Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 5: Revenue

Disaggregation of Revenue

The Company has chosen to disclose revenue by service line based on the nature and timing of revenue recognition. The following tables disaggregate revenue by reportable segment and service line (in millions):

		Three Months Ended March 31, 2025
	Revenue recognition timing	Americas		EMEA		APAC		Total
Services	Over time	$	1,186.7	$	105.0	$	311.9	$	1,603.6
Leasing	At a point in time	346.3		39.4		32.7		418.4
Capital markets	At a point in time	115.9		18.0		24.0		157.9
Valuation and other	At a point in time or over time	39.4		42.6		22.7		104.7
Total revenue		$	1,688.3	$	205.0	$	391.3	$	2,284.6

		Three Months Ended March 31, 2024
	Revenue recognition timing	Americas		EMEA		APAC		Total
Services	Over time	$	1,167.8	$	109.1	$	273.8	$	1,550.7
Leasing	At a point in time	305.5		53.7		28.5		387.7
Capital markets	At a point in time	111.6		15.6		14.9		142.1
Valuation and other	At a point in time or over time	36.1		44.0		24.2		104.3
Total revenue		$	1,621.0	$	222.4	$	341.4	$	2,184.8

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 obligations not yet available to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable.

The following table provides information on contract assets and contract liabilities from contracts with customers included in the Condensed Consolidated Balance Sheets (in millions):

	As of
	March 31, 2025		December 31, 2024
Short-term contract assets	$	326.1	$	325.7
Contract asset allowances	(22.3)		(24.3)
Short-term contract assets, net	303.8		301.4
Non-current contract assets	69.1		69.0
Contract asset allowances	(2.1)		(2.2)
Non-current contract assets, net included in Other non-current assets	67.0		66.8
Total contract assets, net	$	370.8	$	368.2
Contract liabilities included in Accounts payable and accrued expenses	$	74.0	$	68.0

The amount of revenue recognized during the three months ended March 31, 2025 that was included in the contract liabilities balance at the beginning of the period was $20.5 million. The Company had no material asset impairment charges related to contract assets in the periods presented.

Practical Expedient

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 ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”).

Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the Company recognizes revenue in the amount to which we have the right to invoice for services performed and (iii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Services service line. Performance obligations within such Services contracts represent a significant portion of the Company’s contracts with customers not expected to be completed within 12 months.