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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2020
Revenue From Contract With Customer [Abstract]  
Revenue from Contracts with Customers

13.

Revenue from Contracts with Customers

We account for revenue with customers in accordance with FASB ASC Topic, “Revenue from Contracts with Customers” (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services.

Disaggregated Revenue

The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2020 and 2019 by type of service and/or segment (dollars in thousands):

 

 

 

Three Months Ended September 30, 2020

 

 

 

Advisory

Services

 

 

Global

Workplace

Solutions

 

 

Real Estate

Investments

 

 

Consolidated

 

Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global workplace solutions

 

$

—

 

 

$

3,721,365

 

 

$

—

 

 

$

3,721,365

 

Advisory leasing

 

 

536,132

 

 

 

—

 

 

 

—

 

 

 

536,132

 

Advisory sales

 

 

346,650

 

 

 

—

 

 

 

—

 

 

 

346,650

 

Property and advisory project management

 

 

545,325

 

 

 

—

 

 

 

—

 

 

 

545,325

 

Valuation

 

 

139,019

 

 

 

—

 

 

 

—

 

 

 

139,019

 

Commercial mortgage origination (1)

 

 

20,040

 

 

 

—

 

 

 

—

 

 

 

20,040

 

Loan servicing (2)

 

 

9,860

 

 

 

—

 

 

 

—

 

 

 

9,860

 

Investment management

 

 

—

 

 

 

—

 

 

 

99,935

 

 

 

99,935

 

Development services

 

 

—

 

 

 

—

 

 

 

68,850

 

 

 

68,850

 

Topic 606 Revenue

 

 

1,597,026

 

 

 

3,721,365

 

 

 

168,785

 

 

 

5,487,176

 

Out of Scope of Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgage origination

 

 

108,986

 

 

 

—

 

 

 

—

 

 

 

108,986

 

Loan servicing

 

 

48,153

 

 

 

—

 

 

 

—

 

 

 

48,153

 

Development services (3)

 

 

—

 

 

 

—

 

 

 

827

 

 

 

827

 

Total Out of Scope of Topic 606 Revenue

 

 

157,139

 

 

 

—

 

 

 

827

 

 

 

157,966

 

Total revenue

 

$

1,754,165

 

 

$

3,721,365

 

 

$

169,612

 

 

$

5,645,142

 

 

 

 

 

Three Months Ended September 30, 2019

 

 

 

Advisory

Services

 

 

Global

Workplace

Solutions

 

 

Real Estate

Investments

 

 

Consolidated

 

Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global workplace solutions

 

$

—

 

 

$

3,555,176

 

 

$

—

 

 

$

3,555,176

 

Advisory leasing

 

 

781,246

 

 

 

—

 

 

 

—

 

 

 

781,246

 

Advisory sales

 

 

526,104

 

 

 

—

 

 

 

—

 

 

 

526,104

 

Property and advisory project management

 

 

558,039

 

 

 

—

 

 

 

—

 

 

 

558,039

 

Valuation

 

 

154,861

 

 

 

—

 

 

 

—

 

 

 

154,861

 

Commercial mortgage origination (1)

 

 

46,787

 

 

 

—

 

 

 

—

 

 

 

46,787

 

Loan servicing (2)

 

 

8,599

 

 

 

—

 

 

 

—

 

 

 

8,599

 

Investment management

 

 

—

 

 

 

—

 

 

 

104,927

 

 

 

104,927

 

Development services

 

 

—

 

 

 

—

 

 

 

24,286

 

 

 

24,286

 

Topic 606 Revenue

 

 

2,075,636

 

 

 

3,555,176

 

 

 

129,213

 

 

 

5,760,025

 

Out of Scope of Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgage origination

 

 

117,052

 

 

 

—

 

 

 

—

 

 

 

117,052

 

Loan servicing

 

 

48,024

 

 

 

—

 

 

 

—

 

 

 

48,024

 

Total Out of Scope of Topic 606 Revenue

 

 

165,076

 

 

 

—

 

 

 

—

 

 

 

165,076

 

Total revenue

 

$

2,240,712

 

 

$

3,555,176

 

 

$

129,213

 

 

$

5,925,101

 

 

(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)

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

 

 

 

Nine Months Ended September 30, 2020

 

 

 

Advisory

Services

 

 

Global

Workplace

Solutions

 

 

Real Estate

Investments

 

 

Consolidated

 

Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global workplace solutions

 

$

—

 

 

$

11,134,383

 

 

$

—

 

 

$

11,134,383

 

Advisory leasing

 

 

1,653,367

 

 

 

—

 

 

 

—

 

 

 

1,653,367

 

Advisory sales

 

 

1,018,853

 

 

 

—

 

 

 

—

 

 

 

1,018,853

 

Property and advisory project management

 

 

1,623,486

 

 

 

—

 

 

 

—

 

 

 

1,623,486

 

Valuation

 

 

418,616

 

 

 

—

 

 

 

—

 

 

 

418,616

 

Commercial mortgage origination (1)

 

 

78,030

 

 

 

—

 

 

 

—

 

 

 

78,030

 

Loan servicing (2)

 

 

30,290

 

 

 

—

 

 

 

—

 

 

 

30,290

 

Investment management

 

 

—

 

 

 

—

 

 

 

324,745

 

 

 

324,745

 

Development services

 

 

—

 

 

 

—

 

 

 

202,776

 

 

 

202,776

 

Topic 606 Revenue

 

 

4,822,642

 

 

 

11,134,383

 

 

 

527,521

 

 

 

16,484,546

 

Out of Scope of Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgage origination

 

 

274,523

 

 

 

—

 

 

 

—

 

 

 

274,523

 

Loan servicing

 

 

141,453

 

 

 

—

 

 

 

—

 

 

 

141,453

 

Development services (3)

 

 

—

 

 

 

—

 

 

 

15,172

 

 

 

15,172

 

Total Out of Scope of Topic 606 Revenue

 

 

415,976

 

 

 

—

 

 

 

15,172

 

 

 

431,148

 

Total revenue

 

$

5,238,618

 

 

$

11,134,383

 

 

$

542,693

 

 

$

16,915,694

 

 

 

 

 

Nine Months Ended September 30, 2019

 

 

 

Advisory

Services

 

 

Global

Workplace

Solutions

 

 

Real Estate

Investments

 

 

Consolidated

 

Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global workplace solutions

 

$

—

 

 

$

10,106,543

 

 

$

—

 

 

$

10,106,543

 

Advisory leasing

 

 

2,221,674

 

 

 

—

 

 

 

—

 

 

 

2,221,674

 

Advisory sales

 

 

1,378,317

 

 

 

—

 

 

 

—

 

 

 

1,378,317

 

Property and advisory project management

 

 

1,634,745

 

 

 

—

 

 

 

—

 

 

 

1,634,745

 

Valuation

 

 

442,238

 

 

 

—

 

 

 

—

 

 

 

442,238

 

Commercial mortgage origination (1)

 

 

102,471

 

 

 

—

 

 

 

—

 

 

 

102,471

 

Loan servicing (2)

 

 

22,669

 

 

 

—

 

 

 

—

 

 

 

22,669

 

Investment management

 

 

—

 

 

 

—

 

 

 

312,881

 

 

 

312,881

 

Development services

 

 

—

 

 

 

—

 

 

 

101,188

 

 

 

101,188

 

Topic 606 Revenue

 

 

5,802,114

 

 

 

10,106,543

 

 

 

414,069

 

 

 

16,322,726

 

Out of Scope of Topic 606 Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial mortgage origination

 

 

322,246

 

 

 

—

 

 

 

—

 

 

 

322,246

 

Loan servicing

 

 

129,712

 

 

 

—

 

 

 

—

 

 

 

129,712

 

Total Out of Scope of Topic 606 Revenue

 

 

451,958

 

 

 

—

 

 

 

—

 

 

 

451,958

 

Total revenue

 

$

6,254,072

 

 

$

10,106,543

 

 

$

414,069

 

 

$

16,774,684

 

 

(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)

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

 

 

Contract Assets and Liabilities

We had contract assets totaling $459.8 million ($282.0 million of which was current) and $529.8 million ($328.0 million of which was current) as of September 30, 2020 and December 31, 2019, respectively.

We had contract liabilities totaling $134.3 million ($132.5 million of which was current) and $115.0 million ($108.7 million of which was current) as of September 30, 2020 and December 31, 2019, respectively. During the nine months ended September 30, 2020, we recognized revenue of $77.9 million that was included in the contract liability balance at December 31, 2019.