v3.24.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
We account for revenue with customers in accordance with FASB ASC Topic 606, “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 receive in exchange for those services.
Disaggregated Revenue
The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions):
Three Months Ended September 30, 2024
Advisory
Services		Global
Workplace
Solutions		Real Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $4,370 $— $— $4,370 
Project management— 1,976 — — 1,976 
Advisory leasing984 — — — 984 
Advisory sales422 — — — 422 
Property management567 — — (7)560 
Valuation178 — — — 178 
Commercial mortgage origination (1)
44 — — — 44 
Loan servicing (2)
16 — — — 16 
Investment management— — 196 — 196 
Development services— — 104 — 104 
Topic 606 Revenue2,211 6,346 300 (7)8,850 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination119 — — — 119 
Loan servicing65 — — — 65 
Development services (3)
— — 2 — 2 
Total Out of Scope of Topic 606 Revenue184 — 2 — 186 
Total Revenue$2,395 $6,346 $302 $(7)$9,036 
Three Months Ended September 30, 2023
Advisory
Services		Global
Workplace
Solutions		Real Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $3,844 $— $— $3,844 
Project management— 1,805 — — 1,805 
Advisory leasing827 — — — 827 
Advisory sales370 — — — 370 
Property management465 — — (4)461 
Valuation163 — — — 163 
Commercial mortgage origination (1)
37 — — — 37 
Loan servicing (2)
20 — — — 20 
Investment management— — 137 — 137 
Development services— — 66 — 66 
Topic 606 Revenue1,882 5,649 203 (4)7,730 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination70 — — — 70 
Loan servicing61 — — — 61 
Development services (3)
— — 7 — 7 
Total Out of Scope of Topic 606 Revenue131 — 7 — 138 
Total Revenue$2,013 $5,649 $210 $(4)$7,868 
Nine Months Ended September 30, 2024
Advisory
Services
Global Workplace
Solutions
Real Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $12,563 $— $— $12,563 
Project management— 5,536 — — 5,536 
Advisory leasing2,607 — — — 2,607 
Advisory sales1,133 — — — 1,133 
Property management1,620 — — (16)1,604 
Valuation528 — — — 528 
Commercial mortgage origination (1)
117 — — — 117 
Loan servicing (2)
59 — — — 59 
Investment management— — 494 — 494 
Development services— — 262 — 262 
Topic 606 Revenue6,064 18,099 756 (16)24,903 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination266 — — — 266 
Loan servicing188 — — — 188 
Development services (3)
— — 6 — 6 
Total Out of Scope of Topic 606 Revenue454 — 6 — 460 
Total Revenue$6,518 $18,099 $762 $(16)$25,363 
Nine Months Ended September 30, 2023
Advisory
Services		Global
Workplace
Solutions		Real Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $11,210 $— $— $11,210 
Project management— 5,203 — — 5,203 
Advisory leasing2,350 — — — 2,350 
Advisory sales1,135 — — — 1,135 
Property management1,409 — — (12)1,397 
Valuation508 — — — 508 
Commercial mortgage origination (1)
94 — — — 94 
Loan servicing (2)
56 — — — 56 
Investment management— — 436 — 436 
Development services— — 243 — 243 
Topic 606 Revenue5,552 16,413 679 (12)22,632 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination174 — — — 174 
Loan servicing182 — — — 182 
Development services (3)
— — 11 — 11 
Total Out of Scope of Topic 606 Revenue356 — 11 — 367 
Total Revenue$5,908 $16,413 $690 $(12)$22,999 
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(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 FASB ASC Topic 842, “Leases.”
Contract Assets and Liabilities
We had contract assets totaling $592 million ($496 million of which was current) and $517 million ($443 million of which was current) as of September 30, 2024 and December 31, 2023, respectively.
We had contract liabilities totaling $329 million (all of which was current) and $304 million ($298 million of which was current) as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, we recognized revenue of $16 million and $206 million, respectively, that was included in the contract liability balance at December 31, 2023. The majority of contract liabilities are recognized as revenue within 90 days.