Restructuring and Acquisition Charges

6 Months Ended

Jun. 30, 2021

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Activities Disclosure [Text Block]

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 June 30,			Six Months Ended June 30,
(in millions)	2021		2020	2021		2020
Severance and other employment-related charges	$	(0.9)	7.0	$	0.9	8.3
Restructuring, pre-acquisition and post-acquisition charges	11.9		7.6	21.4		17.4
Stock-based compensation expense for HFF retention awards	6.0		13.0	12.0		24.2
Fair value adjustments to earn-out liabilities	1.1		0.6	1.0		(7.6)
Restructuring and acquisition charges	$	18.1	28.2	$	35.3	42.3

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, 2020	$	41.3	2.5	1.2	$	45.0
Accruals	0.9		4.9	16.5	22.3
Payments made	(26.4)		(6.4)	(15.8)	(48.6)
June 30, 2021	$	15.8	1.0	1.9	$	18.7


(in millions)	Severance & Employment-Related		Lease Exit	Other Restructuring, Acquisition and Integration Costs	Total
December 31, 2019	$	24.3	8.4	3.8	$	36.5
Accruals	8.3		6.7	10.7	25.7
Payments made	(16.0)		(13.5)	(14.0)	(43.5)
June 30, 2020	$	16.6	1.6	0.5	$	18.7

We expect the majority of accrued severance and other accrued acquisition costs as of June 30, 2021 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2026.

HFF Acquisition

Included in Restructuring and acquisition charges were $12.4 million and $23.9 million, respectively, for the three and six months ended June 30, 2021 compared to $20.1 million and $41.4 million, respectively, for the three and six months ended June 30, 2020 of charges relating to the acquisition and integration of HFF (including retention and severance expense, early lease termination costs, and other integration expenses).