JONES LANG LASALLE INC, 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document and Entity Information [Abstract]    
Title of 12(b) Security Common Stock, par value $0.01  
Trading Symbol JLL  
Security Exchange Name NYSE  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 36-4150422  
Entity Address, Address Line One 200 East Randolph Drive  
Entity Address, City or Town Chicago,  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60601  
Entity File Number 1-13145  
City Area Code (312)  
Local Phone Number 782-5800  
Document Quarterly Report true  
Document Transition Report false  
Entity Registrant Name Jones Lang LaSalle Incorporated  
Entity Central Index Key 0001037976  
Current Fiscal Year End Date --12-31  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   47,194,630
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Document Period End Date Sep. 30, 2025  
Document Type 10-Q  
Amendment Flag false  
v3.25.3
Cover Document
 9 Months Ended
Sep. 30, 2025
Cover Table [Abstract]  
Entity Emerging Growth Company false
v3.25.3
Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 428.9 $ 416.3
Trade receivables, net of allowances 2,021.1 2,153.5
Notes and other receivables 455.4 456.9
Accounts Receivable, Reimbursed by Client, Current 2,812.3 2,695.0
Loans Receivable, Gross, Mortgage Warehouse Lending. 1,014.7 770.7
Contract with Customer, Asset, after Allowance for Credit Loss, Current 314.8 334.8
Prepaid Expense and Other Assets, Current 595.4 651.3
Total current assets 7,642.6 7,478.5
Property and equipment, net of accumulated depreciation 597.1 598.1
Operating Lease, Right-of-Use Asset 736.8 743.1
Goodwill 4,705.5 4,611.3
Identified intangibles, net of accumulated amortization 671.4 724.1
Investments 895.1 812.7
Long-term receivables 421.2 394.7
Deferred Income Tax Assets, Net 541.2 518.2
Deferred Compensation Plan Assets 716.0 664.0
Other 251.8 219.1
Total assets 17,178.7 16,763.8
Current liabilities:    
Accounts Payable and Accrued Liabilities, Current 1,196.1 1,322.7
Accounts Payable, Reimbursed by Client, Current 2,147.0 2,176.3
Accrued compensation & benefits 1,376.5 1,768.5
Short-term Debt 141.3 153.8
Commercial Paper 388.4 199.3
Short-term contract liabilities and deferred income 222.3 203.8
Warehouse facilities 1,006.5 841.0
Operating Lease, Liability, Current 168.9 157.2
Other 308.5 321.9
Total current liabilities 6,955.5 7,144.5
Noncurrent liabilities:    
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs 176.8 88.6
Long-term debt, net of debt issuance costs 806.1 756.7
Deferred Tax Liabilities, Net 49.1 45.6
Deferred compensation 705.2 665.4
Operating Lease, Liability, Noncurrent 794.6 748.8
Other 395.3 419.1
Total liabilities 9,882.6 9,868.7
Company shareholders' equity:    
Common stock, $.01 par value per share 0.5 0.5
Additional paid-in capital 2,046.4 2,032.7
Retained earnings 6,714.1 6,334.9
Treasury Stock, Value (1,015.8) (937.9)
Shares held in trust (12.2) (11.8)
Accumulated Other Comprehensive Income (Loss), Net of Tax (557.7) (646.9)
Total Company shareholders' equity 7,175.3 6,771.5
Noncontrolling interest 120.8 123.6
Total equity 7,296.1 6,895.1
Total liabilities and equity $ 17,178.7 $ 16,763.8
v3.25.3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Trade receivables, allowances $ 68.6 $ 60.8
Contract with Customer, Asset, Allowance for Credit Loss, Current 1.4 1.6
Property and equipment, accumulated depreciation 1,284.3 1,161.6
Identified intangibles, with finite useful lives, accumulated amortization 546.7 670.8
Investments, Fair Value Disclosure $ 844.7 $ 742.0
Company shareholders' equity    
Common stock, par value (in dollars per share) $ 0.01  
Common stock, shares authorized (in shares) 100,000,000  
Common Stock, Shares, Issued 52,120,548 52,120,548
Common Stock, Shares, Outstanding 47,194,022 47,415,584
Treasury Stock, Common, Shares 4,926,526 4,704,964
Commercial Paper    
Unamortized Debt Issuance Expense $ 0.6 $ 0.7
Long-Term Senior Notes [Member]    
Unamortized Debt Issuance Expense 5.1 6.4
Line of Credit [Member]    
Unamortized Debt Issuance Expense $ 9.2 $ 11.4
v3.25.3
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 6,510.4 $ 5,868.8 $ 18,506.9 $ 16,622.0
Operating expenses:        
Compensation and benefits 3,014.8 2,854.6 8,524.5 7,869.4
Operating, administrative and other 3,152.6 2,729.2 9,141.7 8,064.5
Depreciation and amortization 57.6 65.5 196.9 188.8
Restructuring and acquisition charges 11.7 (8.8) 52.7 4.4
Total operating expenses 6,236.7 5,640.5 17,915.8 16,127.1
Operating Income (Loss) 273.7 228.3 591.1 494.9
Interest Expense, Net of Interest Income 29.2 38.1 89.1 110.3
Equity earnings from real estate ventures 27.4 (0.9) (25.6) (20.0)
Other Nonoperating Income (Expense) 3.1 2.9 7.3 14.1
Income before income taxes and noncontrolling interest 275.0 192.2 483.7 378.7
Provision for income taxes 52.6 37.4 93.3 73.8
Net income 222.4 154.8 390.4 304.9
Net income attributable to noncontrolling interest (0.4) (0.3) 0.0 (0.7)
Net income attributable to common shareholders $ 222.8 $ 155.1 $ 390.4 $ 305.6
Basic earnings per common share (in dollars per share) $ 4.71 $ 3.26 $ 8.23 $ 6.43
Basic weighted average shares outstanding (in shares) 47,343 47,505 47,430 47,506
Diluted earnings per common share (in dollars per share) $ 4.61 $ 3.20 $ 8.07 $ 6.32
Diluted weighted average shares outstanding (in shares) 48,349 48,497 48,362 48,355
Other comprehensive income:        
Net income attributable to common shareholders $ 222.8 $ 155.1 $ 390.4 $ 305.6
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent 0.0 0.0 (0.5) 0.3
Foreign currency translation adjustments (33.5) 115.9 89.7 56.1
Comprehensive income attributable to the common shareholders $ 189.3 $ 271.0 $ 479.6 $ 362.0
v3.25.3
Consolidated Statement of Changes in Equity (unaudited) - USD ($)
$ in Millions
Total
Shares Outstanding (SoE QTD)
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Shares Held in Trust [Member]
Treasury Stock, Common
AOCI Attributable to Parent [Member]
Noncontrolling Interest [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding   47,509,750              
Balances at Dec. 31, 2023 $ 6,409.9   $ 0.5 $ 2,019.7 $ 5,795.6 $ (10.4) $ (920.1) $ (591.5) $ 116.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 65.6       66.1       (0.5)
Shares issued under stock compensation programs (in shares)   132,118              
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (20.3)     (55.1) (4.1)   38.9    
Amortization of stock compensation 11.2     11.2          
(Increase) Decrease In Common Stock Held In Trust 0.1         0.1      
Treasury Stock, Shares, Acquired   (144,523)              
Treasury Stock, Value, Acquired, Cost Method (20.0)           (20.0)    
Change in pension liabilities, net of tax (SoE QTD) 0.3             0.3  
Foreign currency translation adjustments (SoE QTD) (37.7)             (37.7)  
Distributions to noncontrolling interest (1.5)               (1.5)
Balances at Mar. 31, 2024 6,407.6   0.5 1,975.8 5,857.6 (10.3) (901.2) (628.9) 114.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding   47,497,345              
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 84.5       84.4       0.1
Shares issued under stock compensation programs (in shares)   103,674              
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (0.3)     (8.2) (0.1)   8.0    
Amortization of stock compensation 45.7     45.7          
(Increase) Decrease In Common Stock Held In Trust (1.6)         (1.6)      
Treasury Stock, Shares, Acquired   (103,714)              
Treasury Stock, Value, Acquired, Cost Method (20.4)           (20.4)    
Foreign currency translation adjustments (SoE QTD) (22.1)             (22.1)  
Distributions to noncontrolling interest 4.9               4.9
Balances at Jun. 30, 2024 6,498.3   0.5 2,013.3 5,941.9 (11.9) (913.6) (651.0) 119.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding   47,497,305              
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 154.8       155.1       (0.3)
Shares issued under stock compensation programs (in shares)   59,771              
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes         (2.4)        
Shares issued under stock compensation programs (5.1)     (14.5)     11.8    
Amortization of stock compensation 22.0     22.0          
(Increase) Decrease In Common Stock Held In Trust (0.2)         (0.2)      
Treasury Stock, Shares, Acquired   (85,451)              
Treasury Stock, Value, Acquired, Cost Method (20.0)           (20.0)    
Foreign currency translation adjustments (SoE QTD) 115.9             115.9  
Distributions to noncontrolling interest 3.3               3.3
Balances at Sep. 30, 2024 $ 6,769.0   0.5 2,020.8 6,094.6 (12.1) (921.8) (535.1) 122.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding   47,471,625              
Common Stock, Shares, Outstanding 47,415,584 47,415,584              
Balances at Dec. 31, 2024 $ 6,895.1   0.5 2,032.7 6,334.9 (11.8) (937.9) (646.9) 123.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 57.5       55.3       2.2
Shares issued under stock compensation programs (in shares)   171,231              
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (25.9)     (52.8) (7.2)   34.1    
Amortization of stock compensation 22.0     22.0          
(Increase) Decrease In Common Stock Held In Trust (0.3)         (0.3)      
Treasury Stock, Shares, Acquired   (73,364)              
Treasury Stock, Value, Acquired, Cost Method (19.7)           (19.7)    
Change in pension liabilities, net of tax (SoE QTD) (0.5)             (0.5)  
Foreign currency translation adjustments (SoE QTD) 36.8             36.8  
Distributions to noncontrolling interest (2.9)               (2.9)
Balances at Mar. 31, 2025 6,962.1   0.5 2,001.9 6,383.0 (12.1) (923.5) (610.6) 122.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding   47,513,451              
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 110.5       112.3       (1.8)
Shares issued under stock compensation programs (in shares)   31,597              
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (1.9)     (6.5) (0.6)   5.2    
Amortization of stock compensation 44.0     44.0          
(Increase) Decrease In Common Stock Held In Trust 0.1         0.1      
Treasury Stock, Shares, Acquired   (166,071)              
Treasury Stock, Value, Acquired, Cost Method (40.2)           (40.2)    
Foreign currency translation adjustments (SoE QTD) 86.4             86.4  
Distributions to noncontrolling interest 0.6               0.6
Balances at Jun. 30, 2025 7,161.6   0.5 2,039.4 6,494.7 (12.0) (958.5) (524.2) 121.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding   47,378,977              
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest 222.4       222.8       (0.4)
Shares issued under stock compensation programs (in shares)   58,489              
Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes (5.8)     (15.4) (3.4)   13.0    
Amortization of stock compensation 22.4     22.4          
(Increase) Decrease In Common Stock Held In Trust (0.2)         (0.2)      
Treasury Stock, Shares, Acquired   (243,444)              
Treasury Stock, Value, Acquired, Cost Method (70.3)           (70.3)    
Foreign currency translation adjustments (SoE QTD) (33.5)             (33.5)  
Distributions to noncontrolling interest (0.5)               (0.5)
Balances at Sep. 30, 2025 $ 7,296.1   $ 0.5 $ 2,046.4 $ 6,714.1 $ (12.2) $ (1,015.8) $ (557.7) $ 120.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common Stock, Shares, Outstanding 47,194,022 47,194,022              
v3.25.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows used for operating activities:    
Net income $ 390.4 $ 304.9
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 196.9 188.8
Equity in (earnings) losses 25.6 20.0
Distributions of earnings from real estate ventures 18.0 10.7
Provision for loss on receivables and other assets 37.2 34.7
Amortization of Deferred Compensation 88.4 78.9
Net non-cash mortgage servicing rights and mortgage banking derivative activity 17.3 25.9
Accretion of interest and amortization of debt issuance costs 4.8 4.1
Other 4.8 (5.2)
Increase (Decrease) in Receivables 160.9 59.7
Increase (Decrease) in Reimbursable Receivables and Reimbursable Payables (128.2) (160.0)
Increase (Decrease) in Prepaid Expense and Other Assets (39.7) (105.0)
Increase (Decrease) in Income taxes receivable, payable and deferred (124.4) (172.0)
Increase (Decrease) in Accounts Payable, Accrued Liabilities and Other Liabilities (24.6) (100.1)
Increase (Decrease) in Accrued Compensation (445.1) (327.4)
Net cash used in operating activities 182.3 (142.0)
Cash flows used in investing activities:    
Net capital additions - property and equipment (138.4) (126.3)
Business acquisitions, net of cash acquired (6.1) (40.8)
Payments to Acquire Interest in Joint Venture (148.3) (69.2)
Proceeds from Real Estate and Real Estate Joint Ventures 42.1 14.3
Acquisition of controlling interest, net of cash acquired 0.0 3.7
Other, net (0.9) (0.7)
Net cash used in investing activities (251.6) (219.0)
Cash flows provided by financing activities:    
Proceeds from Long-term Lines of Credit 10,340.0 6,029.0
Repayments of Long-term Lines of Credit (10,254.0) (6,309.0)
Proceeds from Issuance of Commercial Paper 2,495.0 800.0
Repayments of Commercial Paper (2,306.0) 0.0
Proceeds from (Repayments of) Short-term Debt (14.0) (73.0)
Payment for Contingent Consideration Liability, Financing Activities (12.1) (5.1)
Payments for Repurchase of Common Stock (130.2) (60.4)
Noncontrolling interest (distributions) contributions, net (2.8) 2.1
Other, net (43.1) (34.6)
Net cash provided by financing activities 72.8 349.0
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 31.2 (1.8)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 34.7 (13.8)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 652.7 663.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 687.4 649.6
Supplemental disclosure of cash flow information:    
Restricted Cash, beginning of period 236.5 253.4
Restricted Cash, end of period 258.5 211.8
Cash paid during the period for:    
Interest Paid, Excluding Capitalized Interest, Operating Activity 85.1 105.4
Income taxes, net of refunds 203.4 243.4
Operating Lease, Payments 150.9 149.0
Non-cash activities    
Business acquisitions, including contingent consideration 0.2 13.5
Deferred business acquisition obligations $ 0.9 $ 5.9
v3.25.3
Interim Information
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Interim Information INTERIM INFORMATION
Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company," "we," "us" or "our") for the year ended December 31, 2024, which are included in our 2024 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (www.jll.com), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates.
Our Consolidated Financial Statements as of September 30, 2025, and for the periods ended September 30, 2025 and 2024, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements for these interim periods.
Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Growth in our Workplace Management and Property Management businesses as well as other annuity-based services has, to an extent, lessened the seasonality in our revenue and profits during the past several years. Within our Leasing Advisory and Capital Markets Services segments, revenue from transaction-based activities is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period. Our Investment Management segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations.
A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis.
We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income can impact our estimated effective tax rate.
As a result of the items mentioned above, the results for the periods ended September 30 are not fully indicative of what our results will be for the full fiscal year.
v3.25.3
New Accounting Standards
 9 Months Ended
Sep. 30, 2025
Text Block [Abstract]  
New Accounting Standards NEW ACCOUNTING STANDARDS
Recently issued accounting guidance
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU will result in expanded disclosures related to income taxes but will have no impact on our financial statements or results of operations.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU will result in expanded disclosures related to expenses but will have no impact on our financial statements or results of operations.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The practical expedient permits an entity to assume current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The practical expedient is available to all entities. The accounting policy election allows an entity to consider cash collection activity after the balance sheet date when estimating expected credit losses on current accounts receivable and current contract assets. The policy election is available to entities other than public business entities and is therefore not applicable to us. This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. We are evaluating the effect this would have on our financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The ASU aims to better align the accounting with how software is developed. Specifically, software development has shifted from using a prescriptive and sequential development method to using an incremental and iterative development method. This ASU makes targeted improvements to increase the operability of the recognition guidance considering different methods of software development. This ASU is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the effect this guidance will have on our financial statements.
v3.25.3
Revenue Recognition Revenue Recognition (Notes)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE RECOGNITION
Capital Markets Services revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606")
Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606. Such out-of-scope revenue is presented below.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Revenue excluded from scope of ASC Topic 606$103.6 82.5 $256.5 217.3 
Contract assets and liabilities
Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below.
(in millions)September 30, 2025December 31, 2024
Contract assets, gross$384.0 388.3 
Contract asset allowance(3.7)(3.9)
Contract assets, net$380.3 384.4 
Contract liabilities$165.6 154.7 
Remaining performance obligations
Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of September 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management and Investment Management contracts. A significant portion of our customer contracts, which are not expected to be fulfilled within 12 months, are represented by the contracts within these businesses.
v3.25.3
Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segments
Effective January 1, 2025, we report Property Management (historically included in Markets Advisory, which was renamed Leasing Advisory) within Real Estate Management Services (formerly referred to as Work Dynamics). Additionally, Capital Markets, LaSalle and JLL Technologies were renamed to Capital Markets Services, Investment Management, and Software and Technology Solutions, respectively.
Effective July 1, 2025, we report the balances and activity associated with the investments historically reported within Software and Technology Solutions in “All Other.” These investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment.
Prior period financial information was recast to conform with the presentation changes described above.
We manage and report our operations as five global business segments:
(1) Real Estate Management Services,
(2) Leasing Advisory,
(3) Capital Markets Services,
(4) Investment Management and
(5) Software and Technology Solutions.
Real Estate Management Services business provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, and portfolio and other services. Leasing Advisory offers agency leasing and tenant representation, as well as advisory and consulting services. Capital Markets Services offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. Investment Management provides services on a global basis to institutional investors and high-net-worth individuals, while our Software and Technology Solutions segment offers various software products and services to our clients.
We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology.
Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for Investment Management and Proptech Investments, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.
The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) net non-cash MSR and mortgage banking derivative activity, (v) net income/loss attributable to noncontrolling interest, (vi) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vii) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders.
The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. As of September 30, 2025, we continue to define our Global Executive Board, collectively, as our CODM.
Effective January 1, 2026, the Software & Technology Solutions segment will merge into Real Estate Management Services with revenues reported as a subsegment within Real Estate Management Services. There are no changes to the Company’s other segments (Leasing Advisory, Capital Markets Services and Investment Management).
Summarized financial information by business segment is as follows.

Real Estate Management ServicesThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Workplace Management$3,423.6 3,164.6 $10,036.3 9,057.4 
Project Management967.9 771.3 2,687.0 2,215.8 
Property Management461.1 452.3 1,361.1 1,318.6 
Portfolio Services and Other129.8 132.3 361.4 367.8 
Revenue$4,982.4 4,520.5 $14,445.8 12,959.6 
Less:
Platform compensation and benefits$475.2 436.4 $1,372.6 1,253.4 
Platform operating, administrative and other148.4 159.5 435.1 434.9 
Gross contract costs4,255.5 3,829.9 12,358.8 11,016.1 
Add:
Equity earnings0.1 1.1 1.0 2.5 
Other segment items(1.2)(1.3)(5.2)(3.2)
Adjusted EBITDA$102.2 94.5 $275.1 254.5 
Depreciation and amortization(1)
$25.1 32.0 $84.9 88.3 
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing AdvisoryThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Leasing$719.1 665.4 $1,936.7 1,781.8 
Advisory, Consulting and Other22.8 26.1 68.1 72.3 
Revenue$741.9 691.5 $2,004.8 1,854.1 
Less:
Platform compensation and benefits$538.3 494.9 $1,444.4 1,337.4 
Platform operating, administrative and other64.2 55.5 198.8 174.4 
Gross contract costs3.1 9.7 8.4 24.4 
Add:
Equity earnings— — — 0.1 
Other segment items0.6 0.3 1.1 0.6 
Adjusted EBITDA$136.9 131.7 $354.3 318.6 
Depreciation and amortization$10.9 9.1 $33.9 27.2 
Capital Markets ServicesThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Investment Sales, Debt/Equity Advisory and Other$479.5 371.8 $1,172.7 950.8 
Value and Risk Advisory89.9 86.0 269.2 262.0 
Loan Servicing42.7 41.0 125.8 121.2 
Revenue$612.1 498.8 $1,567.7 1,334.0 
Less:
Platform compensation and benefits$436.8 365.5 $1,140.4 994.2 
Platform operating, administrative and other85.8 62.3 251.5 206.4 
Gross contract costs1.5 11.5 4.3 36.9 
Add:
Equity earnings0.8 0.2 3.2 0.8 
Other segment items1.1 6.0 18.5 27.2 
Adjusted EBITDA$89.9 65.7 $193.2 124.5 
Depreciation and amortization$9.8 16.6 $46.2 50.3 

Investment ManagementThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Advisory fees$93.0 92.7 $275.6 278.1 
Transaction fees and other5.9 8.6 20.9 24.4 
Incentive fees16.5 — 20.5 4.8 
Revenue$115.4 101.3 $317.0 307.3 
Less:
Platform compensation and benefits$68.0 59.8 $187.2 180.1 
Platform operating, administrative and other16.1 18.7 49.9 52.1 
Gross contract costs7.8 9.3 24.3 26.5 
Add:
Other segment items0.2 0.5 0.2 9.1 
Adjusted EBITDA$23.7 14.0 $55.8 57.7 
Depreciation and amortization$2.7 1.9 $8.4 5.9 
Equity earnings (losses)$9.3 (13.8)$1.9 (25.0)

Software and Technology SolutionsThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Revenue$58.6 56.7 $171.6 167.0 
Less:
Platform compensation and benefits$46.4 48.1$143.9 146.8
Platform operating, administrative and other13.0 12.842.3 35.7
Gross contract costs0.8 1.42.0 4.0 
Add:
Other segment items0.5 — 1.4 — 
Adjusted EBITDA$(1.1)(5.6)$(15.2)(19.5)
Depreciation and amortization$8.2 4.9 $20.7 14.2 
The following table is a reconciliation of segment revenue to consolidated revenue.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Real Estate Management Services$4,982.4 4,520.5 14,445.8 12,959.6 
Leasing Advisory741.9 691.5 2,004.8 1,854.1 
Capital Markets Services612.1 498.8 1,567.7 1,334.0 
Investment Management115.4 101.3 317.0 307.3 
Software and Technology Solutions58.6 56.7 171.6 167.0 
Total Revenue$6,510.4 5,868.8 18,506.9 16,622.0 
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Adjusted EBITDA - Real Estate Management Services$102.2 94.5 $275.1 254.5 
Adjusted EBITDA - Leasing Advisory136.9 131.7 354.3 318.6 
Adjusted EBITDA - Capital Markets Services89.9 65.7 193.2 124.5 
Adjusted EBITDA - Investment Management23.7 14.0 55.8 57.7 
Adjusted EBITDA - Software and Technology Solutions(1.1)(5.6)(15.2)(19.5)
Adjusted EBITDA - All Other(4.3)(2.2)0.6 (4.3)
Adjusted EBITDA - Consolidated$347.3 298.1 $863.8 731.5 
Adjustments:
Restructuring and acquisition charges$(11.7)8.8 $(52.7)(4.4)
Interest on employee loans, net of forgiveness1.5 1.8 5.1 4.1 
Equity earnings (losses) - Investment Management and Proptech Investments(1)
26.6 (2.2)(29.1)(23.4)
Credit losses on convertible note investments(2.2)(6.3)(2.9)(6.3)
Net non-cash MSR and mortgage banking derivative activity(0.2)(5.1)(17.3)(25.9)
Interest expense, net of interest income(29.2)(38.1)(89.1)(110.3)
Income tax provision(52.6)(37.4)(93.3)(73.8)
Depreciation and amortization(1)
(56.7)(64.5)(194.1)(185.9)
Net income attributable to common shareholders$222.8 155.1 $390.4 305.6 
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Real Estate Ventures INVESTMENTS
Summarized investment balances as of September 30, 2025 and December 31, 2024 are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Investment Management co-investments$502.4 406.1 
Proptech Investments357.2 372.8 
Other investments35.5 33.8 
Total$895.1 812.7 
Our Investment Management co-investments are primarily direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech Investments are generally investments in early to mid-stage proptech companies as well as proptech funds.
We have maximum potential unfunded commitments to direct investments or investment vehicles of $210.1 million and $7.7 million as of September 30, 2025 for our Investment Management business and Proptech Investments, respectively.
Impairment
In June of 2025, we recognized an investment-level impairment charge of $2.2 million on one investment accounted for under the measurement alternative, defined below. This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income. There were no other significant impairments in 2025. In addition, there were no significant other-than-temporary impairment charges on Investments for the nine months ended September 30, 2024.
Fair Value
We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. The table below shows the movement in our investments reported at fair value.
The table below does not include our $13.0 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
(in millions)20252024
Fair value investments as of January 1,$742.0 740.8 
Investments146.9 72.2 
Distributions(56.9)(17.3)
Change in fair value, net(28.2)(10.7)
Foreign currency translation adjustments, net16.3 2.1 
Transfers in24.6 8.4 
Fair value investments as of September 30,$844.7 795.5 
See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
We measure certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy:
•Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date;
•Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Financial Instruments
Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Commercial paper, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility, Commercial paper and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads.
We estimated the fair value of our Long-term debt using dealer quotes that are Level 2 inputs in the fair value hierarchy. The fair value and carrying value of our debt are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Long-term debt, fair value$840.2 785.2 
Long-term debt, carrying value, net of debt issuance costs806.1 756.7 
Investments at Fair Value - Net Asset Value ("NAV")
We report a significant portion of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value, and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses.
For a subset of our investments reported at fair value, we estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included 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. We did not consider any adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of September 30, 2025 and December 31, 2024, investments at fair value using NAV were $489.8 million and $367.9 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table.
Recurring Fair Value Measurements
The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.
September 30, 2025December 31, 2024
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Investments - fair value$45.9 — 309.0 43.8 — 330.3 
Foreign currency forward contracts receivable— 0.6 — — 4.9 — 
Warehouse receivables— 1,014.7 — — 770.7 — 
Deferred compensation plan assets— 716.0 — — 664.0 — 
Mortgage banking derivative assets— — 43.1 — — 161.1 
Total assets at fair value$45.9 1,731.3 352.1 43.8 1,439.6 491.4 
Liabilities
Foreign currency forward contracts payable$— 6.9 — — 13.9 — 
Deferred compensation plan liabilities— 699.0 — — 658.4 — 
Earn-out liabilities— — 16.1 — — 35.8 
Mortgage banking derivative liabilities— — 28.4 — — 67.3 
Total liabilities at fair value$— 705.9 44.5 — 672.3 103.1 
Investments
We classify one investment as Level 1 in the fair value hierarchy as a quoted price is readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report the fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses.
Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. For most of our investments, the carrying value was deemed to approximate fair value due to the proximity of the investment date, or date of most recent financing raise, to the balance sheet date, as well as consideration of investee-level performance updates. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility.
To the extent there are changes in fair value, we recognize such changes through Equity earnings/losses.
Foreign Currency Forward Contracts
We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. These contracts are on the Consolidated Balance Sheets as current assets and current liabilities. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 in the fair value hierarchy. The following table details the gross notional value and net basis of these contracts.
(in billions)September 30, 2025December 31, 2024
Foreign currency forward contracts, gross notional value$2.24 2.21 
Foreign currency forward contracts, net basis1.24 1.08 
We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. The outstanding balances of these contracts are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Net asset, receivable positions$1.5 5.4 
Net asset, payable positions(0.9)(0.5)
Foreign currency forward contracts receivable$0.6 4.9 
Net liability, receivable positions$(0.3)(1.9)
Net liability, payable positions7.2 15.8 
Foreign currency forward contracts payable$6.9 13.9 
Warehouse Receivables
The fair value of the Warehouse receivables is based on already locked-in security-buy prices. As of September 30, 2025 and December 31, 2024, all of our Warehouse receivables included in the Consolidated Balance Sheets were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. The Warehouse receivables are classified as Level 2 in the fair value hierarchy as all significant inputs are readily observable.
Deferred Compensation
We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We recorded this plan on our Consolidated Balance Sheets as Deferred compensation plan assets, long-term deferred compensation plan liabilities, included in Deferred compensation, and as a reduction of equity, Shares held in trust. The components of the plan are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Deferred compensation plan assets$716.0 664.0 
Long-term deferred compensation plan liabilities699.0 658.4 
Shares held in trust12.2 11.8 
Earn-Out Liabilities
We classify our Earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. See Note 5, Business Combinations, Goodwill and Other Intangible Assets, for additional discussion of our Earn-out liabilities.
Mortgage Banking Derivatives
Both our interest rate lock commitments to prospective borrowers and forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to nonperformance risk. Although nonperformance risk does not currently have a material impact, an increase in nonperformance risk assumptions would result in a lower fair value measurement.
The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
(in millions)Balance as of June 30, 2025Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of September 30, 2025
Investments$293.1 15.4 (0.3)0.8 — — $309.0 
Mortgage banking derivative assets and liabilities, net19.9 3.4 52.9 (61.5)14.7 
Earn-out liabilities19.1 0.4 (0.1)— (3.3)— 16.1 
(in millions)Balance as of June 30, 2024Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of September 30, 2024
Investments$367.8 9.5 1.5 — — — $378.8 
Mortgage banking derivative assets and liabilities, net31.7 17.3 — 32.8 (56.1)— 25.7 
Earn-out liabilities53.7 (20.9)0.2 2.4 (0.2)— 35.2 
(in millions)Balance as of December 31, 2024Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of
September 30, 2025
Investments$330.3 (29.8)1.8 6.8 (0.1)— $309.0 
Mortgage banking derivative assets and liabilities, net93.8 20.4 — 117.8 (217.3)— 14.7 
Earn-out liabilities35.8 (3.1)0.3 0.2 (15.4)(1.7)16.1 
(in millions)Balance as of December 31, 2023Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlements
Transfers in (out)(2)
Balance as of September 30, 2024
Investments$367.3 (0.9)1.2 2.8 — 8.4 $378.8 
Mortgage banking derivative assets and liabilities, net10.3 45.5 — 78.9 (109.0)— 25.7 
Earn-out liabilities57.5 (33.5)0.2 13.4 (2.2)(0.2)35.2 
(1) CTA: Currency translation adjustments
(2) Transfers in for Investments: Notes receivable (inclusive of accrued interest) converted to unconsolidated equity investments and were classified as a Level 3 investment immediately.
Net change in fair value, included in the tables above, is reported in Net income as follows.
Category of Assets/Liabilities using Unobservable InputsConsolidated Statements
of Comprehensive Income Account Caption
Earn-out liabilities (short-term and long-term)Restructuring and acquisition charges
InvestmentsEquity earnings/losses
Other current assets - Mortgage banking derivative assetsRevenue
Other current liabilities - Mortgage banking derivative liabilitiesRevenue
Non-Recurring Fair Value Measurements
We review our investments, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other than temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. During the nine months ended September 30, 2025, we recognized an investment-level impairment charge on one investment accounted for under the measurement alternative, as further described in Note 6, Investments. We did not recognize any significant investment-level impairment losses during the nine months ended September 30, 2024.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Debt is composed of the following obligations.
($ in millions)September 30, 2025December 31, 2024
Short-term debt:
Local overdraft facilities$33.7 18.9 
Other short-term borrowings107.6 134.9 
Commercial paper, net of debt issuance costs of $0.6 and $0.7
388.4 199.3 
Total short-term debt, net of debt issuance costs$529.7 353.1 
Credit facility, net of debt issuance costs of $9.2 and $11.4
176.8 88.6 
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.3 and $0.3
205.3 181.2 
Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $4.5 and $5.6
395.5 394.4 
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.3 and $0.5
205.3 181.1 
Total debt, net of debt issuance costs$1,512.6 1,198.4 
Commercial Paper Program
We maintain a commercial paper program (the "Program") in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance. We intend to use net proceeds of the Program for general corporate purposes, including the repayment of outstanding borrowings under our credit facilities.
Credit Facilities
We have a $3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028. Undiscounted pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35%, with pricing including facility fees, as of September 30, 2025 at Adjusted Term SOFR plus 0.93%.
In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $400.0 million. Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility had no outstanding balance as of both September 30, 2025 and December 31, 2024.
The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2025202420252024
Average outstanding borrowings $1,152.8 1,575.7 $1,243.7 1,446.6 
Average effective interest rate4.9 %5.9 %5.0 %6.1 %
We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures.
Short-Term and Long-Term Debt
In addition to our credit facilities, we have the capacity to borrow up to $59.5 million as of September 30, 2025, under local overdraft facilities. Amounts outstanding are presented in the debt table above.
As of September 30, 2025, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.
Covenants
Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of September 30, 2025.
Warehouse Facilities
We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in Warehouse receivables. The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.
Nine Months Ended September 30,
(in millions)20252024
Origination of mortgage loans$(8,691.7)(6,130.5)
Proceeds from the sales of mortgage loans8,524.7 4,741.5 
Net increase in Warehouse facilities165.5 1,390.4 
The following table provides details regarding our Warehouse facilities lines of credit.
September 30, 2025December 31, 2024
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse facilities:
SOFR plus 1.40%, expires September 14, 2026(1)
$194.7 700.0 341.3 700.0 
SOFR plus 1.30%, expires September 11, 2026(1)
214.4 600.0 416.5 2,100.0 
SOFR plus 1.40%, expires October 23, 2025(2)
507.4 1,100.0 8.8 400.0 
Fannie Mae ASAP(3) program, SOFR plus 1.25%
91.1 n/a75.3 n/a
Gross warehouse facilities1,007.6 2,400.0 841.9 3,200.0 
Debt issuance costs(1.1)n/a(0.9)n/a
Total warehouse facilities$1,006.5 2,400.0 841.0 3,200.0 
(1) Warehouse facility has been amended since prior periods. Refer to our previous filings for specific terms of agreements.
(2) In October 2025, we extended the term of the Warehouse facility to October 22, 2026.
(3) As Soon As Pooled ("ASAP") funding program
We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related Warehouse receivables. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of September 30, 2025.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount.
Professional Indemnity Insurance
In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $10.0 million per claim. We contract third-party insurance companies to provide coverage of risk in excess of this amount. When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in other liabilities on our Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. There was no such receivable recorded as of September 30, 2025. As of December 31, 2024, a receivable of $0.5 million was included in Notes and other receivables on our Consolidated Balance Sheets.
The following table shows the professional indemnity accrual activity and related payments.
(in millions)
December 31, 2024$4.2 
New claims3.9 
Prior year claims adjustments (including foreign currency changes)0.3 
Claims paid(6.1)
September 30, 2025$2.3 
December 31, 2023$9.4 
New claims0.3 
Prior year claims adjustments (including foreign currency changes)1.2 
Claims paid(7.2)
September 30, 2024$3.7 
Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing
As a participant in the DUS program, we retain a portion of the risk of loss for loans that are originated and sold under the DUS program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination. As of September 30, 2025 and December 31, 2024, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $24.7 billion and $23.0 billion, respectively.
For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Consolidated Statements of Comprehensive Income. As of September 30, 2025 and December 31, 2024, the loss-sharing guarantee obligations were $29.9 million and $30.0 million, respectively, and are included in other liabilities on our Consolidated Balance Sheets.
The loss-sharing aspect of the program represents an off-balance sheet credit exposure. We record a separate contingent reserve for this risk calculated on an individual loan level. As of September 30, 2025 and December 31, 2024, the loan loss guarantee reserve was $29.7 million and $28.5 million, respectively, and is included within Other liabilities on our
Consolidated Balance Sheets. In June of 2025, we entered into an enhanced loss-sharing agreement with Fannie Mae associated with a specific three-loan portfolio. The agreement finalized our portion of the loss at $20.6 million and, as a result, there is no residual loss exposure for the subject loans. There were no loan losses incurred during the nine months ended September 30, 2024.
v3.25.3
Restructuring and Acquisition Charges
 9 Months Ended
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Activities Disclosure [Text Block] RESTRUCTURING AND ACQUISITION CHARGES
Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (ii) acquisition, transaction and integration-related charges and (iii) other restructuring including lease exit charges. Non-cash charges include (i) stock-based compensation expense for retention awards issued in conjunction with prior-period acquisitions and (ii) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity. Restructuring and acquisition charges are presented in the table below.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Severance and other employment-related charges$5.4 6.1 $30.8 17.8 
Restructuring, pre-acquisition and post-acquisition charges5.2 5.0 22.9 18.5 
Stock-based compensation expense for post-acquisition retention awards0.7 1.0 2.1 1.6 
Fair value adjustments to earn-out liabilities0.4 (20.9)(3.1)(33.5)
Restructuring and acquisition charges$11.7 (8.8)$52.7 4.4 
We expect nearly all expenses related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of September 30, 2025 will be paid during the next twelve months.
v3.25.3
Accumulated Other Comprehensive Income (Loss) by Component
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) by Component ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component.
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of June 30, 2025$(56.0)(468.2)$(524.2)
Other comprehensive loss before reclassification
— (33.5)(33.5)
Amounts reclassified from AOCI after tax expense of
$ -, $ - and $ -		— — — 
Other comprehensive loss after tax expense of $ - , $ - and $ -
— (33.5)(33.5)
Balance as of September 30, 2025$(56.0)(501.7)$(557.7)
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of June 30, 2024$(63.5)(587.5)$(651.0)
Other comprehensive income before reclassification
— 107.2 107.2 
Amounts reclassified from AOCI after tax expense of
$ - , $ - and $ -		— 8.7 8.7 
Other comprehensive income after tax expense of $ - , $ - and $ -
— 115.9 115.9 
Balance as of September 30, 2024$(63.5)(471.6)$(535.1)
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of December 31, 2024$(55.5)(591.4)$(646.9)
Other comprehensive (loss) income before reclassification
(0.5)89.7 89.2 
Amounts reclassified from AOCI after tax expense of
$ - , $ - and $ -		— — — 
Other comprehensive (loss) income after tax expense of $ - , $ - and $ -
(0.5)89.7 89.2 
Balance as of September 30, 2025$(56.0)(501.7)$(557.7)
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of December 31, 2023$(63.8)(527.7)$(591.5)
Other comprehensive income before reclassification
0.3 47.4 47.7 
Amounts reclassified from AOCI after tax expense of
$ - , $ - and $ -		— 8.7 8.7 
Other comprehensive income after tax expense of $ - , $ - and $ -
0.3 56.1 56.4 
Balance as of September 30, 2024$(63.5)(471.6)$(535.1)
For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive loss in Other income within the Consolidated Statements of Comprehensive Income.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Item 5. Other Information
During the quarter ended September 30, 2025, none of the Company's directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of a Rule 10b5-1(c) trading arrangement or a non-Rule 10b5-1 trading arrangement as such terms are defined under Item 1 408(a) or Regulation S-K.
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
v3.25.3
New Accounting Standards (Policies)
 9 Months Ended
Sep. 30, 2025
Text Block [Abstract]  
New Accounting Standards NEW ACCOUNTING STANDARDS
Recently issued accounting guidance
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU will result in expanded disclosures related to income taxes but will have no impact on our financial statements or results of operations.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU will result in expanded disclosures related to expenses but will have no impact on our financial statements or results of operations.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The practical expedient permits an entity to assume current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The practical expedient is available to all entities. The accounting policy election allows an entity to consider cash collection activity after the balance sheet date when estimating expected credit losses on current accounts receivable and current contract assets. The policy election is available to entities other than public business entities and is therefore not applicable to us. This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. We are evaluating the effect this would have on our financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The ASU aims to better align the accounting with how software is developed. Specifically, software development has shifted from using a prescriptive and sequential development method to using an incremental and iterative development method. This ASU makes targeted improvements to increase the operability of the recognition guidance considering different methods of software development. This ASU is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the effect this guidance will have on our financial statements.
v3.25.3
Revenue Recognition Disaggregation of Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue [Table Text Block]
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Revenue excluded from scope of ASC Topic 606$103.6 82.5 $256.5 217.3 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] Such contract assets and liabilities are presented below.
(in millions)September 30, 2025December 31, 2024
Contract assets, gross$384.0 388.3 
Contract asset allowance(3.7)(3.9)
Contract assets, net$380.3 384.4 
Contract liabilities$165.6 154.7 
v3.25.3
Business Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Summarized Unaudited Financial Information by Business Segments
Summarized financial information by business segment is as follows.

Real Estate Management ServicesThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Workplace Management$3,423.6 3,164.6 $10,036.3 9,057.4 
Project Management967.9 771.3 2,687.0 2,215.8 
Property Management461.1 452.3 1,361.1 1,318.6 
Portfolio Services and Other129.8 132.3 361.4 367.8 
Revenue$4,982.4 4,520.5 $14,445.8 12,959.6 
Less:
Platform compensation and benefits$475.2 436.4 $1,372.6 1,253.4 
Platform operating, administrative and other148.4 159.5 435.1 434.9 
Gross contract costs4,255.5 3,829.9 12,358.8 11,016.1 
Add:
Equity earnings0.1 1.1 1.0 2.5 
Other segment items(1.2)(1.3)(5.2)(3.2)
Adjusted EBITDA$102.2 94.5 $275.1 254.5 
Depreciation and amortization(1)
$25.1 32.0 $84.9 88.3 
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing AdvisoryThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Leasing$719.1 665.4 $1,936.7 1,781.8 
Advisory, Consulting and Other22.8 26.1 68.1 72.3 
Revenue$741.9 691.5 $2,004.8 1,854.1 
Less:
Platform compensation and benefits$538.3 494.9 $1,444.4 1,337.4 
Platform operating, administrative and other64.2 55.5 198.8 174.4 
Gross contract costs3.1 9.7 8.4 24.4 
Add:
Equity earnings— — — 0.1 
Other segment items0.6 0.3 1.1 0.6 
Adjusted EBITDA$136.9 131.7 $354.3 318.6 
Depreciation and amortization$10.9 9.1 $33.9 27.2 
Capital Markets ServicesThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Investment Sales, Debt/Equity Advisory and Other$479.5 371.8 $1,172.7 950.8 
Value and Risk Advisory89.9 86.0 269.2 262.0 
Loan Servicing42.7 41.0 125.8 121.2 
Revenue$612.1 498.8 $1,567.7 1,334.0 
Less:
Platform compensation and benefits$436.8 365.5 $1,140.4 994.2 
Platform operating, administrative and other85.8 62.3 251.5 206.4 
Gross contract costs1.5 11.5 4.3 36.9 
Add:
Equity earnings0.8 0.2 3.2 0.8 
Other segment items1.1 6.0 18.5 27.2 
Adjusted EBITDA$89.9 65.7 $193.2 124.5 
Depreciation and amortization$9.8 16.6 $46.2 50.3 

Investment ManagementThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Advisory fees$93.0 92.7 $275.6 278.1 
Transaction fees and other5.9 8.6 20.9 24.4 
Incentive fees16.5 — 20.5 4.8 
Revenue$115.4 101.3 $317.0 307.3 
Less:
Platform compensation and benefits$68.0 59.8 $187.2 180.1 
Platform operating, administrative and other16.1 18.7 49.9 52.1 
Gross contract costs7.8 9.3 24.3 26.5 
Add:
Other segment items0.2 0.5 0.2 9.1 
Adjusted EBITDA$23.7 14.0 $55.8 57.7 
Depreciation and amortization$2.7 1.9 $8.4 5.9 
Equity earnings (losses)$9.3 (13.8)$1.9 (25.0)

Software and Technology SolutionsThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Revenue$58.6 56.7 $171.6 167.0 
Less:
Platform compensation and benefits$46.4 48.1$143.9 146.8
Platform operating, administrative and other13.0 12.842.3 35.7
Gross contract costs0.8 1.42.0 4.0 
Add:
Other segment items0.5 — 1.4 — 
Adjusted EBITDA$(1.1)(5.6)$(15.2)(19.5)
Depreciation and amortization$8.2 4.9 $20.7 14.2 
The following table is a reconciliation of segment revenue to consolidated revenue.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Real Estate Management Services$4,982.4 4,520.5 14,445.8 12,959.6 
Leasing Advisory741.9 691.5 2,004.8 1,854.1 
Capital Markets Services612.1 498.8 1,567.7 1,334.0 
Investment Management115.4 101.3 317.0 307.3 
Software and Technology Solutions58.6 56.7 171.6 167.0 
Total Revenue$6,510.4 5,868.8 18,506.9 16,622.0 
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Adjusted EBITDA - Real Estate Management Services$102.2 94.5 $275.1 254.5 
Adjusted EBITDA - Leasing Advisory136.9 131.7 354.3 318.6 
Adjusted EBITDA - Capital Markets Services89.9 65.7 193.2 124.5 
Adjusted EBITDA - Investment Management23.7 14.0 55.8 57.7 
Adjusted EBITDA - Software and Technology Solutions(1.1)(5.6)(15.2)(19.5)
Adjusted EBITDA - All Other(4.3)(2.2)0.6 (4.3)
Adjusted EBITDA - Consolidated$347.3 298.1 $863.8 731.5 
Adjustments:
Restructuring and acquisition charges$(11.7)8.8 $(52.7)(4.4)
Interest on employee loans, net of forgiveness1.5 1.8 5.1 4.1 
Equity earnings (losses) - Investment Management and Proptech Investments(1)
26.6 (2.2)(29.1)(23.4)
Credit losses on convertible note investments(2.2)(6.3)(2.9)(6.3)
Net non-cash MSR and mortgage banking derivative activity(0.2)(5.1)(17.3)(25.9)
Interest expense, net of interest income(29.2)(38.1)(89.1)(110.3)
Income tax provision(52.6)(37.4)(93.3)(73.8)
Depreciation and amortization(1)
(56.7)(64.5)(194.1)(185.9)
Net income attributable to common shareholders$222.8 155.1 $390.4 305.6 
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
v3.25.3
Business Combinations, Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items]  
Summary of Earn-out Payments [Table Text Block]
Earn-Out Payments
($ in millions)September 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)$75.2 108.0 
Short-term earn-out liabilities (fair value)(1)
6.0 12.0 
Long-term earn-out liabilities (fair value)(1)
10.1 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 movements13.9 32.6 39.9 1.3 (0.1)87.6 
Balance as of September 30, 2025$975.1 1,405.2 2,018.0 57.2 250.0 $4,705.5 
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 adjustments72.1 0.5 72.6 
Adjustment for fully amortized intangibles(41.0)(218.1)(259.1)
Impact of exchange rate movements— 9.7 9.7 
Balance as of September 30, 2025$882.2 335.9 $1,218.1 
Accumulated Amortization 
Balance as of December 31, 2024$(380.0)(290.8)$(670.8)
Amortization expense, net(1)
(87.4)(43.9)(131.3)
Adjustment for fully amortized intangibles41.0 218.1 259.1 
Impact of exchange rate movements— (3.7)(3.7)
Balance as of September 30, 2025$(426.4)(120.3)$(546.7)
Net book value as of September 30, 2025$455.8 215.6 $671.4 
(1) Included in this amount for MSRs was $5.8 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)MSRsOther IntangiblesConsolidated
Gross Carrying Amount 
Balance as of December 31, 2023$801.8 546.2 $1,348.0 
Additions, net of adjustments52.0 15.5 67.5 
Adjustment for fully amortized intangibles(25.3)(9.9)(35.2)
Impact of exchange rate movements— 1.8 1.8 
Balance as of September 30, 2024$828.5 553.6 $1,382.1 
Accumulated Amortization 
Balance as of December 31, 2023$(309.8)(253.2)$(563.0)
Amortization expense, net(1)
(82.6)(49.5)(132.1)
Adjustment for fully amortized intangibles25.3 9.9 35.2 
Impact of exchange rate movements— (1.1)(1.1)
Balance as of September 30, 2024$(367.1)(293.9)$(661.0)
Net book value as of September 30, 2024$461.4 259.7 $721.1 
(1) Included in this amount for MSRs was $6.0 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.
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.
Nine Months Ended September 30,
(in millions)20252024
Payments relating to current-year acquisitions$6.1 40.8 
Payments for deferred business acquisition and earn-out obligations16.3 5.1 
Total paid for business acquisitions22.4 45.9 
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Investment balances
Summarized investment balances as of September 30, 2025 and December 31, 2024 are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Investment Management co-investments$502.4 406.1 
Proptech Investments357.2 372.8 
Other investments35.5 33.8 
Total$895.1 812.7 
Investments in real estate ventures, Fair Value The table below shows the movement in our investments reported at fair value.
The table below does not include our $13.0 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
(in millions)20252024
Fair value investments as of January 1,$742.0 740.8 
Investments146.9 72.2 
Distributions(56.9)(17.3)
Change in fair value, net(28.2)(10.7)
Foreign currency translation adjustments, net16.3 2.1 
Transfers in24.6 8.4 
Fair value investments as of September 30,$844.7 795.5 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The fair value and carrying value of our debt are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Long-term debt, fair value$840.2 785.2 
Long-term debt, carrying value, net of debt issuance costs806.1 756.7 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.
September 30, 2025December 31, 2024
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Investments - fair value$45.9 — 309.0 43.8 — 330.3 
Foreign currency forward contracts receivable— 0.6 — — 4.9 — 
Warehouse receivables— 1,014.7 — — 770.7 — 
Deferred compensation plan assets— 716.0 — — 664.0 — 
Mortgage banking derivative assets— — 43.1 — — 161.1 
Total assets at fair value$45.9 1,731.3 352.1 43.8 1,439.6 491.4 
Liabilities
Foreign currency forward contracts payable$— 6.9 — — 13.9 — 
Deferred compensation plan liabilities— 699.0 — — 658.4 — 
Earn-out liabilities— — 16.1 — — 35.8 
Mortgage banking derivative liabilities— — 28.4 — — 67.3 
Total liabilities at fair value$— 705.9 44.5 — 672.3 103.1 
Foreign currency forward contracts, gross notional value and net basis The following table details the gross notional value and net basis of these contracts.
(in billions)September 30, 2025December 31, 2024
Foreign currency forward contracts, gross notional value$2.24 2.21 
Foreign currency forward contracts, net basis1.24 1.08 
Schedule of Foreign Exchange Contracts, Statement of Financial Position The outstanding balances of these contracts are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Net asset, receivable positions$1.5 5.4 
Net asset, payable positions(0.9)(0.5)
Foreign currency forward contracts receivable$0.6 4.9 
Net liability, receivable positions$(0.3)(1.9)
Net liability, payable positions7.2 15.8 
Foreign currency forward contracts payable$6.9 13.9 
Schedule of Deferred Compensation Plan Components [Table] The components of the plan are presented in the following table.
(in millions)September 30, 2025December 31, 2024
Deferred compensation plan assets$716.0 664.0 
Long-term deferred compensation plan liabilities699.0 658.4 
Shares held in trust12.2 11.8 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
(in millions)Balance as of June 30, 2025Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of September 30, 2025
Investments$293.1 15.4 (0.3)0.8 — — $309.0 
Mortgage banking derivative assets and liabilities, net19.9 3.4 52.9 (61.5)14.7 
Earn-out liabilities19.1 0.4 (0.1)— (3.3)— 16.1 
(in millions)Balance as of June 30, 2024Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of September 30, 2024
Investments$367.8 9.5 1.5 — — — $378.8 
Mortgage banking derivative assets and liabilities, net31.7 17.3 — 32.8 (56.1)— 25.7 
Earn-out liabilities53.7 (20.9)0.2 2.4 (0.2)— 35.2 
(in millions)Balance as of December 31, 2024Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of
September 30, 2025
Investments$330.3 (29.8)1.8 6.8 (0.1)— $309.0 
Mortgage banking derivative assets and liabilities, net93.8 20.4 — 117.8 (217.3)— 14.7 
Earn-out liabilities35.8 (3.1)0.3 0.2 (15.4)(1.7)16.1 
(in millions)Balance as of December 31, 2023Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlements
Transfers in (out)(2)
Balance as of September 30, 2024
Investments$367.3 (0.9)1.2 2.8 — 8.4 $378.8 
Mortgage banking derivative assets and liabilities, net10.3 45.5 — 78.9 (109.0)— 25.7 
Earn-out liabilities57.5 (33.5)0.2 13.4 (2.2)(0.2)35.2 
(1) CTA: Currency translation adjustments
(2) Transfers in for Investments: Notes receivable (inclusive of accrued interest) converted to unconsolidated equity investments and were classified as a Level 3 investment immediately.
Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs
Net change in fair value, included in the tables above, is reported in Net income as follows.
Category of Assets/Liabilities using Unobservable InputsConsolidated Statements
of Comprehensive Income Account Caption
Earn-out liabilities (short-term and long-term)Restructuring and acquisition charges
InvestmentsEquity earnings/losses
Other current assets - Mortgage banking derivative assetsRevenue
Other current liabilities - Mortgage banking derivative liabilitiesRevenue
v3.25.3
Debt Short-Term Borrowings and Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
Debt is composed of the following obligations.
($ in millions)September 30, 2025December 31, 2024
Short-term debt:
Local overdraft facilities$33.7 18.9 
Other short-term borrowings107.6 134.9 
Commercial paper, net of debt issuance costs of $0.6 and $0.7
388.4 199.3 
Total short-term debt, net of debt issuance costs$529.7 353.1 
Credit facility, net of debt issuance costs of $9.2 and $11.4
176.8 88.6 
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.3 and $0.3
205.3 181.2 
Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $4.5 and $5.6
395.5 394.4 
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.3 and $0.5
205.3 181.1 
Total debt, net of debt issuance costs$1,512.6 1,198.4 
Schedule of Credit Facility, Average Outstanding Amount [Table Text Block]
The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.
Three Months Ended September 30,Nine Months Ended September 30,
($ in millions)2025202420252024
Average outstanding borrowings $1,152.8 1,575.7 $1,243.7 1,446.6 
Average effective interest rate4.9 %5.9 %5.0 %6.1 %
v3.25.3
Debt Warehouse Facilities (Tables)
 9 Months Ended
Sep. 30, 2025
Warehouse Facilities [Abstract]  
Schedule of Warehouse Facilities
Warehouse Facilities
We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in Warehouse receivables. The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.
Nine Months Ended September 30,
(in millions)20252024
Origination of mortgage loans$(8,691.7)(6,130.5)
Proceeds from the sales of mortgage loans8,524.7 4,741.5 
Net increase in Warehouse facilities165.5 1,390.4 
The following table provides details regarding our Warehouse facilities lines of credit.
September 30, 2025December 31, 2024
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse facilities:
SOFR plus 1.40%, expires September 14, 2026(1)
$194.7 700.0 341.3 700.0 
SOFR plus 1.30%, expires September 11, 2026(1)
214.4 600.0 416.5 2,100.0 
SOFR plus 1.40%, expires October 23, 2025(2)
507.4 1,100.0 8.8 400.0 
Fannie Mae ASAP(3) program, SOFR plus 1.25%
91.1 n/a75.3 n/a
Gross warehouse facilities1,007.6 2,400.0 841.9 3,200.0 
Debt issuance costs(1.1)n/a(0.9)n/a
Total warehouse facilities$1,006.5 2,400.0 841.0 3,200.0 
(1) Warehouse facility has been amended since prior periods. Refer to our previous filings for specific terms of agreements.
(2) In October 2025, we extended the term of the Warehouse facility to October 22, 2026.
(3) As Soon As Pooled ("ASAP") funding program
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Loss Contingencies by Contingency [Table Text Block]
The following table shows the professional indemnity accrual activity and related payments.
(in millions)
December 31, 2024$4.2 
New claims3.9 
Prior year claims adjustments (including foreign currency changes)0.3 
Claims paid(6.1)
September 30, 2025$2.3 
December 31, 2023$9.4 
New claims0.3 
Prior year claims adjustments (including foreign currency changes)1.2 
Claims paid(7.2)
September 30, 2024$3.7 
v3.25.3
Restructuring and Acquisition Charges Restructuring and Related Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]  
Restructuring, Impairment, and Other Activities Disclosure [Text Block] Restructuring and acquisition charges are presented in the table below.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Severance and other employment-related charges$5.4 6.1 $30.8 17.8 
Restructuring, pre-acquisition and post-acquisition charges5.2 5.0 22.9 18.5 
Stock-based compensation expense for post-acquisition retention awards0.7 1.0 2.1 1.6 
Fair value adjustments to earn-out liabilities0.4 (20.9)(3.1)(33.5)
Restructuring and acquisition charges$11.7 (8.8)$52.7 4.4 
v3.25.3
Accumulated Other Comprehensive Income (Loss) by Component (Tables)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component.
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of June 30, 2025$(56.0)(468.2)$(524.2)
Other comprehensive loss before reclassification
— (33.5)(33.5)
Amounts reclassified from AOCI after tax expense of
$ -, $ - and $ -		— — — 
Other comprehensive loss after tax expense of $ - , $ - and $ -
— (33.5)(33.5)
Balance as of September 30, 2025$(56.0)(501.7)$(557.7)
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of June 30, 2024$(63.5)(587.5)$(651.0)
Other comprehensive income before reclassification
— 107.2 107.2 
Amounts reclassified from AOCI after tax expense of
$ - , $ - and $ -		— 8.7 8.7 
Other comprehensive income after tax expense of $ - , $ - and $ -
— 115.9 115.9 
Balance as of September 30, 2024$(63.5)(471.6)$(535.1)
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of December 31, 2024$(55.5)(591.4)$(646.9)
Other comprehensive (loss) income before reclassification
(0.5)89.7 89.2 
Amounts reclassified from AOCI after tax expense of
$ - , $ - and $ -		— — — 
Other comprehensive (loss) income after tax expense of $ - , $ - and $ -
(0.5)89.7 89.2 
Balance as of September 30, 2025$(56.0)(501.7)$(557.7)
(in millions)Pension and postretirement benefitCumulative foreign currency translation adjustmentTotal
Balance as of December 31, 2023$(63.8)(527.7)$(591.5)
Other comprehensive income before reclassification
0.3 47.4 47.7 
Amounts reclassified from AOCI after tax expense of
$ - , $ - and $ -		— 8.7 8.7 
Other comprehensive income after tax expense of $ - , $ - and $ -
0.3 56.1 56.4 
Balance as of September 30, 2024$(63.5)(471.6)$(535.1)
v3.25.3
Revenue Recognition Revenue Recognition (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Out of Scope of Topic 606 Revenue [Member]        
Disaggregation of Revenue [Line Items]        
Fees and Commissions, Mortgage Banking and Servicing $ 103.6 $ 82.5 $ 256.5 $ 217.3
v3.25.3
Revenue Recognition Contract Assets & Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Contract with Customer, Asset, before Allowance for Credit Loss $ 384.0 $ 388.3
Contract with Customer, Asset, Allowance for Credit Loss (3.7) (3.9)
Contract with Customer, Asset, after Allowance for Credit Loss 380.3 384.4
Contract with Customer, Liability $ 165.6 $ 154.7
v3.25.3
Business Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 6,510.4 $ 5,868.8 $ 18,506.9 $ 16,622.0
Equity in earnings (losses) 27.4 (0.9) (25.6) (20.0)
Adjusted EBITDA 347.3 298.1 863.8 731.5
Restructuring and acquisition charges (11.7) 8.8 (52.7) (4.4)
Interest on employee loans, net 1.5 1.8 5.1 4.1
Equity earnings (losses) - Investment Management and Software and Technology Solutions 26.6 (2.2) (29.1) (23.4)
Credit losses on convertible note investments (2.2) (6.3) (2.9) (6.3)
Net non-cash MSR and mortgage banking derivative activity (0.2) (5.1) (17.3) (25.9)
Interest Expense, Net of Interest Income (29.2) (38.1) (89.1) (110.3)
Provision for income taxes (52.6) (37.4) (93.3) (73.8)
Depreciation and amortization adjusted (56.7) (64.5) (194.1) (185.9)
Depreciation and amortization 57.6 65.5 196.9 188.8
Net income attributable to common shareholders 222.8 155.1 390.4 305.6
Real Estate Management Services        
Segment Reporting Information [Line Items]        
Revenue 4,982.4 4,520.5 14,445.8 12,959.6
Platform compensation and benefits 475.2 436.4 1,372.6 1,253.4
Platform operating, administrative and other 148.4 159.5 435.1 434.9
Gross contract costs 4,255.5 3,829.9 12,358.8 11,016.1
Equity in earnings (losses) 0.1 1.1 1.0 2.5
Segment Reporting, Other Segment Item, Amount (1.2) (1.3) (5.2) (3.2)
Adjusted EBITDA 102.2 94.5 275.1 254.5
Depreciation and amortization adjusted 25.1 32.0 84.9 88.3
Leasing Advisory        
Segment Reporting Information [Line Items]        
Revenue 741.9 691.5 2,004.8 1,854.1
Platform compensation and benefits 538.3 494.9 1,444.4 1,337.4
Platform operating, administrative and other 64.2 55.5 198.8 174.4
Gross contract costs 3.1 9.7 8.4 24.4
Equity in earnings (losses) 0.0 0.0 0.0 0.1
Segment Reporting, Other Segment Item, Amount 0.6 0.3 1.1 0.6
Adjusted EBITDA 136.9 131.7 354.3 318.6
Depreciation and amortization 10.9 9.1 33.9 27.2
Capital Markets Services        
Segment Reporting Information [Line Items]        
Revenue 612.1 498.8 1,567.7 1,334.0
Platform compensation and benefits 436.8 365.5 1,140.4 994.2
Platform operating, administrative and other 85.8 62.3 251.5 206.4
Gross contract costs 1.5 11.5 4.3 36.9
Equity in earnings (losses) 0.8 0.2 3.2 0.8
Segment Reporting, Other Segment Item, Amount 1.1 6.0 18.5 27.2
Adjusted EBITDA 89.9 65.7 193.2 124.5
Depreciation and amortization 9.8 16.6 46.2 50.3
Investment Management        
Segment Reporting Information [Line Items]        
Revenue 115.4 101.3 317.0 307.3
Platform compensation and benefits 68.0 59.8 187.2 180.1
Platform operating, administrative and other 16.1 18.7 49.9 52.1
Gross contract costs 7.8 9.3 24.3 26.5
Equity in earnings (losses) 9.3 (13.8) 1.9 (25.0)
Segment Reporting, Other Segment Item, Amount 0.2 0.5 0.2 9.1
Adjusted EBITDA 23.7 14.0 55.8 57.7
Depreciation and amortization 2.7 1.9 8.4 5.9
Software and Technology Solutions        
Segment Reporting Information [Line Items]        
Revenue 58.6 56.7 171.6 167.0
Platform compensation and benefits 46.4 48.1 143.9 146.8
Platform operating, administrative and other 13.0 12.8 42.3 35.7
Gross contract costs 0.8 1.4 2.0 4.0
Segment Reporting, Other Segment Item, Amount 0.5 0.0 1.4 0.0
Adjusted EBITDA (1.1) (5.6) (15.2) (19.5)
Depreciation and amortization 8.2 4.9 20.7 14.2
Other Operating Segment        
Segment Reporting Information [Line Items]        
Adjusted EBITDA (4.3) (2.2) 0.6 (4.3)
Workplace Management | Real Estate Management Services        
Segment Reporting Information [Line Items]        
Revenue 3,423.6 3,164.6 10,036.3 9,057.4
Project Management | Real Estate Management Services        
Segment Reporting Information [Line Items]        
Revenue 967.9 771.3 2,687.0 2,215.8
Property Management | Real Estate Management Services        
Segment Reporting Information [Line Items]        
Revenue 461.1 452.3 1,361.1 1,318.6
Portfolio Services and Other | Real Estate Management Services        
Segment Reporting Information [Line Items]        
Revenue 129.8 132.3 361.4 367.8
Leasing | Leasing Advisory        
Segment Reporting Information [Line Items]        
Revenue 719.1 665.4 1,936.7 1,781.8
Advisory and Consulting | Leasing Advisory        
Segment Reporting Information [Line Items]        
Revenue 22.8 26.1 68.1 72.3
Investment Sales, Debt/Equity Advisory and Other | Capital Markets Services        
Segment Reporting Information [Line Items]        
Revenue 479.5 371.8 1,172.7 950.8
Value and Risk Advisory | Capital Markets Services        
Segment Reporting Information [Line Items]        
Revenue 89.9 86.0 269.2 262.0
Loan Servicing | Capital Markets Services        
Segment Reporting Information [Line Items]        
Revenue 42.7 41.0 125.8 121.2
Advisory Fees | Investment Management        
Segment Reporting Information [Line Items]        
Revenue 93.0 92.7 275.6 278.1
Transaction Fees & Other | Investment Management        
Segment Reporting Information [Line Items]        
Revenue 5.9 8.6 20.9 24.4
Incentive Fees | Investment Management        
Segment Reporting Information [Line Items]        
Revenue $ 16.5 $ 0.0 $ 20.5 $ 4.8
v3.25.3
Business Combinations (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Business Combination [Line Items]    
Payment for Contingent Consideration Liability, Total $ 16.3 $ 5.1
Payments to Acquire Businesses, Net of Cash Acquired 6.1 40.8
Business Combinations, Guaranteed Deferred Acquisition Obligation 0.9 5.9
Business Combination, Consideration Transferred, Tangible and Intangible Assets, Excluding Cash 0.2 13.5
Cash Payments For Current & Prior Period Acquisitions $ 22.4 $ 45.9
v3.25.3
Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details)
$ in Millions
Sep. 30, 2025
USD ($)
acquisition
Dec. 31, 2024
USD ($)
acquisition
Summary of Earn-out Payments [Line Items]    
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition 12 13
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, High, Value $ 75.2 $ 108.0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Summary of Earn-out Payments [Line Items]    
Business Combination, Contingent Consideration, Liability, Current 6.0 12.0
Business Combination, Contingent Consideration, Liability, Noncurrent $ 10.1 $ 23.8
v3.25.3
Business Combinations, Goodwill by Segment (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill $ 4,611.3
Goodwill Additions, net of adjustments 6.6
Goodwill, Translation Adjustments 87.6
Goodwill 4,705.5
Leasing Advisory  
Goodwill [Roll Forward]  
Goodwill 1,372.6
Goodwill Additions, net of adjustments 0.0
Goodwill, Translation Adjustments 32.6
Goodwill 1,405.2
Capital Markets Services  
Goodwill [Roll Forward]  
Goodwill 1,971.5
Goodwill Additions, net of adjustments 6.6
Goodwill, Translation Adjustments 39.9
Goodwill 2,018.0
Real Estate Management Services  
Goodwill [Roll Forward]  
Goodwill 961.2
Goodwill Additions, net of adjustments 0.0
Goodwill, Translation Adjustments 13.9
Goodwill 975.1
Software and Technology Solutions  
Goodwill [Roll Forward]  
Goodwill 250.1
Goodwill Additions, net of adjustments 0.0
Goodwill, Translation Adjustments (0.1)
Goodwill 250.0
Investment Management  
Goodwill [Roll Forward]  
Goodwill 55.9
Goodwill Additions, net of adjustments 0.0
Goodwill, Translation Adjustments 1.3
Goodwill $ 57.2
v3.25.3
Business Combinations Other Intangibles by Segment (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]        
Finite-Lived Intangible Assets, Net $ 619.3      
Identifiable intangibles with indefinite useful lives 52.1      
Finite and Indefinite lived Intangible Assets, Additions 72.6 $ 67.5    
Adjustment for fully amortized intangibles (259.1) (35.2)    
Finite And Indefinite Lived Intangible Assets Translation Adjustments 9.7 1.8    
Intangible Assets, Gross (Excluding Goodwill) 1,218.1 1,382.1 $ 1,394.9 $ 1,348.0
Identified intangibles, with finite useful lives, accumulated amortization (546.7) (661.0) (670.8) (563.0)
Amortization expense (131.3) (132.1)    
Accumulated Amortization Adjustment for fully Amortized Intangibles 259.1 35.2    
Impact of exchange rate movements (3.7) (1.1)    
Net book value as of end of period 671.4 721.1 724.1  
Servicing Asset at Amortized Cost, Other than Temporary Impairments 5.8 6.0    
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]        
Total 619.3      
Mortgage servicing rights [Member]        
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]        
Finite and Indefinite lived Intangible Assets, Additions 72.1 52.0    
Adjustment for fully amortized intangibles (41.0) (25.3)    
Finite And Indefinite Lived Intangible Assets Translation Adjustments 0.0 0.0    
Intangible Assets, Gross (Excluding Goodwill) 882.2 828.5 851.1 801.8
Identified intangibles, with finite useful lives, accumulated amortization (426.4) (367.1) (380.0) (309.8)
Amortization expense (87.4) (82.6)    
Accumulated Amortization Adjustment for fully Amortized Intangibles 41.0 25.3    
Impact of exchange rate movements 0.0 0.0    
Net book value as of end of period 455.8 461.4    
Other Intangible Assets [Member]        
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]        
Finite and Indefinite lived Intangible Assets, Additions 0.5 15.5    
Adjustment for fully amortized intangibles (218.1) (9.9)    
Finite And Indefinite Lived Intangible Assets Translation Adjustments 9.7 1.8    
Intangible Assets, Gross (Excluding Goodwill) 335.9 553.6 543.8 546.2
Identified intangibles, with finite useful lives, accumulated amortization (120.3) (293.9) $ (290.8) $ (253.2)
Amortization expense (43.9) (49.5)    
Accumulated Amortization Adjustment for fully Amortized Intangibles 218.1 9.9    
Impact of exchange rate movements (3.7) (1.1)    
Net book value as of end of period $ 215.6 $ 259.7    
v3.25.3
Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]          
Investments $ 895.1   $ 895.1   $ 812.7
Fair Value [Abstract]          
Fair value investments at beginning of the period     742.0 $ 740.8  
Investments in Real Estate Ventures, at Fair Value, Additions     146.9 72.2  
Investments in Real Estate Ventures, at Fair Value, Distributions     (56.9) (17.3)  
Unrealized Gain (Loss) on Investments     (28.2) (10.7)  
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation     16.3 2.1  
Investments previously accounted at cost that are now being accounted for at Net Asset value 24.6   24.6    
Fair value investments at end of the period 844.7 $ 795.5 844.7 795.5  
Equity Investments accounted for under the measurement alternative 13.0   13.0    
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]          
Fair Value [Abstract]          
Fair value investments at beginning of the period 293.1 367.8 330.3 367.3  
Fair value investments at end of the period 309.0 378.8 309.0 378.8  
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Investments [Member]          
Fair Value [Abstract]          
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 0.0 $ 0.0 0.0 $ 8.4  
Software and Technology Solutions          
Schedule of Equity Method Investments [Line Items]          
Guarantor Obligations, Maximum Exposure, Undiscounted 7.7   7.7    
Investments 357.2   357.2   372.8
Fair Value [Abstract]          
Asset Impairment Charges     2.2    
Investment Management          
Schedule of Equity Method Investments [Line Items]          
Guarantor Obligations, Maximum Exposure, Undiscounted 210.1   210.1    
Investments 502.4   502.4   406.1
Other Investments and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures          
Schedule of Equity Method Investments [Line Items]          
Investments $ 35.5   $ 35.5   $ 33.8
v3.25.3
Fair Value Measurements (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Fair value of long-term debt $ 840.2   $ 785.2      
Long-term debt, net of debt issuance costs 806.1   756.7      
Derivative, Notional Amount 2,240.0   2,210.0      
Foreign currency forward contracts, net notional value 1,240.0   1,080.0      
Investments, Fair Value Disclosure 844.7   742.0 $ 795.5   $ 740.8
Deferred compensation plan, contra-equity, shares held in trust 12.2   11.8      
Foreign Exchange Contract [Member]            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Derivative Asset, Fair Value, Gross Asset 1.5   5.4      
Derivative Asset, Fair Value, Gross Liability (0.9)   (0.5)      
Derivative Liability, Fair Value, Gross Asset (0.3)   (1.9)      
Derivative Liability, Fair Value, Gross Liability 7.2   15.8      
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member]            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investments, Fair Value Disclosure 489.8   367.9      
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investments, Fair Value Disclosure 0.0   0.0      
Foreign currency forward contract, current asset amount 0.6   4.9      
Foreign currency forward contract, current liability amount 6.9   13.9      
Deferred compensation plan assets 716.0   664.0      
Deferred compensation plan liabilities 699.0   658.4      
Business Combination, Contingent Consideration, Liability 0.0   0.0      
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Investments, Fair Value Disclosure 309.0 $ 293.1 330.3 378.8 $ 367.8 367.3
Foreign currency forward contract, current asset amount 0.0   0.0      
Foreign currency forward contract, current liability amount 0.0   0.0      
Deferred compensation plan assets 0.0   0.0      
Deferred compensation plan liabilities 0.0   0.0      
Business Combination, Contingent Consideration, Liability $ 16.1 $ 19.1 $ 35.8 $ 35.2 $ 53.7 $ 57.5
v3.25.3
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Investments, Fair Value Disclosure $ 844.7 $ 795.5 $ 844.7 $ 795.5   $ 742.0   $ 740.8
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Investments, Fair Value Disclosure 45.9   45.9     43.8    
Foreign currency forward contracts receivable 0.0   0.0     0.0    
Loans Receivable, Fair Value Disclosure 0.0   0.0     0.0    
Deferred compensation plan assets 0.0   0.0     0.0    
Mortgage banking derivative asset 0.0   0.0     0.0    
Total assets at fair value 45.9   45.9     43.8    
Foreign currency forward contracts payable 0.0   0.0     0.0    
Deferred compensation plan liabilities 0.0   0.0     0.0    
Business Combination, Contingent Consideration, Liability 0.0   0.0     0.0    
Mortgage banking derivative liabilities 0.0   0.0     0.0    
Total liabilities at fair value 0.0   0.0     0.0    
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Investments, Fair Value Disclosure 0.0   0.0     0.0    
Foreign currency forward contracts receivable 0.6   0.6     4.9    
Loans Receivable, Fair Value Disclosure 1,014.7   1,014.7     770.7    
Deferred compensation plan assets 716.0   716.0     664.0    
Mortgage banking derivative asset 0.0   0.0     0.0    
Total assets at fair value 1,731.3   1,731.3     1,439.6    
Foreign currency forward contracts payable 6.9   6.9     13.9    
Deferred compensation plan liabilities 699.0   699.0     658.4    
Business Combination, Contingent Consideration, Liability 0.0   0.0     0.0    
Mortgage banking derivative liabilities 0.0   0.0     0.0    
Total liabilities at fair value 705.9   705.9     672.3    
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Derivative Assets (Liabilities), at Fair Value, Net 14.7 25.7 14.7 25.7 $ 19.9 93.8 $ 31.7 10.3
Investments, Fair Value Disclosure 309.0 378.8 309.0 378.8 293.1 330.3 367.8 367.3
Foreign currency forward contracts receivable 0.0   0.0     0.0    
Loans Receivable, Fair Value Disclosure 0.0   0.0     0.0    
Deferred compensation plan assets 0.0   0.0     0.0    
Mortgage banking derivative asset 43.1   43.1     161.1    
Total assets at fair value 352.1   352.1     491.4    
Foreign currency forward contracts payable 0.0   0.0     0.0    
Deferred compensation plan liabilities 0.0   0.0     0.0    
Business Combination, Contingent Consideration, Liability 16.1 35.2 16.1 35.2 $ 19.1 35.8 $ 53.7 $ 57.5
Mortgage banking derivative liabilities 28.4   28.4     67.3    
Total liabilities at fair value 44.5   44.5     $ 103.1    
Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 15.4 9.5 (29.8) (0.9)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) (0.3) 1.5 1.8 1.2        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases 0.8 0.0 6.8 2.8        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements 0.0 0.0 (0.1) 0.0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 0.0 0.0 0.0 8.4        
Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 3.4 17.3 20.4 45.5        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) 0.0 0.0 0.0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases 52.9 32.8 117.8 78.9        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements (61.5) (56.1) (217.3) (109.0)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 0.0 0.0 0.0        
Earn-out Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]                
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0.4 (20.9) (3.1) (33.5)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) (0.1) 0.2 0.3 0.2        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases 0.0 2.4 0.2 13.4        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements (3.3) (0.2) (15.4) (2.2)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 $ 0.0 $ 0.0 $ (1.7) $ (0.2)        
v3.25.3
Fair Value Measurements Fair Value Measurements (Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Investments, Fair Value Disclosure $ 844.7 $ 795.5 $ 844.7 $ 795.5   $ 742.0   $ 740.8
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Investments, Fair Value Disclosure 309.0 378.8 309.0 378.8 $ 293.1 $ 330.3 $ 367.8 $ 367.3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]                
Business Combination, Contingent Consideration, Liability, Beginning Balance 19.1 53.7 35.8 57.5        
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance 19.9 31.7 93.8 10.3        
Business Combination, Contingent Consideration, Liability, Ending Balance 16.1 35.2 16.1 35.2        
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance 14.7 25.7 14.7 25.7        
Earn-out Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0.4 (20.9) (3.1) (33.5)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) (0.1) 0.2 0.3 0.2        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases 0.0 2.4 0.2 13.4        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements (3.3) (0.2) (15.4) (2.2)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 0.0 0.0 (1.7) (0.2)        
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 3.4 17.3 20.4 45.5        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) 0.0 0.0 0.0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases 52.9 32.8 117.8 78.9        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements (61.5) (56.1) (217.3) (109.0)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 0.0 0.0 0.0        
Investments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 15.4 9.5 (29.8) (0.9)        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) (0.3) 1.5 1.8 1.2        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases 0.8 0.0 6.8 2.8        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements 0.0 0.0 (0.1) 0.0        
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 $ 0.0 $ 0.0 $ 0.0 $ 8.4        
v3.25.3
Debt Short-Term Borrowings and Long-Term Debt (Details)
€ in Millions, $ in Millions
Sep. 30, 2025
USD ($)
Sep. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Bank Overdrafts $ 33.7   $ 18.9
Other Short-term Borrowings 107.6   134.9
Commercial Paper 388.4   199.3
Total Short-term Debt 529.7   353.1
Long-term debt, net of debt issuance costs 806.1   756.7
Debt, Long-term and Short-term, Combined Amount 1,512.6   1,198.4
Line of Credit Facility, Maximum Borrowing Capacity 59.5    
Commercial Paper      
Debt Instrument [Line Items]      
Unamortized Debt Issuance Expense 0.6   0.7
Line of Credit [Member]      
Debt Instrument [Line Items]      
Unamortized Debt Issuance Expense 9.2   11.4
Line of Credit Facility, Maximum Borrowing Capacity 3,300.0    
Commercial Paper      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity 2,500.0    
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member]      
Debt Instrument [Line Items]      
Long-term debt, net of debt issuance costs $ 205.3   181.2
Debt Instrument, Face Amount | €   € 175.0  
Debt Instrument, Interest Rate, Stated Percentage 1.96% 1.96%  
Unamortized Debt Issuance Expense $ 0.3   0.3
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member]      
Debt Instrument [Line Items]      
Long-term debt, net of debt issuance costs 205.3   181.1
Debt Instrument, Face Amount $ 175.0    
Debt Instrument, Interest Rate, Stated Percentage 2.21% 2.21%  
Unamortized Debt Issuance Expense $ 0.3   0.5
Long-term senior notes, 6.875%, due December 2028      
Debt Instrument [Line Items]      
Long-term debt, net of debt issuance costs 395.5   394.4
Debt Instrument, Face Amount $ 400.0    
Debt Instrument, Interest Rate, Stated Percentage 6.875% 6.875%  
Unamortized Debt Issuance Expense $ 4.5   $ 5.6
v3.25.3
Credit Facility (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Line of Credit Facility [Line Items]          
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs $ 176.8   $ 176.8   $ 88.6
Line of Credit Facility, Maximum Borrowing Capacity 59.5   59.5    
Uncommitted Facility, Maximum Borrowing Capacity 400.0   400.0    
Line of Credit [Member]          
Line of Credit Facility [Line Items]          
Unamortized Debt Issuance Expense 9.2   9.2   11.4
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs 176.8   176.8   $ 88.6
Line of Credit Facility, Maximum Borrowing Capacity 3,300.0   3,300.0    
Line of Credit Facility, Average Outstanding Amount $ 1,152.8 $ 1,575.7 $ 1,243.7 $ 1,446.6  
Line of Credit Facility, Interest Rate During Period 4.90% 5.90% 5.00% 6.10%  
Pricing on the Facility based on market rates     ("SOFR") plus 0.875% to 1.35%    
Basis spread on variable rate (in hundredths)     0.93%    
v3.25.3
Debt Warehouse Facilities (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Line of Credit Facility [Line Items]      
Line of Credit Facility, Maximum Borrowing Capacity $ 59.5    
Warehouse facilities 1,006.5   $ 841.0
Payment for Origination, Loan, Mortgage, Held-for-Sale (8,691.7) $ (6,130.5)  
Proceeds from Sale and Collection, Loan, Held-for-Sale 8,524.7 4,741.5  
Net increase (decrease) in Warehouse facilities 165.5 $ 1,390.4  
Agreement expires September 15, 2025, Extension [Member]      
Line of Credit Facility [Line Items]      
Line of Credit, Current 194.7   341.3
Line of Credit Facility, Maximum Borrowing Capacity $ 700.0   700.0
Pricing on the Facility based on market rates SOFR plus 1.40%    
Agreement expires September 13, 2025, Extension [Member]      
Line of Credit Facility [Line Items]      
Line of Credit, Current $ 214.4   416.5
Line of Credit Facility, Maximum Borrowing Capacity $ 600.0   2,100.0
Pricing on the Facility based on market rates SOFR plus 1.30%    
Agreement expires October 23, 2025, Extension      
Line of Credit Facility [Line Items]      
Line of Credit, Current $ 507.4   8.8
Line of Credit Facility, Maximum Borrowing Capacity $ 1,100.0   400.0
Pricing on the Facility based on market rates SOFR plus 1.40%    
Fannie Mae ASAP program [Member]      
Line of Credit Facility [Line Items]      
Line of Credit, Current $ 91.1   75.3
Pricing on the Facility based on market rates SOFR plus 1.25%    
Line of Credit, Gross [Member]      
Line of Credit Facility [Line Items]      
Line of Credit, Current $ 1,007.6   841.9
Line of Credit Facility, Maximum Borrowing Capacity 2,400.0   3,200.0
Warehouse Agreement Borrowings [Member]      
Line of Credit Facility [Line Items]      
Unamortized Debt Issuance Expense $ 1.1   $ 0.9
v3.25.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]        
Loss Contingency, Receivable       $ 0.5
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount $ 24,700.0     23,000.0
Loan loss accrual 29.9     30.0
Loan loss guarantee reserve 29.7     28.5
Level of risk retained (per claim) 10.0      
Loss Contingency Accrual [Roll Forward]        
Loss Contingency, Receivable       $ 0.5
Loan loss incurred [Abstract]     $ 20.6  
Insurance Claims [Member]        
Loss Contingency Accrual [Roll Forward]        
Loss Contingency Accrual 4.2 $ 9.4    
Loss Contingency Accrual, Provision 3.9 0.3    
Loss Contingency Accrual, Provision Adjustment 0.3 1.2    
Loss Contingency Accrual, Payments (6.1) (7.2)    
Loss Contingency Accrual $ 2.3 $ 3.7    
v3.25.3
Restructuring and Acquisition Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring reserve [Roll Forward]        
Share-based Payment Arrangement, Noncash Expense $ 0.7 $ 1.0 $ 2.1 $ 1.6
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease) 0.4 (20.9) (3.1) (33.5)
Restructuring and acquisition charges 11.7 (8.8) 52.7 4.4
Severance [Member]        
Restructuring reserve [Roll Forward]        
Restructuring charges 5.4 6.1 30.8 17.8
Contract Termination and Other Charges        
Restructuring reserve [Roll Forward]        
Restructuring charges $ 5.2 $ 5.0 $ 22.9 $ 18.5
v3.25.3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 7,296.1 $ 6,769.0 $ 7,296.1 $ 6,769.0 $ 7,161.6 $ 6,962.1 $ 6,895.1 $ 6,498.3 $ 6,407.6 $ 6,409.9
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent 0.0 0.0 (0.5) 0.3            
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent (33.5) 115.9 89.7 56.1            
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (56.0) (63.5) (56.0) (63.5) (56.0)   (55.5) (63.5)   (63.8)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 0.0 0.0 (0.5) 0.3            
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0.0 0.0 0.0 0.0            
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent 0.0 0.0 0.5 0.3            
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (501.7) (471.6) (501.7) (471.6) (468.2)   (591.4) (587.5)   (527.7)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (33.5) 107.2 89.7 47.4            
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0.0 8.7 0.0 8.7            
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent (33.5) 115.9 89.7 56.1            
AOCI Attributable to Parent [Member]                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (557.7) (535.1) (557.7) (535.1) $ (524.2) $ (610.6) $ (646.9) $ (651.0) $ (628.9) $ (591.5)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (33.5) 107.2 89.2 47.7            
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0.0 8.7 0.0 8.7            
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ (33.5) $ 115.9 $ 89.2 $ 56.4