Cushman & Wakefield (CWK) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38611
Entity Registrant Name	Cushman & Wakefield plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1193584
Entity Address, Address Line One	125 Old Broad Street
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	EC2N 1AR
City Area Code	44
Local Phone Number	20 3296 3000
Title of 12(b) Security	Ordinary Shares, $0.10 nominal value
Trading Symbol	CWK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		225,756,656
Entity Central Index Key	0001628369
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 380.8	$ 770.7
Trade and other receivables, net of allowance of $80.2 million and $72.2 million, as of September 30, 2022 and December 31, 2021, respectively	1,323.4	1,446
Income tax receivable	31.3	30
Short-term contract assets, net	392.5	318.9
Prepaid expenses and other current assets	275.3	264.7
Total current assets	2,403.3	2,830.3
Property and equipment, net	156.1	194.6
Goodwill	2,020.5	2,081.9
Intangible assets, net	885.4	922.2
Equity method investments	659.4	641.3
Deferred tax assets	77.6	65.5
Non-current operating lease assets	345.3	413.5
Other non-current assets	1,074	741.1
Total assets	7,621.6	7,890.4
Current liabilities:
Short-term borrowings and current portion of long-term debt	46.3	42.4
Accounts payable and accrued expenses	1,077.7	1,106.2
Accrued compensation	854.7	976.3
Income tax payable	26.9	105.1
Other current liabilities	217.4	204.5
Total current liabilities	2,223	2,434.5
Long-term debt, net	3,211.6	3,220.5
Deferred tax liabilities	15.3	48.7
Non-current operating lease liabilities	331.2	394.6
Other non-current liabilities	262.4	343.5
Total liabilities	6,043.5	6,441.8
Commitments and contingencies
Shareholders' equity:
Ordinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 225,756,656 and 223,709,308 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	22.6	22.4
Additional paid-in capital	2,901.5	2,896.6
Accumulated deficit	(1,111.6)	(1,278.2)
Accumulated other comprehensive loss	(235.1)	(193)
Total equity attributable to the Company	1,577.4	1,447.8
Non-controlling interests	0.7	0.8
Total equity	1,578.1	1,448.6
Total liabilities and shareholders' equity	$ 7,621.6	$ 7,890.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade and other receivables, allowance	$ 80.2	$ 72.2
Ordinary shares, nominal value per share (in dollars per share)	$ 0.10	$ 0.10
Ordinary shares authorized (in shares)	800,000,000	800,000,000
Ordinary shares issued (in shares)	225,756,656	223,709,308
Ordinary shares outstanding (in shares)	225,756,656	223,709,308

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 2,515.1	$ 2,332.9	$ 7,458.7	$ 6,505
Costs and expenses:
Costs of services (exclusive of depreciation and amortization)	2,052.9	1,850.2	5,990.9	5,222.1
Operating, administrative and other	315.6	302.5	926.5	867.5
Depreciation and amortization	33.9	42.7	114.2	128.3
Restructuring, impairment and related charges	0.6	7.2	3.1	39.5
Total costs and expenses	2,403	2,202.6	7,034.7	6,257.4
Operating income	112.1	130.3	424	247.6
Interest expense, net of interest income	(50.4)	(45.8)	(139.7)	(132)
Earnings from equity method investments	20	3.4	54.4	10.9
Other (expense) income, net	(31.6)	3.7	(89.5)	15.8
Earnings before income taxes	50.1	91.6	249.2	142.3
Provision for income taxes	26.2	22.9	82.6	38.1
Net income	$ 23.9	$ 68.7	$ 166.6	$ 104.2
Basic earnings per share:
Earnings per share attributable to common shareholders, basic (in dollars per share)	$ 0.11	$ 0.31	$ 0.74	$ 0.47
Weighted average shares outstanding for basic earnings per share (in dollars per share)	225.7	223.3	225.3	222.9
Diluted earnings per share:
Earnings per share attributable to common shareholders, diluted (in dollars per share)	$ 0.11	$ 0.30	$ 0.73	$ 0.46
Weighted average shares outstanding for diluted earnings per share (in dollars per share)	227.5	227	228.3	225.8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 23.9	$ 68.7	$ 166.6	$ 104.2
Other comprehensive income (loss), net of tax:
Designated hedge gains	43.5	8.2	135	46.3
Defined benefit plan actuarial gains (losses)	0.1	0.9	(2.6)	(2.3)
Foreign currency translation	(85.2)	(26)	(174.5)	(35.5)
Total other comprehensive income (loss)	(41.6)	(16.9)	(42.1)	8.5
Total comprehensive income (loss)	$ (17.7)	$ 51.8	$ 124.5	$ 112.7

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Total Equity Attributable to the Company	Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Unrealized Hedging (Losses) Gains	Foreign Currency Translation	Defined Benefit Plans	Total Accumulated Other Comprehensive Loss, net of tax	Non-Controlling Interests
Beginning balance (in shares) at Dec. 31, 2020			222
Beginning balance at Dec. 31, 2020	$ 1,095.6	$ 1,094.7	$ 22.2	$ 2,843.4	$ (1,528.2)	$ (158.3)	$ (69.4)	$ (15)	$ (242.7)	$ 0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	104.2	104.2			104.2
Stock-based compensation	35.6	35.6		35.6
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			1.4
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	(7.2)	(7.2)	$ 0.1	(7.3)
Foreign currency translation	(35.5)	(35.5)					(35.5)		(35.5)
Defined benefit plan actuarial gains (losses)	(2.3)	(2.3)						(2.3)	(2.3)
Unrealized gain (loss) on hedging instruments	16.9	16.9				16.9			16.9
Amounts reclassified from AOCI to the statement of operations	29.4	29.4				29.4			29.4
Other activity	(0.1)									(0.1)
Ending balance (in shares) at Sep. 30, 2021			223.4
Ending balance at Sep. 30, 2021	1,236.6	1,235.8	$ 22.3	2,871.7	(1,424)	(112)	(104.9)	(17.3)	(234.2)	0.8
Beginning balance (in shares) at Jun. 30, 2021			223.3
Beginning balance at Jun. 30, 2021	1,167.5	1,166.6	$ 22.3	2,854.3	(1,492.7)	(120.2)	(78.9)	(18.2)	(217.3)	0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68.7	68.7			68.7
Stock-based compensation	17.8	17.8		17.8
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			0.1
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	(0.4)	(0.4)		(0.4)
Foreign currency translation	(26)	(26)					(26)		(26)
Defined benefit plan actuarial gains (losses)	0.9	0.9						0.9	0.9
Unrealized gain (loss) on hedging instruments	(3.2)	(3.2)				(3.2)			(3.2)
Amounts reclassified from AOCI to the statement of operations	11.4	11.4				11.4			11.4
Other activity	(0.1)									(0.1)
Ending balance (in shares) at Sep. 30, 2021			223.4
Ending balance at Sep. 30, 2021	1,236.6	1,235.8	$ 22.3	2,871.7	(1,424)	(112)	(104.9)	(17.3)	(234.2)	0.8
Beginning balance (in shares) at Dec. 31, 2021			223.7
Beginning balance at Dec. 31, 2021	1,448.6	1,447.8	$ 22.4	2,896.6	(1,278.2)	(83.6)	(104.5)	(4.9)	(193)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	166.6	166.6			166.6
Stock-based compensation	29.8	29.8		29.8
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			2.1
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	(24.7)	(24.7)	$ 0.2	(24.9)
Foreign currency translation	(174.5)	(174.5)					(174.5)		(174.5)
Defined benefit plan actuarial gains (losses)	(2.6)	(2.6)						(2.6)	(2.6)
Unrealized gain (loss) on hedging instruments	116.5	116.5				116.5			116.5
Amounts reclassified from AOCI to the statement of operations	19.1	19.1				19.1			19.1
Other activity	(0.7)	(0.6)				(0.6)			(0.6)	(0.1)
Ending balance (in shares) at Sep. 30, 2022			225.8
Ending balance at Sep. 30, 2022	1,578.1	1,577.4	$ 22.6	2,901.5	(1,111.6)	51.4	(279)	(7.5)	(235.1)	0.7
Beginning balance (in shares) at Jun. 30, 2022			225.7
Beginning balance at Jun. 30, 2022	1,586.4	1,585.6	$ 22.6	2,892	(1,135.5)	7.9	(193.8)	(7.6)	(193.5)	0.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23.9	23.9			23.9
Stock-based compensation	9.5	9.5		9.5
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			0.1
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	0	0		0
Foreign currency translation	(85.2)	(85.2)					(85.2)		(85.2)
Defined benefit plan actuarial gains (losses)	0.1	0.1						0.1	0.1
Unrealized gain (loss) on hedging instruments	41.3	41.3				41.3			41.3
Amounts reclassified from AOCI to the statement of operations	2.2	2.2				2.2			2.2
Other activity	(0.1)									(0.1)
Ending balance (in shares) at Sep. 30, 2022			225.8
Ending balance at Sep. 30, 2022	$ 1,578.1	$ 1,577.4	$ 22.6	$ 2,901.5	$ (1,111.6)	$ 51.4	$ (279)	$ (7.5)	$ (235.1)	$ 0.7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 166.6	$ 104.2
Reconciliation of net income to net cash (used in) provided by operating activities:
Depreciation and amortization	114.2	128.3
Impairment charges	0	16.3
Unrealized foreign exchange (gain) loss	(13)	5.1
Stock-based compensation	30.2	35.6
Lease amortization	73	77.3
Amortization of debt issuance costs	5.2	7
Earnings from equity method investments, net of dividends received	(31.1)	(9.5)
Change in deferred taxes	(46.3)	(10.6)
Provision for loss on receivables and other assets	17.8	28.8
Loss on disposal of business	14	0
Unrealized loss (gain) on equity securities	82.3	(7.3)
Other operating activities, net	(7.5)	(8.9)
Changes in assets and liabilities:
Trade and other receivables	(187.7)	(55.8)
Income taxes payable	(78.7)	5.6
Short-term contract assets and Prepaid expenses and other current assets	(90.1)	(76.5)
Other non-current assets	(124.2)	(36.6)
Accounts payable and accrued expenses	25.6	46
Accrued compensation	(92.4)	96
Other current and non-current liabilities	(52.5)	(94.7)
Net cash (used in) provided by operating activities	(194.6)	250.3
Cash flows from investing activities
Payment for property and equipment	(44.4)	(31.8)
Acquisitions of businesses, net of cash acquired	(31.6)	(1.2)
Investments in equity securities and equity method joint ventures	(22.8)	(26)
Return of beneficial interest in a securitization	(80)	0
Collection on beneficial interest in a securitization	80	0
Other investing activities, net	(8.9)	1.2
Net cash used in investing activities	(107.7)	(57.8)
Cash flows from financing activities
Shares repurchased for payment of employee taxes on stock awards	(27.1)	(8.5)
Payment of deferred and contingent consideration	(4.3)	(3.1)
Repayment of borrowings	(20)	(20)
Payment of finance lease liabilities	(12.3)	(9.6)
Other financing activities, net	2.7	4.1
Net cash used in financing activities	(61)	(37.1)
Change in cash, cash equivalents and restricted cash	(363.3)	155.4
Cash, cash equivalents and restricted cash, beginning of the period	890.3	1,164.1
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	(37.2)	(6.3)
Cash, cash equivalents and restricted cash, end of the period	$ 489.8	$ 1,313.2

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1: Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared under accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP") and in conformity with rules applicable to quarterly reports on Form 10-Q. The Condensed Consolidated Financial Statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 are unaudited. All adjustments, consisting of normal recurring adjustments, except as otherwise noted, considered necessary for a fair presentation of the unaudited interim Condensed Consolidated Financial Statements for these interim periods have been included. Readers of this unaudited condensed consolidated quarterly financial information should refer to the audited Consolidated Financial Statements and notes thereto of Cushman & Wakefield plc and its subsidiaries (“Cushman & Wakefield,” the "Company,” “we,” “our” and “us”) for the year ended December 31, 2021 included in our 2021 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and also available on our website (www.cushmanwakefield.com). Certain footnote disclosures that would substantially duplicate those contained in such audited financial statements or which are not required by the rules and regulations of the SEC for interim financial statement presentation have been condensed or omitted. Refer to Note 2: Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements in the Company's 2021 Annual Report on Form 10-K for further discussion of the Company's accounting policies and estimates. Due to seasonality, the results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022. The Company provides for the effects of income taxes on interim financial statements based on estimates of the effective tax rate for the full year, which is based on forecasted income by country and enacted tax rates.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
New Accounting Standards	Note 2: New Accounting Standards The Company has adopted the following new accounting standards that have been recently issued: Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations: Accounting for Contract Asset and Contract Liabilities from Contracts with Customers, which requires that an acquirer in a business combination recognize and measure contract assets and liabilities acquired in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606") as if the acquirer had originated the contracts. The Company early adopted the ASU effective January 1, 2022, with no impact to its financial statements and related disclosures. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance , which requires certain disclosures when companies have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. A company that has received government assistance must provide disclosures related to the nature of the transaction, accounting policies used to account for the transaction, and the amounts and financial statement line items that are affected by the transaction. The Company prospectively adopted the ASU effective January 1, 2022, with no impact to its financial statements and related disclosures. Fair Value Measurement In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , which clarifies that a company should not consider contractual restrictions on the sale of equity securities in measuring fair value. This ASU clarifies the guidance in ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), on the fair value measurement of equity securities that are subject to a contractual sale restriction and requires specific disclosures related to such equity securities. The Company early adopted this ASU effective July 1, 2022, with no impact to its financial statements and related disclosures.

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Data	Note 3: Segment Data The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa ("EMEA") and (3) Asia Pacific ("APAC"). The Americas consists of operations located in the United States, Canada and key markets in Latin America. EMEA includes operations in the U.K., France, Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, China and other markets in the Asia Pacific region. Adjusted EBITDA is the profitability metric reported to the chief operating decision maker (“CODM”) for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before integration and other costs related to merger, pre-IPO stock-based compensation, unrealized (gains) / losses on investments, acquisition related costs and efficiency initiatives, and other items. Adjusted EBITDA also excludes the effects of financings, income tax and the non-cash accounting effects of depreciation and intangible asset amortization. As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below. Summarized financial information by segment is as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change Total revenue Americas $ 1,959.5 $ 1,746.5 12 % $ 5,756.2 $ 4,851.6 19 % EMEA 232.0 268.8 (14) % 741.6 756.8 (2) % APAC 323.6 317.6 2 % 960.9 896.6 7 % Total revenue $ 2,515.1 $ 2,332.9 8 % $ 7,458.7 $ 6,505.0 15 % Adjusted EBITDA Americas $ 165.6 $ 160.7 3 % $ 552.1 $ 395.6 40 % EMEA 24.8 28.5 (13) % 76.7 62.8 22 % APAC 11.5 29.9 (62) % 50.2 80.3 (37) % Adjusted EBITDA is calculated as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Adjusted EBITDA - Americas $ 165.6 $ 160.7 $ 552.1 $ 395.6 Adjusted EBITDA - EMEA 24.8 28.5 76.7 62.8 Adjusted EBITDA - APAC 11.5 29.9 50.2 80.3 Add/(less): Depreciation and amortization (33.9) (42.7) (114.2) (128.3) Interest expense, net of interest income (50.4) (45.8) (139.7) (132.0) Provision for income taxes (26.2) (22.9) (82.6) (38.1) Unrealized (loss) gain on investments, net (33.5) 1.2 (82.3) 7.3 Integration and other costs related to merger (3.3) (4.8) (11.1) (26.6) Pre-IPO stock-based compensation (0.8) (1.0) (2.5) (4.1) Acquisition related costs and efficiency initiatives (19.2) (33.2) (54.2) (106.7) Other (10.7) (1.2) (25.8) (6.0) Net income $ 23.9 $ 68.7 $ 166.6 $ 104.2

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 4: Earnings Per Share Earnings per share ("EPS") is calculated by dividing Net income by the weighted average shares outstanding. The following is a calculation of EPS (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic EPS Net income $ 23.9 $ 68.7 $ 166.6 $ 104.2 Weighted average shares outstanding for basic earnings per share 225.7 223.3 225.3 222.9 Basic earnings per share attributable to common shareholders $ 0.11 $ 0.31 $ 0.74 $ 0.47 Diluted EPS Net income $ 23.9 $ 68.7 $ 166.6 $ 104.2 Weighted average shares outstanding for basic earnings per share 225.7 223.3 225.3 222.9 Dilutive effect of restricted stock units 1.4 2.6 2.2 1.9 Dilutive effective of stock options 0.4 1.1 0.8 1.0 Weighted average shares outstanding for diluted earnings per share 227.5 227.0 228.3 225.8 Diluted earnings per share attributable to common shareholders $ 0.11 $ 0.30 $ 0.73 $ 0.46

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Note 5: Revenue Disaggregation of Revenue The following tables disaggregate revenue by reportable segment and service line (in millions): Three Months Ended September 30, 2022 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,257.1 $ 111.4 $ 240.9 $ 1,609.4 Leasing At a point in time 430.3 52.6 41.2 524.1 Capital markets At a point in time 223.6 28.1 12.4 264.1 Valuation and other At a point in time or over time 48.5 39.9 29.1 117.5 Total revenue $ 1,959.5 $ 232.0 $ 323.6 $ 2,515.1 Three Months Ended September 30, 2021 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,071.5 $ 128.6 $ 218.4 $ 1,418.5 Leasing At a point in time 359.7 58.4 44.9 463.0 Capital markets At a point in time 268.6 38.5 23.9 331.0 Valuation and other At a point in time or over time 46.7 43.3 30.4 120.4 Total revenue $ 1,746.5 $ 268.8 $ 317.6 $ 2,332.9 Nine Months Ended September 30, 2022 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 3,576.0 $ 344.1 $ 706.5 $ 4,626.6 Leasing At a point in time 1,254.6 166.6 120.9 1,542.1 Capital markets At a point in time 775.7 102.4 44.0 922.1 Valuation and other At a point in time or over time 149.9 128.5 89.5 367.9 Total revenue $ 5,756.2 $ 741.6 $ 960.9 $ 7,458.7 Nine Months Ended September 30, 2021 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 3,152.5 $ 367.7 $ 631.2 $ 4,151.4 Leasing At a point in time 927.2 161.2 127.1 1,215.5 Capital markets At a point in time 642.9 93.8 44.2 780.9 Valuation and other At a point in time or over time 129.0 134.1 94.1 357.2 Total revenue $ 4,851.6 $ 756.8 $ 896.6 $ 6,505.0 Contract Balances The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet invoiced or able to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable. As of September 30, 2022 and December 31, 2021, the Company had contract assets of $424.5 million and $337.4 million, respectively, which were recorded in Short-term contract assets, net, and $89.9 million and $71.1 million, respectively, which were recorded in Other non-current assets in the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, the Company also recorded contract asset allowances of $32.0 million and $18.5 million, respectively, within Short-term contract assets, net. The Company had no material asset impairment charges related to contract assets in the periods presented. As of September 30, 2022 and December 31, 2021, the Company had contract liabilities of $49.1 million and $62.8 million, respectively, which were recorded in Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, respectively. Exemptions The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with Topic 606. Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Property, facilities and project management service line. Performance obligations within these businesses represent a significant portion of the Company's contracts with customers not expected to be completed within 12 months.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 6: Goodwill and Other Intangible Assets The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2022 (in millions): Americas EMEA APAC Total Balance as of December 31, 2021 $ 1,511.2 $ 317.2 $ 253.5 $ 2,081.9 Acquisitions 6.3 13.7 5.6 25.6 Effect of movements in exchange rates and other (5.3) (50.8) (30.9) (87.0) Balance as of September 30, 2022 $ 1,512.2 $ 280.1 $ 228.2 $ 2,020.5 Portions of goodwill are denominated in currencies other than the U.S. dollar; therefore, a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. The Company identified immaterial measurement period adjustments during the nine months ended September 30, 2022 and adjusted the provisional goodwill amounts recognized. For the three and nine months ended September 30, 2022 and 2021, no impairments of goodwill were recognized as the estimated fair value of each of the identified reporting units was in excess of its carrying value. The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of September 30, 2022 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,346.0 (1,009.3) 336.7 Other intangible assets 5 - 7 16.5 (13.8) 2.7 Total intangible assets $ 1,908.5 $ (1,023.1) $ 885.4 As of December 31, 2021 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,380.7 (1,009.0) 371.7 Other intangible assets 2 - 13 17.3 (12.8) 4.5 Total intangible assets $ 1,944.0 $ (1,021.8) $ 922.2 Amortization expense was $15.9 million and $16.3 million for the three months ended September 30, 2022 and 2021, respectively, and $47.8 million and $49.3 million for the nine months ended September 30, 2022 and 2021, respectively. No impairments of intangible assets were recorded for the three and nine months ended September 30, 2022 and 2021.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	Note 7: Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both business operations and economic conditions, including interest rate risk and foreign exchange risk. To mitigate the impact of interest rate and foreign exchange risk, the Company enters into derivative financial instruments. The Company maintains the majority of its overall interest rate exposure on floating rate borrowings to a fixed-rate basis, primarily with interest rate swap agreements. The Company manages exposure to foreign exchange fluctuations primarily through short-term forward contracts. There have been no significant changes to the interest rate and foreign exchange risk management objectives from those disclosed in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2021. Interest Rate Derivative Instruments As of September 30, 2022, the Company's active interest rate hedging instruments consist of five interest rate swap agreements designated as cash flow hedges. The Company's hedge instrument balances as of September 30, 2022 relate solely to these interest rate swaps. The hedge instruments expire in August 2025 and are further described below. The Company records changes in the fair value of derivatives designated and qualifying as cash flow hedges in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets and subsequently reclassifies the changes into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2022 and December 31, 2021, there were $51.4 million in pre-tax gains and $83.6 million in pre-tax losses, respectively, included in Accumulated other comprehensive loss related to these agreements, which will be reclassified to Interest expense, net of interest income as interest payments are made in accordance with the 2018 Credit Agreement; refer to Note 8: Long-Term Debt and Other Borrowings for discussion of this agreement. During the next twelve months, the Company estimates that $21.3 million will be reclassified to Interest income in the Condensed Consolidated Statements of Operations. Non-designated Foreign Exchange Derivative Instruments Additionally, the Company enters into short-term forward contracts to mitigate the risk of fluctuations in foreign currency exchange rates that would adversely impact some of the Company’s foreign currency denominated transactions. Hedge accounting was not elected for any of these contracts. As such, changes in the fair value of these contracts are recorded directly in earnings. The Company recognized realized losses of $3.8 million and $15.0 million, offset by unrealized gains of $3.3 million and $13.0 million, during the three and nine months ended September 30, 2022, respectively. The Company recognized realized gains of $3.6 million and $6.8 million, offset by unrealized losses of $1.9 million and $5.1 million, during the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the Company had 26 and 19 foreign currency exchange forward contracts outstanding covering a notional amount of $696.9 million and $642.7 million, respectively. As of September 30, 2022 and December 31, 2021, the Company has not posted and does not hold any collateral related to these agreements. The following table presents the fair value of derivatives as of September 30, 2022 and December 31, 2021 (in millions): September 30, 2022 December 31, 2021 September 30, 2022 Assets Liabilities Assets Liabilities Derivative Instrument Notional Fair Value Fair Value Fair Value Fair Value Designated: Cash flow hedges: Interest rate swaps $ 1,423.6 $ 51.4 $ — $ — $ 84.0 Non-designated: Foreign currency forward contracts $ 696.9 $ 4.9 $ 2.7 $ 0.9 $ 1.1 The fair value of interest rate swaps is included within Other non-current assets as of September 30, 2022 and Other non-current liabilities as of December 31, 2021 in the Condensed Consolidated Balance Sheets. The fair value of foreign currency forward contracts is included in Prepaid expenses and other current assets and Other current liabilities in the Condensed Consolidated Balance Sheets. The Company does not net derivatives in the Condensed Consolidated Balance Sheets. The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the three months ended September 30, 2022 and 2021 (in millions): Beginning Amount of Loss (Gain) Recognized in Other Amount of (Loss) Gain (1) Ending Three Months Ended September 30, 2022 Interest rate cash flow hedges $ (7.9) $ (41.3) $ (2.2) $ (51.4) Three Months Ended September 30, 2021 Interest rate cash flow hedges $ 120.2 $ 3.2 $ (11.4) $ 112.0 (1) Amount is net of related income tax expense of $0.0 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively. Losses of $2.2 million and $11.3 million were reclassified into earnings during the three months ended September 30, 2022 and 2021, respectively, related to interest rate hedges and were recognized in Interest expense, net of interest income in the Condensed Consolidated Statements of Operations. The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022 and 2021 (in millions): Beginning Amount of Loss (Gain) Recognized in Other Amount of (Loss) Gain (1) Ending Nine Months Ended September 30, 2022 Interest rate cash flow hedges $ 84.2 $ (116.5) $ (19.1) $ (51.4) Nine Months Ended September 30, 2021 Interest rate cash flow hedges $ 158.9 $ (16.9) $ (30.0) $ 112.0 (1) Amount is net of related income tax expense of $0.0 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively. Losses of $19.1 million and $28.3 million were reclassified into earnings during the nine months ended September 30, 2022 and 2021, respectively, related to interest rate hedges and were recognized in Interest expense, net of interest income in the Condensed Consolidated Statements of Operations.

Long-Term Debt and Other Borrow

Long-Term Debt and Other Borrowings	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt and Other Borrowings	Note 8: Long-Term Debt and Other Borrowings Long-term debt consisted of the following (in millions): As of September 30, 2022 December 31, 2021 Collateralized: 2018 First Lien Loan, net of unamortized discount and issuance costs of $20.7 million and $25.8 million, respectively $ 2,578.9 $ 2,593.8 2020 Senior Secured Notes, net of unamortized issuance costs of $8.1 million and $9.2 million, respectively 641.9 640.8 Finance lease liability 32.2 23.2 Notes payable to former stockholders 0.2 0.2 Total 3,253.2 3,258.0 Less: current portion of long-term debt (41.6) (37.5) Total Long-term debt, net $ 3,211.6 $ 3,220.5 2018 Credit Agreement On August 21, 2018, the Company entered into an initial $3.5 billion credit agreement (as amended, the "2018 Credit Agreement"), comprised of an initial $2.7 billion senior secured term loan (the "2018 First Lien Loan") and an initial $810.0 million revolving credit facility (the "Revolver"). 2018 First Lien Loan Net proceeds from the 2018 First Lien Loan were $2.7 billion ($2.7 billion aggregate principal amount less $13.5 million stated discount and $20.6 million in debt transaction costs). On January 20, 2020, the Company refinanced the 2018 First Lien Loan under materially the same terms, incurring an additional $11.1 million in debt transaction costs. The 2018 First Lien Loan matures on August 21, 2025. The 2018 First Lien Loan bears interest at a variable interest rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2022, the rate is equal to 1-month LIBOR plus 2.75%. As of September 30, 2022, the effective interest rate of the 2018 First Lien Loan was 6.20%. The 2018 First Lien Loan requires quarterly principal payments equal to 0.25% of the aggregate principal amount of the 2018 First Lien Loan, including incremental borrowings. Revolver On December 20, 2019, the Company amended the 2018 Credit Agreement to increase the aggregate commitments under the Revolver by $210.0 million, incurring an additional $0.5 million in debt transaction costs. On April 28, 2022, the Company amended the 2018 Credit Agreement to (i) increase the aggregate commitments under the Revolver by $80.0 million, extending its borrowing capacity from $1.0 billion to $1.1 billion, (ii) extended the maturity date from August 21, 2023 to April 28, 2027, (iii) replaced the LIBOR rate with Term SOFR plus an applicable rate, and (iv) added incentives linked to sustainability features based on our greenhouse gas emission targets. The Company incurred an additional $3.7 million in debt transaction costs in connection with this amendment. Borrowings under the Revolver, if any, bear interest at our option, at Adjusted Term SOFR plus rates varying from 1.75% to 2.75% based on achievement of certain Net Leverage Ratios (as defined in the 2018 Credit Agreement). The Company’s Revolver was undrawn as of September 30, 2022 and December 31, 2021. Financial Covenant and Terms The 2018 Credit Agreement has a springing financial covenant, tested on the last day of each fiscal quarter if the outstanding loans under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the Net Leverage Ratio is tested for compliance not to exceed 5.00 to 1.00. The Company was in compliance with all of the covenants under the 2018 Credit Agreement as of September 30, 2022 and December 31, 2021. 2020 Senior Secured Notes On May 22, 2020, the Company issued $650.0 million of senior secured notes due May 15, 2028 (the "2020 Notes"). Net proceeds from the 2020 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2020 Notes were offered in a private placement exempt from registration under the U.S. Securities Act of 1933, as amended. The 2020 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 7.00% as of September 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9: Commitments and Contingencies Guarantees The Company’s guarantees primarily relate to requirements under certain client service contracts and have arisen through the normal course of business. These guarantees, with certain financial institutions, have both open and closed-ended terms, with remaining closed-ended terms up to 10.0 years and maximum potential future payments of approximately $50.6 million in the aggregate. None of these guarantees are individually material to the Company’s operating results, financial position or liquidity. The Company considers the future payment or performance related to non-performance under these guarantees to be remote. Contingencies In the normal course of business, the Company is subject to various claims and litigation. Many of these claims are covered under the Company’s current insurance programs, subject to self-insurance levels and deductibles. The Company is also subject to threatened or pending legal actions arising from activities of contractors. Such liabilities include the potential costs to settle litigation. A liability is recorded for the potential costs of carrying out further works based on known claims and previous claims history, and for losses from litigation that are probable and estimable. A liability is also recorded for the Company’s incurred but not reported ("IBNR") claims, based on assessment using prior claims history. Claims liabilities are presented as Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, contingent liabilities recorded within Other current liabilities were $126.3 million and $106.5 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $21.7 million and $19.5 million, respectively. These contingent liabilities are made up of errors and omissions ("E&O") claims, workers’ compensation insurance liabilities and other claims and contingent liabilities. At September 30, 2022 and December 31, 2021, E&O and other claims were $41.2 million and $40.2 million, respectively, and workers’ compensation liabilities were $106.8 million and $85.8 million, respectively, included within Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. The ultimate settlement of these matters may result in payments materially in excess of the amounts recorded due to their contingent nature and the inherent uncertainties of settlement proceedings. The Company had insurance recoverable balances for E&O claims as of September 30, 2022 and December 31, 2021 totaling $6.8 million and $6.3 million, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 10: Related Party Transactions As of September 30, 2022 and December 31, 2021, the Company had receivables from affiliates of $48.6 million and $42.5 million, respectively, that are included in Prepaid expenses and other current assets, and $294.1 million and $205.9 million, respectively, that are included in Other non-current assets in the Condensed Consolidated Balance Sheets. These amounts primarily represent prepaid commissions, retention and sign-on bonuses to brokers and other items such as travel and other advances to employees.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11: Fair Value Measurements The Company measures certain assets and liabilities in accordance with ASC 820, which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and • Level 3: inputs for the asset or liability that are based on unobservable inputs in which there is little or no market data. There were no significant transfers between the three levels of the fair value hierarchy for the three and nine months ended September 30, 2022 and or year ended December 31, 2021. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in the Company's audited Consolidated Financial Statements for the year ended December 31, 2021. Financial Instruments The Company's financial instruments include cash and cash equivalents, trade and other receivables, a deferred purchase price receivable ("DPP"), restricted cash, accounts payable and accrued expenses, short-term borrowings, long-term debt, interest rate swaps and foreign exchange contracts. The carrying amount of cash and cash equivalents approximates the fair value of these instruments. Certain money market funds in which the Company has invested are highly liquid and considered cash equivalents. These funds are valued at the per unit rate published as the basis for current transactions. The estimated fair value of external debt was $3.1 billion and $3.3 billion as of September 30, 2022 and December 31, 2021, respectively. These instruments were valued using dealer quotes that are classified as Level 2 inputs in the fair value hierarchy. The gross carrying value of the debt was $3.2 billion and $3.3 billion as of September 30, 2022 and December 31, 2021, respectively, which excludes debt issuance costs. See Note 8: Long-Term Debt and Other Borrowings for additional information. The estimated fair value of interest rate swaps and foreign currency forward contracts are determined based on the expected cash flows of each derivative. The valuation method reflects the contractual period and uses observable market-based inputs, including interest rate and foreign currency forward curves. Investments in Real Estate Ventures The Company directly invests in early stage proptech companies, real estate venture capital funds, and other real estate companies across various sectors. The Company typically reports these investments at cost, less impairment charges, and adjusts to fair value if the Company identifies observable price changes in orderly transactions for identical or similar instruments of the same issuer. Investments in early stage proptech companies or other real estate companies are typically fair valued as a result of pricing observed in subsequent funding rounds. These investments are not fair valued on a recurring basis and as such have been excluded from the fair value hierarchy table. As of September 30, 2022 and December 31, 2021, investments in early stage proptech companies had a fair value of approximately $38.7 million and $24.0 million, respectively, included in Other non-current assets in the Condensed Consolidated Balance Sheets. In October 2021, the Company made a strategic investment of $150.0 million in WeWork, which is accounted for as an investment in equity securities reported at fair value, included in Other non-current assets in the Condensed Consolidated Balance Sheets. As quoted market prices for identical assets are available, this investment is classified as a Level 1 investment, and mark to market gains and losses are recognized on a recurring basis. Investments in real estate venture capital funds are fair valued using the net asset value ("NAV") per share (or its equivalent) provided by investees. Critical inputs to NAV estimates include valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the fair value hierarchy table. As of September 30, 2022 and December 31, 2021, investments in real estate venture capital funds had a fair value of approximately $64.7 million and $54.1 million, respectively, included in Other non-current assets in the Condensed Consolidated Balance Sheets. The Company adjusts these investments to their fair values each reporting period, and the changes are reflected in Other (expense) income, net, in the Condensed Consolidated Statements of Operations. During the three months ended September 30, 2022, the Company recognized an unrealized loss of $35.6 million related to our investment in WeWork, offset by unrealized gains of $2.1 million from other fair value investments. During the nine months ended September 30, 2022, the Company recognized an unrealized loss of $89.3 million related to our investment in WeWork, offset by unrealized gains of $7.0 million from other fair value investments. During the nine months ended September 30, 2021, the Company recognized a net unrealized gain of $7.3 million from other fair value investments. Recurring Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in millions): As of September 30, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 0.9 $ 0.9 $ — $ — Deferred compensation plan assets 30.5 30.5 — — Foreign currency forward contracts 4.9 — 4.9 — Interest rate swap agreements 51.4 — 51.4 — Deferred purchase price receivable 372.2 — — 372.2 Equity securities 39.8 39.8 — — Total $ 499.7 $ 71.2 $ 56.3 $ 372.2 Liabilities Deferred compensation plan liabilities $ 31.6 $ 31.6 $ — $ — Foreign currency forward contracts 2.7 — 2.7 — Earn-out liabilities 31.5 — — 31.5 Total $ 65.8 $ 31.6 $ 2.7 $ 31.5 As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 45.2 $ 45.2 $ — $ — Deferred compensation plan assets 47.2 47.2 — — Foreign currency forward contracts 0.9 — 0.9 — Deferred purchase price receivable 142.3 — — 142.3 Equity securities 129.0 129.0 — — Total $ 364.6 $ 221.4 $ 0.9 $ 142.3 Liabilities Deferred compensation plan liabilities $ 47.4 $ 47.4 $ — $ — Foreign currency forward contracts 1.1 — 1.1 — Interest rate swap agreements 84.0 — 84.0 — Earn-out liabilities 21.4 — — 21.4 Total $ 153.9 $ 47.4 $ 85.1 $ 21.4 Deferred Compensation Plans Prior to 2017, the Company provided deferred compensation plans to certain U.S. employees whereby the employee could defer a portion of employee compensation, which the Company would hold in trust, enabling the employees to defer tax on compensation until payment is made to them from the trust. These plans are frozen. The employees continue to be at risk for any investment fluctuations of the funds held in trust. The Company adopted a new deferred compensation plan, which become effective on January 1, 2019. The plan allows highly-compensated employees to defer a portion of compensation, enabling the employee to defer tax on compensation until payment is made. Deferred compensation is credited into an account denominated in ordinary shares of the Company in a number determined based on the fair market value of the Company’s ordinary shares on the date of the deposit. All payments are made in ordinary shares. The fair value of assets and liabilities of these plans is based on the value of the underlying investments using quoted prices in active markets at period end. Deferred compensation plan assets are presented within Prepaid expenses and other current assets and Other non-current assets in the Condensed Consolidated Balance Sheets. Deferred compensation liabilities are presented within Accrued compensation and Other non-current liabilities in the Condensed Consolidated Balance Sheets. Foreign Currency Forward Contracts and Interest Rate Swap Agreements Refer to Note 7: Derivative Financial Instruments and Hedging Activities for discussion of the fair value associated with these derivative assets and liabilities. Deferred Purchase Price Receivable The Company has a revolving trade accounts receivables securitization program, which it has amended periodically (the “A/R Securitization“). Under the A/R Securitization, the Company recorded a DPP upon the initial sale of trade receivables. The DPP represents the difference between the fair value of the trade receivables sold and the cash purchase price and is recognized at fair value as part of the sale transaction. The DPP is subsequently remeasured each reporting period in order to account for activity during the period, such as the seller’s interest in any newly transferred receivables, collections on previously transferred receivables attributable to the DPP and changes in estimates for credit losses. Changes in the DPP attributed to changes in estimates for credit losses are expected to be immaterial, as the underlying receivables are short-term and of high credit quality. The DPP is included in Other non-current assets in the Condensed Consolidated Balance Sheets and is valued using unobservable inputs (i.e., Level 3 inputs), primarily discounted cash flows. Refer to Note 12: Accounts Receivable Securitization for more information. Earn-out Liabilities The Company has various contractual obligations associated with the acquisition of several real estate service companies in the United States, Australia, Canada and Europe, including contingent consideration, comprised of earn-out payments to the sellers subject to achievement of certain performance criteria in accordance with the terms and conditions set forth in the purchase agreements. An increase to a probability of achievement would result in a higher fair value measurement. The amounts disclosed in the table above are included in Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. As of September 30, 2022, the Company had the potential to make a maximum of $33.2 million and a minimum of $0.0 million (undiscounted) in earn-out payments. Assuming the achievement of the applicable performance criteria, these earn-out payments will be made over the next five years. Earn-out liabilities are classified within Level 3 in the fair value hierarchy because the methodology used to develop the estimated fair value includes significant unobservable inputs reflecting management’s own assumptions. The fair value of earn-out liabilities is based on the present value of probability-weighted expected return method related to the earn-out performance criteria on each reporting date. The probabilities of achievement assigned to the performance criteria are determined based on due diligence performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. Adjustments to the earn-out liabilities in periods subsequent to the completion of acquisitions are reflected within Operating, administrative and other in the Condensed Consolidated Statements of Operations. The table below presents a reconciliation of earn-out liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): Earn-out Liabilities 2022 2021 Balance as of January 1, $ 21.4 $ 21.0 Purchases/additions 11.3 1.0 Net change in fair value and other adjustments (1.1) — Payments (0.1) (3.8) Balance as of September 30, $ 31.5 $ 18.2

Accounts Receivable Securitizat

Accounts Receivable Securitization	9 Months Ended
	Sep. 30, 2022
Transfers and Servicing [Abstract]
Accounts Receivable Securitization	Note 12: Accounts Receivable Securitization On August 1, 2022, the Company amended the A/R Securitization, effective August 22, 2022, to increase the investment limit to $200.0 million and extend the maturity date to June 20, 2023. Under the A/R Securitization, certain of the Company’s wholly owned subsidiaries continuously sell (or contribute) receivables to certain wholly owned special purpose entities at fair market value. The special purpose entities then sell 100% of the receivables to an unaffiliated financial institution (the "Purchaser”). Although the special purpose entities are wholly owned subsidiaries of the Company, they are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to be satisfied out of their assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not available to pay other creditors of the Company. As of September 30, 2022 and December 31, 2021 the Company had no outstanding balance drawn on the investment limit. All transactions under the A/R Securitization are accounted for as a true sale in accordance with ASC 860, Transfers and Servicing ("Topic 860"). Following the sale and transfer of the receivables to the Purchaser, the receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables. Receivables sold are derecognized from the statement of financial position. The Company continues to service, administer and collect the receivables on behalf of the Purchaser, and recognizes a servicing liability in accordance with Topic 860. Any financial statement impact associated with the servicing liability was immaterial for all periods presented. This program allows the Company to receive a cash payment and a DPP for sold receivables. The DPP is paid to the Company in cash on behalf of the Purchaser as the receivables are collected; however, due to the revolving nature of the A/R Securitization, cash collected from the Company’s customers is reinvested by the Purchaser daily in new receivable purchases under the A/R Securitization. For the nine months ended September 30, 2022 and 2021, receivables sold under the A/R Securitization were $1,357.7 million and $932.5 million, respectively, and cash collections from customers on receivables sold were $1,119.1 million and $938.6 million, respectively, all of which were reinvested in new receivables purchases and are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. As of September 30, 2022 and December 31, 2021, the outstanding principal on receivables sold under the A/R Securitization was $397.3 million and $158.7 million, respectively. Refer to Note 11: Fair Value Measurements for additional discussion on the fair value of the DPP as of September 30, 2022 and December 31, 2021.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 13: Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the sum of such amounts presented in the Condensed Consolidated Statements of Cash Flows (in millions): As of September 30, 2022 December 31, 2021 Cash and cash equivalents $ 380.8 $ 770.7 Restricted cash recorded in Prepaid expenses and other current assets 109.0 119.6 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 489.8 $ 890.3 Supplemental cash flows and non-cash investing and financing activities are as follows (in millions): Nine Months Ended September 30, 2022 2021 Cash paid for: Interest $ 116.2 $ 114.2 Income taxes 197.8 37.0 Operating leases 85.4 108.2 Non-cash investing/financing activities: Property and equipment additions through finance leases 21.9 10.1 Deferred and contingent payment obligation incurred through acquisitions 23.6 1.0 Increase (decrease) in beneficial interest in a securitization 233.0 (12.9) Right of use assets obtained through operating leases 29.8 104.5

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 14: Subsequent Events The Company has evaluated subsequent events through November 3, 2022, the date on which these financial statements were issued, and has determined there were no material subsequent events to disclose.

New Accounting Standards (Polic

New Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
New Accounting Standards	The Company has adopted the following new accounting standards that have been recently issued: Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations: Accounting for Contract Asset and Contract Liabilities from Contracts with Customers, which requires that an acquirer in a business combination recognize and measure contract assets and liabilities acquired in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606") as if the acquirer had originated the contracts. The Company early adopted the ASU effective January 1, 2022, with no impact to its financial statements and related disclosures. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance , which requires certain disclosures when companies have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. A company that has received government assistance must provide disclosures related to the nature of the transaction, accounting policies used to account for the transaction, and the amounts and financial statement line items that are affected by the transaction. The Company prospectively adopted the ASU effective January 1, 2022, with no impact to its financial statements and related disclosures. Fair Value Measurement In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , which clarifies that a company should not consider contractual restrictions on the sale of equity securities in measuring fair value. This ASU clarifies the guidance in ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), on the fair value measurement of equity securities that are subject to a contractual sale restriction and requires specific disclosures related to such equity securities. The Company early adopted this ASU effective July 1, 2022, with no impact to its financial statements and related disclosures.

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Summarized Financial Information by Segment	As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below. Summarized financial information by segment is as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change Total revenue Americas $ 1,959.5 $ 1,746.5 12 % $ 5,756.2 $ 4,851.6 19 % EMEA 232.0 268.8 (14) % 741.6 756.8 (2) % APAC 323.6 317.6 2 % 960.9 896.6 7 % Total revenue $ 2,515.1 $ 2,332.9 8 % $ 7,458.7 $ 6,505.0 15 % Adjusted EBITDA Americas $ 165.6 $ 160.7 3 % $ 552.1 $ 395.6 40 % EMEA 24.8 28.5 (13) % 76.7 62.8 22 % APAC 11.5 29.9 (62) % 50.2 80.3 (37) %
Schedule of Adjusted EBITDA	Adjusted EBITDA is calculated as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Adjusted EBITDA - Americas $ 165.6 $ 160.7 $ 552.1 $ 395.6 Adjusted EBITDA - EMEA 24.8 28.5 76.7 62.8 Adjusted EBITDA - APAC 11.5 29.9 50.2 80.3 Add/(less): Depreciation and amortization (33.9) (42.7) (114.2) (128.3) Interest expense, net of interest income (50.4) (45.8) (139.7) (132.0) Provision for income taxes (26.2) (22.9) (82.6) (38.1) Unrealized (loss) gain on investments, net (33.5) 1.2 (82.3) 7.3 Integration and other costs related to merger (3.3) (4.8) (11.1) (26.6) Pre-IPO stock-based compensation (0.8) (1.0) (2.5) (4.1) Acquisition related costs and efficiency initiatives (19.2) (33.2) (54.2) (106.7) Other (10.7) (1.2) (25.8) (6.0) Net income $ 23.9 $ 68.7 $ 166.6 $ 104.2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a calculation of EPS (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic EPS Net income $ 23.9 $ 68.7 $ 166.6 $ 104.2 Weighted average shares outstanding for basic earnings per share 225.7 223.3 225.3 222.9 Basic earnings per share attributable to common shareholders $ 0.11 $ 0.31 $ 0.74 $ 0.47 Diluted EPS Net income $ 23.9 $ 68.7 $ 166.6 $ 104.2 Weighted average shares outstanding for basic earnings per share 225.7 223.3 225.3 222.9 Dilutive effect of restricted stock units 1.4 2.6 2.2 1.9 Dilutive effective of stock options 0.4 1.1 0.8 1.0 Weighted average shares outstanding for diluted earnings per share 227.5 227.0 228.3 225.8 Diluted earnings per share attributable to common shareholders $ 0.11 $ 0.30 $ 0.73 $ 0.46

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate revenue by reportable segment and service line (in millions): Three Months Ended September 30, 2022 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,257.1 $ 111.4 $ 240.9 $ 1,609.4 Leasing At a point in time 430.3 52.6 41.2 524.1 Capital markets At a point in time 223.6 28.1 12.4 264.1 Valuation and other At a point in time or over time 48.5 39.9 29.1 117.5 Total revenue $ 1,959.5 $ 232.0 $ 323.6 $ 2,515.1 Three Months Ended September 30, 2021 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,071.5 $ 128.6 $ 218.4 $ 1,418.5 Leasing At a point in time 359.7 58.4 44.9 463.0 Capital markets At a point in time 268.6 38.5 23.9 331.0 Valuation and other At a point in time or over time 46.7 43.3 30.4 120.4 Total revenue $ 1,746.5 $ 268.8 $ 317.6 $ 2,332.9 Nine Months Ended September 30, 2022 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 3,576.0 $ 344.1 $ 706.5 $ 4,626.6 Leasing At a point in time 1,254.6 166.6 120.9 1,542.1 Capital markets At a point in time 775.7 102.4 44.0 922.1 Valuation and other At a point in time or over time 149.9 128.5 89.5 367.9 Total revenue $ 5,756.2 $ 741.6 $ 960.9 $ 7,458.7 Nine Months Ended September 30, 2021 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 3,152.5 $ 367.7 $ 631.2 $ 4,151.4 Leasing At a point in time 927.2 161.2 127.1 1,215.5 Capital markets At a point in time 642.9 93.8 44.2 780.9 Valuation and other At a point in time or over time 129.0 134.1 94.1 357.2 Total revenue $ 4,851.6 $ 756.8 $ 896.6 $ 6,505.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2022 (in millions): Americas EMEA APAC Total Balance as of December 31, 2021 $ 1,511.2 $ 317.2 $ 253.5 $ 2,081.9 Acquisitions 6.3 13.7 5.6 25.6 Effect of movements in exchange rates and other (5.3) (50.8) (30.9) (87.0) Balance as of September 30, 2022 $ 1,512.2 $ 280.1 $ 228.2 $ 2,020.5
Summary of Finite-Lived Intangible Assets	The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of September 30, 2022 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,346.0 (1,009.3) 336.7 Other intangible assets 5 - 7 16.5 (13.8) 2.7 Total intangible assets $ 1,908.5 $ (1,023.1) $ 885.4 As of December 31, 2021 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,380.7 (1,009.0) 371.7 Other intangible assets 2 - 13 17.3 (12.8) 4.5 Total intangible assets $ 1,944.0 $ (1,021.8) $ 922.2
Summary of Indefinite-Lived Intangible Assets	The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of September 30, 2022 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,346.0 (1,009.3) 336.7 Other intangible assets 5 - 7 16.5 (13.8) 2.7 Total intangible assets $ 1,908.5 $ (1,023.1) $ 885.4 As of December 31, 2021 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,380.7 (1,009.0) 371.7 Other intangible assets 2 - 13 17.3 (12.8) 4.5 Total intangible assets $ 1,944.0 $ (1,021.8) $ 922.2

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives	The following table presents the fair value of derivatives as of September 30, 2022 and December 31, 2021 (in millions): September 30, 2022 December 31, 2021 September 30, 2022 Assets Liabilities Assets Liabilities Derivative Instrument Notional Fair Value Fair Value Fair Value Fair Value Designated: Cash flow hedges: Interest rate swaps $ 1,423.6 $ 51.4 $ — $ — $ 84.0 Non-designated: Foreign currency forward contracts $ 696.9 $ 4.9 $ 2.7 $ 0.9 $ 1.1
Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes	The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the three months ended September 30, 2022 and 2021 (in millions): Beginning Amount of Loss (Gain) Recognized in Other Amount of (Loss) Gain (1) Ending Three Months Ended September 30, 2022 Interest rate cash flow hedges $ (7.9) $ (41.3) $ (2.2) $ (51.4) Three Months Ended September 30, 2021 Interest rate cash flow hedges $ 120.2 $ 3.2 $ (11.4) $ 112.0 (1) Amount is net of related income tax expense of $0.0 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively. The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022 and 2021 (in millions): Beginning Amount of Loss (Gain) Recognized in Other Amount of (Loss) Gain (1) Ending Nine Months Ended September 30, 2022 Interest rate cash flow hedges $ 84.2 $ (116.5) $ (19.1) $ (51.4) Nine Months Ended September 30, 2021 Interest rate cash flow hedges $ 158.9 $ (16.9) $ (30.0) $ 112.0 (1) Amount is net of related income tax expense of $0.0 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively.

Long-term Debt and Other Borr_2

Long-term Debt and Other Borrowings (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following (in millions): As of September 30, 2022 December 31, 2021 Collateralized: 2018 First Lien Loan, net of unamortized discount and issuance costs of $20.7 million and $25.8 million, respectively $ 2,578.9 $ 2,593.8 2020 Senior Secured Notes, net of unamortized issuance costs of $8.1 million and $9.2 million, respectively 641.9 640.8 Finance lease liability 32.2 23.2 Notes payable to former stockholders 0.2 0.2 Total 3,253.2 3,258.0 Less: current portion of long-term debt (41.6) (37.5) Total Long-term debt, net $ 3,211.6 $ 3,220.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in millions): As of September 30, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 0.9 $ 0.9 $ — $ — Deferred compensation plan assets 30.5 30.5 — — Foreign currency forward contracts 4.9 — 4.9 — Interest rate swap agreements 51.4 — 51.4 — Deferred purchase price receivable 372.2 — — 372.2 Equity securities 39.8 39.8 — — Total $ 499.7 $ 71.2 $ 56.3 $ 372.2 Liabilities Deferred compensation plan liabilities $ 31.6 $ 31.6 $ — $ — Foreign currency forward contracts 2.7 — 2.7 — Earn-out liabilities 31.5 — — 31.5 Total $ 65.8 $ 31.6 $ 2.7 $ 31.5 As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 45.2 $ 45.2 $ — $ — Deferred compensation plan assets 47.2 47.2 — — Foreign currency forward contracts 0.9 — 0.9 — Deferred purchase price receivable 142.3 — — 142.3 Equity securities 129.0 129.0 — — Total $ 364.6 $ 221.4 $ 0.9 $ 142.3 Liabilities Deferred compensation plan liabilities $ 47.4 $ 47.4 $ — $ — Foreign currency forward contracts 1.1 — 1.1 — Interest rate swap agreements 84.0 — 84.0 — Earn-out liabilities 21.4 — — 21.4 Total $ 153.9 $ 47.4 $ 85.1 $ 21.4
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The table below presents a reconciliation of earn-out liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in millions): Earn-out Liabilities 2022 2021 Balance as of January 1, $ 21.4 $ 21.0 Purchases/additions 11.3 1.0 Net change in fair value and other adjustments (1.1) — Payments (0.1) (3.8) Balance as of September 30, $ 31.5 $ 18.2

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the sum of such amounts presented in the Condensed Consolidated Statements of Cash Flows (in millions): As of September 30, 2022 December 31, 2021 Cash and cash equivalents $ 380.8 $ 770.7 Restricted cash recorded in Prepaid expenses and other current assets 109.0 119.6 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 489.8 $ 890.3 Supplemental cash flows and non-cash investing and financing activities are as follows (in millions): Nine Months Ended September 30, 2022 2021 Cash paid for: Interest $ 116.2 $ 114.2 Income taxes 197.8 37.0 Operating leases 85.4 108.2 Non-cash investing/financing activities: Property and equipment additions through finance leases 21.9 10.1 Deferred and contingent payment obligation incurred through acquisitions 23.6 1.0 Increase (decrease) in beneficial interest in a securitization 233.0 (12.9) Right of use assets obtained through operating leases 29.8 104.5

Segment Data - Schedule of summ

Segment Data - Schedule of summarized financial information by segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 2,515.1	$ 2,332.9	$ 7,458.7	$ 6,505
Americas
Segment Reporting Information [Line Items]
Total revenue	1,959.5	1,746.5	5,756.2	4,851.6
EMEA
Segment Reporting Information [Line Items]
Total revenue	232	268.8	741.6	756.8
APAC
Segment Reporting Information [Line Items]
Total revenue	323.6	317.6	960.9	896.6
Operating segments
Segment Reporting Information [Line Items]
Total revenue	$ 2,515.1	2,332.9	$ 7,458.7	6,505
Percent change in revenue amount	8%		15%
Operating segments | Americas
Segment Reporting Information [Line Items]
Total revenue	$ 1,959.5	1,746.5	$ 5,756.2	4,851.6
Percent change in revenue amount	12%		19%
Adjusted EBITDA	$ 165.6	160.7	$ 552.1	395.6
Percent change in adjusted EBIDTA	3%		40%
Operating segments | EMEA
Segment Reporting Information [Line Items]
Total revenue	$ 232	268.8	$ 741.6	756.8
Percent change in revenue amount	(14.00%)		(2.00%)
Adjusted EBITDA	$ 24.8	28.5	$ 76.7	62.8
Percent change in adjusted EBIDTA	(13.00%)		22%
Operating segments | APAC
Segment Reporting Information [Line Items]
Total revenue	$ 323.6	317.6	$ 960.9	896.6
Percent change in revenue amount	2%		7%
Adjusted EBITDA	$ 11.5	$ 29.9	$ 50.2	$ 80.3
Percent change in adjusted EBIDTA	(62.00%)		(37.00%)

Segment Data - Schedule of adju

Segment Data - Schedule of adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (33.9)	$ (42.7)	$ (114.2)	$ (128.3)
Interest expense, net of interest income	(50.4)	(45.8)	(139.7)	(132)
Provision for income taxes	(26.2)	(22.9)	(82.6)	(38.1)
Unrealized (loss) gain on investments, net	(33.5)	1.2	(82.3)	7.3
Integration and other costs related to merger	(3.3)	(4.8)	(11.1)	(26.6)
Pre-IPO stock-based compensation	(0.8)	(1)	(2.5)	(4.1)
Acquisition related costs and efficiency initiatives	(19.2)	(33.2)	(54.2)	(106.7)
Other	(10.7)	(1.2)	(25.8)	(6)
Net income	23.9	68.7	166.6	104.2
Operating segments | Americas
Segment Reporting Information [Line Items]
Adjusted EBITDA	165.6	160.7	552.1	395.6
Operating segments | EMEA
Segment Reporting Information [Line Items]
Adjusted EBITDA	24.8	28.5	76.7	62.8
Operating segments | APAC
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 11.5	$ 29.9	$ 50.2	$ 80.3

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic EPS
Net income	$ 23.9	$ 68.7	$ 166.6	$ 104.2
Weighted average shares outstanding for basic earnings per share (in dollars per share)	225.7	223.3	225.3	222.9
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.11	$ 0.31	$ 0.74	$ 0.47
Diluted EPS
Net income	$ 23.9	$ 68.7	$ 166.6	$ 104.2
Weighted average shares outstanding for basic earnings per share (in dollars per share)	225.7	223.3	225.3	222.9
Weighted average shares outstanding for diluted earnings per share	227.5	227	228.3	225.8
Diluted earnings per common share attributable to shareholders (in dollars per share)	$ 0.11	$ 0.30	$ 0.73	$ 0.46
Restricted Stock Units (RSUs)
Diluted EPS
Dilutive effect of stocks (in shares)	1.4	2.6	2.2	1.9
Stock Options
Diluted EPS
Dilutive effect of stocks (in shares)	0.4	1.1	0.8	1

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,515.1	$ 2,332.9	$ 7,458.7	$ 6,505
Americas
Disaggregation of Revenue [Line Items]
Revenue	1,959.5	1,746.5	5,756.2	4,851.6
EMEA
Disaggregation of Revenue [Line Items]
Revenue	232	268.8	741.6	756.8
APAC
Disaggregation of Revenue [Line Items]
Revenue	323.6	317.6	960.9	896.6
Property, facilities and project management | Over time
Disaggregation of Revenue [Line Items]
Revenue	1,609.4	1,418.5	4,626.6	4,151.4
Property, facilities and project management | Americas | Over time
Disaggregation of Revenue [Line Items]
Revenue	1,257.1	1,071.5	3,576	3,152.5
Property, facilities and project management | EMEA | Over time
Disaggregation of Revenue [Line Items]
Revenue	111.4	128.6	344.1	367.7
Property, facilities and project management | APAC | Over time
Disaggregation of Revenue [Line Items]
Revenue	240.9	218.4	706.5	631.2
Leasing | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	524.1	463	1,542.1	1,215.5
Leasing | Americas | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	430.3	359.7	1,254.6	927.2
Leasing | EMEA | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	52.6	58.4	166.6	161.2
Leasing | APAC | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	41.2	44.9	120.9	127.1
Capital markets | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	264.1	331	922.1	780.9
Capital markets | Americas | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	223.6	268.6	775.7	642.9
Capital markets | EMEA | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	28.1	38.5	102.4	93.8
Capital markets | APAC | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	12.4	23.9	44	44.2
Valuation and other | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	117.5	120.4	367.9	357.2
Valuation and other | Americas | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	48.5	46.7	149.9	129
Valuation and other | EMEA | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	39.9	43.3	128.5	134.1
Valuation and other | APAC | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	$ 29.1	$ 30.4	$ 89.5	$ 94.1

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with customer, asset, allowance for credit loss	$ 32	$ 18.5
Contract liabilities	49.1	62.8
Prepaid expenses and other current assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract assets	424.5	337.4
Other non-current assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract assets	$ 89.9	$ 71.1

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2021	$ 2,081.9
Acquisitions	25.6
Effect of movements in exchange rates and other	(87)
Balance as of September 30, 2022	2,020.5
Americas
Goodwill [Roll Forward]
Balance as of December 31, 2021	1,511.2
Acquisitions	6.3
Effect of movements in exchange rates and other	(5.3)
Balance as of September 30, 2022	1,512.2
EMEA
Goodwill [Roll Forward]
Balance as of December 31, 2021	317.2
Acquisitions	13.7
Effect of movements in exchange rates and other	(50.8)
Balance as of September 30, 2022	280.1
APAC
Goodwill [Roll Forward]
Balance as of December 31, 2021	253.5
Acquisitions	5.6
Effect of movements in exchange rates and other	(30.9)
Balance as of September 30, 2022	$ 228.2

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0	$ 0
Amortization expense	$ 15,900,000	$ 16,300,000	$ 47,800,000	$ 49,300,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Accumulated Amortization	$ (1,023.1)	$ (1,021.8)
Gross Value	1,908.5	1,944
Net Value	885.4	922.2
Customer relationships
Goodwill [Line Items]
Finite-lived intangible assets, gross value	1,346	1,380.7
Accumulated Amortization	(1,009.3)	(1,009)
Finite-lived intangible assets, net value	336.7	371.7
Other intangible assets
Goodwill [Line Items]
Finite-lived intangible assets, gross value	16.5	17.3
Accumulated Amortization	(13.8)	(12.8)
Finite-lived intangible assets, net value	$ 2.7	$ 4.5
Minimum | Customer relationships
Goodwill [Line Items]
Useful Life (in years)	1 year	1 year
Minimum | Other intangible assets
Goodwill [Line Items]
Useful Life (in years)	5 years	2 years
Maximum | Customer relationships
Goodwill [Line Items]
Useful Life (in years)	15 years	15 years
Maximum | Other intangible assets
Goodwill [Line Items]
Useful Life (in years)	7 years	13 years
C&W trade name
Goodwill [Line Items]
Indefinite-lived intangible assets	$ 546	$ 546

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) derivative_instrument	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) derivative_instrument	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) derivative_instrument
Designated
Derivative [Line Items]
Pre-tax gain (loss) included in accumulated other comprehensive loss for interest rate derivatives			$ 51.4		$ (83.6)
Pre-tax losses reclassified during the next twelve months			$ 21.3
Designated | Interest rate hedge
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	5		5
Non-Designated | Foreign currency forward contracts
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	26		26		19
Gain on derivative instruments, pretax	$ (3.3)	$ (3.6)	$ (6.8)	$ (13)
Loss on derivative instruments, pretax	3.8	1.9	15	5.1
Notional amount	696.9		696.9		$ 642.7
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Hedging (Losses) Gains | Interest rate hedge
Derivative [Line Items]
Loss reclassified into earnings	$ 2.2	$ 11.3	$ (19.1)	$ 28.3

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Designated | Cash Flow Hedging | Interest rate swaps
Derivative [Line Items]
Notional	$ 1,423.6
Designated | Cash Flow Hedging | Other non-current assets | Interest rate swaps
Derivative [Line Items]
Assets fair value	51.4	$ 0
Designated | Cash Flow Hedging | Other non-current liabilities | Interest rate swaps
Derivative [Line Items]
Liabilities fair value	0	84
Non-Designated | Foreign currency forward contracts
Derivative [Line Items]
Notional	696.9	642.7
Non-Designated | Other non-current assets | Foreign currency forward contracts
Derivative [Line Items]
Assets fair value	4.9	0.9
Non-Designated | Other non-current liabilities | Foreign currency forward contracts
Derivative [Line Items]
Liabilities fair value	$ 2.7	$ 1.1

Derivative Financial Instrume_5

Derivative Financial Instruments and Hedging Activities - Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive Loss (Gain)			$ (1,447.8)
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	$ (41.3)	$ 3.2	(116.5)	$ (16.9)
Ending Accumulated Other Comprehensive Loss (Gain)	(1,577.4)		(1,577.4)
Unrealized Hedging (Losses) Gains
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amount of net related income tax expense	0	0.1	0	1.8
Cash Flow Hedging | Unrealized Hedging (Losses) Gains | Interest rate hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive Loss (Gain)	(7.9)	120.2	84.2	158.9
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	(41.3)	3.2	(116.5)	(16.9)
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations	(2.2)	(11.4)	(19.1)	(30)
Ending Accumulated Other Comprehensive Loss (Gain)	$ (51.4)	$ 112	$ (51.4)	$ 112

Long-Term Debt and Other Borr_3

Long-Term Debt and Other Borrowings - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 3,253.2	$ 3,258
Less: current portion of long-term debt	(41.6)	(37.5)
Total Long-term debt, net	3,211.6	3,220.5
Secured Debt | 2018 First Lien Loan
Debt Instrument [Line Items]
Unamortized discount and issuance costs	20.7	25.8
Total	2,578.9	2,593.8
2020 Senior Secured Note | Senior Secured Note Due May 2028
Debt Instrument [Line Items]
Unamortized discount and issuance costs	8.1	9.2
Total	641.9	640.8
Finance lease liability
Debt Instrument [Line Items]
Total	32.2	23.2
Notes payable to former stockholders
Debt Instrument [Line Items]
Total	$ 0.2	$ 0.2

Long-Term Debt and Other Borr_4

Long-Term Debt and Other Borrowings - Narrative (Details) - USD ($)					9 Months Ended
	Apr. 28, 2022	May 22, 2020	Dec. 20, 2019	Aug. 21, 2018	Sep. 30, 2022	Jan. 20, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, amount			$ 500,000			$ 11,100,000
2018 Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount				$ 3,500,000,000
Quarterly principal payment, percentage					0.25%
2018 Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
2018 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount				$ 810,000,000
Debt issuance costs, amount	$ 3,700,000
Term loan increase	80,000,000
Line of credit facility, initial borrowing capacity	1,000,000,000
Line of credit facility, maximum borrowing capacity	$ 1,100,000,000
2018 Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
2018 Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
2018 First Lien Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 2,700,000,000
Stated discount, amount				13,500,000
Debt issuance costs, amount				$ 20,600,000
Effective interest rate					6.20%
Net leverage ratio					5
First Lien Loan | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Term loan increase			$ 210,000,000
Senior Secured Note Due May 2028 | 2020 Senior Secured Note
Debt Instrument [Line Items]
Debt instrument, face amount		$ 650,000,000
Debt issuance costs, amount		11,500,000
Effective interest rate					7%
Proceeds from debt, net of stated discount and debt issuance costs		638,500,000
Proceeds from issuance of senior long-term debt		$ 650,000,000
Stated interest rate		6.75%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Closed-ended terms for guarantees	10 years
Maximum potential future payments on guarantees	$ 50.6
Contingent liabilities, current	126.3	$ 106.5
Contingent liabilities, non-current	21.7	19.5
Errors and Omissions (E&O) claims and other claims
Loss Contingencies [Line Items]
Contingent liabilities	41.2	40.2
Workers' compensation
Loss Contingencies [Line Items]
Contingent liabilities	106.8	85.8
Insurance recoverable
Loss Contingencies [Line Items]
Loss contingency, receivable	$ 6.8	$ 6.3

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Affiliates - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Accounts receivable, related parties, current	$ 48.6	$ 42.5
Accounts receivable, related parties, noncurrent	$ 294.1	$ 205.9

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of external debt	$ 3,100		$ 3,100		$ 3,300
Gross carrying value of debt	3,200		3,200		3,300
Unrealized gain (loss) on investments	33.5	$ (1.2)	$ 82.3	$ (7.3)
Earn out payment			5 years
Several Estate Service Companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liabilities, maximum	33.2		$ 33.2
Earn-out liabilities, minimum	0		0
WeWork
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments	(35.6)		(89.3)
Fair Value, Nonrecurring | Early State Proptech Companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures	38.7		38.7		24
Fair Value, Nonrecurring | WeWork
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, FV-NI						$ 150
Unrealized gain (loss) on investments	2.1		7	$ 7.3
Fair Value, Nonrecurring | Real Estate Venture Capital Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in real estate ventures	$ 64.7		$ 64.7		$ 54.1

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash equivalents - money market funds	$ 0.9	$ 45.2
Deferred compensation plan assets	30.5	47.2
Deferred purchase price receivable	372.2	142.3
Equity securities	39.8	129
Total	499.7	364.6
Liabilities
Deferred compensation plan liabilities	31.6	47.4
Earn-out liabilities	31.5	21.4
Total	65.8	153.9
Level 1
Assets
Cash equivalents - money market funds	0.9	45.2
Deferred compensation plan assets	30.5	47.2
Deferred purchase price receivable	0	0
Equity securities	39.8	129
Total	71.2	221.4
Liabilities
Deferred compensation plan liabilities	31.6	47.4
Earn-out liabilities	0	0
Total	31.6	47.4
Level 2
Assets
Cash equivalents - money market funds	0	0
Deferred compensation plan assets	0	0
Deferred purchase price receivable	0	0
Equity securities	0	0
Total	56.3	0.9
Liabilities
Deferred compensation plan liabilities	0	0
Earn-out liabilities	0	0
Total	2.7	85.1
Level 3
Assets
Cash equivalents - money market funds	0	0
Deferred compensation plan assets	0	0
Deferred purchase price receivable	372.2	142.3
Equity securities	0	0
Total	372.2	142.3
Liabilities
Deferred compensation plan liabilities	0	0
Earn-out liabilities	31.5	21.4
Total	31.5	21.4
Foreign currency forward contracts
Assets
Foreign currency forward contracts	4.9	0.9
Liabilities
Derivative liability	2.7	1.1
Foreign currency forward contracts | Level 1
Assets
Foreign currency forward contracts	0	0
Liabilities
Derivative liability	0	0
Foreign currency forward contracts | Level 2
Assets
Foreign currency forward contracts	4.9	0.9
Liabilities
Derivative liability	2.7	1.1
Foreign currency forward contracts | Level 3
Assets
Foreign currency forward contracts	0	0
Liabilities
Derivative liability	0	0
Interest rate swaps
Assets
Foreign currency forward contracts	51.4
Liabilities
Derivative liability		84
Interest rate swaps | Level 1
Assets
Foreign currency forward contracts	0
Liabilities
Derivative liability		0
Interest rate swaps | Level 2
Assets
Foreign currency forward contracts	51.4
Liabilities
Derivative liability		84
Interest rate swaps | Level 3
Assets
Foreign currency forward contracts	$ 0
Liabilities
Derivative liability		$ 0

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Earn-out Liabilities - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 21.4	$ 21
Purchases/additions	11.3	1
Net change in fair value and other adjustments	(1.1)	0
Payments	(0.1)	(3.8)
Ending balance	$ 31.5	$ 18.2

Accounts Receivable Securitiz_2

Accounts Receivable Securitization - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Aug. 01, 2022	Dec. 31, 2021
Transfers and Servicing [Abstract]
Investment limit			$ 200,000,000
Transferor's interests in transferred financial assets, receivables sold, percent			100%
Amount drawn on investment limit	$ 0
Proceeds from accounts receivable securitization	1,357,700,000	$ 932,500,000
Cash collection	1,119,100,000	$ 938,600,000
Outstanding principal on receivables sold under securitization	$ 397,300,000			$ 158,700,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 380.8	$ 770.7
Restricted cash recorded in Prepaid expenses and other current assets	109	119.6
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 489.8	$ 890.3	$ 1,313.2	$ 1,164.1

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Non Cash Investing and Financing Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for:
Interest	$ 116.2	$ 114.2
Income taxes	197.8	37
Operating leases	85.4	108.2
Non-cash investing/financing activities:
Property and equipment additions through finance leases	21.9	10.1
Deferred and contingent payment obligation incurred through acquisitions	23.6	1
Increase (decrease) in beneficial interest in a securitization	233	(12.9)
Right of use assets obtained through operating leases	$ 29.8	$ 104.5