Jones Lang LaSalle (JLL) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
Document and Entity Information [Abstract]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	JLL
Security Exchange Name	NYSE
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
Entity File Number	1-13145
City Area Code	(312)
Local Phone Number	782-5800
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Jones Lang LaSalle Incorporated
Entity Central Index Key	0001037976
Current Fiscal Year End Date	--12-31
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		51,307,170
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2021
Document Type	10-Q
Amendment Flag	false

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 456.6	$ 574.3
Trade receivables, net of allowances	1,477.4	1,636.1
Notes and other receivables	399.9	469.9
Accounts Receivable, Reimbursed by Client, Current	1,430.1	1,461.3
Loans Receivable, Gross, Mortgage Warehouse Lending.	832.1	1,529.2
Contract with Customer, Asset, after Allowance for Credit Loss, Current	264.7	265.8
Prepaid Expense and Other Assets, Current	412.9	517.1
Total current assets	5,273.7	6,453.7
Property and equipment, net of accumulated depreciation	682	663.9
Operating Lease, Right-of-Use Asset	706.5	707.4
Goodwill	4,201.7	4,224.7
Identified intangibles, net of accumulated amortization	687	679.8
Investments in real estate ventures	545.1	430.8
Long-term receivables	249.7	231.1
Deferred Income Tax Assets, Net	293.9	296.5
Deferred Compensation Plan Assets	480.2	446.3
Other	186.6	182.3
Total assets	13,306.4	14,316.5
Current liabilities:
Accounts Payable and Accrued Liabilities, Current	1,108.7	1,229.8
Accounts Payable, Reimbursed by Client, Current	1,016.6	1,154.5
Accrued compensation & benefits	1,031.4	1,433.2
Short-term Debt	90.6	62
Short-term contract liabilities and deferred income	181	192.9
Business Combination, Contingent Consideration, Liability, Current	72.4	91.7
Warehouse facilities	833.5	1,498.4
Operating Lease, Liability, Current	159.1	165.7
Other	198.5	299.6
Total current liabilities	4,691.8	6,127.8
Noncurrent liabilities:
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs	342.3	(8.7)
Long-term debt, net of debt issuance costs	684	702
Deferred Tax Liabilities, Net	114.6	120
Deferred compensation	461.8	450
Business Combination, Contingent Consideration, Liability, Noncurrent	22.7	26.2
Operating Lease, Liability, Noncurrent	692.4	683.9
Other	582.1	597.5
Total liabilities	7,591.7	8,698.7
Redeemable Noncontrolling Interest	7.8	7.8
Company shareholders' equity:
Common stock, $.01 par value per share	0.5	0.5
Additional paid-in capital	2,015.5	2,023.3
Retained earnings	4,078.9	3,975.9
Treasury Stock, Value	(85.7)	(96.1)
Shares held in trust	(5.4)	(5.6)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(383.6)	(377.2)
Total Company shareholders' equity	5,620.2	5,520.8
Noncontrolling interest	86.7	89.2
Total equity	5,706.9	5,610
Total liabilities and equity	$ 13,306.4	$ 14,316.5

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Trade receivables, allowances	$ 70.2	$ 66.5
Contract with Customer, Asset, Allowance for Credit Loss, Current	2.1	1.8
Property and equipment, accumulated depreciation	834.9	806.2
Identified intangibles, with finite useful lives, accumulated amortization	312.3	295.3
Investments, Fair Value Disclosure	$ 435.4	$ 340.3
Company shareholders' equity
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	100,000,000
Common Stock, Shares, Issued	52,073,440	51,970,307
Common Stock, Shares, Outstanding	51,306,200	51,105,417
Treasury Stock, Shares	767,240	864,890
Long-Term Senior Notes [Member]
Unamortized Debt Issuance Expense	$ 2.3	$ 2.5
Line of Credit [Member]
Unamortized Debt Issuance Expense	$ 7.7	$ 8.7

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue Before Reimbursements	$ 2,129.6	$ 2,233
Reimbursement Revenues	1,907.5	1,863
Revenue	4,037.1	4,096
Operating expenses:
Compensation and benefits	1,334.4	1,324.5
Operating, administrative and other	644.3	774.8
Cost of Reimbursable Expenses	1,907.5	1,863
Depreciation and amortization	53	55
Restructuring and acquisition charges	17.2	14.1
Total operating expenses	3,956.4	4,031.4
Operating Income (Loss)	80.7	64.6
Interest Expense, Net of Interest Income	10.4	14.6
Equity earnings from real estate ventures	48.5	(28.3)
Other Nonoperating Income (Expense)	11.8	0.9
Income before income taxes and noncontrolling interest	130.6	22.6
Provision for income taxes	28.2	5
Net income	102.4	17.6
Net income attributable to noncontrolling interest	(0.6)	12.3
Net income attributable to the Company	103	5.3
Net income attributable to common shareholders	$ 103	$ 5.3
Basic earnings per common share (in dollars per share)	$ 2.01	$ 0.10
Basic weighted average shares outstanding (in shares)	51,173	51,612
Diluted earnings per common share (in dollars per share)	$ 1.97	$ 0.10
Diluted weighted average shares outstanding (in shares)	52,175	52,458
Other comprehensive income:
Net income attributable to the Company	$ 103	$ 5.3
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	(0.2)	0
Foreign currency translation adjustments	(6.2)	(143.4)
Comprehensive income attributable to the common shareholders	$ 96.6	$ (138.1)

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]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Value				$ 0
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)			(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)				(14.9)
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							(143.4)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Value				(25)
Common Stock, Shares, Outstanding	51,622,839
Treasury Stock, Value	$ (96.1)			96.1
Common Stock, Shares, Outstanding	51,105,417
Shares, Outstanding	51,105,417
Common Stock, Shares, Issued at Dec. 31, 2020	51,970,307
Balances at Dec. 31, 2020	$ 5,610	$ 0.5	2,023.3		3,975.9	(5.6)	(377.2)	89.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	102.4				103			(0.6)
Shares issued under stock compensation programs (in shares)		290,563
Shares issued under stock compensation programs	(0.3)		(15.6)	(15.9)
Shares repurchased for payment of taxes on stock awards (in shares)		(89,780)
Shares repurchased for payment of taxes on stock awards	(15.2)		(9.7)	(5.5)
Amortization of stock compensation	17.5		17.5
(Increase) Decrease In Common Stock Held In Trust	0.2					0.2
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax							(0.2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	(0.2)						(0.2)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax							(6.2)
Foreign currency translation adjustments	(6.2)
Distributions to noncontrolling interest	$ (1.9)							(1.9)
Common Stock, Shares, Issued at Mar. 31, 2021	52,073,440
Balances at Mar. 31, 2021	$ 5,706.9	$ 0.5	$ 2,015.5		$ 4,078.9	$ (5.4)	$ (383.6)	$ 86.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Value	$ (85.7)			$ (85.7)
Common Stock, Shares, Outstanding	51,306,200

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows used for operating activities:
Net income	$ 102.4	$ 17.6
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	53	55
Equity in earnings (losses)	(48.5)	28.3
Gain (Loss) on Sale of Assets	(11.4)	0
Distributions of earnings from real estate ventures	0.4	3.6
Provision for loss on receivables and other assets	(0.5)	38.1
Amortization of Deferred Compensation	17.5	18.6
Net non-cash mortgage servicing rights and mortgage banking derivative activity	(9.7)	1.6
Accretion of interest and amortization of debt issuance costs	1.2	1.4
Other	(3.9)	(10.8)
Increase (Decrease) in Receivables	154	250.4
Increase (Decrease) in Reimbursable Receivables and Reimbursable Payables	(107.6)	(58.7)
Increase (Decrease) in Prepaid Expense and Other Assets	(32.4)	(45.9)
Increase (Decrease) in Deferred Tax Assets, net	(2.7)	(5.5)
Increase (Decrease) in Accounts Payable and Accrued Liabilities	(189.2)	(187.8)
Increase (Decrease) in Accrued Compensation	(384.4)	(652)
Net cash used in operating activities	(461.8)	(546.1)
Cash flows used in investing activities:
Net capital additions - property and equipment	(34.6)	(44.4)
Net investment activity (less than wholly-owned)	(37.2)	(3.2)
Business acquisitions, net of cash acquired	(0.2)	0
Payments to Acquire Interest in Joint Venture	(33.8)	(54)
Proceeds from Real Estate and Real Estate Joint Ventures	4	13.4
Other, net	4	(2.3)
Net cash used in investing activities	(97.8)	(90.5)
Cash flows provided by financing activities:
Proceeds from Long-term Lines of Credit	1,242	2,555
Repayments of Long-term Lines of Credit	(892)	(1,630)
Proceeds from (Repayments of) Short-term Debt	36.8	6.6
Payment for Contingent Consideration Liability, Financing Activities	(21)	(9.8)
Payments for Repurchase of Common Stock	0	(25)
Other, net	10.9	(13.5)
Net cash provided by financing activities	376.7	883.3
Effect of currency exchange rate on Cash and Cash Equivalents	(12.4)	(21.1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(195.3)	225.6
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	839.8	652.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	644.5	877.7
Supplemental disclosure of cash flow information:
Restricted Cash, beginning of period	265.5	200.2
Restricted Cash, end of period	187.9	157
Cash paid during the period for:
Interest Paid, Excluding Capitalized Interest, Operating Activities	4.5	9.3
Income taxes, net of refunds	30.5	44.4
Operating Lease, Payments	49	47.1
Non-cash activities
Business acquisitions, including contingent consideration	3.8	0
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$ 23.9	$ 0

Interim Information

Interim Information	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Information	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, 2020, which are included in our 2020 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.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 Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Condensed Consolidated Financial Statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, 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. In 2020 and the three months ended March 31, 2021, macroeconomic conditions influenced by the COVID-19 pandemic impacted the historical seasonality of our revenue and profits and may continue to do so during the remainder of 2021. 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 can impact our estimated effective tax rate. As a result of the items mentioned above, the results for the periods ended March 31 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	3 Months Ended
	Mar. 31, 2021
Text Block [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In January 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020‑01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) , which, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 and clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not impact our financial statements and related disclosures.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Notes)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	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 March 31, (in millions) 2021 2020 Revenue excluded from scope of ASC Topic 606 $ 70.2 49.3 Contract assets and liabilities - Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities 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. Such contract assets and liabilities are presented below. (in millions) March 31, 2021 December 31, 2020 Contract assets, gross $ 348.3 347.8 Contract asset allowance (2.4) (2.1) Contract assets, net $ 345.9 345.7 Contract liabilities $ 105.4 111.0 Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of March 31, 2021, 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	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segments	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. 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. Segment income does not include (i) restructuring and acquisition charges, (ii) interest expense, net of interest income, (iii) other income, and (iv) provision for income tax, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. The Chief Operating Decision Maker of JLL measures and evaluates the segment results based on Segment income for purposes of making decisions about allocating resources and assessing performance. Summarized financial information by business segment is as follows. Three Months Ended March 31, (in millions) 2021 2020 Americas Leasing $ 363.7 418.9 Capital Markets 216.9 247.4 Property & Facility Management 1,494.8 1,458.8 Project & Development Services 269.8 306.4 Advisory, Consulting and Other 98.7 91.6 Revenue $ 2,443.9 2,523.1 Depreciation and amortization $ 33.1 37.4 Equity earnings $ 34.5 12.7 Segment income $ 145.0 94.6 EMEA Leasing $ 54.4 48.1 Capital Markets 74.2 73.2 Property & Facility Management 344.1 375.0 Project & Development Services 183.7 203.2 Advisory, Consulting and Other 59.8 56.4 Revenue $ 716.2 755.9 Depreciation and amortization $ 10.9 9.2 Equity earnings $ — — Segment loss $ (35.8) (20.5) Asia Pacific Leasing $ 31.4 25.4 Capital Markets 29.3 21.7 Property & Facility Management 575.1 532.0 Project & Development Services 98.3 94.8 Advisory, Consulting and Other 51.7 38.2 Revenue $ 785.8 712.1 Depreciation and amortization $ 7.3 6.6 Equity earnings (losses) $ 1.0 (0.7) Segment income $ 17.8 2.4 LaSalle Advisory fees $ 83.5 85.6 Transaction fees & other 7.7 13.6 Incentive fees — 5.7 Revenue $ 91.2 104.9 Depreciation and amortization $ 1.7 1.8 Equity earnings (losses) $ 13.0 (40.3) Segment income (loss) $ 19.4 (26.1) The following table is a reconciliation of Segment income to consolidated Operating income. Three Months Ended March 31, (in millions) 2021 2020 Segment income - Americas $ 145.0 94.6 Segment loss - EMEA (35.8) (20.5) Segment income - APAC 17.8 2.4 Segment income (loss) - LaSalle 19.4 (26.1) Less: Equity (earnings) losses (48.5) 28.3 Add: Restructuring and acquisition charges (17.2) (14.1) Operating income $ 80.7 64.6

Business Combinations, Goodwill

Business Combinations, Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Business Combinations, Goodwill and Other Intangible Assets	BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2021 Business Combinations Activity During the three months ended March 31, 2021, we paid $26.2 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. 2020 Business Combinations Activity During the year ended December 31, 2020 we completed no new acquisitions. Earn-Out Payments ($ in millions) March 31, 2021 December 31, 2020 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 24 35 Maximum earn-out payments (undiscounted) $ 157.8 $ 199.2 Short-term earn-out liabilities (fair value) (1) 59.9 77.2 Long-term earn-out liabilities (fair value) (1) 8.3 8.5 (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 March 31, 2021 consisted of: (1) goodwill of $4,201.7 million, (2) identifiable intangibles of $634.9 million amortized over their remaining finite useful lives, and (3) $52.1 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. 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, 2020 $ 2,878.0 959.7 329.2 57.8 $ 4,224.7 Dispositions (11.0) (0.7) — — (11.7) Impact of exchange rate movements 0.3 (8.6) (3.0) — (11.3) Balance as of March 31, 2021 $ 2,867.3 950.4 326.2 57.8 $ 4,201.7 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 Impact of exchange rate movements (2.9) (46.6) (13.4) (1.0) (63.9) Balance as of March 31, 2020 $ 2,874.7 869.3 304.2 56.1 $ 4,104.3 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, 2020 $ 572.1 265.8 55.7 23.6 57.9 $ 975.1 Additions, net of adjustments (1) 40.0 — 3.8 — — 43.8 Adjustment for fully amortized intangibles (6.7) (7.9) (0.9) (2.2) — (17.7) Impact of exchange rate movements — 0.1 0.2 (0.4) (1.8) (1.9) Balance as of March 31, 2021 $ 605.4 258.0 58.8 21.0 56.1 $ 999.3 Accumulated Amortization Balance as of December 31, 2020 $ (147.8) (94.1) (39.5) (8.6) (5.3) $ (295.3) Amortization, net (2) (21.6) (10.5) (1.8) (0.3) (0.4) (34.6) Adjustment for fully amortized intangibles 6.7 7.9 0.9 2.2 — 17.7 Impact of exchange rate movements — — (0.1) 0.1 (0.1) (0.1) Balance as of March 31, 2021 $ (162.7) (96.7) (40.5) (6.6) (5.8) $ (312.3) Net book value as of March 31, 2021 $ 442.7 161.3 18.3 14.4 50.3 $ 687.0 (1) Included in this amount for MSRs was (i) $3.1 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. 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) 16.9 — — 0.5 — 17.4 Adjustment for fully amortized intangibles (12.7) — (0.2) — — (12.9) Impact of exchange rate movements — (0.5) (3.4) (2.1) (1.1) (7.1) Balance as of March 31, 2020 $ 484.6 285.2 52.3 19.8 52.9 $ 894.8 Accumulated Amortization Balance as of December 31, 2019 $ (104.0) (68.3) (33.1) (6.7) (2.7) $ (214.8) Amortization, net (2) (22.6) (11.6) (1.8) (0.4) (0.7) (37.1) Adjustment for fully amortized intangibles 12.7 — 0.2 — — 12.9 Impact of exchange rate movements — 0.2 2.1 0.5 0.1 2.9 Balance as of March 31, 2020 $ (113.9) (79.7) (32.6) (6.6) (3.3) $ (236.1) Net book value as of March 31, 2020 $ 370.7 205.5 19.7 13.2 49.6 $ 658.7 (1) Included in this amount for MSRs was $5.9 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

Investments in Real Estate Vent

Investments in Real Estate Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Real Estate Ventures	INVESTMENTS IN REAL ESTATE VENTURES As of March 31, 2021 and December 31, 2020, we had Investments in real estate ventures of $545.1 million and $430.8 million, respectively. Approximately 90% of our investments, as of March 31, 2021, are primarily (i) direct investments in 50 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement and (ii) investments by JLL Technologies in early-stage proptech companies. The remaining 10% of our Investments in real estate ventures, as of March 31, 2021, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, generally, 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 $309.9 million as of March 31, 2021. 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) March 31, 2021 December 31, 2020 Property and equipment, net $ 154.0 117.4 Investments in real estate ventures 9.2 9.0 Other assets 11.2 21.0 Total assets $ 174.4 147.4 Other current liabilities $ 1.8 1.9 Mortgage indebtedness (included in Other liabilities) 89.6 60.3 Total liabilities 91.4 62.2 Members' equity (included in Noncontrolling interest) 83.0 85.2 Total liabilities and members' equity $ 174.4 147.4 Three Months Ended March 31, (in millions) 2021 2020 Revenue $ 2.6 4.3 Operating and other expenses (3.2) (4.3) Net gains on sale of investments (1) — 12.2 Net (loss) income $ (0.6) 12.2 (1) The 2020 gain was included in Equity earnings. 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 three months ended March 31, 2021 and 2020. 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) 2021 2020 Fair value investments as of January 1, $ 340.3 328.6 Investments 55.8 28.9 Distributions (3.3) (16.0) Change in fair value, net 45.7 (35.2) Foreign currency translation adjustments, net (3.1) (4.3) Fair value investments as of March 31, $ 435.4 302.0 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	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	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 December 31, 2020 1,096.2 531.5 1,627.7 $ 137.42 1.69 Granted 56.6 — 56.6 145.93 Vested (207.5) (79.0) (286.5) 150.76 Forfeited (5.0) (13.4) (18.4) 149.11 Unvested as of March 31, 2021 940.3 439.1 1,379.4 $ 134.84 1.70 Unvested as of December 31, 2019 1,532.3 286.8 1,819.1 $ 141.51 2.39 Granted 9.7 — 9.7 160.03 Vested (324.6) — (324.6) 136.91 Forfeited (8.5) — (8.5) 137.68 Unvested as of March 31, 2020 1,208.9 286.8 1,495.7 $ 144.71 1.78 As of March 31, 2021, we had $74.2 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate recognizing over varying periods into 2026; $24.1 million relates to the awards issued in conjunction with the HFF acquisition.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 $704.8 million and $723.7 million as of March 31, 2021 and December 31, 2020, respectively, using dealer quotes that are Level 2 inputs in the fair value hierarchy. The carrying value of our Long-term debt was $684.0 million and $702.0 million as of March 31, 2021 and December 31, 2020, respectively, and included debt issuance costs of $2.3 million and $2.5 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. In instances where the reported NAV per share did not fully incorporate the COVID-19 pandemic’s impact on the fair value of underlying investments, we recognized an adjustment to decrease the reported NAV. As of March 31, 2021, such adjustments totaled $9.3 million. We did not consider any other adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of March 31, 2021 and December 31, 2020, investments in real estate ventures at fair value using NAV were $222.7 million and $203.8 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. March 31, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments in real estate ventures - fair value $ 72.6 — 140.1 77.2 — 59.3 Foreign currency forward contracts receivable — 6.9 — — 13.1 — Warehouse receivables — 832.1 — — 1,529.2 — Deferred compensation plan assets — 480.2 — — 446.3 — Mortgage banking derivative assets — — 63.9 — — 87.1 Total assets at fair value $ 72.6 1,319.2 204.0 77.2 1,988.6 146.4 Liabilities Foreign currency forward contracts payable $ — 9.4 — — 3.4 — Deferred compensation plan liabilities — 452.0 — — 427.6 — Earn-out liabilities — — 68.2 — — 85.7 Mortgage banking derivative liabilities — — 31.0 — — 73.4 Total liabilities at fair value $ — 461.4 99.2 — 431.0 159.1 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 or date of most recent financing raise 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 March 31, 2021 and December 31, 2020, these contracts had a gross notional value of $2.22 billion ($1.22 billion on a net basis) and $2.34 billion ($1.42 billion on a net basis), respectively. 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 $6.9 million asset as of March 31, 2021, was composed of gross contracts with receivable positions of $8.4 million and payable positions of $1.5 million. The $9.4 million liability as of March 31, 2021, was composed of gross contracts with receivable positions of $0.7 million and payable positions of $10.1 million. As of December 31, 2020, the $13.1 million asset was composed of gross contracts with receivable positions of $13.5 million and payable positions of $0.4 million. The $3.4 million liability as of December 31, 2020, was composed of gross contracts with receivable positions of $2.7 million and payable positions of $6.1 million. Warehouse Receivables As of March 31, 2021 and December 31, 2020, 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 March 31, 2021, as Deferred compensation plan assets of $480.2 million, long-term deferred compensation plan liabilities of $452.0 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.4 million. We recorded this plan on our Condensed Consolidated Balance Sheet as of December 31, 2020, as Deferred compensation plan assets of $446.3 million, long-term deferred compensation plan liabilities of $427.6 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.6 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). (in millions) Balance as of December 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of March 31, 2021 Investments in real estate ventures $ 59.3 31.8 — 49.1 (0.1) $ 140.1 Mortgage banking derivative assets and liabilities, net 13.7 18.9 — 41.1 (40.8) 32.9 Earn-out liabilities 85.7 (0.1) (0.4) 3.8 (20.8) 68.2 (in millions) Balance as of December 31, 2019 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of Investments in real estate ventures $ 34.4 — — 7.0 — $ 41.4 Mortgage banking derivative assets and liabilities, net 10.2 (75.2) — 26.2 (25.2) (64.0) Earn-out liabilities 148.5 (8.2) (2.0) — (8.3) 130.0 (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 Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments in real estate ventures Equity earnings 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 three months ended March 31, 2021 or 2020. See Note 6, Investments in Real Estate Ventures, for additional information, including information related to impairment charges recorded at the investee level.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	DEBT Short-term borrowings and long-term debt obligations are composed of the following. ($ in millions) March 31, 2021 December 31, 2020 Short-term borrowings: Local overdraft facilities $ 16.0 12.0 Other short-term borrowings 74.6 50.0 Total short-term borrowings $ 90.6 62.0 Credit facility, net of debt issuance costs of $7.7 and $8.7 342.3 (8.7) Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.6 and $0.8 274.4 274.2 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.8 and $0.8 204.8 213.9 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.9 and $0.9 204.8 213.9 Total debt $ 1,116.9 755.3 Credit Facility Our $2.75 billion unsecured revolving credit facility (the "Facility") matures on May 17, 2023. Pricing on the Facility ranges from three-month LIBOR plus 0.875% to 1.35%, with pricing as of March 31, 2021, at LIBOR plus 0.95%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million as of both March 31, 2021 and December 31, 2020. On April 14, 2021, we renewed the Facility, which included the extension of the maturity date to April 2026. Refer to Note 13, Subsequent Events for further detail. The following tables provides additional information on our Facility. Three Months Ended March 31, ($ in millions) 2021 2020 Average outstanding borrowings under the Facility $ 184.4 935.2 Effective interest rate on the Facility 1.0 % 2.4 % 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, 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 $63.4 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of March 31, 2021, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of March 31, 2021. Warehouse Facilities March 31, 2021 December 31, 2020 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse Facilities: LIBOR plus 1.40%, expires September 20, 2021 $ 171.5 400.0 144.4 400.0 LIBOR plus 1.40%, expires September 18, 2021 (1) 516.6 1,200.0 768.9 1,600.0 LIBOR plus 1.40%, expires August 27, 2021 (2) 87.3 200.0 195.9 900.0 Fannie Mae ASAP (3) program, LIBOR plus 1.15% 58.9 n/a 128.8 n/a LIBOR plus 1.50% — 300.0 261.6 300.0 Gross warehouse facilities 834.3 2,100.0 1,499.6 3,200.0 Debt issuance costs (0.8) n/a (1.2) n/a Total warehouse facilities $ 833.5 2,100.0 1,498.4 3,200.0 (1) The temporary maximum capacity increase to $1,600.0 million expired on January 31, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (2) The temporary maximum capacity increase to $900.0 million expired on January 6, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (3) 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 (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of March 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. Professional Indemnity Insurance 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 $14.5 million and $44.0 million as of March 31, 2021 and December 31, 2020, 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, 2020 $ 48.2 New claims — Prior year claims adjustments (including foreign currency changes) (30.2) Claims paid (0.4) March 31, 2021 $ 17.6 December 31, 2019 $ 38.1 New claims 0.3 Prior year claims adjustments (including foreign currency changes) (4.8) Claims paid — March 31, 2020 $ 33.6 DUS Program Loan Loss-Sharing 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 March 31, 2021 and December 31, 2020, we had loans subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $12.9 billion and $12.2 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 March 31, 2021 and December 31, 2020, the loss-sharing guarantee obligations were $23.5 million and $22.1 million, respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets. There were no loan losses incurred for the three months ended March 31, 2021 and 2020.

Restructuring and Acquisition C

Restructuring and Acquisition Charges	3 Months Ended
	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Activities Disclosure [Text Block]	RESTRUCTURING AND ACQUISITION CHARGES Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (1) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (2) acquisition, transaction and integration-related charges, and (3) other restructuring including lease exit charges. Non-cash charges include (1) stock-based compensation expense for retention awards issued in conjunction with the HFF acquisition and (2) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity. Restructuring and acquisition charges are presented in table below. Three Months Ended March 31, (in millions) 2021 2020 Severance and other employment-related charges $ 1.8 1.3 Restructuring, pre-acquisition and post-acquisition charges 9.5 9.8 Stock-based compensation expense for HFF retention awards 6.0 11.2 Fair value adjustments to earn-out liabilities (0.1) (8.2) Restructuring and acquisition charges $ 17.2 14.1 The following tables show the accrual activity and payments relating to cash-based Restructuring and acquisition charges. (in millions) Severance & Employment-Related Lease Restructuring, Acquisition and Total December 31, 2020 $ 41.3 2.5 1.2 $ 45.0 Accruals 1.8 3.3 6.2 11.3 Payments made (18.9) (4.8) (5.6) (29.3) March 31, 2021 $ 24.2 1.0 1.8 $ 27.0 (in millions) Severance & Employment-Related Lease Other Restructuring, Total December 31, 2019 $ 24.3 8.4 3.8 $ 36.5 Accruals 1.3 2.4 7.4 11.1 Payments made (14.3) (9.6) (6.9) (30.8) March 31, 2020 $ 11.3 1.2 4.3 $ 16.8 We expect the majority of accrued severance and other accrued acquisition costs as of March 31, 2021 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2026. HFF Acquisition Included in Restructuring and acquisition charges were $11.5 million for the three months ended March 31, 2021 compared to $21.3 million for the three months ended March 31, 2020 of charges relating to the acquisition and integration of HFF (including retention and severance expense, early lease termination costs, and other integration expenses). During the integration of HFF, we expect to incur significant charges over the two years following the acquisition in an effort to maximize the value of the combined organization. We expect to recognize approximately $100 million of expense over this two-year window relating to retention awards which have already been paid or granted (in the case of RSUs). In addition, we may incur other costs in connection with the integration including, but not limited to, lease termination charges and other employee-related costs, but are unable to estimate these amounts. We anticipate that other than RSU retention awards granted, substantially all of these cumulative charges will result in cash expenditures.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss) by Component	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss) by Component	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2020 $ (81.2) (296.0) $ (377.2) Other comprehensive loss before reclassification — (6.2) (6.2) Amounts reclassified from AOCI after tax expense of (0.2) — (0.2) Other comprehensive loss after tax expense of $ - , $ - and $ - (0.2) (6.2) (6.4) Balance as of March 31, 2021 $ (81.4) (302.2) $ (383.6) (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 — (143.4) (143.4) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (143.4) (143.4) Balance as of March 31, 2020 $ (72.0) (499.2) $ (571.2) 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Event [Line Items]
Subsequent Events	SUBSEQUENT EVENTS On April 14, 2021, we executed Amendment No. 2 ("Amendment No. 2") to the Second Amended and Restated Multicurrency Credit Agreement dated as of June 21, 2016 (as amended, the "Credit Agreement") with a syndicate of lenders. The borrowing capacity under the Credit Agreement remains at $2.75 billion. The features to the Credit Agreement, as amended, provide for (i) an extension of the maturity date from May 2023 to April 2026, (ii) incremental flexibility of cash add-backs, all capped at the greater of $175.0 million or 20% of Bank Adjusted EBITDA for any twelve-month period, (iii) incorporating non-cash add-backs to Bank Adjusted EBITDA, (iv) certain sustainability-linked metrics incorporating KPI's with incentive pricing, and (v) auto-adjustment to new benchmark interest rates. Refer to Note 9, Debt for further information on our Facility.

New Accounting Standards New _2

New Accounting Standards New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2021
Text Block [Abstract]
New Accounting Standards	NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In January 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020‑01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) , which, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 and clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not impact our financial statements and related disclosures.

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, (in millions) 2021 2020 Revenue excluded from scope of ASC Topic 606 $ 70.2 49.3
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Such contract assets and liabilities are presented below. (in millions) March 31, 2021 December 31, 2020 Contract assets, gross $ 348.3 347.8 Contract asset allowance (2.4) (2.1) Contract assets, net $ 345.9 345.7 Contract liabilities $ 105.4 111.0

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summarized Unaudited Financial Information by Business Segments	Summarized financial information by business segment is as follows. Three Months Ended March 31, (in millions) 2021 2020 Americas Leasing $ 363.7 418.9 Capital Markets 216.9 247.4 Property & Facility Management 1,494.8 1,458.8 Project & Development Services 269.8 306.4 Advisory, Consulting and Other 98.7 91.6 Revenue $ 2,443.9 2,523.1 Depreciation and amortization $ 33.1 37.4 Equity earnings $ 34.5 12.7 Segment income $ 145.0 94.6 EMEA Leasing $ 54.4 48.1 Capital Markets 74.2 73.2 Property & Facility Management 344.1 375.0 Project & Development Services 183.7 203.2 Advisory, Consulting and Other 59.8 56.4 Revenue $ 716.2 755.9 Depreciation and amortization $ 10.9 9.2 Equity earnings $ — — Segment loss $ (35.8) (20.5) Asia Pacific Leasing $ 31.4 25.4 Capital Markets 29.3 21.7 Property & Facility Management 575.1 532.0 Project & Development Services 98.3 94.8 Advisory, Consulting and Other 51.7 38.2 Revenue $ 785.8 712.1 Depreciation and amortization $ 7.3 6.6 Equity earnings (losses) $ 1.0 (0.7) Segment income $ 17.8 2.4 LaSalle Advisory fees $ 83.5 85.6 Transaction fees & other 7.7 13.6 Incentive fees — 5.7 Revenue $ 91.2 104.9 Depreciation and amortization $ 1.7 1.8 Equity earnings (losses) $ 13.0 (40.3) Segment income (loss) $ 19.4 (26.1) The following table is a reconciliation of Segment income to consolidated Operating income. Three Months Ended March 31, (in millions) 2021 2020 Segment income - Americas $ 145.0 94.6 Segment loss - EMEA (35.8) (20.5) Segment income - APAC 17.8 2.4 Segment income (loss) - LaSalle 19.4 (26.1) Less: Equity (earnings) losses (48.5) 28.3 Add: Restructuring and acquisition charges (17.2) (14.1) Operating income $ 80.7 64.6

Business Combinations, Goodwi_2

Business Combinations, Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items]
Summary of Earn-out Payments [Table Text Block]	Earn-Out Payments ($ in millions) March 31, 2021 December 31, 2020 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 24 35 Maximum earn-out payments (undiscounted) $ 157.8 $ 199.2 Short-term earn-out liabilities (fair value) (1) 59.9 77.2 Long-term earn-out liabilities (fair value) (1) 8.3 8.5 (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, 2020 $ 2,878.0 959.7 329.2 57.8 $ 4,224.7 Dispositions (11.0) (0.7) — — (11.7) Impact of exchange rate movements 0.3 (8.6) (3.0) — (11.3) Balance as of March 31, 2021 $ 2,867.3 950.4 326.2 57.8 $ 4,201.7 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 Impact of exchange rate movements (2.9) (46.6) (13.4) (1.0) (63.9) Balance as of March 31, 2020 $ 2,874.7 869.3 304.2 56.1 $ 4,104.3
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, 2020 $ 572.1 265.8 55.7 23.6 57.9 $ 975.1 Additions, net of adjustments (1) 40.0 — 3.8 — — 43.8 Adjustment for fully amortized intangibles (6.7) (7.9) (0.9) (2.2) — (17.7) Impact of exchange rate movements — 0.1 0.2 (0.4) (1.8) (1.9) Balance as of March 31, 2021 $ 605.4 258.0 58.8 21.0 56.1 $ 999.3 Accumulated Amortization Balance as of December 31, 2020 $ (147.8) (94.1) (39.5) (8.6) (5.3) $ (295.3) Amortization, net (2) (21.6) (10.5) (1.8) (0.3) (0.4) (34.6) Adjustment for fully amortized intangibles 6.7 7.9 0.9 2.2 — 17.7 Impact of exchange rate movements — — (0.1) 0.1 (0.1) (0.1) Balance as of March 31, 2021 $ (162.7) (96.7) (40.5) (6.6) (5.8) $ (312.3) Net book value as of March 31, 2021 $ 442.7 161.3 18.3 14.4 50.3 $ 687.0 (1) Included in this amount for MSRs was (i) $3.1 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. 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) 16.9 — — 0.5 — 17.4 Adjustment for fully amortized intangibles (12.7) — (0.2) — — (12.9) Impact of exchange rate movements — (0.5) (3.4) (2.1) (1.1) (7.1) Balance as of March 31, 2020 $ 484.6 285.2 52.3 19.8 52.9 $ 894.8 Accumulated Amortization Balance as of December 31, 2019 $ (104.0) (68.3) (33.1) (6.7) (2.7) $ (214.8) Amortization, net (2) (22.6) (11.6) (1.8) (0.4) (0.7) (37.1) Adjustment for fully amortized intangibles 12.7 — 0.2 — — 12.9 Impact of exchange rate movements — 0.2 2.1 0.5 0.1 2.9 Balance as of March 31, 2020 $ (113.9) (79.7) (32.6) (6.6) (3.3) $ (236.1) Net book value as of March 31, 2020 $ 370.7 205.5 19.7 13.2 49.6 $ 658.7 (1) Included in this amount for MSRs was $5.9 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.

Investments in Real Estate Ve_2

Investments in Real Estate Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Property and equipment, net $ 154.0 117.4 Investments in real estate ventures 9.2 9.0 Other assets 11.2 21.0 Total assets $ 174.4 147.4 Other current liabilities $ 1.8 1.9 Mortgage indebtedness (included in Other liabilities) 89.6 60.3 Total liabilities 91.4 62.2 Members' equity (included in Noncontrolling interest) 83.0 85.2 Total liabilities and members' equity $ 174.4 147.4
Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block]	Three Months Ended March 31, (in millions) 2021 2020 Revenue $ 2.6 4.3 Operating and other expenses (3.2) (4.3) Net gains on sale of investments (1) — 12.2 Net (loss) income $ (0.6) 12.2
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) 2021 2020 Fair value investments as of January 1, $ 340.3 328.6 Investments 55.8 28.9 Distributions (3.3) (16.0) Change in fair value, net 45.7 (35.2) Foreign currency translation adjustments, net (3.1) (4.3) Fair value investments as of March 31, $ 435.4 302.0

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Restricted Stock Unit and Performance 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 December 31, 2020 1,096.2 531.5 1,627.7 $ 137.42 1.69 Granted 56.6 — 56.6 145.93 Vested (207.5) (79.0) (286.5) 150.76 Forfeited (5.0) (13.4) (18.4) 149.11 Unvested as of March 31, 2021 940.3 439.1 1,379.4 $ 134.84 1.70 Unvested as of December 31, 2019 1,532.3 286.8 1,819.1 $ 141.51 2.39 Granted 9.7 — 9.7 160.03 Vested (324.6) — (324.6) 136.91 Forfeited (8.5) — (8.5) 137.68 Unvested as of March 31, 2020 1,208.9 286.8 1,495.7 $ 144.71 1.78

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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. March 31, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments in real estate ventures - fair value $ 72.6 — 140.1 77.2 — 59.3 Foreign currency forward contracts receivable — 6.9 — — 13.1 — Warehouse receivables — 832.1 — — 1,529.2 — Deferred compensation plan assets — 480.2 — — 446.3 — Mortgage banking derivative assets — — 63.9 — — 87.1 Total assets at fair value $ 72.6 1,319.2 204.0 77.2 1,988.6 146.4 Liabilities Foreign currency forward contracts payable $ — 9.4 — — 3.4 — Deferred compensation plan liabilities — 452.0 — — 427.6 — Earn-out liabilities — — 68.2 — — 85.7 Mortgage banking derivative liabilities — — 31.0 — — 73.4 Total liabilities at fair value $ — 461.4 99.2 — 431.0 159.1
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). (in millions) Balance as of December 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of March 31, 2021 Investments in real estate ventures $ 59.3 31.8 — 49.1 (0.1) $ 140.1 Mortgage banking derivative assets and liabilities, net 13.7 18.9 — 41.1 (40.8) 32.9 Earn-out liabilities 85.7 (0.1) (0.4) 3.8 (20.8) 68.2 (in millions) Balance as of December 31, 2019 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of Investments in real estate ventures $ 34.4 — — 7.0 — $ 41.4 Mortgage banking derivative assets and liabilities, net 10.2 (75.2) — 26.2 (25.2) (64.0) Earn-out liabilities 148.5 (8.2) (2.0) — (8.3) 130.0 (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 Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments in real estate ventures Equity earnings 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)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Short-term borrowings and long-term debt obligations are composed of the following. ($ in millions) March 31, 2021 December 31, 2020 Short-term borrowings: Local overdraft facilities $ 16.0 12.0 Other short-term borrowings 74.6 50.0 Total short-term borrowings $ 90.6 62.0 Credit facility, net of debt issuance costs of $7.7 and $8.7 342.3 (8.7) Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.6 and $0.8 274.4 274.2 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.8 and $0.8 204.8 213.9 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.9 and $0.9 204.8 213.9 Total debt $ 1,116.9 755.3
Schedule of Credit Facility, Average Outstanding Amount [Table Text Block]	The following tables provides additional information on our Facility. Three Months Ended March 31, ($ in millions) 2021 2020 Average outstanding borrowings under the Facility $ 184.4 935.2 Effective interest rate on the Facility 1.0 % 2.4 %

Debt Warehouse Facilities (Tabl

Debt Warehouse Facilities (Tables)	3 Months Ended
	Mar. 31, 2021
Warehouse Facilities [Abstract]
Schedule of Warehouse Facilities	Warehouse Facilities March 31, 2021 December 31, 2020 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse Facilities: LIBOR plus 1.40%, expires September 20, 2021 $ 171.5 400.0 144.4 400.0 LIBOR plus 1.40%, expires September 18, 2021 (1) 516.6 1,200.0 768.9 1,600.0 LIBOR plus 1.40%, expires August 27, 2021 (2) 87.3 200.0 195.9 900.0 Fannie Mae ASAP (3) program, LIBOR plus 1.15% 58.9 n/a 128.8 n/a LIBOR plus 1.50% — 300.0 261.6 300.0 Gross warehouse facilities 834.3 2,100.0 1,499.6 3,200.0 Debt issuance costs (0.8) n/a (1.2) n/a Total warehouse facilities $ 833.5 2,100.0 1,498.4 3,200.0 (1) The temporary maximum capacity increase to $1,600.0 million expired on January 31, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (2) The temporary maximum capacity increase to $900.0 million expired on January 6, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (3) As Soon As Pooled ("ASAP") funding program.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 48.2 New claims — Prior year claims adjustments (including foreign currency changes) (30.2) Claims paid (0.4) March 31, 2021 $ 17.6 December 31, 2019 $ 38.1 New claims 0.3 Prior year claims adjustments (including foreign currency changes) (4.8) Claims paid — March 31, 2020 $ 33.6

Restructuring and Acquisition_2

Restructuring and Acquisition Charges Restructuring and Related Activities (Tables)	3 Months Ended
	Mar. 31, 2021
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 Restructuring, Acquisition and Total December 31, 2020 $ 41.3 2.5 1.2 $ 45.0 Accruals 1.8 3.3 6.2 11.3 Payments made (18.9) (4.8) (5.6) (29.3) March 31, 2021 $ 24.2 1.0 1.8 $ 27.0 (in millions) Severance & Employment-Related Lease Other Restructuring, Total December 31, 2019 $ 24.3 8.4 3.8 $ 36.5 Accruals 1.3 2.4 7.4 11.1 Payments made (14.3) (9.6) (6.9) (30.8) March 31, 2020 $ 11.3 1.2 4.3 $ 16.8
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	Restructuring and acquisition charges are presented in table below. Three Months Ended March 31, (in millions) 2021 2020 Severance and other employment-related charges $ 1.8 1.3 Restructuring, pre-acquisition and post-acquisition charges 9.5 9.8 Stock-based compensation expense for HFF retention awards 6.0 11.2 Fair value adjustments to earn-out liabilities (0.1) (8.2) Restructuring and acquisition charges $ 17.2 14.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) by Component (Tables)	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2020 $ (81.2) (296.0) $ (377.2) Other comprehensive loss before reclassification — (6.2) (6.2) Amounts reclassified from AOCI after tax expense of (0.2) — (0.2) Other comprehensive loss after tax expense of $ - , $ - and $ - (0.2) (6.2) (6.4) Balance as of March 31, 2021 $ (81.4) (302.2) $ (383.6) (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 — (143.4) (143.4) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (143.4) (143.4) Balance as of March 31, 2020 $ (72.0) (499.2) $ (571.2)

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 345.9		$ 345.7
Contract with Customer, Liability	$ 105.4		$ 111
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	$ 70.2	$ 49.3

Revenue Recognition Contract As

Revenue Recognition Contract Assets & Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 345.9	$ 345.7
Contract with Customer, Asset, Allowance for Credit Loss	(2.4)	(2.1)
Contract with Customer, Asset, before Allowance for Credit Loss	348.3	347.8
Contract with Customer, Liability	$ 105.4	$ 111

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 80.7	$ 64.6
Restructuring and acquisition charges	(17.2)	(14.1)
Depreciation and amortization	53	55
Equity in earnings (losses)	(48.5)	28.3
Segment revenue:
Revenue Before Reimbursements	2,129.6	2,233
Revenue	4,037.1	4,096
Exclusive of LaSalle Investment Company II [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	1.7	1.8
Equity in earnings (losses)	(13)	40.3
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	19.4	(26.1)
Segment revenue:
Revenue	91.2	104.9
Americas [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	33.1	37.4
Equity in earnings (losses)	(34.5)	(12.7)
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	145	94.6
Segment revenue:
Revenue	2,443.9	2,523.1
EMEA [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	10.9	9.2
Equity in earnings (losses)	0	0
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	(35.8)	(20.5)
Segment revenue:
Revenue	716.2	755.9
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	7.3	6.6
Equity in earnings (losses)	(1)	0.7
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	17.8	2.4
Segment revenue:
Revenue	785.8	712.1
Leasing [Member] | Americas [Member]
Segment revenue:
Revenue	363.7	418.9
Leasing [Member] | EMEA [Member]
Segment revenue:
Revenue	54.4	48.1
Leasing [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	31.4	25.4
Capital Markets [Member] | Americas [Member]
Segment revenue:
Revenue	216.9	247.4
Capital Markets [Member] | EMEA [Member]
Segment revenue:
Revenue	74.2	73.2
Capital Markets [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	29.3	21.7
Property & Facility Management [Member] | Americas [Member]
Segment revenue:
Revenue	1,494.8	1,458.8
Property & Facility Management [Member] | EMEA [Member]
Segment revenue:
Revenue	344.1	375
Property & Facility Management [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	575.1	532
Project & Development Services [Member] | Americas [Member]
Segment revenue:
Revenue	269.8	306.4
Project & Development Services [Member] | EMEA [Member]
Segment revenue:
Revenue	183.7	203.2
Project & Development Services [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	98.3	94.8
Advisory, Consulting and Other [Member] | Americas [Member]
Segment revenue:
Revenue	98.7	91.6
Advisory, Consulting and Other [Member] | EMEA [Member]
Segment revenue:
Revenue	59.8	56.4
Advisory, Consulting and Other [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	51.7	38.2
Advisory Fees [Member] | Exclusive of LaSalle Investment Company II [Member]
Segment revenue:
Revenue	83.5	85.6
Transaction Fees & Other [Member] | Exclusive of LaSalle Investment Company II [Member]
Segment revenue:
Revenue	7.7	13.6
Incentive Fees [Member] | Exclusive of LaSalle Investment Company II [Member]
Segment revenue:
Revenue	$ 0	$ 5.7

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 63.4
Business Combination, contingent earn-out consideration	3.8	$ 0
Redeemable Noncontrolling Interest	$ 7.8		$ 7.8
Document Period End Date	Mar. 31, 2021
Payment for Contingent Consideration Liability, Total	$ 26.2
Goodwill	4,201.7	4,104.3	4,224.7	$ 4,168.2
Americas [Member]
Business Acquisition [Line Items]
Goodwill	2,867.3	2,874.7	2,878	2,877.6
EMEA [Member]
Business Acquisition [Line Items]
Goodwill	950.4	869.3	959.7	915.9
Asia Pacific [Member]
Business Acquisition [Line Items]
Goodwill	326.2	304.2	329.2	317.6
Investment Management [Member]
Business Acquisition [Line Items]
Goodwill	57.8	56.1	$ 57.8	$ 57.1
HFF Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Integration Related Costs	$ 11.5	$ 21.3

Business Combinations, Goodwi_3

Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details) $ in Millions	Mar. 31, 2021USD ($)acquisition	Dec. 31, 2020USD ($)acquisition
Summary of Earn-out Payments [Line Items]
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition	24	35
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 157.8	$ 199.2
Business Combination, Contingent Consideration, Liability, Current	72.4	91.7
Business Combination, Contingent Consideration, Liability, Noncurrent	22.7	26.2
Finite-Lived Intangible Assets, Net	634.9
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Summary of Earn-out Payments [Line Items]
Business Combination, Contingent Consideration, Liability, Current	59.9	77.2
Business Combination, Contingent Consideration, Liability, Noncurrent	$ 8.3	$ 8.5

Business Combinations, Goodwi_4

Business Combinations, Goodwill by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Finite-Lived Intangible Assets, Net	$ 634.9
Identifiable intangibles with indefinite useful lives	52.1
Goodwill [Line Items]
Servicing Asset at Amortized Cost, Other than Temporary Impairments	3.1	$ 5.9
Goodwill [Roll Forward]
Goodwill, Written off Related to Sale of Business Unit	(11.7)
Goodwill, Translation Adjustments	(11.3)	(63.9)
Goodwill	4,201.7	4,104.3
Goodwill	4,224.7	4,168.2
Investment Management [Member]
Goodwill [Roll Forward]
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill, Translation Adjustments	0	(1)
Goodwill	57.8	56.1
Goodwill	57.8	57.1
Americas [Member]
Goodwill [Roll Forward]
Goodwill, Written off Related to Sale of Business Unit	(11)
Goodwill, Translation Adjustments	0.3	(2.9)
Goodwill	2,867.3	2,874.7
Goodwill	2,878	2,877.6
EMEA [Member]
Goodwill [Roll Forward]
Goodwill, Written off Related to Sale of Business Unit	(0.7)
Goodwill, Translation Adjustments	(8.6)	(46.6)
Goodwill	950.4	869.3
Goodwill	959.7	915.9
Asia Pacific [Member]
Goodwill [Roll Forward]
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill, Translation Adjustments	(3)	(13.4)
Goodwill	326.2	304.2
Goodwill	$ 329.2	$ 317.6

Business Combinations Other Int

Business Combinations Other Intangibles by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Document Period End Date	Mar. 31, 2021
Finite and Indefinite lived Intangible Assets, Additions	$ 43.8	$ 17.4
Adjustment for fully amortized intangibles	17.7	12.9
Finite And Indefinite Lived Intangible Assets Translation Adjustments	(1.9)	7.1
Intangible Assets, Gross (Excluding Goodwill)	999.3	894.8	$ 975.1	$ 897.4
Identified intangibles, with finite useful lives, accumulated amortization	(312.3)	(236.1)	(295.3)	(214.8)
Amortization expense	(34.6)	(37.1)
Accumulated Amortization Adjustment for fully Amortized Intangibles	(17.7)	(12.9)
Net book value as of end of period	687	658.7	679.8
Servicing Asset at Amortized Cost, Other than Temporary Impairments	3.1	5.9
Impact of exchange rate movements	(0.1)	(2.9)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Total	634.9
Identifiable intangibles with indefinite useful lives	52.1
Mortgage servicing rights [Member] | Americas [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite and Indefinite lived Intangible Assets, Additions	40	16.9
Adjustment for fully amortized intangibles	6.7	12.7
Finite And Indefinite Lived Intangible Assets Translation Adjustments	0	0
Intangible Assets, Gross (Excluding Goodwill)	605.4	484.6	572.1	480.4
Identified intangibles, with finite useful lives, accumulated amortization	(162.7)	(113.9)	(147.8)	(104)
Amortization expense	(21.6)	(22.6)
Accumulated Amortization Adjustment for fully Amortized Intangibles	(6.7)	(12.7)
Net book value as of end of period	442.7	370.7
Impact of exchange rate movements	0	0
Other Intangible Assets [Member] | Americas [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite and Indefinite lived Intangible Assets, Additions	0	0
Adjustment for fully amortized intangibles	7.9	0
Finite And Indefinite Lived Intangible Assets Translation Adjustments	0.1	0.5
Intangible Assets, Gross (Excluding Goodwill)	258	285.2	265.8	285.7
Identified intangibles, with finite useful lives, accumulated amortization	(96.7)	(79.7)	(94.1)	(68.3)
Amortization expense	(10.5)	(11.6)
Accumulated Amortization Adjustment for fully Amortized Intangibles	(7.9)	0
Net book value as of end of period	161.3	205.5
Impact of exchange rate movements	0	0.2
Other Intangible Assets [Member] | EMEA [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite and Indefinite lived Intangible Assets, Additions	3.8	0
Adjustment for fully amortized intangibles	0.9	0.2
Finite And Indefinite Lived Intangible Assets Translation Adjustments	0.2	3.4
Intangible Assets, Gross (Excluding Goodwill)	58.8	52.3	55.7	55.9
Identified intangibles, with finite useful lives, accumulated amortization	(40.5)	(32.6)	(39.5)	(33.1)
Amortization expense	(1.8)	(1.8)
Accumulated Amortization Adjustment for fully Amortized Intangibles	(0.9)	(0.2)
Net book value as of end of period	18.3	19.7
Impact of exchange rate movements	(0.1)	(2.1)
Other Intangible Assets [Member] | Asia Pacific [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite and Indefinite lived Intangible Assets, Additions	0	0.5
Adjustment for fully amortized intangibles	2.2	0
Finite And Indefinite Lived Intangible Assets Translation Adjustments	(0.4)	2.1
Intangible Assets, Gross (Excluding Goodwill)	21	19.8	23.6	21.4
Identified intangibles, with finite useful lives, accumulated amortization	(6.6)	(6.6)	(8.6)	(6.7)
Amortization expense	(0.3)	(0.4)
Accumulated Amortization Adjustment for fully Amortized Intangibles	(2.2)	0
Net book value as of end of period	14.4	13.2
Impact of exchange rate movements	0.1	(0.5)
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	0
Adjustment for fully amortized intangibles	0	0
Finite And Indefinite Lived Intangible Assets Translation Adjustments	(1.8)	1.1
Intangible Assets, Gross (Excluding Goodwill)	56.1	52.9	57.9	54
Identified intangibles, with finite useful lives, accumulated amortization	(5.8)	(3.3)	$ (5.3)	$ (2.7)
Amortization expense	(0.4)	(0.7)
Accumulated Amortization Adjustment for fully Amortized Intangibles	0	0
Net book value as of end of period	50.3	49.6
Impact of exchange rate movements	$ (0.1)	$ (0.1)

Investments in Real Estate Ve_3

Investments in Real Estate Ventures (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)investment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of separate property or fund co-investments | investment	50
Property, Plant and Equipment, Net, consolidated VIE	$ 682		$ 663.9
Investments in real estate ventures	545.1		430.8
Total assets	13,306.4		14,316.5
Other Liabilities, Current	198.5		299.6
Total liabilities	7,591.7		8,698.7
Total liabilities and equity	13,306.4		14,316.5
Revenue	4,037.1	$ 4,096
Net income	102.4	17.6
Fair Value [Abstract]
Fair value investments at beginning of the period	340.3	328.6
Investments in Real Estate Ventures, at Fair Value, Additions	55.8	28.9
Investments in Real Estate Ventures, at Fair Value, Distributions	(3.3)	(16)
Unrealized Gain (Loss) on Investments	45.7	(35.2)
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation	(3.1)	(4.3)
Fair value investments at end of the period	$ 435.4	302
LaSalle Investment Company II [Member]
Schedule of Equity Method Investments [Line Items]
Partnership ownership interest (in hundredths)	48.78%
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 60.4
Exclusive of LaSalle Investment Company II [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	309.9
Consolidated Variable Interest Entities [Member]
Schedule of Equity Method Investments [Line Items]
Property, Plant and Equipment, Net, consolidated VIE	154		117.4
Investments in real estate ventures	9.2		9
Other Assets, consolidated VIE	11.2		21
Total assets	174.4		147.4
Other Liabilities, Current	1.8		1.9
Loans Payable, Fair Value Disclosure, consolidated VIE	89.6		60.3
Total liabilities	91.4		62.2
Members' Equity, consolidated VIE	83		85.2
Total liabilities and equity	174.4		$ 147.4
Revenue	2.6	4.3
Other Expenses, consolidated VIE	(3.2)	(4.3)
Gains (Losses) on Sales of Investment Real Estate, consolidated VIE	0	12.2
Net income	$ (0.6)	$ 12.2

Stock-based Compensation (Detai

Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units (RSUs)
Share-based Payment activity [Roll Forward]
Unvested at beginning of period (in shares)	1,096,200	1,532,300	1,532,300
Granted (in shares)	56,600	9,700
Vested (in shares)	(207,500)	(324,600)
Forfeited (in shares)	(5,000)	(8,500)
Unvested at end of period (in shares)	940,300	1,208,900	1,096,200	1,532,300
Performance Shares [Member]
Share-based Payment activity [Roll Forward]
Unvested at beginning of period (in shares)	531,500	286,800	286,800
Granted (in shares)	0	0
Vested (in shares)	(79,000)	0
Forfeited (in shares)	(13,400)	0
Unvested at end of period (in shares)	439,100	286,800	531,500	286,800
Share-based Payment Arrangement [Member]
Share-based Payment activity [Roll Forward]
Unvested at beginning of period (in shares)	1,627,700	1,819,100	1,819,100
Granted (in shares)	56,600	9,700
Vested (in shares)	(286,500)	(324,600)
Forfeited (in shares)	(18,400)	(8,500)
Unvested at end of period (in shares)	1,379,400	1,495,700	1,627,700	1,819,100
Share-based Payment activity, additional disclosures [Abstract]
Weighted average grant date fair value, beginning of period (in dollars per share)	$ 137.42	$ 141.51	$ 141.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	145.93	160.03
Weighted average grant date fair value, vested (in dollars per share)	150.76	136.91
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	149.11	137.68
Weighted average grant date fair value, end of period (in dollars per share)	$ 134.84	$ 144.71	$ 137.42	$ 141.51
Weighted average remaining contractual life, unvested shares outstanding	1 year 8 months 12 days	1 year 9 months 10 days	1 year 8 months 8 days	2 years 4 months 20 days
Unamortized deferred compensation cost	$ 74.2
HFF Acquisition [Member] | Share-based Payment Arrangement [Member]
Share-based Payment activity, additional disclosures [Abstract]
Unamortized deferred compensation cost	$ 24.1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Document Period End Date	Mar. 31, 2021
Derivative, Notional Amount	$ 2,220	$ 2,340
Fair value of long-term debt	704.8	723.7
Long-term debt, net of debt issuance costs	684	702
Investments, Fair Value Disclosure	435.4	340.3	$ 302	$ 328.6
Foreign currency forward contracts, net notional value	1,220	1,420
Deferred compensation plan, contra-equity, shares held in trust	5.4	5.6
Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	8.4	13.5
Derivative Asset, Fair Value, Gross Liability	1.5	0.4
Derivative Liability, Fair Value, Gross Asset	0.7	2.7
Derivative Liability, Fair Value, Gross Liability	10.1	6.1
Long-Term Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized Debt Issuance Expense	2.3	2.5
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	222.7	203.8
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	6.9	13.1
Foreign currency forward contract, current liability amount	9.4	3.4
Deferred compensation plan assets	480.2	446.3
Deferred compensation plan liabilities	$ 452	$ 427.6

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 435.4	$ 302	$ 340.3	$ 328.6
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	72.6		77.2
Foreign currency forward contracts receivable	0		0
Loans Receivable, Fair Value Disclosure	0		0
Deferred compensation plan assets	0		0
Mortgage banking derivative asset	0		0
Total assets at fair value	72.6		77.2
Foreign currency forward contracts payable	0		0
Deferred compensation plan liabilities	0		0
Business Combination, Contingent Consideration, Liability	0		0
Mortgage banking derivative liabilities	0		0
Total liabilities at fair value	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
Foreign currency forward contracts receivable	6.9		13.1
Loans Receivable, Fair Value Disclosure	832.1		1,529.2
Deferred compensation plan assets	480.2		446.3
Mortgage banking derivative asset	0		0
Total assets at fair value	1,319.2		1,988.6
Foreign currency forward contracts payable	9.4		3.4
Deferred compensation plan liabilities	452		427.6
Business Combination, Contingent Consideration, Liability	0		0
Mortgage banking derivative liabilities	0		0
Total liabilities at fair value	461.4		431
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	32.9	(64)	13.7	10.2
Investments, Fair Value Disclosure	140.1	41.4	59.3	34.4
Foreign currency forward contracts receivable	0		0
Loans Receivable, Fair Value Disclosure	0		0
Deferred compensation plan assets	0		0
Mortgage banking derivative asset	63.9		87.1
Total assets at fair value	204		146.4
Foreign currency forward contracts payable	0		0
Deferred compensation plan liabilities	0		0
Business Combination, Contingent Consideration, Liability	68.2	130	85.7	$ 148.5
Mortgage banking derivative liabilities	31		73.4
Total liabilities at fair value	99.2		$ 159.1
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	31.8	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	49.1	7
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	$ (0.1)	$ 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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	$ 435.4	$ 302	$ 340.3	$ 328.6
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	140.1	41.4	$ 59.3	$ 34.4
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business Combination, Contingent Consideration, Liability, Beginning Balance	85.7	148.5
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance	13.7	10.2
Business Combination, Contingent Consideration, Liability, Ending Balance	68.2	130
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance	32.9	(64)
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	(0.1)	(8.2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	(0.4)	(2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	3.8	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(20.8)	(8.3)
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	18.9	(75.2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	41.1	26.2
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(40.8)	(25.2)
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	31.8	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	49.1	7
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	$ (0.1)	$ 0

Debt Short-Term Borrowings an_2

Debt Short-Term Borrowings and Long-Term Debt (Details) € in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Document Period End Date	Mar. 31, 2021
Bank Overdrafts	$ 16,000,000		$ 12,000,000
Other Short-term Borrowings	74,600,000		50,000,000
Short-term Debt	90,600,000		62,000,000
Long-term debt, net of debt issuance costs	684,000,000		702,000,000
Debt, Long-term and Short-term, Combined Amount	1,116,900,000		755,300,000
Line of Credit [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	7,700,000		8,700,000
Long-term senior notes, 4.4%, due November 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, net of debt issuance costs	274,400,000		274,200,000
Debt Instrument, Face Amount	$ 275,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.40%	4.40%
Unamortized Debt Issuance Expense	$ 0.6		0.8
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, net of debt issuance costs	$ 204,800,000		213,900,000
Debt Instrument, Face Amount | €		€ 175
Debt Instrument, Interest Rate, Stated Percentage	1.96%	1.96%
Unamortized Debt Issuance Expense	$ 0.8		0.8
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member]
Debt Instrument [Line Items]
Long-term debt, net of debt issuance costs	$ 204,800,000		213,900,000
Debt Instrument, Face Amount | €		€ 175
Debt Instrument, Interest Rate, Stated Percentage	2.21%	2.21%
Unamortized Debt Issuance Expense	$ 0.9		$ 0.9

Credit Facility (Details)

Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs	$ 342.3		$ (8.7)
Line of Credit Facility, Maximum Borrowing Capacity	63.4
Letters of Credit Outstanding, Amount	0.7		0.7
Line of Credit [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	7.7		8.7
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs	342.3		$ (8.7)
Line of Credit Facility, Maximum Borrowing Capacity	2,750
Line of Credit Facility, Average Outstanding Amount	$ 184.4	$ 935.2
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)	0.95%
Line of Credit Facility, Interest Rate During Period	1.00%	2.40%

Debt Warehouse Facilities (Deta

Debt Warehouse Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Document Period End Date	Mar. 31, 2021
Line of Credit Facility, Maximum Borrowing Capacity	$ 63.4
Warehouse facilities	833.5	$ 1,498.4
Fannie Mae ASAP program [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 58.9	128.8
Debt Instrument, Interest Rate Terms	LIBOR plus 1.15%
Agreement expires September 20, 2021, Extension [Member] [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 171.5	144.4
Line of Credit Facility, Maximum Borrowing Capacity	$ 400	400
Pricing on the Facility based on market rates	LIBOR plus 1.40%
Agreement expires September 18, 2021, Extension [Member] [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 516.6	768.9
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,200	1,600
Pricing on the Facility based on market rates	LIBOR plus 1.40%
Agreement expires August 27, 2021, Extension [Member] [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 87.3	195.9
Line of Credit Facility, Maximum Borrowing Capacity	$ 200	900
Pricing on the Facility based on market rates	LIBOR plus 1.40%
PNC Agreement- HFF, Extension [Member] [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 0	261.6
Line of Credit Facility, Maximum Borrowing Capacity	$ 300	300
Pricing on the Facility based on market rates	LIBOR plus 1.50%
Line of Credit, Gross [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 834.3	1,499.6
Line of Credit Facility, Maximum Borrowing Capacity	2,100	3,200
Warehouse Agreement Borrowings [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 0.8	$ 1.2

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency, Receivable	$ 14.5		$ 44
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount	12,900		12,200
Loan loss accrual	23.5		$ 22.1
Insurance Claims [Member]
Loss Contingency Accrual [Roll Forward]
Loss Contingency Accrual	48.2	$ 38.1
Loss Contingency Accrual, Provision	0	0.3
Loss Contingency Accrual, Provision Adjustment	(30.2)	(4.8)
Loss Contingency Accrual, Payments	(0.4)	0
Loss Contingency Accrual	$ 17.6	$ 33.6

Restructuring and Acquisition_3

Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and acquisition charges	$ (17.2)	$ (14.1)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(0.1)	(8.2)
Share-based Payment Arrangement, Noncash Expense	6	11.2
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance	45	36.5
Restructuring charges	11.3	11.1
Payments made	(29.3)	(30.8)
Restructuring reserve, ending balance	$ 27	16.8
Document Period End Date	Mar. 31, 2021
Severance [Member]
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 41.3	24.3
Restructuring charges	1.8	1.3
Payments made	(18.9)	(14.3)
Restructuring reserve, ending balance	24.2	11.3
Contract Termination [Member]
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance	2.5	8.4
Restructuring charges	3.3	2.4
Payments made	(4.8)	(9.6)
Restructuring reserve, ending balance	1	1.2
Lease Exit [Member]
Restructuring reserve [Roll Forward]
Restructuring charges	9.5	9.8
Other Restructuring [Member]
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance	1.2	3.8
Restructuring charges	6.2	7.4
Payments made	(5.6)	(6.9)
Restructuring reserve, ending balance	1.8	4.3
HFF Acquisition [Member]
Restructuring Cost and Reserve [Line Items]
Business Combination, Integration Related Costs	11.5	$ 21.3
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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 5,706.9	$ 5,028.9	$ 5,610	$ 5,204.7
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	(0.2)	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(6.2)	(143.4)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(81.4)	(72)	(81.2)	(72)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	0.2	0
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(302.2)	(499.2)	(296)	(355.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(6.2)	(143.4)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(6.2)	(143.4)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(383.6)	(571.2)	$ (377.2)	$ (427.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(6.2)	(143.4)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(0.2)	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	(0.2)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (6.4)	$ (143.4)