Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

18.	Revenue from Contracts with Customers

Disaggregated Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the years ended December 31, 2019, 2018 and 2017 by type of service and/or segment (dollars in thousands):

	Year Ended December 31, 2019
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Consolidated
Topic 606 Revenue:
Global workplace solutions	$	—	$	14,164,001	$	—	$	14,164,001
Advisory leasing		3,269,993		—		—		3,269,993
Advisory sales		2,130,979		—		—		2,130,979
Property and advisory project management		2,255,398						2,255,398
Valuation		630,399		—		—		630,399
Commercial mortgage origination (1)		154,227		—		—		154,227
Loan servicing (2)		30,943		—		—		30,943
Investment management		—		—		424,882		424,882
Development services		—		—		213,264		213,264
Topic 606 Revenue		8,471,939		14,164,001		638,146		23,274,086
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination		421,736		—		—		421,736
Loan servicing		175,793		—		—		175,793
Development services (4)		—		—		22,476		22,476
Total Out of Scope of Topic 606 Revenue		597,529		—		22,476		620,005
Total revenue	$	9,069,468	$	14,164,001	$	660,622	$	23,894,091

	Year Ended December 31, 2018 (3)
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Consolidated
Topic 606 Revenue:
Global workplace solutions	$	—	$	12,365,362	$	—	$	12,365,362
Advisory leasing		3,080,117		—		—		3,080,117
Advisory sales		1,980,932						1,980,932
Property and advisory project management		2,057,433		—		—		2,057,433
Valuation		598,806		—		—		598,806
Commercial mortgage origination (1)		136,534		—		—		136,534
Loan servicing (2)		24,192		—		—		24,192
Investment management		—		—		434,405		434,405
Development services		—		—		100,319		100,319
Topic 606 Revenue		7,878,014		12,365,362		534,724		20,778,100
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination		402,814		—		—		402,814
Loan servicing		159,174		—		—		159,174
Total Out of Scope of Topic 606 Revenue		561,988		—		—		561,988
Total revenue	$	8,440,002	$	12,365,362	$	534,724	$	21,340,088

(1)	We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.

(2)	Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606.

(3)	Our new organizational structure became effective January 1, 2019. See Note 19 for additional information. Revenue classifications for 2018 and 2017 have been restated to conform to the new structure.

(4)	Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of Topic 842.

	Year Ended December 31, 2017 (3)
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Consolidated
Topic 606 Revenue:
Global workplace solutions	$	—	$	10,791,963	$	—	$	10,791,963
Advisory leasing		2,592,203		—		—		2,592,203
Advisory sales		1,869,872		—		—		1,869,872
Property and advisory project management		1,748,594		—		—		1,748,594
Valuation		556,008						556,008
Commercial mortgage origination (1)		117,009		—		—		117,009
Loan servicing (2)		19,759		—		—		19,759
Investment management		—		—		377,644		377,644
Development services		—		—		79,455		79,455
Topic 606 Revenue		6,903,445		10,791,963		457,099		18,152,507
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination		338,590		—		—		338,590
Loan servicing		137,690		—		—		137,690
Total Out of Scope of Topic 606 Revenue		476,280		—		—		476,280
Total revenue	$	7,379,725	$	10,791,963	$	457,099	$	18,628,787

(1)	We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.

(2)	Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606.

(3)	Our new organizational structure became effective January 1, 2019. See Note 19 for additional information. Revenue classifications for 2018 and 2017 have been restated to conform to the new structure.

Contract Assets and Liabilities

We had contract assets totaling $529.8 million ($328.0 million of which was current) and $381.8 million ($307.0 million of which was current) as of December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, our contract assets increased by $148.0 million, primarily due to an increase in contract assets in our leasing business as well as due to contract assets acquired in the Telford Acquisition (see Note 4).

We had contract liabilities totaling $115.0 million ($108.7 million of which was current) and $92.5 million ($82.2 million of which was current) as of December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, we recognized revenue of $75.2 million that was included in the contract liability balance at December 31, 2018.

Contract Costs

Within our Global Workplace Solutions segment, we incur transition costs to fulfil contracts prior to services being rendered. We capitalized $69.3 million, $45.7 million and $31.9 million, respectively, of transition costs during the years ended December 31, 2019, 2018 and 2017. We recorded amortization of transition costs of $32.3 million, $23.4 million and $19.2 million, respectively, during the years ended December 31, 2019, 2018 and 2017.