Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $0.10 nominal value | |
Trading Symbol | CWK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 227,062,491 | |
Entity Central Index Key | 0001628369 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 459.6 | $ 644.5 |
Trade and other receivables, net of allowance of $86.0 and $88.2, as of March 31, 2023 and December 31, 2022, respectively | 1,326.5 | 1,462.4 |
Income tax receivable | 62 | 55.4 |
Short-term contract assets, net | 360 | 358.2 |
Prepaid expenses and other current assets | 298.2 | 246.3 |
Total current assets | 2,506.3 | 2,766.8 |
Property and equipment, net | 169.7 | 172.6 |
Goodwill | 2,066.8 | 2,065.5 |
Intangible assets, net | 857.8 | 874.5 |
Equity method investments | 685.7 | 677.3 |
Deferred tax assets | 58.1 | 58.6 |
Non-current operating lease assets | 355.5 | 358 |
Other non-current assets | 921.8 | 976 |
Total assets | 7,621.7 | 7,949.3 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 33.7 | 49.8 |
Accounts payable and accrued expenses | 1,132.3 | 1,199 |
Accrued compensation | 759.4 | 916.5 |
Income tax payable | 6.9 | 33.1 |
Other current liabilities | 187.8 | 192 |
Total current liabilities | 2,120.1 | 2,390.4 |
Long-term debt, net | 3,228 | 3,211.7 |
Deferred tax liabilities | 60.1 | 57.2 |
Non-current operating lease liabilities | 332.8 | 334.6 |
Other non-current liabilities | 301.2 | 293.3 |
Total liabilities | 6,042.2 | 6,287.2 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Ordinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 227,047,977 and 225,780,535 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 22.7 | 22.6 |
Additional paid-in capital | 2,916.1 | 2,911.5 |
Accumulated deficit | (1,158.2) | (1,081.8) |
Accumulated other comprehensive loss | (201.6) | (191) |
Total equity attributable to the Company | 1,579 | 1,661.3 |
Non-controlling interests | 0.5 | 0.8 |
Total equity | 1,579.5 | 1,662.1 |
Total liabilities and shareholders' equity | $ 7,621.7 | $ 7,949.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Trade and other receivables, allowance | $ 86 | $ 88.2 |
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) | 227,047,977 | 225,780,535 |
Ordinary shares outstanding (in shares) | 227,047,977 | 225,780,535 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 2,249.3 | $ 2,331 |
Costs and expenses: | ||
Costs of services (exclusive of depreciation and amortization) | 1,907.6 | 1,860.5 |
Operating, administrative and other | 315.9 | 293.4 |
Depreciation and amortization | 36.9 | 40.6 |
Restructuring, impairment and related charges | 7.2 | 1.2 |
Total costs and expenses | 2,267.6 | 2,195.7 |
Operating (loss) income | (18.3) | 135.3 |
Interest expense, net of interest income | (76.8) | (43.2) |
Earnings from equity method investments | 11.9 | 16.9 |
Other expense, net | (6) | (32.9) |
(Loss) earnings before income taxes | (89.2) | 76.1 |
(Benefit from) provision for income taxes | (12.8) | 30.6 |
Net (loss) income | $ (76.4) | $ 45.5 |
Basic (loss) earnings per share: | ||
(Loss) earnings per share attributable to common shareholders, basic (in dollars per share) | $ (0.34) | $ 0.20 |
Weighted average shares outstanding for basic (loss) earnings per share (in dollars per share) | 226.2 | 224.7 |
Diluted (loss) earnings per share: | ||
(Loss) earnings per share attributable to common shareholders, diluted (in dollars per share) | $ (0.34) | $ 0.20 |
Weighted average shares outstanding for diluted (loss) earnings per share (in shares) | 226.2 | 229.1 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (76.4) | $ 45.5 |
Other comprehensive (loss) income, net of tax: | ||
Designated hedge (losses) gains | (14.2) | 69.6 |
Defined benefit plan actuarial losses | (0.4) | (1.7) |
Foreign currency translation | 4 | (7.1) |
Total other comprehensive (loss) income | (10.6) | 60.8 |
Total comprehensive (loss) income | $ (87) | $ 106.3 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in 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, 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 (loss) income | 45.5 | 45.5 | 45.5 | |||||||
Stock-based compensation | 8.7 | 8.7 | 8.7 | |||||||
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares) | 1.8 | |||||||||
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes | (25.1) | (25.1) | $ 0.2 | (25.3) | ||||||
Unrealized gain (loss) on hedging instruments | 60.7 | 60.7 | 60.7 | 60.7 | ||||||
Amounts reclassified from AOCI to the statement of operations | 9.5 | 9.5 | 9.5 | 9.5 | ||||||
Foreign currency translation | (7.1) | (7.1) | (7.1) | (7.1) | ||||||
Defined benefit plan actuarial losses | (1.7) | (1.7) | (1.7) | (1.7) | ||||||
Other activity | (0.6) | (0.6) | (0.6) | (0.6) | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 225.5 | |||||||||
Ending balance at Mar. 31, 2022 | 1,538.5 | 1,537.7 | $ 22.6 | 2,880 | (1,232.7) | (14) | (111.6) | (6.6) | (132.2) | 0.8 |
Beginning balance (in shares) at Dec. 31, 2022 | 225.8 | |||||||||
Beginning balance at Dec. 31, 2022 | 1,662.1 | 1,661.3 | $ 22.6 | 2,911.5 | (1,081.8) | 48.7 | (200.6) | (39.1) | (191) | 0.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | (76.4) | (76.4) | (76.4) | |||||||
Stock-based compensation | 11.3 | 11.3 | 11.3 | |||||||
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares) | 1.2 | |||||||||
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes | (6.6) | (6.6) | $ 0.1 | (6.7) | ||||||
Unrealized gain (loss) on hedging instruments | (8.8) | (8.8) | (8.8) | (8.8) | ||||||
Amounts reclassified from AOCI to the statement of operations | (5.4) | (5.4) | (5.4) | (5.4) | ||||||
Foreign currency translation | 4 | 4 | 4 | 4 | ||||||
Defined benefit plan actuarial losses | (0.4) | (0.4) | (0.4) | (0.4) | ||||||
Distribution from non-controlling interests | (0.2) | (0.2) | ||||||||
Other activity | (0.1) | (0.1) | ||||||||
Ending balance (in shares) at Mar. 31, 2023 | 227 | |||||||||
Ending balance at Mar. 31, 2023 | $ 1,579.5 | $ 1,579 | $ 22.7 | $ 2,916.1 | $ (1,158.2) | $ 34.5 | $ (196.6) | $ (39.5) | $ (201.6) | $ 0.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net (loss) income | $ (76.4) | $ 45.5 |
Reconciliation of net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 36.9 | 40.6 |
Impairment charges | 1.8 | 0.1 |
Unrealized foreign exchange loss (gain) | 1.3 | (5.6) |
Stock-based compensation | 11.3 | 8.7 |
Lease amortization | 24.7 | 25.1 |
Loss on debt extinguishment | 8.7 | 0 |
Amortization of debt issuance costs | 2 | 2.4 |
Earnings from equity method investments, net of dividends received | (7.8) | (12.5) |
Change in deferred taxes | 3.5 | (12.4) |
Provision for loss on receivables and other assets | 1.9 | 4.9 |
Loss on disposal of business | 1.3 | 13.8 |
Unrealized loss on equity securities, net | 10.7 | 21.5 |
Other operating activities, net | 1.6 | (3.7) |
Changes in assets and liabilities: | ||
Trade and other receivables | 118.3 | 16.4 |
Income taxes payable | (32.4) | 30.4 |
Short-term contract assets and Prepaid expenses and other current assets | (56.1) | (78.1) |
Other non-current assets | (21.7) | (98.4) |
Accounts payable and accrued expenses | (69.1) | (7.2) |
Accrued compensation | (158.9) | (130.5) |
Other current and non-current liabilities | (23.1) | (19.2) |
Net cash used in operating activities | (221.5) | (158.2) |
Cash flows from investing activities | ||
Payment for property and equipment | (10) | (18.9) |
Acquisitions of businesses, net of cash acquired | 0 | (3.9) |
Investments in equity securities and equity method joint ventures | (4.8) | (11.6) |
Return of beneficial interest in a securitization | 0 | 0 |
Collection on beneficial interest in a securitization | 90 | 80 |
Other investing activities, net | (1.9) | (9.3) |
Net cash provided by investing activities | 73.3 | 36.3 |
Cash flows from financing activities | ||
Shares repurchased for payment of employee taxes on stock awards | (7.2) | (26.2) |
Payment of deferred and contingent consideration | (6.5) | (0.1) |
Proceeds from borrowings | 1,000 | 0 |
Repayment of borrowings | (1,000) | (6.7) |
Debt issuance costs | (23.5) | 0 |
Payment of finance lease liabilities | (7.3) | (3.9) |
Other financing activities, net | 1.7 | 1 |
Net cash used in financing activities | (42.8) | (35.9) |
Change in cash, cash equivalents and restricted cash | (191) | (157.8) |
Cash, cash equivalents and restricted cash, beginning of the period | 719 | 890.3 |
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash | 2.5 | (4.3) |
Cash, cash equivalents and restricted cash, end of the period | $ 530.5 | $ 728.2 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and for the three months ended March 31, 2023 and 2022 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, 2022 included in our 2022 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 2022 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 months ended March 31, 2023 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2023. 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 | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Standards | Note 2: New Accounting Standards There have been no recently issued accounting standards that the Company adopted during the three months ended March 31, 2023. Certain new accounting standards have been issued but are not effective for the current reporting period and have not been early adopted by the Company. |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2023 | |
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, cost savings initiatives, and other non-recurring 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 March 31, 2023 2022 % Change Total revenue Americas $ 1,720.0 $ 1,785.3 (4) % EMEA 205.2 237.7 (14) % APAC 324.1 308.0 5 % Total revenue $ 2,249.3 $ 2,331.0 (4) % Adjusted EBITDA Americas $ 56.7 $ 176.1 (68) % EMEA (2.1) 16.7 (113) % APAC 6.3 21.6 (71) % Adjusted EBITDA is calculated as follows (in millions): Three Months Ended March 31, 2023 2022 Adjusted EBITDA - Americas $ 56.7 $ 176.1 Adjusted EBITDA - EMEA (2.1) 16.7 Adjusted EBITDA - APAC 6.3 21.6 Add/(less): Depreciation and amortization (36.9) (40.6) Interest expense, net of interest income (76.8) (43.2) Benefit from (provision for) income taxes 12.8 (30.6) Unrealized loss on investments, net (10.7) (21.5) Integration and other costs related to merger (2.4) (3.6) Pre-IPO stock-based compensation — (0.7) Acquisition related costs and efficiency initiatives (6.6) (17.2) Cost savings initiatives (15.0) — Other (1.7) (11.5) Net (loss) income $ (76.4) $ 45.5 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4: Earnings Per Share Earnings (loss) per share ("EPS") is calculated by dividing Net income or loss by the weighted average shares outstanding. As the Company was in a Net loss position for the three months ended March 31, 2023, the Company has determined all potentially dilutive shares would be anti-dilutive in this period and therefore these shares were excluded from the calculation of diluted weighted average shares outstanding. This resulted in the calculation of weighted average shares outstanding to be the same for both basic and diluted EPS during the three months ended March 31, 2023. Approximately 1.8 million of potentially dilutive shares for the three months ended March 31, 2023 were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. The following is a calculation of EPS (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Basic EPS Net (loss) income $ (76.4) $ 45.5 Weighted average shares outstanding for basic (loss) earnings per share 226.2 224.7 Basic (loss) earnings per share attributable to common shareholders $ (0.34) $ 0.20 Diluted EPS Net (loss) income $ (76.4) $ 45.5 Weighted average shares outstanding for basic (loss) earnings per share 226.2 224.7 Dilutive effect of restricted stock units — 3.3 Dilutive effective of stock options — 1.1 Weighted average shares outstanding for diluted (loss) earnings per share 226.2 229.1 Diluted (loss) earnings per share attributable to common shareholders $ (0.34) $ 0.20 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 5: Revenue Disaggregation of Revenue The following tables disaggregate revenue by reportable segment and service line (in millions): Three Months Ended March 31, 2023 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,264.4 $ 108.4 $ 260.0 $ 1,632.8 Leasing At a point in time 302.1 40.6 26.8 369.5 Capital markets At a point in time 119.3 13.6 10.4 143.3 Valuation and other At a point in time or over time 34.2 42.6 26.9 103.7 Total revenue $ 1,720.0 $ 205.2 $ 324.1 $ 2,249.3 Three Months Ended March 31, 2022 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,122.7 $ 114.8 $ 222.7 $ 1,460.2 Leasing At a point in time 372.9 49.7 37.2 459.8 Capital markets At a point in time 242.1 28.9 18.8 289.8 Valuation and other At a point in time or over time 47.6 44.3 29.3 121.2 Total revenue $ 1,785.3 $ 237.7 $ 308.0 $ 2,331.0 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. The following table provides information on contract assets and contract liabilities from contracts with customers included in the Condensed Consolidated Balance Sheets (in millions): As of March 31, 2023 December 31, 2022 Short-term contract assets $ 398.7 $ 397.3 Contract asset allowances (38.7) (39.1) Short-term contract assets, net 360.0 358.2 Non-current contract assets 88.2 89.7 Contract asset allowances (2.2) (2.2) Non-current contract assets, net, included in Other non-current assets 86.0 87.5 Total contract assets, net $ 446.0 $ 445.7 Contract liabilities included in Accounts payable and accrued expenses $ 65.2 $ 68.7 The amount of revenue recognized during the three months ended March 31, 2023 that was included in the contract liabilities balance at the beginning of the period was $35.0 million. The Company had no material asset impairment charges related to contract assets in the periods presented. 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 Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 by segment (in millions): Americas EMEA APAC Total Balance as of December 31, 2022 $ 1,516.8 $ 305.9 $ 242.8 $ 2,065.5 Acquisitions — — — — Effect of movements in exchange rates and other — 5.1 (3.8) 1.3 Balance as of March 31, 2023 $ 1,516.8 $ 311.0 $ 239.0 $ 2,066.8 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 three months ended March 31, 2023 and adjusted the provisional goodwill amounts recognized. For the three months ended March 31, 2023 and 2022, 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. It is possible that our current determination that goodwill for a reporting unit is not impaired could change in the future if current economic conditions or other conditions deteriorate or the operating performance or future prospects for a particular reporting unit declines. The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of March 31, 2023 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,375.6 (1,065.6) 310.0 Other intangible assets 5 - 7 15.2 (13.4) 1.8 Total intangible assets $ 1,936.8 $ (1,079.0) $ 857.8 As of December 31, 2022 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,372.0 (1,045.7) 326.3 Other intangible assets 5 - 7 16.8 (14.6) 2.2 Total intangible assets $ 1,934.8 $ (1,060.3) $ 874.5 Amortization expense was $16.7 million and $15.8 million for the three months ended March 31, 2023 and 2022, respectively. No impairments of intangible assets were recorded during the three months ended March 31, 2023 and 2022. |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Note 7: Equity Method Investments Certain investments in which the Company has significant influence over the entity’s financial and operating policies, but does not control, are accounted for under the equity method. The Company’s material equity method investments include Cushman Wakefield Greystone LLC (“Greystone JV”), for which the Company owns a 40% interest, and CWVS Holding Limited ("Vanke JV"), for which the Company owns a 35% interest. In addition, the Company licensed certain of its trademarks to the Vanke JV and recognized royalty fee income for the three months ended March 31, 2023 and 2022 of $2.1 million and $2.4 million, respectively. The Company had investments in certain strategic joint ventures classified under the equity method of accounting as follows (in millions): As of March 31, 2023 December 31, 2022 Greystone JV $ 555.1 $ 550.8 Vanke JV 119.0 116.3 Other investments 11.6 10.2 Total Equity method investments $ 685.7 $ 677.3 The Company recognized earnings from equity method investments during the period as follows (in millions): Three Months Ended March 31, 2023 2022 Greystone JV $ 8.4 $ 13.2 Vanke JV 2.2 2.0 Other investments 1.3 1.7 Total Earnings from equity method investments $ 11.9 $ 16.9 |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 8: 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, 2022. Interest Rate Derivative Instruments In November 2022, the Company elected to terminate and monetize its five interest rate swap agreements designated as cash flow hedges with a notional value of $1.4 billion. Upon termination, the Company received a cash settlement of $62.9 million in exchange for its derivative asset. Amounts relating to these terminated derivative instruments recorded in Accumulated other comprehensive loss will be amortized into earnings over the remaining life of the original agreements, which were scheduled to expire on August 21, 2025. Additionally, in November 2022, the Company entered into three new interest rate swap agreements for a notional amount of $1.4 billion with an effective date of October 31, 2022, expiring on August 21, 2025. The Company immediately designated these derivative instruments as cash flow hedges. As of March 31, 2023, the Company's active interest rate hedging instruments consist of three interest rate swap agreements designated as cash flow hedges. The Company's hedge instrument balances as of March 31, 2023 related solely to these interest rate swaps 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 are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of March 31, 2023 and December 31, 2022, there were $34.5 million and $48.7 million in pre-tax gains, 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 9: Long-Term Debt and Other Borrowings for discussion of the 2018 Credit Agreement (which is defined therein). During the next twelve months, the Company estimates that pre-tax gains of $24.2 million will be reclassified to Interest expense, net of 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 values of these contracts are recorded directly in earnings. The Company recognized realized losses of $2.6 million and unrealized losses of $1.0 million during the three months ended March 31, 2023. The Company recognized realized losses of $4.6 million, offset by unrealized gains of $0.7 million, during the three months ended March 31, 2022. As of March 31, 2023 and December 31, 2022, the Company had 26 and 25 foreign currency exchange forward contracts outstanding covering a notional amount of $886.2 million and $886.6 million, respectively. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 December 31, 2022 March 31, 2023 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 $ — $ 19.3 $ — $ 10.7 Non-designated: Foreign currency forward contracts $ 886.2 $ 0.6 $ 1.3 $ 2.8 $ 3.0 The fair value of interest rate swaps is included within Other non-current liabilities 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, respectively. The Company does not net derivatives in the Condensed Consolidated Balance Sheets. The following table presents the effect of derivatives designated as cash flow hedges in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (in millions): Beginning Amount of Loss (Gain) Recognized in Other Amount of (Loss) Gain Ending Three Months Ended March 31, 2023 Interest rate cash flow hedges $ (48.7) $ 8.8 $ 5.4 $ (34.5) Three Months Ended March 31, 2022 Interest rate cash flow hedges $ 84.2 $ (60.7) $ (9.5) $ 14.0 Gains of $5.4 million and losses of $9.5 million were reclassified into earnings during the three months ended March 31, 2023 and 2022, 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 | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Other Borrowings | Note 9: Long-Term Debt and Other Borrowings Long-term debt consisted of the following (in millions): As of March 31, 2023 December 31, 2022 Collateralized: 2018 First Lien Loan, due August 2025, net of unamortized discount and financing costs of $9.2 million and $19.1 million, respectively $ 1,583.7 $ 2,573.9 2018 First Lien Loan, due January 2030, net of unamortized discount and financing costs of $15.0 million and $0.0 million, respectively 985.0 — 2020 Senior Secured Notes, net of unamortized financing costs of $7.4 million and $7.8 million, respectively 642.6 642.2 Finance lease liabilities 44.3 39.6 Notes payable to former stockholders 0.2 0.2 Total 3,255.8 3,255.9 Less: current portion of long-term debt (27.8) (44.2) Total Long-term debt, net $ 3,228.0 $ 3,211.7 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 initial 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. On January 31, 2023, the Company amended the 2018 Credit Agreement to extend the maturity date of $1.0 billion of the $2.6 billion aggregate principal amount outstanding under the 2018 First Lien Loan to January 31, 2030 (“2030 Tranche”), incurring an additional $15.3 million in debt transaction costs which will be capitalized and amortized over the remaining term of the loan. In addition, the Company recognized a loss on debt extinguishment of $16.9 million within Interest expense, net of interest income, consisting of $8.7 million in unamortized deferred financing costs and $8.2 million in certain new transaction costs paid to creditors. The Company also recognized $4.7 million of new transaction costs directly in Interest expense in the first quarter of 2023. The August 21, 2025 maturity date of the remaining $1.6 billion 2018 First Lien Loan (“2025 Tranche”) remains unchanged. The 2018 First Lien Loan bears interest at a variable rate that the Company may select per the terms of the 2018 Credit Agreement. As of March 31, 2023, the Company elected to use an annual rate equal to 1-month LIBOR plus 2.75% for the 2025 Tranche and elected to use an annual rate equal to 1-month Term SOFR, plus 0.10% (which sum is subject to a minimum floor of 0.50%), plus 3.25% for the 2030 Tranche. As of March 31, 2023, the effective interest rate was 7.85% and 8.45% for the 2025 Tranche and 2030 Tranche of the 2018 First Lien Loan, respectively. Commencing in September 2023, the 2018 Credit Agreement will require quarterly principal payments equal to 0.25% of the aggregate principal amount of outstanding borrowings under the 2030 Tranche of the 2018 First Lien Loan, including any incremental borrowings. All principal payments under the 2025 Tranche have been satisfied until maturity. 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) extend the maturity date of borrowings under the Revolver from August 21, 2023 to April 28, 2027, (iii) replace the LIBOR rate applicable to borrowings under the Revolver with Term SOFR plus an applicable rate, and (iv) add pricing terms linked to achievement of certain 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 1-month Term SOFR, plus 0.10%, plus an applicable rate 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 March 31, 2023 and December 31, 2022. 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 Securities Act. The 2020 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 6.75% as of March 31, 2023. Financial Covenant and Related 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 may not exceed 5.00 to 1.00. The 2018 Credit Agreement and the indenture governing the 2020 Notes impose certain operating and financial restrictions on the Company, and in the event of certain defaults, all of the Company’s borrowings would become immediately due and payable. The Company was in compliance with all of the covenants under the 2018 Credit Agreement and the indenture governing the 2020 Notes as of March 31, 2023 and December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10: Commitments and Contingencies 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 actions based on known claims and previous claims history, and for losses from litigation that are probable and estimable. The timing and ultimate settlement of these matters is inherently uncertain, however, based upon information currently available, we believe the resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. The Company is also subject to various workers' compensation and medical claims, primarily as it relates to claims by employees in the U.S. for medical benefits and lost wages associated with injuries incurred in the course of their employment. A liability is also recorded for the Company’s incurred but not reported ("IBNR") claims, based on assessment using prior claims history. These various contingent claims liabilities are presented as Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, contingent liabilities recorded within Other current liabilities were $82.3 million and $76.9 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $43.7 million and $39.7 million, respectively. These contingent liabilities are made up of errors and omissions ("E&O") claims, litigation matters, workers’ compensation and other medical claims. As of March 31, 2023 and December 31, 2022, E&O and other litigation claims were $39.7 million and $36.6 million, respectively, and workers’ compensation and medical claims liabilities were $86.3 million and $80.0 million, respectively. The Company had insurance recoverable balances for E&O claims as of March 31, 2023 and December 31, 2022 totaling $7.9 million and $7.4 million, respectively. Guarantees The Company’s guarantees primarily relate to requirements under certain client service contracts and arise 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 9 years and maximum potential future payments of approximately $42.3 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11: Related Party Transactions Broker and Employee Receivables As of March 31, 2023 and December 31, 2022, the Company had receivables from brokers and other employees of $69.4 million and $50.8 million, respectively, that are included in Prepaid expenses and other current assets, and $311.7 million and $271.7 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 | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12: Fair Value Measurements The Company measures certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value as the price that would be received to sell 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. Financial Instruments The Company's financial instruments include cash and cash equivalents, trade and other receivables, a deferred purchase price ("DPP") receivable, 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 and restricted cash 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. Due to the short-term nature of trade and other receivables, accounts payable and accrued expenses, and short-term borrowings, their carrying amount is considered to be the same as their fair value. The estimated fair value of external debt was $3.2 billion and $3.2 billion as of March 31, 2023 and December 31, 2022, 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 $3.2 billion as of March 31, 2023 and December 31, 2022, respectively, which excludes debt issuance costs. See Note 9: Long-Term Debt and Other Borrowings for additional information. 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 March 31, 2023 and December 31, 2022 (in millions): As of March 31, 2023 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 1.0 $ 1.0 $ — $ — Deferred compensation plan assets 29.7 29.7 — — Foreign currency forward contracts 0.6 — 0.6 — Deferred purchase price receivable 318.0 — — 318.0 Equity securities 11.7 11.7 — — Total $ 361.0 $ 42.4 $ 0.6 $ 318.0 Liabilities Deferred compensation plan liabilities $ 31.2 $ 31.2 $ — $ — Foreign currency forward contracts 1.3 — 1.3 — Interest rate swap agreements 19.3 — 19.3 — Earn-out liabilities 29.3 — — 29.3 Total $ 81.1 $ 31.2 $ 20.6 $ 29.3 As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 0.9 $ 0.9 $ — $ — Deferred compensation plan assets 31.9 31.9 — — Foreign currency forward contracts 2.8 — 2.8 — Deferred purchase price receivable 387.8 — — 387.8 Equity securities 21.5 21.5 — — Total $ 444.9 $ 54.3 $ 2.8 $ 387.8 Liabilities Deferred compensation plan liabilities $ 33.2 $ 33.2 $ — $ — Foreign currency forward contracts 3.0 — 3.0 — Interest rate swap agreements 10.7 — 10.7 — Earn-out liabilities 29.3 — — 29.3 Total $ 76.2 $ 33.2 $ 13.7 $ 29.3 There were no transfers between the three levels of the fair value hierarchy during the three months ended March 31, 2023 or year ended December 31, 2022. There have been no significant changes to the valuation techniques and inputs used to develop the fair value measurements from those disclosed in the Company's audited Consolidated Financial Statements for the year ended December 31, 2022. Deferred Compensation Plans Prior to 2017, the Company sponsored non-qualified deferred compensation plans for 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. Employee balances held in trust are at risk for any investment losses of the funds held in trust. The Company adopted a new non-qualified deferred compensation plan on January 1, 2019. The plan allows certain highly-compensated employees to defer a portion of their compensation, enabling the employees to defer tax on compensation until payment is made. The Company has established a Rabbi Trust under which investments are held to fund payment of the liability of the deferred compensation plan. The investments of the Rabbi Trust consist of life insurance policies for which investment gains or losses are recognized based upon changes in cash surrender value that are driven by market performance. 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 Swaps The estimated fair value of interest rate swaps and foreign currency forward contracts are determined based on the expected cash flows of each derivative instrument. The valuation method reflects the contractual period and uses observable market-based inputs, including interest rate and foreign currency forward curves (Level 2 inputs). Refer to Note 8: 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 amends periodically (the “A/R Securitization”). Under the A/R Securitization, the Company recorded a DPP receivable upon the initial sale of trade receivables. The DPP receivable 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 receivable 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 and collections on previously transferred receivables. The fair value is principally based on the face amount of receivables, adjusted for estimated credit losses and discounted at an appropriate market rate. Changes in the DPP receivable attributed to changes in estimates for credit losses have been and are expected to be immaterial, as the underlying receivables are short-term and of high credit quality. The DPP receivable is included in Other non-current assets in the Condensed Consolidated Balance Sheets. Refer to Note 13: 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 respective purchase agreements. An increase to a probability of achievement would result in a higher fair value measurement of the earn-out liability. The amounts disclosed in the fair value hierarchy table above are included in Other current liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. As of March 31, 2023, the Company had the potential to make a maximum of $32.5 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 7 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 using significant unobservable inputs (Level 3) (in millions): Earn-out Liabilities 2023 2022 Balance as of January 1, $ 29.3 $ 21.4 Purchases/additions — 2.0 Net change in fair value and other adjustments — (0.5) Payments — (0.1) Balance as of March 31, $ 29.3 $ 22.8 Investments in Real Estate Ventures The Company directly invests in early stage proptech companies, real estate investment funds and other real estate companies across various sectors. The Company typically reports these investments at cost, less impairment charges, and adjusts these investments to fair value if the Company identifies observable price changes in orderly transactions for identical or similar instruments of the same issuer. In October 2021, the Company made a strategic investment of $150.0 million in WeWork. 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. As of March 31, 2023 and December 31, 2022, the fair value of WeWork of $11.7 million and $21.5 million, respectively, is included in Other non-current assets in the Consolidated Balance Sheets. Investments in early stage proptech companies or other real estate companies are typically fair valued as a result of pricing observed in initial or 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 March 31, 2023 and December 31, 2022, investments in early stage proptech companies had a fair value of approximately $46.7 million and $42.4 million, respectively, included in Other non-current assets in the Condensed Consolidated Balance Sheets. 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 March 31, 2023 and December 31, 2022, investments in real estate venture capital funds had a fair value of approximately $81.2 million and $82.8 million, respectively, included in Other non-current assets in the Condensed Consolidated Balance Sheets. The Company adjusts these various real estate investments to their fair values each reporting period, and the changes in fair values are reflected in Other expense, net, in the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2023, the Company recognized an unrealized loss of $9.8 million related to our investment in WeWork and unrealized losses of $0.9 million from other real estate investments. During the three months ended March 31, 2022, the Company recognized an unrealized loss of $26.7 million related to our investment in WeWork, offset by unrealized gains of $5.2 million from other real estate investments. |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Accounts Receivable Securitization | Note 13: Accounts Receivable Securitization 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 have liabilities 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. All transactions under the A/R Securitization are accounted for as a true sale in accordance with ASC Topic 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 consolidated balance sheet. 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 A/R Securitization program allows the Company to receive a cash payment and a DPP receivable for sold receivables. The DPP receivable 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 three months ended March 31, 2023 and 2022, receivables sold under the A/R Securitization were $689.2 million and $344.4 million, respectively, and cash collections from customers on receivables sold were $672.5 million and $316.9 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 March 31, 2023 and December 31, 2022, the outstanding principal on receivables sold under the A/R Securitization was $424.6 million and $407.9 million, respectively. This A/R Securitization program also gives the Company access to up to a $200.0 million credit investment limit. As of March 31, 2023 and December 31, 2022 the Company had $90.0 million and $0.0 million, respectively, drawn on the investment limit. The A/R Securitization matures on June 20, 2023, unless extended or an earlier termination event occurs, and the Company currently intends to extend the A/R Securitization program. Refer to Note 12: Fair Value Measurements for additional discussion on the fair value of the DPP receivable as of March 31, 2023 and December 31, 2022. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 14: 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 March 31, 2023 December 31, 2022 Cash and cash equivalents $ 459.6 $ 644.5 Restricted cash recorded in Prepaid expenses and other current assets 70.9 74.5 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 530.5 $ 719.0 Supplemental cash flows and non-cash investing and financing activities are as follows (in millions): Three Months Ended March 31, 2023 2022 Cash paid for: Interest $ 48.8 $ 28.5 Income taxes 16.5 12.5 Operating leases 30.1 31.3 Non-cash investing/financing activities: Property and equipment additions through finance leases 11.0 5.0 Deferred and contingent payment obligation incurred through acquisitions — 2.0 Increase in beneficial interest in a securitization 19.7 32.3 Right of use assets obtained through operating leases 22.9 14.8 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15: Subsequent Events The Company has evaluated subsequent events through May 4, 2023, 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) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Standards | There have been no recently issued accounting standards that the Company adopted during the three months ended March 31, 2023. Certain new accounting standards have been issued but are not effective for the current reporting period and have not been early adopted by the Company. |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 % Change Total revenue Americas $ 1,720.0 $ 1,785.3 (4) % EMEA 205.2 237.7 (14) % APAC 324.1 308.0 5 % Total revenue $ 2,249.3 $ 2,331.0 (4) % Adjusted EBITDA Americas $ 56.7 $ 176.1 (68) % EMEA (2.1) 16.7 (113) % APAC 6.3 21.6 (71) % |
Schedule of Adjusted EBITDA | Adjusted EBITDA is calculated as follows (in millions): Three Months Ended March 31, 2023 2022 Adjusted EBITDA - Americas $ 56.7 $ 176.1 Adjusted EBITDA - EMEA (2.1) 16.7 Adjusted EBITDA - APAC 6.3 21.6 Add/(less): Depreciation and amortization (36.9) (40.6) Interest expense, net of interest income (76.8) (43.2) Benefit from (provision for) income taxes 12.8 (30.6) Unrealized loss on investments, net (10.7) (21.5) Integration and other costs related to merger (2.4) (3.6) Pre-IPO stock-based compensation — (0.7) Acquisition related costs and efficiency initiatives (6.6) (17.2) Cost savings initiatives (15.0) — Other (1.7) (11.5) Net (loss) income $ (76.4) $ 45.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Basic EPS Net (loss) income $ (76.4) $ 45.5 Weighted average shares outstanding for basic (loss) earnings per share 226.2 224.7 Basic (loss) earnings per share attributable to common shareholders $ (0.34) $ 0.20 Diluted EPS Net (loss) income $ (76.4) $ 45.5 Weighted average shares outstanding for basic (loss) earnings per share 226.2 224.7 Dilutive effect of restricted stock units — 3.3 Dilutive effective of stock options — 1.1 Weighted average shares outstanding for diluted (loss) earnings per share 226.2 229.1 Diluted (loss) earnings per share attributable to common shareholders $ (0.34) $ 0.20 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,264.4 $ 108.4 $ 260.0 $ 1,632.8 Leasing At a point in time 302.1 40.6 26.8 369.5 Capital markets At a point in time 119.3 13.6 10.4 143.3 Valuation and other At a point in time or over time 34.2 42.6 26.9 103.7 Total revenue $ 1,720.0 $ 205.2 $ 324.1 $ 2,249.3 Three Months Ended March 31, 2022 Revenue recognition timing Americas EMEA APAC Total Property, facilities and project management Over time $ 1,122.7 $ 114.8 $ 222.7 $ 1,460.2 Leasing At a point in time 372.9 49.7 37.2 459.8 Capital markets At a point in time 242.1 28.9 18.8 289.8 Valuation and other At a point in time or over time 47.6 44.3 29.3 121.2 Total revenue $ 1,785.3 $ 237.7 $ 308.0 $ 2,331.0 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table provides information on contract assets and contract liabilities from contracts with customers included in the Condensed Consolidated Balance Sheets (in millions): As of March 31, 2023 December 31, 2022 Short-term contract assets $ 398.7 $ 397.3 Contract asset allowances (38.7) (39.1) Short-term contract assets, net 360.0 358.2 Non-current contract assets 88.2 89.7 Contract asset allowances (2.2) (2.2) Non-current contract assets, net, included in Other non-current assets 86.0 87.5 Total contract assets, net $ 446.0 $ 445.7 Contract liabilities included in Accounts payable and accrued expenses $ 65.2 $ 68.7 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | The following table summarizes the changes in the carrying amount of goodwill by segment (in millions): Americas EMEA APAC Total Balance as of December 31, 2022 $ 1,516.8 $ 305.9 $ 242.8 $ 2,065.5 Acquisitions — — — — Effect of movements in exchange rates and other — 5.1 (3.8) 1.3 Balance as of March 31, 2023 $ 1,516.8 $ 311.0 $ 239.0 $ 2,066.8 |
Summary of Finite-Lived Intangible Assets | The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of March 31, 2023 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,375.6 (1,065.6) 310.0 Other intangible assets 5 - 7 15.2 (13.4) 1.8 Total intangible assets $ 1,936.8 $ (1,079.0) $ 857.8 As of December 31, 2022 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,372.0 (1,045.7) 326.3 Other intangible assets 5 - 7 16.8 (14.6) 2.2 Total intangible assets $ 1,934.8 $ (1,060.3) $ 874.5 |
Summary of Indefinite-Lived Intangible Assets | The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of March 31, 2023 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,375.6 (1,065.6) 310.0 Other intangible assets 5 - 7 15.2 (13.4) 1.8 Total intangible assets $ 1,936.8 $ (1,079.0) $ 857.8 As of December 31, 2022 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 1 - 15 1,372.0 (1,045.7) 326.3 Other intangible assets 5 - 7 16.8 (14.6) 2.2 Total intangible assets $ 1,934.8 $ (1,060.3) $ 874.5 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The Company had investments in certain strategic joint ventures classified under the equity method of accounting as follows (in millions): As of March 31, 2023 December 31, 2022 Greystone JV $ 555.1 $ 550.8 Vanke JV 119.0 116.3 Other investments 11.6 10.2 Total Equity method investments $ 685.7 $ 677.3 The Company recognized earnings from equity method investments during the period as follows (in millions): Three Months Ended March 31, 2023 2022 Greystone JV $ 8.4 $ 13.2 Vanke JV 2.2 2.0 Other investments 1.3 1.7 Total Earnings from equity method investments $ 11.9 $ 16.9 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivatives | The following table presents the fair value of derivatives as of March 31, 2023 and December 31, 2022 (in millions): March 31, 2023 December 31, 2022 March 31, 2023 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 $ — $ 19.3 $ — $ 10.7 Non-designated: Foreign currency forward contracts $ 886.2 $ 0.6 $ 1.3 $ 2.8 $ 3.0 |
Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes | The following table presents the effect of derivatives designated as cash flow hedges in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (in millions): Beginning Amount of Loss (Gain) Recognized in Other Amount of (Loss) Gain Ending Three Months Ended March 31, 2023 Interest rate cash flow hedges $ (48.7) $ 8.8 $ 5.4 $ (34.5) Three Months Ended March 31, 2022 Interest rate cash flow hedges $ 84.2 $ (60.7) $ (9.5) $ 14.0 |
Long-term Debt and Other Borr_2
Long-term Debt and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following (in millions): As of March 31, 2023 December 31, 2022 Collateralized: 2018 First Lien Loan, due August 2025, net of unamortized discount and financing costs of $9.2 million and $19.1 million, respectively $ 1,583.7 $ 2,573.9 2018 First Lien Loan, due January 2030, net of unamortized discount and financing costs of $15.0 million and $0.0 million, respectively 985.0 — 2020 Senior Secured Notes, net of unamortized financing costs of $7.4 million and $7.8 million, respectively 642.6 642.2 Finance lease liabilities 44.3 39.6 Notes payable to former stockholders 0.2 0.2 Total 3,255.8 3,255.9 Less: current portion of long-term debt (27.8) (44.2) Total Long-term debt, net $ 3,228.0 $ 3,211.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022 (in millions): As of March 31, 2023 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 1.0 $ 1.0 $ — $ — Deferred compensation plan assets 29.7 29.7 — — Foreign currency forward contracts 0.6 — 0.6 — Deferred purchase price receivable 318.0 — — 318.0 Equity securities 11.7 11.7 — — Total $ 361.0 $ 42.4 $ 0.6 $ 318.0 Liabilities Deferred compensation plan liabilities $ 31.2 $ 31.2 $ — $ — Foreign currency forward contracts 1.3 — 1.3 — Interest rate swap agreements 19.3 — 19.3 — Earn-out liabilities 29.3 — — 29.3 Total $ 81.1 $ 31.2 $ 20.6 $ 29.3 As of December 31, 2022 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 0.9 $ 0.9 $ — $ — Deferred compensation plan assets 31.9 31.9 — — Foreign currency forward contracts 2.8 — 2.8 — Deferred purchase price receivable 387.8 — — 387.8 Equity securities 21.5 21.5 — — Total $ 444.9 $ 54.3 $ 2.8 $ 387.8 Liabilities Deferred compensation plan liabilities $ 33.2 $ 33.2 $ — $ — Foreign currency forward contracts 3.0 — 3.0 — Interest rate swap agreements 10.7 — 10.7 — Earn-out liabilities 29.3 — — 29.3 Total $ 76.2 $ 33.2 $ 13.7 $ 29.3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of earn-out liabilities measured at fair value using significant unobservable inputs (Level 3) (in millions): Earn-out Liabilities 2023 2022 Balance as of January 1, $ 29.3 $ 21.4 Purchases/additions — 2.0 Net change in fair value and other adjustments — (0.5) Payments — (0.1) Balance as of March 31, $ 29.3 $ 22.8 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 Cash and cash equivalents $ 459.6 $ 644.5 Restricted cash recorded in Prepaid expenses and other current assets 70.9 74.5 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 530.5 $ 719.0 Supplemental cash flows and non-cash investing and financing activities are as follows (in millions): Three Months Ended March 31, 2023 2022 Cash paid for: Interest $ 48.8 $ 28.5 Income taxes 16.5 12.5 Operating leases 30.1 31.3 Non-cash investing/financing activities: Property and equipment additions through finance leases 11.0 5.0 Deferred and contingent payment obligation incurred through acquisitions — 2.0 Increase in beneficial interest in a securitization 19.7 32.3 Right of use assets obtained through operating leases 22.9 14.8 |
Segment Data - Schedule of summ
Segment Data - Schedule of summarized financial information by segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 2,249.3 | $ 2,331 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,720 | 1,785.3 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 205.2 | 237.7 |
APAC | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 324.1 | 308 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 2,249.3 | 2,331 |
Percent change in revenue amount | (4.00%) | |
Operating segments | Americas | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 1,720 | 1,785.3 |
Percent change in revenue amount | (4.00%) | |
Adjusted EBITDA | $ 56.7 | 176.1 |
Percent change in adjusted EBIDTA | (68.00%) | |
Operating segments | EMEA | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 205.2 | 237.7 |
Percent change in revenue amount | (14.00%) | |
Adjusted EBITDA | $ (2.1) | 16.7 |
Percent change in adjusted EBIDTA | (113.00%) | |
Operating segments | APAC | ||
Segment Reporting Information [Line Items] | ||
Total revenue | $ 324.1 | 308 |
Percent change in revenue amount | 5% | |
Adjusted EBITDA | $ 6.3 | $ 21.6 |
Percent change in adjusted EBIDTA | (71.00%) |
Segment Data - Schedule of adju
Segment Data - Schedule of adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ (36.9) | $ (40.6) |
Interest expense, net of interest income | (76.8) | (43.2) |
Benefit from (provision for) income taxes | 12.8 | (30.6) |
Unrealized loss on investments, net | (10.7) | (21.5) |
Integration and other costs related to merger | (2.4) | (3.6) |
Pre-IPO stock-based compensation | 0 | (0.7) |
Acquisition related costs and efficiency initiatives | (6.6) | (17.2) |
Cost savings initiatives | (15) | 0 |
Other | (1.7) | (11.5) |
Net (loss) income | (76.4) | 45.5 |
Operating segments | Americas | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 56.7 | 176.1 |
Operating segments | EMEA | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | (2.1) | 16.7 |
Operating segments | APAC | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 6.3 | $ 21.6 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2023 shares | |
Earnings Per Share [Abstract] | |
Potentially dilutive securities not included in computation (in shares) | 1.8 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic EPS | ||
Net (loss) income | $ (76.4) | $ 45.5 |
Weighted average shares outstanding for basic (loss) earnings per share (in dollars per share) | 226.2 | 224.7 |
Basic (loss) earnings per share attributable to common shareholders (in dollars per share) | $ (0.34) | $ 0.20 |
Diluted EPS | ||
Net (loss) income | $ (76.4) | $ 45.5 |
Weighted average shares outstanding for basic (loss) earnings per share (in dollars per share) | 226.2 | 224.7 |
Weighted average shares outstanding for diluted (loss) earnings per share (in shares) | 226.2 | 229.1 |
Diluted (loss) earnings per share attributable to common shareholders (in dollars per share) | $ (0.34) | $ 0.20 |
Restricted Stock Units (RSUs) | ||
Diluted EPS | ||
Dilutive effect of stocks (in shares) | 0 | 3.3 |
Stock Options | ||
Diluted EPS | ||
Dilutive effect of stocks (in shares) | 0 | 1.1 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 2,249.3 | $ 2,331 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,720 | 1,785.3 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 205.2 | 237.7 |
APAC | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 324.1 | 308 |
Property, facilities and project management | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,632.8 | 1,460.2 |
Property, facilities and project management | Americas | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,264.4 | 1,122.7 |
Property, facilities and project management | EMEA | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 108.4 | 114.8 |
Property, facilities and project management | APAC | Over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 260 | 222.7 |
Leasing | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 369.5 | 459.8 |
Leasing | Americas | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 302.1 | 372.9 |
Leasing | EMEA | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 40.6 | 49.7 |
Leasing | APAC | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 26.8 | 37.2 |
Capital markets | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 143.3 | 289.8 |
Capital markets | Americas | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 119.3 | 242.1 |
Capital markets | EMEA | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 13.6 | 28.9 |
Capital markets | APAC | At a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10.4 | 18.8 |
Valuation and other | At a point in time or over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 103.7 | 121.2 |
Valuation and other | Americas | At a point in time or over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 34.2 | 47.6 |
Valuation and other | EMEA | At a point in time or over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 42.6 | 44.3 |
Valuation and other | APAC | At a point in time or over time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 26.9 | $ 29.3 |
Revenue - Contract with Custome
Revenue - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Short-term contract assets | $ 398.7 | $ 397.3 |
Contract asset allowances | (38.7) | (39.1) |
Short-term contract assets, net | 360 | 358.2 |
Non-current contract assets | 88.2 | 89.7 |
Contract asset allowances | (2.2) | (2.2) |
Non-current contract assets, net, included in Other non-current assets | 86 | 87.5 |
Total contract assets, net | 446 | 445.7 |
Contract liabilities included in Accounts payable and accrued expenses | $ 65.2 | $ 68.7 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract liabilities reduced due to revenue recognition criteria being satisfied | $ 35 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | $ 2,065.5 |
Acquisitions | 0 |
Effect of movements in exchange rates and other | 1.3 |
Balance as of March 31, 2023 | 2,066.8 |
Americas | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | 1,516.8 |
Acquisitions | 0 |
Effect of movements in exchange rates and other | 0 |
Balance as of March 31, 2023 | 1,516.8 |
EMEA | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | 305.9 |
Acquisitions | 0 |
Effect of movements in exchange rates and other | 5.1 |
Balance as of March 31, 2023 | 311 |
APAC | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2022 | 242.8 |
Acquisitions | 0 |
Effect of movements in exchange rates and other | (3.8) |
Balance as of March 31, 2023 | $ 239 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Amortization expense | $ 16,700,000 | $ 15,800,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Accumulated Amortization | $ (1,079) | $ (1,060.3) |
Gross Value | 1,936.8 | 1,934.8 |
Net Value | 857.8 | 874.5 |
Customer relationships | ||
Goodwill [Line Items] | ||
Finite-lived intangible assets, gross value | 1,375.6 | 1,372 |
Accumulated Amortization | (1,065.6) | (1,045.7) |
Finite-lived intangible assets, net value | 310 | 326.3 |
Other intangible assets | ||
Goodwill [Line Items] | ||
Finite-lived intangible assets, gross value | 15.2 | 16.8 |
Accumulated Amortization | (13.4) | (14.6) |
Finite-lived intangible assets, net value | $ 1.8 | $ 2.2 |
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 | 5 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 | 7 years |
C&W trade name | ||
Goodwill [Line Items] | ||
Indefinite-lived intangible assets | $ 546 | $ 546 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Royalty income, nonoperating | $ 2.1 | $ 2.4 |
Greystone JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 40% | |
Vanke JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 35% |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 685.7 | $ 677.3 | |
Earnings from equity method investments | 11.9 | $ 16.9 | |
Greystone JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 555.1 | 550.8 | |
Earnings from equity method investments | 8.4 | 13.2 | |
Vanke JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 119 | 116.3 | |
Earnings from equity method investments | 2.2 | 2 | |
Other investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 11.6 | $ 10.2 | |
Earnings from equity method investments | $ 1.3 | $ 1.7 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2022 USD ($) derivative_instrument | Mar. 31, 2023 USD ($) derivative_instrument | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) derivative_instrument | |
Designated | ||||
Derivative [Line Items] | ||||
Pre-tax gain (loss) included in accumulated other comprehensive loss for interest rate derivatives | $ 34.5 | $ 48.7 | ||
Pre-tax gains (losses) reclassified during the next twelve months | $ 24.2 | |||
Designated | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Number of instruments terminated | derivative_instrument | 5 | |||
Derivative, notional amount, terminated | $ 1,400 | |||
Derivative, cash received on hedge | $ 62.9 | |||
Number of derivative instruments held | derivative_instrument | 3 | 3 | ||
Designated | Interest rate swaps | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Notional amount | $ 1,400 | $ 1,423.6 | ||
Non-Designated | Foreign currency forward contracts | ||||
Derivative [Line Items] | ||||
Number of derivative instruments held | derivative_instrument | 26 | 25 | ||
Notional amount | $ 886.2 | $ 886.6 | ||
Loss on derivative instruments, pretax | 2.6 | $ 4.6 | ||
Unrealized loss on derivative instruments, pretax | 1 | |||
Gain on derivative instruments, pretax | 0.7 | |||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Hedging (Losses) Gains | Interest rate hedge | ||||
Derivative [Line Items] | ||||
Gain (loss) reclassified into earnings | $ 5.4 | $ (9.5) |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 |
Designated | Cash Flow Hedging | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional | $ 1,423.6 | $ 1,400 | |
Designated | Cash Flow Hedging | Other non-current assets | Interest rate swaps | |||
Derivative [Line Items] | |||
Assets fair value | 0 | $ 0 | |
Designated | Cash Flow Hedging | Other non-current liabilities | Interest rate swaps | |||
Derivative [Line Items] | |||
Liabilities fair value | 19.3 | 10.7 | |
Non-Designated | Foreign currency forward contracts | |||
Derivative [Line Items] | |||
Notional | 886.2 | 886.6 | |
Non-Designated | Other non-current assets | Foreign currency forward contracts | |||
Derivative [Line Items] | |||
Assets fair value | 0.6 | 2.8 | |
Non-Designated | Other non-current liabilities | Foreign currency forward contracts | |||
Derivative [Line Items] | |||
Liabilities fair value | $ 1.3 | $ 3 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Accumulated Other Comprehensive Loss (Gain) | $ (1,661.3) | |
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives | 8.8 | $ (60.7) |
Ending Accumulated Other Comprehensive Loss (Gain) | (1,579) | |
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) | (48.7) | 84.2 |
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives | 8.8 | (60.7) |
Amount of (Loss) Gain Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations | 5.4 | (9.5) |
Ending Accumulated Other Comprehensive Loss (Gain) | $ (34.5) | $ 14 |
Long-Term Debt and Other Borr_3
Long-Term Debt and Other Borrowings - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Gross carrying value of debt | $ 3,200 | $ 3,200 | |
Finance lease liabilities | 44.3 | 39.6 | |
Long-term Debt and Lease Obligation | 3,255.8 | 3,255.9 | |
Less: current portion of long-term debt | (27.8) | (44.2) | |
Total Long-term debt, net | 3,228 | 3,211.7 | |
Notes payable to former stockholders | |||
Debt Instrument [Line Items] | |||
Gross carrying value of debt | 0.2 | 0.2 | |
2018 First Lien Loan, Maturing August 21, 2025 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Gross carrying value of debt | 1,583.7 | $ 2,600 | 2,573.9 |
Unamortized discount and issuance costs | 9.2 | 19.1 | |
2018 First Lien Loan, Maturing January 31, 2030 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Gross carrying value of debt | 985 | 0 | |
Unamortized discount and issuance costs | 15 | 0 | |
Senior Secured Note Due May 2028 | 2020 Senior Secured Note | |||
Debt Instrument [Line Items] | |||
Gross carrying value of debt | 642.6 | 642.2 | |
Unamortized discount and issuance costs | $ 7.4 | $ 7.8 |
Long-Term Debt and Other Borr_4
Long-Term Debt and Other Borrowings - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||||||
Jan. 31, 2023 | Apr. 28, 2022 | May 22, 2020 | Dec. 20, 2019 | Aug. 21, 2018 | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jan. 20, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Gross carrying value of debt | $ 3,200 | $ 3,200 | ||||||||
Loss on debt extinguishment | $ 8.7 | $ 0 | ||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs, amount | $ 0.5 | $ 11.1 | ||||||||
2018 Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 3,500 | |||||||||
2018 Credit Agreement | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Quarterly principal payment, percentage | 0.25% | |||||||||
2018 Credit Agreement | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net leverage ratio | 5 | |||||||||
2018 Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 810 | |||||||||
Debt issuance costs, amount | $ 3.7 | |||||||||
Term loan increase | 80 | $ 210 | ||||||||
Line of credit facility, initial borrowing capacity | 1,000 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,100 | |||||||||
2018 Credit Agreement | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.10% | |||||||||
2018 Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.75% | |||||||||
2018 Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.75% | |||||||||
2018 First Lien Loan, Maturing August 21, 2025 | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 1,600 | $ 2,700 | ||||||||
Stated discount, amount | 13.5 | |||||||||
Debt issuance costs, amount | $ 20.6 | |||||||||
Gross carrying value of debt | 2,600 | $ 1,583.7 | 2,573.9 | |||||||
Effective interest rate | 7.85% | |||||||||
2018 First Lien Loan, Maturing August 21, 2025 | Secured Debt | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.75% | |||||||||
2018 First Lien Loan, Maturing January 31, 2030 | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 1,000 | |||||||||
Debt issuance costs, amount | 15.3 | |||||||||
Gross carrying value of debt | $ 985 | 0 | ||||||||
Loss on debt extinguishment | 16.9 | |||||||||
Unamortized deferred financing costs | 8.7 | |||||||||
Interest expense, debt, new transaction costs paid to creditors | $ 8.2 | |||||||||
Interest expense, debt, new transaction costs recognized directly in interest expense | $ 4.7 | |||||||||
Basis spread on variable rate | 3.25% | |||||||||
Effective interest rate | 8.45% | |||||||||
2018 First Lien Loan, Maturing January 31, 2030 | Secured Debt | Secured Overnight Financing Rate (SOFR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.10% | |||||||||
Debt instrument, basis spread on variable rate, minimum floor | 0.50% | |||||||||
Senior Secured Note Due May 2028 | 2020 Senior Secured Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 650 | |||||||||
Debt issuance costs, amount | 11.5 | |||||||||
Gross carrying value of debt | $ 642.6 | $ 642.2 | ||||||||
Effective interest rate | 6.75% | |||||||||
Proceeds from debt, net of stated discount and debt issuance costs | 638.5 | |||||||||
Proceeds from issuance of senior long-term debt | $ 650 | |||||||||
Stated interest rate | 6.75% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Contingent liabilities, current | $ 82.3 | $ 76.9 |
Contingent liabilities, non-current | $ 43.7 | 39.7 |
Closed-ended terms for guarantees | 9 years | |
Maximum potential future payments on guarantees | $ 42.3 | |
Errors and Omissions (E&O) claims and other claims | ||
Loss Contingencies [Line Items] | ||
Contingent liabilities | 39.7 | 36.6 |
Workers' compensation | ||
Loss Contingencies [Line Items] | ||
Contingent liabilities | 86.3 | 80 |
Insurance recoverable | ||
Loss Contingencies [Line Items] | ||
Loss contingency, receivable | $ 7.9 | $ 7.4 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - Affiliates - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Accounts receivable, related parties, current | $ 69.4 | $ 50.8 |
Accounts receivable, related parties, noncurrent | $ 311.7 | $ 271.7 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Oct. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Estimated fair value of external debt | $ 3,200 | $ 3,200 | ||
Gross carrying value of debt | $ 3,200 | 3,200 | ||
Earn out payment | 7 years | |||
Unrealized loss on investments, net | $ (10.7) | $ (21.5) | ||
WeWork | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized loss on investments, net | (9.8) | (26.7) | ||
Fair Value, Nonrecurring | WeWork | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities, FV-NI | $ 150 | |||
Unrealized loss on investments, net | (0.9) | $ 5.2 | ||
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 | 46.7 | 42.4 | ||
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 | 81.2 | 82.8 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 11.7 | 21.5 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 11.7 | $ 21.5 | ||
Several Estate Service Companies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Earn-out liabilities, maximum | 32.5 | |||
Earn-out liabilities, minimum | $ 0 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash equivalents - money market funds | $ 1 | $ 0.9 |
Deferred compensation plan assets | 29.7 | 31.9 |
Deferred purchase price receivable | 318 | 387.8 |
Equity securities | 11.7 | 21.5 |
Total | 361 | 444.9 |
Liabilities | ||
Deferred compensation plan liabilities | 31.2 | 33.2 |
Earn-out liabilities | 29.3 | 29.3 |
Total | 81.1 | 76.2 |
Level 1 | ||
Assets | ||
Cash equivalents - money market funds | 1 | 0.9 |
Deferred compensation plan assets | 29.7 | 31.9 |
Deferred purchase price receivable | 0 | 0 |
Equity securities | 11.7 | 21.5 |
Total | 42.4 | 54.3 |
Liabilities | ||
Deferred compensation plan liabilities | 31.2 | 33.2 |
Earn-out liabilities | 0 | 0 |
Total | 31.2 | 33.2 |
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 | 0.6 | 2.8 |
Liabilities | ||
Deferred compensation plan liabilities | 0 | 0 |
Earn-out liabilities | 0 | 0 |
Total | 20.6 | 13.7 |
Level 3 | ||
Assets | ||
Cash equivalents - money market funds | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Deferred purchase price receivable | 318 | 387.8 |
Equity securities | 0 | 0 |
Total | 318 | 387.8 |
Liabilities | ||
Deferred compensation plan liabilities | 0 | 0 |
Earn-out liabilities | 29.3 | 29.3 |
Total | 29.3 | 29.3 |
Foreign currency forward contracts | ||
Assets | ||
Foreign currency forward contracts | 0.6 | 2.8 |
Liabilities | ||
Derivative liability | 1.3 | 3 |
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 | 0.6 | 2.8 |
Liabilities | ||
Derivative liability | 1.3 | 3 |
Foreign currency forward contracts | Level 3 | ||
Assets | ||
Foreign currency forward contracts | 0 | 0 |
Liabilities | ||
Derivative liability | 0 | 0 |
Interest rate swaps | ||
Liabilities | ||
Derivative liability | 19.3 | 10.7 |
Interest rate swaps | Level 1 | ||
Liabilities | ||
Derivative liability | 0 | 0 |
Interest rate swaps | Level 2 | ||
Liabilities | ||
Derivative liability | 19.3 | 10.7 |
Interest rate swaps | Level 3 | ||
Liabilities | ||
Derivative liability | $ 0 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Earn-out Liabilities - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 29.3 | $ 21.4 |
Purchases/additions | 0 | 2 |
Net change in fair value and other adjustments | 0 | (0.5) |
Payments | 0 | (0.1) |
Ending balance | $ 29.3 | $ 22.8 |
Accounts Receivable Securitiz_2
Accounts Receivable Securitization - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 01, 2022 | |
Transfers and Servicing [Abstract] | ||||
Transferor's interests in transferred financial assets, receivables sold, percent | 100% | |||
Proceeds from accounts receivable securitization | $ 689.2 | $ 344.4 | ||
Cash collection | 672.5 | $ 316.9 | ||
Outstanding principal on receivables sold under securitization | 424.6 | $ 407.9 | ||
Investment limit | $ 200 | |||
Transferor's interests in transferred financial assets, amount drawn on investment limit | $ 90 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 459.6 | $ 644.5 | ||
Restricted cash recorded in Prepaid expenses and other current assets | 70.9 | 74.5 | ||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 530.5 | $ 719 | $ 728.2 | $ 890.3 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Non Cash Investing and Financing Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash paid for: | ||
Interest | $ 48.8 | $ 28.5 |
Income taxes | 16.5 | 12.5 |
Operating leases | 30.1 | 31.3 |
Non-cash investing/financing activities: | ||
Property and equipment additions through finance leases | 11 | 5 |
Deferred and contingent payment obligation incurred through acquisitions | 0 | 2 |
Increase in beneficial interest in a securitization | 19.7 | 32.3 |
Right of use assets obtained through operating leases | $ 22.9 | $ 14.8 |