimates of the effective tax rate for the full year, which is based on forecasted income by country and enacted tax rates.

Note 2: New Accounting Standards

The Company has adopted the following new accounting standards:

Current Expected Credit Loss (CECL)

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (together with all subsequent amendments, (Topic 326)), which replaces the current U.S. GAAP that requires an incurred loss methodology for recognizing credit losses and delays recognition until it is probable a loss has been incurred. Topic 326 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of reasonable and supportable information to estimate credit losses. Trade and other receivables are presented on the consolidated balance sheets net of estimated expected credit losses. Upon initial recognition of a receivable, the Company estimates credit losses over the contractual term of the receivable and establishes an allowance based on historical experience, current available information and expectations of future economic conditions.

The Company mitigates credit loss risk from its trade receivables by assessing customers for creditworthiness, including review of credit ratings, financial position, and historical experience with similar customers within similar geographic regions, where available. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, the Company aggregates its trade receivables on a collective basis when assessing estimated credit losses.

The Company adopted Topic 326 on January 1, 2020 in accordance with the modified retrospective approach, which resulted in an immaterial cumulative-effect adjustment to the opening balance of Accumulated deficit.

8

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (together with all subsequent amendments, Topic 842), which replaced most existing lease guidance under U.S. GAAP when it became effective on January 1, 2019. The new guidance requires a lessee to record a Non-current operating lease asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. The Company elected to use the optional transition method upon adoption and did not revise comparative financial statements or disclosures. Adoption of Topic 842 did not have an impact on the opening balance of Accumulated deficit as of January 1, 2019.

Stock Compensation

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting (Topic 718). The ASU supersedes ASC 505-50, Equity-Based Payments to Non-Employees and expands the scope of Topic 718 to include stock-based payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.

Derivatives and Hedging

In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815). The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness and is intended to reduce the complexity of applying hedge accounting by simplifying the designation and measurement of hedging instruments. The ASU is required to be applied retrospectively to eliminate the separate measurement of ineffectiveness through a cumulative-effect adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The new guidance is required to be adopted using the retrospective approach. The Company adopted the new guidance effective January 1, 2019 with an immaterial impact on its financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts and is effective through December 31, 2022. In the second quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The application of these expedients preserves the presentation of the derivatives with no impact to the financial statements and related disclosures.

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The Company adopted the new guidance effective July 1, 2020, with an immaterial impact to its financial statements and related disclosures.

Note 3: Segment Data

The Company reports its operations through the following segments: (1) Americas, (2) EMEA and (3) APAC. The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region.

Adjusted EBITDA is the profitability metric reported to the chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before integration and other costs related to mergers, pre-IPO stock-based compensation, acquisition related costs and efficiency initiatives, and other items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization.

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As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		% Change		2020		2019		% Change
Total revenue
Americas	$	1,416.1	$	1,512.8	(6)	%	$	4,059.4	$	4,353.3	(7)	%
EMEA	223.2		235.5		(5)	%	638.3		667.0		(4)	%
APAC	292.3		370.5		(21)	%	872.9		1,123.2		(22)	%
Total revenue	$	1,931.6	$	2,118.8	(9)	%	$	5,570.6	$	6,143.5	(9)	%
Adjusted EBITDA
Americas	$	81.2	$	125.2	(35)	%	$	199.1	$	318.0	(37)	%
EMEA	11.5		20.3		(43)	%	34.2		35.5		(4)	%
APAC	24.4		23.0		6	%	72.9		77.9		(6)	%

Adjusted EBITDA is calculated as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted EBITDA - Americas	$	81.2	$	125.2	$	199.1	$	318.0
Adjusted EBITDA - EMEA	11.5		20.3		34.2		35.5
Adjusted EBITDA - APAC	24.4		23.0		72.9		77.9
Add/(less):
Depreciation and amortization	(64.9)		(75.0)		(211.5)		(222.8)
Interest expense, net of interest income	(44.9)		(37.4)		(120.2)		(112.8)
Benefit from income taxes	4.6		11.0		38.8		40.5
Integration and other costs related to merger	(12.8)		(29.9)		(47.6)		(74.1)
Pre-IPO stock-based compensation	(4.5)		(11.4)		(16.7)		(33.6)
Acquisition related costs and efficiency initiatives	(28.3)		(8.0)		(114.7)		(17.7)
Other	(3.6)		(6.1)		(27.5)		(13.8)
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)

Note 4: Earnings Per Share

Earnings (Loss) per Share ("EPS") is calculated by dividing the Net earnings or loss attributable to shareholders by the Weighted average shares outstanding. As the Company was in a loss position for the three months ended September 30, 2020 and nine months ended September 30, 2020 and 2019, the Company has determined all potentially dilutive shares would be anti-dilutive in these periods and therefore are excluded from the calculation of diluted weighted average shares outstanding. As a result, the calculation of weighted average shares outstanding is the same for basic and diluted EPS for these periods.

Potentially dilutive securities of approximately 0.6 million for the three months ended September 30, 2020 and 1.9 million and 7.2 million for the nine months ended September 30, 2020 and 2019, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive in these periods.

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The following is a calculation of EPS (in millions, except per share amounts):  

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic EPS
Net income (loss) attributable to shareholders	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Basic earnings (loss) per common share attributable to shareholders	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)
Diluted EPS
Net income (loss) attributable to shareholders	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Dilutive effect of restricted stock units	—		5.0		—		—
Dilutive effective of stock options	—		1.5		—		—
Weighted average shares outstanding for diluted earnings (loss) per share	221.1		224.5		220.5		217.2
Diluted earnings (loss) per common share attributable to shareholders	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)

Note 5: Revenue

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. As stated in Note 2, the Company adopted Topic 326 on January 1, 2020. Topic 326 replaces the impairment assessment requirement for contract assets with a methodology that reflects expected credit losses. As a result of adopting Topic 326, the Company records contract assets net of expected credit losses which are estimated based on historical experience, current available information and expectations of future economic conditions. The contract asset allowance is recorded in Operating, administrative, and other in the consolidated statement of operations. 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 September 30, 2020 and December 31, 2019, the Company had contract assets of $323.8 million and $313.4 million and $23.8 million and $26.7 million, which were recorded in Other current assets and Other non-current assets, respectively, in the unaudited Condensed Consolidated Balance Sheets.

As of September 30, 2020 and December 31, 2019, the Company had contract liabilities of $49.3 million and $54.4 million which were recorded in Accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets.

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Disaggregation of Revenue

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

		Three Months Ended September 30, 2020
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	1,007.7	$	117.1	$	222.3	$	1,347.1
Leasing	At a point in time	245.6		44.0		33.9		323.5
Capital markets	At a point in time	124.2		24.0		7.7		155.9
Valuation and other	At a point in time or over time	38.6		38.1		28.4		105.1
Total revenue		$	1,416.1	$	223.2	$	292.3	$	1,931.6

		Three Months Ended September 30, 2019
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	906.1	$	96.6	$	283.4	$	1,286.1
Leasing	At a point in time	375.6		56.0		42.6		474.2
Capital markets	At a point in time	182.8		41.7		14.8		239.3
Valuation and other	At a point in time or over time	48.3		41.2		29.7		119.2
Total revenue		$	1,512.8	$	235.5	$	370.5	$	2,118.8

		Nine Months Ended September 30, 2020
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,919.8	$	326.2	$	664.9	$	3,910.9
Leasing	At a point in time	681.1		126.3		89.0		896.4
Capital markets	At a point in time	347.4		69.6		35.0		452.0
Valuation and other	At a point in time or over time	111.1		116.2		84.0		311.3
Total revenue		$	4,059.4	$	638.3	$	872.9	$	5,570.6

		Nine Months Ended September 30, 2019
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,667.9	$	280.3	$	851.6	$	3,799.8
Leasing	At a point in time	1,064.7		161.9		115.1		1,341.7
Capital markets	At a point in time	494.8		101.3		71.8		667.9
Valuation and other	At a point in time or over time	125.9		123.5		84.7		334.1
Total revenue		$	4,353.3	$	667.0	$	1,123.2	$	6,143.5

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.

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Note 6: Goodwill and Other Intangible Assets

The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2020 (in millions):

	Americas		EMEA		APAC		Total
Balance as of December 31, 2019	$	1,417.1	$	282.2	$	269.8	$	1,969.1
Acquisitions	83.4		26.5		—		109.9
Disposals	—		—		(25.2)		(25.2)
Measurement period adjustments	(0.4)		0.4		—		—
Effect of movements in exchange rates and other	(1.5)		2.2		5.0		5.7
Balance as of September 30, 2020	$	1,498.6	$	311.3	$	249.6	$	2,059.5

Portions of goodwill are denominated in currencies other than the U.S. dollar, therefore a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.

There was no impairment of goodwill and other intangible assets for the three and nine months ended September 30, 2020 and 2019, respectively.

The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):

		As of September 30, 2020
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,356.9		(919.8)		437.1
Other intangible assets	2 - 13	17.1		(8.4)		8.7
Total intangible assets		$	1,920.0	$	(928.2)	$	991.8
		As of December 31, 2019
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,333.1		(827.5)		505.6
Other intangible assets	2 - 13	17.2		(6.2)		11.0
Total intangible assets		$	1,896.3	$	(833.7)	$	1,062.6

Amortization expense was $36.7 million and $47.3 million for the three months ended September 30, 2020 and 2019, respectively, and $124.6 million and $142.6 million for the nine months ended September 30, 2020 and 2019, respectively.

Note 7: Derivative Financial Instruments and Hedging Activities

The Company is exposed to certain risks arising from both business operations and economic conditions, including interest rate risk and foreign exchange risk. To mitigate the impact of interest rate and foreign exchange risk, the Company enters into derivative financial instruments. The Company maintains the majority of its overall interest rate exposure on floating rate borrowings to a fixed-rate basis, primarily with interest rate swap agreements. The Company manages exposure to foreign exchange fluctuations primarily through short-term forward contracts.

There have been no significant changes to the interest rate and foreign exchange risk management objectives from those disclosed in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2019.

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Interest Rate Derivative Instruments

As of September 30, 2020, the Company's active interest rate hedging instruments consist of five interest rate swap agreements designated as cash flow hedges. The Company's hedge instrument balances as of September 30, 2020 relate solely to these interest rate swaps. The hedge instruments expire in August 2025 and are further described below.

The Company records changes in the fair value of derivatives designated and qualifying as cash flow hedges in Accumulated other comprehensive loss in the unaudited Condensed Consolidated Balance Sheets and subsequently reclassifies the change into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2020 and December 31, 2019, there is $165.5 million and $74.5 million in pre-tax losses, respectively, included in Accumulated other comprehensive loss related to these agreements, which will be reclassified to Interest expense as interest payments are made in accordance with the Company's 2018 Credit Agreement; refer to Note 8: Long-term Debt and Other Borrowings for discussion of this agreement. During the next twelve months, the Company estimates that pre-tax losses of $37.4 million will be reclassified to Interest expense in the unaudited Condensed Consolidated Statements of Operations.

Non-designated Foreign Exchange Derivative Instruments

Additionally, the Company enters into short-term forward contracts to mitigate the risk of fluctuations in foreign currency exchange rates that would adversely impact some of the Company’s foreign currency denominated transactions. Hedge accounting was not elected for any of these contracts. As such, changes in the fair value of these contracts are recorded directly in earnings. There are gains of $2.1 million and $1.6 million for the three months ended September 30, 2020 and 2019, respectively. There are gains of $2.3 million and $1.5 million for the nine months ended September 30, 2020 and 2019, respectively. This activity was included in Other income, net, in the unaudited Condensed Consolidated Statements of Operations.

As of September 30, 2020 and December 31, 2019, the Company had 21 and 23 foreign currency exchange forward contracts outstanding, respectively, covering a notional amount of $538.8 million and $498.2 million, respectively. The fair value of forward contracts disclosed above are included in Other current assets and Other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, the Company has not posted and does not hold any collateral related to these agreements.

The following table presents the fair value of derivatives as of September 30, 2020 and December 31, 2019 (in millions):

			September 30, 2020				December 31, 2019
	September 30, 2020		Assets		Liabilities		Assets		Liabilities
Derivative Instrument	Notional		Fair Value		Fair Value		Fair Value		Fair Value
Designated:
Cash flow hedges:
Interest rate swaps	$	2,050.0	$	—	$	176.3	$	—	$	97.7
Non-designated:
Foreign currency forward contracts	538.8		3.1		2.1		1.0		2.2

The fair value of derivative assets is included within Other non-current assets and the fair value of derivative liabilities is included within Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets. The Company does not net derivatives in the unaudited Condensed Consolidated Balance Sheets.

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The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the three months ended September 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)		Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)		Ending Accumulated Other Comprehensive Loss (Gain)
Three Months Ended September 30, 2020
Interest rate cash flow hedges	$	178.0	$	(19.3)	$	9.3	$	168.0
	$	178.0	$	(19.3)	$	9.3	$	168.0
Three Months Ended September 30, 2019
Interest rate cash flow hedges	$	70.0	$	26.6	$	1.1	$	97.7
	$	70.0	$	26.6	$	1.1	$	97.7

(1) Amount is net of related income tax expense of $0.0 million for the three months ended September 30, 2020 and 2019.

(2) Amount is net of related income tax expense of $0.7 million and $0.8 million for the three months ended September 30, 2020 and 2019, respectively.

Gains of $10.0 million and $1.9 million were reclassified into earnings during the three months ended September 30, 2020 and 2019, respectively, related to interest rate hedges and were recognized in Interest expense in the unaudited Condensed Consolidated Statements of Operations.

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)			Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)			Ending Accumulated Other Comprehensive Loss (Gain)
Nine Months Ended September 30, 2020
Interest rate cash flow hedges	$	79.0	$	78.0		$	11.0		$	168.0
	$	79.0	$	78.0	1	$	11.0	2	$	168.0
Nine Months Ended September 30, 2019
Interest rate cash flow hedges	$	(13.3)	$	105.9		$	5.1		$	97.7
	$	(13.3)	$	105.9	1	$	5.1	2	$	97.7

(1) Amount is net of related income tax expense of $0.0 million and $5.1 million for the nine months ended September 30, 2020 and 2019, respectively.

(2) Amount is net of related income tax expense of $2.1 million and $2.3 million for the nine months ended September 30, 2020 and 2019, respectively.

Gains of $13.1 million and $7.4 million were reclassified into earnings during the nine months ended September 30, 2020 and 2019, respectively, related to interest rate hedges and were recognized in Interest expense in the unaudited Condensed Consolidated Statements of Operations.

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Note 8: Long-term Debt and Other Borrowings

Long-term debt consisted of the following (in millions):

	As of
	September 30, 2020		December 31, 2019
Collateralized:
2018 First Lien Loan, net of unamortized discount and issuance costs of $34.2 million and $28.8 million, respectively	$	2,618.7	$	2,637.5
2020 Senior Secured Notes, net of unamortized issuance costs of $11.0 million due 2028	639.0		—
Finance lease liability	17.5		20.3
Notes payable to former stockholders	0.3		0.3
Total long-term debt	3,275.5		2,658.1
Less: current portion	(36.0)		(37.8)
Total non-current long-term debt	$	3,239.5	$	2,620.3

2018 Credit Agreement

On August 21, 2018, the Company entered into a $3.5 billion credit agreement (the "2018 Credit Agreement"), comprised of a $2.7 billion term loan (the "2018 First Lien Loan") and an $810.0 million revolving facility (the "Revolver"). Net proceeds from the 2018 First Lien Loan were $2.7 billion ($2.7 billion aggregate principal amount less $13.5 million stated discount and $20.6 million in debt transaction costs).

On December 20, 2019, the Company amended the Revolver to increase the aggregate principal amount by $210.0 million, incurring an additional $0.5 million in debt transaction costs. As of September 30, 2020, the Company had a total $3.7 billion credit agreement including a $1.0 billion Revolver. The Company’s $1.0 billion Revolver, which matures on August 21, 2023, was undrawn as of September 30, 2020 and December 31, 2019.

On January 20, 2020, the Company refinanced the aggregate principal amount of its 2018 First Lien Loan, incurring an additional $11.1 million in debt transaction costs. The 2018 First Lien Loan was refinanced under materially the same terms, except that of the applicable margin on the LIBOR for the replacement term loan in respect of the Eurodollar Rate Loans is 2.75% as compared to 3.25%, and for the Base Rate Loans is 1.75% compared to 2.25%.

The 2018 Credit Agreement bears interest at a variable interest rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2020, the rate is equal to 1-month LIBOR plus 2.75% as a result of the refinancing. The 2018 First Lien Loan matures on August 21, 2025. As of September 30, 2020, the effective interest rate of the 2018 First Lien Loan is 3.2%.

The 2018 Credit Agreement requires quarterly principal payments equal to 0.25% of the aggregate principal amount of the 2018 First Lien Loan, including incremental borrowings.

The 2018 Credit Agreement has a springing financial covenant, tested on the last day of each fiscal quarter if the outstanding loans under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the First Lien Net Leverage Ratio is tested for compliance not to exceed 5.80 to 1.00.

The Company was in compliance with all of the covenants under the 2018 Credit Agreement as of September 30, 2020 and December 31, 2019.

2020 Senior Secured Notes

On May 22, 2020, the Company issued $650.0 million of 6.75% senior secured notes due May 15, 2028 (the "2020 Notes"). Net proceeds from the 2020 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2020 Notes were offered in a private placement exempt from registration under the Securities Act of 1933, as amended. The 2020 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 7% as of September 30, 2020.

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Note 9: Stock-based Payments

Options

The tables below summarize the Company’s outstanding time-based stock options (in millions, except for per share amounts):

	Time-Based Options
	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2019	2.6	$	11.51	5.9
Exercised	(0.1)	10.04		—
Forfeited	(0.1)	13.93		—
Outstanding as of September 30, 2020	2.4	$	11.51	5.1
Exercisable as of September 30, 2020	3.7	$	11.42	5.1

Total recognized compensation cost related to these stock option awards was $0.1 million and $1.4 million for the three months ended September 30, 2020 and 2019, respectively, and $0.4 million and $3.9 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the total unrecognized compensation cost related to non-vested time-based option awards was $0.6 million.

The tables below summarize the Company’s outstanding performance-based stock options (in millions, except for per share amounts):

	Performance-Based Options
	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2019	1.4	$	11.64	5.9
Forfeited	(0.0)	12.59		—
Outstanding as of September 30, 2020	1.4	$	11.62	5.2
Exercisable as of September 30, 2020	—	—		—

Total recognized compensation cost related to these stock option awards was $0.0 million and $2.7 million for the three months ended September 30, 2020 and 2019, respectively and $0.0 million and $8.2 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the compensation cost for performance-based options has been fully recognized.

Restricted Stock Units

The following table provides information about the Company’s outstanding restricted stock units ("RSUs") (in millions, except for per share amounts):

	Co-Investment RSUs			Time-Based RSUs			Performance-Based RSUs
	Number of RSUs	Weighted Average Fair Value Per Share		Number of RSUs	Weighted Average Fair Value Per Share		Number of RSUs	Weighted Average Fair Value Per Share
Unvested as of December 31, 2019	0.0	$	17.00	5.7	$	15.63	1.1	$	17.08
Granted	—	—		2.1	15.46		0.6	17.25
Vested	(0.0)	17.00		(3.3)	14.73		(0.1)	17.29
Forfeited	—	—		(0.3)	17.49		(0.1)	18.70
Unvested as of September 30, 2020	—	$	—	4.2	$	15.83	1.5	$	17.04

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The following table summarizes the Company's compensation expense related to RSUs (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,				Unrecognized at September 30, 2020
	2020		2019		2020		2019
Time-Based RSUs	$	8.8	$	11.4	$	31.0	$	32.5	$	50.8
Co-Investment RSUs	—		0.1		0.1		0.3		—
Performance-Based RSUs	0.7		0.6		2.8		1.3		10.4
Total RSU stock-based compensation cost	$	9.5	$	12.1	$	33.9	$	34.1	$	61.2

Note 10: Restructuring

As a result of operating efficiency initiatives announced in February 2020, the Company recognized restructuring charges of $12.9 million and $42.1 million during the three and nine months ended September 30, 2020, respectively. The charges primarily consisted of severance and employment-related costs due to reductions in headcount.

All charges were classified as Restructuring, impairment and related charges in the unaudited Condensed Consolidated Statements of Operations.

The following table details the Company’s severance and employment-related restructuring activity for the nine months ended September 30, 2020 (in millions):

	Severance Pay and Benefits		Contract Terminations and Other Costs		Total
Balance as of December 31, 2019	$	1.2	$	—	$	1.2
Restructuring Charges:
Americas	18.4		9.7		28.1
EMEA	9.7		—		9.7
APAC	4.3		—		4.3
Total Restructuring Charges	32.4		9.7		42.1
Payments and Other:
Americas	(14.2)		(8.9)		(23.1)
EMEA	(6.0)		—		(6.0)
APAC	(3.2)		—		(3.2)
Total Payments and Other	(23.4)		(8.9)		(32.3)
Balance as of September 30, 2020	$	10.2	$	0.8	$	11.0

As of September 30, 2020 and December 31, 2019, $10.0 million and $1.2 million were recorded as Other current liabilities, respectively, and as of September 30, 2020, $1.0 million was recorded as Other non-current liabilities within the unaudited Condensed Consolidated Balance Sheet.

Note 11: Commitments and Contingencies

Guarantees

The Company’s guarantees primarily relate to requirements under certain client service contracts and have arisen through the normal course of business. These guarantees, with certain financial institutions, have both open and closed-ended terms; with remaining closed-ended terms up to 7.1 years and maximum potential future payments of $41.3 million in the aggregate, with none of these guarantees being individually material to the Company’s operating results, financial position or liquidity. The Company’s current expectation is that future payment or performance related to non-performance under these guarantees is considered remote.

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Contingencies

In the normal course of business, the Company is subject to various claims and litigation. Many of these claims are covered under the Company’s current insurance programs, subject to self-insurance levels and deductibles. The Company is also subject to threatened or pending legal actions arising from activities of contractors. Such liabilities include the potential costs to settle litigation. A liability is recorded for the potential costs of carrying out further works based on known claims and previous claims history, and for losses from litigation that are probable and estimable. A liability is also recorded for the Company’s incurred but not reported ("IBNR") claims, based on assessment using prior claims history.

Claims liabilities are presented as Other current liabilities and Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets. As of September 30, 2020 and December 31, 2019, contingent liabilities recorded within Other current liabilities were $116.1 million and $74.8 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $24.4 million and $22.5 million, respectively. These contingent liabilities are made up of errors and omissions ("E&O") claims, workers’ compensation insurance liabilities and other claims and contingent liabilities. At September 30, 2020 and December 31, 2019, E&O and other claims were $45.3 million and $30.2 million, respectively, and workers’ compensation liabilities were $95.2 million and $67.1 million, respectively, included within Other current liabilities and Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets. The ultimate settlement of these matters may result in payments materially in excess of the amounts recorded due to their contingent nature and inherent uncertainties of settlement proceedings.

The Company had insurance recoverable balances for E&O claims as of September 30, 2020 and December 31, 2019 totaling $5.4 million and $3.5 million, respectively.

Note 12: Related Party Transactions

On January 6, 2020, the Company formed a new asset services joint venture with Vanke Service, a leading Chinese real estate service provider, and a subsidiary of China Vanke Co. ("Cushman & Wakefield Vanke Service"). Cushman & Wakefield Vanke Service has more than 1,000 commercial property and facility management projects in over 80 cities across Greater China, with more than 20,000 employees. The Company owns a 35% interest in this joint venture and accounts for its investment using the equity method of accounting. The Company recognized a gain of $36.9 million upon formation of the joint venture. The gain was calculated as the difference between the fair value of the consideration transferred and the carrying amount of the former subsidiary's assets and liabilities.

Receivables from affiliates

As of September 30, 2020 and December 31, 2019, the Company had receivables from affiliates of $33.2 million and $33.4 million and $190.6 million and $198.8 million that are included in Other current assets and Other non-current assets, respectively, in the unaudited Condensed Consolidated Balance Sheets. These amounts primarily represent prepaid commissions, retention and sign-on bonuses to brokers and other items such as travel and other advances to employees.

Note 13: Fair Value Measurements

The Company measures certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value as follows:

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

•Level 3: inputs for the asset or liability that are based on unobservable inputs in which there is little or no market data.

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There were no significant transfers in or out of Level 2 assets or liabilities for the three and nine months ended September 30, 2020 and 2019, but there were significant additions and divestitures to Level 1 assets during the three and nine months ended September 30, 2020. There were no significant transfers in or out of Level 1 and Level 2 during the three and nine months ended September 30, 2019. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in the Company's audited Consolidated Financial Statements for the year ended December 31, 2019.

Financial Instruments

The Company's financial instruments include cash and cash equivalents, trade and other receivables, deferred purchase price receivable ("DPP"), restricted cash, accounts payable and accrued expenses, short-term borrowings, long-term debt, interest rate swaps and foreign exchange contracts. The carrying amount of cash and cash equivalents approximates the fair value of these instruments. Certain money market funds in which the Company has invested are highly liquid and considered cash equivalents. These funds are valued at the per unit rate published as the basis for current transactions.

The estimated fair value of external debt was $3.2 billion and $2.7 billion as of September 30, 2020 and December 31, 2019, respectively. These instruments were valued using dealer quotes that are classified as Level 2 inputs in the fair value hierarchy. The gross carrying value of the debt was $3.3 billion and $2.7 billion as of September 30, 2020 and December 31, 2019, respectively, which excludes debt issuance costs. See Note 8: Long-term Debt and Other Borrowings for additional information.

The estimated fair values of interest rate swaps and foreign currency forward contracts are determined based on the expected cash flows of each derivative. The valuation method reflects the contractual period and uses observable market-based inputs, including interest rate and foreign currency forward curves.

Recurring Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in millions):

	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents - money market funds	$	433.0	$	433.0	$	—	$	—
Deferred compensation plan assets	45.7		45.7		—		—
Foreign currency forward contracts	3.1		—		3.1		—
Deferred purchase price receivable	165.7		—		—		165.7
Total	$	647.5	$	478.7	$	3.1	$	165.7
Liabilities
Deferred compensation plan liabilities	$	44.3	$	44.3	$	—	$	—
Foreign currency forward contracts	2.1		—		2.1		—
Interest rate swap agreements	176.3		—		176.3		—
Earn-out liabilities	15.7		—		—		15.7
Total	$	238.4	$	44.3	$	178.4	$	15.7

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	As of December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents - money market funds	$	206.9	$	206.9	$	—	$	—
Deferred compensation plan assets	54.9		54.9		—		—
Foreign currency forward contracts	1.0		—		1.0		—
Deferred purchase price receivable	66.9		—		—		66.9
Total	$	329.7	$	261.8	$	1.0	$	66.9
Liabilities
Deferred compensation plan liabilities	$	51.3	$	51.3	$	—	$	—
Foreign currency forward contracts	2.2		—		2.2		—
Interest rate swap agreements	97.7		—		97.7		—
Earn-out liabilities	24.6		—		—		24.6
Total	$	175.8	$	51.3	$	99.9	$	24.6

Deferred Compensation Plans

The Company provided deferred compensation plans to certain U.S. employees whereby the employee could defer a portion of employee compensation, which the Company would hold in trust, enabling the employees to defer tax on compensation until payment is made to them from the trust. These plans are frozen. The employee continues to be at risk for any investment fluctuations of the funds held in trust. The fair value of assets and liabilities are based on the value of the underlying investments using quoted prices in active markets at period end. In the event of insolvency of the Company, the trust’s assets are available to all general creditors of the Company.

In December 2018, the Company adopted a new deferred compensation plan, which became effective on January 1, 2019. The plan allows highly-compensated employees to defer a portion of compensation, enabling the employee to defer tax on compensation until payment is made. Deferred compensation is credited into an account denominated in ordinary shares of the Company in a number determined based on the fair market value of the Company’s ordinary shares on the date of the deposit. All payments are made in ordinary shares.

Deferred compensation plan assets are presented within Prepaid expenses and other current assets and Other non-current assets in the unaudited Condensed Consolidated Balance Sheets. Deferred compensation liabilities are presented within Accrued compensation and Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets.

Foreign Currency Forward Contracts and Net Investment Hedges, and Interest Rate Swaps and Cap Agreements

Refer to Note 7: Derivative Financial Instruments and Hedging Activities for discussion of the fair value associated with these derivative assets and liabilities.

Deferred Purchase Price Receivable

The Company recorded a DPP under its A/R Securitization upon the initial sale of trade receivables. The DPP represents the difference between the fair value of the trade receivables sold and the cash purchase price and is recognized at fair value as part of the sale transaction. The DPP is subsequently remeasured each reporting period in order to account for activity during the period, such as 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 included in Other non-current assets in the unaudited Condensed Consolidated Balance Sheets and is valued using unobservable inputs (i.e., Level 3 inputs), primarily discounted cash flows. Refer to Note 14: Accounts Receivable Securitization for more information.

Earn-out Liabilities

Earn-out liabilities are classified within Level 3 in the fair value hierarchy because the methodology used to develop the estimated fair value includes significant unobservable inputs reflecting management’s own assumptions. The fair value of earn-out liabilities is based on the present value of probability-weighted expected return method related to the earn-out performance criteria on each reporting date. The probabilities of achievement assigned to the performance criteria are determined based on due diligence performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. Adjustments to the earn-out liabilities in periods subsequent to the completion of acquisitions are reflected within Operating, administrative and other in the unaudited Condensed Consolidated Statements of Operations.

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The table below presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions):

	Earn-out Liabilities
	2020		2019
Balance as of January 1,	$	24.6	$	38.3
Purchases/additions	2.7		—
Net change in fair value and other adjustments	—		(0.2)
Payments	(11.6)		(23.1)
Balance as of September 30,	$	15.7	$	15.0
Balance as of July 1,	$	24.5	$	25.1
Purchases/additions	—		—
Net change in fair value and other adjustments	(0.6)		(0.3)
Payments	(8.2)		(9.8)
Balance as of September 30,	$	15.7	$	15.0

Note 14: Accounts Receivable Securitization

On August 20, 2018, the Company amended the A/R Securitization that was initially entered into on March 8, 2017 to increase the investment limit from $100.0 million to $125.0 million. The termination date was extended to August 20, 2022 in December 2019. Under the A/R Securitization, certain of the Company's wholly owned subsidiaries continuously sell trade receivables to an unaffiliated financial institution. The Company’s wholly owned subsidiaries sell (or contribute) the receivables to wholly owned special purpose entities at fair market value. The special purpose entities then sell 100% of the receivables to an unaffiliated financial institution (“the Purchaser”). Although the special purpose entities are wholly owned subsidiaries of the Company, they are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to be satisfied out of their assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not available to pay other creditors of the Company. As of September 30, 2020 the Company had no outstanding balance drawn on the investment limit. At December 31, 2019, the balance drawn on the investment limit was $85.0 million.

All transactions under the A/R Securitization are accounted for as a true sale in accordance with ASC 860, Transfers and Servicing ("Topic 860"). Following the sale and transfer of the receivables to the Purchaser, the receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables. Receivables sold are derecognized from the statement of financial position. The Company continues to service, administer and collect the receivables on behalf of the Purchaser, and recognizes a servicing liability in accordance with Topic 860. Any financial statement impact associated with the servicing liability was immaterial for all periods presented.

This program allows the Company to receive a cash payment and with a DPP for sold receivables. The DPP is paid to the Company in cash on behalf of the Purchaser as the receivables are collected; however, due to the revolving nature of the A/R Securitization, cash collected from the Company’s customers is reinvested by the Purchaser daily in new receivable purchases under the A/R Securitization. For the nine months ended September 30, 2020 and 2019, receivables sold under the A/R securitization were $846.5 million and $837.7 million, respectively, and cash collections from customers on receivables sold were $856.8 million and $848.2 million, respectively, all of which were reinvested in new receivables purchases and are included in cash flows from operating activities in the unaudited Condensed Consolidated Statement of Cash Flows. As of September 30, 2020 and December 31, 2019, the outstanding principal on receivables sold under the A/R Securitization were $177.5 million and $187.8 million, respectively. Refer to Note 13: Fair Value Measurements for additional discussion on the fair value of the DPP as of September 30, 2020 and December 31, 2019.

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The Company did not recognize any material income or loss related to receivables sold for the three and nine months ended September 30, 2020 and 2019. Based on the Company’s collection history, the fair value of the receivables sold subsequent to the initial sale approximates carrying value. The Company incurred program costs of $0.3 million and $0.3 million, for the three months ended September 30, 2020 and 2019, respectively, and $1.2 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively, which were included in Operating, administrative and other expenses in the unaudited Condensed Consolidated Statement of Operations.

Note 15: Supplemental Cash Flow Information

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited Condensed Consolidated Balance Sheets to the sum of such amounts presented in the unaudited Condensed Consolidated Statements of Cash Flows (in millions):

	Nine Months Ended September 30,
	2020		2019
Cash and cash equivalents, beginning of period	$	813.2	$	895.3
Restricted cash recorded in Other current assets, beginning of period	59.1		70.1
Total cash, cash equivalents and restricted cash shown in the statements of cash flows, beginning of period	$	872.3	$	965.4
Cash and cash equivalents, end of period	$	916.8	$	400.1
Restricted cash recorded in Other current assets, end of period	78.3		69.4
Total cash, cash equivalents and restricted cash shown in the statements of cash flows, end of period	$	995.1	$	469.5

Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):

	Nine Months Ended September 30,
	2020		2019
Cash paid for:
Interest	$	72.8	$	115.3
Income taxes	42.4		48.7
Non-cash investing/financing activities:
Property and equipment acquired through capital leases	6.5		8.0
Deferred and contingent acquisition payment obligations	31.5		12.3
Increase in beneficial interest in a securitization	13.8		4.1

Note 16: Subsequent Events

The Company has evaluated subsequent events through November 5, 2020, the date on which these financial statements were issued, and has determined there are no material subsequent events to disclose.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report on Form 10-Q ("Quarterly Report") and with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission.

As discussed in “Cautionary Note Regarding Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in “Risk Factors” under Part II, Item 1A in this Quarterly Report. Our fiscal year ends December 31.

Overview

Cushman & Wakefield is a leading global commercial real estate services firm, built on a trusted brand and backed by approximately 53,000 employees and serving the world's real estate owners and occupiers through a scalable platform. We operate across approximately 400 offices in 60 countries, managing over 4.1 billion square feet of commercial real estate space on behalf of institutional, corporate and private clients. Our business is focused on meeting the increasing demands of our clients across multiple service lines including Property, facilities and project management, Leasing, Capital markets and Valuation and other services.

Impact of COVID-19

The emergence and proliferation of a novel coronavirus (COVID-19) around the world, and particularly in the United States, Europe and China, presents significant risks to the Company. In response to the outbreak, many countries reacted by instituting quarantine measures, mandating business and school closure and restricting travel, all of which have had an adverse effect on the Company's operations. While restrictions in some areas have been lifted or relaxed, precautions and procedures remain in place in many countries which could continue to impact the Company’s operations for a significant period of time. In addition, some locations have experienced, or may in the future experience, resurgences in COVID-19 cases. The Company cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on the Company’s results of operations, financial position, and liquidity, much of which will depend on when and to what extent current restrictions are lifted and economic conditions improve. In response to the global pandemic, the Company created a COVID-19 executive task force that has implemented business continuity plans and has taken a variety of actions to ensure the ongoing availability of our services, while also undertaking appropriate health and safety measures. This executive task force is comprised of representatives from every part of our business, including Health, Safety, Security & Environment experts. The task force has authority to make timely, informed decisions relating to our business continuity planning and actions. As a result of these actions, the Company has not experienced disruptions to date in its operations or ability to service our clients. In addition, the Company has been able to respond quickly to our customers’ changing business demands related to the COVID-19 pandemic.

The impact of COVID-19 was significant in the third quarter of 2020, as demand declined in our transaction-related brokerage service lines. In the third quarter of 2020, Leasing revenue declined 32% and Capital markets revenue declined 35%, compared to the third quarter of 2019.

Overall, the Company maintains sufficient liquidity to continue business operations during these uncertain economic conditions. As discussed in “Liquidity and Capital Resources” below, the Company had liquidity of approximately $1.9 billion as of September 30, 2020, comprising of cash on hand of $916.8 million and an undrawn revolving credit facility of $1.0 billion.

The Company will continue to monitor the circumstances and may take further actions that affect our business operations and performance. These actions may result from requirements mandated by federal, state or local authorities or that we determine to be in the best interests of our employees, customers, and shareholders. The circumstances surrounding COVID-19 remain fluid, and the potential for a material impact on the Company increases the longer the virus impacts the level of economic activity in the United States and in other countries. For these reasons, the Company cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on the Company’s results of operations, financial position, and liquidity. See Part II, Item 1A - "Risk Factors" for further information.

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Critical Accounting Policies

Our unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect reported amounts. The estimates and assumptions are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from those estimates. We review these estimates on a periodic basis to ensure reasonableness. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material. For additional detail regarding our critical accounting policies including business combinations, goodwill and indefinite-lived intangible assets and income taxes, see our discussion for the year ended December 31, 2019 included in the Company's 2019 Annual Report on Form 10-K. There have been no material changes to these policies as of September 30, 2020.

Recently Issued Accounting Pronouncements

See recently issued accounting pronouncements within Note 2: New Accounting Standards of the Notes to the unaudited interim Condensed Consolidated Financial Statements.

Leases

The Company adopted ASU No. 2018-11, Topic 842, effective January 1, 2019, which improves clarity and comparability by disclosing the recognition of lease assets and lease liabilities on the balance sheet as well as key leasing arrangements.

Stock Compensation

The Company adopted ASU No. 2018-07, Topic 718, effective January 1, 2019, which improves clarity over equity-based payments to non-employees by aligning the award measurement date with the grant date of an award.

Current Expected Credit Loss (CECL)

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (together with all subsequent amendments, (Topic 326)), which replaces the current U.S. GAAP that requires an incurred loss methodology for recognizing credit losses and delays recognition until it is probable a loss has been incurred. Topic 326 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of reasonable and supportable information to estimate credit losses. The Company adopted Topic 326 on January 1, 2020 in accordance with the modified retrospective approach, which resulted in an immaterial cumulative-effect adjustment to the opening balance of Accumulated Deficit.

Derivatives and Hedging

The Company adopted ASU No. 2017-12, Topic 815, effective January 1, 2019 which eliminates the requirement to separately measure and report hedge ineffectiveness and is intended to reduce the complexity of applying hedge accounting by simplifying the designation and measurement of hedging instruments.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts and is effective through December 31, 2022. In the second quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The application of these expedients preserves the presentation of the derivatives with no impact to the financial statements and related disclosures.

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The Company adopted the new guidance effective July 1, 2020, with an immaterial impact to its financial statements and related disclosures.

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Items Affecting Comparability

When reading our financial statements and the information included in this Quarterly Report, it should be considered that we have experienced, and continue to experience, several material trends and uncertainties that have affected our financial condition and results of operations that could affect future performance. We believe that the following material trends and uncertainties are important to understand the variability of our historical earnings and cash flows and any potential future variability.

Macroeconomic Conditions

Our results of operations are significantly impacted by economic trends, government policies and the global and regional real estate markets. These include the following: overall economic activity; changes in interest rates; the impact of tax and regulatory policies; changes in employment rates; level of commercial construction spending; the cost and availability of credit; the impact of the COVID-19 global pandemic; and the geopolitical environment.

Our operating model helps to partially mitigate the negative effect of difficult market conditions on our margins as a substantial portion of our costs are variable compensation expenses, specifically commissions and bonuses paid to our professionals in our Leasing and Capital market service lines. Nevertheless, adverse economic trends pose significant risks to our operating performance and financial condition.

Acquisitions

Our results include the incremental impact of completed transactions from the date of acquisition, which may impact the comparability of our results on a year-over-year basis. Additionally, there is generally an adverse impact on net income for a period of time after the completion of an acquisition driven by transaction-related and integration expenses. We have historically used strategic and in-fill acquisitions to add new service capabilities, to increase our scale within existing capabilities and to expand our presence in new or existing geographic regions globally. We believe that strategic acquisitions increase revenue, provide cost synergies and generate incremental income in the long term.

Seasonality

A significant portion of our revenue is seasonal, especially for service lines such as Leasing and Capital markets. This impacts the comparison of our financial condition and results of operations on a quarter-by-quarter basis. Generally, our industry is focused on completing transactions by calendar year-end with a significant concentration of activity in the last quarter of the calendar year while certain expenses are recognized more evenly throughout the calendar year. Historically, our revenue and operating income tend to be lowest in the first quarter, and highest in the fourth quarter of each year. The Property, facilities and project management service line partially mitigates this intra-year seasonality, due to the recurring nature of this service line, which generates more stable revenues throughout the year.

Inflation

Our commission and other operating costs tied to revenue are primarily impacted by factors in the commercial real estate market. These factors have the potential to be affected by inflation. Other costs such as wages and costs of goods and services provided by third parties also have the potential to be impacted by inflation. However, we do not believe that inflation has materially impacted our operations.

International Operations

Our business consists of service lines operating in multiple regions inside and outside of the U.S. Our international operations expose us to global economic trends as well as foreign government tax, regulatory, and policy measures.

Additionally, outside of the U.S., we generate earnings in other currencies and are subject to fluctuations relative to the U.S. dollar ("USD"). As we continue to grow our international operations through acquisitions and organic growth, these currency fluctuations, most notably the Australian dollar, euro and British pound sterling have the potential to positively or adversely affect our operating results measured in USD. It can be difficult to compare period-over-period financial statements when the movement in currencies against the USD does not reflect trends in the local underlying business as reported in its local currency.

In order to assist our investors and improve comparability of results, we present the year-over-year changes in certain of our non-GAAP financial measures, such as Fee revenue and Adjusted EBITDA, in "local" currency. The local currency change represents the year-over-year change assuming no movement in foreign exchange rates

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from the prior year. We believe that this provides our management and investors with a better view of comparability and trends in the underlying operating business.

Key Performance Measures

We regularly review a number of metrics to evaluate our business, measure our progress and make strategic decisions. The measures include Segment operating expenses, Fee-based operating expenses, Adjusted EBITDA, Adjusted EBITDA margin and local currency. Certain of these metrics are non-GAAP measures currently utilized by management to assess performance, and we disclose these measures to investors to assist them in providing a meaningful understanding of our performance. See "Use of Non-GAAP Financial Measures" and "Results of Operations" below.

Use of Non-GAAP Financial Measures

We have used the following measures, which are considered "non-GAAP financial measures" under SEC guidelines:

i.Segment operating expenses and Fee-based operating expenses;

ii.Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and Adjusted EBITDA margin; and

iii.Local currency.

Our management principally uses these non-GAAP financial measures to evaluate operating performance, develop budgets and forecasts, improve comparability of results and assist our investors in analyzing the underlying performance of our business. These measures are not recognized measurements under GAAP. When analyzing our operating results, investors should use them in addition to, but not as an alternative for, the most directly comparable financial results calculated and presented in accordance with GAAP. Because the Company’s calculation of these non-GAAP financial measures may differ from other companies, our presentation of these measures may not be comparable to similarly titled measures of other companies.

The Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods, and may be useful for investors to analyze our financial performance. The measures eliminate the impact of certain items that may obscure trends in the underlying performance of our business. The Company believes that they are useful to investors, for the additional purposes described below.

Segment operating expenses and Fee-based operating expenses: Consistent with GAAP, reimbursed costs for certain customer contracts are presented on a gross basis in both revenue and operating expenses for which the Company recognizes substantially no margin. Total costs and expenses include segment operating expenses as well as other expenses such as depreciation and amortization, integration and other costs related to merger, pre-IPO stock-based compensation, acquisition related costs and efficiency initiatives. Segment operating expense includes Fee-based operating expenses and Cost of gross contract reimbursables. We believe Fee-based operating expenses more accurately reflects the costs we incur during the course of delivering services to our clients and is more consistent with how we manage our expense base and operating margins.

Adjusted EBITDA and Adjusted EBITDA margin: We have determined Adjusted EBITDA to be our primary measure of segment profitability. We believe that investors find this measure useful in comparing our operating performance to that of other companies in our industry because these calculations generally eliminate integration and other costs related to merger, pre-IPO stock-based compensation, acquisition related costs and efficiency initiatives and other items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization. Adjusted EBITDA margin, a non-GAAP measure of profitability as a percent of revenue, is measured against service line fee revenue.

Local currency: In discussing our results, we refer to percentage changes in local currency. These metrics are calculated by holding foreign currency exchange rates constant in year-over-year comparisons. Management believes that this methodology provides investors with greater visibility into the performance of our business excluding the effect of foreign currency rate fluctuations.

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Results of Operations

In accordance with Item 303 of Regulation S-K, the Company has excluded the discussion of 2018 results in "Management's Discussion and Analysis of Financial Condition and Results of Operations," as this discussion can be found in our Quarterly Report on Form 10-Q for the three months ended September 30, 2019 filed with the SEC under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

The following table sets forth items derived from our unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (in millions):

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020			2019			% Change in USD		% Change in Local Currency		2020			2019			% Change in USD		% Change in Local Currency
Revenue:
Property, facilities and project management	$	747.2		$	723.1		3	%	3	%	$	2,172.8		$	2,169.7		—	%	1	%
Leasing	321.6			470.5			(32)	%	(32)	%	886.9			1,332.5			(33)	%	(33)	%
Capital markets	155.5			238.0			(35)	%	(35)	%	450.4			664.9			(32)	%	(32)	%
Valuation and other	104.6			117.8			(11)	%	(12)	%	308.9			330.4			(7)	%	(6)	%
Total service line fee revenue(1)	1,328.9			1,549.4			(14)	%	(15)	%	3,819.0			4,497.5			(15)	%	(14)	%
Gross contract reimbursables(2)	602.7			569.4			6	%	5	%	1,751.6			1,646.0			6	%	7	%
Total revenue	$	1,931.6		$	2,118.8		(9)	%	(9)	%	$	5,570.6		$	6,143.5		(9)	%	(9)	%
Costs and expenses:
Cost of services provided to clients	$	996.9		$	1,122.8		(11)	%	(11)	%	$	2,900.7		$	3,298.1		(12)	%	(11)	%
Cost of gross contract reimbursables	602.7			569.4			6	%	5	%	1,751.6			1,646.0			6	%	7	%
Total costs of services	1,599.6			1,692.2			(5)	%	(6)	%	4,652.3			4,944.1			(6)	%	(5)	%
Operating, administrative and other	254.3			315.2			(19)	%	(20)	%	810.4			908.9			(11)	%	(10)	%
Depreciation and amortization	64.9			75.0			(13)	%	(14)	%	211.5			222.8			(5)	%	(5)	%
Restructuring, impairment and related charges	13.1			(0.6)			n.m.		n.m.		45.0			3.5			n.m.		n.m.
Total costs and expenses	1,931.9			2,081.8			(7)	%	(8)	%	5,719.2			6,079.3			(6)	%	(5)	%
Operating income (loss)	(0.3)			37.0			(101)	%	(100)	%	(148.6)			64.2			(331)	%	(335)	%
Interest expense, net of interest income	(44.9)			(37.4)			20	%	20	%	(120.2)			(112.8)			7	%	7	%
Earnings from equity method investments	2.8			0.7			300	%	305	%	5.8			2.0			190	%	194	%
Other income, net	0.5			0.4			25	%	(29)	%	31.0			3.2			869	%	722	%
Earnings (loss) before income taxes	(41.9)			0.7			n.m.		n.m.		(232.0)			(43.4)			(435)	%	(427)	%
Benefit from income taxes	(4.6)			(11.0)			(58)	%	(60)	%	(38.8)			(40.5)			(4)	%	(5)	%
Net income (loss)	$	(37.3)		$	11.7		(419)	%	(450)	%	$	(193.2)		$	(2.9)		n.m.		n.m.
Adjusted EBITDA	$	117.1		$	168.5		(31)	%	(31)	%	$	306.2		$	431.4		(29)	%	(28)	%
Adjusted EBITDA margin(3)	8.8		%	10.9		%					8.0		%	9.6		%

n.m. not meaningful

(1) Service line fee revenue represents revenue for fees generated from each of our service lines

(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin

(3) Adjusted EBITDA margin is measured against service line fee revenue

28

Adjusted EBITDA is calculated as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Add/(less):
Depreciation and amortization(1)	64.9		75.0		211.5		222.8
Interest expense, net of interest income	44.9		37.4		120.2		112.8
Benefit from income taxes	(4.6)		(11.0)		(38.8)		(40.5)
Integration and other costs related to merger(2)	12.8		29.9		47.6		74.1
Pre-IPO stock-based compensation(3)	4.5		11.4		16.7		33.6
Acquisition related costs and efficiency initiatives(4)	28.3		8.0		114.7		17.7
Other(5)	3.6		6.1		27.5		13.8
Adjusted EBITDA	$	117.1	$	168.5	$	306.2	$	431.4

(1) Depreciation and amortization includes merger and acquisition-related depreciation and amortization of $41.6 million and $52.8 million for the three months ended September 30, 2020 and 2019 and $140.1 million and $159.1 million for the nine months ended September 30, 2020 and 2019, respectively.

(2) Integration and other costs related to merger include certain direct and incremental integration and restructuring efforts.

(3) Pre-IPO stock-based compensation represents non-cash compensation expense associated with our pre-IPO equity compensation plans. Refer to Note 9: Stock-based Payments of the Notes to unaudited interim Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2020 for additional information.

(4) Acquisition related costs and efficiency initiatives reflect costs incurred to implement operating efficiency initiatives in 2020 to allow the Company to be a nimbler and more agile partner to its clients, as well as incremental costs related to in-fill M&A.

(5) Other principally reflects COVID-19 related items including contributions to the Global Employee Assistance Fund and preparation costs for employee return to office, which totaled $2.8 million and $14.4 million for the three and nine months ended September 30, 2020, respectively, and other items including accounts receivable securitization.

Below is a summary of Total costs and expenses (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Americas Fee-based operating expenses	$	838.3	$	957.1	$	2,432.9	$	2,782.5
EMEA Fee-based operating expenses	190.2		190.0		541.9		567.2
APAC Fee-based operating expenses	187.9		234.9		551.0		721.6
Cost of gross contract reimbursables	602.7		569.4		1,751.6		1,646.0
Segment operating expenses:	1,819.1		1,951.4		5,277.4		5,717.3
Depreciation and amortization	64.9		75.0		211.5		222.8
Integration and other costs related to merger(1)	12.8		29.9		47.6		74.1
Pre-IPO stock-based compensation	4.5		11.4		16.7		33.6
Acquisition related costs and efficiency initiatives(2)	27.0		8.0		138.5		17.7
Other	3.6		6.1		27.5		13.8
Total costs and expenses	$	1,931.9	$	2,081.8	$	5,719.2	$	6,079.3

(1) Integration and other costs related to merger include certain direct and incremental integration and restructuring efforts.

(2) Acquisition related costs and efficiency initiatives reflect costs incurred to implement operating efficiency initiatives in 2020 to allow the Company to be a nimbler and more agile partner to its clients, as well as incremental costs related to in-fill M&A.

29

Three months ended September 30, 2020 compared to three months ended September 30, 2019

Revenue

Revenue was $1.9 billion, a decrease of $187.2 million or 9% versus the three months ended September 30, 2019. This decrease was primarily attributed to lower brokerage activity in the third quarter due to the impact of the COVID-19 pandemic. This decline was also driven in part by the impact of contributing the Company’s China Property, facilities and project management business into the Cushman & Wakefield Vanke Service joint venture in the first quarter of 2020. Leasing declined $148.9 million or 32% on a local currency basis. In addition, Capital markets declined $82.5 million or 35% on a local currency basis. Partially offsetting these trends was the continuing stability of the Company's Property, facilities and project management service line including the increase of $33.3 million in Gross contract reimbursables revenue.

Cost of services

Cost of services of $1.6 billion decreased $92.6 million or 5%. Costs of services provided to clients declined 11% principally due to revenue trends described above resulting in lower variable costs including direct labor, compensation and commissions as well as the Company's operating efficiency initiatives and cost savings actions. This decrease was partially offset by higher Cost of gross contract reimbursables primarily related to the Property, facilities and project management service line.

Operating, administrative and other

Operating, administrative and other of $254.3 million decreased by $60.9 million principally due to lower revenue as well as the Company's operating efficiency initiatives and cost savings actions, including reduced spending on travel and entertainment, third-party contractors and marketing. Operating, administrative and other costs as a percentage of total revenue was 13% for the third quarter of 2020 as compared to 15% for the third quarter of 2019.

Depreciation and amortization

Depreciation and amortization was $64.9 million, a decrease of $10.1 million. This reflected a decrease in amortization costs of $10.7 million, partially offset by an increase in depreciation of $0.6 million.

Restructuring, impairment and related charges

Restructuring, impairment and related charges were $13.1 million, an increase of $13.7 million, principally due to operating efficiency initiatives implemented in March 2020 as part of the Company's previously announced strategic realignment of the business.

Interest expense, net

Net interest expense was $44.9 million, an increase of $7.5 million. This increase was principally attributed to the incremental interest incurred as a result of the issuance of 2020 senior secured notes in the second quarter of 2020.

Other income, net

Other income was a net loss of $0.5 million, a decrease of $0.1 million year over year, which principally reflects losses incurred from the disposal of holding companies in connection with the Company's strategic realignment of the business.

Benefit from income taxes

The Company's income tax provision for the third quarter of 2020 was a benefit of $4.6 million on the loss before taxes of $41.9 million. For the third quarter of 2019, the Company's income tax provision was a benefit of $11.0 million on income before taxes of $0.7 million. The Company's estimated effective tax rate was lower in the three months ended September 30, 2020 compared to the same period last year primarily due to higher interest deduction as a result of the 2020 U.S. CARES Act. The tax provision for the three months ended September 30, 2019, includes a discrete tax benefit due to a partial release of valuation allowance, resulting in a greater tax benefit.

30

Net loss and Adjusted EBITDA

The net loss of $37.3 million principally reflects the impact of COVID-19 on brokerage activity experienced during the third quarter as Leasing and Capital markets revenue declined 32% and 35%, respectively, partially offset by cost savings actions and operating efficiencies.

Adjusted EBITDA of $117.1 million declined $51.4 million or 31%, on a local currency basis, primarily due to the lower brokerage activity resulting from COVID-19, partially offset by savings generated by cost reduction actions and operating efficiency initiatives. As a result, Adjusted EBITDA margin, measured against service line fee revenue, was 8.8% for the three months ended September 30, 2020, compared to 10.9% in the three months ended September 30, 2019.

Nine months ended September 30, 2020 compared to nine months ended September 30, 2019

Revenue

Revenue of $5.6 billion decreased $572.9 million or 9% versus the nine months ended September 30, 2019. This trend was primarily attributed to lower brokerage activity due to the impact of the COVID-19 pandemic. This decline was driven in part by the impact of contributing the Company’s China Property, facilities and project management business into the Cushman & Wakefield Vanke Service joint venture. Leasing declined $445.6 million or 33% on a local currency basis. In addition, Capital markets declined $214.5 million or 32% on a local currency basis. Partially offsetting these trends was the stability of the Company's Property, facilities and project management service line including the increase of $105.6 million in Gross contract reimbursables revenue.

Cost of services

Cost of services of $4.7 billion decreased $291.8 million or 6%. Cost of services provided to clients declined 12% principally due to revenue trends described above resulting in lower variable costs including direct labor, compensation and commissions as well as the Company's operating efficiency initiatives and cost savings actions. This decrease was partially offset by higher Cost of gross contract reimbursables primarily related to the Property, facilities and project management service line.

Operating, administrative and other

Operating, administrative and other of $810.4 million decreased by $98.5 million due to lower revenue as well as the Company's operating efficiency initiatives and cost savings actions, including reduced spending on travel and entertainment, third-party contractors and marketing. Overall, as a percentage of total revenue, operating, administrative and other costs was flat for the nine months ended September 30, 2020 as compared to the first nine months of 2019.

Depreciation and amortization

Depreciation and amortization was $211.5 million, a decrease of $11.3 million. This decrease reflected lower amortization totaling $21.5 million, partially offset by an increase in depreciation of $9.8 million from the Americas, driven by a larger asset base.

Restructuring, impairment and related charges

Restructuring impairment and related charges were $45.0 million, an increase of $41.5 million, primarily due to operating efficiency initiatives implemented as part of the Company's previously announced strategic realignment of the business, which resulted in charges of $42.1 million for severance and other separation benefits.

Interest expense, net

Net interest expense of $120.2 million, increased 7% compared to the nine months ended September 30, 2019 principally due to interest associated with the issuance of 2020 senior secured notes in the second quarter of 2020. Partially offsetting this increase was the impact of the January 2020 repricing of the Company's term loan to a lower effective interest rate.

31

Other income, net

Other income was $31.0 million, an increase of $27.8 million, reflecting a $36.9 million gain as a result of the formation of the Cushman & Wakefield Vanke Service joint venture in China, partially offset by losses incurred from the disposal of holding companies in connection with the Company's previously announced strategic realignment of the business.

Benefit from income taxes

The Company's income tax provision for the first nine months of 2020 was a benefit of $38.8 million on the loss before taxes of $232.0 million. For the first nine months of 2019, the Company's income tax provision was a benefit of $40.5 million on the loss before taxes of $43.4 million. The Company's effective tax rate was lower in the nine months ended September 30, 2020 compared to the same period last year primarily due to higher interest deduction as a result of the 2020 U.S. CARES Act. The tax provision for the nine months ended September 30, 2019, includes a discrete tax benefit due to a partial release of valuation allowance, resulting in a greater tax benefit.

Net loss and Adjusted EBITDA

Net loss of $193.2 million principally reflects the impact of COVID-19 on brokerage activity experienced during the first nine months of 2020, as Leasing and Capital markets revenue declined 33% and 32%, respectively, partially offset by cost savings actions and operating efficiencies.

Adjusted EBITDA of $306.2 million declined $125.2 million or 28%, on a local currency basis, primarily due to the impact of the lower brokerage activity due to COVID-19 experienced in the first nine months of 2020 partially offset by savings generated by cost reduction actions and operating efficiency initiatives. As a result, Adjusted EBITDA margin, measured against service line fee revenue, was 8.0% for the nine months ended September 30, 2020, compared to 9.6% in the nine months ended September 30, 2019.

Segment Operations

We report our operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa ("EMEA") and (3) Asia Pacific ("APAC"). The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the United Kingdom, France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region.

For segment reporting, Service line fee revenue represents revenue for fees generated from each of our of service lines. Gross contract reimbursables reflect revenue paid by clients which have substantially no margin. Our measure of segment results, Adjusted EBITDA, excludes depreciation and amortization, as well as integration and other costs related to merger, pre-IPO stock-based compensation, and other items.

In accordance with Item 303 of Regulation S-K, the Company has excluded the discussion of 2018 results in "Management's Discussion and Analysis of Financial Condition and Results of Operations," as this discussion can be found in our Quarterly Report on Form 10-Q for the three months ended September 30, 2019 filed with the SEC under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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Americas Results

The following table summarizes our results of operations by our Americas operating segment for the three and nine months ended September 30, 2020 and 2019 (in millions):

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020			2019			% Change in USD		% Change in Local Currency		2020			2019			% Change in USD		% Change in Local Currency
Revenue:
Property, facilities and project management	$	512.5		$	480.8		7	%	7	%	$	1,501.4		$	1,428.4		5	%	6	%
Leasing	243.8			372.3			(35)	%	(34)	%	671.8			1,056.1			(36)	%	(36)	%
Capital markets	123.8			181.6			(32)	%	(32)	%	345.8			492.0			(30)	%	(30)	%
Valuation and other	38.6			47.7			(19)	%	(18)	%	110.8			124.1			(11)	%	(10)	%
Total service line fee revenue(1)	918.7			1,082.4			(15)	%	(15)	%	2,629.8			3,100.6			(15)	%	(15)	%
Gross contract reimbursables(2)	497.4			430.4			16	%	16	%	1,429.6			1,252.7			14	%	14	%
Total revenue	$	1,416.1		$	1,512.8		(6)	%	(6)	%	$	4,059.4		$	4,353.3		(7)	%	(6)	%
Costs and expenses:
Americas Fee-based operating expenses	$	838.3		$	957.1		(12)	%	(12)	%	$	2,432.9		$	2,782.5		(13)	%	(12)	%
Cost of gross contract reimbursables	497.4			430.4			16	%	16	%	1,429.6			1,252.7			14	%	14	%
Segment operating expenses	$	1,335.7		$	1,387.5		(4)	%	(3)	%	$	3,862.5		$	4,035.2		(4)	%	(4)	%
Adjusted EBITDA	$	81.2		$	125.2		(35)	%	(35)	%	$	199.1		$	318.0		(37)	%	(37)	%
Adjusted EBITDA Margin(3)	8.8		%	11.6		%					7.6		%	10.3		%

(1) Service line fee revenue represents revenue for fees generated from each of our service lines

(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin

(3) Adjusted EBITDA margin is measured against service line fee revenue

Three months ended September 30, 2020 compared to three months ended September 30, 2019

Americas revenue was $1.4 billion, a decrease of $96.7 million or 6%. This decline was principally driven by lower brokerage activity as a result of the impact of the COVID-19 pandemic. Leasing and Capital markets were down 34% and 32%, respectively, on a local currency basis for the quarter. Partially offsetting these trends was the growth of the Company’s Property, facilities and project management service line including the increase of $67.0 million in gross contract reimbursables.

Fee-based operating expenses of $838.3 million were down 12% year over year principally due to lower service line fee revenue for the quarter as well as the impact of the Company’s costs savings actions and operating efficiency initiatives.

Adjusted EBITDA was $81.2 million, a decrease of $44.0 million or 35% on a local currency basis principally driven by lower Leasing and Capital markets service line fee revenue.

Nine months ended September 30, 2020 compared to nine months ended September 30, 2019

Americas revenue was $4.1 billion, a decrease of $293.9 million or 7%. This decline was principally driven by lower brokerage activity as a result of the impact of the COVID-19 pandemic. Leasing and Capital markets were down 36% and 30%, respectively, on a local currency basis for the first nine months of 2020. Partially offsetting these trends was the growth of the Company’s Property, facilities and project management service line as well as gross contract reimbursables of $1.4 billion.

33

Fee-based operating expenses of $2.4 billion were down 12% on a local currency basis principally due to lower service line fee revenue as well as the impact of the Company’s cost savings actions and operating efficiency initiatives.

Adjusted EBITDA was $199.1 million, a decrease of $118.9 million or 37% on a local currency basis principally driven by lower Leasing and Capital markets service line fee revenue.

EMEA Results

The following table summarizes our results of operations by our EMEA operating segment for the three and nine months ended September 30, 2020 and 2019 (in millions):

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020			2019			% Change in USD		% Change in Local Currency		2020			2019			% Change in USD		% Change in Local Currency
Revenue:
Property, facilities and project management	$	94.8		$	71.4		33	%	27	%	$	262.7		$	214.7		22	%	23	%
Leasing	43.8			55.6			(21)	%	(24)	%	126.0			161.3			(22)	%	(21)	%
Capital markets	24.0			41.6			(42)	%	(44)	%	69.6			101.1			(31)	%	(31)	%
Valuation and other	37.7			40.5			(7)	%	(11)	%	114.4			121.8			(6)	%	(6)	%
Total service line fee revenue(1)	200.3			209.1			(4)	%	(8)	%	572.7			598.9			(4)	%	(4)	%
Gross contract reimbursables(2)	22.9			26.4			(13)	%	(15)	%	65.6			68.1			(4)	%	(2)	%
Total revenue	$	223.2		$	235.5		(5)	%	(9)	%	$	638.3		$	667.0		(4)	%	(4)	%
Costs and expenses:
EMEA Fee-based operating expenses	$	190.2		$	190.0		—	%	(5)	%	$	541.9		$	567.2		(4)	%	(4)	%
Cost of gross contract reimbursables	22.9			26.4			(13)	%	(15)	%	65.6			68.1			(4)	%	(2)	%
Segment operating expenses	$	213.1		$	216.4		(2)	%	(6)	%	$	607.5		$	635.3		(4)	%	(4)	%
Adjusted EBITDA	$	11.5		$	20.3		(43)	%	(44)	%	$	34.2		$	35.5		(4)	%	—	%
Adjusted EBITDA Margin(3)	5.7		%	9.7		%					6.0		%	5.9		%

(1) Service line fee revenue represents revenue for fees generated from each of our service lines

(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin

(3) Adjusted EBITDA margin is measured against service line fee revenue

Three months ended September 30, 2020 compared to three months ended September 30, 2019

EMEA revenue was $223.2 million, a decrease of $12.3 million or 5%. This decline was principally driven by lower brokerage activity as a result of the impact of the COVID-19 pandemic. Leasing and Capital markets were down 24% and 44%, respectively, on a local currency basis for the quarter. This decline was partially offset by an increase in Property, facilities, and project management, which was up 27% on a local currency basis. Foreign currency had a $10.1 million or 4% favorable impact on revenue.

Fee-based operating expenses of $190.2 million were down 5% on a local currency basis principally due to lower service line fee revenue as well as the impact of the Company's cost savings actions and operating efficiency initiatives.

Adjusted EBITDA of $11.5 million decreased $8.8 million principally driven by lower Leasing and Capital markets service line fee revenue.

34

Nine months ended September 30, 2020 compared to nine months ended September 30, 2019

EMEA revenue was $638.3 million, a decrease of $28.7 million or 4%. This decline was principally driven by lower brokerage activity as a result of the impact of the COVID-19 pandemic. Leasing and Capital markets were down 21% and 31%, respectively, on a local currency basis. This decrease was partially offset by an increase in Property, facilities and project management, which was up 23% on a local currency basis. Foreign currency had a $2.0 million or less than 1% unfavorable impact on revenue.

Fee-based operating expenses of $541.9 million were down 4% on a local currency basis principally due to lower service line fee revenue as well as the impact of the Company's cost savings actions and operating efficiency initiatives.

Adjusted EBITDA of $34.2 million declined $1.3 million as the impact of lower Leasing and Capital markets service line fee revenue was partially offset by the impact of the Company’s cost savings actions and operating efficiency initiatives.

APAC Results

The following table summarizes our results of operations by our APAC operating segment for the three and nine months ended September 30, 2020 and 2019 (in millions):

	Three Months Ended September 30,										Nine Months Ended September 30,
	2020			2019			% Change in USD		% Change in Local Currency		2020			2019			% Change in USD		% Change in Local Currency
Revenue:
Property, facilities and project management	$	139.9		$	170.9		(18)	%	(19)	%	$	408.7		$	526.6		(22)	%	(20)	%
Leasing	34.0			42.6			(20)	%	(22)	%	89.1			115.1			(23)	%	(21)	%
Capital markets	7.7			14.8			(48)	%	(49)	%	35.0			71.8			(51)	%	(51)	%
Valuation and other	28.3			29.6			(4)	%	(5)	%	83.7			84.5			(1)	%	—	%
Total service line fee revenue(1)	209.9			257.9			(19)	%	(19)	%	616.5			798.0			(23)	%	(21)	%
Gross contract reimbursables(2)	82.4			112.6			(27)	%	(28)	%	256.4			325.2			(21)	%	(18)	%
Total revenue	$	292.3		$	370.5		(21)	%	(22)	%	$	872.9		$	1,123.2		(22)	%	(20)	%
Costs and expenses:
APAC Fee-based operating expenses	$	187.9		$	234.9		(20)	%	(21)	%	$	551.0		$	721.6		(24)	%	(22)	%
Cost of gross contract reimbursables	82.4			112.6			(27)	%	(28)	%	256.4			325.2			(21)	%	(18)	%
Segment operating expenses	$	270.3		$	347.5		(22)	%	(23)	%	$	807.4		$	1,046.8		(23)	%	(21)	%
Adjusted EBITDA	$	24.4		$	23.0		6	%	4	%	$	72.9		$	77.9		(6)	%	(4)	%
Adjusted EBITDA Margin(3)	11.6		%	8.9		%					11.8		%	9.8		%

(1) Service line fee revenue represents revenue for fees generated from each of our service lines

(2) Gross contract reimbursables reflects revenue from clients which have substantially no margin

(3) Adjusted EBITDA margin is measured against service line fee revenue

Three months ended September 30, 2020 compared to three months ended September 30, 2019

APAC revenue was $292.3 million, a decrease of $78.2 million or 21%. The decline in Property, facilities and project management of 19% on a local currency basis was primarily due to the Company's contribution of its China Property, facilities and project management business into the Cushman & Wakefield Vanke Service joint venture in the prior quarter. Leasing and Capital markets were down 22% and 49%, respectively, on a local currency basis principally due to the impact of the COVID-19 pandemic. Foreign currency had a $5.1 million or 1% favorable impact on revenue.

35

Fee-based operating expenses of $187.9 million were down 21% on a local currency basis principally due to lower service line revenue as well as the impact of the Company's cost savings actions and operating efficiency initiatives.

Adjusted EBITDA of $24.4 million increased $1.4 million or 4% on a local currency basis, principally due to the impact of the Company’s cost savings actions and operating efficiency initiatives which more than offset the impact of lower Leasing and Capital Markets service line revenue.

Nine months ended September 30, 2020 compared to nine months ended September 30, 2019

APAC revenue was $872.9 million, a decrease of $250.3 million or 22%. The decline in Property, facilities and project management of 20% on a local currency basis was primarily due to the Company's contribution of its China Property, facilities and project management business into the Cushman & Wakefield Vanke Service joint venture. Leasing and Capital markets were down 21% and 51%, respectively, on a local currency basis principally due to the impact of the COVID-19 pandemic. Foreign currency had a $25.3 million or 2% unfavorable impact on revenue.

Fee-based operating expenses of $551.0 million were down 22% on a local currency basis principally due to lower service line fee revenue as well as the impact of the Company’s cost savings actions and operating efficiency initiatives.

Adjusted EBITDA of $72.9 million decreased $5.0 million or 4% on a local currency basis principally driven by lower Leasing and Capital markets service line fee revenue.

Liquidity and Capital Resources

While uncertainty exists as to the full impact of the COVID-19 pandemic on our liquidity and capital resources, we believe that we have maintained sufficient liquidity to satisfy our working capital and other funding requirements with internally generated cash flow and, as necessary, cash on hand and borrowings under our revolving credit facility. We continually evaluate opportunities to obtain, retire, or restructure credit facilities or financing arrangements for strategic reasons or obtain additional financing to fund investments, operations and obligations, as we have done in the past, to further strengthen our financial position.

As of September 30, 2020, the Company had $1.9 billion of liquidity, consisting of cash on hand of $916.8 million and an undrawn revolving credit facility of $1.0 billion.

The Company's outstanding 2018 First Lien debt and 2020 Notes were $2.6 billion and $639.0 million, respectively as of September 30, 2020, which net of cash on hand, provided for a net debt position of approximately $2.3 billion. The increase in net debt of approximately $516.6 million from December 31, 2019 principally reflects normal annual bonus payments, acquisitions completed earlier this year and funding of the Company’s strategic realignment and operating efficiency initiatives.

Historical Cash Flows

Cash Flow Summary
	Nine Months Ended September 30,
	2020		2019
Net cash used in operating activities	$	(222.5)	$	(100.6)
Net cash used in investing activities	(236.8)		(319.4)
Net cash provided by (used in) financing activities	581.5		(70.9)
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	0.6		(5.0)
Total change in cash, cash equivalents and restricted cash	$	122.8	$	(495.9)

Operating Activities

The Company used $222.5 million of cash for operating activities for the nine months ended September 30, 2020, an increase of $121.9 million from the prior year principally driven by an increase in net loss due to the impact of the COVID-19 pandemic on demand for transaction services in the Company’s brokerage service lines as well as costs associated with the Company’s strategic realignment of the business, principally severance related costs.

36

Investing Activities

The Company used $236.8 million of cash for investing activities for the nine months ended September 30, 2020, a decrease of $82.6 million from the prior year principally driven by lower spending on acquisitions partially offset by the repayment of $85.0 million under the Company’s A/R Securitization arrangement.

Financing Activities

The Company generated $581.5 million of cash from financing activities for the nine months ended September 30, 2020, a change of $652.4 million from the prior year. This change was attributed to the net proceeds generated from the issuance of the 2020 senior secured notes.

Off-Balance Sheet Arrangements

The Company’s guarantees primarily relate to requirements under certain client service contracts through the normal course of business. Our current expectation is that future payment or performance related to non-performance under these guarantees is considered remote. See Note 11: Commitments and Contingencies of the Notes to unaudited interim Condensed Consolidated Financial Statements for further information.

The Company is party to an A/R Securitization arrangement whereby it continuously sells trade receivables to an unaffiliated financial institution, which has an investment limit of $125.0 million and a termination date of August 20, 2022. Receivables are derecognized from our balance sheet upon sale, for which we receive cash payment and record a deferred purchase price receivable. As of September 30, 2020, the Company has not drawn against the investment limit. See Note 14: Accounts Receivable Securitization of the Notes to the unaudited interim Condensed Consolidated Financial Statements for further information.

Indebtedness

We have incurred debt to finance the acquisitions of DTZ, Cassidy Turley and C&W Group, Inc., as well as for working capital and general corporate purposes. In addition, we may incur additional debt from time to time to finance strategic acquisitions, investments, joint ventures or for other purposes, subject to the restrictions contained in the documents governing our indebtedness.

2018 Credit Agreement and Revolver

On August 21, 2018, we entered into a $3.5 billion credit agreement, comprised of a $2.7 billion term loan and an $810.0 million revolving facility. Net proceeds from the 2018 First Lien Loan were $2.7 billion ($2.7 billion aggregate principal amount less $13.5 million stated discount and $20.6 million in debt transaction costs). With the proceeds from the 2018 First Lien Loan, we subsequently paid off all outstanding principal and accrued interest of $2.6 billion and $25.9 million, respectively, under the credit agreement dated as of November 4, 2014, which also resulted in the write-off of unamortized deferred financing fees of $39.2 million.

On December 20, 2019, the Company amended the Revolver to increase the aggregate principal amount by $210.0 million, incurring an additional $0.5 million in debt transaction costs. As of September 30, 2020, the Company had a total $3.7 billion credit agreement including a $1.0 billion Revolver. The Company’s $1.0 billion Revolver, which matures on August 21, 2023, was undrawn as of the end of the September 30, 2020 and December 31, 2019.

On January 20, 2020, the Company refinanced the aggregate principal amount of its 2018 First Lien Loan, incurring an additional $11.1 million in debt transaction costs. The 2018 First Lien Loan was refinanced under materially the same terms, except that the applicable margin on the LIBOR for the replacement term loan in respect of the Eurodollar Rate Loans is 2.75% as compared to 3.25%, and for the Base Rate Loans is 1.75% compared to 2.25%.

The 2018 Credit Agreement bears interest at a variable interest rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2020, the rate is equal to 1-month LIBOR plus 2.75% as a result of the refinancing. The 2018 First Lien Loan matures on August 21, 2025. As of September 30, 2020, the effective interest rate of the 2018 First Lien Loan is 3.2%.

The 2018 Credit Agreement requires quarterly principal payments equal to 0.25% of the aggregate principal amount of the 2018 First Lien Loan, including incremental borrowings.

37

The 2018 Credit Agreement has a springing financial covenant that is tested on the last day of each fiscal quarter if the outstanding loans under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the First Lien Net Leverage Ratio is tested for compliance not to exceed 5.80 to 1.00. The financial covenant has not been triggered since we entered into the 2018 Credit Agreement. Similarly, the financial covenant under our original First Lien Credit Agreement was not triggered in any period since its inception in 2014.

The Company was in compliance with all of the covenants under the 2018 Credit Agreement as of September 30, 2020 and December 31, 2019.

2020 Senior Secured Notes

On May 22, 2020 the Company issued $650.0 million of 6.75% senior secured notes due 2028 (the "2020 Notes"). Net proceeds from the 2020 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2020 Notes were offered in a private placement exempt from registration under the Securities Act of 1933, as amended. The 2020 Notes bear interest at 6.75% and mature on May 15, 2028. As of September 30, 2020, the effective interest rate of the 2020 Notes is 7%.

Derivatives

We are exposed to certain risks arising from both business operations and economic conditions, including interest rate risk and foreign currency risk. We manage interest rate risk primarily by managing the amount, sources and duration of debt funding and by using derivative financial instruments. Derivative financial instruments are used to manage differences in the amount, timing and duration of known or expected cash payments principally related to borrowings under our 2018 Credit Agreement as well as certain foreign currency exposures.

See Note 7: Derivative Financial Instruments and Hedging Activities of the Notes to unaudited interim Condensed Consolidated Financial Statements as well as "Quantitative and Qualitative Disclosures About Market Risk" for additional information about risks managed through derivative activities.

Cautionary Note Regarding Forward-Looking Statements

Some of the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Quarterly Report may contain forward-looking statements that reflect our current views with respect to, among other things, future events, results and financial performance, which are intended to be covered by the safe harbor provisions for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. We also discuss those risks, uncertainties and other factors in our Annual Report on Form 10-K for the year ended December 31, 2019 in Part I, Item 1A.

These statements can be identified by the fact that they do not relate strictly to historical or current facts, and you can often identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “forecasts,” “shall,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this Quarterly Report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. You should not place undue reliance on any forward-looking statements and should consider the following factors, as well as the factors discussed under “Risk Factors” in this Quarterly Report and in our Annual Report on Form 10-K for the year ended December 31, 2019 in Part I, Item 1A. We believe that these factors include, but are not limited to:

•disruptions in general economic, social and business conditions, particularly in geographies or industry sectors that we or our clients serve;

•disruptions caused by the coronavirus pandemic to us or our clients due to facility closures, government restrictions or general economic deterioration as a result of measures taken to combat the pandemic;

•logistical and other challenges inherent in operating in numerous different countries;

38

•the operating and financial restrictions that our 2018 First Lien Credit Agreement and the indenture governing the 2020 Notes impose on us and the possibility that in an event of default all of our borrowings may become immediately payable;

•the substantial amount of our indebtedness, our ability and the ability of our subsidiaries to incur substantially more debt and our ability to generate cash to service our indebtedness;

•the possibility we may face financial liabilities and/or damage to our reputation as a result of litigation;

•the possibility that the rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation organized in Delaware;

•the actions and initiatives of current and potential competitors;

•the possibility that English law and provisions in our articles of association may have anti-takeover effects that could discourage an acquisition of us by others and may prevent attempts by our shareholders to replace or remove our current management;

•the possibility that provisions in the U.K. City Code on Takeovers and Mergers may have anti-takeover effects that could discourage an acquisition of us by others;

•the possibility that given our status as a public limited company incorporated in England and Wales, certain capital structure decisions will require shareholder approval, which may limit our flexibility to manage our capital structure;

•the fluctuation of the market price of our ordinary shares;

•the volatility level of real estate prices, interest rates, and currency values; and

•the possibility that securities or industry analysts may not publish research or may publish inaccurate or unfavorable research about our business.

The factors identified above should not be construed as exhaustive list of factors that could affect our future results and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report. The forward-looking statements made in this Quarterly Report are made only as of the date of this Quarterly Report. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this Quarterly Report that could cause actual results to differ before making an investment decision to purchase our ordinary shares. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market and Other Risk Factors

Market Risk

The principal market risks we are exposed to are:

i.interest rates on debt obligations; and

ii.foreign exchange risk.

We manage these risks primarily by managing the amount, sources, and duration of our debt funding and by using various derivative financial instruments such as interest rate hedges or foreign currency contracts. We enter into derivative instruments with trusted and diverse counterparties to reduce credit risk. These derivative instruments are strictly used for risk management purposes and, accordingly, are not used for trading or speculative purposes.

39

Interest Rates

We are exposed to interest rate volatility with regard to our 2018 First Lien Loan and revolving credit facility. We manage this interest rate risk by entering into interest rate derivative agreements to attempt to hedge the variability of future interest payments driven by fluctuations in interest rates.

Our 2018 First Lien Loan bears interest at an annual rate of 1-month LIBOR plus 2.75%.

We continually assess interest rate sensitivity to estimate the impact of rising short-term interest rates on our variable rate debt. Our interest rate risk management strategy is focused on limiting the impact of interest rate changes on earnings and cash flows to lower our overall borrowing cost. Historically, we have maintained the majority of our overall interest rate exposure on a fixed-rate basis. In order to achieve this, we have entered into derivative financial instruments such as interest rate swap agreements when appropriate and will continue to do so as appropriate.

Foreign Exchange

Our foreign operations expose us to fluctuations in foreign exchange rates. These fluctuations may impact the value of our cash receipts and payments in terms of USD, our reporting currency. Refer to the discussion of international operations, included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further detail.

Our foreign exchange risk management strategy is achieved by establishing local operations in the markets that we serve, invoicing customers in the same currency that costs are incurred and the use of derivative financial instruments such as foreign currency forwards. Translating expenses incurred in foreign currencies into USD offsets the impact of translating revenue earned in foreign currencies into USD. We enter into forward foreign currency exchange contracts to manage currency risks associated with intercompany transactions and cash management.

See Note 7: Derivative Financial Instruments and Hedging Activities of the Notes to the unaudited interim Condensed Consolidated Financial Statements for additional information about interest rate risks and foreign currency risks managed through derivative activities and notional amounts of underlying hedged items.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Rule 13a-15 of the Exchange Act requires that we conduct an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report, and we have a disclosure policy in furtherance of the same. This evaluation is designed to ensure that all corporate disclosure is complete and accurate in all material respects. The evaluation is further designed to ensure that all information required to be disclosed in our SEC reports is accumulated and communicated to management to allow timely decisions regarding required disclosures and recorded, processed, summarized and reported within the time periods and in the manner specified in the SEC’s rules and forms. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our Chief Executive Officer and Chief Financial Officer supervise and participate in this evaluation, and they are assisted by other members of our Disclosure Committee.

We conducted the required evaluation, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined by Exchange Act Rule 13a-15(e)) were effective as of September 30, 2020 to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended September 30, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

40

Part II. Other Information

Item 1.     Legal Proceedings

From time to time, we are party to a number of pending or threatened lawsuits arising out of, or incident to, the ordinary course of our business. See Note 11: Commitments and Contingencies of our Notes to unaudited interim Condensed Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report for information regarding legal proceedings, which is incorporated herein by reference in response to this item.

Item 1A. Risk Factors

Our results of operations have been adversely affected and may continue to be materially adversely impacted by the coronavirus pandemic (COVID-19).

The global spread of the coronavirus pandemic (COVID-19) has continued to cause significant volatility, uncertainty and economic disruption. The extent to which the coronavirus pandemic impacts our business, operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact of the pandemic on economic activity and actions taken in response thereto; the effect on our clients and client demand for our services; our ability to provide our services, including as a result of travel restrictions and people working from home; the ability of our clients to pay for our services; and any closures of our and our clients’ offices and facilities. The COVID-19 pandemic has already had several significant effects on our business, including decreased demand for our services as a result of the slowdown in the U.S. and global economies driven by the responses to the pandemic. For example, in the third quarter of 2020, Leasing fee activity declined by 32% and Capital markets activity declined by 35% when compared to the third quarter of 2019. Because the success of our business is significantly related to general economic conditions, the disruption caused by these factors could reduce demand across some or all of our service lines. These effects of the coronavirus pandemic could also adversely impact our ability to deliver our services. Any of these events could cause or exacerbate the risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2019, and could materially adversely affect our business, financial condition, results of operations and/or stock price.

Apart from this disclosure surrounding the coronavirus pandemic (COVID-19), there have been no material changes to our risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019.

Item 5. Other Information

Disclosure Channels to Disseminate Information

Cushman & Wakefield investors and others should note that we announce material information to the public about the Company through a variety of means, including the Company's website, press releases, SEC filings, blogs and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage investors and others to review the information we make public, as such information could be deemed to be material information.

41

Item 6.     Exhibits

EXHIBIT INDEX
Exhibit Number	Description of Exhibits
31.1	Certification by Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification by Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
104	XBRL Cover Page Interactive Data File

42

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CUSHMAN & WAKEFIELD plc

Date: November 5, 2020

/s/ Duncan Palmer

Duncan Palmer

Chief Financial Officer (Principal Financial Officer)

Date: November 5, 2020

/s/ Len Texter

Len Texter

Senior Vice President and Global Controller (Principal Accounting Officer)

43

EX-31.1

EXHIBIT 31.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brett White, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Cushman & Wakefield plc for the quarter ended September 30, 2020;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2020

/s/ Brett White

Brett White

Chairman and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Duncan Palmer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Cushman & Wakefield plc for the quarter ended September 30, 2020;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2020

/s/ Duncan Palmer

Duncan Palmer

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification of Chief Executive Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Cushman & Wakefield plc (the "Company") on Form 10-Q for the quarter

ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brett White, as Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2020

/s/ Brett White

Brett White

Chairman and Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U S C §1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

EXHIBIT 32.2

Certification of Chief Financial Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Cushman & Wakefield plc (the "Company") on Form 10-Q for the quarter ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Duncan Palmer, as Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and    

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2020

/s/ Duncan Palmer

Duncan Palmer

Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U S C §1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38611
Entity Registrant Name	Cushman & Wakefield plc
Entity Central Index Key	0001628369
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1193584
Entity Address, Address Line One	125 Old Broad Street
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	EC2N 1AR
City Area Code	44
Local Phone Number	20 3296 3000
Title of 12(b) Security	Ordinary Shares, $0.10 nominal value
Trading Symbol	CWK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		221,629,557

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 916.8	$ 813.2
Trade and other receivables, net of allowance balance of $81.5 million and $58.4 million, as of September 30, 2020 and December 31, 2019, respectively	1,210.5	1,524.2
Income tax receivable	35.0	39.0
Prepaid expenses	98.1	70.7
Other current assets	449.2	413.7
Total current assets	2,709.6	2,860.8
Property and equipment, net	243.3	299.4
Goodwill	2,059.5	1,969.1
Intangible assets, net	991.8	1,062.6
Equity method investments	108.1	7.9
Deferred tax assets	84.7	86.6
Non-current operating lease assets	444.8	490.7
Other non-current assets	486.6	386.3
Total assets	7,128.4	7,163.4
Current liabilities:
Short-term borrowings and current portion of long-term debt	37.4	39.3
Accounts payable and accrued expenses	1,023.5	1,145.3
Accrued compensation	627.1	888.8
Income tax payable	35.3	59.6
Current operating lease liabilities	112.1	118.6
Other current liabilities	112.0	71.0
Total current liabilities	1,947.4	2,322.6
Long-term debt	3,239.5	2,620.3
Deferred tax liabilities	47.0	110.0
Long-term tax liabilities	29.4	28.5
Non-current operating lease liabilities	415.4	457.1
Other non-current liabilities	402.8	323.6
Total liabilities	6,081.5	5,862.1
Commitments and contingencies
Shareholders' Equity:
Ordinary shares, nominal value $0.10 per share, 221.8 and 219.5 shares issued and outstanding at September 30, 2020 and at December 31, 2019, respectively	22.2	22.0
Additional paid-in capital	2,835.1	2,819.1
Accumulated deficit	(1,500.9)	(1,297.0)
Accumulated other comprehensive loss	(310.3)	(242.8)
Total equity attributable to the Company	1,046.1	1,301.3
Non-controlling interests	0.8	0.0
Total equity	1,046.9	1,301.3
Total liabilities and shareholders' equity	$ 7,128.4	$ 7,163.4

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Trade and other receivables, allowance	$ 81.5	$ 58.4
Ordinary shares, nominal value per share (in dollars per share)	$ 0.10	$ 0.10
Ordinary shares issued (in shares)	221.8	219.5
Ordinary shares outstanding (in shares)	221.8	219.5

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 1,931.6	$ 2,118.8	$ 5,570.6	$ 6,143.5
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	1,599.6	1,692.2	4,652.3	4,944.1
Operating, administrative and other	254.3	315.2	810.4	908.9
Depreciation and amortization	64.9	75.0	211.5	222.8
Restructuring, impairment and related charges	13.1	(0.6)	45.0	3.5
Total costs and expenses	1,931.9	2,081.8	5,719.2	6,079.3
Operating income (loss)	(0.3)	37.0	(148.6)	64.2
Interest expense, net of interest income	(44.9)	(37.4)	(120.2)	(112.8)
Earnings from equity method investments	2.8	0.7	5.8	2.0
Other income, net	0.5	0.4	31.0	3.2
Earnings (loss) before income taxes	(41.9)	0.7	(232.0)	(43.4)
Benefit from income taxes	(4.6)	(11.0)	(38.8)	(40.5)
Net income (loss)	$ (37.3)	$ 11.7	$ (193.2)	$ (2.9)
Basic earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, basic (in dollars per share)	$ (0.17)	$ 0.05	$ (0.88)	$ (0.01)
Weighted average shares outstanding for basic earnings (loss) per share	221.1	218.0	220.5	217.2
Diluted earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, diluted (in dollars per share)	$ (0.17)	$ 0.05	$ (0.88)	$ (0.01)
Weighted average shares outstanding for diluted earnings (loss) per share	221.1	224.5	220.5	217.2

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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (37.3)	$ 11.7	$ (193.2)	$ (2.9)
Other comprehensive income (loss), net of tax:
Designated hedge gains (losses)	10.0	(27.7)	(89.0)	(111.0)
Defined benefit plan actuarial gain (loss)	(0.1)	0.2	1.9	0.2
Foreign currency translation	41.2	(34.4)	19.6	(32.9)
Total other comprehensive income (loss)	51.1	(61.9)	(67.5)	(143.7)
Total comprehensive income (loss)	$ 13.8	$ (50.2)	$ (260.7)	$ (146.6)

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Condensed Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Unrealized Hedging (Losses) Gains	Foreign Currency Translation	Defined Benefit Plans	Total Accumulated Other Comprehensive Loss, net of tax	Total Equity Attributable to the Company	Non-Controlling Interests	Cumulative Effect, Period of Adoption, Adjustment Additional Paid-in Capital	Cumulative Effect, Period of Adoption, Adjustment Accumulated Deficit	Cumulative Effect, Period of Adoption, Adjusted Balance	Cumulative Effect, Period of Adoption, Adjusted Balance Total Equity Attributable to the Company
Beginning balance (in shares) at Dec. 31, 2018		216.6
Beginning balance at Dec. 31, 2018	$ 1,360.1	$ 21.7	$ 2,791.2	$ (1,298.4)	$ 13.9	$ (163.4)	$ (4.9)	$ (154.4)
Beginning balance (Accounting Standards Update 2018-07) at Dec. 31, 2018											$ (1.2)	$ 1.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2.9)			(2.9)
Stock-based compensation	46.3		46.3
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes (in shares)		2.4
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	(25.2)	$ 0.2	(25.4)
Share repurchase	(0.4)		(0.4)
Foreign currency translation	(32.9)					(32.9)		(32.9)
Defined benefit plans actuarial gain (loss)	0.2						0.2	0.2
Unrealized (loss) gain on hedging instruments	(105.9)				(105.9)			(105.9)
Amounts reclassified from AOCI to the statement of operations	(5.1)				(5.1)			(5.1)
Ending balance (in shares) at Sep. 30, 2019		219.0
Ending balance at Sep. 30, 2019	1,234.2	$ 21.9	2,810.5	(1,300.1)	(97.1)	(196.3)	(4.7)	(298.1)
Beginning balance (in shares) at Jun. 30, 2019		217.0
Beginning balance at Jun. 30, 2019	1,288.0	$ 21.7	2,814.3	(1,311.8)	(69.4)	(161.9)	(4.9)	(236.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11.7			11.7
Stock-based compensation	16.2		16.2
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes (in shares)		2.0
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	(19.4)	$ 0.2	(19.6)
Share repurchase	(0.4)		(0.4)
Foreign currency translation	(34.4)					(34.4)		(34.4)
Defined benefit plans actuarial gain (loss)	0.2						0.2	0.2
Unrealized (loss) gain on hedging instruments	(26.6)				(26.6)			(26.6)
Amounts reclassified from AOCI to the statement of operations	(1.1)				(1.1)			(1.1)
Ending balance (in shares) at Sep. 30, 2019		219.0
Ending balance at Sep. 30, 2019	1,234.2	$ 21.9	2,810.5	(1,300.1)	(97.1)	(196.3)	(4.7)	(298.1)
Beginning balance (in shares) at Dec. 31, 2019		219.5
Beginning balance at Dec. 31, 2019	1,301.3
Beginning balance of total equity at Dec. 31, 2019	1,301.3	$ 22.0	2,819.1	(1,297.0)	(78.4)	(158.4)	(6.0)	(242.8)	$ 1,301.3	$ 0.0			$ (10.7)	$ (10.7)
Beginning balance of total equity (Accounting Standards Update 2016-13) at Dec. 31, 2019												$ (10.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(193.2)			(193.2)					(193.2)
Acquisition of non-controlling interests	0.8									0.8
Stock-based compensation	34.3		34.3						34.3
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes (in shares)		2.3
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	(18.1)	$ 0.2	(18.3)						(18.1)
Foreign currency translation	19.6					19.6		19.6	19.6
Defined benefit plans actuarial gain (loss)	1.9						1.9	1.9	1.9
Unrealized (loss) gain on hedging instruments	(78.0)				(78.0)			(78.0)	(78.0)
Amounts reclassified from AOCI to the statement of operations	(11.0)				(11.0)			(11.0)	(11.0)
Ending balance (in shares) at Sep. 30, 2020		221.8
Ending balance at Sep. 30, 2020	1,046.1
Ending balance of total equity at Sep. 30, 2020	1,046.9	$ 22.2	2,835.1	(1,500.9)	(167.4)	(138.8)	(4.1)	(310.3)	1,046.1	0.8
Beginning balance (in shares) at Jun. 30, 2020		220.8
Beginning balance of total equity at Jun. 30, 2020	1,029.8	$ 22.1	2,832.3	(1,463.6)	(177.4)	(180.0)	(4.0)	(361.4)	1,029.4	0.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(37.3)			(37.3)					(37.3)
Acquisition of non-controlling interests	0.4									0.4
Stock-based compensation	9.8		9.8						9.8
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes (in shares)		1.0
Vesting of shares related to equity compensation plans, net amounts withheld for payment of taxes	(6.9)	$ 0.1	(7.0)						(6.9)
Foreign currency translation	41.2					41.2		41.2	41.2
Defined benefit plans actuarial gain (loss)	(0.1)						(0.1)	(0.1)	(0.1)
Unrealized (loss) gain on hedging instruments	19.3				19.3			19.3	19.3
Amounts reclassified from AOCI to the statement of operations	(9.3)				(9.3)			(9.3)	(9.3)
Ending balance (in shares) at Sep. 30, 2020		221.8
Ending balance at Sep. 30, 2020	1,046.1
Ending balance of total equity at Sep. 30, 2020	$ 1,046.9	$ 22.2	$ 2,835.1	$ (1,500.9)	$ (167.4)	$ (138.8)	$ (4.1)	$ (310.3)	$ 1,046.1	$ 0.8

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income (loss)	$ (193.2)	$ (2.9)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	211.5	222.8
Impairment charges	3.2	3.9
Unrealized foreign exchange (gain) loss	(5.4)	1.5
Stock-based compensation	34.3	46.2
Lease amortization	85.0	84.9
Amortization of debt issuance costs	7.4	3.5
Change in deferred taxes	(62.2)	(140.5)
Bad debt expense	26.5	18.2
Other non-cash operating activities	(43.9)	(17.9)
Changes in assets and liabilities:
Trade and other receivables	270.6	121.2
Income taxes payable	(23.0)	41.3
Prepaid expenses and other current assets	(34.3)	(152.4)
Other non-current assets	13.0	37.2
Accounts payable and accrued expenses	(147.0)	(107.0)
Accrued compensation	(299.3)	(148.9)
Other current and non-current liabilities	(65.7)	(111.7)
Net cash used in operating activities	(222.5)	(100.6)
Cash flows from investing activities
Payment for property and equipment	(26.9)	(47.4)
Acquisitions of businesses, net of cash acquired	(102.5)	(268.5)
Return of beneficial interest in a securitization	(85.0)	0.0
Investments in equity securities	(13.9)	(3.9)
Other investing activities, net	(8.5)	0.4
Net cash used in investing activities	(236.8)	(319.4)
Cash flows from financing activities
Net proceeds from issuance of shares	0.0	0.1
Shares repurchased for payment of employee taxes on stock awards	(18.8)	(25.2)
Payment of contingent consideration	(5.5)	(16.4)
Proceeds from senior secured notes	650.0	0.0
Repayment of borrowings	(13.3)	(20.3)
Debt issuance costs	(22.7)	0.0
Payment of finance lease liabilities	(9.9)	(9.2)
Other financing activities, net	1.7	0.1
Net cash provided by (used in) financing activities	581.5	(70.9)
Change in cash, cash equivalents and restricted cash	122.2	(490.9)
Cash, cash equivalents and restricted cash, beginning of the period	872.3	965.4
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	0.6	(5.0)
Cash, cash equivalents and restricted cash, end of the period	$ 995.1	$ 469.5

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Basis of Presentation

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Note 1: Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared under accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP") and in conformity with rules applicable to quarterly financial information. The Condensed Consolidated Financial Statements as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 are unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim Condensed Consolidated Financial Statements for these interim periods have been included.

Readers of this unaudited interim Condensed Consolidated quarterly financial information should refer to the audited Consolidated Financial Statements and notes thereto of Cushman & Wakefield plc and its subsidiaries (“Cushman & Wakefield,” the "Company,” “we,” “our” and “us”) for the year ended December 31, 2019 included in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") and also available on our website (www.cushmanwakefield.com). Certain footnote disclosures that would substantially duplicate those contained in such audited financial statements or which are not required by the rules and regulations of the SEC for interim financial reporting have been condensed or omitted.

Refer to Note 2: Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company's 2019 Annual Report on form 10-K for further discussion of the Company's accounting policies and estimates.

Due to seasonality, the results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2020.

The Company provides for the effects of income taxes on interim financial statements based on estimates of the effective tax rate for the full year, which is based on forecasted income by country and enacted tax rates.

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New Accounting Standards

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

New Accounting Standards

Note 2: New Accounting Standards

The Company has adopted the following new accounting standards:

Current Expected Credit Loss (CECL)

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (together with all subsequent amendments, (Topic 326)), which replaces the current U.S. GAAP that requires an incurred loss methodology for recognizing credit losses and delays recognition until it is probable a loss has been incurred. Topic 326 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of reasonable and supportable information to estimate credit losses. Trade and other receivables are presented on the consolidated balance sheets net of estimated expected credit losses. Upon initial recognition of a receivable, the Company estimates credit losses over the contractual term of the receivable and establishes an allowance based on historical experience, current available information and expectations of future economic conditions.

The Company mitigates credit loss risk from its trade receivables by assessing customers for creditworthiness, including review of credit ratings, financial position, and historical experience with similar customers within similar geographic regions, where available. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, the Company aggregates its trade receivables on a collective basis when assessing estimated credit losses.

The Company adopted Topic 326 on January 1, 2020 in accordance with the modified retrospective approach, which resulted in an immaterial cumulative-effect adjustment to the opening balance of Accumulated deficit.

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (together with all subsequent amendments, Topic 842), which replaced most existing lease guidance under U.S. GAAP when it became effective on January 1, 2019. The new guidance requires a lessee to record a Non-current operating lease asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. The Company elected to use the optional transition method upon adoption and did not revise comparative financial statements or disclosures. Adoption of Topic 842 did not have an impact on the opening balance of Accumulated deficit as of January 1, 2019.

Stock Compensation

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting (Topic 718). The ASU supersedes ASC 505-50, Equity-Based Payments to Non-Employees and expands the scope of Topic 718 to include stock-based payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.

Derivatives and Hedging

In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815). The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness and is intended to reduce the complexity of applying hedge accounting by simplifying the designation and measurement of hedging instruments. The ASU is required to be applied retrospectively to eliminate the separate measurement of ineffectiveness through a cumulative-effect adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The new guidance is required to be adopted using the retrospective approach. The Company adopted the new guidance effective January 1, 2019 with an immaterial impact on its financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts and is effective through December 31, 2022. In the second quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The application of these expedients preserves the presentation of the derivatives with no impact to the financial statements and related disclosures.

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The Company adopted the new guidance effective July 1, 2020, with an immaterial impact to its financial statements and related disclosures.

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Segment Data

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Data

Note 3: Segment Data

The Company reports its operations through the following segments: (1) Americas, (2) EMEA and (3) APAC. The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region.

Adjusted EBITDA is the profitability metric reported to the chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before integration and other costs related to mergers, pre-IPO stock-based compensation, acquisition related costs and efficiency initiatives, and other items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization.

As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		% Change		2020		2019		% Change
Total revenue
Americas	$	1,416.1	$	1,512.8	(6)	%	$	4,059.4	$	4,353.3	(7)	%
EMEA	223.2		235.5		(5)	%	638.3		667.0		(4)	%
APAC	292.3		370.5		(21)	%	872.9		1,123.2		(22)	%
Total revenue	$	1,931.6	$	2,118.8	(9)	%	$	5,570.6	$	6,143.5	(9)	%
Adjusted EBITDA
Americas	$	81.2	$	125.2	(35)	%	$	199.1	$	318.0	(37)	%
EMEA	11.5		20.3		(43)	%	34.2		35.5		(4)	%
APAC	24.4		23.0		6	%	72.9		77.9		(6)	%

Adjusted EBITDA is calculated as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted EBITDA - Americas	$	81.2	$	125.2	$	199.1	$	318.0
Adjusted EBITDA - EMEA	11.5		20.3		34.2		35.5
Adjusted EBITDA - APAC	24.4		23.0		72.9		77.9
Add/(less):
Depreciation and amortization	(64.9)		(75.0)		(211.5)		(222.8)
Interest expense, net of interest income	(44.9)		(37.4)		(120.2)		(112.8)
Benefit from income taxes	4.6		11.0		38.8		40.5
Integration and other costs related to merger	(12.8)		(29.9)		(47.6)		(74.1)
Pre-IPO stock-based compensation	(4.5)		(11.4)		(16.7)		(33.6)
Acquisition related costs and efficiency initiatives	(28.3)		(8.0)		(114.7)		(17.7)
Other	(3.6)		(6.1)		(27.5)		(13.8)
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)

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Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 4: Earnings Per Share

Earnings (Loss) per Share ("EPS") is calculated by dividing the Net earnings or loss attributable to shareholders by the Weighted average shares outstanding. As the Company was in a loss position for the three months ended September 30, 2020 and nine months ended September 30, 2020 and 2019, the Company has determined all potentially dilutive shares would be anti-dilutive in these periods and therefore are excluded from the calculation of diluted weighted average shares outstanding. As a result, the calculation of weighted average shares outstanding is the same for basic and diluted EPS for these periods.

Potentially dilutive securities of approximately 0.6 million for the three months ended September 30, 2020 and 1.9 million and 7.2 million for the nine months ended September 30, 2020 and 2019, respectively, were excluded from the computation of diluted EPS because their effect would have been anti-dilutive in these periods.

The following is a calculation of EPS (in millions, except per share amounts):  

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic EPS
Net income (loss) attributable to shareholders	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Basic earnings (loss) per common share attributable to shareholders	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)
Diluted EPS
Net income (loss) attributable to shareholders	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Dilutive effect of restricted stock units	—		5.0		—		—
Dilutive effective of stock options	—		1.5		—		—
Weighted average shares outstanding for diluted earnings (loss) per share	221.1		224.5		220.5		217.2
Diluted earnings (loss) per common share attributable to shareholders	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)

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Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

Note 5: Revenue

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. As stated in Note 2, the Company adopted Topic 326 on January 1, 2020. Topic 326 replaces the impairment assessment requirement for contract assets with a methodology that reflects expected credit losses. As a result of adopting Topic 326, the Company records contract assets net of expected credit losses which are estimated based on historical experience, current available information and expectations of future economic conditions. The contract asset allowance is recorded in Operating, administrative, and other in the consolidated statement of operations. 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 September 30, 2020 and December 31, 2019, the Company had contract assets of $323.8 million and $313.4 million and $23.8 million and $26.7 million, which were recorded in Other current assets and Other non-current assets, respectively, in the unaudited Condensed Consolidated Balance Sheets.

As of September 30, 2020 and December 31, 2019, the Company had contract liabilities of $49.3 million and $54.4 million 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 September 30, 2020
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	1,007.7	$	117.1	$	222.3	$	1,347.1
Leasing	At a point in time	245.6		44.0		33.9		323.5
Capital markets	At a point in time	124.2		24.0		7.7		155.9
Valuation and other	At a point in time or over time	38.6		38.1		28.4		105.1
Total revenue		$	1,416.1	$	223.2	$	292.3	$	1,931.6

		Three Months Ended September 30, 2019
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	906.1	$	96.6	$	283.4	$	1,286.1
Leasing	At a point in time	375.6		56.0		42.6		474.2
Capital markets	At a point in time	182.8		41.7		14.8		239.3
Valuation and other	At a point in time or over time	48.3		41.2		29.7		119.2
Total revenue		$	1,512.8	$	235.5	$	370.5	$	2,118.8

		Nine Months Ended September 30, 2020
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,919.8	$	326.2	$	664.9	$	3,910.9
Leasing	At a point in time	681.1		126.3		89.0		896.4
Capital markets	At a point in time	347.4		69.6		35.0		452.0
Valuation and other	At a point in time or over time	111.1		116.2		84.0		311.3
Total revenue		$	4,059.4	$	638.3	$	872.9	$	5,570.6

		Nine Months Ended September 30, 2019
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,667.9	$	280.3	$	851.6	$	3,799.8
Leasing	At a point in time	1,064.7		161.9		115.1		1,341.7
Capital markets	At a point in time	494.8		101.3		71.8		667.9
Valuation and other	At a point in time or over time	125.9		123.5		84.7		334.1
Total revenue		$	4,353.3	$	667.0	$	1,123.2	$	6,143.5

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.

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 6: Goodwill and Other Intangible Assets

The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2020 (in millions):

	Americas		EMEA		APAC		Total
Balance as of December 31, 2019	$	1,417.1	$	282.2	$	269.8	$	1,969.1
Acquisitions	83.4		26.5		—		109.9
Disposals	—		—		(25.2)		(25.2)
Measurement period adjustments	(0.4)		0.4		—		—
Effect of movements in exchange rates and other	(1.5)		2.2		5.0		5.7
Balance as of September 30, 2020	$	1,498.6	$	311.3	$	249.6	$	2,059.5

Portions of goodwill are denominated in currencies other than the U.S. dollar, therefore a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.

There was no impairment of goodwill and other intangible assets for the three and nine months ended September 30, 2020 and 2019, respectively.

The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):

		As of September 30, 2020
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,356.9		(919.8)		437.1
Other intangible assets	2 - 13	17.1		(8.4)		8.7
Total intangible assets		$	1,920.0	$	(928.2)	$	991.8
		As of December 31, 2019
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,333.1		(827.5)		505.6
Other intangible assets	2 - 13	17.2		(6.2)		11.0
Total intangible assets		$	1,896.3	$	(833.7)	$	1,062.6

Amortization expense was $36.7 million and $47.3 million for the three months ended September 30, 2020 and 2019, respectively, and $124.6 million and $142.6 million for the nine months ended September 30, 2020 and 2019, respectively.

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Derivative Financial Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

Note 7: Derivative Financial Instruments and Hedging Activities

The Company is exposed to certain risks arising from both business operations and economic conditions, including interest rate risk and foreign exchange risk. To mitigate the impact of interest rate and foreign exchange risk, the Company enters into derivative financial instruments. The Company maintains the majority of its overall interest rate exposure on floating rate borrowings to a fixed-rate basis, primarily with interest rate swap agreements. The Company manages exposure to foreign exchange fluctuations primarily through short-term forward contracts.

There have been no significant changes to the interest rate and foreign exchange risk management objectives from those disclosed in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2019.

Interest Rate Derivative Instruments

As of September 30, 2020, the Company's active interest rate hedging instruments consist of five interest rate swap agreements designated as cash flow hedges. The Company's hedge instrument balances as of September 30, 2020 relate solely to these interest rate swaps. The hedge instruments expire in August 2025 and are further described below.

The Company records changes in the fair value of derivatives designated and qualifying as cash flow hedges in Accumulated other comprehensive loss in the unaudited Condensed Consolidated Balance Sheets and subsequently reclassifies the change into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2020 and December 31, 2019, there is $165.5 million and $74.5 million in pre-tax losses, respectively, included in Accumulated other comprehensive loss related to these agreements, which will be reclassified to Interest expense as interest payments are made in accordance with the Company's 2018 Credit Agreement; refer to Note 8: Long-term Debt and Other Borrowings for discussion of this agreement. During the next twelve months, the Company estimates that pre-tax losses of $37.4 million will be reclassified to Interest expense in the unaudited Condensed Consolidated Statements of Operations.

Non-designated Foreign Exchange Derivative Instruments

Additionally, the Company enters into short-term forward contracts to mitigate the risk of fluctuations in foreign currency exchange rates that would adversely impact some of the Company’s foreign currency denominated transactions. Hedge accounting was not elected for any of these contracts. As such, changes in the fair value of these contracts are recorded directly in earnings. There are gains of $2.1 million and $1.6 million for the three months ended September 30, 2020 and 2019, respectively. There are gains of $2.3 million and $1.5 million for the nine months ended September 30, 2020 and 2019, respectively. This activity was included in Other income, net, in the unaudited Condensed Consolidated Statements of Operations.

As of September 30, 2020 and December 31, 2019, the Company had 21 and 23 foreign currency exchange forward contracts outstanding, respectively, covering a notional amount of $538.8 million and $498.2 million, respectively. The fair value of forward contracts disclosed above are included in Other current assets and Other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, the Company has not posted and does not hold any collateral related to these agreements.

The following table presents the fair value of derivatives as of September 30, 2020 and December 31, 2019 (in millions):

			September 30, 2020				December 31, 2019
	September 30, 2020		Assets		Liabilities		Assets		Liabilities
Derivative Instrument	Notional		Fair Value		Fair Value		Fair Value		Fair Value
Designated:
Cash flow hedges:
Interest rate swaps	$	2,050.0	$	—	$	176.3	$	—	$	97.7
Non-designated:
Foreign currency forward contracts	538.8		3.1		2.1		1.0		2.2

The fair value of derivative assets is included within Other non-current assets and the fair value of derivative liabilities is included within Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets. The Company does not net derivatives in the unaudited Condensed Consolidated Balance Sheets.

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the three months ended September 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)		Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)		Ending Accumulated Other Comprehensive Loss (Gain)
Three Months Ended September 30, 2020
Interest rate cash flow hedges	$	178.0	$	(19.3)	$	9.3	$	168.0
	$	178.0	$	(19.3)	$	9.3	$	168.0
Three Months Ended September 30, 2019
Interest rate cash flow hedges	$	70.0	$	26.6	$	1.1	$	97.7
	$	70.0	$	26.6	$	1.1	$	97.7

(1) Amount is net of related income tax expense of $0.0 million for the three months ended September 30, 2020 and 2019.

(2) Amount is net of related income tax expense of $0.7 million and $0.8 million for the three months ended September 30, 2020 and 2019, respectively.

Gains of $10.0 million and $1.9 million were reclassified into earnings during the three months ended September 30, 2020 and 2019, respectively, related to interest rate hedges and were recognized in Interest expense in the unaudited Condensed Consolidated Statements of Operations.

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)			Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)			Ending Accumulated Other Comprehensive Loss (Gain)
Nine Months Ended September 30, 2020
Interest rate cash flow hedges	$	79.0	$	78.0		$	11.0		$	168.0
	$	79.0	$	78.0	1	$	11.0	2	$	168.0
Nine Months Ended September 30, 2019
Interest rate cash flow hedges	$	(13.3)	$	105.9		$	5.1		$	97.7
	$	(13.3)	$	105.9	1	$	5.1	2	$	97.7

(1) Amount is net of related income tax expense of $0.0 million and $5.1 million for the nine months ended September 30, 2020 and 2019, respectively.

(2) Amount is net of related income tax expense of $2.1 million and $2.3 million for the nine months ended September 30, 2020 and 2019, respectively.

Gains of $13.1 million and $7.4 million were reclassified into earnings during the nine months ended September 30, 2020 and 2019, respectively, related to interest rate hedges and were recognized in Interest expense in the unaudited Condensed Consolidated Statements of Operations.

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Long-term Debt and Other Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt and Other Borrowings

Note 8: Long-term Debt and Other Borrowings

Long-term debt consisted of the following (in millions):

	As of
	September 30, 2020		December 31, 2019
Collateralized:
2018 First Lien Loan, net of unamortized discount and issuance costs of $34.2 million and $28.8 million, respectively	$	2,618.7	$	2,637.5
2020 Senior Secured Notes, net of unamortized issuance costs of $11.0 million due 2028	639.0		—
Finance lease liability	17.5		20.3
Notes payable to former stockholders	0.3		0.3
Total long-term debt	3,275.5		2,658.1
Less: current portion	(36.0)		(37.8)
Total non-current long-term debt	$	3,239.5	$	2,620.3

2018 Credit Agreement

On August 21, 2018, the Company entered into a $3.5 billion credit agreement (the "2018 Credit Agreement"), comprised of a $2.7 billion term loan (the "2018 First Lien Loan") and an $810.0 million revolving facility (the "Revolver"). Net proceeds from the 2018 First Lien Loan were $2.7 billion ($2.7 billion aggregate principal amount less $13.5 million stated discount and $20.6 million in debt transaction costs).

On December 20, 2019, the Company amended the Revolver to increase the aggregate principal amount by $210.0 million, incurring an additional $0.5 million in debt transaction costs. As of September 30, 2020, the Company had a total $3.7 billion credit agreement including a $1.0 billion Revolver. The Company’s $1.0 billion Revolver, which matures on August 21, 2023, was undrawn as of September 30, 2020 and December 31, 2019.

On January 20, 2020, the Company refinanced the aggregate principal amount of its 2018 First Lien Loan, incurring an additional $11.1 million in debt transaction costs. The 2018 First Lien Loan was refinanced under materially the same terms, except that of the applicable margin on the LIBOR for the replacement term loan in respect of the Eurodollar Rate Loans is 2.75% as compared to 3.25%, and for the Base Rate Loans is 1.75% compared to 2.25%.

The 2018 Credit Agreement bears interest at a variable interest rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2020, the rate is equal to 1-month LIBOR plus 2.75% as a result of the refinancing. The 2018 First Lien Loan matures on August 21, 2025. As of September 30, 2020, the effective interest rate of the 2018 First Lien Loan is 3.2%.

The 2018 Credit Agreement requires quarterly principal payments equal to 0.25% of the aggregate principal amount of the 2018 First Lien Loan, including incremental borrowings.

The 2018 Credit Agreement has a springing financial covenant, tested on the last day of each fiscal quarter if the outstanding loans under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the First Lien Net Leverage Ratio is tested for compliance not to exceed 5.80 to 1.00.

The Company was in compliance with all of the covenants under the 2018 Credit Agreement as of September 30, 2020 and December 31, 2019.

2020 Senior Secured Notes

On May 22, 2020, the Company issued $650.0 million of 6.75% senior secured notes due May 15, 2028 (the "2020 Notes"). Net proceeds from the 2020 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2020 Notes were offered in a private placement exempt from registration under the Securities Act of 1933, as amended. The 2020 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 7% as of September 30, 2020.

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Stock-based Payments

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Payments

Note 9: Stock-based Payments

Options

The tables below summarize the Company’s outstanding time-based stock options (in millions, except for per share amounts):

	Time-Based Options
	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2019	2.6	$	11.51	5.9
Exercised	(0.1)	10.04		—
Forfeited	(0.1)	13.93		—
Outstanding as of September 30, 2020	2.4	$	11.51	5.1
Exercisable as of September 30, 2020	3.7	$	11.42	5.1

Total recognized compensation cost related to these stock option awards was $0.1 million and $1.4 million for the three months ended September 30, 2020 and 2019, respectively, and $0.4 million and $3.9 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the total unrecognized compensation cost related to non-vested time-based option awards was $0.6 million.

The tables below summarize the Company’s outstanding performance-based stock options (in millions, except for per share amounts):

	Performance-Based Options
	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2019	1.4	$	11.64	5.9
Forfeited	(0.0)	12.59		—
Outstanding as of September 30, 2020	1.4	$	11.62	5.2
Exercisable as of September 30, 2020	—	—		—

Total recognized compensation cost related to these stock option awards was $0.0 million and $2.7 million for the three months ended September 30, 2020 and 2019, respectively and $0.0 million and $8.2 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the compensation cost for performance-based options has been fully recognized.

Restricted Stock Units

The following table provides information about the Company’s outstanding restricted stock units ("RSUs") (in millions, except for per share amounts):

	Co-Investment RSUs			Time-Based RSUs			Performance-Based RSUs
	Number of RSUs	Weighted Average Fair Value Per Share		Number of RSUs	Weighted Average Fair Value Per Share		Number of RSUs	Weighted Average Fair Value Per Share
Unvested as of December 31, 2019	0.0	$	17.00	5.7	$	15.63	1.1	$	17.08
Granted	—	—		2.1	15.46		0.6	17.25
Vested	(0.0)	17.00		(3.3)	14.73		(0.1)	17.29
Forfeited	—	—		(0.3)	17.49		(0.1)	18.70
Unvested as of September 30, 2020	—	$	—	4.2	$	15.83	1.5	$	17.04

The following table summarizes the Company's compensation expense related to RSUs (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,				Unrecognized at September 30, 2020
	2020		2019		2020		2019
Time-Based RSUs	$	8.8	$	11.4	$	31.0	$	32.5	$	50.8
Co-Investment RSUs	—		0.1		0.1		0.3		—
Performance-Based RSUs	0.7		0.6		2.8		1.3		10.4
Total RSU stock-based compensation cost	$	9.5	$	12.1	$	33.9	$	34.1	$	61.2

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Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Note 10: Restructuring

As a result of operating efficiency initiatives announced in February 2020, the Company recognized restructuring charges of $12.9 million and $42.1 million during the three and nine months ended September 30, 2020, respectively. The charges primarily consisted of severance and employment-related costs due to reductions in headcount.

All charges were classified as Restructuring, impairment and related charges in the unaudited Condensed Consolidated Statements of Operations.

The following table details the Company’s severance and employment-related restructuring activity for the nine months ended September 30, 2020 (in millions):

	Severance Pay and Benefits		Contract Terminations and Other Costs		Total
Balance as of December 31, 2019	$	1.2	$	—	$	1.2
Restructuring Charges:
Americas	18.4		9.7		28.1
EMEA	9.7		—		9.7
APAC	4.3		—		4.3
Total Restructuring Charges	32.4		9.7		42.1
Payments and Other:
Americas	(14.2)		(8.9)		(23.1)
EMEA	(6.0)		—		(6.0)
APAC	(3.2)		—		(3.2)
Total Payments and Other	(23.4)		(8.9)		(32.3)
Balance as of September 30, 2020	$	10.2	$	0.8	$	11.0

As of September 30, 2020 and December 31, 2019, $10.0 million and $1.2 million were recorded as Other current liabilities, respectively, and as of September 30, 2020, $1.0 million was recorded as Other non-current liabilities within the unaudited Condensed Consolidated Balance Sheet.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11: Commitments and Contingencies

Guarantees

The Company’s guarantees primarily relate to requirements under certain client service contracts and have arisen through the normal course of business. These guarantees, with certain financial institutions, have both open and closed-ended terms; with remaining closed-ended terms up to 7.1 years and maximum potential future payments of $41.3 million in the aggregate, with none of these guarantees being individually material to the Company’s operating results, financial position or liquidity. The Company’s current expectation is that future payment or performance related to non-performance under these guarantees is considered remote.

Contingencies

In the normal course of business, the Company is subject to various claims and litigation. Many of these claims are covered under the Company’s current insurance programs, subject to self-insurance levels and deductibles. The Company is also subject to threatened or pending legal actions arising from activities of contractors. Such liabilities include the potential costs to settle litigation. A liability is recorded for the potential costs of carrying out further works based on known claims and previous claims history, and for losses from litigation that are probable and estimable. A liability is also recorded for the Company’s incurred but not reported ("IBNR") claims, based on assessment using prior claims history.

Claims liabilities are presented as Other current liabilities and Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets. As of September 30, 2020 and December 31, 2019, contingent liabilities recorded within Other current liabilities were $116.1 million and $74.8 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $24.4 million and $22.5 million, respectively. These contingent liabilities are made up of errors and omissions ("E&O") claims, workers’ compensation insurance liabilities and other claims and contingent liabilities. At September 30, 2020 and December 31, 2019, E&O and other claims were $45.3 million and $30.2 million, respectively, and workers’ compensation liabilities were $95.2 million and $67.1 million, respectively, included within Other current liabilities and Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets. The ultimate settlement of these matters may result in payments materially in excess of the amounts recorded due to their contingent nature and inherent uncertainties of settlement proceedings.

The Company had insurance recoverable balances for E&O claims as of September 30, 2020 and December 31, 2019 totaling $5.4 million and $3.5 million, respectively.

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Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Note 12: Related Party Transactions

On January 6, 2020, the Company formed a new asset services joint venture with Vanke Service, a leading Chinese real estate service provider, and a subsidiary of China Vanke Co. ("Cushman & Wakefield Vanke Service"). Cushman & Wakefield Vanke Service has more than 1,000 commercial property and facility management projects in over 80 cities across Greater China, with more than 20,000 employees. The Company owns a 35% interest in this joint venture and accounts for its investment using the equity method of accounting. The Company recognized a gain of $36.9 million upon formation of the joint venture. The gain was calculated as the difference between the fair value of the consideration transferred and the carrying amount of the former subsidiary's assets and liabilities.

Receivables from affiliates

As of September 30, 2020 and December 31, 2019, the Company had receivables from affiliates of $33.2 million and $33.4 million and $190.6 million and $198.8 million that are included in Other current assets and Other non-current assets, respectively, in the unaudited Condensed Consolidated Balance Sheets. These amounts primarily represent prepaid commissions, retention and sign-on bonuses to brokers and other items such as travel and other advances to employees.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 13: Fair Value Measurements

The Company measures certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value as follows:

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

•Level 3: inputs for the asset or liability that are based on unobservable inputs in which there is little or no market data.

There were no significant transfers in or out of Level 2 assets or liabilities for the three and nine months ended September 30, 2020 and 2019, but there were significant additions and divestitures to Level 1 assets during the three and nine months ended September 30, 2020. There were no significant transfers in or out of Level 1 and Level 2 during the three and nine months ended September 30, 2019. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in the Company's audited Consolidated Financial Statements for the year ended December 31, 2019.

Financial Instruments

The Company's financial instruments include cash and cash equivalents, trade and other receivables, deferred purchase price receivable ("DPP"), restricted cash, accounts payable and accrued expenses, short-term borrowings, long-term debt, interest rate swaps and foreign exchange contracts. The carrying amount of cash and cash equivalents approximates the fair value of these instruments. Certain money market funds in which the Company has invested are highly liquid and considered cash equivalents. These funds are valued at the per unit rate published as the basis for current transactions.

The estimated fair value of external debt was $3.2 billion and $2.7 billion as of September 30, 2020 and December 31, 2019, respectively. These instruments were valued using dealer quotes that are classified as Level 2 inputs in the fair value hierarchy. The gross carrying value of the debt was $3.3 billion and $2.7 billion as of September 30, 2020 and December 31, 2019, respectively, which excludes debt issuance costs. See Note 8: Long-term Debt and Other Borrowings for additional information.

The estimated fair values of interest rate swaps and foreign currency forward contracts are determined based on the expected cash flows of each derivative. The valuation method reflects the contractual period and uses observable market-based inputs, including interest rate and foreign currency forward curves.

Recurring Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in millions):

	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents - money market funds	$	433.0	$	433.0	$	—	$	—
Deferred compensation plan assets	45.7		45.7		—		—
Foreign currency forward contracts	3.1		—		3.1		—
Deferred purchase price receivable	165.7		—		—		165.7
Total	$	647.5	$	478.7	$	3.1	$	165.7
Liabilities
Deferred compensation plan liabilities	$	44.3	$	44.3	$	—	$	—
Foreign currency forward contracts	2.1		—		2.1		—
Interest rate swap agreements	176.3		—		176.3		—
Earn-out liabilities	15.7		—		—		15.7
Total	$	238.4	$	44.3	$	178.4	$	15.7

	As of December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents - money market funds	$	206.9	$	206.9	$	—	$	—
Deferred compensation plan assets	54.9		54.9		—		—
Foreign currency forward contracts	1.0		—		1.0		—
Deferred purchase price receivable	66.9		—		—		66.9
Total	$	329.7	$	261.8	$	1.0	$	66.9
Liabilities
Deferred compensation plan liabilities	$	51.3	$	51.3	$	—	$	—
Foreign currency forward contracts	2.2		—		2.2		—
Interest rate swap agreements	97.7		—		97.7		—
Earn-out liabilities	24.6		—		—		24.6
Total	$	175.8	$	51.3	$	99.9	$	24.6

Deferred Compensation Plans

The Company provided deferred compensation plans to certain U.S. employees whereby the employee could defer a portion of employee compensation, which the Company would hold in trust, enabling the employees to defer tax on compensation until payment is made to them from the trust. These plans are frozen. The employee continues to be at risk for any investment fluctuations of the funds held in trust. The fair value of assets and liabilities are based on the value of the underlying investments using quoted prices in active markets at period end. In the event of insolvency of the Company, the trust’s assets are available to all general creditors of the Company.

In December 2018, the Company adopted a new deferred compensation plan, which became effective on January 1, 2019. The plan allows highly-compensated employees to defer a portion of compensation, enabling the employee to defer tax on compensation until payment is made. Deferred compensation is credited into an account denominated in ordinary shares of the Company in a number determined based on the fair market value of the Company’s ordinary shares on the date of the deposit. All payments are made in ordinary shares.

Deferred compensation plan assets are presented within Prepaid expenses and other current assets and Other non-current assets in the unaudited Condensed Consolidated Balance Sheets. Deferred compensation liabilities are presented within Accrued compensation and Other non-current liabilities in the unaudited Condensed Consolidated Balance Sheets.

Foreign Currency Forward Contracts and Net Investment Hedges, and Interest Rate Swaps and Cap Agreements

Refer to Note 7: Derivative Financial Instruments and Hedging Activities for discussion of the fair value associated with these derivative assets and liabilities.

Deferred Purchase Price Receivable

The Company recorded a DPP under its A/R Securitization upon the initial sale of trade receivables. The DPP represents the difference between the fair value of the trade receivables sold and the cash purchase price and is recognized at fair value as part of the sale transaction. The DPP is subsequently remeasured each reporting period in order to account for activity during the period, such as 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 included in Other non-current assets in the unaudited Condensed Consolidated Balance Sheets and is valued using unobservable inputs (i.e., Level 3 inputs), primarily discounted cash flows. Refer to Note 14: Accounts Receivable Securitization for more information.

Earn-out Liabilities

Earn-out liabilities are classified within Level 3 in the fair value hierarchy because the methodology used to develop the estimated fair value includes significant unobservable inputs reflecting management’s own assumptions. The fair value of earn-out liabilities is based on the present value of probability-weighted expected return method related to the earn-out performance criteria on each reporting date. The probabilities of achievement assigned to the performance criteria are determined based on due diligence performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. Adjustments to the earn-out liabilities in periods subsequent to the completion of acquisitions are reflected within Operating, administrative and other in the unaudited Condensed Consolidated Statements of Operations.

The table below presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions):

	Earn-out Liabilities
	2020		2019
Balance as of January 1,	$	24.6	$	38.3
Purchases/additions	2.7		—
Net change in fair value and other adjustments	—		(0.2)
Payments	(11.6)		(23.1)
Balance as of September 30,	$	15.7	$	15.0
Balance as of July 1,	$	24.5	$	25.1
Purchases/additions	—		—
Net change in fair value and other adjustments	(0.6)		(0.3)
Payments	(8.2)		(9.8)
Balance as of September 30,	$	15.7	$	15.0

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Accounts Receivable Securitization

9 Months Ended

Sep. 30, 2020

Transfers and Servicing [Abstract]

Accounts Receivable Securitization

Note 14: Accounts Receivable Securitization

On August 20, 2018, the Company amended the A/R Securitization that was initially entered into on March 8, 2017 to increase the investment limit from $100.0 million to $125.0 million. The termination date was extended to August 20, 2022 in December 2019. Under the A/R Securitization, certain of the Company's wholly owned subsidiaries continuously sell trade receivables to an unaffiliated financial institution. The Company’s wholly owned subsidiaries sell (or contribute) the receivables to wholly owned special purpose entities at fair market value. The special purpose entities then sell 100% of the receivables to an unaffiliated financial institution (“the Purchaser”). Although the special purpose entities are wholly owned subsidiaries of the Company, they are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to be satisfied out of their assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not available to pay other creditors of the Company. As of September 30, 2020 the Company had no outstanding balance drawn on the investment limit. At December 31, 2019, the balance drawn on the investment limit was $85.0 million.

All transactions under the A/R Securitization are accounted for as a true sale in accordance with ASC 860, Transfers and Servicing ("Topic 860"). Following the sale and transfer of the receivables to the Purchaser, the receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables. Receivables sold are derecognized from the statement of financial position. The Company continues to service, administer and collect the receivables on behalf of the Purchaser, and recognizes a servicing liability in accordance with Topic 860. Any financial statement impact associated with the servicing liability was immaterial for all periods presented.

This program allows the Company to receive a cash payment and with a DPP for sold receivables. The DPP is paid to the Company in cash on behalf of the Purchaser as the receivables are collected; however, due to the revolving nature of the A/R Securitization, cash collected from the Company’s customers is reinvested by the Purchaser daily in new receivable purchases under the A/R Securitization. For the nine months ended September 30, 2020 and 2019, receivables sold under the A/R securitization were $846.5 million and $837.7 million, respectively, and cash collections from customers on receivables sold were $856.8 million and $848.2 million, respectively, all of which were reinvested in new receivables purchases and are included in cash flows from operating activities in the unaudited Condensed Consolidated Statement of Cash Flows. As of September 30, 2020 and December 31, 2019, the outstanding principal on receivables sold under the A/R Securitization were $177.5 million and $187.8 million, respectively. Refer to Note 13: Fair Value Measurements for additional discussion on the fair value of the DPP as of September 30, 2020 and December 31, 2019.

The Company did not recognize any material income or loss related to receivables sold for the three and nine months ended September 30, 2020 and 2019. Based on the Company’s collection history, the fair value of the receivables sold subsequent to the initial sale approximates carrying value. The Company incurred program costs of $0.3 million and $0.3 million, for the three months ended September 30, 2020 and 2019, respectively, and $1.2 million and $1.1 million for the nine months ended September 30, 2020 and 2019, respectively, which were included in Operating, administrative and other expenses in the unaudited Condensed Consolidated Statement of Operations.

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Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Note 15: Supplemental Cash Flow Information

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited Condensed Consolidated Balance Sheets to the sum of such amounts presented in the unaudited Condensed Consolidated Statements of Cash Flows (in millions):

	Nine Months Ended September 30,
	2020		2019
Cash and cash equivalents, beginning of period	$	813.2	$	895.3
Restricted cash recorded in Other current assets, beginning of period	59.1		70.1
Total cash, cash equivalents and restricted cash shown in the statements of cash flows, beginning of period	$	872.3	$	965.4
Cash and cash equivalents, end of period	$	916.8	$	400.1
Restricted cash recorded in Other current assets, end of period	78.3		69.4
Total cash, cash equivalents and restricted cash shown in the statements of cash flows, end of period	$	995.1	$	469.5

Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):

	Nine Months Ended September 30,
	2020		2019
Cash paid for:
Interest	$	72.8	$	115.3
Income taxes	42.4		48.7
Non-cash investing/financing activities:
Property and equipment acquired through capital leases	6.5		8.0
Deferred and contingent acquisition payment obligations	31.5		12.3
Increase in beneficial interest in a securitization	13.8		4.1

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Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 16: Subsequent Events

The Company has evaluated subsequent events through November 5, 2020, the date on which these financial statements were issued, and has determined there are no material subsequent events to disclose.

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New Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

New Accounting Standards

The Company has adopted the following new accounting standards:

Current Expected Credit Loss (CECL)

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (together with all subsequent amendments, (Topic 326)), which replaces the current U.S. GAAP that requires an incurred loss methodology for recognizing credit losses and delays recognition until it is probable a loss has been incurred. Topic 326 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of reasonable and supportable information to estimate credit losses. Trade and other receivables are presented on the consolidated balance sheets net of estimated expected credit losses. Upon initial recognition of a receivable, the Company estimates credit losses over the contractual term of the receivable and establishes an allowance based on historical experience, current available information and expectations of future economic conditions.

The Company mitigates credit loss risk from its trade receivables by assessing customers for creditworthiness, including review of credit ratings, financial position, and historical experience with similar customers within similar geographic regions, where available. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, the Company aggregates its trade receivables on a collective basis when assessing estimated credit losses.

The Company adopted Topic 326 on January 1, 2020 in accordance with the modified retrospective approach, which resulted in an immaterial cumulative-effect adjustment to the opening balance of Accumulated deficit.

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (together with all subsequent amendments, Topic 842), which replaced most existing lease guidance under U.S. GAAP when it became effective on January 1, 2019. The new guidance requires a lessee to record a Non-current operating lease asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. The Company elected to use the optional transition method upon adoption and did not revise comparative financial statements or disclosures. Adoption of Topic 842 did not have an impact on the opening balance of Accumulated deficit as of January 1, 2019.

Stock Compensation

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting (Topic 718). The ASU supersedes ASC 505-50, Equity-Based Payments to Non-Employees and expands the scope of Topic 718 to include stock-based payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.

Derivatives and Hedging

In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815). The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness and is intended to reduce the complexity of applying hedge accounting by simplifying the designation and measurement of hedging instruments. The ASU is required to be applied retrospectively to eliminate the separate measurement of ineffectiveness through a cumulative-effect adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The new guidance is required to be adopted using the retrospective approach. The Company adopted the new guidance effective January 1, 2019 with an immaterial impact on its financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts and is effective through December 31, 2022. In the second quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The application of these expedients preserves the presentation of the derivatives with no impact to the financial statements and related disclosures.

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The Company adopted the new guidance effective July 1, 2020, with an immaterial impact to its financial statements and related disclosures.

Current Expected Credit Loss

Current Expected Credit Loss (CECL)

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (together with all subsequent amendments, (Topic 326)), which replaces the current U.S. GAAP that requires an incurred loss methodology for recognizing credit losses and delays recognition until it is probable a loss has been incurred. Topic 326 replaces the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of reasonable and supportable information to estimate credit losses. Trade and other receivables are presented on the consolidated balance sheets net of estimated expected credit losses. Upon initial recognition of a receivable, the Company estimates credit losses over the contractual term of the receivable and establishes an allowance based on historical experience, current available information and expectations of future economic conditions.

The Company mitigates credit loss risk from its trade receivables by assessing customers for creditworthiness, including review of credit ratings, financial position, and historical experience with similar customers within similar geographic regions, where available. Credit risk is limited due to ongoing monitoring, high geographic customer distribution and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, the Company aggregates its trade receivables on a collective basis when assessing estimated credit losses.

The Company adopted Topic 326 on January 1, 2020 in accordance with the modified retrospective approach, which resulted in an immaterial cumulative-effect adjustment to the opening balance of Accumulated deficit.

Leases

LeasesIn February 2016, the FASB issued ASU No. 2016-02, Leases (together with all subsequent amendments, Topic 842), which replaced most existing lease guidance under U.S. GAAP when it became effective on January 1, 2019. The new guidance requires a lessee to record a Non-current operating lease asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. The Company elected to use the optional transition method upon adoption and did not revise comparative financial statements or disclosures. Adoption of Topic 842 did not have an impact on the opening balance of Accumulated deficit as of January 1, 2019.

Stock Compensation

Stock Compensation

In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting (Topic 718). The ASU supersedes ASC 505-50, Equity-Based Payments to Non-Employees and expands the scope of Topic 718 to include stock-based payments granted to non-employees. Under the new guidance, the measurement date and performance and vesting conditions for stock-based payments to non-employees are aligned with those of employees, most notably aligning the award measurement date with the grant date of an award. The new guidance is required to be adopted using the modified retrospective transition approach. The Company adopted the new guidance effective January 1, 2019, with an immaterial impact on its financial statements and related disclosures.

Derivatives and Hedging

Derivatives and Hedging

In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815). The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness and is intended to reduce the complexity of applying hedge accounting by simplifying the designation and measurement of hedging instruments. The ASU is required to be applied retrospectively to eliminate the separate measurement of ineffectiveness through a cumulative-effect adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The new guidance is required to be adopted using the retrospective approach. The Company adopted the new guidance effective January 1, 2019 with an immaterial impact on its financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts and is effective through December 31, 2022. In the second quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The application of these expedients preserves the presentation of the derivatives with no impact to the financial statements and related disclosures.

Income Taxes

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2020. The Company adopted the new guidance effective July 1, 2020, with an immaterial impact to its financial statements and related disclosures.

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Segment Data (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Summarized Financial Information by Segment

As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		% Change		2020		2019		% Change
Total revenue
Americas	$	1,416.1	$	1,512.8	(6)	%	$	4,059.4	$	4,353.3	(7)	%
EMEA	223.2		235.5		(5)	%	638.3		667.0		(4)	%
APAC	292.3		370.5		(21)	%	872.9		1,123.2		(22)	%
Total revenue	$	1,931.6	$	2,118.8	(9)	%	$	5,570.6	$	6,143.5	(9)	%
Adjusted EBITDA
Americas	$	81.2	$	125.2	(35)	%	$	199.1	$	318.0	(37)	%
EMEA	11.5		20.3		(43)	%	34.2		35.5		(4)	%
APAC	24.4		23.0		6	%	72.9		77.9		(6)	%

Schedule of Adjusted EBITDA

Adjusted EBITDA is calculated as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Adjusted EBITDA - Americas	$	81.2	$	125.2	$	199.1	$	318.0
Adjusted EBITDA - EMEA	11.5		20.3		34.2		35.5
Adjusted EBITDA - APAC	24.4		23.0		72.9		77.9
Add/(less):
Depreciation and amortization	(64.9)		(75.0)		(211.5)		(222.8)
Interest expense, net of interest income	(44.9)		(37.4)		(120.2)		(112.8)
Benefit from income taxes	4.6		11.0		38.8		40.5
Integration and other costs related to merger	(12.8)		(29.9)		(47.6)		(74.1)
Pre-IPO stock-based compensation	(4.5)		(11.4)		(16.7)		(33.6)
Acquisition related costs and efficiency initiatives	(28.3)		(8.0)		(114.7)		(17.7)
Other	(3.6)		(6.1)		(27.5)		(13.8)
Net income (loss)	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a calculation of EPS (in millions, except per share amounts):  

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic EPS
Net income (loss) attributable to shareholders	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Basic earnings (loss) per common share attributable to shareholders	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)
Diluted EPS
Net income (loss) attributable to shareholders	$	(37.3)	$	11.7	$	(193.2)	$	(2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1		218.0		220.5		217.2
Dilutive effect of restricted stock units	—		5.0		—		—
Dilutive effective of stock options	—		1.5		—		—
Weighted average shares outstanding for diluted earnings (loss) per share	221.1		224.5		220.5		217.2
Diluted earnings (loss) per common share attributable to shareholders	$	(0.17)	$	0.05	$	(0.88)	$	(0.01)

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Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

		Three Months Ended September 30, 2020
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	1,007.7	$	117.1	$	222.3	$	1,347.1
Leasing	At a point in time	245.6		44.0		33.9		323.5
Capital markets	At a point in time	124.2		24.0		7.7		155.9
Valuation and other	At a point in time or over time	38.6		38.1		28.4		105.1
Total revenue		$	1,416.1	$	223.2	$	292.3	$	1,931.6

		Three Months Ended September 30, 2019
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	906.1	$	96.6	$	283.4	$	1,286.1
Leasing	At a point in time	375.6		56.0		42.6		474.2
Capital markets	At a point in time	182.8		41.7		14.8		239.3
Valuation and other	At a point in time or over time	48.3		41.2		29.7		119.2
Total revenue		$	1,512.8	$	235.5	$	370.5	$	2,118.8

		Nine Months Ended September 30, 2020
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,919.8	$	326.2	$	664.9	$	3,910.9
Leasing	At a point in time	681.1		126.3		89.0		896.4
Capital markets	At a point in time	347.4		69.6		35.0		452.0
Valuation and other	At a point in time or over time	111.1		116.2		84.0		311.3
Total revenue		$	4,059.4	$	638.3	$	872.9	$	5,570.6

		Nine Months Ended September 30, 2019
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	2,667.9	$	280.3	$	851.6	$	3,799.8
Leasing	At a point in time	1,064.7		161.9		115.1		1,341.7
Capital markets	At a point in time	494.8		101.3		71.8		667.9
Valuation and other	At a point in time or over time	125.9		123.5		84.7		334.1
Total revenue		$	4,353.3	$	667.0	$	1,123.2	$	6,143.5

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2020 (in millions):

	Americas		EMEA		APAC		Total
Balance as of December 31, 2019	$	1,417.1	$	282.2	$	269.8	$	1,969.1
Acquisitions	83.4		26.5		—		109.9
Disposals	—		—		(25.2)		(25.2)
Measurement period adjustments	(0.4)		0.4		—		—
Effect of movements in exchange rates and other	(1.5)		2.2		5.0		5.7
Balance as of September 30, 2020	$	1,498.6	$	311.3	$	249.6	$	2,059.5

Summary of Finite-Lived Intangible Assets

The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):

		As of September 30, 2020
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,356.9		(919.8)		437.1
Other intangible assets	2 - 13	17.1		(8.4)		8.7
Total intangible assets		$	1,920.0	$	(928.2)	$	991.8
		As of December 31, 2019
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,333.1		(827.5)		505.6
Other intangible assets	2 - 13	17.2		(6.2)		11.0
Total intangible assets		$	1,896.3	$	(833.7)	$	1,062.6

Summary of Indefinite-Lived Intangible Assets

The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):

		As of September 30, 2020
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,356.9		(919.8)		437.1
Other intangible assets	2 - 13	17.1		(8.4)		8.7
Total intangible assets		$	1,920.0	$	(928.2)	$	991.8
		As of December 31, 2019
	Useful Life (in years)	Gross Value		Accumulated Amortization		Net Value
C&W trade name	Indefinite	$	546.0	$	—	$	546.0
Customer relationships	1 - 15	1,333.1		(827.5)		505.6
Other intangible assets	2 - 13	17.2		(6.2)		11.0
Total intangible assets		$	1,896.3	$	(833.7)	$	1,062.6

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Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives

The following table presents the fair value of derivatives as of September 30, 2020 and December 31, 2019 (in millions):

			September 30, 2020				December 31, 2019
	September 30, 2020		Assets		Liabilities		Assets		Liabilities
Derivative Instrument	Notional		Fair Value		Fair Value		Fair Value		Fair Value
Designated:
Cash flow hedges:
Interest rate swaps	$	2,050.0	$	—	$	176.3	$	—	$	97.7
Non-designated:
Foreign currency forward contracts	538.8		3.1		2.1		1.0		2.2

Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the three months ended September 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)		Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)		Ending Accumulated Other Comprehensive Loss (Gain)
Three Months Ended September 30, 2020
Interest rate cash flow hedges	$	178.0	$	(19.3)	$	9.3	$	168.0
	$	178.0	$	(19.3)	$	9.3	$	168.0
Three Months Ended September 30, 2019
Interest rate cash flow hedges	$	70.0	$	26.6	$	1.1	$	97.7
	$	70.0	$	26.6	$	1.1	$	97.7

(1) Amount is net of related income tax expense of $0.0 million for the three months ended September 30, 2020 and 2019.

(2) Amount is net of related income tax expense of $0.7 million and $0.8 million for the three months ended September 30, 2020 and 2019, respectively.

The following table presents the effect of derivatives designated as hedges, net of applicable income taxes, in the unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020 and 2019 (in millions):

	Beginning Accumulated Other Comprehensive Loss (Gain)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(1)			Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(2)			Ending Accumulated Other Comprehensive Loss (Gain)
Nine Months Ended September 30, 2020
Interest rate cash flow hedges	$	79.0	$	78.0		$	11.0		$	168.0
	$	79.0	$	78.0	1	$	11.0	2	$	168.0
Nine Months Ended September 30, 2019
Interest rate cash flow hedges	$	(13.3)	$	105.9		$	5.1		$	97.7
	$	(13.3)	$	105.9	1	$	5.1	2	$	97.7

(1) Amount is net of related income tax expense of $0.0 million and $5.1 million for the nine months ended September 30, 2020 and 2019, respectively.

(2) Amount is net of related income tax expense of $2.1 million and $2.3 million for the nine months ended September 30, 2020 and 2019, respectively.

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Long-term Debt and Other Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following (in millions):

	As of
	September 30, 2020		December 31, 2019
Collateralized:
2018 First Lien Loan, net of unamortized discount and issuance costs of $34.2 million and $28.8 million, respectively	$	2,618.7	$	2,637.5
2020 Senior Secured Notes, net of unamortized issuance costs of $11.0 million due 2028	639.0		—
Finance lease liability	17.5		20.3
Notes payable to former stockholders	0.3		0.3
Total long-term debt	3,275.5		2,658.1
Less: current portion	(36.0)		(37.8)
Total non-current long-term debt	$	3,239.5	$	2,620.3

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Stock-based Payments (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Outstanding Time-Based and Performance-Based Stock Options

The tables below summarize the Company’s outstanding time-based stock options (in millions, except for per share amounts):

	Time-Based Options
	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2019	2.6	$	11.51	5.9
Exercised	(0.1)	10.04		—
Forfeited	(0.1)	13.93		—
Outstanding as of September 30, 2020	2.4	$	11.51	5.1
Exercisable as of September 30, 2020	3.7	$	11.42	5.1

The tables below summarize the Company’s outstanding performance-based stock options (in millions, except for per share amounts):

	Performance-Based Options
	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2019	1.4	$	11.64	5.9
Forfeited	(0.0)	12.59		—
Outstanding as of September 30, 2020	1.4	$	11.62	5.2
Exercisable as of September 30, 2020	—	—		—

Summary of Outstanding RSU's

The following table provides information about the Company’s outstanding restricted stock units ("RSUs") (in millions, except for per share amounts):

	Co-Investment RSUs			Time-Based RSUs			Performance-Based RSUs
	Number of RSUs	Weighted Average Fair Value Per Share		Number of RSUs	Weighted Average Fair Value Per Share		Number of RSUs	Weighted Average Fair Value Per Share
Unvested as of December 31, 2019	0.0	$	17.00	5.7	$	15.63	1.1	$	17.08
Granted	—	—		2.1	15.46		0.6	17.25
Vested	(0.0)	17.00		(3.3)	14.73		(0.1)	17.29
Forfeited	—	—		(0.3)	17.49		(0.1)	18.70
Unvested as of September 30, 2020	—	$	—	4.2	$	15.83	1.5	$	17.04

Summary of Compensation Expense Related to RSUs

The following table summarizes the Company's compensation expense related to RSUs (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,				Unrecognized at September 30, 2020
	2020		2019		2020		2019
Time-Based RSUs	$	8.8	$	11.4	$	31.0	$	32.5	$	50.8
Co-Investment RSUs	—		0.1		0.1		0.3		—
Performance-Based RSUs	0.7		0.6		2.8		1.3		10.4
Total RSU stock-based compensation cost	$	9.5	$	12.1	$	33.9	$	34.1	$	61.2

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Restructuring (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Severance and Other Restructuring Accrual Activity

The following table details the Company’s severance and employment-related restructuring activity for the nine months ended September 30, 2020 (in millions):

	Severance Pay and Benefits		Contract Terminations and Other Costs		Total
Balance as of December 31, 2019	$	1.2	$	—	$	1.2
Restructuring Charges:
Americas	18.4		9.7		28.1
EMEA	9.7		—		9.7
APAC	4.3		—		4.3
Total Restructuring Charges	32.4		9.7		42.1
Payments and Other:
Americas	(14.2)		(8.9)		(23.1)
EMEA	(6.0)		—		(6.0)
APAC	(3.2)		—		(3.2)
Total Payments and Other	(23.4)		(8.9)		(32.3)
Balance as of September 30, 2020	$	10.2	$	0.8	$	11.0

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 (in millions):

	As of September 30, 2020
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents - money market funds	$	433.0	$	433.0	$	—	$	—
Deferred compensation plan assets	45.7		45.7		—		—
Foreign currency forward contracts	3.1		—		3.1		—
Deferred purchase price receivable	165.7		—		—		165.7
Total	$	647.5	$	478.7	$	3.1	$	165.7
Liabilities
Deferred compensation plan liabilities	$	44.3	$	44.3	$	—	$	—
Foreign currency forward contracts	2.1		—		2.1		—
Interest rate swap agreements	176.3		—		176.3		—
Earn-out liabilities	15.7		—		—		15.7
Total	$	238.4	$	44.3	$	178.4	$	15.7

	As of December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents - money market funds	$	206.9	$	206.9	$	—	$	—
Deferred compensation plan assets	54.9		54.9		—		—
Foreign currency forward contracts	1.0		—		1.0		—
Deferred purchase price receivable	66.9		—		—		66.9
Total	$	329.7	$	261.8	$	1.0	$	66.9
Liabilities
Deferred compensation plan liabilities	$	51.3	$	51.3	$	—	$	—
Foreign currency forward contracts	2.2		—		2.2		—
Interest rate swap agreements	97.7		—		97.7		—
Earn-out liabilities	24.6		—		—		24.6
Total	$	175.8	$	51.3	$	99.9	$	24.6

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions):

	Earn-out Liabilities
	2020		2019
Balance as of January 1,	$	24.6	$	38.3
Purchases/additions	2.7		—
Net change in fair value and other adjustments	—		(0.2)
Payments	(11.6)		(23.1)
Balance as of September 30,	$	15.7	$	15.0
Balance as of July 1,	$	24.5	$	25.1
Purchases/additions	—		—
Net change in fair value and other adjustments	(0.6)		(0.3)
Payments	(8.2)		(9.8)
Balance as of September 30,	$	15.7	$	15.0

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Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited Condensed Consolidated Balance Sheets to the sum of such amounts presented in the unaudited Condensed Consolidated Statements of Cash Flows (in millions):

	Nine Months Ended September 30,
	2020		2019
Cash and cash equivalents, beginning of period	$	813.2	$	895.3
Restricted cash recorded in Other current assets, beginning of period	59.1		70.1
Total cash, cash equivalents and restricted cash shown in the statements of cash flows, beginning of period	$	872.3	$	965.4
Cash and cash equivalents, end of period	$	916.8	$	400.1
Restricted cash recorded in Other current assets, end of period	78.3		69.4
Total cash, cash equivalents and restricted cash shown in the statements of cash flows, end of period	$	995.1	$	469.5

Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):

	Nine Months Ended September 30,
	2020		2019
Cash paid for:
Interest	$	72.8	$	115.3
Income taxes	42.4		48.7
Non-cash investing/financing activities:
Property and equipment acquired through capital leases	6.5		8.0
Deferred and contingent acquisition payment obligations	31.5		12.3
Increase in beneficial interest in a securitization	13.8		4.1

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Segment Data - Schedule of summarized financial information by segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 1,931.6	$ 2,118.8	$ 5,570.6	$ 6,143.5
Percent change in revenue amount	(9.00%)		(9.00%)
Americas
Segment Reporting Information [Line Items]
Total revenue	$ 1,416.1	1,512.8	$ 4,059.4	4,353.3
EMEA
Segment Reporting Information [Line Items]
Total revenue	223.2	235.5	638.3	667.0
APAC
Segment Reporting Information [Line Items]
Total revenue	292.3	370.5	872.9	1,123.2
Operating segments | Americas
Segment Reporting Information [Line Items]
Total revenue	$ 1,416.1	1,512.8	$ 4,059.4	4,353.3
Percent change in revenue amount	(6.00%)		(7.00%)
Adjusted EBITDA	$ 81.2	125.2	$ 199.1	318.0
Percent change in adjusted EBIDTA	(35.00%)		(37.00%)
Operating segments | EMEA
Segment Reporting Information [Line Items]
Total revenue	$ 223.2	235.5	$ 638.3	667.0
Percent change in revenue amount	(5.00%)		(4.00%)
Adjusted EBITDA	$ 11.5	20.3	$ 34.2	35.5
Percent change in adjusted EBIDTA	(43.00%)		(4.00%)
Operating segments | APAC
Segment Reporting Information [Line Items]
Total revenue	$ 292.3	370.5	$ 872.9	1,123.2
Percent change in revenue amount	(21.00%)		(22.00%)
Adjusted EBITDA	$ 24.4	$ 23.0	$ 72.9	$ 77.9
Percent change in adjusted EBIDTA	6.00%		(6.00%)

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Segment Data - Schedule of adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (64.9)	$ (75.0)	$ (211.5)	$ (222.8)
Interest expense, net of interest income	(44.9)	(37.4)	(120.2)	(112.8)
Benefit from income taxes	4.6	11.0	38.8	40.5
Integration and other costs related to merger	(12.8)	(29.9)	(47.6)	(74.1)
Pre-IPO stock-based compensation	(4.5)	(11.4)	(16.7)	(33.6)
Acquisition related costs and efficiency initiatives	(28.3)	(8.0)	(114.7)	(17.7)
Other	(3.6)	(6.1)	(27.5)	(13.8)
Net income (loss)	(37.3)	11.7	(193.2)	(2.9)
Operating segments | Americas
Segment Reporting Information [Line Items]
Adjusted EBITDA	81.2	125.2	199.1	318.0
Operating segments | EMEA
Segment Reporting Information [Line Items]
Adjusted EBITDA	11.5	20.3	34.2	35.5
Operating segments | APAC
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 24.4	$ 23.0	$ 72.9	$ 77.9

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Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Potentially dilutive securities not included in computation (in shares)	0.6	1.9	7.2

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Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic EPS
Net income (loss) attributable to shareholders	$ (37.3)	$ 11.7	$ (193.2)	$ (2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1	218.0	220.5	217.2
Basic earnings (loss) per common share attributable to shareholders (in dollars per share)	$ (0.17)	$ 0.05	$ (0.88)	$ (0.01)
Diluted EPS
Net income (loss) attributable to shareholders	$ (37.3)	$ 11.7	$ (193.2)	$ (2.9)
Weighted average shares outstanding for basic earnings (loss) per share	221.1	218.0	220.5	217.2
Weighted average shares outstanding for diluted earnings (loss) per share	221.1	224.5	220.5	217.2
Diluted earnings (loss) per common share attributable to shareholders (in dollars per share)	$ (0.17)	$ 0.05	$ (0.88)	$ (0.01)
Restricted Stock Units (RSUs)
Diluted EPS
Dilutive effect of stocks (in shares)	0.0	5.0	0.0	0.0
Stock Options
Diluted EPS
Dilutive effect of stocks (in shares)	0.0	1.5	0.0	0.0

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Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities	$ 49.3	$ 54.4
Prepaid expenses and other current assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract assets	323.8	313.4
Other non-current assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract assets	$ 23.8	$ 26.7

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Revenue - Disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 1,931.6	$ 2,118.8	$ 5,570.6	$ 6,143.5
Americas
Disaggregation of Revenue [Line Items]
Revenue	1,416.1	1,512.8	4,059.4	4,353.3
EMEA
Disaggregation of Revenue [Line Items]
Revenue	223.2	235.5	638.3	667.0
APAC
Disaggregation of Revenue [Line Items]
Revenue	292.3	370.5	872.9	1,123.2
Property, facilities and project management | Over time
Disaggregation of Revenue [Line Items]
Revenue	1,347.1	1,286.1	3,910.9	3,799.8
Property, facilities and project management | Americas | Over time
Disaggregation of Revenue [Line Items]
Revenue	1,007.7	906.1	2,919.8	2,667.9
Property, facilities and project management | EMEA | Over time
Disaggregation of Revenue [Line Items]
Revenue	117.1	96.6	326.2	280.3
Property, facilities and project management | APAC | Over time
Disaggregation of Revenue [Line Items]
Revenue	222.3	283.4	664.9	851.6
Leasing | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	323.5	474.2	896.4	1,341.7
Leasing | Americas | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	245.6	375.6	681.1	1,064.7
Leasing | EMEA | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	44.0	56.0	126.3	161.9
Leasing | APAC | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	33.9	42.6	89.0	115.1
Capital markets | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	155.9	239.3	452.0	667.9
Capital markets | Americas | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	124.2	182.8	347.4	494.8
Capital markets | EMEA | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	24.0	41.7	69.6	101.3
Capital markets | APAC | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	7.7	14.8	35.0	71.8
Valuation and other | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	105.1	119.2	311.3	334.1
Valuation and other | Americas | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	38.6	48.3	111.1	125.9
Valuation and other | EMEA | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	38.1	41.2	116.2	123.5
Valuation and other | APAC | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	$ 28.4	$ 29.7	$ 84.0	$ 84.7

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Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2019	$ 1,969.1
Acquisitions	109.9
Disposals	(25.2)
Measurement period adjustments	0.0
Effect of movements in exchange rates and other	5.7
Balance as of September 30, 2020	2,059.5
Americas
Goodwill [Roll Forward]
Balance as of December 31, 2019	1,417.1
Acquisitions	83.4
Disposals	0.0
Measurement period adjustments	(0.4)
Effect of movements in exchange rates and other	(1.5)
Balance as of September 30, 2020	1,498.6
EMEA
Goodwill [Roll Forward]
Balance as of December 31, 2019	282.2
Acquisitions	26.5
Disposals	0.0
Measurement period adjustments	0.4
Effect of movements in exchange rates and other	2.2
Balance as of September 30, 2020	311.3
APAC
Goodwill [Roll Forward]
Balance as of December 31, 2019	269.8
Acquisitions	0.0
Disposals	(25.2)
Measurement period adjustments	0.0
Effect of movements in exchange rates and other	5.0
Balance as of September 30, 2020	$ 249.6

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges	$ 0	$ 0	$ 0	$ 0
Intangible Impairment charges	0	0	0	0
Amortization expense	$ 36,700,000	$ 47,300,000	$ 124,600,000	$ 142,600,000

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Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (928.2)	$ (833.7)
Gross Value	1,920.0	1,896.3
Accumulated Amortization	(928.2)	(833.7)
Net Value	991.8	1,062.6
C&W trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	546.0	546.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	1,356.9	1,333.1
Finite-lived intangible assets, accumulated amortization	(919.8)	(827.5)
Finite-lived intangible assets, net value	437.1	505.6
Accumulated Amortization	$ (919.8)	$ (827.5)
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	1 year	1 year
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	15 years	15 years
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 17.1	$ 17.2
Finite-lived intangible assets, accumulated amortization	(8.4)	(6.2)
Finite-lived intangible assets, net value	8.7	11.0
Accumulated Amortization	$ (8.4)	$ (6.2)
Other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	2 years	2 years
Other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (in years)	13 years	13 years

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Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020 USD ($) derivative_instrument	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) derivative_instrument	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) derivative_instrument
Derivative [Line Items]
Interest expense, net of interest income	$ (44.9)	$ (37.4)	$ (120.2)	$ (112.8)
Designated
Derivative [Line Items]
Pre-tax gain (loss) included in accumulated other comprehensive loss for interest rate derivatives			165.5		$ 74.5
Pre-tax losses reclassified during the next twelve months			$ 37.4
Designated | Interest rate hedge
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	5		5
Non-Designated | Foreign currency forward contracts
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	21		21		23
Gain on derivative instruments	$ 2.1	1.6	$ 2.3	1.5
Notional amount	538.8		538.8		$ 498.2
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Hedging (Losses) Gains | Interest rate hedge
Derivative [Line Items]
Interest expense, net of interest income	$ 10.0	$ 1.9	$ 13.1	$ 7.4

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Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Designated | Cash Flow Hedging | Interest rate swaps
Derivative [Line Items]
Notional	$ 2,050.0
Designated | Cash Flow Hedging | Other non-current assets | Interest rate swaps
Derivative [Line Items]
Assets fair value	0.0	$ 0.0
Designated | Cash Flow Hedging | Other non-current liabilities | Interest rate swaps
Derivative [Line Items]
Liabilities fair value	176.3	97.7
Non-Designated | Foreign currency forward contracts
Derivative [Line Items]
Notional	538.8	498.2
Non-Designated | Other non-current assets | Foreign currency forward contracts
Derivative [Line Items]
Assets fair value	3.1	1.0
Non-Designated | Other non-current liabilities | Foreign currency forward contracts
Derivative [Line Items]
Liabilities fair value	$ 2.1	$ 2.2

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Derivative Financial Instruments and Hedging Activities - Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive Loss (Gain)		$ (1,288.0)	$ (1,301.3)	$ (1,360.1)
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	$ (19.3)	26.6	78.0	105.9
Ending Accumulated Other Comprehensive Loss (Gain)	(1,046.1)	(1,234.2)	(1,046.1)	(1,234.2)
Unrealized Hedging (Losses) Gains
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive Loss (Gain)	178.0	70.0	79.0	(13.3)
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	(19.3)	26.6	78.0	105.9
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations	9.3	1.1	11.0	5.1
Ending Accumulated Other Comprehensive Loss (Gain)	168.0	97.7	168.0	97.7
Amount of loss (gain) recognized, tax benefit (expense)	0.0	0.0	0.0	5.1
Amount of loss (gain) reclassified, tax benefit (expense)	(0.7)	(0.8)	(2.1)	(2.3)
Cash Flow Hedging | Unrealized Hedging (Losses) Gains | Interest rate hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive Loss (Gain)	178.0	70.0	79.0	(13.3)
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	(19.3)	26.6	78.0	105.9
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations	9.3	1.1	11.0	5.1
Ending Accumulated Other Comprehensive Loss (Gain)	$ 168.0	$ 97.7	$ 168.0	$ 97.7

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Long-term Debt and Other Borrowings - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 3,275.5	$ 2,658.1
Less: current portion	(36.0)	(37.8)
Total non-current long-term debt	3,239.5	2,620.3
Secured Debt | 2018 First Lien Loan
Debt Instrument [Line Items]
Unamortized discount and issuance costs	34.2	28.8
Total long-term debt	2,618.7	2,637.5
2020 Senior Secured Note | Senior Secured Note Due May 2028
Debt Instrument [Line Items]
Unamortized discount and issuance costs	11.0
Total long-term debt	639.0	0.0
Finance lease liability
Debt Instrument [Line Items]
Total long-term debt	17.5	20.3
Notes payable to former stockholders
Debt Instrument [Line Items]
Total long-term debt	$ 0.3	$ 0.3

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Long-term Debt and Other Borrowings - Narrative (Details) - USD ($)						9 Months Ended
	Aug. 21, 2025	May 22, 2020	Jan. 20, 2020	Dec. 20, 2019	Aug. 21, 2018	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Issuance of senior secured notes						$ 650,000,000.0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, amount			$ 11,100,000	$ 500,000
2018 Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount					$ 3,500,000,000
Quarterly principal payment, percentage						0.25%
Secured Debt | 2018 First Lien Loan
Debt Instrument [Line Items]
Debt instrument, face amount					2,700,000,000
Proceeds from debt, net of stated discount and debt issuance costs					2,700,000,000
Stated discount, amount					13,500,000
Debt issuance costs, amount					20,600,000
Effective interest rate						3.20%
Net leverage ratio						5.80
Line of Credit | 2018 Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 810,000,000.0
Line of Credit | First Lien Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding funds drawn						$ 1,000,000,000.0		$ 1,000,000,000.0
Line of Credit | First Lien Loan | Letter of Credit
Debt Instrument [Line Items]
Term loan increase				$ 210,000,000.0
Outstanding funds drawn						$ 3,700,000,000
2020 Senior Secured Note | Senior Secured Note Due May 2028
Debt Instrument [Line Items]
Debt instrument, face amount		$ 650,000,000.0
Proceeds from debt, net of stated discount and debt issuance costs		638,500,000
Debt issuance costs, amount		$ 11,500,000
Effective interest rate		7.00%
Stated interest rate		6.75%
Issuance of senior secured notes		$ 650,000,000.0
Eurodollar Rate | 2018 Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Eurodollar Rate | 2018 Credit Agreement | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Base Rate | 2018 Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Base Rate | 2018 Credit Agreement | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
LIBOR | 2018 Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate						2.75%

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Stock-based Payments - Summary of Time-based Stock Options (Details) - Time-Based Options - $ / shares shares in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Number of Options
Outstanding, beginning balance (in shares)	2.6
Exercised (in shares)	(0.1)
Forfeited (in shares)	(0.1)
Outstanding, ending balance (in shares)	2.4	2.6
Exercisable (in shares)	3.7
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in dollars per share)	$ 11.51
Exercised (in dollars per share)	10.04
Forfeited (in dollars per share)	13.93
Outstanding, ending balance (in dollars per share)	11.51	$ 11.51
Weighted average exercise price per share, exercisable (in dollars per share)	$ 11.42
Weighted average remaining contractual term, outstanding	5 years 1 month 6 days	5 years 10 months 24 days
Weighted average remaining contractual term, exercisable	5 years 1 month 6 days

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Stock-based Payments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	$ 4.5	$ 11.4	$ 16.7	$ 33.6
Time-Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	0.1	1.4	0.4	3.9
Unrecognized compensation cost related to non-vested time-based option awards	0.6		0.6
Performance-Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	$ 0.0	$ 2.7	$ 0.0	$ 8.2

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Stock-based Payments - Summary of Performance-Based Options (Details) - Performance-Based Options - $ / shares shares in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Number of Options
Outstanding, beginning balance (in shares)	1.4
Forfeited (in shares)	(0.0)
Outstanding, ending balance (in shares)	1.4	1.4
Exercisable (in shares)	0.0
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in dollars per share)	$ 11.64
Forfeited (in dollars per share)	12.59
Outstanding, ending balance (in dollars per share)	11.62	$ 11.64
Weighted average exercise price per share, exercisable (in dollars per share)	$ 0
Weighted average remaining contractual term, outstanding	5 years 2 months 12 days	5 years 10 months 24 days
Weighted average remaining contractual term, exercisable	0 years

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Stock-based Payments - Summary of Restricted Stock Units (Details) shares in Millions	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Co-Investment RSUs
Number of RSUs
Unvested, beginning balance (in shares) | shares	(0.0)
Granted (in shares) | shares	0.0
Vested (in shares) | shares	(0.0)
Forfeited (in shares) | shares	0.0
Unvested, ending balance (in shares) | shares	0.0
Weighted Average Fair Value Per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 17.00
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	17.00
Forfeited (in dollars per share) | $ / shares	0
Unvested, ending balance (in dollars per share) | $ / shares	$ 0
Time-Based RSUs
Number of RSUs
Unvested, beginning balance (in shares) | shares	5.7
Granted (in shares) | shares	2.1
Vested (in shares) | shares	(3.3)
Forfeited (in shares) | shares	(0.3)
Unvested, ending balance (in shares) | shares	4.2
Weighted Average Fair Value Per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 15.63
Granted (in dollars per share) | $ / shares	15.46
Vested (in dollars per share) | $ / shares	14.73
Forfeited (in dollars per share) | $ / shares	17.49
Unvested, ending balance (in dollars per share) | $ / shares	$ 15.83
Performance-Based RSUs
Number of RSUs
Unvested, beginning balance (in shares) | shares	1.1
Granted (in shares) | shares	0.6
Vested (in shares) | shares	(0.1)
Forfeited (in shares) | shares	(0.1)
Unvested, ending balance (in shares) | shares	1.5
Weighted Average Fair Value Per Share
Unvested, beginning balance (in dollars per share) | $ / shares	$ 17.08
Granted (in dollars per share) | $ / shares	17.25
Vested (in dollars per share) | $ / shares	17.29
Forfeited (in dollars per share) | $ / shares	18.70
Unvested, ending balance (in dollars per share) | $ / shares	$ 17.04

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Stock-based Payments - Summary of RSU Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	$ 4.5	$ 11.4	$ 16.7	$ 33.6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	9.5	12.1	33.9	34.1
Unrecognized compensation expense related to RSUs	61.2		61.2
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	8.8	11.4	31.0	32.5
Unrecognized compensation expense related to RSUs	50.8		50.8
Co-Investment RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	0.0	0.1	0.1	0.3
Unrecognized compensation expense related to RSUs	0.0		0.0
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-IPO stock-based compensation	0.7	$ 0.6	2.8	$ 1.3
Unrecognized compensation expense related to RSUs	$ 10.4		$ 10.4

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 12.9	$ 42.1
Restructuring accrual in other current liabilities	10.0	10.0	$ 1.2
Restructuring accrual in other non-current liabilities	$ 1.0	$ 1.0

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Restructuring - Schedule of Severance and Other Restructuring Accrual Activity (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019		$ 1.2
Restructuring charges	$ 12.9	42.1
Payments and other		(32.3)
Balance as of September 30, 2020	11.0	11.0
Severance Pay and Benefits
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019		1.2
Restructuring charges		32.4
Payments and other		(23.4)
Balance as of September 30, 2020	10.2	10.2
Contract Terminations and Other Costs
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019		0.0
Restructuring charges		9.7
Payments and other		(8.9)
Balance as of September 30, 2020	$ 0.8	0.8
Americas
Restructuring Reserve [Roll Forward]
Restructuring charges		28.1
Payments and other		(23.1)
Americas | Severance Pay and Benefits
Restructuring Reserve [Roll Forward]
Restructuring charges		18.4
Payments and other		(14.2)
Americas | Contract Terminations and Other Costs
Restructuring Reserve [Roll Forward]
Restructuring charges		9.7
Payments and other		(8.9)
EMEA
Restructuring Reserve [Roll Forward]
Restructuring charges		9.7
Payments and other		(6.0)
EMEA | Severance Pay and Benefits
Restructuring Reserve [Roll Forward]
Restructuring charges		9.7
Payments and other		(6.0)
EMEA | Contract Terminations and Other Costs
Restructuring Reserve [Roll Forward]
Restructuring charges		0.0
Payments and other		0.0
APAC
Restructuring Reserve [Roll Forward]
Restructuring charges		4.3
Payments and other		(3.2)
APAC | Severance Pay and Benefits
Restructuring Reserve [Roll Forward]
Restructuring charges		4.3
Payments and other		(3.2)
APAC | Contract Terminations and Other Costs
Restructuring Reserve [Roll Forward]
Restructuring charges		0.0
Payments and other		$ 0.0

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Closed-ended terms for guarantees	7 years 1 month 6 days
Maximum potential future payments on guarantees	$ 41.3
Contingent liabilities, current	116.1	$ 74.8
Contingent liabilities, non-current	24.4	22.5
Errors and Omissions (E&O) claims and other claims
Loss Contingencies [Line Items]
Contingent liabilities	45.3	30.2
Workers' compensation
Loss Contingencies [Line Items]
Contingent liabilities	95.2	67.1
Insurance recoverable
Loss Contingencies [Line Items]
Loss contingency, receivable	$ 5.4	$ 3.5

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Related Party Transactions - Narrative (Details) property in Thousands, employee in Thousands, $ in Millions	Jan. 06, 2020 USD ($) employee property city	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Corporate Joint Venture
Related Party Transaction [Line Items]
Number of commercial properties | property	1
Number of cities | city	80
Number of employees | employee	20
Gain from formation of Joint Venture	$ 36.9
Corporate Joint Venture | Cushman & Wakefield Vanke Service
Related Party Transaction [Line Items]
Interest in joint venture	35.00%
Affiliates
Related Party Transaction [Line Items]
Accounts receivable, related parties, current		$ 33.2	$ 33.4
Accounts receivable, related parties, noncurrent		$ 190.6	$ 198.8

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Fair Value Measurements - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Estimated fair value of external debt	$ 3.2	$ 2.7
Gross carrying value of debt	$ 3.3	$ 2.7

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Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash equivalents - money market funds	$ 433.0	$ 206.9
Deferred compensation plan assets	45.7	54.9
Deferred purchase price receivable	165.7	66.9
Total	647.5	329.7
Liabilities
Deferred compensation plan liabilities	44.3	51.3
Earn-out liabilities	15.7	24.6
Total	238.4	175.8
Level 1
Assets
Cash equivalents - money market funds	433.0	206.9
Deferred compensation plan assets	45.7	54.9
Deferred purchase price receivable	0.0	0.0
Total	478.7	261.8
Liabilities
Deferred compensation plan liabilities	44.3	51.3
Earn-out liabilities	0.0	0.0
Total	44.3	51.3
Level 2
Assets
Cash equivalents - money market funds	0.0	0.0
Deferred compensation plan assets	0.0	0.0
Deferred purchase price receivable	0.0	0.0
Total	3.1	1.0
Liabilities
Deferred compensation plan liabilities	0.0	0.0
Earn-out liabilities	0.0	0.0
Total	178.4	99.9
Level 3
Assets
Cash equivalents - money market funds	0.0	0.0
Deferred compensation plan assets	0.0	0.0
Deferred purchase price receivable	165.7	66.9
Total	165.7	66.9
Liabilities
Deferred compensation plan liabilities	0.0	0.0
Earn-out liabilities	15.7	24.6
Total	15.7	24.6
Foreign currency forward contracts
Assets
Foreign currency forward contracts	3.1	1.0
Liabilities
Derivative liability	2.1	2.2
Foreign currency forward contracts | Level 1
Assets
Foreign currency forward contracts	0.0	0.0
Liabilities
Derivative liability	0.0	0.0
Foreign currency forward contracts | Level 2
Assets
Foreign currency forward contracts	3.1	1.0
Liabilities
Derivative liability	2.1	2.2
Foreign currency forward contracts | Level 3
Assets
Foreign currency forward contracts	0.0	0.0
Liabilities
Derivative liability	0.0	0.0
Interest rate swaps
Liabilities
Derivative liability	176.3	97.7
Interest rate swaps | Level 1
Liabilities
Derivative liability	0.0	0.0
Interest rate swaps | Level 2
Liabilities
Derivative liability	176.3	97.7
Interest rate swaps | Level 3
Liabilities
Derivative liability	$ 0.0	$ 0.0

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Fair Value Measurements - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Earn-out Liabilities - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 24.5	$ 25.1	$ 24.6	$ 38.3
Purchases/additions	0.0	0.0	2.7	0.0
Net change in fair value and other adjustments	(0.6)	(0.3)	0.0	(0.2)
Payments	(8.2)	(9.8)	(11.6)	(23.1)
Ending balance	$ 15.7	$ 15.0	$ 15.7	$ 15.0

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Accounts Receivable Securitization - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 20, 2018	Mar. 08, 2017
Transfers and Servicing [Abstract]
Investment limit						$ 125,000,000.0	$ 100,000,000.0
Transferor's interests in transferred financial assets, receivables sold, percent					100.00%
Amount drawn on investment limit	$ 0		$ 0		$ 85,000,000.0
Proceeds from accounts receivable securitization			846,500,000	$ 837,700,000
Cash collection			856,800,000	848,200,000
Outstanding principal on receivables sold under securitization	177,500,000		177,500,000		$ 187,800,000
Accounts receivable securitization, program costs	$ 300,000	$ 300,000	$ 1,200,000	$ 1,100,000

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Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 916.8	$ 813.2	$ 400.1	$ 895.3
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	995.1	872.3	469.5	965.4
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash recorded in other current assets	$ 78.3	$ 59.1	$ 69.4	$ 70.1

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Supplemental Cash Flow Information - Schedule of Non Cash Investing and Financing Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for:
Interest	$ 72.8	$ 115.3
Income taxes	42.4	48.7
Non-cash investing/financing activities:
Property and equipment acquired through capital leases	6.5	8.0
Deferred and contingent acquisition payment obligations	31.5	12.3
Increase in beneficial interest in a securitization	$ 13.8	$ 4.1