Business Combinations, Goodwill and Other Intangible Assets (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Schedule of Business Acquisitions, Pro Forma Revenue [Line Items] |
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| Summary of Earn-out Payments [Table Text Block] |
Earn-Out Payments The following table details the number of acquisitions related to our earn-out payments, in addition to the maximum (undiscounted) amount and fair values of those earn-out payments. | | | | | | | | | | | | | ($ in millions) | June 30, 2026 | | December 31, 2025 | | Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 9 | | | 11 | | | Maximum earn-out payments (undiscounted) | $ | 66.8 | | | 75.5 | | Short-term earn-out liabilities (fair value)(1) | 7.5 | | | 5.9 | | Long-term earn-out liabilities (fair value)(1) | 9.5 | | | 11.3 | |
(1) Included in Other current and Other long-term liabilities on the Consolidated Balance Sheets.
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| Movements in Goodwill by Reporting Segment |
The following table details, by reporting segment, movements in goodwill. | | | | | | | | | | | | | | | | | | | | | | (in millions) | Real Estate Management Services | Leasing Advisory | Capital Markets Services | Investment Management | | Consolidated | | Balance as of January 1, 2026 | $ | 1,225.1 | | 1,405.3 | | 2,019.8 | | 57.1 | | | $ | 4,707.3 | | | Additions, net of adjustments | 37.4 | | — | | — | | — | | | 37.4 | | | Dispositions | (3.7) | | — | | — | | — | | | (3.7) | | | Impact of exchange rate movements | (2.7) | | (4.9) | | (6.5) | | (0.2) | | | (14.3) | | | Balance as of June 30, 2026 | $ | 1,256.1 | | 1,400.4 | | 2,013.3 | | 56.9 | | | $ | 4,726.7 | |
| | | | | | | | | | | | | | | | | | | | | | (in millions) | Real Estate Management Services | Leasing Advisory | Capital Markets Services | Investment Management | | Consolidated | | Balance as of January 1, 2025 | $ | 1,211.3 | | 1,372.6 | | 1,971.5 | | 55.9 | | | $ | 4,611.3 | | | Additions, net of adjustments | — | | — | | 6.6 | | — | | | 6.6 | | | | | | | | | | Impact of exchange rate movements | 16.4 | | 35.4 | | 44.5 | | 1.6 | | | 97.9 | | | Balance as of June 30, 2025 | $ | 1,227.7 | | 1,408.0 | | 2,022.6 | | 57.5 | | | $ | 4,715.8 | |
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| 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) | MSRs | Other Intangibles | | Consolidated | | Gross Carrying Amount | | | | | | Balance as of December 31, 2025 | $ | 896.8 | | 336.0 | | | $ | 1,232.8 | | | Additions, net of adjustments | 43.8 | | 7.6 | | | 51.4 | | | Dispositions | — | | (12.3) | | | (12.3) | | | Adjustment for fully amortized intangibles | (25.3) | | (0.3) | | | (25.6) | | | Impact of exchange rate movements | — | | (0.8) | | | (0.8) | | | Balance as of June 30, 2026 | $ | 915.3 | | 330.2 | | | $ | 1,245.5 | | | | | | | | Accumulated Amortization | | | | | | Balance as of December 31, 2025 | $ | (438.6) | | (127.5) | | | $ | (566.1) | | Amortization expense, net(1) | (60.9) | | (13.3) | | | (74.2) | | | Dispositions | — | | 5.0 | | | 5.0 | | | Adjustment for fully amortized intangibles | 25.3 | | 0.3 | | | 25.6 | | | Impact of exchange rate movements | — | | (0.1) | | | (0.1) | | | Balance as of June 30, 2026 | $ | (474.2) | | (135.6) | | | $ | (609.8) | | | | | | | | Net book value as of June 30, 2026 | $ | 441.1 | | 194.6 | | | $ | 635.7 | |
(1) Included in this amount for MSRs was $4.2 million related 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) | MSRs | Other Intangibles | | Consolidated | | Gross Carrying Amount | | | | | | Balance as of December 31, 2024 | $ | 851.1 | | 543.8 | | | $ | 1,394.9 | | | Additions, net of adjustments | 40.6 | | 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 intangibles | 24.5 | | 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 related 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.
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| Business Combinations, Goodwill and Other Intangible Assets [Table] |
The following table details cash payments relating to acquisitions. Payments for current-year acquisitions are included in cash used in investing activities, while payments for prior-year acquisitions are primarily reflected in cash used in financing activities. | | | | | | | | | | Six Months Ended June 30, | | (in millions) | 2026 | 2025 | Payments relating to current-year acquisitions(1) | $ | 20.5 | | 6.1 | | | Payments for deferred business acquisition and earn-out obligations | 16.4 | | 12.6 | | | Total paid for business acquisitions | $ | 36.9 | | 18.7 | |
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