Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Jones Lang LaSalle Incorporated | |
Entity Central Index Key | 0001037976 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,780,802 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | MD | |
Document Period End Date | Jun. 30, 2020 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes |
Cover Document
Cover Document | 6 Months Ended |
Jun. 30, 2020 | |
Document Information [Line Items] | |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Title of 12(b) Security | Common Stock, par value $0.01 |
Entity File Number | 1-13145 |
Entity Registrant Name | Jones Lang LaSalle Incorporated |
Document Type | 10-Q |
Entity Incorporation, State or Country Code | MD |
Entity Tax Identification Number | 36-4150422 |
Entity Address, Address Line One | 200 East Randolph Drive |
Entity Address, City or Town | Chicago, |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60601 |
City Area Code | (312) |
Local Phone Number | 782-5800 |
Trading Symbol | JLL |
Security Exchange Name | NYSE |
Entity Shell Company | true |
Document Period End Date | Jun. 30, 2020 |
Document Transition Report | false |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 413.5 | $ 451.9 |
Trade receivables, net of allowances | 1,367.1 | 2,034.3 |
Notes and other receivables | 430.5 | 472.8 |
Accounts Receivable, Reimbursed by Client, Current | 1,340.9 | 1,671.2 |
Loans Receivable, Gross, Mortgage Warehouse Lending. | 819.2 | 527.1 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 315.2 | 333.4 |
Prepaid Expense and Other Assets, Current | 422.5 | 377.9 |
Total current assets | 5,108.9 | 5,868.6 |
Property and equipment, net of accumulated depreciation | 675.7 | 701.9 |
Operating Lease, Right-of-Use Asset | 800.2 | 804.4 |
Goodwill | 4,120.9 | 4,168.2 |
Identified intangibles, net of accumulated amortization | 652.9 | 682.6 |
Investments in real estate ventures | 393.6 | 404.2 |
Long-term receivables | 250.6 | 250.2 |
Deferred Income Tax Assets, Net | 229.2 | 245.4 |
Deferred Compensation Plan Assets | 372.4 | 349.9 |
Other | 206.1 | 197.2 |
Total assets | 12,810.5 | 13,672.6 |
Current liabilities: | ||
Accounts Payable and Accrued Liabilities, Current | 1,044.8 | 1,289.4 |
Accounts Payable, Reimbursed by Client, Current | 967.9 | 1,245.8 |
Accrued compensation & benefits | 977.3 | 1,729.2 |
Short-term Debt | 115.1 | 120.1 |
Short-term contract liabilities and deferred income | 155.8 | 158.8 |
Business Combination, Contingent Consideration, Liability, Current | 97.8 | 74.4 |
Warehouse facilities | 789.1 | 515.9 |
Operating Lease, Liability, Current | 159.9 | 153.4 |
Other | 298.8 | 203.2 |
Total current liabilities | 4,606.5 | 5,490.2 |
Noncurrent liabilities: | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 689.5 | 512.7 |
Long-term debt, net of debt issuance costs | 665.4 | 664.6 |
Deferred Tax Liabilities, Net | 71.5 | 106 |
Deferred compensation | 367.5 | 374.3 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 44.7 | 124.1 |
Operating Lease, Liability, Noncurrent | 734.2 | 751.2 |
Other | 513.7 | 436.2 |
Total liabilities | 7,693 | 8,459.3 |
Redeemable Noncontrolling Interest | 8.1 | 8.6 |
Company shareholders' equity: | ||
Common stock, $.01 par value per share | 0.5 | 0.5 |
Additional paid-in capital | 1,999.3 | 1,962.8 |
Retained earnings | 3,593.9 | 3,588.3 |
Treasury Stock, Value | (24.4) | 0 |
Shares held in trust | (5.7) | (5.7) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (537.4) | (427.8) |
Total Company shareholders' equity | 5,026.2 | 5,118.1 |
Noncontrolling interest | 83.2 | 86.6 |
Total equity | 5,109.4 | 5,204.7 |
Total liabilities and equity | $ 12,810.5 | $ 13,672.6 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Trade receivables, allowances | $ 79 | $ 68.1 |
Contract with Customer, Asset, Allowance for Credit Loss, Current | 1.7 | |
Property and equipment, accumulated depreciation | 730.2 | 660.7 |
Identified intangibles, with finite useful lives, accumulated amortization | 256.9 | 214.8 |
Investments, Fair Value Disclosure | $ 304.1 | $ 328.6 |
Company shareholders' equity | ||
Treasury Stock, Common, Shares | 183,474 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 51,825,529 | 51,549,654 |
Common Stock, Shares, Outstanding | 51,642,055 | 51,549,654 |
Long-Term Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Unamortized Debt Issuance Expense | $ 2.8 | $ 3.1 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Unamortized Debt Issuance Expense | $ 10.5 | $ 12.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue Before Reimbursements | $ 1,828.5 | $ 2,348.2 | $ 4,061.5 | $ 4,309.8 |
Reimbursement Revenues | 1,841.9 | 1,918.3 | 3,704.9 | 3,777.3 |
Revenue | 3,670.4 | 4,266.5 | 7,766.4 | 8,087.1 |
Operating expenses: | ||||
Compensation and benefits | 1,175.3 | 1,354.8 | 2,499.8 | 2,518.6 |
Operating, administrative and other | 557.3 | 772.1 | 1,332.1 | 1,479.4 |
Cost of Reimbursable Expenses | 1,841.9 | 1,918.3 | 3,704.9 | 3,777.3 |
Depreciation and amortization | 56.9 | 45.5 | 111.9 | 92 |
Restructuring and acquisition charges | 28.2 | 25.7 | 42.3 | 44.3 |
Total operating expenses | 3,659.6 | 4,116.4 | 7,691 | 7,911.6 |
Operating Income (Loss) | 10.8 | 150.1 | 75.4 | 175.5 |
Interest Expense, Net of Interest Income | 14.9 | 13.6 | 29.5 | 23.2 |
Equity earnings from real estate ventures | 14.7 | 10.2 | (13.6) | 15.2 |
Other Nonoperating Income (Expense) | 5.2 | 0.8 | 6.1 | 0.5 |
Income before income taxes and noncontrolling interest | 15.8 | 147.5 | 38.4 | 168 |
Provision for income taxes | 1.5 | 36.2 | 6.5 | 35.5 |
Net income | 14.3 | 111.3 | 31.9 | 132.5 |
Net income attributable to noncontrolling interest | (0.9) | 0.6 | 11.4 | 0.5 |
Net income attributable to the Company | 15.2 | 110.7 | 20.5 | 132 |
Dividend, Share-based Payment Arrangement | 0 | 0.2 | 0 | 0.2 |
Net income attributable to common shareholders | $ 15.2 | $ 110.5 | $ 20.5 | $ 131.8 |
Basic earnings per common share (in dollars per share) | $ 0.29 | $ 2.42 | $ 0.40 | $ 2.88 |
Basic weighted average shares outstanding (in shares) | 51,635 | 45,749 | 51,623 | 45,712 |
Diluted earnings per common share (in dollars per share) | $ 0.29 | $ 2.40 | $ 0.39 | $ 2.86 |
Diluted weighted average shares outstanding (in shares) | 52,173 | 46,040 | 52,305 | 46,029 |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.43 | $ 0 | $ 0.43 |
Other comprehensive income: | ||||
Net income attributable to the Company | $ 15.2 | $ 110.7 | $ 20.5 | $ 132 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | (0.8) | 0 | (1.8) |
Foreign currency translation adjustments | 33.8 | (23.3) | (109.6) | 8 |
Comprehensive income attributable to the Company | $ 49 | $ 86.6 | $ (89.1) | $ 138.2 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Shares Held in Trust [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Common Stock, Shares, Issued at Dec. 31, 2018 | 45,599,418 | |||||||
Balances at Dec. 31, 2018 | $ 3,734.5 | $ 0.5 | $ 1,057.3 | $ 3,095.7 | $ (5.8) | $ (456.2) | $ 43 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 21.2 | 21.3 | (0.1) | |||||
Shares issued under stock compensation programs (in shares) | 198,575 | |||||||
Shares issued under stock compensation programs | 2 | 2 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (58,750) | |||||||
Shares repurchased for payment of taxes on stock awards | (9.7) | (9.7) | ||||||
Amortization of stock compensation | 7 | 7 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (1) | |||||||
Foreign currency translation adjustments | 31.3 | |||||||
Distributions to noncontrolling interest | 9.8 | 9.8 | ||||||
Balances at Mar. 31, 2019 | $ 3,795.1 | $ 0.5 | 1,056.6 | 3,117 | (5.8) | (425.9) | 52.7 | |
Common Stock, Shares, Issued at Dec. 31, 2018 | 45,599,418 | |||||||
Balances at Dec. 31, 2018 | $ 3,734.5 | 0.5 | 1,057.3 | 3,095.7 | (5.8) | (456.2) | 43 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1.8) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (1.8) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8 | |||||||
Foreign currency translation adjustments | $ 8 | |||||||
Common Stock, Shares, Issued at Jun. 30, 2019 | 45,762,688 | |||||||
Balances at Jun. 30, 2019 | $ 3,875.3 | 0.5 | 1,069.6 | 3,207.8 | (5.9) | (450) | 53.3 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | 45,739,243 | |||||||
Balances at Mar. 31, 2019 | $ 3,795.1 | $ 0.5 | 1,056.6 | 3,117 | (5.8) | (425.9) | 52.7 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 111.2 | 110.7 | 0.5 | |||||
Shares issued under stock compensation programs (in shares) | 31,820 | |||||||
Shares issued under stock compensation programs | 0.8 | 0.8 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (8,375) | |||||||
Shares repurchased for payment of taxes on stock awards | (0.7) | (0.7) | ||||||
Amortization of stock compensation | 12.9 | 12.9 | ||||||
Dividends, Common Stock, Cash | (19.9) | (19.9) | ||||||
(Increase) Decrease In Common Stock Held In Trust | (0.1) | (0.1) | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | (0.8) | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.8 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.8) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (23.3) | |||||||
Foreign currency translation adjustments | (23.3) | |||||||
Distributions to noncontrolling interest | $ 0.1 | 0.1 | ||||||
Common Stock, Shares, Issued at Jun. 30, 2019 | 45,762,688 | |||||||
Balances at Jun. 30, 2019 | $ 3,875.3 | $ 0.5 | 1,069.6 | 3,207.8 | (5.9) | (450) | 53.3 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | $ 0 | $ 0 | ||||||
Common Stock, Shares, Outstanding | 51,549,654 | |||||||
Common Stock, Shares, Issued at Dec. 31, 2019 | 51,549,654 | |||||||
Balances at Dec. 31, 2019 | $ 5,204.7 | $ 0.5 | 1,962.8 | 3,588.3 | (5.7) | (427.8) | 86.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 17.6 | 5.3 | 12.3 | |||||
Shares issued under stock compensation programs (in shares) | 363,308 | |||||||
Shares issued under stock compensation programs | 4.4 | 4.4 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (102,370) | |||||||
Shares repurchased for payment of taxes on stock awards | (16.2) | (16.2) | ||||||
Amortization of stock compensation | 18.6 | 18.6 | ||||||
Stock Repurchased During Period, Shares | (187,753) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (25) | |||||||
(Increase) Decrease In Common Stock Held In Trust | 0.1 | |||||||
Cumulative Effect on Retained Earnings, Net of Tax. | Accounting Standards Update 2016-13 [Member] | (14.9) | |||||||
Foreign currency translation adjustments | (143.4) | |||||||
Distributions to noncontrolling interest | (17) | (17) | ||||||
Balances at Mar. 31, 2020 | $ 5,028.9 | $ 0.5 | 1,969.6 | 3,578.7 | (5.6) | (571.2) | 81.9 | |
Common Stock, Shares, Issued at Dec. 31, 2019 | 51,549,654 | |||||||
Balances at Dec. 31, 2019 | $ 5,204.7 | 0.5 | 1,962.8 | 3,588.3 | (5.7) | (427.8) | 86.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (109.6) | |||||||
Foreign currency translation adjustments | $ (109.6) | |||||||
Common Stock, Shares, Issued at Jun. 30, 2020 | 51,825,529 | |||||||
Balances at Jun. 30, 2020 | $ 5,109.4 | 0.5 | 1,999.3 | 3,593.9 | (5.7) | (537.4) | 83.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | (25) | |||||||
Common Stock, Shares, Outstanding | 51,622,839 | |||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 0.1 | |||||||
Balances at Mar. 31, 2020 | 5,028.9 | $ 0.5 | 1,969.6 | 3,578.7 | (5.6) | (571.2) | 81.9 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 14.2 | 15.2 | (1) | |||||
Shares issued under stock compensation programs (in shares) | 23,762 | |||||||
Shares issued under stock compensation programs | 0.6 | 0.6 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (4,546) | |||||||
Shares repurchased for payment of taxes on stock awards | (1) | (1) | ||||||
Amortization of stock compensation | 30.7 | 30.7 | ||||||
(Increase) Decrease In Common Stock Held In Trust | (0.1) | (0.1) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 33.8 | |||||||
Foreign currency translation adjustments | 33.8 | |||||||
Distributions to noncontrolling interest | $ 2.3 | 2.3 | ||||||
Common Stock, Shares, Issued at Jun. 30, 2020 | 51,825,529 | |||||||
Balances at Jun. 30, 2020 | $ 5,109.4 | $ 0.5 | $ 1,999.3 | $ 3,593.9 | $ (5.7) | $ (537.4) | $ 83.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | $ (24.4) | $ (24.4) | ||||||
Common Stock, Shares, Outstanding | 51,642,055 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated Statement of Change in Equity (Parenthetical) [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.43 | $ 0 | $ 0.43 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows used for operating activities: | ||
Net income | $ 31.9 | $ 132.5 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Distributions of earnings from real estate ventures | 8.7 | 6.1 |
Other adjustment, net | 188.9 | 107.9 |
Changes in working capital, net | (274.2) | (729.6) |
Net cash used in operating activities | (44.7) | (483.1) |
Cash flows used in investing activities: | ||
Net capital additions - property and equipment | (77.3) | (83.8) |
Net investment activity (less than wholly-owned) | (7.7) | (19.2) |
Business acquisitions, net of cash acquired | 0 | (28.3) |
Payments to Acquire Interest in Joint Venture | (54.9) | (35.6) |
Proceeds from Real Estate and Real Estate Joint Ventures | 24.7 | 19.8 |
Other, net | 5.8 | 5.4 |
Net cash used in investing activities | (109.4) | (141.7) |
Cash flows provided by financing activities: | ||
Proceeds from Long-term Lines of Credit | 3,433 | 2,545 |
Repayments of Long-term Lines of Credit | (3,258) | (2,045.1) |
Proceeds from (Repayments of) Short-term Debt | (4.8) | 86 |
Payment for Contingent Consideration Liability, Financing Activities | (19.1) | (26.6) |
Payments of Ordinary Dividends, Common Stock | 0 | (19.9) |
Payments for Repurchase of Common Stock | (25) | 0 |
Other, net | (12) | 8.1 |
Net cash provided by financing activities | 114.1 | 547.5 |
Effect of currency exchange rate on Cash and Cash Equivalents | (15.1) | 1.9 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (55.1) | (75.4) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 652.1 | 634.2 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 597 | 558.8 |
Supplemental disclosure of cash flow information: | ||
Restricted Cash, beginning of period | 200.2 | 153.3 |
Restricted Cash, end of period | 183.5 | 147.6 |
Cash paid during the period for: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 29 | 23.1 |
Income taxes, net of refunds | 48.5 | 120.2 |
Operating Lease, Payments | 93.6 | 83.3 |
Non-cash activities | ||
Business acquisitions, including contingent consideration | 0 | 1.5 |
Deferred business acquisition obligations | $ 0 | $ 6.5 |
Interim Information
Interim Information | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Information | 1. INTERIM INFORMATION Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company" or as "we," "us" or "our") for the year ended December 31, 2019 , which are included in our 2019 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.us.jll.com ), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Result of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2019 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Condensed Consolidated Financial Statements as of June 30, 2020 , and for the periods ended June 30, 2020 and 2019 , are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements for these interim periods. Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations. Within our Real Estate Services ("RES") segments, revenue from transaction-based activities (e.g. leasing and capital markets) is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period. The COVID-19 pandemic may have a material impact on the historical seasonality of our revenue and profits. A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis. We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income, including as a result of the COVID-19 pandemic, can impact our estimated effective tax rate. As a result of the items mentioned above, the results for the periods ended June 30 are not fully indicative of what our results will be for the full fiscal year. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
New Accounting Standards | 2. NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (ASC Topic 326) , which created a new framework to evaluate financial instruments, such as trade receivables, for expected credit losses. This new framework replaced the existing incurred loss approach and is expected to result in more timely recognition of credit losses. On January 1, 2020, we adopted ASU No. 2016-13 using a modified-retrospective approach, as required by the ASU. The adoption impacted our methodology of reserving for (i) Trade receivables, (ii) other receivable-related financial assets, specifically contract assets, and (iii) off-balance sheet credit exposures within the scope of this ASU. Specifically, we evaluated our historical reserve balances for Trade receivables and the related write-off activity and developed a forward-looking process for adoption. We also evaluated our loss-sharing guarantee obligation for certain mortgage loans we originate, sell and retain the servicing rights. The following sections discuss our updated reserve methodologies. Trade Receivables We estimate an allowance to provide for uncollectible accounts receivable, which is applied upon recognition of the receivable. We base this estimate on historical experience combined with a review of the receivable aging, current and expected economic conditions, and client credit quality. The estimate also includes specifically identified amounts for which payment has become unlikely. As trade receivables are due within one year, changes to economic conditions are not expected to have a significant impact on our estimate of expected credit losses. However, we will monitor economic conditions on a quarterly basis to determine if any adjustments are deemed necessary. Notes and Other Receivables and Long-Term Receivables We make ongoing assessments of the collectability of outstanding Notes and other receivables and Long-term receivables, considering both objective and subjective factors such as the aging profile of outstanding balances, the contractual terms of repayment, and credit quality. Aspects of credit quality considered in our assessments of collectability include historical experience, current and expected economic conditions, and our broader business relationship with the obligor. We record an allowance against the outstanding balance when our assessments determine payment has become unlikely. After all collection efforts have been exhausted by management, the outstanding balance is written off against the reserve. Historically, credit quality deterioration to the point of impairment or non-performance in our Notes and other receivables and Long-term receivables has been limited and has not had a material impact on the Condensed Consolidated Financial Statements. Reimbursable Receivables We record an allowance based on specific identification of an uncollectible reimbursable receivable, considering current and future economic conditions as well as client credit quality. Historically, we have not experienced any material collection issues and, as such, have not applied a formulaic reserve to these receivables. Contract Assets Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. Historically, we have not recognized a provision for contract assets. Under ASC Topic 326, we include Contract assets in our reserving process and assess the risk of loss similar to our methodology for Trade receivables, since Contract assets are reclassified to Trade receivables when we become entitled to payment. Accordingly, a reserve is applied upon recognition of the contract asset. Financial Guarantees Certain loans we originate and sell under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program retain a percentage of the risk of loss. This loss-sharing aspect of the program represents an off-balance sheet credit exposure, and we have established a contingent reserve ("loan loss guarantee reserve") for this risk in accordance with ASC Topic 326. To estimate the reserve, we use a model that analyzes historical losses, current and expected economic conditions, and reasonable and supportable forecasts. The model also considers specific details of the underlying property used as collateral, such as occupancy and financial performance. The loan loss guarantee reserve is calculated on an individual loan level. As of June 30, 2020, the loan loss guarantee reserve was $45.7 million and was included within Other liabilities on the Condensed Consolidated Balance Sheets. This balance reflected a notable increase from our opening balance (reflected in the table below) as a result of incorporating, into our model, economic conditions and projections related to the COVID-19 pandemic. The loss-sharing guarantee obligation (in accordance with ASC Topic 460, Guarantees ) represents the non-contingent obligation incurred as a result of issuing a loss-sharing guarantee as part of our participation in the DUS program and is separate from the loan loss guarantee reserve discussed above. See Note 10, Commitments and Contingencies , for further information on the DUS program and the loss-sharing guarantee obligation. The following table details the cumulative impact to retained earnings upon adoption of ASC Topic 326. Published Adjustment due to As Reported Under December 31, 2019 adoption of ASC Topic 326 on January 1, 2020 (in millions) (audited) ASC Topic 326 (unaudited) Assets Allowance for trade receivables $ (68.1 ) (3.6 ) $ (71.7 ) Deferred tax assets, net 245.4 5.5 250.9 Allowance for contract assets (1) — (1.7 ) (1.7 ) Liabilities and equity Loan loss guarantee reserve (2) $ — 15.1 $ 15.1 Retained earnings 3,588.3 (14.9 ) 3,573.4 1 The portion of the allowance for long-term contract assets is included within Other assets on the Condensed Consolidated Balance Sheets. 2 Included within Other liabilities on the Condensed Consolidated Balance Sheets |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 3. REVENUE RECOGNITION Revenue excluded from the scope of ASC Topic 606 - Our mortgage banking and servicing operations - such as Mortgage Servicing Rights ("MSR")-related activity, loan origination fees, and servicing income - are excluded from the scope of ASC Topic 606. Such revenue was included entirely within Americas Capital Markets and is presented below. Three Months Ended June 30, Six months ended June 30, (in millions) 2020 2019 2020 2019 Revenue excluded from scope of ASC Topic 606 $ 53.4 32.3 $ 102.7 63.3 Contract assets - As of June 30, 2020 and December 31, 2019 , we had $405.3 million and $419.3 million of contract assets, net of allowance, respectively, which are included in Short-term contract assets and Other assets on the Condensed Consolidated Balance Sheets. Contract liabilities - As of June 30, 2020 and December 31, 2019 , we had $93.0 million and $87.7 million of contract liabilities, respectively, which are included in Short-term contract liabilities and deferred income on our Condensed Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of June 30, 2020 , the aggregate amount of transaction price allocated to remaining performance obligations represented less than 5% of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and LaSalle contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | 4. BUSINESS SEGMENTS We manage and report our operations as four business segments: The three geographic regions of RES including: (1) Americas, (2) Europe, Middle East and Africa ("EMEA"), and (3) Asia Pacific; and (4) LaSalle. Each geographic region offers our full range of real estate services, including agency leasing and tenant representation, capital markets, property and facility management, project and development management, energy management and sustainability, construction management, and advisory, consulting and valuation services. LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals. Operating income represents total revenue less direct and allocated indirect expenses. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate global overhead, which we allocate to the business segments based on the budgeted operating expenses of each segment. For segment reporting, (a) gross contract costs and (b) net non-cash MSR and mortgage banking derivative activity are both excluded from revenue in determining "fee revenue". Gross contract costs are excluded from operating expenses in determining "fee-based operating expenses". Excluding these costs from revenue and expenses results in a net presentation which we believe more accurately reflects how we manage our expense base, operating margins, and performance. Refer to Results of Operations, included in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, for a full description of gross contract costs. In addition, our measure of segment results excludes Restructuring and acquisition charges. The Chief Operating Decision Maker of JLL measures and evaluates the segment results excluding (a) gross contract costs, (b) net non-cash MSR and mortgage banking derivative activity, and (c) Restructuring and acquisition charges. As of June 30, 2020 , we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following: • Chief Executive Officer and President • Chief Executive Officers of each of our four business segments • Chief Financial Officer • Chief Executive Officer of Corporate Solutions • Chief Administrative Officer • Chief Executive Officer of Capital Markets • Chief Human Resources Officer • Co-Chief Executive Officers of JLL Technologies Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Americas - Real Estate Services Leasing $ 278.1 491.8 $ 697.0 881.6 Capital Markets 140.8 129.8 388.2 229.9 Property & Facility Management 1,439.5 1,370.9 2,898.3 2,732.9 Project & Development Services 275.3 376.8 581.7 685.5 Advisory, Consulting and Other 95.3 94.3 186.9 183.8 Revenue 2,229.0 2,463.6 4,752.1 4,713.7 Reimbursements (1,345.0 ) (1,403.1 ) (2,738.5 ) (2,754.5 ) Revenue before reimbursements 884.0 1,060.5 2,013.6 1,959.2 Gross contract costs (192.3 ) (191.8 ) (405.1 ) (379.5 ) Net non-cash MSR and mortgage banking derivative activity (8.6 ) (4.8 ) (7.0 ) (4.7 ) Fee revenue 683.1 863.9 1,601.5 1,575.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 805.3 913.7 1,815.6 1,724.5 Depreciation and amortization 39.1 26.3 76.5 53.6 Segment operating expenses, excluding reimbursed expenses 844.4 940.0 1,892.1 1,778.1 Gross contract costs (192.3 ) (191.8 ) (405.1 ) (379.5 ) Fee-based segment operating expenses 652.1 748.2 1,487.0 1,398.6 Segment operating income $ 39.6 120.5 $ 121.5 181.1 Equity earnings 2.9 0.4 15.6 0.1 Segment income $ 42.5 120.9 $ 137.1 181.2 EMEA - Real Estate Services Leasing $ 46.7 65.9 $ 94.8 118.1 Capital Markets 50.0 78.5 123.2 142.5 Property & Facility Management 320.5 380.6 695.5 749.9 Project & Development Services 164.3 219.2 367.5 399.7 Advisory, Consulting and Other 44.7 74.1 101.1 131.5 Revenue 626.2 818.3 1,382.1 1,541.7 Reimbursements (168.8 ) (153.7 ) (351.6 ) (318.3 ) Revenue before reimbursements 457.4 664.6 1,030.5 1,223.4 Gross contract costs (189.4 ) (284.7 ) (452.0 ) (527.4 ) Fee revenue 268.0 379.9 578.5 696.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 481.8 654.6 1,066.2 1,231.5 Depreciation and amortization 9.0 11.3 18.2 22.6 Segment operating expenses, excluding reimbursed expenses 490.8 665.9 1,084.4 1,254.1 Gross contract costs (189.4 ) (284.7 ) (452.0 ) (527.4 ) Fee-based segment operating expenses 301.4 381.2 632.4 726.7 Segment operating loss $ (33.4 ) (1.3 ) $ (53.9 ) (30.7 ) Equity losses — (1.1 ) — (1.0 ) Segment loss $ (33.4 ) (2.4 ) $ (53.9 ) (31.7 ) Continued: Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Asia Pacific - Real Estate Services Leasing $ 33.8 66.2 $ 59.2 102.1 Capital Markets 24.0 48.2 45.7 77.6 Property & Facility Management 515.2 553.4 1,047.2 1,091.2 Project & Development Services 97.2 137.3 192.0 248.2 Advisory, Consulting and Other 45.1 50.1 83.3 84.8 Revenue 715.3 855.2 1,427.4 1,603.9 Reimbursements (327.0 ) (359.6 ) (611.9 ) (700.7 ) Revenue before reimbursements 388.3 495.6 815.5 903.2 Gross contract costs (189.5 ) (232.7 ) (439.0 ) (442.1 ) Fee revenue 198.8 262.9 376.5 461.1 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 362.6 462.6 780.1 863.1 Depreciation and amortization 7.0 6.4 13.6 12.8 Segment operating expenses, excluding reimbursed expenses 369.6 469.0 793.7 875.9 Gross contract costs (189.5 ) (232.7 ) (439.0 ) (442.1 ) Fee-based segment operating expenses 180.1 236.3 354.7 433.8 Segment operating income $ 18.7 26.6 $ 21.8 27.3 Equity earnings (losses) 0.5 0.4 (0.2 ) 0.7 Segment income $ 19.2 27.0 $ 21.6 28.0 LaSalle Advisory fees $ 80.9 79.5 $ 166.5 157.1 Transaction fees & other 4.8 16.3 18.4 29.5 Incentive fees 14.2 33.6 19.9 41.2 Revenue 99.9 129.4 204.8 227.8 Reimbursements (1.1 ) (1.9 ) (2.9 ) (3.8 ) Revenue before reimbursements 98.8 127.5 201.9 224.0 Gross contract costs (3.8 ) (4.2 ) (8.3 ) (7.0 ) Fee revenue 95.0 123.3 193.6 217.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 82.9 96.0 170.0 178.9 Depreciation and amortization 1.8 1.5 3.6 3.0 Segment operating expenses, excluding reimbursed expenses 84.7 97.5 173.6 181.9 Gross contract costs (3.8 ) (4.2 ) (8.3 ) (7.0 ) Fee-based segment operating expenses 80.9 93.3 165.3 174.9 Segment operating income $ 14.1 30.0 $ 28.3 42.1 Equity earnings (losses) 11.3 10.5 (29.0 ) 15.4 Segment income (loss) $ 25.4 40.5 $ (0.7 ) 57.5 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Segment Reconciling Items Fee revenue $ 1,244.9 1,630.0 $ 2,750.1 2,949.1 Gross contract costs 575.0 713.4 1,304.4 1,356.0 Net non-cash MSR and mortgage banking derivative activity 8.6 4.8 7.0 4.7 Revenue before reimbursements 1,828.5 2,348.2 4,061.5 4,309.8 Reimbursements 1,841.9 1,918.3 3,704.9 3,777.3 Revenue $ 3,670.4 4,266.5 $ 7,766.4 8,087.1 Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges $ 1,789.5 2,172.4 $ 3,943.8 4,090.0 Reimbursed expenses 1,841.9 1,918.3 3,704.9 3,777.3 Total segment operating expenses before restructuring and acquisition charges $ 3,631.4 4,090.7 $ 7,648.7 7,867.3 Operating income before restructuring and acquisition charges $ 39.0 175.8 $ 117.7 219.8 Less: Restructuring and acquisition charges 28.2 25.7 42.3 44.3 Operating income $ 10.8 150.1 $ 75.4 175.5 |
Business Combinations, Goodwill
Business Combinations, Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Business Combinations, Goodwill and Other Intangible Assets | 5. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2020 Business Combinations Activity During the six months ended June 30, 2020 , we completed no new acquisitions and paid $47.7 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. 2019 Business Combination Activity During the six months ended June 30, 2020 , we made no adjustments to our preliminary allocation of the purchase consideration for certain acquisitions completed in 2019. As of June 30, 2020 , we have completed our analysis to assign fair values to all the identifiable intangible and tangible assets acquired for our 2019 acquisitions. Earn-Out Payments ($ in millions) June 30, 2020 December 31, 2019 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 44 44 Maximum earn-out payments (undiscounted) $ 221.1 $ 268.9 Short-term earn-out liabilities (fair value) 1 78.2 53.9 Long-term earn-out liabilities (fair value) 1 19.6 94.5 1 Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets. Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years. Refer to Note 8, Fair Value Measurements , and Note 11, Restructuring and Acquisition Charges , for additional discussion of our earn-out liabilities. Goodwill and Other Intangible Assets Goodwill and unamortized intangibles as of June 30, 2020 consisted of: (1) goodwill of $4,120.9 million , (2) identifiable intangibles of $602.9 million amortized over their remaining finite useful lives, and (3) $50.0 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. In addition to our annual impairment evaluation, we periodically evaluate whether events or changes in circumstances indicate the carrying value of a reporting unit(s) may be impaired ("triggering event"). During the three months ended June 30, 2020, we determined our EMEA reporting unit had a triggering event which required us to determine if it was not more-likely-than-not that the fair value of our reporting unit was less than its carrying value. As a result, we performed step 1 of the goodwill impairment analysis which indicated the estimated fair value exceeded the carrying value by over 30%. In performing step 1, we relied on the discounted cash flow (“DCF”) method, an income approach, in determining the estimated fair value. Our DCF analysis relied on significant judgments and assumptions in determining the inputs, specifically, forecasted revenue growth, forecasted profitability margin, and the discount rate used to present value the cash flows. The following tables detail, by reporting segment, movements in goodwill. Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2019 $ 2,877.6 915.9 317.6 57.1 $ 4,168.2 Dispositions — (0.7 ) — — (0.7 ) Impact of exchange rate movements (1.7 ) (41.4 ) (2.5 ) (1.0 ) (46.6 ) Balance as of June 30, 2020 $ 2,875.9 873.8 315.1 56.1 $ 4,120.9 Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2018 $ 1,452.0 906.8 316.8 22.2 $ 2,697.8 Additions, net of adjustments 3.2 1.6 — 35.4 40.2 Impact of exchange rate movements 1.2 (8.0 ) 0.5 (1.0 ) (7.3 ) Balance as of June 30, 2019 $ 1,456.4 900.4 317.3 56.6 $ 2,730.7 The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2019 $ 480.4 285.7 55.9 21.4 54.0 $ 897.4 Additions, net of adjustments (1) 43.0 — — 0.5 — 43.5 Adjustment for fully amortized intangibles (20.0 ) (6.2 ) (0.5 ) — — (26.7 ) Impact of exchange rate movements — (0.4 ) (3.5 ) (0.4 ) (0.1 ) (4.4 ) Balance as of June 30, 2020 $ 503.4 279.1 51.9 21.5 53.9 $ 909.8 Accumulated Amortization Balance as of December 31, 2019 $ (104.0 ) (68.3 ) (33.1 ) (6.7 ) (2.7 ) $ (214.8 ) Amortization, net (2) (42.5 ) (23.4 ) (3.5 ) (0.7 ) (1.3 ) (71.4 ) Adjustment for fully amortized intangibles 20.0 6.2 0.5 — — 26.7 Impact of exchange rate movements — 0.3 2.2 0.1 — 2.6 Balance as of June 30, 2020 $ (126.5 ) (85.2 ) (33.9 ) (7.3 ) (4.0 ) $ (256.9 ) Net book value as of June 30, 2020 $ 376.9 193.9 18.0 14.2 49.9 $ 652.9 (1) Included in this amount for MSRs was (i) $9.3 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights and (ii) $2.8 million relating to an impairment valuation allowance, recognized during the three months ended June 30, 2020. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2018 $ 266.2 90.0 83.1 23.5 43.9 $ 506.7 Additions, net of adjustments (1) 21.2 0.9 0.1 — 9.7 31.9 Adjustment for fully amortized intangibles (8.2 ) — (14.0 ) — — (22.2 ) Impact of exchange rate movements — 0.1 (0.8 ) — 0.7 — Balance as of June 30, 2019 $ 279.2 91.0 68.4 23.5 54.3 $ 516.4 Accumulated Amortization Balance as of December 31, 2018 $ (72.4 ) (38.8 ) (51.8 ) (6.8 ) — $ (169.8 ) Amortization, net (2) (18.6 ) (7.1 ) (5.4 ) (1.1 ) (1.4 ) (33.6 ) Adjustment for fully amortized intangibles 8.2 — 14.0 — — 22.2 Impact of exchange rate movements — 0.2 0.7 — — 0.9 Balance as of June 30, 2019 $ (82.8 ) (45.7 ) (42.5 ) (7.9 ) (1.4 ) $ (180.3 ) Net book value as of June 30, 2019 $ 196.4 45.3 25.9 15.6 52.9 $ 336.1 (1) Included in this amount for MSRs was $3.0 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of June 30, 2020 , is presented in the following table. (in millions) MSRs Other Intangibles Total 2020 (remaining 6 months) $ 33.3 28.9 $ 62.2 2021 63.9 48.6 112.5 2022 56.6 42.9 99.5 2023 50.1 40.5 90.6 2024 42.3 36.2 78.5 2025 34.7 18.9 53.6 Thereafter 96.0 10.0 106.0 Total $ 376.9 226.0 $ 602.9 |
Investments in Real Estate Vent
Investments in Real Estate Ventures | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Ventures | 6. INVESTMENTS IN REAL ESTATE VENTURES As of June 30, 2020 and December 31, 2019 , we had Investments in real estate ventures of $393.6 million and $404.2 million , respectively. Approximately 85% of our investments, as of June 30, 2020 , are direct investments in 47 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. These also include investments by JLL Spark in property-technology funds and early-stage companies. The remaining 15% of our Investments in real estate ventures, as of June 30, 2020 , were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, primarily, in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78% . We have maximum potential unfunded commitments to direct investments or investment vehicles of $338.5 million as of June 30, 2020 . Of this amount, while we remain contractually obligated, we do not expect a call on the $60.4 million relating to our investment in LIC II as its fund life terminated in January 2020. We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL. Summarized financial information for our consolidated VIEs is presented in the following tables. (in millions) June 30, 2020 December 31, 2019 Property and equipment, net $ 132.3 126.3 Investments in real estate ventures 10.9 13.2 Other assets 10.8 14.3 Total assets $ 154.0 153.8 Other current liabilities $ 2.9 3.2 Mortgage indebtedness (included in Other liabilities) 73.3 69.7 Total liabilities 76.2 72.9 Members' equity (included in Noncontrolling interest) 77.8 80.9 Total liabilities and members' equity $ 154.0 153.8 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Revenue $ 2.9 1.7 $ 7.2 3.0 Operating and other expenses (3.9 ) (1.6 ) (8.2 ) (3.2 ) Net gains on sale of investments (included in Equity earnings) — — 12.2 — Net (loss) income $ (1.0 ) 0.1 $ 11.2 (0.2 ) We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively. Impairment There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the six months ended June 30, 2020 and 2019 . Fair Value We report a majority of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments in real estate ventures reported at fair value. (in millions) 2020 2019 Fair value investments as of January 1, $ 328.6 247.3 Investments 29.8 32.2 Distributions (29.6 ) (22.3 ) Change in fair value, net (21.4 ) 14.6 Foreign currency translation adjustments, net (3.3 ) 1.0 Fair value investments as of June 30, $ 304.1 272.8 See Note 8, Fair Value Measurements , for additional discussion of our investments in real estate ventures reported at fair value. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | 7. STOCK-BASED COMPENSATION Stock Unit Awards Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables. RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of March 31, 2020 1,208.9 286.8 1,495.7 $ 144.71 1.78 Granted 152.3 272.0 424.3 113.67 Vested (10.2 ) — (10.2 ) 118.91 Forfeited (7.8 ) — (7.8 ) 143.09 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 Unvested as of March 31, 2019 434.3 92.7 527.0 $ 140.55 2.15 Granted 37.4 166.9 204.3 150.03 Vested (26.6 ) — (26.6 ) 118.02 Forfeited (8.4 ) — (8.4 ) 136.19 Unvested as of June 30, 2019 436.7 259.6 696.3 $ 144.17 2.25 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Remaining (in years) Unvested as of December 31, 2019 1,532.3 286.8 1,819.1 $ 141.51 2.39 Granted 162.0 272.0 434.0 118.66 Vested (334.8 ) — (334.8 ) 136.36 Forfeited (16.3 ) — (16.3 ) 140.22 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 Unvested as of December 31, 2018 559.6 93.1 652.7 $ 131.32 2.02 Granted 112.1 166.9 279.0 150.78 Vested (222.1 ) — (222.1 ) 115.17 Forfeited (12.9 ) (0.4 ) (13.3 ) 132.56 Unvested as of June 30, 2019 436.7 259.6 696.3 $ 144.17 2.25 As of June 30, 2020 , we had $122.4 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate recognizing over varying periods into 2024 ; $50.8 million relates to the awards issued in conjunction with the HFF acquisition. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures , 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, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: • Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; • Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt, and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities, and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads. We estimated the fair value of our Long-term debt as $645.4 million and $685.9 million as of June 30, 2020 and December 31, 2019 , respectively, using dealer quotes that are Level 2 inputs in the fair value hierarchy. The carrying value of our Long-term debt was $665.4 million and $664.6 million as of June 30, 2020 and December 31, 2019 , respectively, and included debt issuance costs of $2.8 million and $3.1 million , respectively. Investments in Real Estate Ventures at Fair Value - Net Asset Value ("NAV") We report a significant portion of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. For the majority of our investments reported at fair value, we estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. As of June 30, 2020 and December 31, 2019 , investments in real estate ventures at fair value using NAV were $187.8 million and $224.8 million , respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table. Recurring Fair Value Measurements The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis. June 30, 2020 December 31, 2019 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments in real estate ventures - fair value $ 72.0 — 44.3 69.4 — 34.4 Foreign currency forward contracts receivable — 3.0 — — 10.5 — Warehouse receivables — 819.2 — — 527.1 — Deferred compensation plan assets — 372.4 — — 349.9 — Mortgage banking derivative assets — — 103.7 — — 36.1 Total assets at fair value $ 72.0 1,194.6 148.0 69.4 887.5 70.5 Liabilities Foreign currency forward contracts payable $ — 5.0 — — 4.4 — Deferred compensation plan liabilities — 351.1 — — 346.1 — Earn-out liabilities — — 97.8 — — 148.5 Mortgage banking derivative liabilities — — 109.2 — — 25.9 Total liabilities at fair value $ — 356.1 207.0 — 350.5 174.4 Investments in Real Estate Ventures We classify one investment as Level 1 in the fair value hierarchy as a quoted price is readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. The carrying value was deemed to approximate fair value for the majority of these investments due to the proximity of the investment date to the balance sheet date as well as consideration of investee-level performance updates. To the extent there are changes in fair value, a result of pricing in subsequent funding rounds or changes in business strategy, for example, we recognize such changes through Equity earnings. Foreign Currency Forward Contracts We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 inputs in the fair value hierarchy. As of June 30, 2020 and December 31, 2019 , these contracts had a gross notional value of $2.00 billion ( $0.98 billion on a net basis) and $2.30 billion ( $1.05 billion on a net basis), respectively. We recognize gains and losses from revaluation of these contracts as a component of Operating, administrative and other expense. They are offset by the gains and losses we recognize on the revaluation of intercompany loans and other foreign currency balances. The impact to net income was not significant for the six months ended June 30, 2020 or 2019 . We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. The $3.0 million asset as of June 30, 2020 , was composed of gross contracts with receivable positions of $3.6 million and payable positions of $0.7 million . The $5.0 million liability as of June 30, 2020 , was composed of gross contracts with receivable positions of $0.6 million and payable positions of $5.5 million . As of December 31, 2019 , the $10.5 million asset was composed of gross contracts with receivable positions of $10.6 million and payable positions of $0.1 million . The $4.4 million liability as of December 31, 2019 , was composed of gross contracts with receivable positions of $0.8 million and payable positions of $5.2 million . Warehouse Receivables As of June 30, 2020 and December 31, 2019 , all of our Warehouse receivables were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. Deferred Compensation Plan We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We recorded this plan on our Condensed Consolidated Balance Sheet as of June 30, 2020 , as Deferred compensation plan assets of $372.4 million , long-term deferred compensation plan liabilities of $351.1 million , included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.7 million . We recorded this plan on our Condensed Consolidated Balance Sheet as of December 31, 2019 , as Deferred compensation plan assets of $349.9 million , long-term deferred compensation plan liabilities of $346.1 million , included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.7 million . Earn-Out Liabilities We classify our earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. See Note 5, Business Combinations, Goodwill and Other Intangible Assets , for additional discussion of our earn-out liabilities. Mortgage Banking Derivatives Both our interest rate lock commitments to prospective borrowers and forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to counterparty credit risk. An increase in counterparty credit risk assumptions would result in a lower fair value measurement. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Balance as of March 31, 2020 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2020 Investments in real estate ventures $ 41.4 2.5 — 0.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net (64.0 ) (15.4 ) — 38.4 35.5 (5.5 ) Earn-out liabilities 130.0 0.6 1.1 — (33.9 ) 97.8 Balance as of March 31, 2019 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2019 Investments in real estate ventures $ 13.0 — — 7.0 — $ 20.0 Mortgage banking derivative assets and liabilities, net 0.6 (12.5 ) — 17.4 (6.8 ) (1.3 ) Earn-out liabilities 169.2 14.3 0.1 — (3.3 ) 180.3 (in millions) Balance as of December 31, 2019 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2020 Investments in real estate ventures $ 34.4 2.5 — 7.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net 10.2 (90.6 ) — 64.7 10.2 (5.5 ) Earn-out liabilities 148.5 (7.6 ) (0.9 ) — (42.2 ) 97.8 (in millions) Balance as of December 31, 2018 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2019 Investments in real estate ventures $ 11.5 — — 8.5 — $ 20.0 Mortgage banking derivative assets and liabilities, net 6.3 (21.7 ) — 32.5 (18.4 ) (1.3 ) Earn-out liabilities 192.0 20.0 (0.2 ) 1.5 (33.0 ) 180.3 1 CTA: Currency translation adjustments Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Condensed Consolidated Statements of Comprehensive Income Account Caption Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments in real estate ventures Equity earnings (losses) Other current assets - Mortgage banking derivative assets Revenue before reimbursements Other current liabilities - Mortgage banking derivative liabilities Revenue before reimbursements Non-Recurring Fair Value Measurements We review our investments in real estate ventures, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other-than-temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. We did not recognize any significant investment-level impairment losses during either of the six months ended June 30, 2020 or 2019 . See Note 6, Investments in Real Estate Ventures , for additional information, including information related to impairment charges recorded at the investee level. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 9. DEBT Short-term borrowings and long-term debt obligations are composed of the following. (in millions) June 30, 2020 December 31, 2019 Short-term borrowings: Local overdraft facilities $ 14.7 44.8 Other short-term borrowings 100.4 75.3 Total short-term borrowings $ 115.1 120.1 Credit facility, net of debt issuance costs of $10.5 and $12.3 689.5 512.7 Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.9 and $1.2 274.1 273.8 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.9 and $0.9 195.7 195.4 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.0 and $1.0 195.6 195.4 Total debt $ 1,470.0 1,297.4 Credit Facility We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on May 17, 2023 . Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35% , with pricing as of June 30, 2020 , at LIBOR plus 1.00% . In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million and $0.8 million as of June 30, 2020 and December 31, 2019 , respectively. The following tables provides additional information on our Facility. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2020 2019 2020 2019 Average outstanding borrowings under the Facility $ 1,351.5 661.1 $ 1,143.4 436.3 Effective interest rate on the Facility 1.4 % 3.3 % 1.8 % 3.3 % We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, dividend payments, share repurchases and capital expenditures. Short-Term Borrowings and Long-Term Debt In addition to our Facility, we have the capacity to borrow up to an additional $81.2 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of June 30, 2020 , our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2020 . Warehouse Facilities June 30, 2020 December 31, 2019 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse Facilities: LIBOR plus 1.15%, expires September 21, 2020 $ 185.0 375.0 104.4 375.0 LIBOR plus 1.15%, expires September 19, 2020 339.7 775.0 184.8 775.0 LIBOR plus 1.15%, expires August 31, 2020 31.8 100.0 11.4 100.0 Fannie Mae ASAP 1 program, LIBOR plus 1.15% 37.6 n/a 53.6 n/a LIBOR plus 1.25% 172.2 1,000.0 151.6 1,000.0 LIBOR plus 1.25% 23.0 175.0 11.0 175.0 Gross warehouse facilities 789.3 2,425.0 516.8 2,425.0 Debt issuance costs (0.2 ) n/a (0.9 ) n/a Total warehouse facilities $ 789.1 2,425.0 515.9 2,425.0 1 As Soon As Pooled ("ASAP") funding program We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these warehouse facilities, we are required to comply with certain financial covenants regarding (1) minimum net worth, (2) minimum servicing-related loans, and (3) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of June 30, 2020 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in Other current and long-term liabilities on our Condensed Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. In total, these receivables were $36.9 million and $37.7 million as of June 30, 2020 and December 31, 2019 , respectively, and are included in Notes and other receivables and Long-term receivables on our Condensed Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2019 $ 38.1 New claims 0.7 Prior year claims adjustments (including foreign currency changes) (0.7 ) Claims paid — June 30, 2020 $ 38.1 December 31, 2018 $ 43.1 New claims — Prior year claims adjustments (including foreign currency changes) (2.8 ) Claims paid (1.1 ) June 30, 2019 $ 39.2 As a participant in the DUS program, we retain a portion of the risk of loss for loans that are originated and sold under the DUS program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination. As of June 30, 2020 and December 31, 2019 , we had loans subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $10.5 billion and $9.7 billion , respectively. For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Condensed Consolidated Statements of Comprehensive Income. As of June 30, 2020 and December 31, 2019 , the loss-sharing guarantee obligations were $20.9 million and $20.6 million , respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets. There were no loan losses incurred for the three and six months ended June 30, 2020 and 2019 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | 12. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. For pension and postretirement benefits, we report amounts reclassified from AOCI relating to employer service cost in Compensation and benefits within the Condensed Consolidated Statements of Comprehensive Income. All other reclassifications relating to pension and postretirement benefits are reported within Other income. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2020 $ (72.0 ) (499.2 ) $ (571.2 ) Other comprehensive income before reclassification — 33.8 33.8 Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - — — — Other comprehensive income after tax expense of $ - , $ - and $ - — 33.8 33.8 Balance as of June 30, 2020 $ (72.0 ) (465.4 ) $ (537.4 ) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2019 $ (58.4 ) (367.5 ) $ (425.9 ) Other comprehensive loss before reclassification — (23.3 ) (23.3 ) Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - (0.8 ) — (0.8 ) Other comprehensive loss after tax expense of $ - , $ - and $ - (0.8 ) (23.3 ) (24.1 ) Balance as of June 30, 2019 $ (59.2 ) (390.8 ) $ (450.0 ) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2019 $ (72.0 ) (355.8 ) $ (427.8 ) Other comprehensive loss before reclassification — (109.6 ) (109.6 ) Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (109.6 ) (109.6 ) Balance as of June 30, 2020 $ (72.0 ) (465.4 ) $ (537.4 ) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2018 $ (57.4 ) (398.8 ) $ (456.2 ) Other comprehensive income before reclassification — 8.0 8.0 Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - (1.8 ) — (1.8 ) Other comprehensive (loss) income after tax expense of $ - , $ - and $ - (1.8 ) 8.0 6.2 Balance as of June 30, 2019 $ (59.2 ) (390.8 ) $ (450.0 ) |
New Accounting Standards New _2
New Accounting Standards New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (ASC Topic 326) , which created a new framework to evaluate financial instruments, such as trade receivables, for expected credit losses. This new framework replaced the existing incurred loss approach and is expected to result in more timely recognition of credit losses. On January 1, 2020, we adopted ASU No. 2016-13 using a modified-retrospective approach, as required by the ASU. The adoption impacted our methodology of reserving for (i) Trade receivables, (ii) other receivable-related financial assets, specifically contract assets, and (iii) off-balance sheet credit exposures within the scope of this ASU. Specifically, we evaluated our historical reserve balances for Trade receivables and the related write-off activity and developed a forward-looking process for adoption. We also evaluated our loss-sharing guarantee obligation for certain mortgage loans we originate, sell and retain the servicing rights. The following sections discuss our updated reserve methodologies. Trade Receivables We estimate an allowance to provide for uncollectible accounts receivable, which is applied upon recognition of the receivable. We base this estimate on historical experience combined with a review of the receivable aging, current and expected economic conditions, and client credit quality. The estimate also includes specifically identified amounts for which payment has become unlikely. As trade receivables are due within one year, changes to economic conditions are not expected to have a significant impact on our estimate of expected credit losses. However, we will monitor economic conditions on a quarterly basis to determine if any adjustments are deemed necessary. Notes and Other Receivables and Long-Term Receivables We make ongoing assessments of the collectability of outstanding Notes and other receivables and Long-term receivables, considering both objective and subjective factors such as the aging profile of outstanding balances, the contractual terms of repayment, and credit quality. Aspects of credit quality considered in our assessments of collectability include historical experience, current and expected economic conditions, and our broader business relationship with the obligor. We record an allowance against the outstanding balance when our assessments determine payment has become unlikely. After all collection efforts have been exhausted by management, the outstanding balance is written off against the reserve. Historically, credit quality deterioration to the point of impairment or non-performance in our Notes and other receivables and Long-term receivables has been limited and has not had a material impact on the Condensed Consolidated Financial Statements. Reimbursable Receivables We record an allowance based on specific identification of an uncollectible reimbursable receivable, considering current and future economic conditions as well as client credit quality. Historically, we have not experienced any material collection issues and, as such, have not applied a formulaic reserve to these receivables. Contract Assets Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. Historically, we have not recognized a provision for contract assets. Under ASC Topic 326, we include Contract assets in our reserving process and assess the risk of loss similar to our methodology for Trade receivables, since Contract assets are reclassified to Trade receivables when we become entitled to payment. Accordingly, a reserve is applied upon recognition of the contract asset. Financial Guarantees Certain loans we originate and sell under the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program retain a percentage of the risk of loss. This loss-sharing aspect of the program represents an off-balance sheet credit exposure, and we have established a contingent reserve ("loan loss guarantee reserve") for this risk in accordance with ASC Topic 326. To estimate the reserve, we use a model that analyzes historical losses, current and expected economic conditions, and reasonable and supportable forecasts. The model also considers specific details of the underlying property used as collateral, such as occupancy and financial performance. The loan loss guarantee reserve is calculated on an individual loan level. As of June 30, 2020, the loan loss guarantee reserve was $45.7 million and was included within Other liabilities on the Condensed Consolidated Balance Sheets. This balance reflected a notable increase from our opening balance (reflected in the table below) as a result of incorporating, into our model, economic conditions and projections related to the COVID-19 pandemic. The loss-sharing guarantee obligation (in accordance with ASC Topic 460, Guarantees ) represents the non-contingent obligation incurred as a result of issuing a loss-sharing guarantee as part of our participation in the DUS program and is separate from the loan loss guarantee reserve discussed above. See Note 10, Commitments and Contingencies , for further information on the DUS program and the loss-sharing guarantee obligation. The following table details the cumulative impact to retained earnings upon adoption of ASC Topic 326. Published Adjustment due to As Reported Under December 31, 2019 adoption of ASC Topic 326 on January 1, 2020 (in millions) (audited) ASC Topic 326 (unaudited) Assets Allowance for trade receivables $ (68.1 ) (3.6 ) $ (71.7 ) Deferred tax assets, net 245.4 5.5 250.9 Allowance for contract assets (1) — (1.7 ) (1.7 ) Liabilities and equity Loan loss guarantee reserve (2) $ — 15.1 $ 15.1 Retained earnings 3,588.3 (14.9 ) 3,573.4 1 The portion of the allowance for long-term contract assets is included within Other assets on the Condensed Consolidated Balance Sheets. 2 Included within Other liabilities on the Condensed Consolidated Balance Sheets |
New Accounting Standards Cumula
New Accounting Standards Cumulative impact upon adoption of ASC Topic 326 (Tables) | Jan. 01, 2020 |
Cumulative Impact ASC Topic 326 [Line Items] | |
Cumulative Impact ASC Topic 326 [Table Text Block] | The following table details the cumulative impact to retained earnings upon adoption of ASC Topic 326. Published Adjustment due to As Reported Under December 31, 2019 adoption of ASC Topic 326 on January 1, 2020 (in millions) (audited) ASC Topic 326 (unaudited) Assets Allowance for trade receivables $ (68.1 ) (3.6 ) $ (71.7 ) Deferred tax assets, net 245.4 5.5 250.9 Allowance for contract assets (1) — (1.7 ) (1.7 ) Liabilities and equity Loan loss guarantee reserve (2) $ — 15.1 $ 15.1 Retained earnings 3,588.3 (14.9 ) 3,573.4 1 The portion of the allowance for long-term contract assets is included within Other assets on the Condensed Consolidated Balance Sheets. 2 Included within Other liabilities on the Condensed Consolidated Balance Sheets |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Such revenue was included entirely within Americas Capital Markets and is presented below. Three Months Ended June 30, Six months ended June 30, (in millions) 2020 2019 2020 2019 Revenue excluded from scope of ASC Topic 606 $ 53.4 32.3 $ 102.7 63.3 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Americas - Real Estate Services Leasing $ 278.1 491.8 $ 697.0 881.6 Capital Markets 140.8 129.8 388.2 229.9 Property & Facility Management 1,439.5 1,370.9 2,898.3 2,732.9 Project & Development Services 275.3 376.8 581.7 685.5 Advisory, Consulting and Other 95.3 94.3 186.9 183.8 Revenue 2,229.0 2,463.6 4,752.1 4,713.7 Reimbursements (1,345.0 ) (1,403.1 ) (2,738.5 ) (2,754.5 ) Revenue before reimbursements 884.0 1,060.5 2,013.6 1,959.2 Gross contract costs (192.3 ) (191.8 ) (405.1 ) (379.5 ) Net non-cash MSR and mortgage banking derivative activity (8.6 ) (4.8 ) (7.0 ) (4.7 ) Fee revenue 683.1 863.9 1,601.5 1,575.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 805.3 913.7 1,815.6 1,724.5 Depreciation and amortization 39.1 26.3 76.5 53.6 Segment operating expenses, excluding reimbursed expenses 844.4 940.0 1,892.1 1,778.1 Gross contract costs (192.3 ) (191.8 ) (405.1 ) (379.5 ) Fee-based segment operating expenses 652.1 748.2 1,487.0 1,398.6 Segment operating income $ 39.6 120.5 $ 121.5 181.1 Equity earnings 2.9 0.4 15.6 0.1 Segment income $ 42.5 120.9 $ 137.1 181.2 EMEA - Real Estate Services Leasing $ 46.7 65.9 $ 94.8 118.1 Capital Markets 50.0 78.5 123.2 142.5 Property & Facility Management 320.5 380.6 695.5 749.9 Project & Development Services 164.3 219.2 367.5 399.7 Advisory, Consulting and Other 44.7 74.1 101.1 131.5 Revenue 626.2 818.3 1,382.1 1,541.7 Reimbursements (168.8 ) (153.7 ) (351.6 ) (318.3 ) Revenue before reimbursements 457.4 664.6 1,030.5 1,223.4 Gross contract costs (189.4 ) (284.7 ) (452.0 ) (527.4 ) Fee revenue 268.0 379.9 578.5 696.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 481.8 654.6 1,066.2 1,231.5 Depreciation and amortization 9.0 11.3 18.2 22.6 Segment operating expenses, excluding reimbursed expenses 490.8 665.9 1,084.4 1,254.1 Gross contract costs (189.4 ) (284.7 ) (452.0 ) (527.4 ) Fee-based segment operating expenses 301.4 381.2 632.4 726.7 Segment operating loss $ (33.4 ) (1.3 ) $ (53.9 ) (30.7 ) Equity losses — (1.1 ) — (1.0 ) Segment loss $ (33.4 ) (2.4 ) $ (53.9 ) (31.7 ) Continued: Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Asia Pacific - Real Estate Services Leasing $ 33.8 66.2 $ 59.2 102.1 Capital Markets 24.0 48.2 45.7 77.6 Property & Facility Management 515.2 553.4 1,047.2 1,091.2 Project & Development Services 97.2 137.3 192.0 248.2 Advisory, Consulting and Other 45.1 50.1 83.3 84.8 Revenue 715.3 855.2 1,427.4 1,603.9 Reimbursements (327.0 ) (359.6 ) (611.9 ) (700.7 ) Revenue before reimbursements 388.3 495.6 815.5 903.2 Gross contract costs (189.5 ) (232.7 ) (439.0 ) (442.1 ) Fee revenue 198.8 262.9 376.5 461.1 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 362.6 462.6 780.1 863.1 Depreciation and amortization 7.0 6.4 13.6 12.8 Segment operating expenses, excluding reimbursed expenses 369.6 469.0 793.7 875.9 Gross contract costs (189.5 ) (232.7 ) (439.0 ) (442.1 ) Fee-based segment operating expenses 180.1 236.3 354.7 433.8 Segment operating income $ 18.7 26.6 $ 21.8 27.3 Equity earnings (losses) 0.5 0.4 (0.2 ) 0.7 Segment income $ 19.2 27.0 $ 21.6 28.0 LaSalle Advisory fees $ 80.9 79.5 $ 166.5 157.1 Transaction fees & other 4.8 16.3 18.4 29.5 Incentive fees 14.2 33.6 19.9 41.2 Revenue 99.9 129.4 204.8 227.8 Reimbursements (1.1 ) (1.9 ) (2.9 ) (3.8 ) Revenue before reimbursements 98.8 127.5 201.9 224.0 Gross contract costs (3.8 ) (4.2 ) (8.3 ) (7.0 ) Fee revenue 95.0 123.3 193.6 217.0 Operating expenses, excluding reimbursed expenses: Compensation, operating and administrative expenses 82.9 96.0 170.0 178.9 Depreciation and amortization 1.8 1.5 3.6 3.0 Segment operating expenses, excluding reimbursed expenses 84.7 97.5 173.6 181.9 Gross contract costs (3.8 ) (4.2 ) (8.3 ) (7.0 ) Fee-based segment operating expenses 80.9 93.3 165.3 174.9 Segment operating income $ 14.1 30.0 $ 28.3 42.1 Equity earnings (losses) 11.3 10.5 (29.0 ) 15.4 Segment income (loss) $ 25.4 40.5 $ (0.7 ) 57.5 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Segment Reconciling Items Fee revenue $ 1,244.9 1,630.0 $ 2,750.1 2,949.1 Gross contract costs 575.0 713.4 1,304.4 1,356.0 Net non-cash MSR and mortgage banking derivative activity 8.6 4.8 7.0 4.7 Revenue before reimbursements 1,828.5 2,348.2 4,061.5 4,309.8 Reimbursements 1,841.9 1,918.3 3,704.9 3,777.3 Revenue $ 3,670.4 4,266.5 $ 7,766.4 8,087.1 Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges $ 1,789.5 2,172.4 $ 3,943.8 4,090.0 Reimbursed expenses 1,841.9 1,918.3 3,704.9 3,777.3 Total segment operating expenses before restructuring and acquisition charges $ 3,631.4 4,090.7 $ 7,648.7 7,867.3 Operating income before restructuring and acquisition charges $ 39.0 175.8 $ 117.7 219.8 Less: Restructuring and acquisition charges 28.2 25.7 42.3 44.3 Operating income $ 10.8 150.1 $ 75.4 175.5 |
Business Combinations, Goodwi_2
Business Combinations, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items] | |
Summary of Earn-out Payments [Table Text Block] | Earn-Out Payments ($ in millions) June 30, 2020 December 31, 2019 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 44 44 Maximum earn-out payments (undiscounted) $ 221.1 $ 268.9 Short-term earn-out liabilities (fair value) 1 78.2 53.9 Long-term earn-out liabilities (fair value) 1 19.6 94.5 1 Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets. |
Movements in Goodwill by Reporting Segment | The following tables detail, by reporting segment, movements in goodwill. Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2019 $ 2,877.6 915.9 317.6 57.1 $ 4,168.2 Dispositions — (0.7 ) — — (0.7 ) Impact of exchange rate movements (1.7 ) (41.4 ) (2.5 ) (1.0 ) (46.6 ) Balance as of June 30, 2020 $ 2,875.9 873.8 315.1 56.1 $ 4,120.9 Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2018 $ 1,452.0 906.8 316.8 22.2 $ 2,697.8 Additions, net of adjustments 3.2 1.6 — 35.4 40.2 Impact of exchange rate movements 1.2 (8.0 ) 0.5 (1.0 ) (7.3 ) Balance as of June 30, 2019 $ 1,456.4 900.4 317.3 56.6 $ 2,730.7 |
Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets | The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2019 $ 480.4 285.7 55.9 21.4 54.0 $ 897.4 Additions, net of adjustments (1) 43.0 — — 0.5 — 43.5 Adjustment for fully amortized intangibles (20.0 ) (6.2 ) (0.5 ) — — (26.7 ) Impact of exchange rate movements — (0.4 ) (3.5 ) (0.4 ) (0.1 ) (4.4 ) Balance as of June 30, 2020 $ 503.4 279.1 51.9 21.5 53.9 $ 909.8 Accumulated Amortization Balance as of December 31, 2019 $ (104.0 ) (68.3 ) (33.1 ) (6.7 ) (2.7 ) $ (214.8 ) Amortization, net (2) (42.5 ) (23.4 ) (3.5 ) (0.7 ) (1.3 ) (71.4 ) Adjustment for fully amortized intangibles 20.0 6.2 0.5 — — 26.7 Impact of exchange rate movements — 0.3 2.2 0.1 — 2.6 Balance as of June 30, 2020 $ (126.5 ) (85.2 ) (33.9 ) (7.3 ) (4.0 ) $ (256.9 ) Net book value as of June 30, 2020 $ 376.9 193.9 18.0 14.2 49.9 $ 652.9 (1) Included in this amount for MSRs was (i) $9.3 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights and (ii) $2.8 million relating to an impairment valuation allowance, recognized during the three months ended June 30, 2020. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2018 $ 266.2 90.0 83.1 23.5 43.9 $ 506.7 Additions, net of adjustments (1) 21.2 0.9 0.1 — 9.7 31.9 Adjustment for fully amortized intangibles (8.2 ) — (14.0 ) — — (22.2 ) Impact of exchange rate movements — 0.1 (0.8 ) — 0.7 — Balance as of June 30, 2019 $ 279.2 91.0 68.4 23.5 54.3 $ 516.4 Accumulated Amortization Balance as of December 31, 2018 $ (72.4 ) (38.8 ) (51.8 ) (6.8 ) — $ (169.8 ) Amortization, net (2) (18.6 ) (7.1 ) (5.4 ) (1.1 ) (1.4 ) (33.6 ) Adjustment for fully amortized intangibles 8.2 — 14.0 — — 22.2 Impact of exchange rate movements — 0.2 0.7 — — 0.9 Balance as of June 30, 2019 $ (82.8 ) (45.7 ) (42.5 ) (7.9 ) (1.4 ) $ (180.3 ) Net book value as of June 30, 2019 $ 196.4 45.3 25.9 15.6 52.9 $ 336.1 (1) Included in this amount for MSRs was $3.0 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. |
Future Amortization Expense for Finite-Lived Intangible Assets | The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of June 30, 2020 , is presented in the following table. (in millions) MSRs Other Intangibles Total 2020 (remaining 6 months) $ 33.3 28.9 $ 62.2 2021 63.9 48.6 112.5 2022 56.6 42.9 99.5 2023 50.1 40.5 90.6 2024 42.3 36.2 78.5 2025 34.7 18.9 53.6 Thereafter 96.0 10.0 106.0 Total $ 376.9 226.0 $ 602.9 |
Investments in Real Estate Ve_2
Investments in Real Estate Ventures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Balance Sheet Amounts Consolidated for Variable Interest Entity [Table Text Block] | Summarized financial information for our consolidated VIEs is presented in the following tables. (in millions) June 30, 2020 December 31, 2019 Property and equipment, net $ 132.3 126.3 Investments in real estate ventures 10.9 13.2 Other assets 10.8 14.3 Total assets $ 154.0 153.8 Other current liabilities $ 2.9 3.2 Mortgage indebtedness (included in Other liabilities) 73.3 69.7 Total liabilities 76.2 72.9 Members' equity (included in Noncontrolling interest) 77.8 80.9 Total liabilities and members' equity $ 154.0 153.8 |
Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Revenue $ 2.9 1.7 $ 7.2 3.0 Operating and other expenses (3.9 ) (1.6 ) (8.2 ) (3.2 ) Net gains on sale of investments (included in Equity earnings) — — 12.2 — Net (loss) income $ (1.0 ) 0.1 $ 11.2 (0.2 ) |
Investments in real estate ventures, Fair Value | The table below shows the movement in our investments in real estate ventures reported at fair value. (in millions) 2020 2019 Fair value investments as of January 1, $ 328.6 247.3 Investments 29.8 32.2 Distributions (29.6 ) (22.3 ) Change in fair value, net (21.4 ) 14.6 Foreign currency translation adjustments, net (3.3 ) 1.0 Fair value investments as of June 30, $ 304.1 272.8 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Unit Activity | Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables. RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of March 31, 2020 1,208.9 286.8 1,495.7 $ 144.71 1.78 Granted 152.3 272.0 424.3 113.67 Vested (10.2 ) — (10.2 ) 118.91 Forfeited (7.8 ) — (7.8 ) 143.09 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 Unvested as of March 31, 2019 434.3 92.7 527.0 $ 140.55 2.15 Granted 37.4 166.9 204.3 150.03 Vested (26.6 ) — (26.6 ) 118.02 Forfeited (8.4 ) — (8.4 ) 136.19 Unvested as of June 30, 2019 436.7 259.6 696.3 $ 144.17 2.25 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Remaining (in years) Unvested as of December 31, 2019 1,532.3 286.8 1,819.1 $ 141.51 2.39 Granted 162.0 272.0 434.0 118.66 Vested (334.8 ) — (334.8 ) 136.36 Forfeited (16.3 ) — (16.3 ) 140.22 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 Unvested as of December 31, 2018 559.6 93.1 652.7 $ 131.32 2.02 Granted 112.1 166.9 279.0 150.78 Vested (222.1 ) — (222.1 ) 115.17 Forfeited (12.9 ) (0.4 ) (13.3 ) 132.56 Unvested as of June 30, 2019 436.7 259.6 696.3 $ 144.17 2.25 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis. June 30, 2020 December 31, 2019 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments in real estate ventures - fair value $ 72.0 — 44.3 69.4 — 34.4 Foreign currency forward contracts receivable — 3.0 — — 10.5 — Warehouse receivables — 819.2 — — 527.1 — Deferred compensation plan assets — 372.4 — — 349.9 — Mortgage banking derivative assets — — 103.7 — — 36.1 Total assets at fair value $ 72.0 1,194.6 148.0 69.4 887.5 70.5 Liabilities Foreign currency forward contracts payable $ — 5.0 — — 4.4 — Deferred compensation plan liabilities — 351.1 — — 346.1 — Earn-out liabilities — — 97.8 — — 148.5 Mortgage banking derivative liabilities — — 109.2 — — 25.9 Total liabilities at fair value $ — 356.1 207.0 — 350.5 174.4 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Balance as of March 31, 2020 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2020 Investments in real estate ventures $ 41.4 2.5 — 0.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net (64.0 ) (15.4 ) — 38.4 35.5 (5.5 ) Earn-out liabilities 130.0 0.6 1.1 — (33.9 ) 97.8 Balance as of March 31, 2019 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2019 Investments in real estate ventures $ 13.0 — — 7.0 — $ 20.0 Mortgage banking derivative assets and liabilities, net 0.6 (12.5 ) — 17.4 (6.8 ) (1.3 ) Earn-out liabilities 169.2 14.3 0.1 — (3.3 ) 180.3 (in millions) Balance as of December 31, 2019 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2020 Investments in real estate ventures $ 34.4 2.5 — 7.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net 10.2 (90.6 ) — 64.7 10.2 (5.5 ) Earn-out liabilities 148.5 (7.6 ) (0.9 ) — (42.2 ) 97.8 (in millions) Balance as of December 31, 2018 Net change in fair value Foreign CTA 1 Purchases / Additions Settlements Balance as of June 30, 2019 Investments in real estate ventures $ 11.5 — — 8.5 — $ 20.0 Mortgage banking derivative assets and liabilities, net 6.3 (21.7 ) — 32.5 (18.4 ) (1.3 ) Earn-out liabilities 192.0 20.0 (0.2 ) 1.5 (33.0 ) 180.3 1 CTA: Currency translation adjustments |
Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs | Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Condensed Consolidated Statements of Comprehensive Income Account Caption Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments in real estate ventures Equity earnings (losses) Other current assets - Mortgage banking derivative assets Revenue before reimbursements Other current liabilities - Mortgage banking derivative liabilities Revenue before reimbursements |
Debt Short-Term Borrowings and
Debt Short-Term Borrowings and Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Short-term borrowings and long-term debt obligations are composed of the following. (in millions) June 30, 2020 December 31, 2019 Short-term borrowings: Local overdraft facilities $ 14.7 44.8 Other short-term borrowings 100.4 75.3 Total short-term borrowings $ 115.1 120.1 Credit facility, net of debt issuance costs of $10.5 and $12.3 689.5 512.7 Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.9 and $1.2 274.1 273.8 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.9 and $0.9 195.7 195.4 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.0 and $1.0 195.6 195.4 Total debt $ 1,470.0 1,297.4 |
Schedule of Credit Facility, Average Outstanding Amount [Table Text Block] | The following tables provides additional information on our Facility. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2020 2019 2020 2019 Average outstanding borrowings under the Facility $ 1,351.5 661.1 $ 1,143.4 436.3 Effective interest rate on the Facility 1.4 % 3.3 % 1.8 % 3.3 % |
Debt Warehouse Facilities (Tabl
Debt Warehouse Facilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Warehouse Facilities [Abstract] | |
Schedule of Warehouse Facilities | Warehouse Facilities June 30, 2020 December 31, 2019 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse Facilities: LIBOR plus 1.15%, expires September 21, 2020 $ 185.0 375.0 104.4 375.0 LIBOR plus 1.15%, expires September 19, 2020 339.7 775.0 184.8 775.0 LIBOR plus 1.15%, expires August 31, 2020 31.8 100.0 11.4 100.0 Fannie Mae ASAP 1 program, LIBOR plus 1.15% 37.6 n/a 53.6 n/a LIBOR plus 1.25% 172.2 1,000.0 151.6 1,000.0 LIBOR plus 1.25% 23.0 175.0 11.0 175.0 Gross warehouse facilities 789.3 2,425.0 516.8 2,425.0 Debt issuance costs (0.2 ) n/a (0.9 ) n/a Total warehouse facilities $ 789.1 2,425.0 515.9 2,425.0 1 As Soon As Pooled ("ASAP") funding program |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2019 $ 38.1 New claims 0.7 Prior year claims adjustments (including foreign currency changes) (0.7 ) Claims paid — June 30, 2020 $ 38.1 December 31, 2018 $ 43.1 New claims — Prior year claims adjustments (including foreign currency changes) (2.8 ) Claims paid (1.1 ) June 30, 2019 $ 39.2 |
Restructuring and Acquisition C
Restructuring and Acquisition Charges Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges and Related Payment Activity | The following tables show the accrual activity and payments relating to cash-based Restructuring and acquisition charges. (in millions) Severance & Employment-Related Lease Exit Restructuring, Acquisition and Total December 31, 2019 $ 24.3 8.4 3.8 $ 36.5 Accruals 8.3 6.7 10.7 25.7 Payments made (16.0 ) (13.5 ) (14.0 ) (43.5 ) June 30, 2020 $ 16.6 1.6 0.5 $ 18.7 (in millions) Severance & Employment-Related Lease Other Restructuring, Total December 31, 2018 $ 14.0 0.6 0.5 $ 15.1 Accruals 10.4 1.0 12.9 24.3 Payments made (14.8 ) (1.1 ) (8.9 ) (24.8 ) June 30, 2019 $ 9.6 0.5 4.5 $ 14.6 |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring and acquisition charges are presented in table below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2020 2019 2020 2019 Severance and other employment-related charges $ 7.0 5.4 $ 8.3 10.4 Restructuring, pre-acquisition and post-acquisition charges 7.6 6.0 17.4 13.9 Stock-based compensation expense for HFF retention awards 13.0 — 24.2 — Fair value adjustments to earn-out liabilities 0.6 14.3 (7.6 ) 20.0 Restructuring and acquisition charges $ 28.2 25.7 $ 42.3 44.3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | All other reclassifications relating to pension and postretirement benefits are reported within Other income. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2020 $ (72.0 ) (499.2 ) $ (571.2 ) Other comprehensive income before reclassification — 33.8 33.8 Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - — — — Other comprehensive income after tax expense of $ - , $ - and $ - — 33.8 33.8 Balance as of June 30, 2020 $ (72.0 ) (465.4 ) $ (537.4 ) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2019 $ (58.4 ) (367.5 ) $ (425.9 ) Other comprehensive loss before reclassification — (23.3 ) (23.3 ) Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - (0.8 ) — (0.8 ) Other comprehensive loss after tax expense of $ - , $ - and $ - (0.8 ) (23.3 ) (24.1 ) Balance as of June 30, 2019 $ (59.2 ) (390.8 ) $ (450.0 ) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2019 $ (72.0 ) (355.8 ) $ (427.8 ) Other comprehensive loss before reclassification — (109.6 ) (109.6 ) Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (109.6 ) (109.6 ) Balance as of June 30, 2020 $ (72.0 ) (465.4 ) $ (537.4 ) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2018 $ (57.4 ) (398.8 ) $ (456.2 ) Other comprehensive income before reclassification — 8.0 8.0 Amounts reclassified from AOCI after tax expense of $ - , $ - and $ - (1.8 ) — (1.8 ) Other comprehensive (loss) income after tax expense of $ - , $ - and $ - (1.8 ) 8.0 6.2 Balance as of June 30, 2019 $ (59.2 ) (390.8 ) $ (450.0 ) |
New Accounting Standards Cumu_2
New Accounting Standards Cumulative impact upon adoption of ASC Topic 326 (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Adjustment due to adoption of ASC Topic 326 [Line Items] | |||
Trade receivables, allowances | $ (79) | $ (71.7) | $ (68.1) |
Deferred Income Tax Assets, Net | 229.2 | 250.9 | 245.4 |
Contract with Customer, Asset, Allowance for Credit Loss | (1.7) | ||
Loan loss guarantee reserve | 45.7 | 15.1 | |
Retained earnings | $ 3,593.9 | 3,573.4 | $ 3,588.3 |
Accounting Standards Update 2016-13 [Member] | |||
Adjustment due to adoption of ASC Topic 326 [Line Items] | |||
Trade receivables, allowances | (3.6) | ||
Deferred Income Tax Assets, Net | 5.5 | ||
Contract with Customer, Asset, Allowance for Credit Loss | (1.7) | ||
Loan loss guarantee reserve | 15.1 | ||
Retained earnings | $ (14.9) |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 405.3 | $ 405.3 | $ 419.3 | ||
Contract with Customer, Liability | 93 | $ 93 | $ 87.7 | ||
Percentage of Revenue, Remaining Performance Obligation | 5.00% | ||||
Out of Scope of Topic 606 Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Fees and Commissions, Mortgage Banking and Servicing | $ 53.4 | $ 32.3 | $ 102.7 | $ 63.3 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Reimbursement Revenues | $ 1,841.9 | $ 1,918.3 | $ 3,704.9 | $ 3,777.3 | |
Segment revenue: | |||||
Revenue | 3,670.4 | 4,266.5 | 7,766.4 | 8,087.1 | |
Revenue Before Reimbursements | 1,828.5 | 2,348.2 | 4,061.5 | 4,309.8 | |
Operating expenses: | |||||
Depreciation and amortization | 56.9 | 45.5 | 111.9 | 92 | |
Operating Income (Loss) | 10.8 | 150.1 | 75.4 | 175.5 | |
Equity in earnings (losses) | 14.7 | 10.2 | (13.6) | 15.2 | |
Segment Reconciling Items: | |||||
Revenue | 3,670.4 | 4,266.5 | 7,766.4 | 8,087.1 | |
Total segment operating expenses before restructuring and acquisition charges | 1,789.5 | 2,172.4 | 3,943.8 | 4,090 | |
Cost of Reimbursable Expenses | 1,841.9 | 1,918.3 | 3,704.9 | 3,777.3 | |
Segment Operating Expenses before Restructuring and acquisition | 3,631.4 | 4,090.7 | 7,648.7 | 7,867.3 | |
Segment Reporting Information Operating Income Before Restructuring Charges | 39 | 175.8 | 117.7 | 219.8 | |
Restructuring and acquisition charges | 28.2 | 25.7 | 42.3 | 44.3 | |
Operating Income (Loss) | 10.8 | 150.1 | 75.4 | 175.5 | |
Assets | 12,810.5 | 12,810.5 | $ 13,672.6 | ||
Reportable Subsegments [Member] | |||||
Segment revenue: | |||||
Real Estate Revenues, Net | 1,244.9 | 1,630 | 2,750.1 | 2,949.1 | |
Operating expenses: | |||||
Gross contract vendor and subcontractor costs reimbursement | 575 | 713.4 | 1,304.4 | 1,356 | |
Reportable Subsegments [Member] | Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reimbursement Revenues | 1,345 | 1,403.1 | 2,738.5 | 2,754.5 | |
Segment revenue: | |||||
Revenue | 2,229 | 2,463.6 | 4,752.1 | 4,713.7 | |
Revenue Before Reimbursements | 884 | 1,060.5 | 2,013.6 | 1,959.2 | |
Derivative, Gain (Loss) on Derivative, Net | 8.6 | 4.8 | 7 | 4.7 | |
Real Estate Revenues, Net | 683.1 | 863.9 | 1,601.5 | 1,575 | |
Operating expenses: | |||||
Compensation, operating and administrative expenses | 805.3 | 913.7 | 1,815.6 | 1,724.5 | |
Depreciation and amortization | 39.1 | 26.3 | 76.5 | 53.6 | |
Operating Expenses, Excluding Reimbursed Expenses | 844.4 | 940 | 1,892.1 | 1,778.1 | |
Gross contract vendor and subcontractor costs reimbursement | 192.3 | 191.8 | 405.1 | 379.5 | |
Total fee based segment operating expenses | 652.1 | 748.2 | 1,487 | 1,398.6 | |
General Contractor Cost | (192.3) | (191.8) | (405.1) | (379.5) | |
Operating Income (Loss) | 39.6 | 120.5 | 121.5 | 181.1 | |
Equity in earnings (losses) | 2.9 | 0.4 | 15.6 | 0.1 | |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 42.5 | 120.9 | 137.1 | 181.2 | |
Segment Reconciling Items: | |||||
Revenue | 2,229 | 2,463.6 | 4,752.1 | 4,713.7 | |
Operating Income (Loss) | 39.6 | 120.5 | 121.5 | 181.1 | |
Reportable Subsegments [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reimbursement Revenues | 168.8 | 153.7 | 351.6 | 318.3 | |
Segment revenue: | |||||
Revenue | 626.2 | 818.3 | 1,382.1 | 1,541.7 | |
Revenue Before Reimbursements | 457.4 | 664.6 | 1,030.5 | 1,223.4 | |
Real Estate Revenues, Net | 268 | 379.9 | 578.5 | 696 | |
Operating expenses: | |||||
Compensation, operating and administrative expenses | 481.8 | 654.6 | 1,066.2 | 1,231.5 | |
Depreciation and amortization | 9 | 11.3 | 18.2 | 22.6 | |
Operating Expenses, Excluding Reimbursed Expenses | 490.8 | 665.9 | 1,084.4 | 1,254.1 | |
Gross contract vendor and subcontractor costs reimbursement | 189.4 | 284.7 | 452 | 527.4 | |
Total fee based segment operating expenses | 301.4 | 381.2 | 632.4 | 726.7 | |
General Contractor Cost | (189.4) | (284.7) | (452) | (527.4) | |
Operating Income (Loss) | (33.4) | (1.3) | (53.9) | (30.7) | |
Equity in earnings (losses) | 0 | (1.1) | 0 | (1) | |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | (33.4) | (2.4) | (53.9) | (31.7) | |
Segment Reconciling Items: | |||||
Revenue | 626.2 | 818.3 | 1,382.1 | 1,541.7 | |
Operating Income (Loss) | (33.4) | (1.3) | (53.9) | (30.7) | |
Reportable Subsegments [Member] | Asia Pacific [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reimbursement Revenues | 327 | 359.6 | 611.9 | 700.7 | |
Segment revenue: | |||||
Revenue | 715.3 | 855.2 | 1,427.4 | 1,603.9 | |
Revenue Before Reimbursements | 388.3 | 495.6 | 815.5 | 903.2 | |
Real Estate Revenues, Net | 198.8 | 262.9 | 376.5 | 461.1 | |
Operating expenses: | |||||
Compensation, operating and administrative expenses | 362.6 | 462.6 | 780.1 | 863.1 | |
Depreciation and amortization | 7 | 6.4 | 13.6 | 12.8 | |
Operating Expenses, Excluding Reimbursed Expenses | 369.6 | 469 | 793.7 | 875.9 | |
Gross contract vendor and subcontractor costs reimbursement | 189.5 | 232.7 | 439 | 442.1 | |
Total fee based segment operating expenses | 180.1 | 236.3 | 354.7 | 433.8 | |
General Contractor Cost | (189.5) | (232.7) | (439) | (442.1) | |
Operating Income (Loss) | 18.7 | 26.6 | 21.8 | 27.3 | |
Equity in earnings (losses) | 0.5 | 0.4 | (0.2) | 0.7 | |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 19.2 | 27 | 21.6 | 28 | |
Segment Reconciling Items: | |||||
Revenue | 715.3 | 855.2 | 1,427.4 | 1,603.9 | |
Operating Income (Loss) | 18.7 | 26.6 | 21.8 | 27.3 | |
Investment Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Reimbursement Revenues | 1.1 | 1.9 | 2.9 | 3.8 | |
Segment revenue: | |||||
Revenue | 99.9 | 129.4 | 204.8 | 227.8 | |
Revenue Before Reimbursements | 98.8 | 127.5 | 201.9 | 224 | |
Real Estate Revenues, Net | 95 | 123.3 | 193.6 | 217 | |
Operating expenses: | |||||
Compensation, operating and administrative expenses | 82.9 | 96 | 170 | 178.9 | |
Depreciation and amortization | 1.8 | 1.5 | 3.6 | 3 | |
Operating Expenses, Excluding Reimbursed Expenses | 84.7 | 97.5 | 173.6 | 181.9 | |
Gross contract vendor and subcontractor costs reimbursement | 3.8 | 4.2 | 8.3 | 7 | |
Total fee based segment operating expenses | 80.9 | 93.3 | 165.3 | 174.9 | |
General Contractor Cost | (3.8) | (4.2) | (8.3) | (7) | |
Operating Income (Loss) | 14.1 | 30 | 28.3 | 42.1 | |
Equity in earnings (losses) | 11.3 | 10.5 | (29) | 15.4 | |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 25.4 | 40.5 | (0.7) | 57.5 | |
Segment Reconciling Items: | |||||
Revenue | 99.9 | 129.4 | 204.8 | 227.8 | |
Operating Income (Loss) | 14.1 | 30 | 28.3 | 42.1 | |
Leasing [Member] | Reportable Subsegments [Member] | Americas [Member] | |||||
Segment revenue: | |||||
Revenue | 278.1 | 491.8 | 697 | 881.6 | |
Segment Reconciling Items: | |||||
Revenue | 278.1 | 491.8 | 697 | 881.6 | |
Leasing [Member] | Reportable Subsegments [Member] | EMEA [Member] | |||||
Segment revenue: | |||||
Revenue | 46.7 | 65.9 | 94.8 | 118.1 | |
Segment Reconciling Items: | |||||
Revenue | 46.7 | 65.9 | 94.8 | 118.1 | |
Leasing [Member] | Reportable Subsegments [Member] | Asia Pacific [Member] | |||||
Segment revenue: | |||||
Revenue | 33.8 | 66.2 | 59.2 | 102.1 | |
Segment Reconciling Items: | |||||
Revenue | 33.8 | 66.2 | 59.2 | 102.1 | |
Capital Markets [Member] | Reportable Subsegments [Member] | Americas [Member] | |||||
Segment revenue: | |||||
Revenue | 140.8 | 129.8 | 388.2 | 229.9 | |
Segment Reconciling Items: | |||||
Revenue | 140.8 | 129.8 | 388.2 | 229.9 | |
Capital Markets [Member] | Reportable Subsegments [Member] | EMEA [Member] | |||||
Segment revenue: | |||||
Revenue | 50 | 78.5 | 123.2 | 142.5 | |
Segment Reconciling Items: | |||||
Revenue | 50 | 78.5 | 123.2 | 142.5 | |
Capital Markets [Member] | Reportable Subsegments [Member] | Asia Pacific [Member] | |||||
Segment revenue: | |||||
Revenue | 24 | 48.2 | 45.7 | 77.6 | |
Segment Reconciling Items: | |||||
Revenue | 24 | 48.2 | 45.7 | 77.6 | |
Property & Facility Management [Member] | Reportable Subsegments [Member] | Americas [Member] | |||||
Segment revenue: | |||||
Revenue | 1,439.5 | 1,370.9 | 2,898.3 | 2,732.9 | |
Segment Reconciling Items: | |||||
Revenue | 1,439.5 | 1,370.9 | 2,898.3 | 2,732.9 | |
Property & Facility Management [Member] | Reportable Subsegments [Member] | EMEA [Member] | |||||
Segment revenue: | |||||
Revenue | 320.5 | 380.6 | 695.5 | 749.9 | |
Segment Reconciling Items: | |||||
Revenue | 320.5 | 380.6 | 695.5 | 749.9 | |
Property & Facility Management [Member] | Reportable Subsegments [Member] | Asia Pacific [Member] | |||||
Segment revenue: | |||||
Revenue | 515.2 | 553.4 | 1,047.2 | 1,091.2 | |
Segment Reconciling Items: | |||||
Revenue | 515.2 | 553.4 | 1,047.2 | 1,091.2 | |
Project & Development Services [Member] | Reportable Subsegments [Member] | Americas [Member] | |||||
Segment revenue: | |||||
Revenue | 275.3 | 376.8 | 581.7 | 685.5 | |
Segment Reconciling Items: | |||||
Revenue | 275.3 | 376.8 | 581.7 | 685.5 | |
Project & Development Services [Member] | Reportable Subsegments [Member] | EMEA [Member] | |||||
Segment revenue: | |||||
Revenue | 164.3 | 219.2 | 367.5 | 399.7 | |
Segment Reconciling Items: | |||||
Revenue | 164.3 | 219.2 | 367.5 | 399.7 | |
Project & Development Services [Member] | Reportable Subsegments [Member] | Asia Pacific [Member] | |||||
Segment revenue: | |||||
Revenue | 97.2 | 137.3 | 192 | 248.2 | |
Segment Reconciling Items: | |||||
Revenue | 97.2 | 137.3 | 192 | 248.2 | |
Advisory, Consulting and Other [Member] | Reportable Subsegments [Member] | Americas [Member] | |||||
Segment revenue: | |||||
Revenue | 95.3 | 94.3 | 186.9 | 183.8 | |
Segment Reconciling Items: | |||||
Revenue | 95.3 | 94.3 | 186.9 | 183.8 | |
Advisory, Consulting and Other [Member] | Reportable Subsegments [Member] | EMEA [Member] | |||||
Segment revenue: | |||||
Revenue | 44.7 | 74.1 | 101.1 | 131.5 | |
Segment Reconciling Items: | |||||
Revenue | 44.7 | 74.1 | 101.1 | 131.5 | |
Advisory, Consulting and Other [Member] | Reportable Subsegments [Member] | Asia Pacific [Member] | |||||
Segment revenue: | |||||
Revenue | 45.1 | 50.1 | 83.3 | 84.8 | |
Segment Reconciling Items: | |||||
Revenue | 45.1 | 50.1 | 83.3 | 84.8 | |
Advisory Fees [Member] | Investment Management [Member] | |||||
Segment revenue: | |||||
Revenue | 80.9 | 79.5 | 166.5 | 157.1 | |
Segment Reconciling Items: | |||||
Revenue | 80.9 | 79.5 | 166.5 | 157.1 | |
Transaction Fees & Other [Member] | Investment Management [Member] | |||||
Segment revenue: | |||||
Revenue | 4.8 | 16.3 | 18.4 | 29.5 | |
Segment Reconciling Items: | |||||
Revenue | 4.8 | 16.3 | 18.4 | 29.5 | |
Incentive Fees [Member] | Investment Management [Member] | |||||
Segment revenue: | |||||
Revenue | 14.2 | 33.6 | 19.9 | 41.2 | |
Segment Reconciling Items: | |||||
Revenue | $ 14.2 | $ 33.6 | $ 19.9 | $ 41.2 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 81.2 | $ 81.2 | ||||
Business Combinations, Guaranteed Deferred Acquisition Obligation | 0 | $ 6.5 | ||||
Business Combination, contingent earn-out consideration | 0 | 1.5 | ||||
Redeemable Noncontrolling Interest | 8.1 | $ 8.1 | $ 8.6 | |||
Document Period End Date | Jun. 30, 2020 | |||||
Payment for Contingent Consideration Liability, Total | $ 47.7 | |||||
Goodwill | 4,120.9 | $ 2,730.7 | 4,120.9 | 2,730.7 | 4,168.2 | $ 2,697.8 |
Reportable Subsegments [Member] | Americas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 2,875.9 | 1,456.4 | 2,875.9 | 1,456.4 | 2,877.6 | 1,452 |
Reportable Subsegments [Member] | EMEA [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 873.8 | 900.4 | 873.8 | 900.4 | 915.9 | 906.8 |
Reportable Subsegments [Member] | Asia Pacific [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 315.1 | 317.3 | 315.1 | 317.3 | 317.6 | 316.8 |
Investment Management [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 56.1 | 56.6 | 56.1 | 56.6 | $ 57.1 | $ 22.2 |
HFF Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Integration Related Costs | $ 20.1 | $ 3.2 | $ 41.4 | $ 9.7 |
Business Combinations, Goodwi_3
Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details) $ in Millions | Jun. 30, 2020USD ($)acquisition | Dec. 31, 2019USD ($)acquisition |
Summary of Earn-out Payments [Line Items] | ||
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition | 44 | 44 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 221.1 | $ 268.9 |
Business Combination, Contingent Consideration, Liability, Current | 97.8 | 74.4 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 44.7 | 124.1 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Earn-out Payments [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Current | 78.2 | 53.9 |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 19.6 | $ 94.5 |
Business Combinations, Goodwi_4
Business Combinations, Goodwill by Segment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||
Finite-Lived Intangible Assets, Net | $ 602.9 | |
Identifiable intangibles with indefinite useful lives | 50 | |
Goodwill [Line Items] | ||
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 9.3 | $ 3 |
Goodwill [Roll Forward] | ||
Goodwill Additions, net of adjustments | 40.2 | |
Goodwill, Written off Related to Sale of Business Unit | (0.7) | |
Goodwill, Translation Adjustments | (46.6) | (7.3) |
Goodwill | 4,120.9 | 2,730.7 |
Goodwill | 4,168.2 | 2,697.8 |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | |
EMEA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | (0.7) | |
Investment Management [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Additions, net of adjustments | 35.4 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Goodwill, Translation Adjustments | (1) | (1) |
Goodwill | 56.1 | 56.6 |
Goodwill | 57.1 | 22.2 |
Americas [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Americas [Member] | Reportable Subsegments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Additions, net of adjustments | 3.2 | |
Goodwill, Translation Adjustments | (1.7) | 1.2 |
Goodwill | 2,875.9 | 1,456.4 |
Goodwill | 2,877.6 | 1,452 |
EMEA [Member] | Reportable Subsegments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Additions, net of adjustments | 1.6 | |
Goodwill, Translation Adjustments | (41.4) | (8) |
Goodwill | 873.8 | 900.4 |
Goodwill | 915.9 | 906.8 |
Asia Pacific [Member] | Reportable Subsegments [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Additions, net of adjustments | 0 | |
Goodwill, Translation Adjustments | (2.5) | 0.5 |
Goodwill | 315.1 | 317.3 |
Goodwill | 317.6 | $ 316.8 |
Other Intangible Assets [Member] | ||
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||
Finite-Lived Intangible Assets, Net | 226 | |
Mortgage servicing rights [Member] | ||
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||
Finite-Lived Intangible Assets, Net | $ 376.9 |
Business Combinations Other Int
Business Combinations Other Intangibles by Segment (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Document Period End Date | Jun. 30, 2020 | |||
Finite and Indefinite lived Intangible Assets, Additions | $ 43.5 | $ 31.9 | ||
Adjustment for fully amortized intangibles | 26.7 | 22.2 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (4.4) | 0 | ||
Intangible Assets, Gross (Excluding Goodwill) | 909.8 | 516.4 | $ 897.4 | $ 506.7 |
Identified intangibles, with finite useful lives, accumulated amortization | (256.9) | (180.3) | (214.8) | (169.8) |
Amortization expense | (71.4) | (33.6) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (26.7) | (22.2) | ||
Net book value as of end of period | 652.9 | 336.1 | 682.6 | |
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 9.3 | 3 | ||
Impact of exchange rate movements | 2.6 | (0.9) | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Deductions for Aggregate Write-Downs | 2.8 | |||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||||
2020 (6 months) | 62.2 | |||
2021 | 112.5 | |||
2022 | 99.5 | |||
2023 | 90.6 | |||
2024 | 78.5 | |||
2025 | 53.6 | |||
Thereafter | 106 | |||
Total | 602.9 | |||
Mortgage servicing rights [Member] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||||
2020 (6 months) | 33.3 | |||
2021 | 63.9 | |||
2022 | 56.6 | |||
2023 | 50.1 | |||
2024 | 42.3 | |||
2025 | 34.7 | |||
Thereafter | 96 | |||
Total | 376.9 | |||
Mortgage servicing rights [Member] | Reportable Subsegments [Member] | Americas [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite And Indefinite Lived Intangible Assets Gross | 480.4 | |||
Finite and Indefinite lived Intangible Assets, Additions | 43 | 21.2 | ||
Adjustment for fully amortized intangibles | 20 | 8.2 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 0 | 0 | ||
Intangible Assets, Gross (Excluding Goodwill) | 503.4 | 279.2 | 266.2 | |
Identified intangibles, with finite useful lives, accumulated amortization | (126.5) | (82.8) | (104) | (72.4) |
Amortization expense | (42.5) | (18.6) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (20) | (8.2) | ||
Net book value as of end of period | 376.9 | 196.4 | ||
Impact of exchange rate movements | 0 | 0 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||||
2020 (6 months) | 28.9 | |||
2021 | 48.6 | |||
2022 | 42.9 | |||
2023 | 40.5 | |||
2024 | 36.2 | |||
2025 | 18.9 | |||
Thereafter | 10 | |||
Total | 226 | |||
Other Intangible Assets [Member] | Reportable Subsegments [Member] | Americas [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0 | 0.9 | ||
Adjustment for fully amortized intangibles | 6.2 | 0 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (0.4) | (0.1) | ||
Intangible Assets, Gross (Excluding Goodwill) | 279.1 | 91 | 285.7 | 90 |
Identified intangibles, with finite useful lives, accumulated amortization | (85.2) | (45.7) | (68.3) | (38.8) |
Amortization expense | (23.4) | (7.1) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (6.2) | 0 | ||
Net book value as of end of period | 193.9 | 45.3 | ||
Impact of exchange rate movements | 0.3 | 0.2 | ||
Other Intangible Assets [Member] | Reportable Subsegments [Member] | EMEA [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0 | 0.1 | ||
Adjustment for fully amortized intangibles | 0.5 | 14 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (3.5) | 0.8 | ||
Intangible Assets, Gross (Excluding Goodwill) | 51.9 | 68.4 | 55.9 | 83.1 |
Identified intangibles, with finite useful lives, accumulated amortization | (33.9) | (42.5) | (33.1) | (51.8) |
Amortization expense | (3.5) | (5.4) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (0.5) | (14) | ||
Net book value as of end of period | 18 | 25.9 | ||
Impact of exchange rate movements | 2.2 | (0.7) | ||
Other Intangible Assets [Member] | Reportable Subsegments [Member] | Asia Pacific [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0.5 | 0 | ||
Adjustment for fully amortized intangibles | 0 | 0 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (0.4) | 0 | ||
Intangible Assets, Gross (Excluding Goodwill) | 21.5 | 23.5 | 21.4 | 23.5 |
Identified intangibles, with finite useful lives, accumulated amortization | (7.3) | (7.9) | (6.7) | (6.8) |
Amortization expense | (0.7) | (1.1) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | 0 | 0 | ||
Net book value as of end of period | 14.2 | 15.6 | ||
Impact of exchange rate movements | 0.1 | 0 | ||
Other Intangible Assets [Member] | Investment Management [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0 | 9.7 | ||
Adjustment for fully amortized intangibles | 0 | 0 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (0.1) | (0.7) | ||
Intangible Assets, Gross (Excluding Goodwill) | 53.9 | 54.3 | 54 | 43.9 |
Identified intangibles, with finite useful lives, accumulated amortization | (4) | (1.4) | $ (2.7) | $ 0 |
Amortization expense | (1.3) | (1.4) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | 0 | 0 | ||
Net book value as of end of period | 49.9 | 52.9 | ||
Impact of exchange rate movements | $ 0 | $ 0 |
Investments in Real Estate Ve_3
Investments in Real Estate Ventures (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)investment | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)investment | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Document Period End Date | Jun. 30, 2020 | ||||
Number of separate property or fund co-investments | investment | 47 | 47 | |||
Property, Plant and Equipment, Net, consolidated VIE | $ 675.7 | $ 675.7 | $ 701.9 | ||
Investments in real estate ventures | 393.6 | 393.6 | 404.2 | ||
Total assets | 12,810.5 | 12,810.5 | 13,672.6 | ||
Other Liabilities, Current | 298.8 | 298.8 | 203.2 | ||
Total liabilities | 7,693 | 7,693 | 8,459.3 | ||
Total liabilities and equity | 12,810.5 | 12,810.5 | 13,672.6 | ||
Revenue, consolidated VIE | 3,670.4 | $ 4,266.5 | 7,766.4 | $ 8,087.1 | |
Net income | 14.3 | 111.3 | 31.9 | 132.5 | |
Fair Value [Abstract] | |||||
Fair value investments at beginning of the period | 328.6 | 247.3 | |||
Investments in Real Estate Ventures, at Fair Value, Additions | 29.8 | 32.2 | |||
Investments in Real Estate Ventures, at Fair Value, Distributions | 29.6 | 22.3 | |||
Unrealized Gain (Loss) on Investments | (21.4) | 14.6 | |||
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation | (3.3) | 1 | |||
Fair value investments at end of the period | $ 304.1 | 272.8 | $ 304.1 | 272.8 | |
LaSalle Investment Company II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Partnership ownership interest (in hundredths) | 48.78% | 48.78% | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 60.4 | $ 60.4 | |||
Exclusive of LaSalle Investment Company II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 338.5 | 338.5 | |||
Consolidated Variable Interest Entities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Property, Plant and Equipment, Net, consolidated VIE | 132.3 | 132.3 | 126.3 | ||
Investments in real estate ventures | 10.9 | 10.9 | 13.2 | ||
Other Assets, consolidated VIE | 10.8 | 10.8 | 14.3 | ||
Total assets | 154 | 154 | 153.8 | ||
Other Liabilities, Current | 2.9 | 2.9 | 3.2 | ||
Loans Payable, Fair Value Disclosure, consolidated VIE | 73.3 | 73.3 | 69.7 | ||
Total liabilities | 76.2 | 76.2 | 72.9 | ||
Members' Equity, consolidated VIE | 77.8 | 77.8 | 80.9 | ||
Total liabilities and equity | 154 | 154 | $ 153.8 | ||
Revenue, consolidated VIE | 2.9 | 1.7 | 7.2 | 3 | |
Other Expenses, consolidated VIE | (3.9) | (1.6) | (8.2) | (3.2) | |
Gains (Losses) on Sales of Investment Real Estate, consolidated VIE | 0 | 0 | 12.2 | 0 | |
Net income | $ (1) | $ 0.1 | $ 11.2 | $ (0.2) |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Document Period End Date | Jun. 30, 2020 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 1,208,900 | 1,532,300 | 434,300 | 559,600 | 1,532,300 | 559,600 | 559,600 | |
Granted (in shares) | 152,300 | 37,400 | 162,000 | 112,100 | ||||
Vested (in shares) | (10,200) | (26,600) | (334,800) | (222,100) | ||||
Forfeited (in shares) | (7,800) | (8,400) | (16,300) | (12,900) | ||||
Unvested at end of period (in shares) | 1,343,200 | 1,208,900 | 436,700 | 434,300 | 1,343,200 | 436,700 | 1,532,300 | 559,600 |
Performance Shares [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 286,800 | 286,800 | 92,700 | 93,100 | 286,800 | 93,100 | 93,100 | |
Granted (in shares) | 272,000 | 166,900 | 272,000 | 166,900 | ||||
Vested (in shares) | 0 | 0 | 0 | 0 | ||||
Forfeited (in shares) | 0 | 0 | 0 | (400) | ||||
Unvested at end of period (in shares) | 558,800 | 286,800 | 259,600 | 92,700 | 558,800 | 259,600 | 286,800 | 93,100 |
Share-based Payment Arrangement [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 1,495,700 | 1,819,100 | 527,000 | 652,700 | 1,819,100 | 652,700 | 652,700 | |
Granted (in shares) | 424,300 | 204,300 | 434,000 | 279,000 | ||||
Vested (in shares) | (10,200) | (26,600) | (334,800) | (222,100) | ||||
Forfeited (in shares) | (7,800) | (8,400) | (16,300) | (13,300) | ||||
Unvested at end of period (in shares) | 1,902,000 | 1,495,700 | 696,300 | 527,000 | 1,902,000 | 696,300 | 1,819,100 | 652,700 |
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Weighted average grant date fair value, beginning of period (in dollars per share) | $ 144.71 | $ 141.51 | $ 140.55 | $ 131.32 | $ 141.51 | $ 131.32 | $ 131.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 113.67 | 150.03 | 118.66 | 150.78 | ||||
Weighted average grant date fair value, vested (in dollars per share) | 118.91 | 118.02 | 136.36 | 115.17 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 143.09 | 136.19 | 140.22 | 132.56 | ||||
Weighted average grant date fair value, end of period (in dollars per share) | $ 137.93 | $ 144.71 | $ 144.17 | $ 140.55 | $ 137.93 | $ 144.17 | $ 141.51 | $ 131.32 |
Weighted average remaining contractual life, unvested shares outstanding | 2 years 3 days | 1 year 9 months 10 days | 2 years 3 months | 2 years 1 month 24 days | 2 years 3 days | 2 years 3 months | 2 years 4 months 20 days | 2 years 7 days |
Unamortized deferred compensation cost | $ 122.4 | $ 122.4 | ||||||
HFF Acquisition [Member] | Share-based Payment Arrangement [Member] | ||||||||
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Unamortized deferred compensation cost | $ 50.8 | $ 50.8 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Document Period End Date | Jun. 30, 2020 | |||
Derivative, Notional Amount | $ 2,000 | $ 2,300 | ||
Fair value of long-term debt | 645.4 | 685.9 | ||
Long-term debt, net of debt issuance costs | 665.4 | 664.6 | ||
Investments, Fair Value Disclosure | 304.1 | 328.6 | $ 272.8 | $ 247.3 |
Foreign currency forward contracts, net notional value | 980 | 1,050 | ||
Deferred compensation plan, contra-equity, shares held in trust | 5.7 | 5.7 | ||
Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3.6 | 10.6 | ||
Derivative Asset, Fair Value, Gross Liability | 0.7 | 0.1 | ||
Derivative Liability, Fair Value, Gross Asset | 0.6 | 0.8 | ||
Derivative Liability, Fair Value, Gross Liability | 5.5 | 5.2 | ||
Long-Term Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unamortized Debt Issuance Expense | 2.8 | 3.1 | ||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 187.8 | 224.8 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | 0 | ||
Foreign currency forward contract, current asset amount | 3 | 10.5 | ||
Foreign currency forward contract, current liability amount | 5 | 4.4 | ||
Deferred compensation plan assets | 372.4 | 349.9 | ||
Deferred compensation plan liabilities | $ 351.1 | $ 346.1 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 304.1 | $ 272.8 | $ 304.1 | $ 272.8 | $ 328.6 | $ 247.3 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 72 | 72 | 69.4 | |||||
Foreign currency forward contracts receivable | 0 | 0 | 0 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | 0 | |||||
Deferred compensation plan assets | 0 | 0 | 0 | |||||
Mortgage banking derivative asset | 0 | 0 | 0 | |||||
Total assets at fair value | 72 | 72 | 69.4 | |||||
Foreign currency forward contracts payable | 0 | 0 | 0 | |||||
Deferred compensation plan liabilities | 0 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | |||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | |||||
Total liabilities at fair value | 0 | 0 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | |||||
Foreign currency forward contracts receivable | 3 | 3 | 10.5 | |||||
Loans Receivable, Fair Value Disclosure | 819.2 | 819.2 | 527.1 | |||||
Deferred compensation plan assets | 372.4 | 372.4 | 349.9 | |||||
Mortgage banking derivative asset | 0 | 0 | 0 | |||||
Total assets at fair value | 1,194.6 | 1,194.6 | 887.5 | |||||
Foreign currency forward contracts payable | 5 | 5 | 4.4 | |||||
Deferred compensation plan liabilities | 351.1 | 351.1 | 346.1 | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | |||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | |||||
Total liabilities at fair value | 356.1 | 356.1 | 350.5 | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (5.5) | (1.3) | (5.5) | (1.3) | $ (64) | 10.2 | $ 0.6 | 6.3 |
Investments, Fair Value Disclosure | 44.3 | 20 | 44.3 | 20 | 41.4 | 34.4 | 13 | 11.5 |
Foreign currency forward contracts receivable | 0 | 0 | 0 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | 0 | |||||
Deferred compensation plan assets | 0 | 0 | 0 | |||||
Mortgage banking derivative asset | 103.7 | 103.7 | 36.1 | |||||
Total assets at fair value | 148 | 148 | 70.5 | |||||
Foreign currency forward contracts payable | 0 | 0 | 0 | |||||
Deferred compensation plan liabilities | 0 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 97.8 | 180.3 | 97.8 | 180.3 | $ 130 | 148.5 | $ 169.2 | $ 192 |
Mortgage banking derivative liabilities | 109.2 | 109.2 | 25.9 | |||||
Total liabilities at fair value | 207 | 207 | $ 174.4 | |||||
Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2.5 | 0 | 2.5 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.4 | 7 | 7.4 | 8.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 304.1 | $ 272.8 | $ 304.1 | $ 272.8 | $ 328.6 | $ 247.3 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | 44.3 | 20 | 44.3 | 20 | $ 41.4 | $ 34.4 | $ 13 | $ 11.5 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Business Combination, Contingent Consideration, Liability, Beginning Balance | 130 | 169.2 | 148.5 | 192 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance | (64) | 0.6 | 10.2 | 6.3 | ||||
Business Combination, Contingent Consideration, Liability, Ending Balance | 97.8 | 180.3 | 97.8 | 180.3 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance | (5.5) | (1.3) | (5.5) | (1.3) | ||||
Earn-out Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0.6 | 14.3 | (7.6) | 20 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1.1 | 0.1 | (0.9) | (0.2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | 1.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (33.9) | (3.3) | (42.2) | (33) | ||||
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (15.4) | (12.5) | (90.6) | (21.7) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 38.4 | 17.4 | 64.7 | 32.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 35.5 | (6.8) | 10.2 | (18.4) | ||||
Investments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2.5 | 0 | 2.5 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.4 | 7 | 7.4 | 8.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 0 | $ 0 | $ 0 | $ 0 |
Debt Short-Term Borrowings an_2
Debt Short-Term Borrowings and Long-Term Debt (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Document Period End Date | Jun. 30, 2020 | |
Bank Overdrafts | $ 14,700,000 | $ 44,800,000 |
Other Short-term Borrowings | 100,400,000 | 75,300,000 |
Short-term Debt | 115,100,000 | 120,100,000 |
Long-term debt, net of debt issuance costs | 665,400,000 | 664,600,000 |
Debt, Long-term and Short-term, Combined Amount | 1,470,000,000 | 1,297,400,000 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | 10,500,000 | 12,300,000 |
Long-term senior notes, 4.4%, due November 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of debt issuance costs | 274,100,000 | 273,800,000 |
Debt Instrument, Face Amount | $ 275,000,000 | $ 275,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% |
Unamortized Debt Issuance Expense | $ 0.9 | $ 1.2 |
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of debt issuance costs | 195,700,000 | 195,400,000 |
Debt Instrument, Face Amount | $ 175,000,000 | $ 175,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 1.96% | 1.96% |
Unamortized Debt Issuance Expense | $ 0.9 | $ 0.9 |
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, net of debt issuance costs | 195,600,000 | 195,400,000 |
Debt Instrument, Face Amount | $ 175,000,000 | $ 175,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% |
Unamortized Debt Issuance Expense | $ 1 | $ 1 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | $ 689.5 | $ 689.5 | $ 512.7 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 81.2 | 81.2 | |||
Letters of Credit Outstanding, Amount | 0.7 | 0.7 | 0.8 | ||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | 10.5 | 10.5 | 12.3 | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 689.5 | 689.5 | $ 512.7 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,750 | 2,750 | |||
Line of Credit Facility, Average Outstanding Amount | $ 1,351.5 | $ 661.1 | $ 1,143.4 | $ 436.3 | |
Pricing on the Facility based on market rates | LIBOR plus 0.875% to 1.35% | ||||
Description of Variable Rate Basis | LIBOR | ||||
Basis spread on variable rate (in hundredths) | 1.00% | ||||
Line of Credit Facility, Interest Rate During Period | 1.40% | 3.30% | 1.80% | 3.30% |
Debt Warehouse Facilities (Deta
Debt Warehouse Facilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Document Period End Date | Jun. 30, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 81.2 | |
Warehouse facilities | 789.1 | $ 515.9 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Unamortized Debt Issuance Expense | 0.2 | 0.9 |
Agreement expires September 21, 2020, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | 185 | 104.4 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 375 | 375 |
Pricing on the Facility based on market rates | LIBOR plus 1.15% | |
Huntington Agreement- HFF, Extension [Member] [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 23 | 11 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 175 | 175 |
Pricing on the Facility based on market rates | LIBOR plus 1.25% | |
PNC Agreement- HFF, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 172.2 | 151.6 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | 1,000 |
Pricing on the Facility based on market rates | LIBOR plus 1.25% | |
Agreement expires September 19, 2020, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 339.7 | 184.8 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 775 | 775 |
Pricing on the Facility based on market rates | LIBOR plus 1.15% | |
Agreement expires August 31, 2020, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 31.8 | 11.4 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | 100 |
Pricing on the Facility based on market rates | LIBOR plus 1.15% | |
Fannie Mae ASAP program [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Repurchase Amount | $ 37.6 | 53.6 |
Debt Instrument, Interest Rate Terms | LIBOR plus 1.15% | |
Line of Credit, Gross [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 789.3 | 516.8 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,425 | $ 2,425 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency, Receivable | $ 36.9 | $ 37.7 | |
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount | 10,500 | 9,700 | |
Loan loss accrual | 20.9 | $ 20.6 | |
Insurance Claims [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Loss Contingency Accrual | 38.1 | $ 43.1 | |
Loss Contingency Accrual, Provision | 0.7 | 0 | |
Loss Contingency Accrual, Provision Adjustment | (0.7) | (2.8) | |
Loss Contingency Accrual, Payments | 0 | (1.1) | |
Loss Contingency Accrual | $ 38.1 | $ 39.2 |
Restructuring and Acquisition_2
Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring and acquisition charges | $ (28.2) | $ (25.7) | $ (42.3) | $ (44.3) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0.6 | 14.3 | (7.6) | 20 |
Share-based Payment Arrangement, Noncash Expense | 13 | 0 | 24.2 | 0 |
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 36.5 | 15.1 | ||
Restructuring charges | 25.7 | 24.3 | ||
Payments made | (43.5) | (24.8) | ||
Restructuring reserve, ending balance | 18.7 | 14.6 | $ 18.7 | 14.6 |
Document Period End Date | Jun. 30, 2020 | |||
Severance [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 24.3 | 14 | ||
Restructuring charges | 7 | 5.4 | 8.3 | 10.4 |
Payments made | (16) | (14.8) | ||
Restructuring reserve, ending balance | 16.6 | 9.6 | 16.6 | 9.6 |
Contract Termination [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 8.4 | 0.6 | ||
Restructuring charges | 6.7 | 1 | ||
Payments made | (13.5) | (1.1) | ||
Restructuring reserve, ending balance | 1.6 | 0.5 | 1.6 | 0.5 |
Lease Exit [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring charges | 7.6 | 6 | 17.4 | 13.9 |
Other Restructuring [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 3.8 | 0.5 | ||
Restructuring charges | 10.7 | 12.9 | ||
Payments made | (14) | (8.9) | ||
Restructuring reserve, ending balance | 0.5 | 4.5 | 0.5 | 4.5 |
HFF Acquisition [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business Combination, Integration Related Costs | $ 20.1 | $ 3.2 | 41.4 | $ 9.7 |
Restructuring reserve [Roll Forward] | ||||
Expense to be recognized for retention awards | $ 100 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 5,109.4 | $ 5,028.9 | $ 3,875.3 | $ 3,795.1 | $ 5,109.4 | $ 3,875.3 | $ 5,204.7 | $ 3,734.5 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | (0.8) | 0 | (1.8) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 33.8 | (143.4) | (23.3) | 31.3 | (109.6) | 8 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (72) | (72) | (59.2) | (58.4) | (72) | (59.2) | (72) | (57.4) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | (1.8) | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | 0.8 | 0 | 1.8 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (465.4) | (499.2) | (390.8) | (367.5) | (465.4) | (390.8) | (355.8) | (398.8) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 33.8 | (23.3) | (109.6) | 8 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 33.8 | (23.3) | (109.6) | 8 | ||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (537.4) | $ (571.2) | (450) | (425.9) | (537.4) | (450) | $ (427.8) | $ (456.2) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 33.8 | (23.3) | (109.6) | 8 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.8 | 0 | (1.8) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | $ (1) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 33.8 | $ (24.1) | $ (109.6) | $ 6.2 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Event (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.43 | $ 0 | $ 0.43 |