Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the fair value of derivatives as of June 30, 2025 and December 31, 2024 (in millions):


			June 30, 2025				December 31, 2024
	June 30, 2025		Assets		Liabilities		Assets		Liabilities
Derivative Instrument	Notional		Fair Value		Fair Value		Fair Value		Fair Value
Designated:
Cash flow hedges:
Interest rate swaps	$	1,773.6	$	0.3	$	0.4	$	11.3	$	3.0
Interest rate swaps (forward-starting)	400.0		0.3		0.8		—		—
Non-designated:
Foreign currency forward contracts	$	692.1	$	0.3	$	1.4	$	1.3	$	1.7

Schedule of Effect of Derivatives As Hedges, Net of Applicable Income Taxes

The following table presents the effect of derivatives designated as cash flow hedges in the Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024 (in millions):


	Beginning Accumulated Other Comprehensive (Gain) Loss(1)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(2)		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(3)		Ending Accumulated Other Comprehensive (Gain) Loss
Three Months Ended June 30, 2025
Interest rate cash flow hedges	$	(15.8)	$	1.6	$	5.6	$	(8.6)

Three Months Ended June 30, 2024
Interest rate cash flow hedges	$	(47.7)	$	(8.9)	$	11.3	$	(45.3)

(1) Amount is net of related deferred tax benefit of $4.6 million and expense of $1.8 million for the three months ended June 30, 2025 and 2024, respectively.

(2) Amount is net of related deferred tax benefit of $0.8 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively.

(3) Amount is net of related deferred tax expense of $0.7 million and $0.0 million for the three months ended June 30, 2025 and 2024, respectively.

The following table presents the effect of derivatives designated as hedges in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024 (in millions):


	Beginning Accumulated Other Comprehensive (Gain) Loss(1)		Amount of Loss (Gain) Recognized in Other Comprehensive Loss on Derivatives(2)		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Statement of Operations(3)		Ending Accumulated Other Comprehensive (Gain) Loss
Six Months Ended June 30, 2025
Interest rate cash flow hedges	$	(25.2)	$	5.6	$	11.0	$	(8.6)

Six Months Ended June 30, 2024
Interest rate cash flow hedges	$	(37.0)	$	(31.0)	$	22.7	$	(45.3)

(1) Amount is net of related deferred tax benefit of $2.5 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively.

(2) Amount is net of related deferred tax benefit of $2.0 million and expense of $3.6 million for the six months ended June 30, 2025 and 2024, respectively.

(3) Amount is net of related deferred tax expense of $1.6 million and $0.0 million for the six months ended June 30, 2025 and 2024, respectively.

Cushman & Wakefield plc 10-Q