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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.

	December 31,
	2019								2018
($ in millions)	Level 1			Level 2		Level 3			Level 1		Level 2		Level 3
Assets
Investments in real estate ventures - fair value	$	69.4		—		34.4			44.6		—		11.5
Foreign currency forward contracts receivable	—			10.5		—			—		6.5		—
Warehouse receivables	—			527.1		—			—		331.2		—
Deferred compensation plan assets	—			349.9		—			—		258.2		—
Mortgage banking derivative assets	—			—		36.1			—		—		32.4
Total assets at fair value	$	69.4		887.5		70.5			44.6		595.9		43.9
Liabilities
Foreign currency forward contracts payable	$	—		4.4		—			—		8.6		—
Deferred compensation plan liabilities	—			346.1		—			—		251.8		—
Earn-out liabilities	—			—		148.5			—		—		192.0
Mortgage banking derivative liabilities	—			—		25.9			—		—		26.1
Total liabilities at fair value	$	—		350.5		174.4			—		260.4		218.1

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

($ in millions)	Balance as of December 31, 2018			Net change in fair value		Foreign CTA1		Purchases / Additions		Settlements		Balance as of December 31, 2019
Investments in real estate ventures	$	11.5		0.8		—		22.9		(0.8	)	34.4
Mortgage banking derivative assets and liabilities, net	6.3			(28.8	)	—		92.6		(59.9	)	10.2
Earn-out liabilities	192.0			27.2		(1.5	)	4.9		(74.1	)	148.5

($ in millions)	Balance as of December 31, 2017			Net change in fair value		Foreign CTA1		Purchases / Additions		Settlements2		Balance as of December 31, 2018
Investments in real estate ventures	$	—		—		—		11.5		—		11.5
Mortgage banking derivative assets and liabilities, net	8.7			1.1		—		70.4		(73.9	)	6.3
Earn-out liabilities	227.1			7.4		(4.0	)	11.6		(50.1	)	192.0

¹ CTA: Currency translation adjustments

² In 2018, earn-out liabilities of $9.1 million were reclassified to guaranteed deferred acquisition obligations.

Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs

Net change in fair value, included in the tables above, is reported in Net income as follows.

Category of Assets/Liabilities using Unobservable Inputs	Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (Short-term and Long-term)	Restructuring and acquisition charges
Investments in real estate ventures	Equity earnings
Other current assets - Mortgage banking derivative assets	Revenue before reimbursements
Other current liabilities - Mortgage banking derivative liabilities	Revenue before reimbursements

X

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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