Cushman & Wakefield (CWK) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		229,486,924
Entity Central Index Key	0001628369
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 775.4	$ 767.7
Trade and other receivables, net of allowance of $89.4 and $85.2, as of September 30, 2024 and December 31, 2023, respectively	1,278.1	1,468
Income tax receivable	65.5	67.1
Short-term contract assets, net	302	311
Prepaid expenses and other current assets	227.9	189.4
Total current assets	2,648.9	2,803.2
Property and equipment, net	141.6	163.8
Goodwill	2,049.4	2,080.9
Intangible assets, net	703.2	805.9
Equity method investments	723.5	708
Deferred tax assets	124.2	67.4
Non-current operating lease assets	303.7	339
Other non-current assets	839.5	805.8
Total assets	7,534	7,774
Current liabilities:
Short-term borrowings and current portion of long-term debt	96.4	149.7
Accounts payable and accrued expenses	1,068.6	1,157.7
Accrued compensation	799.9	851.4
Income tax payable	30.7	20.8
Other current liabilities	245.4	217.6
Total current liabilities	2,241	2,397.2
Long-term debt, net	2,997	3,096.9
Deferred tax liabilities	43.2	13.7
Non-current operating lease liabilities	279.8	319.6
Other non-current liabilities	270	268.6
Total liabilities	5,831	6,096
Commitments and contingencies
Shareholders’ equity:
Ordinary shares, nominal value $0.10 per share, 800,000,000 shares authorized; 229,420,978 and 227,282,173 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	22.9	22.7
Additional paid-in capital	2,970.7	2,957.3
Accumulated deficit	(1,098.8)	(1,117.2)
Accumulated other comprehensive loss	(192.4)	(185.4)
Total equity attributable to the Company	1,702.4	1,677.4
Non-controlling interests	0.6	0.6
Total equity	1,703	1,678
Total liabilities and shareholders’ equity	$ 7,534	$ 7,774

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade and other receivables, allowance	$ 89.4	$ 85.2
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)	229,420,978	227,282,173
Ordinary shares outstanding (in shares)	229,420,978	227,282,173

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,344.2	$ 2,286	$ 6,817	$ 6,941.3
Costs and expenses:
Costs of services (exclusive of depreciation and amortization)	1,911.8	1,882.1	5,619.1	5,767.8
Operating, administrative and other	314.2	300.9	904.4	945.7
Depreciation and amortization	28.9	36.2	92.6	108.8
Restructuring, impairment and related charges	14.1	9.2	36.5	23.4
Total costs and expenses	2,269	2,228.4	6,652.6	6,845.7
Operating income	75.2	57.6	164.4	95.6
Interest expense, net of interest income	(54.9)	(89.5)	(174.4)	(224.2)
Earnings from equity method investments	12.1	16.6	28.1	41.3
Other income (expense), net	20.6	(2)	25.6	(12.8)
Earnings (loss) before income taxes	53	(17.3)	43.7	(100.1)
Provision for income taxes	19.3	16.6	25.3	5.1
Net income (loss)	$ 33.7	$ (33.9)	$ 18.4	$ (105.2)
Basic earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, basic (in dollars per share)	$ 0.15	$ (0.15)	$ 0.08	$ (0.46)
Weighted average shares outstanding for basic earnings (loss) per share (in dollars per share)	229.3	227.2	228.7	226.9
Diluted earnings (loss) per share:
Earnings (loss) per share attributable to common shareholders, diluted (in dollars per share)	$ 0.14	$ (0.15)	$ 0.08	$ (0.46)
Weighted average shares outstanding for diluted earnings (loss) per share (in shares)	233.4	227.2	232.1	226.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 33.7	$ (33.9)	$ 18.4	$ (105.2)
Other comprehensive income (loss), net of tax:
Designated hedge (loss) gain	(28.6)	7.1	(20.3)	18.7
Defined benefit plan actuarial (loss) gain	(1.9)	0.9	(1.1)	(0.3)
Foreign currency translation	49	(38.6)	14.4	(36)
Total other comprehensive income (loss)	18.5	(30.6)	(7)	(17.6)
Total comprehensive income (loss)	$ 52.2	$ (64.5)	$ 11.4	$ (122.8)

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 Gains (Losses)	Foreign Currency Translation	Defined Benefit Plans	Total Accumulated Other Comprehensive Loss, net of tax	Non-Controlling Interests
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 income (loss)	(105.2)	(105.2)			(105.2)
Stock-based compensation	39.6	39.6		39.6
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			1.4
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	(7.1)	(7.1)	$ 0.1	(7.2)
Unrealized gain (loss) on hedging instruments, net of tax	43.2	43.2				43.2			43.2
Amounts reclassified from AOCI to the statement of operations	(24.5)	(24.5)				(24.5)			(24.5)
Foreign currency translation	(36)	(36)					(36)		(36)
Defined benefit plan actuarial (loss) gain	(0.3)	(0.3)						(0.3)	(0.3)
Distribution from non-controlling interests	(0.2)									(0.2)
Other activity	(0.1)									(0.1)
Ending balance (in shares) at Sep. 30, 2023			227.2
Ending balance at Sep. 30, 2023	1,571.5	1,571	$ 22.7	2,943.9	(1,187)	67.4	(236.6)	(39.4)	(208.6)	0.5
Beginning balance (in shares) at Jun. 30, 2023			227.1
Beginning balance at Jun. 30, 2023	1,622	1,621.4	$ 22.7	2,929.8	(1,153.1)	60.3	(198)	(40.3)	(178)	0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(33.9)	(33.9)			(33.9)
Stock-based compensation	14.4	14.4		14.4
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			0.1
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	(0.3)	(0.3)		(0.3)
Unrealized gain (loss) on hedging instruments, net of tax	17.6	17.6				17.6			17.6
Amounts reclassified from AOCI to the statement of operations	(10.5)	(10.5)				(10.5)			(10.5)
Foreign currency translation	(38.6)	(38.6)					(38.6)		(38.6)
Defined benefit plan actuarial (loss) gain	0.9	0.9						0.9	0.9
Other activity	(0.1)									(0.1)
Ending balance (in shares) at Sep. 30, 2023			227.2
Ending balance at Sep. 30, 2023	1,571.5	1,571	$ 22.7	2,943.9	(1,187)	67.4	(236.6)	(39.4)	(208.6)	0.5
Beginning balance (in shares) at Dec. 31, 2023			227.3
Beginning balance at Dec. 31, 2023	1,678	1,677.4	$ 22.7	2,957.3	(1,117.2)	37	(181.6)	(40.8)	(185.4)	0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18.4	18.4			18.4
Stock-based compensation	22.3	22.3		22.3
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			2.1
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	(8.7)	(8.7)	$ 0.2	(8.9)
Unrealized gain (loss) on hedging instruments, net of tax	13.8	13.8				13.8			13.8
Amounts reclassified from AOCI to the statement of operations	(34.1)	(34.1)				(34.1)			(34.1)
Foreign currency translation	14.4	14.4					14.4		14.4
Defined benefit plan actuarial (loss) gain	(1.1)	(1.1)						(1.1)	(1.1)
Ending balance (in shares) at Sep. 30, 2024			229.4
Ending balance at Sep. 30, 2024	1,703	1,702.4	$ 22.9	2,970.7	(1,098.8)	16.7	(167.2)	(41.9)	(192.4)	0.6
Beginning balance (in shares) at Jun. 30, 2024			229.2
Beginning balance at Jun. 30, 2024	1,639.5	1,638.9	$ 22.9	2,959.4	(1,132.5)	45.3	(216.2)	(40)	(210.9)	0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	33.7	33.7			33.7
Stock-based compensation	10.4	10.4		10.4
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (in shares)			0.2
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes	0.9	0.9		0.9
Unrealized gain (loss) on hedging instruments, net of tax	(17.2)	(17.2)				(17.2)			(17.2)
Amounts reclassified from AOCI to the statement of operations	(11.4)	(11.4)				(11.4)			(11.4)
Foreign currency translation	49	49					49		49
Defined benefit plan actuarial (loss) gain	(1.9)	(1.9)						(1.9)	(1.9)
Ending balance (in shares) at Sep. 30, 2024			229.4
Ending balance at Sep. 30, 2024	$ 1,703	$ 1,702.4	$ 22.9	$ 2,970.7	$ (1,098.8)	$ 16.7	$ (167.2)	$ (41.9)	$ (192.4)	$ 0.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 18.4	$ (105.2)
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	92.6	108.8
Impairment charges	3.8	4.5
Unrealized foreign exchange gain	(0.9)	(6)
Stock-based compensation	22.3	39.9
Lease amortization	67.9	71.6
Loss on debt extinguishment	0	19.3
Amortization of debt issuance costs	5.5	5.8
Earnings from equity method investments, net of distributions received	(13.4)	(22.7)
Change in deferred taxes	(22.9)	13
Provision for loss on receivables and other assets	10.7	4.8
Loss on disposal of business	17	1.3
Unrealized loss on equity securities, net	0.8	22.9
Gain from insurance proceeds	(17.3)	0
Other operating activities, net	(21.8)	16
Changes in assets and liabilities:
Trade and other receivables	61.6	150.5
Income taxes payable	10.6	(84.9)
Short-term contract assets and Prepaid expenses and other current assets	17.7	36
Other non-current assets	(14.1)	(32.6)
Accounts payable and accrued expenses	(56.2)	(81.4)
Accrued compensation	(46.2)	(164.9)
Other current and non-current liabilities	(43.3)	(46.9)
Net cash provided by (used in) operating activities	92.8	(50.2)
Cash flows from investing activities
Payment for property and equipment	(31.7)	(34.8)
Investments in equity securities and equity method joint ventures	(1.5)	(6.5)
Return of beneficial interest in a securitization	(380)	(210)
Collection on beneficial interest in a securitization	405	330
Proceeds from disposition of business	121.4	0
Other investing activities, net	1.1	1.5
Net cash provided by investing activities	114.3	80.2
Cash flows from financing activities
Shares repurchased for payment of employee taxes on stock awards	(10.2)	(7.7)
Payment of deferred and contingent consideration	(17.9)	(13.8)
Proceeds from borrowings	0	2,400
Repayment of borrowings	(150)	(2,402.5)
Debt issuance costs	0	(65.4)
Payment of finance lease liabilities	(20.5)	(19.8)
Other financing activities, net	1.1	2.1
Net cash used in financing activities	(197.5)	(107.1)
Change in cash, cash equivalents and restricted cash	9.6	(77.1)
Cash, cash equivalents and restricted cash, beginning of the period	801.2	719
Effects of exchange rate fluctuations on cash, cash equivalents and restricted cash	2.1	(6.6)
Cash, cash equivalents and restricted cash, end of the period	$ 812.9	$ 635.3

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1: Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared under accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) and in conformity with rules applicable to quarterly reports on Form 10-Q. The Condensed Consolidated Financial Statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 are unaudited. All adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation of the unaudited 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 (together with its subsidiaries “Cushman & Wakefield,” the “Company,” “we,” “our” and “us”) for the year ended December 31, 2023 included in our 2023 Annual Report on Form 10-K (our “2023 Annual Report”) 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 of the Notes to the Consolidated Financial Statements in the Company’s 2023 Annual Report for further discussion of the Company’s significant accounting policies and estimates. Due to seasonality, the results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2024. 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 Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	Note 2: New Accounting Pronouncements There have been no recently issued accounting standards that the Company adopted during the nine months ended September 30, 2024. The following accounting pronouncements have been issued but are not effective for the current reporting period and have not been early adopted by the Company: Business Combinations – Joint Ventures In August 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted. Joint ventures formed before the effective date have the option to apply it retrospectively, while those formed after the effective date are required to apply it prospectively. The Company intends to apply this guidance for future arrangements meeting the definition of a joint venture prospectively after the guidance is effective. SEC Staff Bulletins and Releases In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative , to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification (“ASC”). These amendments align the requirements in the ASC to the SEC’s removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not anticipate that these amendments will have an impact on its financial statements and related disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to amend reportable segment disclosure requirements. ASU 2023-07 requires interim and annual disclosures about significant segment expenses that are regularly provided to an entity’s chief operating decision maker or those charged with assessing segment performance and allocating resources. The guidance is effective for annual periods that began after December 15, 2023 and interim periods beginning after December 15, 2024. The amended disclosure requirements are to be applied retrospectively. The Company is currently evaluating the impact that this ASU will have on its financial statement disclosures. Beginning with the Company’s Form 10-K that will be filed for the annual period ending December 31, 2024, this ASU will result in expanded disclosures related to each reportable segment but will have no impact on the Company’s financial position or results of operations. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to amend certain disclosure and presentation requirements. ASU 2023-09 requires entities to disclose disaggregated information within its effective tax rate reconciliation as well as additional information related to income taxes paid, such as the amount paid disaggregated by jurisdiction, among other disclosures. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amended disclosure and presentation requirements are to be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact that this ASU will have on its financial statement disclosures as well as the method of adoption. Beginning with the Company’s Form 10-K that will be filed for the annual period ending December 31, 2025, this ASU will result in expanded disclosures related to income taxes but will have no impact on the Company’s financial position or results of operations.

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2024
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 earnings before interest, taxes, depreciation and amortization (“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 unrealized (gain) loss on investments, net, loss on dispositions, integration and other costs related to merger, acquisition related costs and efficiency initiatives, cost savings initiatives, CEO transition costs, servicing liability fees and amortization, certain legal and compliance matters, gains from insurance proceeds 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 September 30, Nine Months Ended September 30, 2024 2023 % Change 2024 2023 % Change Total revenue Americas $ 1,750.5 $ 1,701.9 3 % $ 5,085.1 $ 5,259.0 (3) % EMEA 219.9 241.9 (9) % 664.1 687.0 (3) % APAC 373.8 342.2 9 % 1,067.8 995.3 7 % Total revenue $ 2,344.2 $ 2,286.0 3 % $ 6,817.0 $ 6,941.3 (2) % Adjusted EBITDA Americas $ 111.3 $ 117.4 (5) % $ 284.7 $ 290.4 (2) % EMEA 12.4 16.6 (25) % 34.6 31.4 10 % APAC 18.8 16.0 18 % 40.2 35.2 14 % Adjusted EBITDA $ 142.5 $ 150.0 (5) % $ 359.5 $ 357.0 1 % Adjusted EBITDA is calculated as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 33.7 $ (33.9) $ 18.4 $ (105.2) Adjustments: Depreciation and amortization 28.9 36.2 92.6 108.8 Interest expense, net of interest income 54.9 89.5 174.4 224.2 Provision for income taxes 19.3 16.6 25.3 5.1 Unrealized (gain) loss on investments, net (0.9) 4.0 0.8 22.9 Loss on dispositions 5.5 — 19.5 1.8 Integration and other costs related to merger 1.1 2.4 3.9 6.8 Acquisition related costs and efficiency initiatives — — — 11.7 Cost savings initiatives 11.5 14.2 28.9 41.4 CEO transition costs — 3.2 1.9 5.5 Servicing liability fees and amortization (0.5) 0.7 (1.4) 12.3 Legal and compliance matters — 14.1 — 14.1 Gain from insurance proceeds, net of legal fees (16.5) — (16.5) 1.1 Other 5.5 3.0 11.7 6.5 Adjusted EBITDA $ 142.5 $ 150.0 $ 359.5 $ 357.0

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
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 both the three and nine months ended September 30, 2023, the Company has determined all potentially dilutive shares would be anti-dilutive in these periods 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 in those periods. Approximately 0.5 million of potentially dilutive shares for both the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic EPS Net income (loss) $ 33.7 $ (33.9) $ 18.4 $ (105.2) Weighted average shares outstanding for basic earnings (loss) per share 229.3 227.2 228.7 226.9 Basic earnings (loss) per share attributable to common shareholders $ 0.15 $ (0.15) $ 0.08 $ (0.46) Diluted EPS Net income (loss) $ 33.7 $ (33.9) $ 18.4 $ (105.2) Weighted average shares outstanding for basic earnings (loss) per share 229.3 227.2 228.7 226.9 Dilutive effect of restricted stock units 4.1 — 3.4 — Dilutive effect of stock options — — — — Weighted average shares outstanding for diluted earnings (loss) per share 233.4 227.2 232.1 226.9 Diluted earnings (loss) per share attributable to common shareholders $ 0.14 $ (0.15) $ 0.08 $ (0.46)

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Note 5: Revenue Disaggregation of Revenue Effective January 1, 2024, the Property, facilities and project management service line was renamed to Services. The change was to the name only and had no impact on the composition of the Company’s service lines or its historical results. The following tables disaggregate revenue by reportable segment and service line (in millions): Three Months Ended September 30, 2024 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 1,170.6 $ 106.6 $ 292.5 $ 1,569.7 Leasing At a point in time 401.8 50.7 46.2 498.7 Capital markets At a point in time 139.0 20.2 10.8 170.0 Valuation and other At a point in time or over time 39.1 42.4 24.3 105.8 Total revenue $ 1,750.5 $ 219.9 $ 373.8 $ 2,344.2 Three Months Ended September 30, 2023 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 1,186.2 $ 127.1 $ 255.3 $ 1,568.6 Leasing At a point in time 346.8 54.1 40.6 441.5 Capital markets At a point in time 136.7 20.9 19.3 176.9 Valuation and other At a point in time or over time 32.2 39.8 27.0 99.0 Total revenue $ 1,701.9 $ 241.9 $ 342.2 $ 2,286.0 Nine Months Ended September 30, 2024 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 3,522.0 $ 323.3 $ 836.5 $ 4,681.8 Leasing At a point in time 1,065.6 158.4 118.9 1,342.9 Capital markets At a point in time 383.3 54.9 37.5 475.7 Valuation and other At a point in time or over time 114.2 127.5 74.9 316.6 Total revenue $ 5,085.1 $ 664.1 $ 1,067.8 $ 6,817.0 Nine Months Ended September 30, 2023 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 3,732.5 $ 360.6 $ 761.5 $ 4,854.6 Leasing At a point in time 1,000.4 148.6 109.4 1,258.4 Capital markets At a point in time 420.1 52.4 40.2 512.7 Valuation and other At a point in time or over time 106.0 125.4 84.2 315.6 Total revenue $ 5,259.0 $ 687.0 $ 995.3 $ 6,941.3 Contract Balances The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet available to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable. The following table provides information on contract assets and contract liabilities from contracts with customers included in the Condensed Consolidated Balance Sheets (in millions): As of September 30, 2024 December 31, 2023 Short-term contract assets $ 321.0 $ 352.7 Contract asset allowances (19.0) (41.7) Short-term contract assets, net 302.0 311.0 Non-current contract assets 67.0 81.1 Contract asset allowances (2.2) (2.2) Non-current contract assets, net included in Other non-current assets 64.8 78.9 Total contract assets, net $ 366.8 $ 389.9 Contract liabilities included in Accounts payable and accrued expenses $ 75.1 $ 57.0 The amount of revenue recognized during the nine months ended September 30, 2024 that was included in the contract liabilities balance at the beginning of the period was $30.5 million. The Company had no material asset impairment charges related to contract assets in the periods presented. Practical Expedient The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the Company recognizes revenue in the amount to which we have the right to invoice for services performed and (iii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Services service line. Performance obligations within such Services contracts represent a significant portion of the Company’s contracts with customers not expected to be completed within 12 months.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
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, 2023 $ 1,518.3 $ 320.8 $ 241.8 $ 2,080.9 Dispositions (44.4) — — (44.4) Effect of movements in exchange rates (1.3) 10.5 3.7 12.9 Balance as of September 30, 2024 $ 1,472.6 $ 331.3 $ 245.5 $ 2,049.4 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. For the nine months ended September 30, 2024 and 2023, 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 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 September 30, 2024 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 2 - 15 1,276.7 (1,119.5) 157.2 Other intangible assets 5 15.5 (15.5) — Total intangible assets $ 1,838.2 $ (1,135.0) $ 703.2 As of December 31, 2023 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 2 - 15 1,375.2 (1,115.7) 259.5 Other intangible assets 5 15.3 (14.9) 0.4 Total intangible assets $ 1,936.5 $ (1,130.6) $ 805.9 Amortization expense was $10.5 million and $16.2 million for the three months ended September 30, 2024 and 2023, respectively, and $36.2 million and $49.3 million for the nine months ended September 30, 2024 and 2023, respectively. No impairments of intangible assets were recorded during the nine months ended September 30, 2024 and 2023. During the nine months ended September 30, 2024, the Company disposed of customer relationships, net of $67.2 million in relation to the sale of a non-core Services business. Refer to Note 7: Disposition for additional information.

Disposition

Disposition	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposition	Note 7: Disposition On June 18, 2024, the Company entered into a purchase agreement with an unrelated third party to sell a non-core business that provides a third-party supplier network to support a small portion of our Services clients in the Americas segment (the “Disposal Group”). The Disposal Group was not considered discontinued operations as the sale of the Disposal Group neither represented a strategic shift nor did it have a material impact on the Company’s operations and financial results. The sale closed on August 1, 2024 and the Company received net cash consideration of $121.4 million. The Company recorded a loss on disposition of $17.0 million for the nine months ended September 30, 2024 within Restructuring, impairment and related charges in the Condensed Consolidated Statements of Operations.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Note 8: 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 (the “Greystone JV”), in which the Company owns a 40% interest, and CWVS Holding Limited (the “Vanke JV”), in which the Company owns a 35% interest. In addition, the Company licenses certain of its trademarks to the Vanke JV and recognized royalty fee income of $2.5 million and $2.1 million for the three months ended September 30, 2024 and 2023, respectively, and $6.9 million and $6.2 million for the nine months ended September 30, 2024 and 2023, respectively, which is included in Other income (expense), net in the Condensed Consolidated Statements of Operations. The Company had investments in certain strategic joint ventures classified under the equity method of accounting as follows (in millions): As of September 30, 2024 December 31, 2023 Greystone JV $ 579.2 $ 574.9 Vanke JV 133.9 122.7 Other investments 10.4 10.4 Total Equity method investments $ 723.5 $ 708.0 The Company recognized earnings from equity method investments during the period as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Greystone JV $ 5.0 $ 12.9 $ 16.1 $ 29.7 Vanke JV 6.7 2.6 9.7 8.2 Other investments 0.4 1.1 2.3 3.4 Total Earnings from equity method investments $ 12.1 $ 16.6 $ 28.1 $ 41.3 The Company received distributions from equity method investments of $4.0 million and $4.3 million during the three months ended September 30, 2024 and 2023, respectively, and $14.7 million and $18.6 million during the nine months ended September 30, 2024 and 2023, respectively.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	Note 9: 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, 2023. Interest Rate Derivative Instruments As of September 30, 2024, the Company’s active interest rate hedging instruments consisted of nine interest rate swap agreements designated as cash flow hedges. Of the designated cash flow hedges, there are three interest rate swap agreements with a notional amount of $1.4 billion expiring on August 21, 2025 and six interest rate swap agreements with a notional amount of $550.0 million expiring on May 31, 2028. In addition, the Company previously elected to terminate certain interest rate swap agreements in November 2022 and June 2023. 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. The Company records changes in the fair value of derivatives designated and qualifying as cash flow hedges in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets and subsequently reclassifies the changes into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2024 and December 31, 2023, there were $10.1 million and $34.5 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 10: 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 $14.4 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 certain 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 gains of $3.6 million and realized losses of $3.8 million, and unrealized gains of $0.8 million and $0.6 million during the three and nine months ended September 30, 2024, respectively. The Company recognized realized losses of $4.8 million and $14.6 million, offset by unrealized gains of $0.6 million and $1.0 million during the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had 30 and 27 foreign currency exchange forward contracts outstanding covering a notional amount of $661.9 million and $1.3 billion, respectively. As of September 30, 2024 and December 31, 2023, the Company had not posted, and did not hold, any collateral related to these agreements. The following table presents the fair value of derivatives as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 September 30, 2024 Assets Liabilities Assets Liabilities Derivative Instrument Notional Fair Value Fair Value Fair Value Fair Value Designated: Cash flow hedges: Interest rate swaps $ 1,973.6 $ — $ 9.9 $ 4.3 $ 6.7 Non-designated: Foreign currency forward contracts $ 661.9 $ 1.3 $ 0.4 $ 1.0 $ 0.7 The fair value of interest rate swaps is included within Other non-current assets and Other non-current liabilities, respectively, 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, respectively, in the Condensed Consolidated Balance Sheets. The Company does not net derivatives in the Condensed Consolidated Balance Sheets. The following table presents the effect of derivatives designated as cash flow hedges in the Condensed Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023 (in millions): Beginning Accumulated Other Comprehensive (Gain) Loss (1) Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives (2) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations Ending Accumulated Other Comprehensive (Gain) Loss Three Months Ended September 30, 2024 Interest rate cash flow hedges $ (45.3) $ 17.2 $ 11.4 $ (16.7) Three Months Ended September 30, 2023 Interest rate cash flow hedges $ (60.3) $ (17.6) $ 10.5 $ (67.4) (1) Amount is net of related deferred tax expense of $1.1 million and $0.0 million for the three months ended September 30, 2024 and 2023, respectively. (2) Amount is net of related deferred tax benefit of $7.7 million and expense of $5.1 million for the three months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024 and 2023, gains of $11.4 million and $10.5 million, respectively, related to interest rate hedges were reclassified into earnings and recognized in Interest expense, net of interest income in the Condensed Consolidated Statements of Operations. The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023 (in millions): Beginning Accumulated Other Comprehensive (Gain) Loss (1) Amount of (Gain) Loss Recognized in Other Comprehensive Loss on Derivatives (2) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations Ending Accumulated Other Comprehensive (Gain) Loss Nine Months Ended September 30, 2024 Interest rate cash flow hedges $ (37.0) $ (13.8) $ 34.1 $ (16.7) Nine Months Ended September 30, 2023 Interest rate cash flow hedges $ (48.7) $ (43.2) $ 24.5 $ (67.4) (1) Amount is net of related deferred tax benefit of $2.5 million and $0.0 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Amount is net of related deferred tax benefit of $4.1 million and expense of $8.8 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, gains of $34.1 million and $24.5 million, respectively, related to interest rate hedges were reclassified into earnings and recognized in Interest expense, net of interest income in the Condensed Consolidated Statements of Operations.

Long-Term Debt and Other Borrow

Long-Term Debt and Other Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Other Borrowings	Note 10: Long-Term Debt and Other Borrowings Long-term debt consisted of the following (in millions): As of September 30, 2024 December 31, 2023 Collateralized: Term Loan, due August 2025 $ 47.9 $ 192.9 Term Loan, due January 2030 Tranche-1, net of unamortized discount and financing costs of $9.9 million and $10.7 million, respectively 982.6 984.3 Term Loan, due January 2030 Tranche-2, net of unamortized discount and financing costs of $18.1 million and $19.5 million, respectively 979.4 980.5 6.750% Senior Secured Notes, due May 2028, net of unamortized financing costs of $5.2 million and $6.3 million, respectively 644.8 643.7 8.875% Senior Secured Notes, due September 2031, net of unamortized discount and financing costs of $6.0 million and $6.7 million, respectively 394.0 393.3 Finance lease liabilities 38.2 45.9 Total 3,086.9 3,240.6 Less: current portion of long-term debt (89.9) (143.7) Total Long-term debt, net $ 2,997.0 $ 3,096.9 2018 Credit Agreement On August 21, 2018, the Company entered into an initial $3.5 billion credit agreement (as amended from time to time, the “2018 Credit Agreement”), comprised of an initial $2.7 billion senior secured term loan (the “Initial Term Loan”) and an initial $810.0 million revolving credit facility (the “Revolver”). Term Loans Net proceeds from the Initial Term 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 Initial Term 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 Initial Term Loan to January 31, 2030 (the “2030 Tranche-1”), incurring an additional $15.3 million in debt transaction costs which were capitalized and will be 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. At the time of this amendment, the August 21, 2025 maturity date of the then remaining $1.6 billion principal balance outstanding under the Initial Term Loan was not changed. On June 21, 2023, the Company amended the 2018 Credit Agreement, effective June 28, 2023, to replace the LIBOR rate applicable to borrowings under the Initial Term Loan with Term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit spread adjustment. As there were no other material changes to the terms and conditions of the 2018 Credit Agreement, the Company leveraged certain optional expedients for contract modifications related to reference rate reform provided in ASU 2020-04, ASU 2021-01 and ASU 2022-06. On August 24, 2023, the Company amended the 2018 Credit Agreement to extend the maturity date of $1.0 billion of the then-remaining $1.6 billion aggregate principal amount outstanding under the Initial Term Loan to January 31, 2030 (the “2030 Tranche-2”), incurring an additional $20.4 million in debt transaction costs which were capitalized and will be amortized over the remaining term of the loan. In addition, the Company recognized a loss on debt extinguishment of $23.6 million within Interest expense, net of interest income, consisting of $10.6 million in unamortized deferred financing costs and $13.0 million in certain new transaction costs paid to creditors. The Company also recognized $2.5 million of transaction costs directly in Interest expense in the third quarter of 2023. Upon execution of this amendment, along with the repayment of principal outstanding thereunder using proceeds from the offering of $400.0 million in senior secured notes (discussed below), the Initial Term Loan had a remaining aggregate principal balance outstanding of $192.9 million and a maturity date of August 21, 2025. We refer to this remaining aggregate principal balance as the “2025 Tranche,” and we refer to the 2025 Tranche, the 2030 Tranche-1 and the 2030 Tranche-2 collectively as the “Term Loans”. On April 9, 2024, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-2, reducing the applicable interest rate from 1-month Term SOFR plus 4.00% to 1-month Term SOFR plus 3.75%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. As a result of the reprice, the Company incurred additional debt transaction costs of $2.0 million, of which $0.5 million were capitalized and will be amortized over the remaining term of the loan and $1.5 million were recognized directly in Interest expense, net of interest income. On June 18, 2024, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-1, reducing the applicable interest rate from 1-month Term SOFR, plus 0.10%, plus 3.25% to 1-month Term SOFR plus 3.00%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. As a result of the reprice, the Company incurred additional debt transaction costs of $1.9 million, of which $0.5 million were capitalized and will be amortized over the remaining term of the loan and $1.4 million were recognized directly in Interest expense, net of interest income. The Term Loans bear interest at a variable rate that the Company may select per the terms of the 2018 Credit Agreement. As of September 30, 2024, the Company elected to use an annual rate equal to (i) 1-month Term SOFR, plus 0.11% (which sum is subject to a minimum floor of 0.0%), plus 2.75% for the 2025 Tranche, (ii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 3.00% for the 2030 Tranche-1 and (iii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 3.75% for the 2030 Tranche-2. As of September 30, 2024, the effective interest rates were 7.84%, 8.21%, and 9.15% for the 2025 Tranche, the 2030 Tranche-1, and the 2030 Tranche-2, respectively. The 2018 Credit Agreement requires quarterly principal payments equal to 0.25% of the aggregate principal amount of outstanding borrowings under the 2030 Tranche-1 and the 2030 Tranche-2, including any incremental borrowings. The 2018 Credit Agreement amendments entered into in the second quarter of 2024 deferred the mandatory principal payments for the 2030 Tranche-1 and the 2030 Tranche-2 for two quarters, with such principal payments re-commencing in December 2024. All required principal payments under the 2025 Tranche have been satisfied until maturity. In March, June and August 2024 the Company elected to prepay $50.0 million, $45.0 million and $50.0 million in principal, respectively, of the 2025 Tranche, resulting in a remaining aggregate principal balance outstanding under the 2025 Tranche of $47.9 million as of September 30, 2024. These optional principal prepayments, along with the required principal payment of $5.0 million in the first quarter of 2024, brought the Company’s aggregate debt repayments through September 30, 2024 to $150.0 million. 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 Revolver was undrawn as of September 30, 2024 and December 31, 2023. Senior Secured Notes due 2028 On May 22, 2020, the Company issued $650.0 million of senior secured notes due May 15, 2028 (the “2028 Notes”). Net proceeds from the 2028 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2028 Notes were offered in a private placement exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The 2028 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 6.97% as of September 30, 2024. Senior Secured Notes due 2031 On August 24, 2023, the Company issued $400.0 million of senior secured notes due September 1, 2031 (the “2031 Notes”). Net proceeds from the 2031 Notes were $392.8 million, consisting of a $400.0 million aggregate principal amount less $7.2 million from issuance costs. The 2031 Notes were offered in a private placement exempt from registration under the Securities Act. In addition, the Company recognized a loss on debt extinguishment of $1.4 million and directly expensed transaction costs of $1.5 million within Interest expense, net of interest income in the third quarter of 2023 related to this issuance. The 2031 Notes bear interest at a fixed rate of 8.88% and yielded an effective interest rate of 9.09% as of September 30, 2024. 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 borrowings under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the Net Leverage Ratio (as defined in the 2018 Credit Agreement) may not exceed 5.00 to 1.00. In addition, the 2018 Credit Agreement, the indenture governing the 2028 Notes and the indenture governing the 2031 Notes impose certain operating and financial restrictions on the Company, and in the event of certain defaults, all of the Company’s outstanding borrowings under the 2018 Credit Agreement, the 2028 Notes and the 2031 Notes, together with accrued interest and other fees, could become immediately due and payable. The Company was in compliance with all of the covenants under the 2018 Credit Agreement, the indenture governing the 2028 Notes and the indenture governing the 2031 Notes as of September 30, 2024 and December 31, 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11: Commitments and Contingencies Contingencies In the normal course of business, the Company is subject to various claims and litigation. The Company is also subject to threatened or pending legal actions arising from activities of contractors. A liability is recorded for claims or other contingencies when the risk of loss is probable and estimable. Legal fees are expensed as incurred. Many of these claims may be covered under the Company’s current insurance programs, subject to self-insurance levels and deductibles. The timing and ultimate settlement of these matters is inherently uncertain, however, based upon information currently available, unless otherwise noted, 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 September 30, 2024 and December 31, 2023, contingent liabilities recorded within Other current liabilities were $116.3 million and $80.4 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $56.8 million and $53.1 million, respectively. These contingent liabilities are made up of errors and omissions (“E&O”) claims, litigation matters, general liability, workers’ compensation and other medical claims. As of September 30, 2024 and December 31, 2023, E&O and other litigation claims were $54.3 million and $55.4 million, respectively, and general liability, workers’ compensation and medical claims liabilities were $118.8 million and $78.1 million, respectively. The Company had insurance recoverable balances for E&O claims as of September 30, 2024 and December 31, 2023 totaling $0.8 million and $0.8 million, respectively. Payroll Tax Claims In a non-U.S. jurisdiction, the Company is currently engaged in a dispute with a local tax authority about the application of tax rules related to certain payroll taxes with respect to two of our subsidiaries for tax years ended 2015 to 2021. The tax authority has claimed the Company owes unpaid employer payroll tax contributions, plus interest. In addition, we could receive claims for alleged unpaid income taxes as we have been served with protective determinations by the same tax authority. The Company believes that it has appropriately applied the payroll tax rules, including as a result of its consideration of a recent ruling by an appellate court in the jurisdiction, and disagrees with the amounts claimed. However, the Company recorded an immaterial liability as of December 31, 2023 that is equal to the estimated probable loss for the years under review. The Company continues to assess this matter and it is reasonably possible that the matter could result in an additional, potentially material, liability in future periods. There have been no changes to the estimated liability during the nine months ended September 30, 2024. 401(k) Nondiscrimination Testing In 2023, the Company identified irregularities in its historical nondiscrimination testing for a qualified retirement savings plan available to U.S. employees. As of December 31, 2023, to remedy these irregularities, the Company accrued its best estimate of the amount that the Company would need to contribute to the plan in accordance with applicable correction protocols. The amount of the estimated corrective contribution is not material and there have been no material changes to the estimated amount during the nine months ended September 30, 2024. 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 8 years and maximum potential future payments of approximately $81.8 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. Greystone JV Indemnity On November 27, 2023, Greystone Servicing Company LLC (“GSC”), a wholly-owned subsidiary of the Greystone JV, entered into an indemnity agreement with Federal Home Loan Mortgage Corporation (“Freddie Mac”), which agreement is not in the normal course of GSC’s business, whereby Freddie Mac agreed to issue one or more loan commitment letters regarding the purchase of 45 first mortgage multifamily property loans brokered by a certain independent broker under temporary suspension by Freddie Mac (“Brokered Loans”). In exchange, GSC agreed to indemnify and hold Freddie Mac harmless from any claims or losses related to such Brokered Loans that result from any fraud, misinterpretation or omission. The Brokered Loans are currently performing and have not had any material impact on the Greystone JV at this time. The Company will continue to assess this matter and, although it considers the future indemnity obligations related to these Brokered Loans to be remote, it is possible that the matter could result in an additional, potentially material, liability for the Greystone JV in future periods. Any potential impact to the Greystone JV would only impact the Company’s Condensed Consolidated Financial Statements by our 40% interest in the Greystone JV. Gain Contingency Subsequent to the completion of our 2014 acquisition of the DTZ Group from UGL Limited (“UGL”), the Company brought a breach of warranty claim under warranty and indemnity insurance policies obtained in connection with the acquisition to cover certain losses incurred by the Company by reason of warranty breaches by UGL. The claim has been the subject of a lawsuit that has been pending since 2019 (the “Litigation”). On September 30, 2024, the Company and one of the defendant insurers entered into a settlement agreement under which the insurer agreed to pay the Company $17.3 million in exchange for a release in the Litigation. On October 3, 2024, the amount was paid. As the amount was considered realizable as of September 30, 2024, the Company recorded a gain of $17.3 million within Other income (expense), net in the Condensed Consolidated Statements of Operations and a related receivable within Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. The Litigation remains ongoing and the Company continues to seek loss recovery from the other defendant insurers and may potentially receive additional payments in the future, but the timing and amount of such potential payments is unknown at this time.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 12: Related Party Transactions As of September 30, 2024 and December 31, 2023, the Company had receivables from brokers and other employees of $50.5 million and $49.9 million, respectively, that are included in Prepaid expenses and other current assets, and $326.4 million and $311.7 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. In addition, the Company recognized royalty fee income from equity method investments as disclosed in Note 8: Equity Method Investments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13: 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 related to our revolving accounts receivables securitization program, which we have amended periodically (the “A/R Securitization”), 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. Under the A/R Securitization, the Company recorded a DPP receivable upon the initial sale of trade receivables. As of September 30, 2024 and December 31, 2023, the carrying amount of the DPP receivable approximates its fair value. Refer to Note 14: Accounts Receivable Securitization for more information. The estimated fair value of external debt was $3.1 billion and $3.3 billion as of September 30, 2024 and December 31, 2023, 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 $3.1 billion and $3.2 billion as of September 30, 2024 and December 31, 2023, respectively, which excludes debt issuance costs. Refer to Note 10: 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 September 30, 2024 and December 31, 2023 (in millions): As of September 30, 2024 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 1.0 $ 1.0 $ — $ — Deferred compensation plan assets 30.2 30.2 — — Foreign currency forward contracts 1.3 — 1.3 — Total $ 32.5 $ 31.2 $ 1.3 $ — Liabilities Deferred compensation plan liabilities $ 32.2 $ 32.2 $ — $ — Interest rate swap agreements 9.9 — 9.9 — Foreign currency forward contracts 0.4 — 0.4 — Earn-out liabilities 14.2 — — 14.2 Total $ 56.7 $ 32.2 $ 10.3 $ 14.2 As of December 31, 2023 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 1.0 $ 1.0 $ — $ — Deferred compensation plan assets 31.0 31.0 — — Interest rate swap agreements 4.3 — 4.3 — Foreign currency forward contracts 1.0 — 1.0 — Total $ 37.3 $ 32.0 $ 5.3 $ — Liabilities Deferred compensation plan liabilities $ 33.1 $ 33.1 $ — $ — Interest rate swap agreements 6.7 — 6.7 — Foreign currency forward contracts 0.7 — 0.7 — Earn-out liabilities 25.6 — — 25.6 Total $ 66.1 $ 33.1 $ 7.4 $ 25.6 During the nine months ended September 30, 2024, there were no transfers between the three levels of the fair value hierarchy. 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, 2023. 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. This plan is also frozen. 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 9: Derivative Financial Instruments and Hedging Activities for discussion of the fair value associated with these derivative assets and liabilities. 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 September 30, 2024, the Company had the potential to make a maximum of $17.1 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 5 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 2024 2023 Balance as of January 1, $ 25.6 $ 29.3 Net change in fair value and other adjustments 1.7 (0.4) Payments (13.1) (4.1) Balance as of September 30, $ 14.2 $ 24.8 Investments in Real Estate Ventures The Company directly invests in early stage property technology (“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. 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 September 30, 2024 and December 31, 2023, our investments in early stage proptech companies had a fair value of approximately $42.0 million and $40.7 million, respectively, and are included in Other non-current assets in the Condensed Consolidated Balance Sheets. Investments in real estate venture capital funds and co-investment funds are primarily fair valued using the net asset value (“NAV”) per share (or its equivalent) provided by investees or held at cost, less impairment charges. Critical inputs to NAV estimates include valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the fair value hierarchy table. As of September 30, 2024 and December 31, 2023, our investments in real estate venture capital funds and co-investment funds had a fair value of approximately $77.6 million and $79.0 million, respectively, and are 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 income (expense), net, in the Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2024, the Company recognized unrealized gains of $0.9 million and unrealized losses of $0.8 million, respectively, on our real estate investments. During the three and nine months ended September 30, 2023, the Company recognized an unrealized loss of $2.7 million and $20.4 million, respectively, related to our investment in WeWork and unrealized losses of $1.3 million and $2.5 million, respectively, on our other real estate investments.

Accounts Receivable Securitizat

Accounts Receivable Securitization	9 Months Ended
	Sep. 30, 2024
Transfers and Servicing [Abstract]
Accounts Receivable Securitization	Note 14: Accounts Receivable Securitization Under the A/R Securitization, certain of the Company’s wholly-owned subsidiaries continuously sell 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 (“ASC 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 ASC 860. Any financial statement impact associated with the servicing liability was immaterial for all periods presented. Under the A/R Securitization, the Company records 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 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. The carrying amount of the DPP receivable, which approximates its fair value, is primarily based on the face amount of receivables, adjusted for estimated credit losses. As of September 30, 2024 and December 31, 2023, the DPP receivable of $270.3 million and $219.6 million, respectively, is included in Other non-current assets in the Condensed Consolidated Balance Sheets. For the nine months ended September 30, 2024 and 2023, receivables sold under the A/R Securitization were $1.9 billion and $2.0 billion, respectively, and cash collections from customers on receivables sold were $1.8 billion and $2.1 billion, respectively, all of which were reinvested in new receivables purchases and are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. As of September 30, 2024 and December 31, 2023, the outstanding principal on receivables sold under the A/R Securitization was $429.9 million and $345.7 million, respectively. The A/R Securitization also provides funding from the Purchaser against receivables sold into the program with a maximum facility limit of $200.0 million. As of September 30, 2024 and December 31, 2023, the Company had aggregate capital outstanding under this facility of $125.0 million and $100.0 million, respectively. On June 20, 2023, the Company amended the A/R Securitization to extend the maturity date to June 19, 2026 and incurred a servicing liability fee of $11.3 million in connection with the amendment, which will be amortized through the maturity date of the program.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Note 15: Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the sum of such amounts presented in the Condensed Consolidated Statements of Cash Flows (in millions): As of September 30, 2024 December 31, 2023 Cash and cash equivalents $ 775.4 $ 767.7 Restricted cash recorded in Prepaid expenses and other current assets 37.5 33.5 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 812.9 $ 801.2 Supplemental cash flows and non-cash investing and financing activities are as follows (in millions): Nine Months Ended September 30, 2024 2023 Cash paid for: Interest $ 201.7 $ 167.6 Income taxes 35.2 74.5 Operating leases 86.8 89.5 Non-cash investing/financing activities: Property and equipment additions through finance leases 13.0 21.7 Increase (decrease) in beneficial interest in a securitization 75.7 (60.9) Right of use assets obtained through operating leases 36.2 46.3

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 16: Subsequent Events The Company has evaluated subsequent events through November 4, 2024, the date on which these financial statements were issued, and has determined there were no material subsequent events to disclose.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 33.7	$ (33.9)	$ 18.4	$ (105.2)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	There have been no recently issued accounting standards that the Company adopted during the nine months ended September 30, 2024. The following accounting pronouncements have been issued but are not effective for the current reporting period and have not been early adopted by the Company: Business Combinations – Joint Ventures In August 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is effective for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted. Joint ventures formed before the effective date have the option to apply it retrospectively, while those formed after the effective date are required to apply it prospectively. The Company intends to apply this guidance for future arrangements meeting the definition of a joint venture prospectively after the guidance is effective. SEC Staff Bulletins and Releases In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative , to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification (“ASC”). These amendments align the requirements in the ASC to the SEC’s removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not anticipate that these amendments will have an impact on its financial statements and related disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to amend reportable segment disclosure requirements. ASU 2023-07 requires interim and annual disclosures about significant segment expenses that are regularly provided to an entity’s chief operating decision maker or those charged with assessing segment performance and allocating resources. The guidance is effective for annual periods that began after December 15, 2023 and interim periods beginning after December 15, 2024. The amended disclosure requirements are to be applied retrospectively. The Company is currently evaluating the impact that this ASU will have on its financial statement disclosures. Beginning with the Company’s Form 10-K that will be filed for the annual period ending December 31, 2024, this ASU will result in expanded disclosures related to each reportable segment but will have no impact on the Company’s financial position or results of operations. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to amend certain disclosure and presentation requirements. ASU 2023-09 requires entities to disclose disaggregated information within its effective tax rate reconciliation as well as additional information related to income taxes paid, such as the amount paid disaggregated by jurisdiction, among other disclosures. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amended disclosure and presentation requirements are to be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the impact that this ASU will have on its financial statement disclosures as well as the method of adoption. Beginning with the Company’s Form 10-K that will be filed for the annual period ending December 31, 2025, this ASU will result in expanded disclosures related to income taxes but will have no impact on the Company’s financial position or results of operations.

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Summarized Financial Information by Segment	As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below. Summarized financial information by segment is as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Change 2024 2023 % Change Total revenue Americas $ 1,750.5 $ 1,701.9 3 % $ 5,085.1 $ 5,259.0 (3) % EMEA 219.9 241.9 (9) % 664.1 687.0 (3) % APAC 373.8 342.2 9 % 1,067.8 995.3 7 % Total revenue $ 2,344.2 $ 2,286.0 3 % $ 6,817.0 $ 6,941.3 (2) % Adjusted EBITDA Americas $ 111.3 $ 117.4 (5) % $ 284.7 $ 290.4 (2) % EMEA 12.4 16.6 (25) % 34.6 31.4 10 % APAC 18.8 16.0 18 % 40.2 35.2 14 % Adjusted EBITDA $ 142.5 $ 150.0 (5) % $ 359.5 $ 357.0 1 %
Schedule of Adjusted EBITDA	Adjusted EBITDA is calculated as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 33.7 $ (33.9) $ 18.4 $ (105.2) Adjustments: Depreciation and amortization 28.9 36.2 92.6 108.8 Interest expense, net of interest income 54.9 89.5 174.4 224.2 Provision for income taxes 19.3 16.6 25.3 5.1 Unrealized (gain) loss on investments, net (0.9) 4.0 0.8 22.9 Loss on dispositions 5.5 — 19.5 1.8 Integration and other costs related to merger 1.1 2.4 3.9 6.8 Acquisition related costs and efficiency initiatives — — — 11.7 Cost savings initiatives 11.5 14.2 28.9 41.4 CEO transition costs — 3.2 1.9 5.5 Servicing liability fees and amortization (0.5) 0.7 (1.4) 12.3 Legal and compliance matters — 14.1 — 14.1 Gain from insurance proceeds, net of legal fees (16.5) — (16.5) 1.1 Other 5.5 3.0 11.7 6.5 Adjusted EBITDA $ 142.5 $ 150.0 $ 359.5 $ 357.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a calculation of EPS (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic EPS Net income (loss) $ 33.7 $ (33.9) $ 18.4 $ (105.2) Weighted average shares outstanding for basic earnings (loss) per share 229.3 227.2 228.7 226.9 Basic earnings (loss) per share attributable to common shareholders $ 0.15 $ (0.15) $ 0.08 $ (0.46) Diluted EPS Net income (loss) $ 33.7 $ (33.9) $ 18.4 $ (105.2) Weighted average shares outstanding for basic earnings (loss) per share 229.3 227.2 228.7 226.9 Dilutive effect of restricted stock units 4.1 — 3.4 — Dilutive effect of stock options — — — — Weighted average shares outstanding for diluted earnings (loss) per share 233.4 227.2 232.1 226.9 Diluted earnings (loss) per share attributable to common shareholders $ 0.14 $ (0.15) $ 0.08 $ (0.46)

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate revenue by reportable segment and service line (in millions): Three Months Ended September 30, 2024 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 1,170.6 $ 106.6 $ 292.5 $ 1,569.7 Leasing At a point in time 401.8 50.7 46.2 498.7 Capital markets At a point in time 139.0 20.2 10.8 170.0 Valuation and other At a point in time or over time 39.1 42.4 24.3 105.8 Total revenue $ 1,750.5 $ 219.9 $ 373.8 $ 2,344.2 Three Months Ended September 30, 2023 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 1,186.2 $ 127.1 $ 255.3 $ 1,568.6 Leasing At a point in time 346.8 54.1 40.6 441.5 Capital markets At a point in time 136.7 20.9 19.3 176.9 Valuation and other At a point in time or over time 32.2 39.8 27.0 99.0 Total revenue $ 1,701.9 $ 241.9 $ 342.2 $ 2,286.0 Nine Months Ended September 30, 2024 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 3,522.0 $ 323.3 $ 836.5 $ 4,681.8 Leasing At a point in time 1,065.6 158.4 118.9 1,342.9 Capital markets At a point in time 383.3 54.9 37.5 475.7 Valuation and other At a point in time or over time 114.2 127.5 74.9 316.6 Total revenue $ 5,085.1 $ 664.1 $ 1,067.8 $ 6,817.0 Nine Months Ended September 30, 2023 Revenue recognition timing Americas EMEA APAC Total Services Over time $ 3,732.5 $ 360.6 $ 761.5 $ 4,854.6 Leasing At a point in time 1,000.4 148.6 109.4 1,258.4 Capital markets At a point in time 420.1 52.4 40.2 512.7 Valuation and other At a point in time or over time 106.0 125.4 84.2 315.6 Total revenue $ 5,259.0 $ 687.0 $ 995.3 $ 6,941.3
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 September 30, 2024 December 31, 2023 Short-term contract assets $ 321.0 $ 352.7 Contract asset allowances (19.0) (41.7) Short-term contract assets, net 302.0 311.0 Non-current contract assets 67.0 81.1 Contract asset allowances (2.2) (2.2) Non-current contract assets, net included in Other non-current assets 64.8 78.9 Total contract assets, net $ 366.8 $ 389.9 Contract liabilities included in Accounts payable and accrued expenses $ 75.1 $ 57.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 $ 1,518.3 $ 320.8 $ 241.8 $ 2,080.9 Dispositions (44.4) — — (44.4) Effect of movements in exchange rates (1.3) 10.5 3.7 12.9 Balance as of September 30, 2024 $ 1,472.6 $ 331.3 $ 245.5 $ 2,049.4
Summary of Finite-Lived Intangible Assets	The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of September 30, 2024 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 2 - 15 1,276.7 (1,119.5) 157.2 Other intangible assets 5 15.5 (15.5) — Total intangible assets $ 1,838.2 $ (1,135.0) $ 703.2 As of December 31, 2023 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 2 - 15 1,375.2 (1,115.7) 259.5 Other intangible assets 5 15.3 (14.9) 0.4 Total intangible assets $ 1,936.5 $ (1,130.6) $ 805.9
Summary of Indefinite-Lived Intangible Assets	The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions): As of September 30, 2024 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 2 - 15 1,276.7 (1,119.5) 157.2 Other intangible assets 5 15.5 (15.5) — Total intangible assets $ 1,838.2 $ (1,135.0) $ 703.2 As of December 31, 2023 Useful Life (in years) Gross Value Accumulated Amortization Net Value C&W trade name Indefinite $ 546.0 $ — $ 546.0 Customer relationships 2 - 15 1,375.2 (1,115.7) 259.5 Other intangible assets 5 15.3 (14.9) 0.4 Total intangible assets $ 1,936.5 $ (1,130.6) $ 805.9

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Greystone JV $ 579.2 $ 574.9 Vanke JV 133.9 122.7 Other investments 10.4 10.4 Total Equity method investments $ 723.5 $ 708.0 The Company recognized earnings from equity method investments during the period as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Greystone JV $ 5.0 $ 12.9 $ 16.1 $ 29.7 Vanke JV 6.7 2.6 9.7 8.2 Other investments 0.4 1.1 2.3 3.4 Total Earnings from equity method investments $ 12.1 $ 16.6 $ 28.1 $ 41.3

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives	The following table presents the fair value of derivatives as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 September 30, 2024 Assets Liabilities Assets Liabilities Derivative Instrument Notional Fair Value Fair Value Fair Value Fair Value Designated: Cash flow hedges: Interest rate swaps $ 1,973.6 $ — $ 9.9 $ 4.3 $ 6.7 Non-designated: Foreign currency forward contracts $ 661.9 $ 1.3 $ 0.4 $ 1.0 $ 0.7
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 September 30, 2024 and 2023 (in millions): Beginning Accumulated Other Comprehensive (Gain) Loss (1) Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives (2) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations Ending Accumulated Other Comprehensive (Gain) Loss Three Months Ended September 30, 2024 Interest rate cash flow hedges $ (45.3) $ 17.2 $ 11.4 $ (16.7) Three Months Ended September 30, 2023 Interest rate cash flow hedges $ (60.3) $ (17.6) $ 10.5 $ (67.4) (1) Amount is net of related deferred tax expense of $1.1 million and $0.0 million for the three months ended September 30, 2024 and 2023, respectively. (2) Amount is net of related deferred tax benefit of $7.7 million and expense of $5.1 million for the three months ended September 30, 2024 and 2023, respectively. The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023 (in millions): Beginning Accumulated Other Comprehensive (Gain) Loss (1) Amount of (Gain) Loss Recognized in Other Comprehensive Loss on Derivatives (2) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations Ending Accumulated Other Comprehensive (Gain) Loss Nine Months Ended September 30, 2024 Interest rate cash flow hedges $ (37.0) $ (13.8) $ 34.1 $ (16.7) Nine Months Ended September 30, 2023 Interest rate cash flow hedges $ (48.7) $ (43.2) $ 24.5 $ (67.4) (1) Amount is net of related deferred tax benefit of $2.5 million and $0.0 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Amount is net of related deferred tax benefit of $4.1 million and expense of $8.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Long-term Debt and Other Borr_2

Long-term Debt and Other Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following (in millions): As of September 30, 2024 December 31, 2023 Collateralized: Term Loan, due August 2025 $ 47.9 $ 192.9 Term Loan, due January 2030 Tranche-1, net of unamortized discount and financing costs of $9.9 million and $10.7 million, respectively 982.6 984.3 Term Loan, due January 2030 Tranche-2, net of unamortized discount and financing costs of $18.1 million and $19.5 million, respectively 979.4 980.5 6.750% Senior Secured Notes, due May 2028, net of unamortized financing costs of $5.2 million and $6.3 million, respectively 644.8 643.7 8.875% Senior Secured Notes, due September 2031, net of unamortized discount and financing costs of $6.0 million and $6.7 million, respectively 394.0 393.3 Finance lease liabilities 38.2 45.9 Total 3,086.9 3,240.6 Less: current portion of long-term debt (89.9) (143.7) Total Long-term debt, net $ 2,997.0 $ 3,096.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Recurring Fair Value Measurements	The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in millions): As of September 30, 2024 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 1.0 $ 1.0 $ — $ — Deferred compensation plan assets 30.2 30.2 — — Foreign currency forward contracts 1.3 — 1.3 — Total $ 32.5 $ 31.2 $ 1.3 $ — Liabilities Deferred compensation plan liabilities $ 32.2 $ 32.2 $ — $ — Interest rate swap agreements 9.9 — 9.9 — Foreign currency forward contracts 0.4 — 0.4 — Earn-out liabilities 14.2 — — 14.2 Total $ 56.7 $ 32.2 $ 10.3 $ 14.2 As of December 31, 2023 Total Level 1 Level 2 Level 3 Assets Cash equivalents - money market funds $ 1.0 $ 1.0 $ — $ — Deferred compensation plan assets 31.0 31.0 — — Interest rate swap agreements 4.3 — 4.3 — Foreign currency forward contracts 1.0 — 1.0 — Total $ 37.3 $ 32.0 $ 5.3 $ — Liabilities Deferred compensation plan liabilities $ 33.1 $ 33.1 $ — $ — Interest rate swap agreements 6.7 — 6.7 — Foreign currency forward contracts 0.7 — 0.7 — Earn-out liabilities 25.6 — — 25.6 Total $ 66.1 $ 33.1 $ 7.4 $ 25.6
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 2024 2023 Balance as of January 1, $ 25.6 $ 29.3 Net change in fair value and other adjustments 1.7 (0.4) Payments (13.1) (4.1) Balance as of September 30, $ 14.2 $ 24.8

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the sum of such amounts presented in the Condensed Consolidated Statements of Cash Flows (in millions): As of September 30, 2024 December 31, 2023 Cash and cash equivalents $ 775.4 $ 767.7 Restricted cash recorded in Prepaid expenses and other current assets 37.5 33.5 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 812.9 $ 801.2
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the sum of such amounts presented in the Condensed Consolidated Statements of Cash Flows (in millions): As of September 30, 2024 December 31, 2023 Cash and cash equivalents $ 775.4 $ 767.7 Restricted cash recorded in Prepaid expenses and other current assets 37.5 33.5 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 812.9 $ 801.2
Schedule of Supplemental Cash Flow Information	Supplemental cash flows and non-cash investing and financing activities are as follows (in millions): Nine Months Ended September 30, 2024 2023 Cash paid for: Interest $ 201.7 $ 167.6 Income taxes 35.2 74.5 Operating leases 86.8 89.5 Non-cash investing/financing activities: Property and equipment additions through finance leases 13.0 21.7 Increase (decrease) in beneficial interest in a securitization 75.7 (60.9) Right of use assets obtained through operating leases 36.2 46.3

Segment Data - Schedule of summ

Segment Data - Schedule of summarized financial information by segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 2,344.2	$ 2,286	$ 6,817	$ 6,941.3
Percent change in revenue amount	3%		(2.00%)
Adjusted EBITDA	$ 142.5	150	$ 359.5	357
Percent change in adjusted EBIDTA	(5.00%)		1%
Americas
Segment Reporting Information [Line Items]
Total revenue	$ 1,750.5	1,701.9	$ 5,085.1	5,259
Percent change in revenue amount	3%		(3.00%)
Adjusted EBITDA	$ 111.3	117.4	$ 284.7	290.4
Percent change in adjusted EBIDTA	(5.00%)		(2.00%)
EMEA
Segment Reporting Information [Line Items]
Total revenue	$ 219.9	241.9	$ 664.1	687
Percent change in revenue amount	(9.00%)		(3.00%)
Adjusted EBITDA	$ 12.4	16.6	$ 34.6	31.4
Percent change in adjusted EBIDTA	(25.00%)		10%
APAC
Segment Reporting Information [Line Items]
Total revenue	$ 373.8	342.2	$ 1,067.8	995.3
Percent change in revenue amount	9%		7%
Adjusted EBITDA	$ 18.8	$ 16	$ 40.2	$ 35.2
Percent change in adjusted EBIDTA	18%		14%

Segment Data - Schedule of adju

Segment Data - Schedule of adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Net income (loss)	$ 33.7	$ (33.9)	$ 18.4	$ (105.2)
Depreciation and amortization	28.9	36.2	92.6	108.8
Interest expense, net of interest income	54.9	89.5	174.4	224.2
Provision for income taxes	19.3	16.6	25.3	5.1
Unrealized (gain) loss on investments, net	(0.9)	4	0.8	22.9
Loss on dispositions	5.5	0	19.5	1.8
Integration and other costs related to merger	1.1	2.4	3.9	6.8
Acquisition related costs and efficiency initiatives	0	0	0	11.7
Cost savings initiatives	11.5	14.2	28.9	41.4
CEO transition costs	0	3.2	1.9	5.5
Servicing liability fees and amortization	(0.5)	0.7	(1.4)	12.3
Legal and compliance matters	0	14.1	0	14.1
Gain from insurance proceeds, net of legal fees	(16.5)	0	(16.5)	1.1
Other	5.5	3	11.7	6.5
Adjusted EBITDA	$ 142.5	$ 150	$ 359.5	$ 357

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Earnings Per Share [Abstract]
Potentially dilutive securities not included in computation (in shares)	0.5	0.5

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS
Net income (loss)	$ 33.7	$ (33.9)	$ 18.4	$ (105.2)
Weighted average shares outstanding for basic earnings (loss) per share (in dollars per share)	229.3	227.2	228.7	226.9
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$ 0.15	$ (0.15)	$ 0.08	$ (0.46)
Diluted EPS
Net income (loss)	$ 33.7	$ (33.9)	$ 18.4	$ (105.2)
Weighted average shares outstanding for basic earnings (loss) per share (in dollars per share)	229.3	227.2	228.7	226.9
Weighted average shares outstanding for diluted earnings (loss) per share (in shares)	233.4	227.2	232.1	226.9
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$ 0.14	$ (0.15)	$ 0.08	$ (0.46)
Restricted Stock Units (RSUs)
Diluted EPS
Dilutive effect of stocks (in shares)	4.1	0	3.4	0
Stock Options
Diluted EPS
Dilutive effect of stocks (in shares)	0	0	0	0

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 2,344.2	$ 2,286	$ 6,817	$ 6,941.3
Americas
Disaggregation of Revenue [Line Items]
Revenue	1,750.5	1,701.9	5,085.1	5,259
EMEA
Disaggregation of Revenue [Line Items]
Revenue	219.9	241.9	664.1	687
APAC
Disaggregation of Revenue [Line Items]
Revenue	373.8	342.2	1,067.8	995.3
Services | Over time
Disaggregation of Revenue [Line Items]
Revenue	1,569.7	1,568.6	4,681.8	4,854.6
Services | Americas | Over time
Disaggregation of Revenue [Line Items]
Revenue	1,170.6	1,186.2	3,522	3,732.5
Services | EMEA | Over time
Disaggregation of Revenue [Line Items]
Revenue	106.6	127.1	323.3	360.6
Services | APAC | Over time
Disaggregation of Revenue [Line Items]
Revenue	292.5	255.3	836.5	761.5
Leasing | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	498.7	441.5	1,342.9	1,258.4
Leasing | Americas | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	401.8	346.8	1,065.6	1,000.4
Leasing | EMEA | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	50.7	54.1	158.4	148.6
Leasing | APAC | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	46.2	40.6	118.9	109.4
Capital markets | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	170	176.9	475.7	512.7
Capital markets | Americas | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	139	136.7	383.3	420.1
Capital markets | EMEA | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	20.2	20.9	54.9	52.4
Capital markets | APAC | At a point in time
Disaggregation of Revenue [Line Items]
Revenue	10.8	19.3	37.5	40.2
Valuation and other | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	105.8	99	316.6	315.6
Valuation and other | Americas | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	39.1	32.2	114.2	106
Valuation and other | EMEA | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	42.4	39.8	127.5	125.4
Valuation and other | APAC | At a point in time or over time
Disaggregation of Revenue [Line Items]
Revenue	$ 24.3	$ 27	$ 74.9	$ 84.2

Revenue - Contract with Custome

Revenue - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Short-term contract assets	$ 321	$ 352.7
Contract asset allowances	(19)	(41.7)
Short-term contract assets, net	302	311
Non-current contract assets	67	81.1
Contract asset allowances	(2.2)	(2.2)
Non-current contract assets, net included in Other non-current assets	64.8	78.9
Total contract assets, net	366.8	389.9
Contract liabilities included in Accounts payable and accrued expenses	$ 75.1	$ 57

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Contract liabilities reduced due to revenue recognition criteria being satisfied	$ 30.5

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2023	$ 2,080.9
Dispositions	(44.4)
Effect of movements in exchange rates	12.9
Balance as of September 30, 2024	2,049.4
Americas
Goodwill [Roll Forward]
Balance as of December 31, 2023	1,518.3
Dispositions	(44.4)
Effect of movements in exchange rates	(1.3)
Balance as of September 30, 2024	1,472.6
EMEA
Goodwill [Roll Forward]
Balance as of December 31, 2023	320.8
Dispositions	0
Effect of movements in exchange rates	10.5
Balance as of September 30, 2024	331.3
APAC
Goodwill [Roll Forward]
Balance as of December 31, 2023	241.8
Dispositions	0
Effect of movements in exchange rates	3.7
Balance as of September 30, 2024	$ 245.5

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Impairment of goodwill			$ 0	$ 0
Amortization expense	$ 10,500,000	$ 16,200,000	36,200,000	$ 49,300,000
Disposal Group, Held-for-Sale, Not Discontinued Operations | Disposal Group | Customer relationships
Goodwill [Line Items]
Disposal group, including discontinued operation, intangible assets	$ 67,200,000		$ 67,200,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Accumulated Amortization	$ (1,135)	$ (1,130.6)
Gross Value	1,838.2	1,936.5
Net Value	703.2	805.9
Customer relationships
Goodwill [Line Items]
Finite-lived intangible assets, gross value	1,276.7	1,375.2
Accumulated Amortization	(1,119.5)	(1,115.7)
Finite-lived intangible assets, net value	157.2	259.5
Other intangible assets
Goodwill [Line Items]
Finite-lived intangible assets, gross value	15.5	15.3
Accumulated Amortization	(15.5)	(14.9)
Finite-lived intangible assets, net value	$ 0	$ 0.4
Minimum | Customer relationships
Goodwill [Line Items]
Useful Life (in years)	2 years	2 years
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
C&W trade name
Goodwill [Line Items]
Indefinite-lived intangible assets	$ 546	$ 546

Disposition - Narrative (Detail

Disposition - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Aug. 01, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of business		$ 121.4	$ 0
Gain (loss) on disposition of business		$ (17)	$ (1.3)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of business	$ 121.4
Gain (loss) on disposition of business	$ (17)

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Royalty income, nonoperating	$ 2.5	$ 2.1	$ 6.9	$ 6.2
Proceeds from equity method investment, distribution	$ 4	$ 4.3	$ 14.7	$ 18.6
Greystone JV
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	40%		40%
Vanke JV
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	35%		35%

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 723.5		$ 723.5		$ 708
Earnings from equity method investments	12.1	$ 16.6	28.1	$ 41.3
Greystone JV
Schedule of Equity Method Investments [Line Items]
Equity method investments	579.2		579.2		574.9
Earnings from equity method investments	5	12.9	16.1	29.7
Vanke JV
Schedule of Equity Method Investments [Line Items]
Equity method investments	133.9		133.9		122.7
Earnings from equity method investments	6.7	2.6	9.7	8.2
Other investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	10.4		10.4		$ 10.4
Earnings from equity method investments	$ 0.4	$ 1.1	$ 2.3	$ 3.4

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) derivative_instrument	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) derivative_instrument	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) derivative_instrument
Designated
Derivative [Line Items]
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax			$ 10.1		$ 34.5
Pre-tax gains (losses) reclassified during the next twelve months			$ 14.4
Interest Rate Swap | Designated
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	9		9
Interest Rate Swap | Designated | Cash Flow Hedging
Derivative [Line Items]
Notional	$ 1,973.6		$ 1,973.6
Interest Rate Swap Expiring August 2025 | Designated
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	3		3
Interest Rate Swap Expiring August 2025 | Designated | Cash Flow Hedging
Derivative [Line Items]
Notional	$ 1,400		$ 1,400
Interest Rate Swap Expiring May 2028 | Designated
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	6		6
Interest Rate Swap Expiring May 2028 | Designated | Cash Flow Hedging
Derivative [Line Items]
Notional	$ 550		$ 550
Foreign currency forward contracts | Non-Designated
Derivative [Line Items]
Number of derivative instruments held | derivative_instrument	30		30		27
Notional	$ 661.9		$ 661.9		$ 1,300
Gain on derivative instruments, pretax	3.6
Loss on derivative instruments, pretax		$ 4.8	3.8	$ 14.6
Unrealized gain on derivative instruments, pretax	0.8	0.6	0.6	1
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Hedging Gains (Losses)
Derivative [Line Items]
Gain (loss) reclassified into earnings	$ 11.4	$ 10.5	$ 34.1	$ 24.5

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Designated | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Notional	$ 1,973.6
Assets fair value	0	$ 4.3
Liabilities fair value	9.9	6.7
Non-Designated | Foreign currency forward contracts
Derivative [Line Items]
Notional	661.9	1,300
Assets fair value	1.3	1
Liabilities fair value	$ 0.4	$ 0.7

Derivative Financial Instrume_5

Derivative Financial Instruments and Hedging Activities - Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive (Gain) Loss			$ (1,677.4)
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	$ 17.2	$ (17.6)	(13.8)	$ (43.2)
Ending Accumulated Other Comprehensive (Gain) Loss	(1,702.4)		(1,702.4)
Unrealized Hedging (Losses) Gains
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Deferred income tax expense (benefit)	1.1	0	(2.5)	0
Amount of net related income tax expense	(7.7)	5.1
Cash Flow Hedging | Unrealized Hedging (Losses) Gains | Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Accumulated Other Comprehensive (Gain) Loss	(45.3)	(60.3)	(37)	(48.7)
Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives	17.2	(17.6)	(13.8)	(43.2)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations	11.4	10.5	34.1	24.5
Ending Accumulated Other Comprehensive (Gain) Loss	$ (16.7)	$ (67.4)	(16.7)	(67.4)
Amount of net related income tax expense			$ (4.1)	$ 8.8

Long-Term Debt and Other Borr_3

Long-Term Debt and Other Borrowings - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Aug. 24, 2023	Jan. 31, 2023	May 22, 2020
Debt Instrument [Line Items]
Gross carrying value of debt	$ 3,100	$ 3,200
Finance lease liabilities	38.2	45.9
Long-term Debt and Lease Obligation	3,086.9	3,240.6
Less: current portion of long-term debt	(89.9)	(143.7)
Total Long-term debt, net	2,997	3,096.9
Term Loan, Maturing August 2025 | Secured Debt
Debt Instrument [Line Items]
Gross carrying value of debt	47.9	192.9
Term Loan, Maturing January 2030 Tranche-1 | Secured Debt
Debt Instrument [Line Items]
Gross carrying value of debt	982.6	984.3		$ 2,600
Unamortized discount and issuance costs	9.9	10.7
Term Loan, Maturing January 2030 Tranche-2 | Secured Debt
Debt Instrument [Line Items]
Gross carrying value of debt	979.4	980.5	$ 1,600
Unamortized discount and issuance costs	18.1	19.5
Senior Secured Note Due May 2028 | Senior Secured Note
Debt Instrument [Line Items]
Gross carrying value of debt	644.8	643.7
Unamortized discount and issuance costs	$ 5.2	6.3
Stated interest rate	6.75%				6.75%
Senior Secured Note Due September 2031 | Senior Secured Note
Debt Instrument [Line Items]
Gross carrying value of debt	$ 394	393.3
Unamortized discount and issuance costs	$ 6	$ 6.7
Stated interest rate	8.875%

Long-Term Debt and Other Borr_4

Long-Term Debt and Other Borrowings - Narrative (Details) - USD ($) $ in Millions								1 Months Ended			3 Months Ended			9 Months Ended
	Jun. 18, 2024	Apr. 09, 2024	Aug. 24, 2023	Jan. 31, 2023	Apr. 28, 2022	May 22, 2020	Dec. 20, 2019	Aug. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 20, 2020	Aug. 21, 2018
Debt Instrument [Line Items]
Gross carrying value of debt														$ 3,100		$ 3,200
Loss on debt extinguishment														0	$ 19.3
Repayments of long-term debt														$ 150	$ 2,402.5
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 | 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%
Term Loan, Maturing August 2025 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 192.9	$ 1,600														2,700
Stated discount, amount																		13.5
Debt issuance costs, amount																		$ 20.6
Gross carrying value of debt														$ 47.9		192.9
Basis spread on variable rate														2.75%
Effective interest rate														7.84%
Repayments of secured debt								$ 50	$ 45	$ 50
Debt instrument, periodic payment, principal											$ 5
Repayments of long-term debt														$ 150
Term Loan, Maturing August 2025 | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate														0.11%
Debt instrument, basis spread on variable rate, minimum floor														0%
Term Loan, Maturing January 2030 Tranche-1
Debt Instrument [Line Items]
Quarterly principal payment, percentage														0.25%
Term Loan, Maturing January 2030 Tranche-1 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				1,000
Debt issuance costs, amount	$ 1.9			15.3
Gross carrying value of debt				2,600										$ 982.6		984.3
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			0.10%											3%
Interest expense, debt, transaction costs paid to creditors	0.5
Interest expense, debt, transaction costs recognized directly in interest expense	$ 1.4
Effective interest rate														8.21%
Term Loan, Maturing January 2030 Tranche-1 | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	3%		3.25%
Debt instrument, basis spread on variable rate, minimum floor														0.50%
Term Loan, Maturing January 2030 Tranche-2
Debt Instrument [Line Items]
Quarterly principal payment, percentage														0.25%
Term Loan, Maturing January 2030 Tranche-2 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,000
Debt issuance costs, amount		$ 2	20.4
Gross carrying value of debt			1,600											$ 979.4		980.5
Loss on debt extinguishment			23.6
Unamortized deferred financing costs			10.6
Interest expense, debt, new transaction costs paid to creditors			$ 13
Interest expense, debt, new transaction costs recognized directly in interest expense												$ 2.5
Basis spread on variable rate														3.75%
Interest expense, debt, transaction costs paid to creditors		0.5
Interest expense, debt, transaction costs recognized directly in interest expense		$ 1.5
Effective interest rate														9.15%
Term Loan, Maturing January 2030 Tranche-2 | Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%	4%
Debt instrument, basis spread on variable rate, minimum floor														0.50%
Senior Secured Note Due Sept 2031 | Secured Debt
Debt Instrument [Line Items]
Interest expense, debt, new transaction costs recognized directly in interest expense			$ 1.5
Senior Secured Note Due Sept 2031 | Senior Secured Note
Debt Instrument [Line Items]
Debt instrument, face amount			400
Debt issuance costs, amount			7.2
Loss on debt extinguishment			1.4
Effective interest rate														9.09%
Proceeds from debt, net of stated discount and debt issuance costs			392.8
Proceeds from issuance of senior long-term debt			$ 400
Stated interest rate			8.88%
Senior Secured Note Due May 2028 | Senior Secured Note
Debt Instrument [Line Items]
Debt instrument, face amount						$ 650
Debt issuance costs, amount						11.5
Gross carrying value of debt														$ 644.8		$ 643.7
Effective interest rate														6.97%
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%								6.75%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions		9 Months Ended
	Sep. 30, 2024 USD ($) insurer	Sep. 30, 2024 USD ($) insurer	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 27, 2023 letter property
Loss Contingencies [Line Items]
Contingent liabilities, current	$ 116.3	$ 116.3		$ 80.4
Contingent liabilities, non-current	56.8	$ 56.8		53.1
Closed-ended terms for guarantees		8 years
Maximum potential future payments on guarantees	$ 81.8	$ 81.8
Number of first mortgage multifamily property loans | property					45
Number of insurers | insurer	1	1
Gain from insurance proceeds, net of legal fees	$ 17.3	$ 17.3	$ 0
Greystone
Loss Contingencies [Line Items]
Number of loan commitment letters issued | letter					1
Equity method investment, ownership percentage					40%
Errors and Omissions (E&O) claims and other claims
Loss Contingencies [Line Items]
Contingent liabilities	54.3	54.3		55.4
Workers' compensation
Loss Contingencies [Line Items]
Contingent liabilities	118.8	118.8		78.1
Insurance recoverable
Loss Contingencies [Line Items]
Loss contingency, receivable	$ 0.8	$ 0.8		$ 0.8

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Related Party - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other receivables, net, current	$ 50.5	$ 49.9
Other receivable, after allowance for credit loss, noncurrent	$ 326.4	$ 311.7

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of external debt	$ 3,100		$ 3,100		$ 3,300
Gross carrying value of debt	3,100		$ 3,100		3,200
Earn out payment			5 years
Unrealized gain (loss) on investments	0.9	$ (4)	$ (0.8)	$ (22.9)
WeWork
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments		(2.7)		(20.4)
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	42		42		40.7
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	77.6		77.6		$ 79
Fair Value, Nonrecurring | WeWork
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments	0.9	$ (1.3)	(0.8)	$ (2.5)
Several Estate Service Companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liabilities, maximum	17.1		17.1
Earn-out liabilities, minimum	$ 0		$ 0

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash equivalents - money market funds	$ 1	$ 1
Deferred compensation plan assets	30.2	31
Total	32.5	37.3
Liabilities
Deferred compensation plan liabilities	32.2	33.1
Earn-out liabilities	14.2	25.6
Total	56.7	66.1
Level 1
Assets
Cash equivalents - money market funds	1	1
Deferred compensation plan assets	30.2	31
Total	31.2	32
Liabilities
Deferred compensation plan liabilities	32.2	33.1
Earn-out liabilities	0	0
Total	32.2	33.1
Level 2
Assets
Cash equivalents - money market funds	0	0
Deferred compensation plan assets	0	0
Total	1.3	5.3
Liabilities
Deferred compensation plan liabilities	0	0
Earn-out liabilities	0	0
Total	10.3	7.4
Level 3
Assets
Cash equivalents - money market funds	0	0
Deferred compensation plan assets	0	0
Total	0	0
Liabilities
Deferred compensation plan liabilities	0	0
Earn-out liabilities	14.2	25.6
Total	14.2	25.6
Interest rate swap agreements
Assets
Derivative asset		4.3
Liabilities
Foreign currency forward contracts	9.9	6.7
Interest rate swap agreements | Level 1
Assets
Derivative asset		0
Liabilities
Foreign currency forward contracts	0	0
Interest rate swap agreements | Level 2
Assets
Derivative asset		4.3
Liabilities
Foreign currency forward contracts	9.9	6.7
Interest rate swap agreements | Level 3
Assets
Derivative asset		0
Liabilities
Foreign currency forward contracts	0	0
Foreign currency forward contracts
Assets
Derivative asset	1.3	1
Liabilities
Foreign currency forward contracts	0.4	0.7
Foreign currency forward contracts | Level 1
Assets
Derivative asset	0	0
Liabilities
Foreign currency forward contracts	0	0
Foreign currency forward contracts | Level 2
Assets
Derivative asset	1.3	1
Liabilities
Foreign currency forward contracts	0.4	0.7
Foreign currency forward contracts | Level 3
Assets
Derivative asset	0	0
Liabilities
Foreign currency forward contracts	$ 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 25.6	$ 29.3
Net change in fair value and other adjustments	1.7	(0.4)
Payments	(13.1)	(4.1)
Ending balance	$ 14.2	$ 24.8

Accounts Receivable Securitiz_2

Accounts Receivable Securitization - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Jun. 20, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transferor's interests in transferred financial assets, receivables sold, percent		100%
Proceeds from accounts receivable securitization		$ 1,900	$ 2,000
Cash collection		1,800	$ 2,100
Outstanding principal on receivables sold under securitization		429.9		$ 345.7
Investment limit		200
Transferor's interests in transferred financial assets, amount drawn on investment limit		125		100
Cash flows between transferor and transferee, servicing fees	$ 11.3
Level 3 | Fair Value, Measurements, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transferor's interests in transferred financial assets, fair value		$ 270.3		$ 219.6

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 775.4	$ 767.7
Restricted cash recorded in Prepaid expenses and other current assets	37.5	33.5
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 812.9	$ 801.2	$ 635.3	$ 719

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for:
Interest	$ 201.7	$ 167.6
Income taxes	35.2	74.5
Operating leases	86.8	89.5
Non-cash investing/financing activities:
Property and equipment additions through finance leases	13	21.7
Increase (decrease) in beneficial interest in a securitization	75.7	(60.9)
Right of use assets obtained through operating leases	$ 36.2	$ 46.3