Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 5: Revenue

Disaggregation of Revenue

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

		Three Months Ended March 31, 2022
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	1,122.7	$	114.8	$	222.7	$	1,460.2
Leasing	At a point in time	372.9		49.7		37.2		459.8
Capital markets	At a point in time	242.1		28.9		18.8		289.8
Valuation and other	At a point in time or over time	47.6		44.3		29.3		121.2
Total revenue		$	1,785.3	$	237.7	$	308.0	$	2,331.0

		Three Months Ended March 31, 2021
	Revenue recognition timing	Americas		EMEA		APAC		Total
Property, facilities and project management	Over time	$	1,030.9	$	114.0	$	205.3	$	1,350.2
Leasing	At a point in time	222.8		42.6		29.4		294.8
Capital markets	At a point in time	133.8		22.3		10.7		166.8
Valuation and other	At a point in time or over time	37.4		45.0		29.6		112.0
Total revenue		$	1,424.9	$	223.9	$	275.0	$	1,923.8

Contract Balances

The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance not yet invoiced or able to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable. The Company had no material asset impairment charges related to contract assets in the periods presented.

As of March 31, 2022 and December 31, 2021, the Company had contract assets of $380.9 million and $337.4 million, respectively, and $85.3 million and $71.1 million, respectively, which were recorded in Short-term contract

assets, net and Other non-current assets, respectively, in the Condensed Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, the Company also recorded contract asset allowances of $20.3 million and $18.5 million, respectively, within Short-term contract assets, net.

As of March 31, 2022 and December 31, 2021, the Company had contract liabilities of $59.1 million and $62.8 million, respectively, which were recorded in Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, respectively.

Exemptions

The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with Topic 606.

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