Audit Information |
12 Months Ended |
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Dec. 31, 2025 | |
| Auditor Information [Abstract] | |
| Auditor name | KPMG LLP |
| Auditor location | Chicago, Illinois |
| Auditor firm ID | 185 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for credit loss | $ 93.2 | $ 88.7 |
| Common shares, par value (in dollars per share) | $ 0.10 | $ 0.10 |
| Common shares authorized (in shares) | 800,000,000 | 800,000,000 |
| Common shares issued (in shares) | 231,699,585 | 229,696,912 |
| Common shares outstanding (in shares) | 231,699,585 | 229,696,912 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ 88.2 | $ 131.3 | $ (35.4) |
| Other comprehensive income (loss), net of tax: | |||
| Designated hedge loss | (26.5) | (11.8) | (11.7) |
| Pension related adjustments | 7.6 | 2.1 | (1.7) |
| Foreign currency translation | 78.9 | (73.5) | 19.0 |
| Total other comprehensive income (loss) | 60.0 | (83.2) | 5.6 |
| Total comprehensive income (loss) | $ 148.2 | $ 48.1 | $ (29.8) |
Organization and Business Overview |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Business Overview | Note 1: Organization and Business Overview On August 6, 2018, Cushman & Wakefield plc (“C&W plc”) closed its initial public offering. On August 6 and 7, 2018, C&W plc completed a concurrent private placement in which it sold 10.6 million shares to Vanke Service (Hong Kong) Co., Limited (currently known as Onewo Inc. subsequent to its Hong Kong public offering in 2022). Public trading in C&W plc’s ordinary shares began on August 2, 2018. On November 27, 2025, C&W plc completed a court-approved scheme of arrangement in the U.K., pursuant to which a new Bermudan holding company, Cushman & Wakefield Ltd. (“C&W Ltd.”) became the sole shareholder of C&W plc and the parent company of the entire group of Cushman & Wakefield companies (the “Redomiciliation”). At completion of the Redomiciliation, all issued and outstanding shares of C&W plc were cancelled and extinguished, and newly issued common shares of C&W Ltd. were issued to each shareholder on a one-for-one basis. The Redomiciliation resulted in the Cushman & Wakefield group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. In these Consolidated Financial Statements, the terms “the Company,” “we,” “ours,” and “us” refer to C&W Ltd. (or C&W plc as its predecessor), together with its subsidiaries. As of December 31, 2025, the Company operated from over 350 offices in nearly 60 countries with approximately 53,000 employees. The Company’s business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. The Company primarily does business under the Cushman & Wakefield tradename.
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Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Note 2: Summary of Significant Accounting Policies a) Principles of Consolidation The Company maintains its accounting records on the accrual basis of accounting and its Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements are presented in U.S. dollars (“USD”). The Redomiciliation was accounted for as a change in the reporting entity between entities under common control and the historical basis of accounting was retained as if the entities had always been consolidated for financial reporting purposes, including no changes to equity as a result of the transaction. The consolidated financial statements for periods prior to the Redomiciliation are the consolidated statements of C&W plc as the predecessor to the Company for accounting and reporting purposes and, upon completion of the Redomiciliation, such historical consolidated financial statements became C&W Ltd.’s historical consolidated financial statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, which include voting interest entities (“VOEs”) in which the Company has determined it has a controlling financial interest in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidations. When applying principles of consolidation, management will identify whether an investee entity is a variable interest entity (“VIE”) or a VOE. For VOEs, the Company consolidates the entity when it controls it through majority ownership and voting rights. The Company has determined that it does not have any material interests in VIEs. All significant intercompany accounts and transactions have been eliminated in consolidation. Equity method investments Entities in which the Company has significant influence over the entity’s financial and operating policies, but does not control, are accounted for using the equity method. Equity method investments are initially recognized at cost and subsequently adjusted by the Company’s share of earnings or losses from the investee, distributions received and impairment charges. The Consolidated Financial Statements include the Company’s share of the earnings or losses and equity movements of investees accounted for under the equity method, after adjustments to align the accounting policies with those of the Company, from the date that significant influence or joint control commences until the date that significant influence ceases. The Company evaluates our equity method investments for other-than-temporary impairment on a quarterly basis, or more frequently if events or changes in circumstances warrant such an evaluation. If an investment is considered other-than-temporarily impaired, the Company records the excess of the carrying value over the estimated fair value of the investment as an impairment charge within (Loss) earnings from equity method investments. For purposes of classifying distributions received from its equity method investments in the Consolidated Statements of Cash Flows, the Company has elected to use the cumulative earnings approach. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment and classified as cash inflows from operating activities, and those in excess of that amount are treated as returns of investment and classified as cash inflows from investing activities. Refer to Note 8: Equity Method Investments for additional information. b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to estimates and assumptions include, but are not limited to, the valuation of assets acquired and liabilities assumed in business combinations, including earn-out consideration; the valuation of goodwill, intangible assets and other long-lived assets; the fair value of derivative instruments; the fair value of the Company’s defined benefit plan obligations; the fair value of certain awards granted under stock-based compensation plans; the probability of meeting performance conditions of share-based awards; self-insurance program liabilities; loss contingencies; the valuation of equity method investments; valuation allowances for income taxes; uncertain tax positions; and variable consideration subject to accelerated revenue recognition. Although these estimates and assumptions are based on management’s judgment and best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from these estimates. Estimates and underlying assumptions are evaluated on an ongoing basis and adjusted, as needed, using historical experience and other factors, including the current economic environment. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency fluctuations can increase the uncertainty in such estimates and assumptions. The effects of such adjustments are reflected in the Consolidated Financial Statements in the periods in which they are determined. c) Revenue Recognition Revenue is recognized upon transfer of control of promised services to clients in an amount that reflects the consideration the Company expects to receive in exchange for those services, in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). The Company enters into contracts and earns revenue from its (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other service lines. Revenue is recognized net of any taxes collected from customers. A performance obligation is a promise in a contract to transfer a distinct service or a series of distinct services to the client and is the unit of account. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Most service offerings are provided under agreements containing standard terms and conditions, which typically do not require any significant judgments about when revenue should be recognized. The Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct service in the contract. Nature of Services Services Fees earned from the delivery of Services, including property management, facilities management, facilities services and project management services, are recognized over time when earned under the provisions of the related agreements and are generally based on a fixed recurring fee or a variable fee, which may be based on hours incurred, a percentage mark-up on actual costs incurred or a percentage of monthly gross receipts. The services provided are a series of distinct daily performance obligations being completed over time, and revenue is recognized at the end of each period associated with the satisfaction of a particular performance obligation. The Company may also earn additional revenue based on certain qualitative and quantitative performance measures, which can be based on certain key performance indicators. This additional revenue is recognized over time when earned as the performance obligation is satisfied and the fees are not deemed probable of significant reversal in future periods. When accounting for reimbursements of third-party expenses incurred on a client’s behalf, the Company determines whether it is acting as a principal or an agent in the arrangement. When the Company is acting as a principal, the Company’s revenue is reported on a gross basis and comprises the entire amount billed to the client, and reported costs of services includes all expenses associated with the client. When the Company is acting as an agent, the Company’s fee is reported on a net basis as revenue for reimbursed amounts is netted against the related expenses. Within Topic 606, control of the service before transfer to the customer is the focal point of the principal versus agent assessments. The Company is a principal if it controls the services before they are transferred to the client. The presentation of revenues and expenses pursuant to these arrangements under either a gross or net basis has no impact on revenue, net income or cash flows. Leasing and Capital markets The Company records commission revenue on real estate leases and sales at the point in time when the performance obligation is satisfied, which is generally upon lease execution or transaction closing. Terms and conditions of a commission agreement may include, but are not limited to, execution of a signed lease agreement and future contingencies, including tenant’s occupancy, payment of a deposit or payment of first month’s rent (or a combination thereof). Under Topic 606, we recognize certain revenues that are based, in part, on future contingent events. For the revenues related to Leasing services, the Company’s performance obligation will typically be satisfied upon execution of a lease and the portion of the commission that is contingent on a future event will likely be recognized if deemed not subject to significant reversal, based on the Company’s estimates and judgments. The Company’s commission expense is recognized in the same period as the corresponding revenue. Valuation and other services Valuation and advisory fees are earned upon completion of the service, which is generally upon delivery of a preliminary or final appraisal report. Consulting fees are recognized when earned under the provisions of the client contracts, which is generally upon completion of services. If the Company has multiple contracts with the same customer, the Company assesses whether the contracts are linked or are separate arrangements. The Company considers several factors in this assessment, including the timing of negotiation, interdependence with other contracts or elements and pricing and payment terms. The Company and its customers typically view each contract as a separate arrangement, as each service has standalone value, selling prices of the separate services exist and are negotiated independently and performance of the services is distinct. d) Cash and Cash Equivalents Cash and cash equivalents comprise cash balances and highly liquid investments with original maturities of three months or less. The carrying amount of cash equivalents approximates fair value. Checks issued but not presented to banks may result in book overdraft balances for accounting purposes, which are classified within short-term borrowings and the change as a component of financing cash flows. The Company also manages certain cash and cash equivalents as an agent for its property and facilities management clients. These amounts are not included in the accompanying Consolidated Balance Sheets. e) Restricted Cash Restricted cash of $19.3 million and $21.3 million as of December 31, 2025 and 2024, respectively, is included within Prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets. These balances primarily consist of legally restricted deposits related to contracts entered with others, in the normal course of business, not available for use by the Company. f) Trade and Other Receivables Trade and other receivables are presented in the Consolidated Balance Sheets net of an estimated allowance for expected credit losses. On a periodic basis, the Company evaluates its receivables and establishes an allowance for expected credit losses based on historical experience and other currently available information. The allowance reflects the Company’s best estimate of collectability risks on outstanding receivables. Accounts Receivable Securitization Program The Company has a revolving trade accounts receivables securitization program, which it has amended periodically (the “A/R Securitization”). The Company records the transactions as sales of receivables, derecognizes such receivables from its Consolidated Financial Statements and records a receivable for the deferred purchase price of such receivables. Trade accounts receivable that are sold without recourse are derecognized at the point of sale when the risks and rewards of the receivable have been fully transferred. Refer to Note 19: Accounts Receivable Securitization for additional information about the A/R Securitization. g) Income Taxes Income taxes are accounted for under the asset and liability method in accordance with ASC Topic 740, Income Taxes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the new rate is enacted. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized in the future. In determining the amount of current and deferred tax, the Company considers the impact of uncertain tax positions and whether additional taxes and interest may be due. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Provision for income taxes comprises current and deferred income tax expense and is recognized in the Consolidated Statements of Operations. To the extent that the income taxes are for items recognized directly in equity, the related income tax effects are recognized in equity. Refer to Note 14: Income Taxes for additional information on income taxes. h) Property and Equipment Property and equipment is recorded at cost, net of accumulated depreciation, or in the case of leased assets, at the present value of the future minimum lease payments. Costs include expenditures that are directly attributable to the acquisition of the asset and costs incurred to prepare the asset for its intended use. Direct costs for internally developed software are capitalized during the application development stage. All costs during the preliminary project stage are expensed as incurred. The costs capitalized include consulting, licensing and direct labor costs and are amortized upon implementation of the software in production over the useful life of the software. Repair and maintenance costs are expensed as incurred. Depreciation of property and equipment is computed on a straight-line basis over the asset’s estimated useful life. Assets held under finance leases are depreciated over the shorter of the lease term or their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. The Company’s estimated useful lives are as follows:
The Company evaluates the reasonableness of the useful lives of property and equipment at least annually. In addition, the Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If this review indicates that such assets are impaired, the impairment is recognized in the period the change occurs and represents the amount by which the carrying value exceeds the fair value. i) Business Combinations, Goodwill and Other Intangible Assets We account for business combinations in accordance with ASC Topic 805, Business Combinations (“ASC 805”), using the acquisition method of accounting when control is transferred. All of the assets acquired and liabilities assumed, including contingent and deferred consideration and amounts attributable to non-controlling interests, are recorded at their respective fair values at acquisition date. Determination of the fair values of the assets and liabilities acquired requires estimates and the use of valuation techniques when market values are not readily available. Any excess of the cost of the business combination over the fair value of the net assets acquired is recognized as goodwill in the Consolidated Balance Sheets. Goodwill and indefinite-lived intangible assets are not amortized and are stated at cost. Definite-lived intangible assets are stated at cost, less accumulated amortization. Amortization of definite-lived intangible assets is recognized in the Consolidated Statements of Operations on a straight-line basis over the estimated useful lives of the intangible assets. The Company evaluates the reasonableness of the useful lives of these intangibles at least annually. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually, typically in the fourth quarter. The Company will test more frequently if there are indicators of impairment or whenever business or economic circumstances change, suggesting the carrying value of assets may not be recoverable. The Company typically performs an impairment evaluation of goodwill to assess whether the fair value of a reporting unit (“RU”) is less than its carrying amount, by initially performing a qualitative assessment (“Step Zero”), and proceeds to the quantitative impairment test (“Step One”) if it is more likely than not that the fair value of the RU is less than its carrying amount. The Company may elect to skip the qualitative assessment and proceed directly to performing Step One. If the Company determines the quantitative impairment test is required, the estimated fair value of the RU is compared to its carrying amount, including goodwill. If the estimated fair value of a RU exceeds its carrying value, goodwill is not considered to be impaired. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. The Company elected an annual goodwill impairment assessment date of October 1. In 2025, the Company performed a qualitative assessment for its four RUs as of October 1, 2025. Refer to Note 6: Goodwill and Other Intangible Assets for additional discussion of the 2025 goodwill impairment assessment. The Company assesses, at least quarterly, qualitative indicators related to definite-lived intangible assets, such as customer relationships, to determine if any events or circumstances indicate the carrying amount of the intangible asset is not recoverable. If certain circumstances indicate potential recoverability issues, a quantitative test is performed to determine whether the carrying amount exceeds its fair value. The Company records an impairment loss for intangible assets if the fair value of the asset is less than the asset’s carrying amount. j) Accrued Claims and Contingencies The Company is subject to various claims and contingencies related to lawsuits. A liability is recorded for claims or other contingencies when the risk of loss is probable and the amount can be reasonably estimated. The required reserves may change due to new developments in each period. Legal fees are expensed as incurred. The Company self-insures for various risks, including workers’ compensation and general liability in some jurisdictions. A liability is recorded for the Company’s obligations for both reported and incurred but not reported (“IBNR”) insurance claims through assessments based on prior claims history. In addition, in the U.S., U.K. and Australia, the Company is self-insured against errors and omissions (“E&O”) claims through a primary insurance layer provided by its 100%-owned, consolidated, captive insurance subsidiary, Nottingham Indemnity, Inc., and an excess layer provided through a third-party insurance carrier. Refer to Note 16: Commitments and Contingencies for additional information. k) Debt Issuance Costs, Premiums and Discounts Debt issuance costs, premiums and discounts are amortized into Interest expense over the term of the related loan agreements using the effective interest method. Debt issuance costs, premiums and discounts related to non-revolving debt are presented in the Consolidated Balance Sheets as a direct deduction from the carrying value of the associated debt liability. Debt issuance costs related to revolving credit facilities are presented in the Consolidated Balance Sheets as Other non-current assets. l) Derivatives and Hedging Activities From time to time, the Company enters into derivative financial instruments, including foreign exchange forward contracts and interest rate swaps, to manage its exposure to foreign exchange rate and interest rate risks. The Company views derivative financial instruments as a risk management tool and, accordingly, does not use derivatives for trading or speculative purposes. Derivatives are initially recognized at fair value at the date the derivative contracts are executed and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in the Consolidated Statements of Operations immediately unless the derivative is designated and effective as a hedging instrument, in which case hedge accounting is applied. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged forecasted transactions in a cash flow hedge. Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in Other comprehensive income (loss), net of applicable income taxes and accumulated in equity at that time, remains in equity and is recognized when the forecasted transaction is ultimately recognized in earnings. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in earnings. Refer to Note 10: Derivative Financial Instruments and Hedging Activities for additional information on derivative instruments. m) Foreign Currency Transactions Foreign currency transactions are recorded in the functional currency at the exchange rate at the date of the transaction. The assets and liabilities of foreign operations are translated into USD at the balance sheet date. Translation adjustments are included in Accumulated other comprehensive loss. Income and expense items are translated at the monthly average rates. Foreign currency gains or losses are recognized in the Consolidated Statements of Operations. For the years ended December 31, 2025, 2024 and 2023, foreign currency transactions resulted in losses of $2.9 million, $6.1 million and $12.5 million, respectively, which were recognized within Costs of services and Operating, administrative, and other expenses in the Consolidated Statements of Operations. n) Leases The Company enters into operating leases for real estate and equipment, such as motor vehicles and IT equipment. Leases are initially assessed at contract inception for whether the Company has the right to control the asset and are measured based on the present value of future minimum lease payments over the lease term beginning at the commencement date. The future minimum lease payments are typically discounted using an incremental borrowing rate derived from information available at the lease commencement date as our leases generally do not include implicit rates. The incremental borrowing rate is calculated based on our collateralized borrowing rate adjusted for jurisdictional considerations. The Non-current operating lease assets also include any lease payments made prior to the commencement date and are recorded net of any lease incentives. Leases typically have limited restrictions and covenants on the Company for incurring additional financial obligations. Rental payments are generally fixed, with no special terms or conditions; however, certain operating leases also include variable lease payments such as insurance, real estate taxes, and annual changes in the consumer price index. Additionally, the Company’s office leases may have options to extend or terminate the lease, the terms of which vary by lease; however, these options are not reasonably certain of being exercised, and the option periods are not considered in the calculation of the Non-current operating lease asset or the operating lease liability unless they are exercised. The Company generally only enters into subleases for its real estate leases, with the terms of the subleases consistent with those of the underlying lease. Lease expense for operating leases is recognized on a straight-line basis over the lease term in Operating, administrative and other in the Consolidated Statements of Operations. Operating lease assets are included in Non-current operating lease assets, and operating lease liabilities are included in Other current liabilities and Non-current operating lease liabilities in the Consolidated Balance Sheets. Finance lease assets are included in Property and Equipment, net and finance lease liabilities are included in Short-term borrowings and current portion of long-term debt and Long-term debt, net in the Consolidated Balance Sheets, respectively. The Company has lease agreements with lease and non-lease components, but as the Company has elected the practical expedient to not separate lease and non-lease components for all asset classes, they are not accounted for separately. Instead, consideration for the lease is allocated to a single lease component. Further, the Company has elected the practical expedient for the short-term lease exemption for all asset classes and therefore does not recognize operating lease assets or operating lease liabilities for leases with a term of 12 months or less. The impact of off-balance sheet accounting for short-term leases is immaterial. For certain equipment leases, the Company applies a portfolio approach to account for the operating lease assets and liabilities. The Company assesses lease assets for impairment whenever events or changes in circumstances indicate that the carrying value of the lease asset may not be recoverable. If this assessment indicates that such assets are impaired, the impairment is recognized in the period the change occurs and represents the amount by which the carrying value exceeds the fair value. Refer to Note 15: Leases for additional information on leases. o) Share-based Payments The Company grants stock options and restricted stock awards to employees and directors under the Amended & Restated Omnibus Management Share and Cash Incentive Plan and the Amended & Restated Omnibus Non-Employee Director Share and Cash Incentive Plan (collectively, the “2018 Omnibus Plans”). As part of the Redomiciliation, C&W Ltd. assumed all of the obligations of C&W plc under the 2018 Omnibus Plans. For time-based awards, the grant date fair value is recognized as compensation expense using the straight-line vesting method over the vesting period, with a corresponding increase in equity or liabilities, depending on the balance sheet classification. For performance-based awards, the grant date fair value is recognized as compensation expense as the awards vest based on the achievement of performance and market conditions, with a corresponding increase in equity or liabilities, depending on the balance sheet classification. Refer to Note 13: Stock-Based Compensation for additional information on the Company’s stock-based compensation plans. p) Investments The Company directly invests in early stage property technology (“proptech”) companies, real estate investment funds and other real estate companies across various sectors. The Company typically reports these investments at cost, less impairment charges, and adjusts to fair value if the Company identifies observable price changes in orderly transactions for identical or similar instruments of the same issuer. For investments reported at fair value, the Company adjusts these investments to their fair values each reporting period, and the changes are reflected in Other income (expense), net, in the Consolidated Statements of Operations. Refer to Note 18: Fair Value Measurements for additional information. q) Advertising Costs Advertising costs are expensed as incurred. For the years ended December 31, 2025, 2024 and 2023, advertising costs of $38.7 million, $38.5 million and $39.9 million, respectively, were included in Operating, administrative and other expenses in the Consolidated Statements of Operations. r) New Accounting Pronouncements The following accounting pronouncements were recently adopted by the Company: Reference Rate Reform In March 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”). In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2020-04 provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts, and ASU 2021-01 and ASU 2022-06 amended the scope and deferred the sunset date of ASU 2020-04, respectively. The Company elected the optional expedient for modifications of debt contracts for its June 2023 debt agreement amendment, which did not have a significant impact on its financial statements and related disclosures. The Company did not apply the optional expedient to other 2023, 2024 or 2025 debt modifications. Refer to Note 11: Long-Term Debt and Other Borrowings for additional information. Business Combinations – Joint Ventures In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance was effective for all joint ventures with a formation date on or after January 1, 2025 and will be applied prospectively. The Company adopted the ASU effective January 1, 2025, with no impact to its financial position, results of operations or related disclosures. SEC Staff Bulletins and Releases In July 2023, the FASB issued ASU 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. In August 2023, the FASB issued ASU 2023-04 to amend additional SEC paragraphs in the ASC to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 121. The ASUs do not provide any new guidance, so there is no transition or effective date associated with them and, therefore, the Company adopted the ASUs with no impact to its financial statements and related disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to amend reportable segment disclosure requirements. ASU 2023-07 requires interim and annual disclosures about significant segment expenses that are regularly provided to an entity’s chief operating decision maker or those charged with assessing segment performance and allocating resources. The guidance became effective for annual periods that began after December 15, 2023 and interim periods that began after December 15, 2024. The Company adopted the ASU effective January 1, 2024, with no impact on the Company’s financial position or results of operations, and applied the amended disclosure requirements retrospectively. Refer to Note 3: Segment Data for expanded disclosures related to each reportable segment. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to amend certain disclosure and presentation requirements. ASU 2023-09 requires entities to disclose disaggregated information within its effective tax rate reconciliation as well as additional information related to income taxes paid, such as the amount paid disaggregated by jurisdiction, among other disclosures. The guidance was effective for annual periods that began after December 15, 2024. The Company adopted the ASU effective January 1, 2025, with no impact on the Company’s financial position or results of operations, and elected to apply the amended disclosure requirements prospectively. Refer to Note 14: Income Taxes for expanded disclosures related to income taxes. The following accounting pronouncements have been issued but are not effective for the current reporting period and have not been early adopted by the Company: SEC Staff Bulletins and Releases In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the SEC’s removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective or on June 30, 2027 if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not anticipate that these amendments will have an impact on its financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. This ASU will require a footnote disclosure about specific expenses by requiring entities to disaggregate, in a tabular presentation, certain expense captions presented on the face of our statements of operations. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted and the disclosure requirements are to be applied retrospectively to any prior periods presented in the financial statements. The Company is currently evaluating the impact that the ASU will have on its financial statement disclosures and determining the timing of our adoption. This ASU will result in expanded disclosures related to expenses but will have no impact on the Company’s financial position or results of operations. Business Combinations – Acquisition of a Variable Interest Entity In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 revises the guidance in ASC 805, on identifying the accounting acquirer in a business combination in which the legal acquiree is a VIE that meets the definition of a business. This ASU requires entities to assess whether a legal acquisition of a VIE should be accounted for as a reverse acquisition, where the legal acquiree is the accounting acquirer, which could impact the form and content of post-combination financial statements, the measurement of goodwill and other matters. Prior to ASU 2025-03, a business combination involving the acquisition of a VIE always resulted in the legal acquirer as the accounting acquirer. The guidance is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted and the amendments must be applied prospectively to all business combinations that occur after the adoption date. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Measurement of Credit Losses 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 (“ASU 2025-05”). Since the adoption of ASC Topic 326, Financial Instruments – Credit Losses (“ASC 326”), entities have been required to reflect forecasts of future economic conditions when estimating expected credit losses, including when estimating credit losses arising from current accounts receivable and current contract assets. ASU 2025-05 provides an optional practical expedient whereby entities may assume that current conditions as of the balance sheet date will not change during the remaining life of current accounts receivable and current contract assets. The expedient may be applied to current accounts receivable and current contract asset balances arising from transactions accounted for under Topic 606, including assets acquired in a business combination transaction. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted and entities that decide to elect the optional practical expedient must apply the expedient prospectively. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Internal-Use Software 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 (“ASU 2025-06”). ASU 2025-06 modernizes certain aspects of the recognition and disclosure framework for internal-use software costs, including cloud computing arrangements. The ASU removes all references to “development stages” and updates the criteria that must be met for entities to begin capitalizing software costs. The guidance is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted and the amendments may be applied prospectively, retrospectively or using a modified prospective transition method. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Derivatives Scope Refinement In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 adds a new scope exception in ASC Topic 815, Derivatives and Hedging (“ASC 815”), for certain contracts that are not traded on an exchange and have an underlying that is based on operations or activities specific to one of the parties to the contract. Additionally, the ASU clarifies that when an entity has a right to receive a share-based payment from its customer in exchange for the transfer of goods or services, the share-based payment should be accounted for as noncash consideration within the scope of Topic 606. The guidance is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted and entities may apply the guidance prospectively or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Hedge Accounting Improvements In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”). ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815, to more closely align hedge accounting with the economics of an entity’s risk management activities. The ASU provides guidance on five discrete topics, including topics pertaining to cash flow hedges and the net written option test. The guidance is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted and entities must apply the ASU prospectively for all hedging relationships as of the date of adoption. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Interim Reporting Requirements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 intends to improve the navigability of the guidance in ASC 270, Interim Reporting (“ASC 270”), and clarifies when it applies. The ASU also provides additional guidance on what disclosures should be provided in interim reporting periods and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have had material impact on the entity. The guidance is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted and entities may apply the guidance prospectively or retrospectively. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures Codification Improvements In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 facilitates updates for a broad range of ASC topics arising from technical corrections, unintended application of the ASC, clarifications and other minor improvements. The guidance is effective for annual periods beginning after December 15, 2026, including interim reporting periods within those fiscal years. Early adoption is permitted on an issue-by-issue basis and entities may apply the guidance prospectively or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Data | Note 3: Segment Data The Company reports its operations through the following segments: (1) Americas, (2) Europe, Middle East and Africa (“EMEA”) and (3) Asia Pacific (“APAC”). The Americas consists of operations located in the United States, Canada and other markets in North and South America. EMEA includes operations in the United Kingdom, France, the Netherlands and other markets in Europe and the Middle East. APAC includes operations in Australia, Singapore, India and other markets in the Asia Pacific region. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) is the profitability metric reported to the chief operating decision maker (“CODM”), the Chief Executive Officer, for purposes of making decisions about allocation of resources to each segment and assessing performance of each segment. The Company does not use other measures of segment profit or loss. The CODM uses Adjusted EBITDA to evaluate operating performance, develop budgets and forecasts, and to assist our investors in analyzing the underlying performance of our business. Adjusted EBITDA is also used to determine future allocation of financial and capital resources, including compensation. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business before unrealized (gain) loss on investments, net, impairment of investments, loss on dispositions, net, acquisition related costs, cost savings initiatives, system implementation costs, loss (gain) from insurance proceeds, net of legal fees, non-operating items related to the Greystone JV (as defined below) and other non-recurring items. Adjusted EBITDA also excludes the effects of financings, income taxes and the non-cash accounting effects of depreciation and intangible asset amortization. As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets and capital expenditures are not presented below. The following tables present financial information for each reportable segment including segment revenue, significant segment expenses, Adjusted EBITDA and related reconciliations (in millions):
(1) Other segment items in the tables above include, for each reportable segment, (loss) earnings from equity method investments, as well as certain non-GAAP adjustments for unusual, non-recurring or non-operating items used to calculate Adjusted EBITDA. See reconciliation of Net income (loss) to Adjusted EBITDA below. The following table includes a reconciliation of Net income (loss) to Adjusted EBITDA (in millions):
Geographic Information Revenue in the table below is allocated based upon the country in which services are performed (in millions):
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Earnings Per Share |
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| Earnings Per Share | Note 4: Earnings Per Share Earnings (loss) per share (“EPS”) is calculated by dividing Net income or loss by the weighted average shares outstanding. As the Company was in a Net loss position for the year ended December 31, 2023, the Company determined all potentially dilutive shares would be anti-dilutive in this period and therefore these shares were excluded from the calculation of diluted weighted average shares outstanding. This resulted in the calculation of weighted average shares outstanding to be the same for both basic and diluted EPS for the year ended December 31, 2023. Approximately 0.8 million of potentially dilutive shares for the year ended December 31, 2023 were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. The following is a calculation of EPS (in millions, except per share amounts):
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| Revenue | Note 5: Revenue Disaggregation of Revenue The Company has chosen to disclose revenue by service line based on the nature and timing of revenue recognition. The following tables disaggregate revenue by reportable segment and service line (in millions):
Contract Balances The Company receives payments from customers based upon contractual billing schedules and accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the contractual right to consideration for completed performance obligations not yet available to be invoiced. Contract liabilities are recorded when cash payments are received in advance of performance, including amounts which are refundable. The following table provides information on contract assets and contract liabilities from contracts with customers included in the Consolidated Balance Sheets (in millions):
The amount of revenue recognized during the year ended December 31, 2025 that was included in the contract liabilities balance at the beginning of the period was $49.8 million. The Company had no material asset impairment charges related to contract assets in the periods presented. Practical Expedient The Company incurs incremental costs to obtain new contracts across certain of its service lines. As the amortization period of those expenses is 12 months or less, the Company expenses those incremental costs of obtaining the contracts in accordance with Topic 606. Remaining performance obligations represent the aggregate transaction prices for contracts where the performance obligations have not yet been satisfied. In accordance with Topic 606, the Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the Company recognizes revenue in the amount to which we have the right to invoice for services performed and (iii) variable consideration for services performed as a series of daily performance obligations, such as those performed within the Services service line. Performance obligations within such Services contracts represent a significant portion of the Company’s contracts with customers not expected to be completed within 12 months.
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | Note 6: Goodwill and Other Intangible Assets The following table summarizes the changes in the carrying amount of goodwill by segment (in millions):
Portions of goodwill are denominated in currencies other than the U.S. dollar; therefore, a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. The Company identified four reporting units: Americas, C&W Services, EMEA and APAC. The Americas and C&W Services reporting units comprise the Americas reportable segment. For the year ended December 31, 2025, the Company considered qualitative factors while performing the annual impairment assessment of goodwill as of October 1, 2025. The Company performed a qualitative, Step Zero, assessment for all reporting units and concluded it was not more likely than not that any RU was impaired. For the years ended December 31, 2025, 2024 and 2023, the annual impairment assessment of goodwill was completed, resulting in no impairment charges. It is possible that our determination that goodwill for a reporting unit is not impaired could change in the future if current economic conditions or other conditions deteriorate or the operating performance or future prospects for a particular reporting unit declines. The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):
Amortization expense was $39.6 million, $45.9 million and $64.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated annual future amortization expense for each of the years ending December 31, 2026 through December 31, 2030 is $36.2 million, $25.9 million, $14.5 million, $12.3 million and $5.0 million, respectively. No material impairments of intangible assets were recorded during the years ended December 31, 2025, 2024 and 2023. During the year ended December 31, 2024, the Company disposed of customer relationships, net of $67.2 million related to the sale of a non-core Services business. Refer to Note 7: Disposition for additional information.
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Disposition |
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Dec. 31, 2025 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Disposition | Note 7: Disposition On June 18, 2024, the Company entered into a purchase agreement with an unrelated third party to sell a non-core Services business that provides a third-party supplier network to support a small portion of our Services clients in the Americas segment (the “Disposal Group”). The Disposal Group was not considered discontinued operations as the sale of the Disposal Group neither represented a strategic shift nor did it have a material impact on the Company’s operations and financial results. The sale closed on August 1, 2024 and the Company received net cash consideration of $122.6 million. The Company recorded a loss on disposition of $15.8 million for the year ended December 31, 2024 within Restructuring, impairment and related charges in the Consolidated Statements of Operations.
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Equity Method Investments |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments | Note 8: Equity Method Investments Certain investments in which the Company has significant influence over the entity’s financial and operating policies, but does not control, are accounted for under the equity method. The Company’s material equity method investments include Cushman Wakefield Greystone LLC (the “Greystone JV”), in which the Company owns a 40% interest, and CWVS Holding Limited (the “Onewo JV”), in which the Company owns a 35% interest. In addition, the Company licenses certain of its trademarks to the Onewo JV and recognized royalty fee income of $9.6 million, $9.2 million, and $8.5 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in Other income (expense), net in the Consolidated Statements of Operations. The Company had investments in certain strategic joint ventures classified under the equity method of accounting as follows (in millions):
The Company recognized (loss) earnings from equity method investments during the period as follows (in millions):
During the years ended December 31, 2025, 2024 and 2023, the Company received distributions from equity method investments of $11.7 million, $18.7 million and $24.4 million, respectively. In the fourth quarter of 2025, we identified impairment indicators related to the carrying value of the Greystone JV as interest rate volatility and regulatory oversight related to certain agency mortgage loans indicated a decline in fair value. We determined the decline in fair value was other-than-temporary in nature as the forecasted financial information received in the fourth quarter of 2025 reflected a gradual and longer than expected recovery from macroeconomic factors affecting the industry. In determining the fair value of the Greystone JV, the Company used both an income approach, using a discounted cash flow (“DCF”) model based on current forecasts for the Greystone JV, and a market approach, using projected market multiples for comparable companies. For the year ended December 31, 2025, the Company recorded an other-than-temporary impairment loss of $177.0 million related to the Greystone JV within (Loss) earnings from equity method investments in the Consolidated Statements of Operations, as the carrying value exceeded the fair value of the investment. The Greystone JV impairment loss was recorded in the Americas segment. The Company did not record any additional other-than-temporary impairment losses on equity method investments during the periods presented. The following tables summarize the combined financial information for our equity method investments, based on the most recent and sufficiently timely financial information available to the Company as of the respective reporting dates and periods. Certain equity method investments for which results are not available on a timely basis are reported on a lag. Such aggregated summarized financial data does not represent the Company’s proportionate share of the equity method investment assets or earnings.
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Note 9: Property and Equipment Property and equipment consists of the following (in millions):
Depreciation and amortization expense associated with property and equipment was $64.6 million, $76.3 million, and $81.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
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Derivative Financial Instruments and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments and Hedging Activities | Note 10: Derivative Financial Instruments and Hedging Activities The Company is exposed to certain risks arising from both business operations and economic conditions, including interest rate risk and foreign exchange risk. To mitigate the impact of interest rate and foreign exchange risk, the Company enters into derivative financial instruments. The Company maintains the majority of its overall interest rate exposure on floating rate borrowings to a fixed-rate basis, primarily with interest rate swap agreements. The Company manages exposure to foreign exchange fluctuations primarily through short-term forward contracts. Interest Rate Derivative Instruments As of December 31, 2025, the Company’s interest rate hedging instruments consisted of 11 interest rate swap agreements all designated as cash flow hedges, which included five interest rate swaps with a notional amount of $400.0 million expiring on August 21, 2027 and six interest rate swaps with a notional amount of $550.0 million expiring on May 31, 2028. During the first half of 2025, the Company also elected to terminate a portion of one of its interest rate swap agreements for a notional amount of $200.0 million. The immaterial amount relating to this partially terminated derivative instrument recorded in Accumulated other comprehensive loss was amortized into earnings over the remaining life of the original swap agreement, which expired on August 21, 2025. The Company previously elected to terminate certain interest rate swap agreements in November 2022 and June 2023. Amounts relating to these terminated derivative instruments recorded in Accumulated other comprehensive loss was amortized into earnings over the remaining life of the original agreements, which expired on August 21, 2025. The Company records changes in the fair value of derivatives designated and qualifying as cash flow hedges in Accumulated other comprehensive loss in the Consolidated Balance Sheets and subsequently reclassifies the changes into earnings in the period that the hedged forecasted transaction affects earnings. As of December 31, 2025 and 2024, there were $1.8 million in pre-tax losses and $22.7 million in pre-tax gains, respectively, included in Accumulated other comprehensive loss related to these agreements, which will be reclassified to Interest expense, net of interest income as interest payments are made in accordance with the 2018 Credit Agreement; refer to Note 11: Long-Term Debt and Other Borrowings for discussion of the 2018 Credit Agreement (which is defined therein). During the next twelve months, the Company estimates that pre-tax gains of $0.6 million will be reclassified to Interest expense, net of interest income in the Consolidated Statements of Operations. Non-Designated Foreign Exchange Derivative Instruments Additionally, the Company enters into short-term forward contracts to mitigate the risk of fluctuations in foreign currency exchange rates that would adversely impact certain of the Company’s foreign currency denominated transactions. Hedge accounting was not elected for any of these contracts. As such, changes in the fair values of these contracts are recorded directly in earnings. The Company recognized a realized loss of $5.6 million and an unrealized gain of $0.1 million during the year ended December 31, 2025. The Company recognized a realized loss of $8.8 million and an unrealized loss of $0.8 million during the year ended December 31, 2024. The Company recognized a realized loss of $7.9 million, offset by an unrealized gain of $0.7 million during the year ended December 31, 2023. As of December 31, 2025 and 2024, the Company had 26 and 31 foreign currency exchange forward contracts outstanding covering a notional amount of $758.3 million and $559.5 million, respectively. As of December 31, 2025 and 2024, the Company had not posted, and did not hold, any collateral related to these agreements. The following table presents the fair value of derivatives as of December 31, 2025 and 2024 (in millions):
The fair value of interest rate swap assets is included within Other non-current assets. The fair value of interest rate swap liabilities is included within Other non-current liabilities and Other current liabilities as of December 31, 2025 and 2024, respectively, based on the termination date of the respective agreements. The fair value of foreign currency forward contracts is included in Prepaid expenses and other current assets and Other current liabilities. The Company does not net derivatives in the Consolidated Balance Sheets. The following table presents the effect of derivatives designated as cash flow hedges in the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 (in millions):
(1) Amount is net of related deferred tax benefit of $2.5 million, $2.5 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. (2) Amount is net of related deferred tax benefit of $1.4 million, expense of $4.8 million and benefit of $2.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. (3) Amount is net of related income tax benefit of $3.4 million, and expense of $4.8 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, gains of $22.2 million, $37.5 million and $36.0 million, respectively, related to interest rate hedges were reclassified into earnings and recognized in Interest expense, net of interest income in the Consolidated Statements of Operations.
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Long-Term Debt and Other Borrowings |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Other Borrowings | Note 11: Long-Term Debt and Other Borrowings Long-term debt consisted of the following (in millions):
2018 Credit Agreement On August 21, 2018, the Company entered into an initial $3.5 billion credit agreement (as amended from time to time, the “2018 Credit Agreement”), comprised of an initial $2.7 billion senior secured term loan (the “Initial Term Loan”) and a revolving credit facility (the “Revolver”). Term Loans In 2023, the Company amended the 2018 Credit Agreement to extend the maturity date of $2.0 billion of the aggregate principal amount outstanding under the Initial Term Loan to January 31, 2030. In 2023, the Company also used proceeds from the offering of $400.0 million in senior secured notes (discussed below) to repay a portion of principal outstanding under the Initial Term Loan. As of December 31, 2023, the Company had $1.0 billion in aggregate principal outstanding due January 31, 2030, referred to as the “2030 Tranche-1,” $1.0 billion in aggregate principal outstanding due January 31, 2030, referred to as the “2030 Tranche-2,” and $192.9 million in aggregate principal outstanding due August 21, 2025, referred to as the “2025 Tranche” (collectively referred to as the “Term Loans”). In 2024, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-1 and the 2030 Tranche-2, reducing the applicable interest rates. In connection with the amendments, the Company incurred additional debt transaction costs, a portion of which was capitalized and will be amortized over the remaining term of the loan and the remainder of which was recognized directly in Interest expense, net of interest income. In 2024, the Company also elected to prepay the full $192.9 million principal balance of the 2025 Tranche. On January 22, 2025, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-1, reducing the applicable interest rate from 1-month Term Secured Overnight Financing Rate (“SOFR”) plus 3.00% to 1-month Term SOFR plus 2.75%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. In connection with the amendment, the Company incurred additional debt transaction costs of $1.5 million, of which $0.3 million were capitalized and will be amortized over the remaining term of the loan and $1.2 million were recognized directly in Interest expense, net of interest income. On July 21, 2025, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-2, reducing the applicable interest rate from 1-month Term SOFR plus 3.25% to 1-month Term SOFR plus 2.75%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. In connection with the amendment, the Company incurred additional debt transaction costs of $1.5 million, of which $0.3 million were capitalized and will be amortized over the remaining term of the loan and $1.2 million were recognized directly in Interest expense, net of interest income. On October 1, 2025, the Company amended the 2018 Credit Agreement to reprice the 2030 Tranche-1, reducing the applicable interest rate from 1-month Term SOFR plus 2.75% to 1-month Term SOFR plus 2.50%. There were no other material changes to the terms and conditions of the 2018 Credit Agreement. In connection with the amendment, the Company incurred additional debt transaction costs of $1.3 million, of which $0.2 million were capitalized and will be amortized over the remaining term of the loan and $1.1 million were recognized directly in Interest expense, net of interest income. The 2018 Credit Agreement requires quarterly principal payments equal to 0.25% of the aggregate principal amount of outstanding borrowings under the 2030 Tranche-1 and the 2030 Tranche-2, including any incremental borrowings. In March, June and October 2025, the Company elected to prepay $25.0 million, $25.0 million and $100.0 million, respectively, in principal outstanding under the 2030 Tranche-2. In August 2025, the Company elected to prepay an additional $150.0 million in principal outstanding under the 2030 Tranche-1. The total principal prepayments in 2025 was $300.0 million. The Term Loans bear interest at a variable rate that the Company may select per the terms of the 2018 Credit Agreement. As of December 31, 2025, the Company elected to use an annual rate equal to (i) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 2.50% for the 2030 Tranche-1 and (ii) 1-month Term SOFR (subject to a minimum floor of 0.50%), plus 2.75% for the 2030 Tranche-2. As of December 31, 2025, the effective interest rates were 6.53% and 6.96% for the 2030 Tranche-1 and the 2030 Tranche-2, respectively. Revolver On October 21, 2025, the Company amended the 2018 Credit Agreement to (i) decrease the aggregate commitments under the Revolver by $100.0 million, reducing its borrowing capacity from $1.1 billion to $1.0 billion, (ii) extend the maturity date of borrowings under the Revolver from April 28, 2027 to October 21, 2030 and (iii) amend the interest rate applicable to borrowings under the Revolver to 1-month Term plus an applicable rate varying from 1.75% to 2.75%. In connection with the amendment, the Company incurred an additional $3.5 million in debt transaction costs which were capitalized and will be amortized over the remaining term of the Revolver. As of December 31, 2025, borrowing capacity under the Revolver was $1.0 billion. Borrowings under the Revolver, if any, bear interest at our option, at 1-month Term SOFR, plus an applicable rate varying from 1.75% to 2.75% based on achievement of certain Net Leverage Ratios (as defined in the 2018 Credit Agreement). The Revolver was undrawn as of December 31, 2025 and 2024. The Revolver includes capacity for letters of credit equal to the lesser of (a) $220.0 million and (b) any remaining amount not drawn down on the Revolver’s primary capacity. As of December 31, 2025 and 2024, the Company had issued letters of credit with an aggregate face value of $6.6 million and $13.0 million, respectively. These letters of credit were issued in the normal course of business. The Revolver is also subject to a commitment fee. The commitment fee varies based on the Company’s Net Leverage Ratio (as defined in the 2018 Credit Agreement). The Company was charged $3.7 million, $4.1 million, and $3.8 million of commitment fees during the years ended December 31, 2025, 2024 and 2023, respectively. Senior Secured Notes due 2028 On May 22, 2020, the Company issued $650.0 million of senior secured notes due May 15, 2028 (the “2028 Notes”). Net proceeds from the 2028 Notes were $638.5 million, consisting of a $650.0 million aggregate principal amount less $11.5 million from issuance costs. The 2028 Notes were offered in a private placement exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The 2028 Notes bear interest at a fixed rate of 6.75% and yielded an effective interest rate of 6.75% as of December 31, 2025. Senior Secured Notes due 2031 On August 24, 2023, the Company issued $400.0 million of senior secured notes due September 1, 2031 (the “2031 Notes”). Net proceeds from the 2031 Notes were $392.8 million, consisting of a $400.0 million aggregate principal amount less $7.2 million from issuance costs. The 2031 Notes were offered in a private placement exempt from registration under the Securities Act. The 2031 Notes bear interest at a fixed rate of 8.88% and yielded an effective interest rate of 8.80% as of December 31, 2025. Future Maturities Combined annual aggregate maturities for the Term Loans, 2028 Notes and 2031 Notes, excluding unamortized discount and financing costs, as of December 31, 2025 are as follows (in millions):
Financial Covenant and Related Terms The 2018 Credit Agreement has a springing financial covenant, tested on the last day of each fiscal quarter if the outstanding borrowings under the Revolver exceed an applicable threshold. If the financial covenant is triggered, the Net Leverage Ratio (as defined in the 2018 Credit Agreement) may not exceed 5.00 to 1.00. In addition, the 2018 Credit Agreement, the indenture governing the 2028 Notes and the indenture governing the 2031 Notes impose certain operating and financial restrictions on the Company, and in the event of certain defaults, all of the Company’s outstanding borrowings under the 2018 Credit Agreement, the 2028 Notes and the 2031 Notes, together with accrued interest and other fees, could become immediately due and payable. The Company was in compliance with all of the covenants under the 2018 Credit Agreement, the indenture governing the 2028 Notes and the indenture governing the 2031 Notes as of December 31, 2025 and 2024.
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | Note 12: Employee Benefits Defined contribution plans The Company offers a variety of defined contribution plans across the world. In the U.S., benefit plans are pursuant to Section 401(k) of the Internal Revenue Code. For certain plans, the Company, at its discretion, can match eligible employee contributions of up to 100% of amounts contributed up to 4%, in 2025, of an individual’s annual compensation and subject to limitation under federal law. Additionally, the Company sponsors a number of defined contribution plans pursuant to the requirements of certain countries in which it has operations. Contributions to defined contribution plans are charged as an expense as the contributions are paid or become payable and are reflected in Costs of services and Operating, administrative and other in the Consolidated Statements of Operations. Defined contribution plan expense was $49.4 million, $51.0 million and $47.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Defined benefit plans The Company offers defined benefit plans in certain jurisdictions. In the U.K., the Company provides two defined benefit plans to certain employees and former employees based on final pensionable salary, both of which are overfunded and closed to new members. The net asset for the U.K. defined benefit plans is presented within Other non-current assets and is comprised of the following (in millions):
In 2022, the Company completed buy-in transactions for two of the defined benefit plans in the U.K., whereby the trustees of the plans purchased a bulk annuity insurance policy, under which the insurer is committed to pay the plan cash flows intended to match the benefit payments. These new insurance policies are held as assets of each plan, respectively. Under the buy-in arrangements, the benefit obligations were not transferred to the insurer. Rather, the Company retains full responsibility for paying the members’ benefits. The buy-in arrangements also allow for the future conversion into buy-out arrangements whereby the insurance company would assume full responsibility of the pension benefit obligations. Upon settlement date of the buy-out, the Company would derecognize the assets and liabilities of the defined benefit plan and any remaining losses currently recorded in Accumulated other comprehensive loss will be recognized as a component of net periodic pension cost in the Consolidated Statement of Operations. The Company anticipates that it is reasonably possible the buy-out process for at least one of the U.K. defined benefit plans will be completed in 2026. There are no employer contributions expected to be paid for the year ending December 31, 2026 for the U.K. defined benefit plans. Changes in the net asset/liability for the U.K. defined benefit plans were as follows (in millions):
Total amounts recognized in the Consolidated Statements of Operations for the U.K. defined benefit plans were as follows (in millions):
Total amounts recognized in Accumulated other comprehensive loss for the U.K. defined benefit plans were as follows (in millions):
The discount rate is determined using a cash flow matching method and a yield curve which is based on AA corporate bonds with extrapolation beyond 30 years in line with a gilt yield curve. The following table includes the key ASC Topic 715, Compensation—Retirement Benefits (“ASC 715”), assumptions used:
The Company evaluates these assumptions on a regular basis taking into consideration current market conditions and historical market data. A lower discount rate would increase the present value of the benefit obligation. Other changes in actuarial assumptions, such as plan participants’ life expectancy or expected return on plan assets, can also have an impact on the net benefit obligation. After completion of the buy-in transactions in 2022, the value of the bulk annuity insurance policy as an asset is set to be equal to the value of the ASC 715 benefit obligations. The investment strategies are set by the independent trustees of the plans and are established to achieve a reasonable balance between risk and return and to cover administrative expenses, as well as to maintain funds at a level to meet any applicable minimum funding requirements. As of December 31, 2025 and 2024, the primary assets of the plans were bulk annuity insurance policies. The weighted average plan asset allocations as of December 31, 2025 and 2024 by asset category for the U.K. defined benefit plans were as follows:
Plan assets of $2.6 million and $0.3 million as of December 31, 2025 and 2024, respectively, were held within instruments whose fair values can be readily determinable through observable, quoted prices in active markets (Level 1), and these assets consisted primarily of cash. There were no plan assets held within instruments whose fair values can be readily determinable as of December 31, 2025. As of December 31, 2024, plan assets of $2.7 million were held within instruments whose fair values can be readily determinable, but do not have regular active market pricing (Level 2), and these assets consisted of invested cash. Plan assets of $130.8 million and $123.3 million as of December 31, 2025 and 2024, respectively, were held within instruments with unobservable inputs (Level 3), representing the bulk annuity insurance policies. Expected future benefit payments for the U.K. defined benefit pension plans are as follows (in millions):
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Stock-Based Compensation |
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| Stock-Based Compensation | Note 13: Stock-Based Compensation The Company issues individual grants of share-based compensation awards, subject to board approval, for purposes of recruiting and as part of its overall compensation strategy. During the periods presented, the Company granted Restricted Stock Units (“RSUs”) under the 2018 Omnibus Plans, which are further described below. Restricted Stock Units Time-Based and Performance-Based RSUs The Company may award certain individuals with RSUs. Time-based RSUs (“TBRSUs”) contain only a service condition, and the related compensation cost is recognized over the requisite service period of typically three years using the straight-line vesting method. The Company has determined the fair value of TBRSUs as the fair value of common share on the grant date. In the first quarter of 2025, 2024 and 2023, the Company granted 2.8 million, 2.7 million and 2.7 million TBRSUs, respectively, to a select group of management and employees. Throughout the remainder of 2025, 2024 and 2023, an additional 0.3 million, 0.3 million and 0.5 million TBRSUs, respectively, were granted. The compensation cost for these grants will be recognized over a requisite service period of 3 years. As of December 31, 2025, the Company does not have any material outstanding share awards that are liability classified. Performance-based RSUs (“PBRSUs”) contain certain performance and market conditions, as defined in the award agreements, as well as a service condition, and vest upon the satisfaction of such service condition and achievement of performance targets during the defined performance periods. In 2025, 2024 and 2023, the Company granted 0.6 million, 1.9 million and 0.5 million PBRSUs, respectively, to a select group of management. The 2025 PBRSU awards are comprised of three one-year performance periods (referred to herein as 2025 PBRSU Tranche A, 2025 PBRSU Tranche B and 2025 PBRSU Tranche C). Under U.S. GAAP, awards are not considered granted until performance conditions are established. In 2025, performance conditions were only established for 2025 PBRSU Tranche A. The performance conditions for 2025 PBRSU Tranche B and 2025 PBRSU Tranche C have not yet been established and, as a result, these tranches are not considered granted under U.S. GAAP until the respective performance conditions are established. The 2023 PBRSU awards are comprised of three one-year performance periods (referred to herein as 2023 PBRSU Tranche A, 2023 PBRSU Tranche B and 2023 PBRSU Tranche C). In 2023, performance conditions were only established for 2023 PBRSU Tranche A. In 2024, performance conditions were established for 2023 PBRSU Tranche B. In 2025, performance conditions were established for 2023 PBRSU Tranche C. Of the PBRSU grants in 2025, 0.3 million related to 2025 awards, and the remaining 0.3 million related to the 2023 PBRSU Tranche C awards, for which performance conditions were set in 2025. Of the PBRSU grants in 2024, 1.6 million related to 2024 awards, and the remaining 0.3 million related to the 2023 PBRSU Tranche B awards, for which performance conditions were set in 2024. Of the 2025 PBRSU awards, 100% vest based upon the satisfaction of certain Adjusted EPS goals, with a relative Total Shareholder Return (“TSR”) modifier. Of the 2024 PBRSU awards, for select executive members, 25% vest based upon the satisfaction of certain Strategic Cost Efficiency (“SCE”) goals and 75% vest based upon the satisfaction of certain Strategic Cash Generation (“SCG”) goals. For the rest of the 2024 award recipients, 50% vest based upon the satisfaction of certain SCE goals and 50% vest based upon the satisfaction of certain SCG goals. Of the 2023 PBRSU awards, 50% vest based upon the satisfaction of certain SCE goals and 50% vest based upon the satisfaction of certain Adjusted Free Cash Flow goals, both with a relative TSR modifier. As the 2025 and 2023 PBRSUs contain both performance conditions and market conditions (due to the relative TSR modifier), the fair value at grant date of these awards was determined using a Monte Carlo simulation model, which used the following assumptions:
(1) The stock price is the closing price of the Company’s common shares on the grant date. (2) The period for volatility for the Company and the peer group (Russell 2000) is based on the time between the valuation date and the end of the performance period. (3) The risk-free interest rate used is based on zero-coupon risk-free rates over the time from the valuation date to the end of the performance period, based on interpolation. (4) The weighted average of the daily historical stock price volatility of the Company over the time from the valuation to the end of the performance period is used to determine volatility. (5) The dividend yield is 0% as the Company has not paid any dividends nor does it currently intend to pay dividends for the foreseeable future. The Company considered achievement of the performance and market conditions for the 2025 and 2023 awards to be probable and therefore began recognizing expense for these awards as of the respective grant dates. As the 2024 PBRSUs contain only performance conditions, the fair value of these awards was equal to the closing price of the Company’s common shares on the grant date. The Company considered the achievement of the SCE and SCG performance conditions to be probable and therefore began recognizing expense for such awards as of the grant date. The fair value of the PBRSUs granted during the year ended December 31, 2024 ranged from $10.01 to $10.35. The following table summarizes the Company’s outstanding RSUs (in millions, except for per share amounts):
The following table summarizes the Company’s compensation expense related to RSUs (in millions):
The total unrecognized compensation cost related to non-vested RSU awards is expected to be recognized over a weighted average period of approximately 1.7 years.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 14: Income Taxes Cushman & Wakefield Ltd. is a Bermuda exempted company limited by shares and is not considered to be a tax resident in any other jurisdiction or country. The significant components of earnings (loss) before income taxes and the provision for income taxes were as follows (in millions):
In 2025, we adopted the expanded disclosure requirements under ASU 2023-09 related to the effective tax rate reconciliation. We elected a prospective approach, applying the new guidance beginning with the year ended December 31, 2025 and for all future periods. Differences between income tax expense reported for financial reporting purposes and tax expense computed based upon the application of the United States federal tax rate to the reported earnings (loss) before income taxes were as follows (in millions):
(1) States taxes in Texas, North Carolina, California and Virginia represent greater than 50% of the tax expense effect in this category.
The parent company is domiciled in Bermuda and prior to the Redomiciliation in 2025, the parent company was domiciled in the U.K. The statutory tax rate in the U.S. was 21.0% for years ended December 31, 2025, 2024 and 2023. Although our parent company is domiciled outside of the U.S., we have historically used the U.S. statutory tax rate as the Company generates approximately 70% of total revenue in the U.S. and the majority of our investors are U.S.-based. By contrast, Bermuda has no revenue. Furthermore, the majority of our industry peers are U.S.-based companies with reconciliations also utilizing 21.0%. As a result, we believe reconciling our effective tax rate from 21.0% is more meaningful for investors and improves comparability with our peers. The Organization for Economic Co-Operation and Development (“OECD”) has directed its 38 member countries to act to prevent what it refers to as base erosion and profit shifting. The OECD announced a consensus around further changes in traditional international tax principles to address, among other things, the perceived need for a minimum global effective tax rate of 15% (“Pillar Two”). On July 11, 2023, following the Pillar Two directive, the U.K. enacted legislation to transpose the Pillar Two directive into domestic law for years beginning after December 31, 2023. Similarly, on December 27, 2023, Bermuda enacted the Bermuda Corporate Income Tax Act 2023 in response to Pillar Two, which became effective for tax years starting on January 1, 2025. Other OECD countries, as well as countries not in the OECD, have taken similar actions to propose and implement Pillar Two legislation, pursuant to the directive. We have assessed the impact of the Pillar Two laws and identified certain jurisdictions in which Pillar Two impacts exist, however, this did not have a material impact on the Company’s financial position, income taxes or results of operations for the years ended December 31, 2025 or 2024. Income taxes paid, net of refunds, during the year were as follows (in millions):
Income taxes paid, net of refunds, by jurisdiction during the year were as follows (in millions):
The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows (in millions):
The Company had total valuation allowances of $155.1 million and $167.7 million as of December 31, 2025 and 2024, respectively, as it was determined that it was more likely than not that certain deferred tax assets may not be realized. These valuation allowances relate to tax loss carryforwards, other tax attributes and temporary differences that are generally available to reduce future tax liabilities in jurisdictions including but not limited to the U.K., Australia, Singapore, the U.S., Poland and Brazil. The total amount of gross unrecognized tax benefits was $82.2 million and $17.8 million as of December 31, 2025 and 2024, respectively. The increase in current period tax positions was primarily driven by tax positions on U.S. interest carryforwards, and as a result of the Redomiciliation in 2025, there were certain net operating losses in certain jurisdictions, primarily Germany, which we believe are not more likely than not to be available to offset future taxable income. These net operating losses are unrecognized in our deferred tax assets and are presented in the uncertain tax positions table below. Upon future utilization of these net operating losses, we will recognize the associated uncertain tax position in the balance sheet. The increase in prior period tax positions relates to a return to provision adjustment on U.S. interest carryforwards. It is reasonably possible that unrecognized tax benefits may decrease by $0.6 million during the next twelve months due to the lapsing in the statute of limitations. The Company had accrued interest and penalties of $10.0 million and $10.1 million as of December 31, 2025 and 2024, respectively, net of federal and state income tax benefits as applicable. The provision for income taxes includes a benefit for interest and penalties of $0.2 million, an expense of $1.8 million and a benefit of $3.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Changes in the Company’s unrecognized tax benefits are (in millions):
The Company is subject to income taxation in various jurisdictions around the world. Generally, the Company’s open tax years include those from 2008 to the present, although audits by taxing authorities for more recent years have been completed or are in process in several jurisdictions. As of December 31, 2025, the Company was under examination by taxing authorities in the U.S., Germany, Belgium, Poland, India, Japan, Philippines, Singapore, Malaysia, Thailand and Vietnam. As of December 31, 2025 and 2024, the Company had accumulated $11.7 billion and $11.1 billion of undistributed earnings, respectively. As of December 31, 2025 and 2024, the Company had a deferred tax liability of $1.8 million and $1.7 million, respectively, recorded for repatriation of earnings not deemed to be indefinitely reinvested. The deferred tax liability relates to income taxes and withholding taxes on potential future distributions of cash balances in excess of working capital requirements. We believe our policy of reinvesting earnings of foreign subsidiaries does not materially impact our liquidity. As of December 31, 2025 and 2024, the Company had available operating loss carryforwards of $158.4 million and $165.9 million, respectively, and foreign tax credit carryforwards of $7.9 million and $14.0 million, respectively. Both the operating loss carryforwards and the foreign tax credit carryforwards will begin to expire in 2026. The Company also had U.S. interest expense disallowance carryforwards of $120.2 million and $143.0 million as of December 31, 2025 and 2024, respectively, which have an indefinite carryforward. Valuation allowances have been provided regarding the tax benefit of certain tax loss carryforwards, other attributes and temporary differences, for which it has been concluded that it is more likely than not that the deferred tax asset will not be realized. The Company assesses both positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets, including an analysis of cumulative losses or income in recent years, as well as projections of future taxable income and potential tax planning strategies. In 2025, the Company had changes in its valuation allowances for deferred tax assets in various jurisdictions, resulting in a net decrease of $12.6 million. The decrease was primarily driven by the Company’s derecognition of net operating loss carryforwards in Germany and related valuation allowance resulting from the Redomiciliation and the release of valuation allowances in the U.K. on certain deferred tax assets, partially offset by changes in temporary tax adjustments primarily in the U.K.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 15: Leases The components of lease cost were as follows (in millions):
Supplemental balance sheet information related to leases was as follows (in millions):
Maturities of lease liabilities are as follows (in millions):
As of December 31, 2025, we have operating leases that have not yet commenced with future lease payments of approximately $168.3 million. These operating leases will commence in 2026 with lease terms ranging from 11 to 17 years. Refer to Note 20: Supplemental Cash Flow Information for supplemental cash flow information and non-cash activity related to our operating and finance leases.
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| Leases | Note 15: Leases The components of lease cost were as follows (in millions):
Supplemental balance sheet information related to leases was as follows (in millions):
Maturities of lease liabilities are as follows (in millions):
As of December 31, 2025, we have operating leases that have not yet commenced with future lease payments of approximately $168.3 million. These operating leases will commence in 2026 with lease terms ranging from 11 to 17 years. Refer to Note 20: Supplemental Cash Flow Information for supplemental cash flow information and non-cash activity related to our operating and finance leases.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 16: Commitments and Contingencies Contingencies In the normal course of business, the Company is subject to various claims and litigation. The Company is also subject to threatened or pending legal actions arising from activities of contractors. A liability is recorded for claims or other contingencies when the risk of loss is probable and the amount can be reasonably estimated. Legal fees are expensed as incurred. Many of these claims may be covered under the Company’s current insurance programs, subject to self-insurance levels and deductibles. The timing and ultimate settlement of these matters is inherently uncertain, however, based upon information currently available, unless otherwise noted, we believe the resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. The Company is also subject to various workers’ compensation and medical claims, primarily as it relates to claims by employees in the U.S. for medical benefits and lost wages associated with injuries incurred in the course of their employment. A liability is also recorded for the Company’s IBNR claims based on assessment using prior claims history. These various contingent claims liabilities are presented as Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. As of December 31, 2025 and 2024, contingent liabilities recorded within Other current liabilities were $85.0 million and $81.4 million, respectively, and contingent liabilities recorded within Other non-current liabilities were $65.0 million and $59.9 million, respectively. These contingent liabilities are made up of E&O claims, litigation matters, general liability, workers’ compensation and other medical claims. As of December 31, 2025 and 2024, E&O and other litigation claims were $51.4 million and $56.7 million, respectively, and general liability, workers’ compensation and medical claims liabilities were $98.6 million and $84.6 million, respectively. The Company had no material insurance receivable balances outstanding as of December 31, 2025 or 2024. Payroll Tax Claims In a non-U.S. jurisdiction, the Company is currently engaged in a dispute with a local tax authority about the application of tax rules related to certain payroll taxes with respect to two of our subsidiaries for tax years ended 2015 to 2021. The tax authority has claimed the Company owes unpaid employer payroll tax contributions of approximately $66.0 million, plus interest. There have been no changes to such claimed amount in 2025 other than the impact of foreign currency movements. In addition, we could receive claims for other alleged unpaid income taxes as we have been served with protective determinations by the same tax authority. The Company generally believes that it has appropriately applied the payroll tax rules and disagrees with the amounts claimed. However, an immaterial liability was recorded during the year ended December 31, 2023, equal to the estimated probable loss for the years under review, and there have been no changes to this estimated liability recorded. The Company continues to assess this dispute, including as a result of recent court proceedings in January 2026 which will establish legal precedent upon the court’s decision, and it is reasonably possible that in the near term we may recognize additional liabilities when such additional losses are probable and can be reasonably estimated. As of December 31, 2025, the estimated range of reasonably possible loss including interest, in excess of amounts accrued, is up to $52.1 million, net of tax benefit, and reflective of the impact of foreign currency movements. 401(k) Nondiscrimination Testing In 2023, the Company identified irregularities in its historical nondiscrimination testing for a qualified retirement savings plan available to U.S. employees. As of December 31, 2023, to remedy these irregularities, the Company accrued its best estimate of the amount that the Company would need to contribute to the plan in accordance with applicable correction protocols. The Company paid the immaterial corrective contribution to the plan during the first half of 2025. U.S. Department of Justice Lawsuit In January 2025, the U.S. Department of Justice (the “DOJ”) added the Company and one of its multifamily subsidiaries, along with other third parties, as defendants to a civil lawsuit that it and the Attorneys General of several states (collectively, the “Co-Plaintiffs”) have filed against RealPage, Inc. The lawsuit relates to the operation and use of RealPage’s revenue management software, which we were at times directed by our clients to use at some of the multifamily properties we manage. The lawsuit is civil in nature and the DOJ is not currently seeking monetary fines or penalties from the defendants. However, some of the Co-Plaintiffs could seek monetary relief under applicable state laws, which amounts, if awarded, are not currently expected to be material to the Company. We disagree with the lawsuit’s allegations and we do not believe that our use of the revenue management software violates U.S. federal or state antitrust laws. Importantly, the Company is not a landlord, does not own any properties, does not set strategy, pricing, or occupancy targets at any properties it manages, and does not independently determine whether or how revenue management software is used at such properties. Certain states have also filed similar, separate lawsuits but our position in relation to those cases is substantially similar to our position in the case brought by the DOJ. The Company does not expect that the outcome of these disputes will have a material impact on its business, financial condition or results of operations. Guarantees The Company’s guarantees primarily relate to requirements under certain client service contracts and arise through the normal course of business. These guarantees, with certain financial institutions, have both open and closed-ended terms, with remaining closed-ended terms up to 7.0 years and maximum potential future payments of approximately $147.8 million in the aggregate. None of these guarantees are individually material to the Company’s operating results, financial position or liquidity. The Company considers the probability of future payment or non-performance under these guarantees to be remote. Greystone JV Indemnities On November 27, 2023, Greystone Servicing Company LLC (“GSC”), a wholly-owned subsidiary of the Greystone JV, entered into an indemnity agreement with Federal Home Loan Mortgage Corporation (“Freddie Mac”), which agreement is not in the normal course of GSC’s business, whereby Freddie Mac agreed to issue one or more loan commitment letters regarding the purchase of 42 first mortgage multifamily property loans brokered by a certain independent broker under temporary suspension by Freddie Mac (“Brokered Loans”). In exchange, GSC agreed to indemnify and hold Freddie Mac harmless from any claims or losses related to such Brokered Loans that result from any fraud, misrepresentation or omission. The Brokered Loans are currently performing and have not had any material impact on the Greystone JV to date. The Company will continue to assess this matter, and although it considers the likelihood of future indemnity obligations related to the Brokered Loans to be remote, it is possible that the matter could result in an additional, potentially material, liability for the Greystone JV in future periods. GSC is also an approved lender and servicer under the Federal National Mortgage Association (“Fannie Mae”). In the third quarter of 2025, GSC’s lender and servicing agreement with Fannie Mae was modified to increase the loss share obligations delivered on or before July 1, 2025, which had been identified as having certain risk characteristics at origination. This list may be updated periodically to reflect changes, such as the addition of new loans or the removal of loans expected to result in no or limited losses. As of December 31, 2025, the list included 65 loans, three such loans were paid in full with no losses incurred and the remaining loans have recorded loan loss provisions in accordance with ASC 326, as applicable. The Company will continue to assess loan loss provisions as any additional loan losses recorded for this matter could result in potentially material liability for the Greystone JV in future periods. For the year ended December 31, 2025, the Greystone JV recorded provision for loan losses of $62.3 million, of which the Company recorded $24.9 million based on its 40% equity interest as part of its (Loss) earnings from equity method investments. Any additional potential impact to the Greystone JV as a result of these matters would only impact the Company’s Consolidated Financial Statements by our 40% equity interest in the Greystone JV. Gain from Insurance Proceeds Subsequent to the completion of our 2014 acquisition of the DTZ Group from UGL Limited (“UGL”), the Company brought a breach of warranty claim under warranty and indemnity insurance policies obtained in connection with the acquisition to cover certain losses incurred by the Company by reason of warranty breaches by UGL. The claim has been the subject of a lawsuit that has been pending since 2019 (the “Litigation”). On September 30, 2024, the Company and one of the defendant insurers entered into a settlement agreement, under which the insurer paid the Company $17.3 million in exchange for a release in the Litigation. During the fourth quarter of 2024, the Company also received an additional $1.9 million in payments from other defendant insurers for releases in the Litigation. For the year ended December 31, 2024, the Company recorded a total gain of $19.2 million for such settlements within Other income (expense), net in the Consolidated Statements of Operations. The cash receipts for such payments offset the gain within cash flows from operating activities in the Consolidated Statements of Cash Flows as the proceeds are similar in nature to business interruption insurance proceeds. In February 2025, a ruling was issued that valued the loss suffered by the Company in an amount no greater than the policy limits of defendant insurers, and dismissed the case prior to trial. As the other defendant insurers who remained in the case were declared to be prevailing parties, the Company will be required to pay their costs, which will be the subject of negotiation. In the third quarter of 2025, the Company recorded an immaterial liability for estimated settlement of these costs.
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Related Party Transactions and Employee Receivables |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions and Employee Receivables | Note 17: Related Party Transactions and Employee Receivables The Company recognized royalty fee income from equity method investments as disclosed in Note 8: Equity Method Investments. During 2025, for certain facilities management contracts the Company subcontracted the APAC services, particularly in Greater China, through the Onewo JV. Such transactions occurred in the normal course of business and totaled approximately $52.0 million of expenses within Costs of services in the Consolidated Statements of Operations. In addition, as of December 31, 2025 and 2024, the Company had receivables from revenue-producing advisors and other employees of $53.5 million and $47.5 million, respectively, that are included in Prepaid expenses and other current assets, and $439.1 million and $364.5 million, respectively, that are included in Other non-current assets in the Consolidated Balance Sheets. These amounts primarily represent prepaid commissions, retention and sign-on bonuses to advisors and other items such as travel and other advances to employees. Such amounts are amortized over the required service period outlined in each underlying agreement.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 18: Fair Value Measurements The Company measures certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) which defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value as follows: •Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; •Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and •Level 3: inputs for the asset or liability that are based on unobservable inputs in which there is little or no market data. Financial Instruments The Company’s financial instruments include cash and cash equivalents, trade and other receivables, a deferred purchase price (“DPP”) receivable related to the A/R Securitization, restricted cash, accounts payable and accrued expenses, short-term borrowings, long-term debt, interest rate swaps and foreign exchange contracts. The carrying amount of cash and cash equivalents and restricted cash approximates the fair value of these instruments. Certain money market funds in which the Company has invested are highly liquid and considered cash equivalents. These funds are valued at the per unit rate published as the basis for current transactions. Due to the short-term nature of trade and other receivables, accounts payable and accrued expenses, and short-term borrowings, their carrying amount is considered to be the same as their fair value. Under the A/R Securitization, the Company recorded a DPP receivable upon the initial sale of trade receivables. As of December 31, 2025 and 2024, the carrying amount of the DPP receivable approximates its fair value. Refer to Note 19: Accounts Receivable Securitization for more information. The estimated fair value of external debt was $2.8 billion and $3.1 billion as of December 31, 2025 and 2024, respectively. These instruments were valued using dealer quotes that are classified as Level 2 inputs in the fair value hierarchy. The gross carrying value of the debt was $2.7 billion and $3.0 billion as of December 31, 2025 and 2024, respectively, which excludes debt issuance costs. Refer to Note 11: Long-Term Debt and Other Borrowings for additional information. Non-recurring Fair Value Measurements In the fourth quarter of 2025, we identified impairment indicators related to the carrying value of the Greystone JV that indicated a decline in fair value. In determining the fair value of the Greystone JV, the Company used both an income approach, using a DCF model based on current forecasts for the Greystone JV, and a market approach, using projected market multiples for comparable companies. Refer to Note 8: Equity Method Investments for additional information. Recurring Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions):
During the year ended December 31, 2025, there were no transfers between the three levels of the fair value hierarchy. There have been no significant changes to the valuation techniques and inputs used to develop the fair value measurements during the period. Deferred Compensation Plans The Company sponsors non-qualified deferred compensation plans. The plans allowed certain highly-compensated employees in the U.S. to defer a portion of their compensation, enabling the employees to defer tax on compensation until payment is made. All deferred compensation plans are currently frozen. The Company has established rabbi trusts under which investments are held to fund payment of the liability for two of the frozen deferred compensation plans. The investments consist of company owned life insurance policies and mutual funds. The fair value of deferred compensation plan assets and liabilities is determined based on the value of the underlying investments. At each reporting date, the value of the life insurance policies is based on their cash surrender value and the value of the mutual funds is based on quoted prices in active markets. Deferred compensation plan assets are presented within Prepaid expenses and other current assets and Other non-current assets in the Consolidated Balance Sheets. Deferred compensation liabilities are presented within Accrued compensation and Other non-current liabilities in the Consolidated Balance Sheets. Foreign Currency Forward Contracts and Interest Rate Swaps The estimated fair value of interest rate swaps and foreign currency forward contracts are determined based on the expected cash flows of each derivative instrument. The valuation method reflects the contractual period and uses observable market-based inputs, including interest rate and foreign currency forward curves (Level 2 inputs). Refer to Note 10: Derivative Financial Instruments and Hedging Activities for discussion of the fair value associated with these derivative assets and liabilities. Earn-out Liabilities The Company has various contractual obligations associated with the acquisition of several real estate service companies in the United States and Europe, including contingent consideration comprised of earn-out payments to the sellers subject to achievement of certain performance criteria in accordance with the terms and conditions set forth in the respective purchase agreements. An increase to a probability of achievement would result in a higher fair value measurement of the earn-out liability. The amounts disclosed in the fair value hierarchy table above are included in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. As of December 31, 2025, the Company had the potential to make a maximum of $12.0 million and a minimum of $0.0 million (undiscounted) in earn-out payments. Assuming the achievement of the applicable performance criteria, these earn-out payments will be made over the next 4 years. Earn-out liabilities are classified within Level 3 in the fair value hierarchy because the methodology used to develop the estimated fair value includes significant unobservable inputs reflecting management’s own assumptions. The fair value of earn-out liabilities is based on the present value of probability-weighted expected return method related to the earn-out performance criteria on each reporting date. The probabilities of achievement assigned to the performance criteria are determined based on due diligence performed at the time of acquisition, as well as actual performance achieved subsequent to acquisition. Adjustments to the earn-out liabilities in periods subsequent to the completion of acquisitions are reflected within Operating, administrative and other in the Consolidated Statements of Operations. The table below presents a reconciliation of earn-out liabilities measured at fair value using significant unobservable inputs (Level 3) (in millions):
Investments in Real Estate Ventures The Company directly invests in early stage proptech companies, real estate investment funds and other real estate companies across various sectors. The Company typically reports these investments at cost, less impairment charges, and adjusts these investments to fair value if the Company identifies observable price changes in orderly transactions for identical or similar instruments of the same issuer. The fair value of these investments is included in Other non-current assets in the Consolidated Balance Sheets. Investments in early stage proptech companies or other real estate companies are typically fair valued as a result of pricing observed in initial or subsequent funding rounds. These investments are not fair valued on a recurring basis and as such have been excluded from the fair value hierarchy table. As of December 31, 2025 and 2024, the fair value of our investments in early stage proptech companies (that are not publicly traded) was $45.3 million and $45.5 million, respectively. The Company also invests in other real estate companies that are traded on public stock markets around the world, including a company that completed its initial public offering in the fourth quarter of 2025. As quoted market prices for identical assets are available, these investments are classified as Level 1 investments, included as equity securities in the fair value hierarchy table, and mark to market gains and losses are recognized on a recurring basis. As of December 31, 2025, the fair value of our investments in publicly traded real estate companies was $35.2 million. Investments in real estate venture capital funds and co-investment funds are primarily fair valued using the net asset value (“NAV”) per share (or its equivalent) provided by investees or held at cost, less impairment charges. Critical inputs to NAV estimates include valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the fair value hierarchy table. As of December 31, 2025 and 2024, the fair value of our investments in real estate venture capital funds and co-investment funds was $69.0 million and $73.9 million, respectively. The Company adjusts these various real estate investments to their fair values each reporting period, and the changes in fair values are reflected in Other income (expense), net, in the Consolidated Statements of Operations. During the years ended December 31, 2025 and 2024, the Company recognized a net unrealized gain of $26.1 million and a net unrealized loss of $0.8 million, respectively, on our real estate investments.
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Accounts Receivable Securitization |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Transfers and Servicing [Abstract] | |
| Accounts Receivable Securitization | Note 19: Accounts Receivable Securitization Under the A/R Securitization, certain of the Company’s wholly-owned subsidiaries continuously sell receivables to certain wholly-owned special purpose entities at fair market value. The special purpose entities then sell 100% of the receivables to an unaffiliated financial institution (the “Purchaser”). Although the special purpose entities are wholly-owned subsidiaries of the Company, they are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to have liabilities satisfied out of their assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not available to pay other creditors of the Company. All transactions under the A/R Securitization are accounted for as a true sale in accordance with ASC Topic 860, Transfers and Servicing (“ASC 860”). Following the sale and transfer of the receivables to the Purchaser, the receivables are legally isolated from the Company and its subsidiaries, and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables. Receivables sold are derecognized from the consolidated balance sheet. The Company continues to service, administer and collect the receivables on behalf of the Purchaser, and recognizes a servicing liability in accordance with ASC 860. Any financial statement impact associated with the servicing liability was immaterial for all periods presented. Under the A/R Securitization, the Company records a DPP receivable upon the initial sale of trade receivables. The DPP receivable represents the difference between the fair value of the trade receivables sold and the cash purchase price and is recognized at fair value as part of the sale transaction. The DPP receivable is paid to the Company in cash on behalf of the Purchaser as the receivables are collected; however, due to the revolving nature of the A/R Securitization, cash collected from the Company’s customers is reinvested by the Purchaser daily in new receivable purchases under the A/R Securitization. The carrying amount of the DPP receivable, which approximates its fair value, is primarily based on the face amount of receivables, adjusted for estimated credit losses. As of December 31, 2025 and 2024, the DPP receivable of $299.7 million and $310.9 million, respectively, was included in Other non-current assets in the Consolidated Balance Sheets. For the years ended December 31, 2025 and 2024, receivables sold under the A/R Securitization were $2.9 billion and $2.7 billion, respectively, and cash collections from customers on receivables sold were $2.9 billion and $2.6 billion, respectively, all of which were reinvested in new receivables purchases and are included in cash flows from operating activities in the Consolidated Statements of Cash Flows. As of December 31, 2025 and 2024, the outstanding principal on receivables sold under the A/R Securitization was $445.8 million and $437.6 million, respectively. The A/R Securitization also provides funding from the Purchaser against receivables sold into the program. On August 14, 2025, the Company amended the A/R Securitization to increase the maximum facility limit to $250.0 million. As of December 31, 2025 and 2024, the Company had aggregate capital outstanding under this facility of $120.0 million and $100.0 million, respectively, and the unused portion of the facility limit, net of letters of credit, was $93.1 million and $100.0 million, respectively. The A/R Securitization expires on June 19, 2026, unless extended or an earlier termination event occurs.
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Information | Note 20: Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the sum of such amounts presented in the Consolidated Statements of Cash Flows (in millions):
Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 21: Subsequent Events The Company has evaluated subsequent events through February 19, 2026, the date on which these financial statements were issued, and has determined there were no material subsequent events to disclose.
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Parent Company Information |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Information | Note 22: Parent Company Information
Background and basis of presentation On November 27, 2025, Cushman & Wakefield plc (the former parent company) completed a court-approved scheme of arrangement in the U.K., pursuant to which a new Bermudan holding company, Cushman & Wakefield Ltd. (the “Parent Company”) became the sole shareholder of Cushman & Wakefield plc and the parent company of the entire group of Cushman & Wakefield companies (the “Redomiciliation”). The Redomiciliation resulted in the Cushman & Wakefield group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. The Parent Company is a holding company that conducts substantially all of its business operations through its subsidiaries. The accompanying condensed financial statements include the accounts of both Cushman & Wakefield plc and Cushman & Wakefield Ltd. for the respective periods during which each entity is, or was, considered the parent company of the consolidated group in the period the Redomiciliation was effected. The investment in subsidiaries are reported on an equity method basis. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. These parent-only financial statements should be read in conjunction with Cushman & Wakefield Ltd.’s audited Consolidated Financial Statements included elsewhere herein. The condensed parent-only financial statements of the registrant have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of the Company exceed 25% of the consolidated net assets of the Company. The total restricted net assets as of December 31, 2025 were $1.6 billion. Dividends The ability of the Parent Company’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ financings agreements (Refer to Note 11: Long-Term Debt and Other Borrowings). During the fiscal years ended December 31, 2025, 2024 and 2023, the Parent Company’s consolidated subsidiaries did not pay any cash dividends to the Parent Company.
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Schedule II - Valuation & Qualifying Accounts |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation & Qualifying Accounts | Schedule II – Valuation & Qualifying Accounts
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | The Company has established a cybersecurity program designed to protect our information assets and those information assets of our clients that come under our control. Our cybersecurity risk management processes include technical security controls, monitoring systems, operational processes and policies, and management oversight to assess, identify and manage risks from cybersecurity threats. We have implemented risk-based controls to protect our information, information systems and business operations. We have adopted security control principles and standards based on the National Institute of Standards and Technology Cybersecurity Framework (NIST), other recognized global standards and client contractual requirements, as applicable. We strive to evaluate and invest in technology, personnel and infrastructure to maintain cybersecurity measures in line with our risk exposure and to address the ever-changing threat, technology and regulatory landscape. We maintain a cybersecurity program that includes physical, administrative, and technical safeguards, and we maintain plans and procedures whose objective is to help us prevent, detect and timely and effectively respond to, and as necessary, recover from, cybersecurity incidents. For example, the Company has implemented network firewalls, network intrusion detection and prevention, penetration testing, anti-malware and access controls, and threat intelligence, among other technical safeguards. Through our cybersecurity risk management program, we have established operational processes to address issues including monitoring and patching of vulnerabilities, regularly updating our information systems, and evaluating new countermeasures made to defend against an evolving landscape of threats. This process is overseen by the Audit Committee of our Board. In addition, we regularly engage third-party consultants and providers to assist us in assessing, testing, enhancing and monitoring our cybersecurity risk management programs and responding to any incidents. These third parties work in conjunction with the Company’s information security team in an effort to continuously improve our cyber risk posture. Examples of third-party actions include the engagement of a security operations center for real-time monitoring and response to incidents, risk assessments and security certifications. The Company also receives independent audits on our global cybersecurity program from industry leading vendors at least annually. We have established a vendor risk management program, which is a cross-functional program supported by our information security, compliance and procurement teams. As part of that program, we assess the security and privacy practices of our suppliers and third-party service providers who have access to, store or process our information through ongoing risk monitoring and security assessments, in line with the cybersecurity risks associated with the products or services they provide. We provide feedback and guidance to certain vendors as needed in an effort to enhance their security posture, including when new risks or threats are identified. Additionally, we perform periodic reassessments of applicable vendors to ensure our information security control requirements continue to be met across our supply chain. We believe cybersecurity awareness is important in helping prevent cyber threats. To that end, we provide annual cybersecurity awareness training and regular phishing awareness exercises to our tech-enabled employees. We monitor and assess the success rate of employees reporting phishing scams, and the results inform the development of our security trainings, systems and programs. Additionally, for employees in certain higher-risk positions (including those who handle sensitive information, technology or funds), we provide role-based security training tailored to address the heightened cybersecurity risks they face. We have experienced, and may in the future experience, whether directly or through our service providers or other channels, cybersecurity incidents. Moreover, the integration of AI by us or by our third-party service providers may pose new or unknown cybersecurity risks. While prior incidents have not had a material impact on us, future incidents could have a material impact on our operations, financial condition or reputation. Although our processes are designed to help prevent, detect, contain, respond to and mitigate the impact of such incidents, there is no guarantee that they will be sufficient to prevent or mitigate the risk of a cyberattack or the potentially serious reputational, operational, legal or financial impacts that may result. See “Risks Related to Our Business and Industry—A security breach or other threat relating to our information systems could lead to confidential information being exposed which could increase the risk of liability and damage our reputation” within Item 1A, “Risk Factors” in this Annual Report.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company has established a cybersecurity program designed to protect our information assets and those information assets of our clients that come under our control. Our cybersecurity risk management processes include technical security controls, monitoring systems, operational processes and policies, and management oversight to assess, identify and manage risks from cybersecurity threats. We have implemented risk-based controls to protect our information, information systems and business operations. We have adopted security control principles and standards based on the National Institute of Standards and Technology Cybersecurity Framework (NIST), other recognized global standards and client contractual requirements, as applicable. We strive to evaluate and invest in technology, personnel and infrastructure to maintain cybersecurity measures in line with our risk exposure and to address the ever-changing threat, technology and regulatory landscape.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board has overall responsibility for risk oversight, with its committees assisting our Board in performing this function based on their respective areas of expertise. Our Board has delegated oversight of risks related to cybersecurity to the Audit Committee. The Audit Committee is charged with evaluating the Company’s overall guidelines, policies, processes and procedures with respect to information security and cybersecurity risks. Our CISO and our information security team provide in-depth reporting on cybersecurity risks to the Audit Committee at least twice a year and to the Board as needed. These updates include assessments of the threat landscape, and the adequacy of the Company’s computerized information system controls and related security, including global disaster recovery protocols, global data security compliance, updates on incidents, results of client security audits and reports on our investments in cybersecurity risk mitigation.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our CISO meets regularly with members of our senior management, including our executive officers. Executives also frequently attend meetings of our Audit Committee and our Board and are therefore able to hear the cybersecurity updates presented at those meetings.
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| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board has overall responsibility for risk oversight, with its committees assisting our Board in performing this function based on their respective areas of expertise. Our Board has delegated oversight of risks related to cybersecurity to the Audit Committee. The Audit Committee is charged with evaluating the Company’s overall guidelines, policies, processes and procedures with respect to information security and cybersecurity risks. Our CISO and our information security team provide in-depth reporting on cybersecurity risks to the Audit Committee at least twice a year and to the Board as needed. These updates include assessments of the threat landscape, and the adequacy of the Company’s computerized information system controls and related security, including global disaster recovery protocols, global data security compliance, updates on incidents, results of client security audits and reports on our investments in cybersecurity risk mitigation.
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| Cybersecurity Risk Role of Management [Text Block] | Our Chief Information Security Officer (“CISO”) oversees a global information security team which is responsible for protecting the information and operations of us and our clients. Our current CISO has over 25 years of experience and leadership in the cybersecurity industry, holds a master’s degree in Information Security and Assurance, and has received numerous industry certifications, including ISO-27000 Specialist, EC-Council Disaster Recovery Professional and an ISACA certification in Risk and Information Systems Control, among others. The information security team has established a security operations center and other partnerships with service providers to monitor for technology and security incidents which are actioned based on the Company’s incident response procedures. The Company established a cross-functional incident response committee to assess the materiality of cybersecurity incidents, and an executive committee, including the Chief Executive Officer, Chief Financial Officer, Chief People Officer and Chief Legal Officer, who provide final approval for any required disclosures based on those assessments. Our Board has overall responsibility for risk oversight, with its committees assisting our Board in performing this function based on their respective areas of expertise. Our Board has delegated oversight of risks related to cybersecurity to the Audit Committee. The Audit Committee is charged with evaluating the Company’s overall guidelines, policies, processes and procedures with respect to information security and cybersecurity risks. Our CISO and our information security team provide in-depth reporting on cybersecurity risks to the Audit Committee at least twice a year and to the Board as needed. These updates include assessments of the threat landscape, and the adequacy of the Company’s computerized information system controls and related security, including global disaster recovery protocols, global data security compliance, updates on incidents, results of client security audits and reports on our investments in cybersecurity risk mitigation. Our CISO meets regularly with members of our senior management, including our executive officers. Executives also frequently attend meetings of our Audit Committee and our Board and are therefore able to hear the cybersecurity updates presented at those meetings.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Board has overall responsibility for risk oversight, with its committees assisting our Board in performing this function based on their respective areas of expertise. Our Board has delegated oversight of risks related to cybersecurity to the Audit Committee. The Audit Committee is charged with evaluating the Company’s overall guidelines, policies, processes and procedures with respect to information security and cybersecurity risks. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our Board has delegated oversight of risks related to cybersecurity to the Audit Committee. The Audit Committee is charged with evaluating the Company’s overall guidelines, policies, processes and procedures with respect to information security and cybersecurity risks. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our Board has overall responsibility for risk oversight, with its committees assisting our Board in performing this function based on their respective areas of expertise. Our Board has delegated oversight of risks related to cybersecurity to the Audit Committee. The Audit Committee is charged with evaluating the Company’s overall guidelines, policies, processes and procedures with respect to information security and cybersecurity risks. Our CISO and our information security team provide in-depth reporting on cybersecurity risks to the Audit Committee at least twice a year and to the Board as needed. These updates include assessments of the threat landscape, and the adequacy of the Company’s computerized information system controls and related security, including global disaster recovery protocols, global data security compliance, updates on incidents, results of client security audits and reports on our investments in cybersecurity risk mitigation. Our CISO meets regularly with members of our senior management, including our executive officers. Executives also frequently attend meetings of our Audit Committee and our Board and are therefore able to hear the cybersecurity updates presented at those meetings.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| Principles of Consolidation | Principles of Consolidation The Company maintains its accounting records on the accrual basis of accounting and its Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements are presented in U.S. dollars (“USD”). The Redomiciliation was accounted for as a change in the reporting entity between entities under common control and the historical basis of accounting was retained as if the entities had always been consolidated for financial reporting purposes, including no changes to equity as a result of the transaction. The consolidated financial statements for periods prior to the Redomiciliation are the consolidated statements of C&W plc as the predecessor to the Company for accounting and reporting purposes and, upon completion of the Redomiciliation, such historical consolidated financial statements became C&W Ltd.’s historical consolidated financial statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, which include voting interest entities (“VOEs”) in which the Company has determined it has a controlling financial interest in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidations. When applying principles of consolidation, management will identify whether an investee entity is a variable interest entity (“VIE”) or a VOE. For VOEs, the Company consolidates the entity when it controls it through majority ownership and voting rights. The Company has determined that it does not have any material interests in VIEs. All significant intercompany accounts and transactions have been eliminated in consolidation.
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| Principles of Consolidation | Principles of Consolidation The Company maintains its accounting records on the accrual basis of accounting and its Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Consolidated Financial Statements are presented in U.S. dollars (“USD”). The Redomiciliation was accounted for as a change in the reporting entity between entities under common control and the historical basis of accounting was retained as if the entities had always been consolidated for financial reporting purposes, including no changes to equity as a result of the transaction. The consolidated financial statements for periods prior to the Redomiciliation are the consolidated statements of C&W plc as the predecessor to the Company for accounting and reporting purposes and, upon completion of the Redomiciliation, such historical consolidated financial statements became C&W Ltd.’s historical consolidated financial statements. The accompanying Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, which include voting interest entities (“VOEs”) in which the Company has determined it has a controlling financial interest in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidations. When applying principles of consolidation, management will identify whether an investee entity is a variable interest entity (“VIE”) or a VOE. For VOEs, the Company consolidates the entity when it controls it through majority ownership and voting rights. The Company has determined that it does not have any material interests in VIEs. All significant intercompany accounts and transactions have been eliminated in consolidation.
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| Equity method investments | Equity method investments Entities in which the Company has significant influence over the entity’s financial and operating policies, but does not control, are accounted for using the equity method. Equity method investments are initially recognized at cost and subsequently adjusted by the Company’s share of earnings or losses from the investee, distributions received and impairment charges. The Consolidated Financial Statements include the Company’s share of the earnings or losses and equity movements of investees accounted for under the equity method, after adjustments to align the accounting policies with those of the Company, from the date that significant influence or joint control commences until the date that significant influence ceases. The Company evaluates our equity method investments for other-than-temporary impairment on a quarterly basis, or more frequently if events or changes in circumstances warrant such an evaluation. If an investment is considered other-than-temporarily impaired, the Company records the excess of the carrying value over the estimated fair value of the investment as an impairment charge within (Loss) earnings from equity method investments. For purposes of classifying distributions received from its equity method investments in the Consolidated Statements of Cash Flows, the Company has elected to use the cumulative earnings approach. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment and classified as cash inflows from operating activities, and those in excess of that amount are treated as returns of investment and classified as cash inflows from investing activities. Refer to Note 8: Equity Method Investments for additional information.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to estimates and assumptions include, but are not limited to, the valuation of assets acquired and liabilities assumed in business combinations, including earn-out consideration; the valuation of goodwill, intangible assets and other long-lived assets; the fair value of derivative instruments; the fair value of the Company’s defined benefit plan obligations; the fair value of certain awards granted under stock-based compensation plans; the probability of meeting performance conditions of share-based awards; self-insurance program liabilities; loss contingencies; the valuation of equity method investments; valuation allowances for income taxes; uncertain tax positions; and variable consideration subject to accelerated revenue recognition. Although these estimates and assumptions are based on management’s judgment and best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from these estimates. Estimates and underlying assumptions are evaluated on an ongoing basis and adjusted, as needed, using historical experience and other factors, including the current economic environment. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency fluctuations can increase the uncertainty in such estimates and assumptions. The effects of such adjustments are reflected in the Consolidated Financial Statements in the periods in which they are determined.
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| Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised services to clients in an amount that reflects the consideration the Company expects to receive in exchange for those services, in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). The Company enters into contracts and earns revenue from its (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other service lines. Revenue is recognized net of any taxes collected from customers. A performance obligation is a promise in a contract to transfer a distinct service or a series of distinct services to the client and is the unit of account. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Most service offerings are provided under agreements containing standard terms and conditions, which typically do not require any significant judgments about when revenue should be recognized. The Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct service in the contract. Nature of Services Services Fees earned from the delivery of Services, including property management, facilities management, facilities services and project management services, are recognized over time when earned under the provisions of the related agreements and are generally based on a fixed recurring fee or a variable fee, which may be based on hours incurred, a percentage mark-up on actual costs incurred or a percentage of monthly gross receipts. The services provided are a series of distinct daily performance obligations being completed over time, and revenue is recognized at the end of each period associated with the satisfaction of a particular performance obligation. The Company may also earn additional revenue based on certain qualitative and quantitative performance measures, which can be based on certain key performance indicators. This additional revenue is recognized over time when earned as the performance obligation is satisfied and the fees are not deemed probable of significant reversal in future periods. When accounting for reimbursements of third-party expenses incurred on a client’s behalf, the Company determines whether it is acting as a principal or an agent in the arrangement. When the Company is acting as a principal, the Company’s revenue is reported on a gross basis and comprises the entire amount billed to the client, and reported costs of services includes all expenses associated with the client. When the Company is acting as an agent, the Company’s fee is reported on a net basis as revenue for reimbursed amounts is netted against the related expenses. Within Topic 606, control of the service before transfer to the customer is the focal point of the principal versus agent assessments. The Company is a principal if it controls the services before they are transferred to the client. The presentation of revenues and expenses pursuant to these arrangements under either a gross or net basis has no impact on revenue, net income or cash flows. Leasing and Capital markets The Company records commission revenue on real estate leases and sales at the point in time when the performance obligation is satisfied, which is generally upon lease execution or transaction closing. Terms and conditions of a commission agreement may include, but are not limited to, execution of a signed lease agreement and future contingencies, including tenant’s occupancy, payment of a deposit or payment of first month’s rent (or a combination thereof). Under Topic 606, we recognize certain revenues that are based, in part, on future contingent events. For the revenues related to Leasing services, the Company’s performance obligation will typically be satisfied upon execution of a lease and the portion of the commission that is contingent on a future event will likely be recognized if deemed not subject to significant reversal, based on the Company’s estimates and judgments. The Company’s commission expense is recognized in the same period as the corresponding revenue. Valuation and other services Valuation and advisory fees are earned upon completion of the service, which is generally upon delivery of a preliminary or final appraisal report. Consulting fees are recognized when earned under the provisions of the client contracts, which is generally upon completion of services. If the Company has multiple contracts with the same customer, the Company assesses whether the contracts are linked or are separate arrangements. The Company considers several factors in this assessment, including the timing of negotiation, interdependence with other contracts or elements and pricing and payment terms. The Company and its customers typically view each contract as a separate arrangement, as each service has standalone value, selling prices of the separate services exist and are negotiated independently and performance of the services is distinct.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise cash balances and highly liquid investments with original maturities of three months or less. The carrying amount of cash equivalents approximates fair value. Checks issued but not presented to banks may result in book overdraft balances for accounting purposes, which are classified within short-term borrowings and the change as a component of financing cash flows. The Company also manages certain cash and cash equivalents as an agent for its property and facilities management clients. These amounts are not included in the accompanying Consolidated Balance Sheets.
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| Restricted Cash | Restricted Cash Restricted cash of $19.3 million and $21.3 million as of December 31, 2025 and 2024, respectively, is included within Prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets. These balances primarily consist of legally restricted deposits related to contracts entered with others, in the normal course of business, not available for use by the Company.
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| Trade and Other Receivables | Trade and Other Receivables Trade and other receivables are presented in the Consolidated Balance Sheets net of an estimated allowance for expected credit losses. On a periodic basis, the Company evaluates its receivables and establishes an allowance for expected credit losses based on historical experience and other currently available information. The allowance reflects the Company’s best estimate of collectability risks on outstanding receivables. Accounts Receivable Securitization Program The Company has a revolving trade accounts receivables securitization program, which it has amended periodically (the “A/R Securitization”). The Company records the transactions as sales of receivables, derecognizes such receivables from its Consolidated Financial Statements and records a receivable for the deferred purchase price of such receivables. Trade accounts receivable that are sold without recourse are derecognized at the point of sale when the risks and rewards of the receivable have been fully transferred.
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| Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method in accordance with ASC Topic 740, Income Taxes. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the new rate is enacted. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized in the future. In determining the amount of current and deferred tax, the Company considers the impact of uncertain tax positions and whether additional taxes and interest may be due. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Provision for income taxes comprises current and deferred income tax expense and is recognized in the Consolidated Statements of Operations. To the extent that the income taxes are for items recognized directly in equity, the related income tax effects are recognized in equity.
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| Property and Equipment | Property and Equipment Property and equipment is recorded at cost, net of accumulated depreciation, or in the case of leased assets, at the present value of the future minimum lease payments. Costs include expenditures that are directly attributable to the acquisition of the asset and costs incurred to prepare the asset for its intended use. Direct costs for internally developed software are capitalized during the application development stage. All costs during the preliminary project stage are expensed as incurred. The costs capitalized include consulting, licensing and direct labor costs and are amortized upon implementation of the software in production over the useful life of the software. Repair and maintenance costs are expensed as incurred. Depreciation of property and equipment is computed on a straight-line basis over the asset’s estimated useful life. Assets held under finance leases are depreciated over the shorter of the lease term or their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. The Company’s estimated useful lives are as follows:
The Company evaluates the reasonableness of the useful lives of property and equipment at least annually. In addition, the Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If this review indicates that such assets are impaired, the impairment is recognized in the period the change occurs and represents the amount by which the carrying value exceeds the fair value.
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| Business Combinations | Business Combinations We account for business combinations in accordance with ASC Topic 805, Business Combinations (“ASC 805”), using the acquisition method of accounting when control is transferred. All of the assets acquired and liabilities assumed, including contingent and deferred consideration and amounts attributable to non-controlling interests, are recorded at their respective fair values at acquisition date. Determination of the fair values of the assets and liabilities acquired requires estimates and the use of valuation techniques when market values are not readily available. Any excess of the cost of the business combination over the fair value of the net assets acquired is recognized as goodwill in the Consolidated Balance Sheets.
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and indefinite-lived intangible assets are not amortized and are stated at cost. Definite-lived intangible assets are stated at cost, less accumulated amortization. Amortization of definite-lived intangible assets is recognized in the Consolidated Statements of Operations on a straight-line basis over the estimated useful lives of the intangible assets. The Company evaluates the reasonableness of the useful lives of these intangibles at least annually. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually, typically in the fourth quarter. The Company will test more frequently if there are indicators of impairment or whenever business or economic circumstances change, suggesting the carrying value of assets may not be recoverable. The Company typically performs an impairment evaluation of goodwill to assess whether the fair value of a reporting unit (“RU”) is less than its carrying amount, by initially performing a qualitative assessment (“Step Zero”), and proceeds to the quantitative impairment test (“Step One”) if it is more likely than not that the fair value of the RU is less than its carrying amount. The Company may elect to skip the qualitative assessment and proceed directly to performing Step One. If the Company determines the quantitative impairment test is required, the estimated fair value of the RU is compared to its carrying amount, including goodwill. If the estimated fair value of a RU exceeds its carrying value, goodwill is not considered to be impaired. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. The Company elected an annual goodwill impairment assessment date of October 1. In 2025, the Company performed a qualitative assessment for its four RUs as of October 1, 2025. Refer to Note 6: Goodwill and Other Intangible Assets for additional discussion of the 2025 goodwill impairment assessment. The Company assesses, at least quarterly, qualitative indicators related to definite-lived intangible assets, such as customer relationships, to determine if any events or circumstances indicate the carrying amount of the intangible asset is not recoverable. If certain circumstances indicate potential recoverability issues, a quantitative test is performed to determine whether the carrying amount exceeds its fair value. The Company records an impairment loss for intangible assets if the fair value of the asset is less than the asset’s carrying amount.
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| Accrued Claims and Contingencies | Accrued Claims and Contingencies The Company is subject to various claims and contingencies related to lawsuits. A liability is recorded for claims or other contingencies when the risk of loss is probable and the amount can be reasonably estimated. The required reserves may change due to new developments in each period. Legal fees are expensed as incurred. The Company self-insures for various risks, including workers’ compensation and general liability in some jurisdictions. A liability is recorded for the Company’s obligations for both reported and incurred but not reported (“IBNR”) insurance claims through assessments based on prior claims history. In addition, in the U.S., U.K. and Australia, the Company is self-insured against errors and omissions (“E&O”) claims through a primary insurance layer provided by its 100%-owned, consolidated, captive insurance subsidiary, Nottingham Indemnity, Inc., and an excess layer provided through a third-party insurance carrier.
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| Debt Issuance Costs, Premiums and Discounts | Debt Issuance Costs, Premiums and Discounts Debt issuance costs, premiums and discounts are amortized into Interest expense over the term of the related loan agreements using the effective interest method. Debt issuance costs, premiums and discounts related to non-revolving debt are presented in the Consolidated Balance Sheets as a direct deduction from the carrying value of the associated debt liability. Debt issuance costs related to revolving credit facilities are presented in the Consolidated Balance Sheets as Other non-current assets.
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| Derivatives and Hedging Activities | Derivatives and Hedging Activities From time to time, the Company enters into derivative financial instruments, including foreign exchange forward contracts and interest rate swaps, to manage its exposure to foreign exchange rate and interest rate risks. The Company views derivative financial instruments as a risk management tool and, accordingly, does not use derivatives for trading or speculative purposes. Derivatives are initially recognized at fair value at the date the derivative contracts are executed and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in the Consolidated Statements of Operations immediately unless the derivative is designated and effective as a hedging instrument, in which case hedge accounting is applied. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged forecasted transactions in a cash flow hedge. Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in Other comprehensive income (loss), net of applicable income taxes and accumulated in equity at that time, remains in equity and is recognized when the forecasted transaction is ultimately recognized in earnings. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in earnings.
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| Foreign Currency Transactions | Foreign Currency Transactions Foreign currency transactions are recorded in the functional currency at the exchange rate at the date of the transaction. The assets and liabilities of foreign operations are translated into USD at the balance sheet date. Translation adjustments are included in Accumulated other comprehensive loss. Income and expense items are translated at the monthly average rates. Foreign currency gains or losses are recognized in the Consolidated Statements of Operations. For the years ended December 31, 2025, 2024 and 2023, foreign currency transactions resulted in losses of $2.9 million, $6.1 million and $12.5 million, respectively, which were recognized within Costs of services and Operating, administrative, and other expenses in the Consolidated Statements of Operations.
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| Leases | Leases The Company enters into operating leases for real estate and equipment, such as motor vehicles and IT equipment. Leases are initially assessed at contract inception for whether the Company has the right to control the asset and are measured based on the present value of future minimum lease payments over the lease term beginning at the commencement date. The future minimum lease payments are typically discounted using an incremental borrowing rate derived from information available at the lease commencement date as our leases generally do not include implicit rates. The incremental borrowing rate is calculated based on our collateralized borrowing rate adjusted for jurisdictional considerations. The Non-current operating lease assets also include any lease payments made prior to the commencement date and are recorded net of any lease incentives. Leases typically have limited restrictions and covenants on the Company for incurring additional financial obligations. Rental payments are generally fixed, with no special terms or conditions; however, certain operating leases also include variable lease payments such as insurance, real estate taxes, and annual changes in the consumer price index. Additionally, the Company’s office leases may have options to extend or terminate the lease, the terms of which vary by lease; however, these options are not reasonably certain of being exercised, and the option periods are not considered in the calculation of the Non-current operating lease asset or the operating lease liability unless they are exercised. The Company generally only enters into subleases for its real estate leases, with the terms of the subleases consistent with those of the underlying lease. Lease expense for operating leases is recognized on a straight-line basis over the lease term in Operating, administrative and other in the Consolidated Statements of Operations. Operating lease assets are included in Non-current operating lease assets, and operating lease liabilities are included in Other current liabilities and Non-current operating lease liabilities in the Consolidated Balance Sheets. Finance lease assets are included in Property and Equipment, net and finance lease liabilities are included in Short-term borrowings and current portion of long-term debt and Long-term debt, net in the Consolidated Balance Sheets, respectively. The Company has lease agreements with lease and non-lease components, but as the Company has elected the practical expedient to not separate lease and non-lease components for all asset classes, they are not accounted for separately. Instead, consideration for the lease is allocated to a single lease component. Further, the Company has elected the practical expedient for the short-term lease exemption for all asset classes and therefore does not recognize operating lease assets or operating lease liabilities for leases with a term of 12 months or less. The impact of off-balance sheet accounting for short-term leases is immaterial. For certain equipment leases, the Company applies a portfolio approach to account for the operating lease assets and liabilities. The Company assesses lease assets for impairment whenever events or changes in circumstances indicate that the carrying value of the lease asset may not be recoverable. If this assessment indicates that such assets are impaired, the impairment is recognized in the period the change occurs and represents the amount by which the carrying value exceeds the fair value.
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| Share-based Payments | Share-based PaymentsThe Company grants stock options and restricted stock awards to employees and directors under the Amended & Restated Omnibus Management Share and Cash Incentive Plan and the Amended & Restated Omnibus Non-Employee Director Share and Cash Incentive Plan (collectively, the “2018 Omnibus Plans”). As part of the Redomiciliation, C&W Ltd. assumed all of the obligations of C&W plc under the 2018 Omnibus Plans. For time-based awards, the grant date fair value is recognized as compensation expense using the straight-line vesting method over the vesting period, with a corresponding increase in equity or liabilities, depending on the balance sheet classification. For performance-based awards, the grant date fair value is recognized as compensation expense as the awards vest based on the achievement of performance and market conditions, with a corresponding increase in equity or liabilities, depending on the balance sheet classification. | ||||||||||||||||||||||||||||||
| Investments | Investments The Company directly invests in early stage property technology (“proptech”) companies, real estate investment funds and other real estate companies across various sectors. The Company typically reports these investments at cost, less impairment charges, and adjusts to fair value if the Company identifies observable price changes in orderly transactions for identical or similar instruments of the same issuer. For investments reported at fair value, the Company adjusts these investments to their fair values each reporting period, and the changes are reflected in Other income (expense), net, in the Consolidated Statements of Operations.
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| Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred. | ||||||||||||||||||||||||||||||
| New Accounting Pronouncements | New Accounting Pronouncements The following accounting pronouncements were recently adopted by the Company: Reference Rate Reform In March 2020, the FASB issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”). In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2020-04 provides temporary optional practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts, and ASU 2021-01 and ASU 2022-06 amended the scope and deferred the sunset date of ASU 2020-04, respectively. The Company elected the optional expedient for modifications of debt contracts for its June 2023 debt agreement amendment, which did not have a significant impact on its financial statements and related disclosures. The Company did not apply the optional expedient to other 2023, 2024 or 2025 debt modifications. Refer to Note 11: Long-Term Debt and Other Borrowings for additional information. Business Combinations – Joint Ventures In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance was effective for all joint ventures with a formation date on or after January 1, 2025 and will be applied prospectively. The Company adopted the ASU effective January 1, 2025, with no impact to its financial position, results of operations or related disclosures. SEC Staff Bulletins and Releases In July 2023, the FASB issued ASU 2023-03 to amend various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. In August 2023, the FASB issued ASU 2023-04 to amend additional SEC paragraphs in the ASC to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 121. The ASUs do not provide any new guidance, so there is no transition or effective date associated with them and, therefore, the Company adopted the ASUs with no impact to its financial statements and related disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to amend reportable segment disclosure requirements. ASU 2023-07 requires interim and annual disclosures about significant segment expenses that are regularly provided to an entity’s chief operating decision maker or those charged with assessing segment performance and allocating resources. The guidance became effective for annual periods that began after December 15, 2023 and interim periods that began after December 15, 2024. The Company adopted the ASU effective January 1, 2024, with no impact on the Company’s financial position or results of operations, and applied the amended disclosure requirements retrospectively. Refer to Note 3: Segment Data for expanded disclosures related to each reportable segment. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), to amend certain disclosure and presentation requirements. ASU 2023-09 requires entities to disclose disaggregated information within its effective tax rate reconciliation as well as additional information related to income taxes paid, such as the amount paid disaggregated by jurisdiction, among other disclosures. The guidance was effective for annual periods that began after December 15, 2024. The Company adopted the ASU effective January 1, 2025, with no impact on the Company’s financial position or results of operations, and elected to apply the amended disclosure requirements prospectively. Refer to Note 14: Income Taxes for expanded disclosures related to income taxes. The following accounting pronouncements have been issued but are not effective for the current reporting period and have not been early adopted by the Company: SEC Staff Bulletins and Releases In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the SEC’s removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective or on June 30, 2027 if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not anticipate that these amendments will have an impact on its financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. This ASU will require a footnote disclosure about specific expenses by requiring entities to disaggregate, in a tabular presentation, certain expense captions presented on the face of our statements of operations. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted and the disclosure requirements are to be applied retrospectively to any prior periods presented in the financial statements. The Company is currently evaluating the impact that the ASU will have on its financial statement disclosures and determining the timing of our adoption. This ASU will result in expanded disclosures related to expenses but will have no impact on the Company’s financial position or results of operations. Business Combinations – Acquisition of a Variable Interest Entity In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 revises the guidance in ASC 805, on identifying the accounting acquirer in a business combination in which the legal acquiree is a VIE that meets the definition of a business. This ASU requires entities to assess whether a legal acquisition of a VIE should be accounted for as a reverse acquisition, where the legal acquiree is the accounting acquirer, which could impact the form and content of post-combination financial statements, the measurement of goodwill and other matters. Prior to ASU 2025-03, a business combination involving the acquisition of a VIE always resulted in the legal acquirer as the accounting acquirer. The guidance is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted and the amendments must be applied prospectively to all business combinations that occur after the adoption date. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Measurement of Credit Losses 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 (“ASU 2025-05”). Since the adoption of ASC Topic 326, Financial Instruments – Credit Losses (“ASC 326”), entities have been required to reflect forecasts of future economic conditions when estimating expected credit losses, including when estimating credit losses arising from current accounts receivable and current contract assets. ASU 2025-05 provides an optional practical expedient whereby entities may assume that current conditions as of the balance sheet date will not change during the remaining life of current accounts receivable and current contract assets. The expedient may be applied to current accounts receivable and current contract asset balances arising from transactions accounted for under Topic 606, including assets acquired in a business combination transaction. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted and entities that decide to elect the optional practical expedient must apply the expedient prospectively. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Internal-Use Software 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 (“ASU 2025-06”). ASU 2025-06 modernizes certain aspects of the recognition and disclosure framework for internal-use software costs, including cloud computing arrangements. The ASU removes all references to “development stages” and updates the criteria that must be met for entities to begin capitalizing software costs. The guidance is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted and the amendments may be applied prospectively, retrospectively or using a modified prospective transition method. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Derivatives Scope Refinement In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 adds a new scope exception in ASC Topic 815, Derivatives and Hedging (“ASC 815”), for certain contracts that are not traded on an exchange and have an underlying that is based on operations or activities specific to one of the parties to the contract. Additionally, the ASU clarifies that when an entity has a right to receive a share-based payment from its customer in exchange for the transfer of goods or services, the share-based payment should be accounted for as noncash consideration within the scope of Topic 606. The guidance is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted and entities may apply the guidance prospectively or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Hedge Accounting Improvements In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”). ASU 2025-09 amends certain aspects of the hedge accounting guidance in ASC 815, to more closely align hedge accounting with the economics of an entity’s risk management activities. The ASU provides guidance on five discrete topics, including topics pertaining to cash flow hedges and the net written option test. The guidance is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted and entities must apply the ASU prospectively for all hedging relationships as of the date of adoption. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures. Interim Reporting Requirements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 intends to improve the navigability of the guidance in ASC 270, Interim Reporting (“ASC 270”), and clarifies when it applies. The ASU also provides additional guidance on what disclosures should be provided in interim reporting periods and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have had material impact on the entity. The guidance is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted and entities may apply the guidance prospectively or retrospectively. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures Codification Improvements In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 facilitates updates for a broad range of ASC topics arising from technical corrections, unintended application of the ASC, clarifications and other minor improvements. The guidance is effective for annual periods beginning after December 15, 2026, including interim reporting periods within those fiscal years. Early adoption is permitted on an issue-by-issue basis and entities may apply the guidance prospectively or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. The Company is currently evaluating the impact this ASU may have on its financial statements and related disclosures.
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Summary of Significant Accounting Policies (Tables) |
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| Schedule of Estimated Useful Lives | The Company’s estimated useful lives are as follows:
Property and equipment consists of the following (in millions):
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Segment Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Summarized Financial Information by Segment | The following tables present financial information for each reportable segment including segment revenue, significant segment expenses, Adjusted EBITDA and related reconciliations (in millions):
|
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| Schedule of Adjusted EBITDA | The following table includes a reconciliation of Net income (loss) to Adjusted EBITDA (in millions):
|
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| Schedule of Revenue by Geographical Areas | Revenue in the table below is allocated based upon the country in which services are performed (in millions):
|
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following is a calculation of EPS (in millions, except per share amounts):
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following tables disaggregate revenue by reportable segment and service line (in millions):
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| Schedule of Contract with Customer, Contract Assets and Contract Liabilities | The following table provides information on contract assets and contract liabilities from contracts with customers included in the Consolidated Balance Sheets (in millions):
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill by segment (in millions):
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| Schedule of Finite-Lived Intangible Assets | The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):
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| Schedule of Indefinite-Lived Intangible Assets | The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):
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Equity Method Investments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equity Method Investments | The Company had investments in certain strategic joint ventures classified under the equity method of accounting as follows (in millions):
The Company recognized (loss) earnings from equity method investments during the period as follows (in millions):
The following tables summarize the combined financial information for our equity method investments, based on the most recent and sufficiently timely financial information available to the Company as of the respective reporting dates and periods. Certain equity method investments for which results are not available on a timely basis are reported on a lag. Such aggregated summarized financial data does not represent the Company’s proportionate share of the equity method investment assets or earnings.
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Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property and Equipment | The Company’s estimated useful lives are as follows:
Property and equipment consists of the following (in millions):
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Derivative Financial Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Derivatives | The following table presents the fair value of derivatives as of December 31, 2025 and 2024 (in millions):
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| Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes | The following table presents the effect of derivatives designated as cash flow hedges in the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 (in millions):
(1) Amount is net of related deferred tax benefit of $2.5 million, $2.5 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. (2) Amount is net of related deferred tax benefit of $1.4 million, expense of $4.8 million and benefit of $2.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. (3) Amount is net of related income tax benefit of $3.4 million, and expense of $4.8 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
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Long-Term Debt and Other Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | Long-term debt consisted of the following (in millions):
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| Schedule of Maturities of Long-Term Debt | Combined annual aggregate maturities for the Term Loans, 2028 Notes and 2031 Notes, excluding unamortized discount and financing costs, as of December 31, 2025 are as follows (in millions):
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Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Defined Benefit Plans Disclosure | The net asset for the U.K. defined benefit plans is presented within Other non-current assets and is comprised of the following (in millions):
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| Schedule of Changes in Net Liability for Defined Benefit Plans | Changes in the net asset/liability for the U.K. defined benefit plans were as follows (in millions):
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| Schedule of Net Periodic Benefit Costs | Total amounts recognized in the Consolidated Statements of Operations for the U.K. defined benefit plans were as follows (in millions):
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| Schedule of Actuarial Gains and Losses Recognized in Accumulated other Comprehensive Loss | Total amounts recognized in Accumulated other comprehensive loss for the U.K. defined benefit plans were as follows (in millions):
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| Schedule of Assumptions Used | The following table includes the key ASC Topic 715, Compensation—Retirement Benefits (“ASC 715”), assumptions used:
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| Schedule of Expected Benefit Payments | Expected future benefit payments for the U.K. defined benefit pension plans are as follows (in millions):
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Valuation Assumptions | As the 2025 and 2023 PBRSUs contain both performance conditions and market conditions (due to the relative TSR modifier), the fair value at grant date of these awards was determined using a Monte Carlo simulation model, which used the following assumptions:
(1) The stock price is the closing price of the Company’s common shares on the grant date. (2) The period for volatility for the Company and the peer group (Russell 2000) is based on the time between the valuation date and the end of the performance period. (3) The risk-free interest rate used is based on zero-coupon risk-free rates over the time from the valuation date to the end of the performance period, based on interpolation. (4) The weighted average of the daily historical stock price volatility of the Company over the time from the valuation to the end of the performance period is used to determine volatility. (5) The dividend yield is 0% as the Company has not paid any dividends nor does it currently intend to pay dividends for the foreseeable future.
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| Schedule of Outstanding Restricted Stock Units | The following table summarizes the Company’s outstanding RSUs (in millions, except for per share amounts):
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| Schedule of RSU Compensation Expense | The following table summarizes the Company’s compensation expense related to RSUs (in millions):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Loss Before Income Taxes and Income Tax Provision from Continuing Operations | The significant components of earnings (loss) before income taxes and the provision for income taxes were as follows (in millions):
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| Schedule of Reconciliation of Effective Tax Rate | Differences between income tax expense reported for financial reporting purposes and tax expense computed based upon the application of the United States federal tax rate to the reported earnings (loss) before income taxes were as follows (in millions):
(1) States taxes in Texas, North Carolina, California and Virginia represent greater than 50% of the tax expense effect in this category.
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| Schedule of Income Taxes Paid, Net of Refunds | Income taxes paid, net of refunds, during the year were as follows (in millions):
Income taxes paid, net of refunds, by jurisdiction during the year were as follows (in millions):
Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):
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| Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows (in millions):
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| Schedule of Unrecognized Tax Benefits | Changes in the Company’s unrecognized tax benefits are (in millions):
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease, Cost | The components of lease cost were as follows (in millions):
|
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| Schedule of Assets and Liabilities Lessee | Supplemental balance sheet information related to leases was as follows (in millions):
|
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| Schedule of Finance Lease, Liability, Maturity | Maturities of lease liabilities are as follows (in millions):
|
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| Schedule of Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities are as follows (in millions):
|
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Recurring Fair Value Measurements | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions):
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of earn-out liabilities measured at fair value using significant unobservable inputs (Level 3) (in millions):
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the sum of such amounts presented in the Consolidated Statements of Cash Flows (in millions):
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| Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the sum of such amounts presented in the Consolidated Statements of Cash Flows (in millions):
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| Schedule of Supplemental Cash Flow Information | Income taxes paid, net of refunds, during the year were as follows (in millions):
Income taxes paid, net of refunds, by jurisdiction during the year were as follows (in millions):
Supplemental cash flows and non-cash investing and financing activities are as follows (in millions):
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Parent Company Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Condensed Balance Sheets |
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| Schedule of Condensed Statements of Operations and Comprehensive Income (Loss) |
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| Schedule of Condensed Statements of Cash Flows |
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Organization and Business Overview (Details) shares in Millions |
Aug. 07, 2018
shares
|
Dec. 31, 2025
employee
office
country
|
|---|---|---|
| Subsidiary, Sale of Stock [Line Items] | ||
| Number of offices | office | 350 | |
| Number of countries | country | 60 | |
| Number of employees | employee | 53,000 | |
| Concurrent Private Placement | ||
| Subsidiary, Sale of Stock [Line Items] | ||
| Shares issued (in shares) | shares | 10.6 |
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Oct. 01, 2025
reporting_unit
|
Dec. 31, 2025
USD ($)
reporting_unit
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Accounting Policies [Abstract] | ||||
| Restricted cash | $ 19.3 | $ 21.3 | ||
| Number of reporting units | reporting_unit | 4 | 4 | ||
| Ownership interest | 100.00% | |||
| Gain (loss), foreign currency transaction, before tax | $ (2.9) | (6.1) | $ (12.5) | |
| Advertising costs | $ 38.7 | $ 38.5 | $ 39.9 | |
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details) |
Dec. 31, 2025 |
|---|---|
| Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Lessee, finance lease, term of contract | 1 year |
| Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Lessee, finance lease, term of contract | 10 years |
| Furniture and equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 1 year |
| Furniture and equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 10 years |
| Leasehold improvements | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 1 year |
| Leasehold improvements | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 15 years |
| Software | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 3 years |
| Software | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 7 years |
Segment Data - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Segment Data - Schedule of Revenue by Geographical Areas (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | $ 10,288.2 | $ 9,446.5 | $ 9,493.7 |
| United States | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | 7,077.4 | 6,680.1 | 6,810.7 |
| Australia | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | 501.8 | 466.2 | 472.5 |
| Singapore | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | 420.7 | 380.7 | 335.7 |
| All other countries | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | $ 2,288.3 | $ 1,919.5 | $ 1,874.8 |
Earnings Per Share - Narrative (Details) shares in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
shares
| |
| Earnings Per Share [Abstract] | |
| Potentially dilutive securities not included in computation (in shares) | 0.8 |
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Basic EPS | |||
| Net income (loss) | $ 88.2 | $ 131.3 | $ (35.4) |
| Weighted average shares outstanding for basic earnings (loss) per share (in shares) | 231.2 | 228.9 | 226.9 |
| Basic earnings (loss) per share attributable to common shareholders (in dollars per share) | $ 0.38 | $ 0.57 | $ (0.16) |
| Diluted EPS | |||
| Net income (loss) | $ 88.2 | $ 131.3 | $ (35.4) |
| Weighted average shares outstanding for basic earnings (loss) per share (in shares) | 231.2 | 228.9 | 226.9 |
| Weighted average shares outstanding for diluted earnings (loss) per share (in shares) | 234.7 | 232.8 | 226.9 |
| Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $ 0.38 | $ 0.56 | $ (0.16) |
| Restricted Stock Units (RSUs) | |||
| Diluted EPS | |||
| Dilutive effect of stocks (in shares) | 3.5 | 3.9 | 0.0 |
Revenue - Schedule of Contract with Customer, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Revenue Recognition and Deferred Revenue [Abstract] | ||
| Short-term contract assets | $ 320.9 | $ 325.7 |
| Contract asset allowances | (19.5) | (24.3) |
| Short-term contract assets, net | 301.4 | 301.4 |
| Non-current contract assets | 63.1 | 69.0 |
| Contract asset allowances | (2.8) | (2.2) |
| Non-current contract assets, net included in Other non-current assets | 60.3 | 66.8 |
| Total contract assets, net | 361.7 | 368.2 |
| Contract liabilities included in Accounts payable and accrued expenses | 86.6 | 68.0 |
| Contract liabilities included in Other non-current liabilities | 17.4 | 0.0 |
| Total contract liabilities | $ 104.0 | $ 68.0 |
Revenue - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Revenue from Contract with Customer [Abstract] | |
| Contract liabilities reduced due to revenue recognition criteria being satisfied | $ 49.8 |
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Goodwill [Roll Forward] | ||
| Beginning balance | $ 1,998.3 | $ 2,080.9 |
| Dispositions | (44.4) | |
| Effect of movements in exchange rates | 51.2 | (38.2) |
| Acquisitions | 8.8 | |
| Ending balance | 2,058.3 | 1,998.3 |
| Americas | ||
| Goodwill [Roll Forward] | ||
| Beginning balance | 1,469.2 | 1,518.3 |
| Dispositions | (44.4) | |
| Effect of movements in exchange rates | 2.6 | (4.7) |
| Acquisitions | 0.0 | |
| Ending balance | 1,471.8 | 1,469.2 |
| EMEA | ||
| Goodwill [Roll Forward] | ||
| Beginning balance | 309.4 | 320.8 |
| Dispositions | 0.0 | |
| Effect of movements in exchange rates | 31.5 | (11.4) |
| Acquisitions | 8.8 | |
| Ending balance | 349.7 | 309.4 |
| APAC | ||
| Goodwill [Roll Forward] | ||
| Beginning balance | 219.7 | 241.8 |
| Dispositions | 0.0 | |
| Effect of movements in exchange rates | 17.1 | (22.1) |
| Acquisitions | 0.0 | |
| Ending balance | $ 236.8 | $ 219.7 |
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Oct. 01, 2025
reporting_unit
|
Dec. 31, 2025
USD ($)
reporting_unit
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Goodwill [Line Items] | ||||
| Number of reporting units | reporting_unit | 4 | 4 | ||
| Amortization expense | $ 39.6 | $ 45.9 | $ 64.2 | |
| Amortization expense, 2026 | 36.2 | |||
| Amortization expense, 2027 | 25.9 | |||
| Amortization expense, 2028 | 14.5 | |||
| Amortization expense, 2029 | 12.3 | |||
| Amortization expense, 2030 | 5.0 | |||
| Impairment of intangible assets | $ 0.0 | 0.0 | $ 0.0 | |
| Disposal Group, Not Discontinued Operations | Customer relationships | Disposal Group | ||||
| Goodwill [Line Items] | ||||
| Disposed of customer relationships, net | $ 67.2 | |||
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Goodwill [Line Items] | ||
| Gross Value | $ 1,659.0 | $ 1,810.1 |
| Accumulated Amortization | (1,004.3) | (1,120.0) |
| Net Value | 654.7 | 690.1 |
| Customer relationships | ||
| Goodwill [Line Items] | ||
| Finite-lived intangible assets, gross | 1,113.0 | 1,248.9 |
| Accumulated Amortization | (1,004.3) | (1,104.8) |
| Finite-lived intangible assets, net value | $ 108.7 | 144.1 |
| Other intangible assets | ||
| Goodwill [Line Items] | ||
| Finite-lived intangible assets, gross | 15.2 | |
| Accumulated Amortization | (15.2) | |
| Finite-lived intangible assets, net value | $ 0.0 | |
| Minimum | Customer relationships | ||
| Goodwill [Line Items] | ||
| Useful Life (in years) | 4 years | 5 years |
| Maximum | Customer relationships | ||
| Goodwill [Line Items] | ||
| Useful Life (in years) | 15 years | 15 years |
| C&W trade name | ||
| Goodwill [Line Items] | ||
| Indefinite-lived intangible assets. gross value | $ 546.0 | $ 546.0 |
| Indefinite-lived intangible assets. net value | $ 546.0 | $ 546.0 |
Disposition (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Aug. 01, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Gain (loss) on disposition of business | $ 0.0 | $ (15.8) | $ (1.3) | |
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Disposal Group | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Proceeds from disposition of business or other investments | $ 122.6 | |||
| Gain (loss) on disposition of business | $ (15.8) | |||
Equity Method Investments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Royalty income, nonoperating | $ 9.6 | $ 9.2 | $ 8.5 |
| Proceeds from equity method investment, distribution | 11.7 | 18.7 | 24.4 |
| Impairment of equity method investment | $ 177.0 | $ 0.0 | $ 0.0 |
| Greystone JV | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Equity method investment, ownership percentage | 40.00% | ||
| Impairment of equity method investment | $ 177.0 | ||
| Cushman & Wakefield Vanke Service | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Equity method investment, ownership percentage | 35.00% | ||
Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | $ 796.1 | $ 760.2 | |
| Less: Accumulated depreciation | (663.2) | (624.2) | |
| Total Property and equipment, net | 132.9 | 136.0 | |
| Depreciation and amortization | 64.6 | 76.3 | $ 81.4 |
| Software | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 206.6 | 208.1 | |
| Leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 249.9 | 264.1 | |
| Plant and equipment | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 137.9 | 124.9 | |
| Equipment under finance lease | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 173.8 | 150.6 | |
| Software under development | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | 3.8 | 2.5 | |
| Construction in progress | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross | $ 24.1 | $ 10.0 | |
Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Non-designated: | Foreign currency forward contracts | ||
| Derivative [Line Items] | ||
| Notional amount | $ 758.3 | $ 559.5 |
| Cash flow hedges: | Designated: | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Notional amount | 950.0 | |
| Other non-current assets | Non-designated: | Foreign currency forward contracts | ||
| Derivative [Line Items] | ||
| Assets fair value | 1.0 | 1.3 |
| Other non-current assets | Cash flow hedges: | Designated: | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Assets fair value | 0.0 | 11.3 |
| Other non-current liabilities | Non-designated: | Foreign currency forward contracts | ||
| Derivative [Line Items] | ||
| Liabilities fair value | 1.3 | 1.7 |
| Other non-current liabilities | Cash flow hedges: | Designated: | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Liabilities fair value | $ 1.8 | $ 3.0 |
Long-Term Debt and Other Borrowings - Schedule of Future Maturities (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Senior Secured Note Due May 2028 | |
| Debt Instrument [Line Items] | |
| Total | $ 2,737.5 |
| 2026 | 104.2 |
| 2027 | 8.4 |
| 2028 | 658.4 |
| 2029 | 8.4 |
| 2030 | 1,558.1 |
| Thereafter | 400.0 |
| Senior Secured Note Due Sept 2031 | |
| Debt Instrument [Line Items] | |
| Total | 2,737.5 |
| 2026 | 104.2 |
| 2027 | 8.4 |
| 2028 | 658.4 |
| 2029 | 8.4 |
| 2030 | 1,558.1 |
| Thereafter | $ 400.0 |
Employee Benefits - Narrative (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
plan
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
plan
|
|
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Maximum employee contribution matched | 100.00% | |||
| Contribution match | 4.00% | |||
| Fair value of defined benefit plan assets | $ 133.4 | $ 126.3 | $ 144.8 | |
| United Kingdom | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Number of defined benefit plans | plan | 2 | 2 | ||
| Level 1 | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Fair value of defined benefit plan assets | $ 2.6 | 0.3 | ||
| Level 2 | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Fair value of defined benefit plan assets | 0.0 | 2.7 | ||
| Level 3 | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Fair value of defined benefit plan assets | 130.8 | 123.3 | ||
| Cost of services and Operating, administrative and other | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Defined contribution plan expense | $ 49.4 | $ 51.0 | $ 47.8 | |
Employee Benefits - Schedule of Net Liability for Defined Benefit Plans presented within Other Non-Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Retirement Benefits [Abstract] | ||
| Present value of benefit obligations | $ (131.8) | $ (124.5) |
| Fair value of defined benefit plan assets | 133.4 | 126.3 |
| Net asset | $ 1.6 | $ 1.8 |
Employee Benefits - Schedule of Changes in Net Liability for Defined Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Change in pension benefit obligations: | |||
| Balance at beginning of year | $ (124.5) | $ (142.3) | |
| Service cost | (0.3) | (0.1) | $ (0.2) |
| Interest cost | (6.4) | (5.7) | (5.7) |
| Actuarial (loss) gain | (0.3) | 12.8 | |
| Benefits paid | 9.0 | 8.5 | |
| Foreign exchange movement | (9.3) | 2.3 | |
| Balance at end of year | (131.8) | (124.5) | (142.3) |
| Change in pension plan assets: | |||
| Balance at beginning of year | 126.3 | 144.8 | |
| Actual return on plan assets | 6.6 | (7.9) | |
| Benefits paid | (9.0) | (8.5) | |
| Foreign exchange movement | 9.5 | (2.1) | |
| Balance at end of year | 133.4 | 126.3 | $ 144.8 |
| Net asset | $ 1.6 | $ 1.8 | |
Employee Benefits - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Service and other cost | $ (0.3) | $ (0.1) | $ (0.2) |
| Interest cost | (6.4) | (5.7) | (5.7) |
| Expected return on assets | 6.1 | 5.1 | 5.7 |
| Amortization of net loss | (1.0) | (0.9) | (0.8) |
| Net periodic pension cost | $ (1.6) | $ (1.6) | $ (1.0) |
| Defined benefit plan, net periodic benefit cost (credit), interest cost, statement of income or comprehensive income, extensible list not disclosed flag | true | true | true |
| Defined benefit plan net periodic benefit cost credit expected return loss statement of income or comprehensive income extensible list not disclosed flag | true | true | true |
Employee Benefits - Schedule of Actuarial Gains and Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Pension Benefit Plans, Accumulated Net Gains Losses [Roll Forward] | |||
| Cumulative actuarial loss at beginning of year | $ (28.3) | $ (29.8) | $ (28.1) |
| Actuarial gain (loss) recognized during the period | 0.2 | (0.1) | (0.4) |
| Amortization of net loss | 1.0 | 0.9 | 0.8 |
| Foreign exchange movement and other adjustments | (2.5) | 0.7 | (2.1) |
| Cumulative actuarial loss at end of year | $ (29.6) | $ (28.3) | $ (29.8) |
Employee Benefits - Schedule of Principal Actuarial Assumptions (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Discount rate | 5.00% | 5.00% | 4.10% |
Employee Benefits - Schedule of Major Categories of Plan Assets (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total | 100.00% | 100.00% |
| Bulk annuity insurance policy | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total | 98.00% | 98.00% |
| Cash and other instruments | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Total | 2.00% | 2.00% |
Employee Benefits - Schedule of Expected Benefits Payment (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
| 2026 | $ 9.3 |
| 2027 | 9.4 |
| 2028 | 9.4 |
| 2029 | 9.2 |
| 2030 | 9.2 |
| From 2031 to 2035 | $ 46.5 |
Stock-Based Compensation - Schedule of Fair Value Valuation Assumptions (Details) - USD ($) |
3 Months Ended | ||||
|---|---|---|---|---|---|
Sep. 30, 2025 |
Mar. 31, 2025 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Mar. 31, 2023 |
|
| 2025 Performance-based RSUs | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Stock price (in dollars per share) | $ 13.39 | $ 11.90 | |||
| Period | 2 years 4 months 24 days | 2 years 9 months 18 days | |||
| Risk-free interest rate | 3.70% | 4.00% | |||
| Historical volatility rate | 44.80% | 44.20% | |||
| Dividend yield | 0.00% | 0.00% | |||
| Fair value at grant date (in dollars per share) | $ 15.35 | $ 12.76 | |||
| Dividend yield | $ 0 | $ 0 | |||
| 2023 Performance-based RSUs | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Stock price (in dollars per share) | $ 11.90 | $ 10.01 | $ 8.18 | $ 13.38 | |
| Period | 9 months 18 days | 1 year 10 months 24 days | 2 years 6 months | 2 years 10 months 24 days | |
| Risk-free interest rate | 4.10% | 4.60% | 4.60% | 4.40% | |
| Historical volatility rate | 39.50% | 46.90% | 39.90% | 44.40% | |
| Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |
| Fair value at grant date (in dollars per share) | $ 12.18 | $ 10.35 | $ 8.25 | $ 14.64 | |
| Dividend yield | $ 0 | $ 0 | $ 0 | $ 0 | |
Stock-Based Compensation - Schedule of RSU Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Restricted Stock Units (RSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total RSU stock-based compensation cost | $ 57.7 | $ 35.4 | $ 53.6 |
| Unrecognized compensation expense related to RSUs | 50.8 | ||
| Time-Based RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total RSU stock-based compensation cost | 30.2 | 26.4 | 40.0 |
| Unrecognized compensation expense related to RSUs | 36.9 | ||
| Performance-Based RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total RSU stock-based compensation cost | 27.5 | $ 9.0 | $ 13.6 |
| Unrecognized compensation expense related to RSUs | $ 13.9 | ||
Income Taxes - Schedule of Components of Loss Before Income Tax (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Earnings (loss) before income taxes | $ 114.2 | $ 175.8 | $ (30.0) |
| United States | |||
| Operating Loss Carryforwards [Line Items] | |||
| Earnings (loss) before income taxes | (48.5) | 32.8 | (116.8) |
| Other countries | |||
| Operating Loss Carryforwards [Line Items] | |||
| Earnings (loss) before income taxes | $ 162.7 | $ 143.0 | $ 86.8 |
Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| United States federal: | |||
| Current | $ 4.9 | $ 28.9 | $ 10.5 |
| Deferred | (24.5) | (32.2) | (44.0) |
| Total United States federal income taxes | (19.6) | (3.3) | (33.5) |
| United States state and local: | |||
| Current | 10.6 | 7.0 | 7.5 |
| Deferred | (7.5) | (3.8) | (5.9) |
| Total United States state and local income taxes | 3.1 | 3.2 | 1.6 |
| All other countries: | |||
| Current | 55.9 | 39.9 | 39.8 |
| Deferred | (13.4) | 4.7 | (2.5) |
| Total all other countries income taxes | 42.5 | 44.6 | 37.3 |
| Total provision for income taxes | $ 26.0 | $ 44.5 | $ 5.4 |
Income Taxes - Schedule of Income Taxes Paid (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| U.S. Federal | $ 12.9 |
| U.S. State | 10.1 |
| Foreign | 36.3 |
| Total | 59.3 |
| United States | |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| Total | 23.0 |
| India | |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| Total | 7.4 |
| Japan | |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| Total | 6.3 |
| Canada | |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| Total | 3.9 |
| United Kingdom | |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| Total | 3.6 |
| All other jurisdictions | |
| Effective Income Tax Rate Reconciliation [Line Items] | |
| Total | $ 15.1 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax assets | ||
| Liabilities | $ 132.0 | $ 143.7 |
| Property, plant and equipment | 2.4 | 7.0 |
| Deferred expenditures | 142.4 | 154.6 |
| Employee benefits | 107.4 | 103.4 |
| Tax losses / credits | 166.3 | 179.3 |
| Intangible assets | 13.4 | 13.3 |
| Income recognition | 19.2 | 0.0 |
| Other | 2.4 | 0.0 |
| Deferred tax assets | 585.5 | 601.3 |
| Less: valuation allowance | (155.1) | (167.7) |
| Net deferred tax assets | 430.4 | 433.6 |
| Deferred tax liabilities | ||
| Intangible assets | (239.4) | (235.6) |
| Right-of-use asset | (55.8) | (62.9) |
| Income recognition | 0.0 | (25.5) |
| Other | 0.0 | (29.1) |
| Total deferred tax liabilities | (295.2) | (353.1) |
| Net deferred tax assets | $ 135.2 | $ 80.5 |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| Less: valuation allowance | $ 155.1 | $ 167.7 | ||
| Unrecognized tax benefits | 82.2 | 17.8 | $ 19.6 | $ 28.6 |
| Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | (0.6) | |||
| Accrued interest and penalties | 10.0 | 10.1 | ||
| Expense for interest and penalties (release of interest and penalties) | (0.2) | 1.8 | $ (3.5) | |
| Undistributed earnings | 11,700.0 | 11,100.0 | ||
| Deferred tax liabilities | 1.8 | 1.7 | ||
| Operating loss carryforwards | 158.4 | 165.9 | ||
| Tax credit carryforwards, foreign | 7.9 | 14.0 | ||
| Disallowance carryforwards | 120.2 | $ 143.0 | ||
| Capital Loss Carryforward | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Valuation allowance, deferred tax asset, increase (decrease), amount | $ (12.6) | |||
| U.S. Market | Revenue Benchmark | Customer Concentration Risk | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Concentration risk, percentage | 70.00% | |||
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Beginning of year | $ 17.8 | $ 19.6 | $ 28.6 |
| Increases from prior period tax positions | 23.6 | 0.2 | 3.3 |
| Decreases from prior period tax positions | (0.5) | (0.6) | (1.7) |
| Decreases from statute of limitation expirations | (1.7) | (0.8) | (10.7) |
| Increases from current period tax positions | 43.6 | 0.1 | 0.1 |
| Decreases relating to settlements with taxing authorities | (0.6) | (0.7) | 0.0 |
| End of year | $ 82.2 | $ 17.8 | $ 19.6 |
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Operating lease cost | $ 104.9 | $ 110.6 | $ 121.0 |
| Finance lease cost: | |||
| Amortization of assets | 24.6 | 28.0 | 26.2 |
| Interest on lease liabilities | 2.1 | 2.2 | 1.6 |
| Total finance lease cost | 26.7 | 30.2 | 27.8 |
| Variable lease cost | 31.9 | 39.7 | 36.5 |
| Sublease income | $ 5.4 | $ 7.6 | $ 9.6 |
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating Leases | ||
| 2026 | $ 113.5 | |
| 2027 | 83.4 | |
| 2028 | 54.5 | |
| 2029 | 43.7 | |
| 2030 | 30.1 | |
| Thereafter | 75.6 | |
| Total lease payments | 400.8 | |
| Less imputed interest | (56.0) | |
| Total operating lease liabilities | 344.8 | $ 366.4 |
| Finance Leases | ||
| 2026 | 17.2 | |
| 2027 | 11.4 | |
| 2028 | 6.6 | |
| 2029 | 2.2 | |
| 2030 | 0.5 | |
| Thereafter | 0.1 | |
| Total lease payments | 38.0 | |
| Less imputed interest | (2.3) | |
| Finance lease liabilities | $ 35.7 | $ 36.4 |
Leases - Narratives (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Lessee, Lease, Description [Line Items] | |
| Unrecorded unconditional purchase obligation | $ 168.3 |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Operating lease not yet commenced term | 11 years |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Operating lease not yet commenced term | 17 years |
Related Party Transactions and Employee Receivables (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transaction [Line Items] | |||
| Cost of services | $ 8,408.2 | $ 7,720.2 | $ 7,841.6 |
| Related Party | |||
| Related Party Transaction [Line Items] | |||
| Cost of services | 52.0 | ||
| Other receivables, net, current | 53.5 | 47.5 | |
| Other receivable, after allowance for credit loss, noncurrent | $ 439.1 | $ 364.5 | |
Fair Value Measurements - Schedule of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Earn-out Liabilities - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 13.6 | $ 25.6 |
| Purchases/additions | 3.1 | 0.0 |
| Net change in fair value and other adjustments | 0.4 | 1.1 |
| Payments | (7.5) | (13.1) |
| Ending balance | $ 9.6 | $ 13.6 |
Accounts Receivable Securitization (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Transfers and Servicing [Abstract] | ||
| Transferor's interests in transferred financial assets, receivables sold, percent | 100.00% | |
| Transferor's interests in transferred financial assets, fair value | $ 299.7 | $ 310.9 |
| Proceeds from accounts receivable securitization | 2,900.0 | 2,700.0 |
| Cash collection | 2,900.0 | 2,600.0 |
| Outstanding principal on receivables sold under securitization | 445.8 | 437.6 |
| Investment limit | 250.0 | |
| Transferor's interests in transferred financial assets, amount drawn on investment limit | 120.0 | 100.0 |
| Transferor's interests in transferred financial assets,unused portion of the facility limit | $ 93.1 | $ 100.0 |
Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Supplemental Cash Flow Elements [Abstract] | ||||
| Cash and cash equivalents | $ 784.2 | $ 793.3 | ||
| Restricted cash recorded in Prepaid expenses and other current assets | 19.3 | 21.3 | ||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 803.5 | $ 814.6 | $ 801.2 | $ 719.0 |
Supplemental Cash Flow Information - Schedule of Non Cash Investing and Financing Activities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash paid for: | |||
| Interest | $ 216.6 | $ 263.9 | $ 233.3 |
| Income taxes | 59.3 | 69.1 | 88.5 |
| Operating leases | 107.8 | 114.6 | 117.4 |
| Non-cash investing/financing activities: | |||
| Property and equipment additions through finance leases | 20.9 | 18.6 | 33.7 |
| Deferred and contingent payment obligations incurred through acquisitions | 5.2 | 0.0 | 0.0 |
| Increase (decrease) in beneficial interest in a securitization | 8.8 | 91.4 | (68.2) |
| Right of use assets obtained through operating leases | $ 72.5 | $ 51.5 | $ 81.6 |
Parent Company Information - Schedule of Condensed Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
1 Months Ended | 11 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Nov. 26, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Condensed Income Statements, Captions [Line Items] | |||||
| Earnings (loss) before income taxes | $ 114.2 | $ 175.8 | $ (30.0) | ||
| Net income (loss) attributable to the Parent Company | 88.2 | 131.3 | (35.4) | ||
| Total comprehensive income (loss) | $ 148.2 | 48.1 | (29.8) | ||
| Parent Company | |||||
| Condensed Income Statements, Captions [Line Items] | |||||
| Interest and other income (expense) | $ 3.5 | 0.1 | (0.1) | ||
| Equity in income (loss) of subsidiaries | $ (43.3) | 128.0 | 131.2 | (35.3) | |
| Earnings (loss) before income taxes | (43.3) | 131.5 | 131.3 | (35.4) | |
| Net income (loss) attributable to the Parent Company | (43.3) | 131.5 | 131.3 | (35.4) | |
| Other comprehensive income (loss) of subsidiaries | 17.8 | 42.2 | (83.2) | 5.6 | |
| Total comprehensive income (loss) | $ (25.5) | $ 173.7 | $ 48.1 | $ (29.8) | |
Parent Company Information - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Excess of consolidated net assets | 25.00% | ||
| Restricted net assets | $ 1,600,000,000 | ||
| Cash dividend not paid | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation & Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Beginning balance | $ 88.7 | $ 85.2 | $ 88.2 |
| Charges to expense | 17.3 | 18.7 | 9.1 |
| Write-offs, payments and other | (12.8) | (15.2) | (12.1) |
| Ending balance | $ 93.2 | $ 88.7 | $ 85.2 |