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Revenue from Contracts with Customers | 9 Months Ended
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Sep. 30, 2018
Revenue From Contract With Customer [Abstract] |
Revenue from Contracts with Customers |
12. | Revenue from Contracts with Customers
Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2018 and 2017 by type of service and/or region (dollars in thousands):
|  | Three Months Ended September 30, 2018 |
|  | Americas |  |  | EMEA |  |  | APAC |  |  | Global Investment Management |  |  | Development Services |  |  | Consolidated |
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupier outsourcing |  | $ | 1,964,677 |  |  | $ | 993,268 |  |  | $ | 256,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,214,780 |
Leasing |  |  | 598,384 |  |  |  | 123,339 |  |  |  | 99,416 |  |  |  | — |  |  |  | 1,902 |  |  |  | 823,041 |
Sales |  |  | 294,884 |  |  |  | 103,664 |  |  |  | 73,997 |  |  |  | — |  |  |  | 95 |  |  |  | 472,640 |
Property management |  |  | 171,824 |  |  |  | 59,459 |  |  |  | 69,469 |  |  |  | — |  |  |  | 2,718 |  |  |  | 303,470 |
Valuation |  |  | 64,585 |  |  |  | 43,210 |  |  |  | 26,744 |  |  |  | — |  |  |  | — |  |  |  | 134,539 |
Commercial mortgage origination (1) |  |  | 28,294 |  |  |  | 516 |  |  |  | 829 |  |  |  | — |  |  |  | — |  |  |  | 29,639 |
Investment management |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 93,061 |  |  |  | — |  |  |  | 93,061 |
Development services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,038 |  |  |  | 21,038 |
Topic 606 Revenue |  |  | 3,122,648 |  |  |  | 1,323,456 |  |  |  | 527,290 |  |  |  | 93,061 |  |  |  | 25,753 |  |  |  | 5,092,208 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination |  |  | 102,148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 102,148 |
Loan servicing |  |  | 43,893 |  |  |  | 2,387 |  |  |  | 186 |  |  |  | — |  |  |  | — |  |  |  | 46,466 |
Other revenue |  |  | 12,033 |  |  |  | 5,593 |  |  |  | 2,506 |  |  |  | — |  |  |  | — |  |  |  | 20,132 |
Total Out of Scope of Topic 606 Revenue |  |  | 158,074 |  |  |  | 7,980 |  |  |  | 2,692 |  |  |  | — |  |  |  | — |  |  |  | 168,746 |
Total revenue |  | $ | 3,280,722 |  |  | $ | 1,331,436 |  |  | $ | 529,982 |  |  | $ | 93,061 |  |  | $ | 25,753 |  |  | $ | 5,260,954 |
|  | Three Months Ended September 30, 2017 (As Adjusted) (2) |
|  | Americas |  |  | EMEA |  |  | APAC |  |  | Global Investment Management |  |  | Development Services |  |  | Consolidated |
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupier outsourcing |  | $ | 1,764,103 |  |  | $ | 787,466 |  |  | $ | 240,667 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,792,236 |
Leasing |  |  | 506,366 |  |  |  | 105,368 |  |  |  | 88,506 |  |  |  | — |  |  |  | 559 |  |  |  | 700,799 |
Sales |  |  | 290,168 |  |  |  | 83,937 |  |  |  | 80,966 |  |  |  | — |  |  |  | 270 |  |  |  | 455,341 |
Property management |  |  | 162,670 |  |  |  | 62,606 |  |  |  | 60,907 |  |  |  | — |  |  |  | 2,337 |  |  |  | 288,520 |
Valuation |  |  | 59,009 |  |  |  | 39,462 |  |  |  | 28,515 |  |  |  | — |  |  |  | — |  |  |  | 126,986 |
Commercial mortgage origination (1) |  |  | 23,498 |  |  |  | 778 |  |  |  | 535 |  |  |  | — |  |  |  | — |  |  |  | 24,811 |
Investment management |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 92,122 |  |  |  | — |  |  |  | 92,122 |
Development services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,945 |  |  |  | 12,945 |
Topic 606 Revenue |  |  | 2,805,814 |  |  |  | 1,079,617 |  |  |  | 500,096 |  |  |  | 92,122 |  |  |  | 16,111 |  |  |  | 4,493,760 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination |  |  | 83,607 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 83,607 |
Loan servicing |  |  | 36,021 |  |  |  | 2,315 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,336 |
Other revenue |  |  | 14,190 |  |  |  | 6,767 |  |  |  | 1,936 |  |  |  | — |  |  |  | — |  |  |  | 22,893 |
Total Out of Scope of Topic 606 Revenue |  |  | 133,818 |  |  |  | 9,082 |  |  |  | 1,936 |  |  |  | — |  |  |  | — |  |  |  | 144,836 |
Total revenue |  | $ | 2,939,632 |  |  | $ | 1,088,699 |  |  | $ | 502,032 |  |  | $ | 92,122 |  |  | $ | 16,111 |  |  | $ | 4,638,596 |
(1) | We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.
(2) | We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
|  | Nine Months Ended September 30, 2018 |
|  | Americas |  |  | EMEA |  |  | APAC |  |  | Global Investment Management |  |  | Development Services |  |  | Consolidated |
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupier outsourcing |  | $ | 5,682,409 |  |  | $ | 2,882,350 |  |  | $ | 787,667 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,352,426 |
Leasing |  |  | 1,535,242 |  |  |  | 330,223 |  |  |  | 271,181 |  |  |  | — |  |  |  | 2,861 |  |  |  | 2,139,507 |
Sales |  |  | 832,195 |  |  |  | 279,985 |  |  |  | 202,115 |  |  |  | — |  |  |  | 513 |  |  |  | 1,314,808 |
Property management |  |  | 517,995 |  |  |  | 178,376 |  |  |  | 208,965 |  |  |  | — |  |  |  | 6,379 |  |  |  | 911,715 |
Valuation |  |  | 187,997 |  |  |  | 127,529 |  |  |  | 83,598 |  |  |  | — |  |  |  | — |  |  |  | 399,124 |
Commercial mortgage origination (1) |  |  | 77,211 |  |  |  | 2,953 |  |  |  | 1,223 |  |  |  | — |  |  |  | — |  |  |  | 81,387 |
Investment management |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 315,698 |  |  |  | — |  |  |  | 315,698 |
Development services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,733 |  |  |  | 57,733 |
Topic 606 Revenue |  |  | 8,833,049 |  |  |  | 3,801,416 |  |  |  | 1,554,749 |  |  |  | 315,698 |  |  |  | 67,486 |  |  |  | 14,572,398 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination |  |  | 277,508 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 277,508 |
Loan servicing |  |  | 124,746 |  |  |  | 7,035 |  |  |  | 407 |  |  |  | — |  |  |  | — |  |  |  | 132,188 |
Other revenue |  |  | 36,070 |  |  |  | 19,691 |  |  |  | 8,485 |  |  |  | — |  |  |  | — |  |  |  | 64,246 |
Total Out of Scope of Topic 606 Revenue |  |  | 438,324 |  |  |  | 26,726 |  |  |  | 8,892 |  |  |  | — |  |  |  | — |  |  |  | 473,942 |
Total revenue |  | $ | 9,271,373 |  |  | $ | 3,828,142 |  |  | $ | 1,563,641 |  |  | $ | 315,698 |  |  | $ | 67,486 |  |  | $ | 15,046,340 |
|  | Nine Months Ended September 30, 2017 (As Adjusted) (2) |
|  | Americas |  |  | EMEA |  |  | APAC |  |  | Global Investment Management |  |  | Development Services |  |  | Consolidated |
Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Occupier outsourcing |  | $ | 5,170,579 |  |  | $ | 2,181,050 |  |  | $ | 683,366 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,034,995 |
Leasing |  |  | 1,350,439 |  |  |  | 268,375 |  |  |  | 230,640 |  |  |  | — |  |  |  | 739 |  |  |  | 1,850,193 |
Sales |  |  | 785,674 |  |  |  | 245,292 |  |  |  | 211,437 |  |  |  | — |  |  |  | 965 |  |  |  | 1,243,368 |
Property management |  |  | 485,183 |  |  |  | 176,595 |  |  |  | 172,146 |  |  |  | — |  |  |  | 7,345 |  |  |  | 841,269 |
Valuation |  |  | 177,789 |  |  |  | 109,200 |  |  |  | 86,220 |  |  |  | — |  |  |  | — |  |  |  | 373,209 |
Commercial mortgage origination (1) |  |  | 73,199 |  |  |  | 4,583 |  |  |  | 1,989 |  |  |  | — |  |  |  | — |  |  |  | 79,771 |
Investment management |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 274,451 |  |  |  | — |  |  |  | 274,451 |
Development services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,245 |  |  |  | 38,245 |
Topic 606 Revenue |  |  | 8,042,863 |  |  |  | 2,985,095 |  |  |  | 1,385,798 |  |  |  | 274,451 |  |  |  | 47,294 |  |  |  | 12,735,501 |
Out of Scope of Topic 606 Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage origination |  |  | 217,881 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 217,881 |
Loan servicing |  |  | 106,745 |  |  |  | 7,873 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 114,618 |
Other revenue |  |  | 38,272 |  |  |  | 16,382 |  |  |  | 6,479 |  |  |  | — |  |  |  | — |  |  |  | 61,133 |
Total Out of Scope of Topic 606 Revenue |  |  | 362,898 |  |  |  | 24,255 |  |  |  | 6,479 |  |  |  | — |  |  |  | — |  |  |  | 393,632 |
Total revenue |  | $ | 8,405,761 |  |  | $ | 3,009,350 |  |  | $ | 1,392,277 |  |  | $ | 274,451 |  |  | $ | 47,294 |  |  | $ | 13,129,133 |
(1) | We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.
(2) | We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.
Contract Assets and Liabilities We had contract assets totaling $220.8 million ($159.9 million of which was current) and $330.9 million ($273.1 million of which was current) as of September 30, 2018 and December 31, 2017, respectively. During the nine months ended September 30, 2018, our contract assets decreased by $110.1 million, primarily due to contract assets moving to accounts receivable in our occupier outsourcing business (due to at-risk and incentive fees becoming billable per the contract terms) and in our leasing business (billing of commissions). We had contract liabilities totaling $97.3 million ($86.8 million of which was current) and $100.6 million (all of which was current) as of September 30, 2018 and December 31, 2017, respectively. During the nine months ended September 30, 2018, we recognized revenue of $78.1 million that was included in the contract liability balance at December 31, 2017. Contract Costs Within our Occupier Outsourcing business line, we incur transition costs to fulfil contracts prior to services being rendered. We capitalized $10.5 million and $33.5 million, respectively, of transition costs during the three and nine months ended September 30, 2018, and $6.9 million and $21.6 million, respectively, of transition costs during the three and nine months ended September 30, 2017. We recorded amortization of transition costs of $5.4 million and $17.6 million, respectively, during the three and nine months ended September 30, 2018 and $5.2 million and $12.4 million, respectively, during the three and nine months ended September 30, 2017. No impairment loss in relation to the costs capitalized was recorded during the three and nine months ended September 30, 2018 or 2017.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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