XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.20.2

Restructuring and Acquisition Charges | 9 Months Ended
--- | ---
Sep. 30, 2020
Restructuring Cost and Reserve [Line Items] |
Restructuring and Related Activities Disclosure [Text Block] | 11. RESTRUCTURING AND ACQUISITION CHARGES Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (1) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (2) acquisition, transaction and integration-related charges, and (3) other restructuring including lease exit charges. Non-cash charges include (1) stock-based compensation expense for retention awards issued in conjunction with the HFF acquisition and (2) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity. Restructuring and acquisition charges are presented in table below.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 | 2019 |  | 2020 | 2019
Severance and other employment-related charges | $ | 19.3 |  | 7.2 |  |  | $ | 27.6 |  | 17.6 |
Restructuring, pre-acquisition and post-acquisition charges | 8.6 |  | 48.1 |  |  | 25.9 |  | 62.0 |
Stock-based compensation expense for HFF retention awards | 6.2 |  | 14.0 |  |  | 30.5 |  | 14.0 |
Fair value adjustments to earn-out liabilities | (0.6 | ) | 0.7 |  |  | (8.2 | ) | 20.7 |
Restructuring and acquisition charges | $ | 33.5 |  | 70.0 |  |  | $ | 75.8 |  | 114.3 |
The following tables show the accrual activity and payments relating to cash-based Restructuring and acquisition charges.
(in millions) | Severance & Employment-Related | Lease Exit | Restructuring, Acquisition and Integration Costs |  | Total
December 31, 2019 | $ | 24.3 |  | 8.4 |  | 3.8 |  |  | $ | 36.5 |
Accruals | 27.6 |  | 9.3 |  | 16.6 |  |  | 53.5 |
Payments made | (22.1 | ) | (16.0 | ) | (20.4 | ) |  | (58.5 | )
September 30, 2020 | $ | 29.8 |  | 1.7 |  | — |  |  | $ | 31.5 |
(in millions) | Severance & Employment-Related | Lease Exit | Other Restructuring, Acquisition and Integration Costs |  | Total
December 31, 2018 | $ | 14.0 |  | 0.6 |  | 0.5 |  |  | $ | 15.1 |
Accruals | 17.6 |  | 5.8 |  | 56.2 |  |  | 79.6 |
Payments made | (21.2 | ) | (1.5 | ) | (54.8 | ) |  | (77.5 | )
September 30, 2019 | $ | 10.4 |  | 4.9 |  | 1.9 |  |  | $ | 17.2 |
We expect the majority of accrued severance and other accrued acquisition costs as of September 30, 2020 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2022. HFF Acquisition Included in Restructuring and acquisition charges were $13.8 million and $55.2 million, respectively, for the three and nine months ended September 30, 2020 compared to $60.1 million and $69.8 million, respectively, for the three and nine months ended September 30, 2019 of charges relating to the acquisition and integration of HFF (including transaction/deal costs, retention and severance expense, early lease termination costs, and other integration expenses). During the integration of HFF, we expect to incur significant charges over the two years following the acquisition in an effort to maximize the value of the combined organization. We expect to recognize approximately $100 million of expense over this two-year window relating to retention awards which have already been paid or granted (in the case of RSUs). In addition, we may incur other costs in connection with the integration including, but not limited to, lease termination charges and other employee-related costs, but are unable to estimate these amounts. We anticipate that other than RSU retention awards granted, substantially all of these cumulative charges will result in cash expenditures.

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_RestructuringCostAndReserveLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration