v3.25.2
Business Combinations, Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items]  
Summary of Earn-out Payments [Table Text Block]
Earn-Out Payments
($ in millions)June 30, 2025December 31, 2024
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria12 13 
Maximum earn-out payments (undiscounted)$78.2 108.0 
Short-term earn-out liabilities (fair value)(1)
5.2 12.0 
Long-term earn-out liabilities (fair value)(1)
13.9 23.8 
(1) Included in Other current and Other long-term liabilities on the Consolidated Balance Sheets.
Movements in Goodwill by Reporting Segment
The following table details, by reporting segment, movements in goodwill.
(in millions)Real Estate Management ServicesLeasing AdvisoryCapital Markets ServicesInvestment ManagementSoftware and Technology SolutionsConsolidated
Balance as of January 1, 2025$961.2 1,372.6 1,971.5 55.9 250.1 $4,611.3 
Additions, net of adjustments— — 6.6 — — 6.6 
Impact of exchange rate movements16.5 35.4 44.5 1.6 (0.1)97.9 
Balance as of June 30, 2025$977.7 1,408.0 2,022.6 57.5 250.0 $4,715.8 
Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets
The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.
(in millions)MSRsOther IntangiblesConsolidated
Gross Carrying Amount 
Balance as of December 31, 2024$851.1 543.8 $1,394.9 
Additions, net of adjustments40.6 0.5 41.1 
Adjustment for fully amortized intangibles(24.5)(1.2)(25.7)
Impact of exchange rate movements— 10.0 10.0 
Balance as of June 30, 2025$867.2 553.1 $1,420.3 
Accumulated Amortization 
Balance as of December 31, 2024$(380.0)(290.8)$(670.8)
Amortization expense, net(1)
(55.4)(34.0)(89.4)
Adjustment for fully amortized intangibles24.5 1.2 25.7 
Impact of exchange rate movements— (3.8)(3.8)
Balance as of June 30, 2025$(410.9)(327.4)$(738.3)
Net book value as of June 30, 2025$456.3 225.7 $682.0 
(1) Included in this amount for MSRs was $2.3 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.
(in millions)MSRsOther IntangiblesConsolidated
Gross Carrying Amount 
Balance as of December 31, 2023$801.8 546.2 $1,348.0 
Additions, net of adjustments34.2 14.9 49.1 
Adjustment for fully amortized intangibles(15.5)(9.3)(24.8)
Impact of exchange rate movements— (2.5)(2.5)
Balance as of June 30, 2024$820.5 549.3 $1,369.8 
Accumulated Amortization 
Balance as of December 31, 2023$(309.8)(253.2)$(563.0)
Amortization expense, net(1)
(55.4)(32.9)(88.3)
Adjustment for fully amortized intangibles15.5 9.3 24.8 
Impact of exchange rate movements— 0.6 0.6 
Balance as of June 30, 2024$(349.7)(276.2)$(625.9)
Net book value as of June 30, 2024$470.8 273.1 $743.9 
(1) Included in this amount for MSRs was $4.2 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.