Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document and Entity Information [Abstract] | ||
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | JLL | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 36-4150422 | |
Entity Address, Address Line One | 200 East Randolph Drive | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
Entity File Number | 1-13145 | |
City Area Code | (312) | |
Local Phone Number | 782-5800 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Jones Lang LaSalle Incorporated | |
Entity Central Index Key | 0001037976 | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,462,564 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 489.4 | $ 593.7 |
Trade receivables, net of allowances | 1,912.5 | 2,004.1 |
Notes and other receivables | 377.9 | 389.3 |
Accounts Receivable, Reimbursed by Client, Current | 1,840.5 | 1,734.5 |
Loans Receivable, Gross, Mortgage Warehouse Lending. | 671.9 | 822.3 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 369.9 | 343.1 |
Prepaid Expense and Other Assets, Current | 707.8 | 500.7 |
Total current assets | 6,369.9 | 6,387.7 |
Property and equipment, net of accumulated depreciation | 731.5 | 740 |
Operating Lease, Right-of-Use Asset | 776.6 | 723.4 |
Goodwill | 4,454.8 | 4,611.6 |
Identified intangibles, net of accumulated amortization | 861.6 | 887 |
Investments | 890.9 | 745.7 |
Long-term receivables | 306 | 316.4 |
Deferred Income Tax Assets, Net | 249.6 | 330.8 |
Deferred Compensation Plan Assets | 520.2 | 528.8 |
Other | 217.5 | 233.6 |
Total assets | 15,378.6 | 15,505 |
Current liabilities: | ||
Accounts Payable and Accrued Liabilities, Current | 858.4 | 1,262.8 |
Accounts Payable, Reimbursed by Client, Current | 1,309.4 | 1,350 |
Accrued compensation & benefits | 1,512 | 2,029.5 |
Short-term Debt | 244.2 | 147.9 |
Long-term Debt, Current Maturities | 0 | 274.7 |
Short-term contract liabilities and deferred income | 221 | 208.2 |
Business Combination, Contingent Consideration, Liability, Current | 45.2 | 45.8 |
Warehouse facilities | 685 | 795.7 |
Operating Lease, Liability, Current | 147.8 | 153.8 |
Other | 380.7 | 218.1 |
Total current liabilities | 5,403.7 | 6,486.5 |
Noncurrent liabilities: | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 1,587.9 | 138.2 |
Long-term debt, net of debt issuance costs | 341.5 | 395.6 |
Deferred Tax Liabilities, Net | 199.6 | 179.7 |
Deferred compensation | 483.6 | 525.4 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 59.3 | 66.3 |
Operating Lease, Liability, Noncurrent | 739.5 | 714.4 |
Other | 554.1 | 577.7 |
Total liabilities | 9,369.2 | 9,083.8 |
Redeemable Noncontrolling Interest | 7.2 | 7.8 |
Company shareholders' equity: | ||
Common stock, $.01 par value per share | 0.5 | 0.5 |
Additional paid-in capital | 2,034.5 | 2,053.7 |
Retained earnings | 5,415.6 | 4,937.6 |
Treasury Stock, Value | (950.9) | (406.3) |
Shares held in trust | (5.1) | (5.2) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (723) | (395.4) |
Total Company shareholders' equity | 5,771.6 | 6,184.9 |
Noncontrolling interest | 230.6 | 228.5 |
Total equity | 6,002.2 | 6,413.4 |
Total liabilities and equity | $ 15,378.6 | $ 15,505 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Trade receivables, allowances | $ 72.8 | $ 67.6 |
Contract with Customer, Asset, Allowance for Credit Loss, Current | 2.5 | 2.5 |
Property and equipment, accumulated depreciation | 955.8 | 909.1 |
Identified intangibles, with finite useful lives, accumulated amortization | 423.6 | 340.1 |
Investments, Fair Value Disclosure | $ 786.7 | $ 639.6 |
Company shareholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 100,000,000 | |
Common Stock, Shares, Issued | 52,085,128 | 52,076,800 |
Common Stock, Shares, Outstanding | 47,516,574 | 50,024,139 |
Treasury Stock, Shares | 4,568,554 | 2,052,661 |
Long-term senior notes, 4.4%, due November 2022 [Member] | ||
Unamortized Debt Issuance Expense | $ 0 | $ 0.3 |
Long-Term Senior Notes [Member] | ||
Unamortized Debt Issuance Expense | 1.3 | 1.4 |
Line of Credit [Member] | ||
Unamortized Debt Issuance Expense | $ 12.1 | $ 11.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 5,177.5 | $ 4,889.2 | $ 15,257.3 | $ 13,421.3 |
Operating expenses: | ||||
Compensation and benefits | 2,496.2 | 2,416.1 | 7,461.4 | 6,613.9 |
Operating, administrative and other | 2,402 | 2,111.8 | 6,950.6 | 5,998.3 |
Depreciation and amortization | 55.7 | 52.8 | 165.5 | 160.3 |
Restructuring and acquisition charges | 21 | 15.6 | 66.4 | 50.9 |
Total operating expenses | 4,974.9 | 4,596.3 | 14,643.9 | 12,823.4 |
Operating Income (Loss) | 202.6 | 292.9 | 613.4 | 597.9 |
Interest Expense, Net of Interest Income | 23.2 | 9.6 | 49.1 | 30.6 |
Equity earnings from real estate ventures | 0.5 | 17.4 | 72.6 | 106.7 |
Other Nonoperating Income (Expense) | 0.5 | 1.3 | 136 | 12.9 |
Income before income taxes and noncontrolling interest | 180.4 | 302 | 772.9 | 686.9 |
Provision for income taxes | 42.3 | 65.3 | 155.4 | 148.4 |
Net income | 138.1 | 236.7 | 617.5 | 538.5 |
Net income attributable to noncontrolling interest | (2.1) | (0.5) | 137.8 | (1.7) |
Net income attributable to the Company | 140.2 | 237.2 | 479.7 | 540.2 |
Net income attributable to common shareholders | $ 140.2 | $ 237.2 | $ 479.7 | $ 540.2 |
Basic earnings per common share (in dollars per share) | $ 2.93 | $ 4.67 | $ 9.83 | $ 10.57 |
Basic weighted average shares outstanding (in shares) | 47,863 | 50,851 | 48,782 | 51,101 |
Diluted earnings per common share (in dollars per share) | $ 2.88 | $ 4.57 | $ 9.65 | $ 10.35 |
Diluted weighted average shares outstanding (in shares) | 48,629 | 51,944 | 49,727 | 52,178 |
Other comprehensive income: | ||||
Net income attributable to the Company | $ 140.2 | $ 237.2 | $ 479.7 | $ 540.2 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | 0 | 0 | 0.5 |
Foreign currency translation adjustments | (139.1) | (47.2) | (327.6) | (53.6) |
Comprehensive income attributable to the common shareholders | $ 1.1 | $ 190 | $ 152.1 | $ 487.1 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Shares Held in Trust [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | $ (96.1) | ||||||||
Common Stock, Shares, Outstanding | 51,105,417 | ||||||||
Balances at Dec. 31, 2020 | $ 5,610 | $ 0.5 | $ 2,023.3 | $ 3,975.9 | $ (5.6) | $ (377.2) | $ 89.2 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 102.4 | 103 | (0.6) | ||||||
Shares issued under stock compensation programs (in shares) | 290,563 | ||||||||
Shares issued under stock compensation programs | 0.3 | (15.6) | 15.9 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (89,780) | ||||||||
Shares repurchased for payment of taxes on stock awards | (15.2) | (9.7) | (5.5) | ||||||
Amortization of stock compensation | 17.5 | 17.5 | |||||||
(Increase) Decrease In Common Stock Held In Trust | 0.2 | 0.2 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.2) | (0.2) | |||||||
Foreign currency translation adjustments | (6.2) | (6.2) | |||||||
Distributions to noncontrolling interest | (1.9) | (1.9) | |||||||
Balances at Mar. 31, 2021 | 5,706.9 | $ 0.5 | 2,015.5 | 4,078.9 | (5.4) | (383.6) | 86.7 | ||
Balances at Dec. 31, 2020 | 5,610 | 0.5 | 2,023.3 | 3,975.9 | (5.6) | (377.2) | 89.2 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.5 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.5 | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (53.6) | ||||||||
Foreign currency translation adjustments | $ (53.6) | ||||||||
Common Stock, Shares, Issued at Sep. 30, 2021 | 50,582,197 | ||||||||
Balances at Sep. 30, 2021 | $ 5,952.1 | $ 0.5 | 2,033.7 | 4,516.1 | (5.2) | (430.3) | 96.4 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | (85.7) | ||||||||
Common Stock, Shares, Outstanding | 51,306,200 | ||||||||
Balances at Mar. 31, 2021 | 5,706.9 | $ 0.5 | 2,015.5 | 4,078.9 | (5.4) | (383.6) | 86.7 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 199.4 | 200 | (0.6) | ||||||
Shares issued under stock compensation programs (in shares) | 13,712 | ||||||||
Shares issued under stock compensation programs | 0.5 | (1) | 1.5 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (2,184) | ||||||||
Shares repurchased for payment of taxes on stock awards | (0.4) | (0.2) | (0.2) | ||||||
Amortization of stock compensation | 26.3 | 26.3 | |||||||
Stock Repurchased During Period, Shares | (172,500) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (37.9) | (37.9) | |||||||
(Increase) Decrease In Common Stock Held In Trust | 0.1 | 0.1 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 0.7 | 0.7 | |||||||
Foreign currency translation adjustments | (0.2) | (0.2) | |||||||
Distributions to noncontrolling interest | 4.3 | 4.3 | |||||||
Common Stock, Shares, Issued at Jun. 30, 2021 | 51,145,228 | ||||||||
Balances at Jun. 30, 2021 | 5,899.7 | $ 0.5 | 2,040.6 | 4,278.9 | (5.3) | (383.1) | 90.4 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | (122.3) | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 236.7 | 237.2 | (0.5) | ||||||
Shares issued under stock compensation programs (in shares) | 200,425 | ||||||||
Shares issued under stock compensation programs | 10.7 | (14.8) | 25.5 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (82,956) | ||||||||
Shares repurchased for payment of taxes on stock awards | (26.8) | (16.1) | (10.7) | ||||||
Amortization of stock compensation | 24 | 24 | |||||||
Stock Repurchased During Period, Shares | (680,500) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (151.6) | (151.6) | |||||||
(Increase) Decrease In Common Stock Held In Trust | 0.1 | 0.1 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (47.2) | ||||||||
Foreign currency translation adjustments | (47.2) | (47.2) | |||||||
Distributions to noncontrolling interest | $ 6.5 | 6.5 | |||||||
Common Stock, Shares, Issued at Sep. 30, 2021 | 50,582,197 | ||||||||
Balances at Sep. 30, 2021 | $ 5,952.1 | $ 0.5 | 2,033.7 | 4,516.1 | (5.2) | (430.3) | 96.4 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | (259.1) | ||||||||
Treasury Stock, Value | $ (406.3) | (406.3) | |||||||
Common Stock, Shares, Outstanding | 50,024,139 | 50,024,139 | |||||||
Common Stock, Shares, Issued at Dec. 31, 2021 | 52,076,800 | ||||||||
Balances at Dec. 31, 2021 | $ 6,413.4 | $ 0.5 | 2,053.7 | 4,937.6 | (5.2) | (395.4) | 228.5 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 143.9 | 145.6 | (1.7) | ||||||
Shares issued under stock compensation programs (in shares) | 305,435 | ||||||||
Shares issued under stock compensation programs | 1.9 | (3.6) | 5.5 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (105,295) | ||||||||
Shares repurchased for payment of taxes on stock awards | (3.8) | (1.9) | (1.9) | ||||||
Amortization of stock compensation | 18.6 | 18.6 | |||||||
Stock Repurchased During Period, Shares | (615,351) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (150) | ||||||||
(Increase) Decrease In Common Stock Held In Trust | 0.1 | 0.1 | |||||||
Foreign currency translation adjustments | (24.1) | (24.1) | |||||||
Distributions to noncontrolling interest | 15.2 | 15.2 | |||||||
Balances at Mar. 31, 2022 | $ 6,415.2 | $ 0.5 | 2,066.8 | 5,083.2 | (5.1) | (419.5) | 242 | ||
Common Stock, Shares, Issued at Dec. 31, 2021 | 52,076,800 | ||||||||
Balances at Dec. 31, 2021 | $ 6,413.4 | 0.5 | 2,053.7 | 4,937.6 | (5.2) | (395.4) | 228.5 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (327.6) | ||||||||
Foreign currency translation adjustments | $ (327.6) | ||||||||
Common Stock, Shares, Issued at Sep. 30, 2022 | 52,085,128 | ||||||||
Balances at Sep. 30, 2022 | $ 6,002.2 | $ 0.5 | 2,034.5 | 5,415.6 | (5.1) | (723) | 230.6 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | (552.7) | ||||||||
Common Stock, Shares, Outstanding | 49,608,928 | ||||||||
Balances at Mar. 31, 2022 | 6,415.2 | $ 0.5 | 2,066.8 | 5,083.2 | (5.1) | (419.5) | 242 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 335.6 | 193.9 | 141.7 | [1] | |||||
Shares issued under stock compensation programs (in shares) | 36,251 | ||||||||
Shares issued under stock compensation programs | 15.1 | (25.4) | 42.2 | (1.7) | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (6,592) | ||||||||
Shares repurchased for payment of taxes on stock awards | (33) | (16.5) | (16.5) | ||||||
Amortization of stock compensation | 25.8 | 25.8 | |||||||
Stock Repurchased During Period, Shares | (1,397,915) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (297.7) | (297.7) | |||||||
Foreign currency translation adjustments | (164.4) | (164.4) | |||||||
Distributions to noncontrolling interest | (149.9) | (149.9) | |||||||
Balances at Jun. 30, 2022 | 6,146.7 | $ 0.5 | 2,050.7 | 5,275.4 | (5.1) | (583.9) | 233.8 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | (824.7) | ||||||||
Common Stock, Shares, Outstanding | 48,240,672 | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 138.2 | 140.2 | (2) | [1] | |||||
Shares issued under stock compensation programs (in shares) | 209,110 | ||||||||
Shares issued under stock compensation programs | 17 | (23.6) | 40.6 | 0 | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (85,659) | ||||||||
Shares repurchased for payment of taxes on stock awards | (35.8) | (17.9) | (17.9) | ||||||
Amortization of stock compensation | 25.3 | 25.3 | |||||||
Stock Repurchased During Period, Shares | (847,549) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (148.9) | (148.9) | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (139.1) | ||||||||
Foreign currency translation adjustments | (139.1) | (139.1) | |||||||
Distributions to noncontrolling interest | $ (1.2) | (1.2) | |||||||
Common Stock, Shares, Issued at Sep. 30, 2022 | 52,085,128 | ||||||||
Balances at Sep. 30, 2022 | $ 6,002.2 | $ 0.5 | $ 2,034.5 | $ 5,415.6 | $ (5.1) | $ (723) | $ 230.6 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value | $ (950.9) | $ (950.9) | |||||||
Common Stock, Shares, Outstanding | 47,516,574 | ||||||||
[1]Excludes net loss attributable to redeemable noncontrolling interest of $0.1 million for both the three months ended September 30, 2022 and June 30, 2022. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows used for operating activities: | ||
Net income | $ 617.5 | $ 538.5 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 165.5 | 160.3 |
Equity in earnings (losses) | (72.6) | (106.7) |
Gain (Loss) on Sale of Assets | (134.8) | (11.3) |
Distributions of earnings from real estate ventures | 14.9 | 14.6 |
Provision for loss on receivables and other assets | 17.4 | 7.5 |
Amortization of Deferred Compensation | 69.7 | 67.8 |
Net non-cash mortgage servicing rights and mortgage banking derivative activity | (12.8) | (43.4) |
Accretion of interest and amortization of debt issuance costs | 3.7 | 3.2 |
Other | 4.2 | (17) |
Increase (Decrease) in Receivables | (49.7) | (80.4) |
Increase (Decrease) in Reimbursable Receivables and Reimbursable Payables | (162.6) | (38.3) |
Increase (Decrease) in Prepaid Expense and Other Assets | (74.6) | (151.3) |
Increase (Decrease) in Deferred Tax Assets, net | 95 | 3.8 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (390.7) | (271.7) |
Increase (Decrease) in Accrued Compensation | (492) | 134.7 |
Net cash used in operating activities | (401.9) | 210.3 |
Cash flows used in investing activities: | ||
Net capital additions - property and equipment | (136) | (111.6) |
Net investment activity (less than wholly-owned) | 132.4 | (53.8) |
Business acquisitions, net of cash acquired | (5.7) | (22.2) |
Payments to Acquire Interest in Joint Venture | (142.3) | (132.3) |
Proceeds from Real Estate and Real Estate Joint Ventures | 19.1 | 39.1 |
Other, net | (15.3) | (35.2) |
Net cash used in investing activities | (147.8) | (316) |
Cash flows provided by financing activities: | ||
Proceeds from Long-term Lines of Credit | 5,756 | 3,432 |
Repayments of Long-term Lines of Credit | (4,306) | (3,207) |
Early Repayment of Senior Debt | (275) | 0 |
Proceeds from (Repayments of) Short-term Debt | 109.6 | 60.4 |
Payment for Contingent Consideration Liability, Financing Activities | (10.4) | (58.3) |
Noncontrolling interest (distributions) contributions, net | (135.8) | 0 |
Payments for Repurchase of Common Stock | (596.6) | (189.5) |
Other, net | (41.3) | 1.7 |
Net cash provided by financing activities | 500.5 | 39.3 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (63.6) | (17.3) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (112.8) | (83.7) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 841.6 | 839.8 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 728.8 | 756.1 |
Supplemental disclosure of cash flow information: | ||
Restricted Cash, beginning of period | 247.9 | 265.5 |
Restricted Cash, end of period | 239.4 | 220.2 |
Cash paid during the period for: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 41.2 | 24.5 |
Income taxes, net of refunds | 283.7 | 175.7 |
Operating Lease, Payments | 137.5 | 148.2 |
Non-cash activities | ||
Business acquisitions, including contingent consideration | 5.3 | 31.3 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 15.8 | 23.9 |
Deferred business acquisition obligations | $ 3.1 | $ 0 |
Interim Information
Interim Information | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Information | INTERIM INFORMATION Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company" or as "we," "us" or "our") for the year ended December 31, 2021, which are included in our 2021 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.jll.com ), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2021 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Condensed Consolidated Financial Statements as of September 30, 2022, and for the periods ended September 30, 2022 and 2021, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements for these interim periods. We have also reclassified certain prior year amounts to conform to the current presentation, specifically the incorporation of directly reimbursed expenses within Compensation and benefits, and Operating, administrative and other on our Condensed Consolidated Statements of Comprehensive Income, compared with its historical separate presentation. Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Growth in our Property Management and Workplace Management businesses as well as other annuity-based services has, to an extent, lessened the seasonality in our revenue and profits during the past several years. Within our Markets Advisory and Capital Markets segments, revenue from transaction-based activities is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period. Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations. A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis. We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income can impact our estimated effective tax rate. As a result of the items mentioned above, the results for the periods ended September 30 are not fully indicative of what our results will be for the full fiscal year. Change in Reporting Segments Effective January 1, 2022, we changed from our geographic-centric Real Estate Services segments of Americas, EMEA and Asia Pacific to global business line segments of Markets Advisory, Capital Markets, Work Dynamics and JLL Technologies. Our real estate investment management business, LaSalle, continues as a reporting segment. As our segment financial results are presented on this global business line view, the comparable period has been recast to align with the new reporting structure. Refer to Note 3, Revenue Recognition, and Note 4, Business Segments, for additional information, including detail financial information, on our segments. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDSRecently adopted accounting guidance In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022‑04, Liabilities-Supplier Finance Programs (Subtopic 450-50): Disclosure of Supplier Finance Program Obligations |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION We earn revenue from the following services (segments are bolded). • Markets Advisory ◦ Leasing ◦ Property Management ◦ Advisory, Consulting and Other • Capital Markets ◦ Investment Sales, Debt/Equity Advisory and Other ◦ Loan Servicing ◦ Valuation Advisory • Work Dynamics ◦ Workplace Management ◦ Project Management ◦ Portfolio Services and Other • JLL Technologies • LaSalle Markets Advisory Leasing Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g., tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, therefore, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of a future event(s) uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Property Management Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric. Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income. Advisory, Consulting and Other Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report for which client acceptance is required. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients. Capital Markets Investment Sales, Debt/Equity Advisory and Other We provide brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancing. Our performance obligation is to facilitate the execution of capital transactions, and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. In addition, revenue related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees are reported within Investment Sales, Debt/Equity Advisory and Other. Loan Servicing We service substantially all the loans we originate and sell, and service loans we did not originate but subsequently acquire the rights to service. We obtain a periodic fee for each loan we service based on a proportion of the cash collections. Capital Markets revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606") Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to MSRs and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606. Such out-of-scope revenue is presented below. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Revenue excluded from scope of ASC Topic 606 $ 76.1 102.3 $ 222.6 235.9 Valuation Advisory Valuation Advisory service offerings include (but are not limited to) asset appraisal, business valuation, property tax advisory, complex litigation, and environmental property consulting. Our performance obligation is to provide services as specified in the contract and our pricing is negotiated based on the scale and complexity of each assignment. Typically, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of an appraisal or report for which client acceptance is required. Work Dynamics Workplace Management Workplace Management, previously referred to as Integrated Facilities Management (IFM), provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration. Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Workplace Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income. Project Management Project Management, previously referred to as Project & Development Services, provides short-term construction-related services ranging from development and design to general contracting and project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement. For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the third-party costs incurred on behalf of clients, along with the associated reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income. In contrast, where we act as agent on behalf of clients, third-party costs incurred and the associated revenue are presented net on our Condensed Consolidated Statements of Comprehensive Income. Portfolio Services and Other Portfolio Services and Other includes a variety of different service offerings, including advising clients on how to optimize their workplace strategies and occupancy planning efforts, and overall portfolio strategy management and administration for our clients. Our performance obligation is to provide services as specified in the contract. For event-driven point-in-time transactions, we record revenue when our performance obligation is complete, such as the delivery of a report where client acceptance is required, whereas revenue is recorded over time for services with a continuous transfer of control to our clients. JLL Technologies JLL Technologies offers multiple cloud-based software solutions that generate value for investors and businesses by enabling higher-quality decision-making through improved data and analytics. We recognize cloud-based software revenue over time commensurate with the length and terms of the contract. In addition, we offer professional services such as program and project management, implementation and support, managed services, and advisory services. We recognize professional services revenue at the time our performance obligation is satisfied. LaSalle LaSalle provides real estate investment management services to clients and generally earns consideration in the form of advisory fees, transaction fees and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained. Contract assets and liabilities - Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Condensed Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below. (in millions) September 30, 2022 December 31, 2021 Contract assets, gross $ 459.3 438.7 Contract asset allowance (2.6) (2.8) Contract assets, net $ 456.7 435.9 Contract liabilities $ 139.1 128.9 Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of September 30, 2022, the aggregate amount of transaction price allocated to remaining performance obligations represented less than 5% of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and LaSalle contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS On February 28, 2022, we announced a new organizational structure that became effective on January 1, 2022. Under the new structure, we organize our operations around, and publicly report our financial results on, five global business segments: (1) Markets Advisory, (2) Capital Markets, (3) Work Dynamics, (4) JLL Technologies, and (5) LaSalle. Markets Advisory offers a wide range of real estate services, including agency leasing and tenant representation, property management, advisory, and consulting services. Capital Markets service offerings include investment sales, equity and debt advisory, loan servicing, and valuation advisory. Our Work Dynamics business provides a broad suite of integrated services to occupiers of real estate, including facility and project management, as well as portfolio and other services. Our JLL Technologies segment offers software products, solutions and services, while LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology. Adjusted EBITDA does not include (i) depreciation and amortization, (ii) restructuring and acquisition charges, (iii) interest expense, net of interest income, (iv) provision for income tax, (v) gain on disposal and (vi) net non-cash MSR and mortgage banking derivative activity which are otherwise included in Net income on the Condensed Consolidated Statements of Comprehensive Income. The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. Summarized financial information by business segment is as follows. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Markets Advisory Leasing $ 703.3 694.9 $ 2,012.6 1,683.9 Property Management 377.8 351.3 1,126.5 1,046.7 Advisory, Consulting and Other 30.4 33.7 90.1 93.3 Revenue $ 1,111.5 1,079.9 $ 3,229.2 2,823.9 Depreciation and amortization (a) $ 16.6 16.4 $ 50.0 49.0 Equity (losses) earnings $ (0.2) 0.1 $ 0.7 0.6 Adjusted EBITDA $ 132.1 149.2 $ 377.3 329.1 Capital Markets Investment Sales, Debt/Equity Advisory and Other $ 465.0 554.7 $ 1,490.8 1,286.8 Valuation Advisory 89.7 87.1 268.7 258.2 Loan Servicing 40.5 38.5 120.8 99.1 Revenue $ 595.2 680.3 $ 1,880.3 1,644.1 Depreciation and amortization $ 15.2 15.1 $ 46.2 47.7 Equity earnings $ 0.7 1.3 $ 2.1 3.1 Adjusted EBITDA $ 83.2 138.4 $ 328.1 318.3 Work Dynamics Workplace Management $ 2,429.1 2,138.4 $ 7,183.5 6,294.0 Project Management 748.3 707.8 2,115.4 1,877.4 Portfolio Services and Other 112.4 114.2 335.0 323.3 Revenue $ 3,289.8 2,960.4 $ 9,633.9 8,494.7 Depreciation and amortization $ 17.6 16.9 $ 51.1 49.9 Equity earnings $ 0.1 0.3 $ 1.3 0.1 Adjusted EBITDA $ 53.4 37.7 $ 146.2 113.8 JLL Technologies Revenue $ 56.5 38.8 $ 156.6 121.8 Depreciation and amortization $ 3.7 2.2 $ 11.4 7.3 Equity earnings $ 1.0 7.3 $ 64.5 58.1 Adjusted EBITDA $ (15.3) (10.7) $ (14.7) 1.8 LaSalle Advisory fees $ 102.6 97.3 $ 302.8 270.4 Transaction fees and other 10.0 10.2 37.4 28.9 Incentive fees 11.9 22.3 17.1 37.5 Revenue $ 124.5 129.8 $ 357.3 336.8 Depreciation and amortization $ 1.6 2.2 $ 4.8 6.4 Equity (losses) earnings $ (1.1) 8.4 $ 4.0 44.8 Adjusted EBITDA $ 22.8 37.4 $ 71.9 111.5 (a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Adjusted EBITDA - Markets Advisory $ 132.1 149.2 $ 377.3 329.1 Adjusted EBITDA - Capital Markets 83.2 138.4 328.1 318.3 Adjusted EBITDA - Work Dynamics 53.4 37.7 146.2 113.8 Adjusted EBITDA - JLL Technologies (15.3) (10.7) (14.7) 1.8 Adjusted EBITDA - LaSalle 22.8 37.4 71.9 111.5 Adjusted EBITDA - Consolidated $ 276.2 352.0 $ 908.8 874.5 Adjustments: Restructuring and acquisition charges $ (21.0) (15.6) $ (66.4) (50.9) Net gain (loss) on disposition — 0.4 (7.5) 12.4 Net non-cash MSR and mortgage banking derivative activity 5.2 28.1 12.8 43.5 Interest expense, net of interest income (23.2) (9.6) (49.1) (30.6) Provision for income taxes (42.3) (65.3) (155.4) (148.4) Depreciation and amortization (a) (54.7) (52.8) (163.5) (160.3) Net income attributable to common shareholders $ 140.2 237.2 $ 479.7 540.2 (a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. |
Business Combinations, Goodwill
Business Combinations, Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Business Combinations, Goodwill and Other Intangible Assets | BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2022 Business Combinations Activity During the nine months ended September 30, 2022, there were no material acquisitions. We paid $15.9 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. 2021 Business Combinations Activity During the nine months ended September 30, 2022, we made no adjustments to our preliminary allocation of the purchase consideration for certain acquisitions completed in 2021. As of September 30, 2022, we have completed our analysis to assign fair values to all the identifiable intangible and tangible assets acquired as of September 30, 2021. Earn-Out Payments ($ in millions) September 30, 2022 December 31, 2021 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 18 19 Maximum earn-out payments (undiscounted) $ 136.6 149.9 Short-term earn-out liabilities (fair value) (1) 27.4 39.0 Long-term earn-out liabilities (fair value) (1) 49.2 45.1 (1) Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets. Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years. Refer to Note 8, Fair Value Measurements, and Note 11, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities. Goodwill and Other Intangible Assets In conjunction with our new organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2022, and reassigned goodwill to reflect our new segment structure using a relative fair value allocation approach. Under this methodology, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill. We considered the change to our reportable segments a triggering event requiring the testing of our goodwill for impairment as of January 1, 2022. We performed a quantitative test relying on the discounted cash flow (“DCF”) method, an income approach, in determining the estimated fair value of our reporting units. Our DCF analysis relied on significant judgements and assumptions in determining the inputs, specifically, forecasted revenue growth, forecasted profitability margin, and the discount rate used to present value the estimated future cash flows. Our analysis indicated that no impairment existed as the estimated fair value of each of our reporting units exceeded its respective carrying value. Goodwill and unamortized intangibles as of September 30, 2022 consisted of: (1) goodwill of $4,454.8 million, (2) identifiable intangibles of $816.7 million amortized over their remaining finite useful lives, and (3) $44.9 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. The following table details, by reporting segment, movements in goodwill. (in millions) Markets Advisory Capital Markets Work Dynamics JLL Technologies LaSalle Consolidated Balance as of January 1, 2022 $ 1,782.9 1,983.9 539.9 247.5 57.4 $ 4,611.6 Additions, net of adjustments — 8.5 4.6 0.4 — 13.5 Impact of exchange rate movements (69.8) (76.4) (20.8) (0.2) (3.1) (170.3) Balance as of September 30, 2022 $ 1,713.1 1,916.0 523.7 247.7 54.3 $ 4,454.8 (in millions) The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. (in millions) MSRs Other Intangibles Consolidated Gross Carrying Amount Balance as of December 31, 2021 $ 669.7 557.4 $ 1,227.1 Additions, net of adjustments (1) 103.3 19.1 122.4 Adjustment for fully amortized intangibles (47.9) (2.7) (50.6) Impact of exchange rate movements — (13.7) (13.7) Balance as of September 30, 2022 $ 725.1 560.1 $ 1,285.2 Accumulated Amortization Balance as of December 31, 2021 $ (191.0) (149.1) $ (340.1) Amortization, net (2) (86.7) (51.5) (138.2) Adjustment for fully amortized intangibles 47.9 2.7 50.6 Impact of exchange rate movements — 4.1 4.1 Balance as of September 30, 2022 $ (229.8) (193.8) $ (423.6) Net book value as of September 30, 2022 $ 495.3 366.3 $ 861.6 (1) Included in this amount for MSRs was $22.5 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue within the Condensed Consolidated Statements of Comprehensive Income. (in millions) MSRs Other Intangibles Total Gross Carrying Amount Balance as of December 31, 2020 $ 572.1 403.0 $ 975.1 Additions, net of adjustments (1) 95.5 19.5 115.0 Adjustment for fully amortized intangibles (36.2) (46.0) (82.2) Impact of exchange rate movements — (4.3) (4.3) Balance as of September 30, 2021 $ 631.4 372.2 $ 1,003.6 Accumulated Amortization Balance as of December 31, 2020 $ (147.8) (147.5) $ (295.3) Amortization, net (2) (71.9) (38.7) (110.6) Adjustment for fully amortized intangibles 36.2 46.0 82.2 Impact of exchange rate movements — 0.7 0.7 Balance as of September 30, 2021 $ (183.5) (139.5) $ (323.0) Net book value as of September 30, 2021 $ 447.9 232.7 $ 680.6 (1) Included in this amount for MSRs was $15.4 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue within the Condensed Consolidated Statements of Comprehensive Income. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Ventures | INVESTMENTS Summarized investment balances as of September 30, 2022 and December 31, 2021 are presented in the following table. (in millions) September 30, 2022 December 31, 2021 JLL Technologies investments $ 503.9 353.6 LaSalle co-investments 353.6 354.6 Other investments 33.4 37.5 Total $ 890.9 745.7 Approximately 90% of our investments, as of September 30, 2022, are (i) investments by JLL Technologies in early to mid-stage proptech companies as well as proptech funds, or (ii) direct investments in 55 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. The remaining 10% of our investments, as of September 30, 2022, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, generally, in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%. We have maximum potential unfunded commitments to direct investments or investment vehicles of $352.5 million as of September 30, 2022. Of this amount, while we remain contractually obligated, we do not expect a call on the $60.3 million relating to our investment in LIC II as its fund life terminated in January 2020. We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL. Summarized financial information for our consolidated VIEs is presented in the following tables. (in millions) September 30, 2022 December 31, 2021 Property and equipment, net $ 190.7 184.7 Investments 10.7 10.2 Other assets 22.0 17.7 Total assets $ 223.4 212.6 Other current liabilities $ 2.7 2.1 Mortgage indebtedness (included in Other liabilities) 113.6 107.5 Total liabilities 116.3 109.6 Members' equity (included in Noncontrolling interest) 107.1 103.0 Total liabilities and members' equity $ 223.4 212.6 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Revenue $ 4.6 3.4 $ 13.2 8.9 Operating and other expenses (6.2) (4.3) (17.9) (11.0) Net gains on sale of investments (1) — — 142.3 — Net (loss) income $ (1.6) (0.9) $ 137.6 (2.1) (1) The gain was included in Other income (expense) on the Condensed Consolidated Statements of Comprehensive Income. We allocate the members' equity and net income (loss) of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income (loss) attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively. Impairment There were no significant other-than-temporary impairment charges on investments for the nine months ended September 30, 2022 and 2021. Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments reported at fair value. (in millions) 2022 2021 Fair value investments as of January 1, $ 639.6 340.3 Investments 140.3 148.9 Distributions (29.9) (46.6) Change in fair value, net 65.2 100.8 Foreign currency translation adjustments, net (28.5) (5.7) Fair value investments as of September 30, $ 786.7 537.7 See Note 8, Fair Value Measurements, for additional discussion of our investments reported at fair value. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | STOCK-BASED COMPENSATION Stock Unit Awards Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables. RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of June 30, 2022 939.0 576.9 1,515.9 $ 167.23 1.98 Granted 59.9 1.6 61.5 172.22 Vested (203.7) — (203.7) 141.15 Forfeited (10.2) (10.6) (20.8) 158.85 Unvested as of September 30, 2022 785.0 567.9 1,352.9 $ 171.51 1.85 Unvested as of June 30, 2021 1,118.1 545.2 1,663.3 $ 144.01 1.92 Granted 23.7 58.8 82.5 205.50 Vested (199.6) — (199.6) 141.21 Forfeited (6.9) (9.4) (16.3) 145.07 Unvested as of September 30, 2021 935.3 594.6 1,529.9 $ 147.75 1.96 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of December 31, 2021 912.4 646.0 1,558.4 $ 152.27 1.99 Granted 248.4 114.6 363.0 214.90 Vested (355.1) (175.1) (530.2) 145.10 Forfeited (20.7) (17.6) (38.3) 165.51 Unvested as of September 30, 2022 785.0 567.9 1,352.9 $ 171.51 1.85 Unvested as of December 31, 2020 1,096.2 531.5 1,627.7 $ 137.42 1.69 Granted 280.8 166.0 446.8 184.71 Vested (417.8) (79.0) (496.8) 146.76 Forfeited (23.9) (23.9) (47.8) 140.66 Unvested as of September 30, 2021 935.3 594.6 1,529.9 $ 147.75 1.96 As of September 30, 2022, we had $99.9 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate recognizing over varying periods into 2026. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: • Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; • Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt, and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities, and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads. We estimated the fair value of our Long-term debt, including its current portion, as $325.1 million and $687.2 million as of September 30, 2022 and December 31, 2021, respectively, using dealer quotes that are Level 2 inputs in the fair value hierarchy. The carrying value of the short-term portion of our Long-term debt as of December 31, 2021 was $274.7 million, net of $0.3 million of debt issuance costs. We retired this debt during September 2022. The carrying value of the long-term portion was $341.5 million and $395.6 million, as of September 30, 2022 and December 31, 2021, respectively, which included debt issuance costs of $1.3 million and $1.4 million as of September 30, 2022 and December 31, 2021, respectively. See Note 9, Debt, for additional discussion of the redemption of our Long-term debt. Investments at Fair Value - Net Asset Value ("NAV") We report a significant portion of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. For a subset of our investments reported at fair value, we estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. We did not consider any adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of September 30, 2022 and December 31, 2021, investments at fair value using NAV were $279.5 million and $251.6 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table. Recurring Fair Value Measurements During the second quarter of 2022, certain investments previously reported as NAV investments were reclassified as Level 3 within the fair value hierarchy. Prior period amounts within the fair value table below have been reclassified to reflect the current period presentation. 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. September 30, 2022 December 31, 2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments - fair value $ 53.7 — 453.5 84.5 — 303.5 Foreign currency forward contracts receivable — 14.1 — — 15.9 — Warehouse receivables — 671.9 — — 822.3 — Deferred compensation plan assets — 520.2 — — 528.8 — Mortgage banking derivative assets — — 239.1 — — 60.4 Total assets at fair value $ 53.7 1,206.2 692.6 84.5 1,367.0 363.9 Liabilities Foreign currency forward contracts payable $ — 34.7 — — 0.8 — Deferred compensation plan liabilities — 477.2 — — 513.0 — Earn-out liabilities — — 76.6 — — 84.1 Mortgage banking derivative liabilities — — 178.8 — — 38.5 Total liabilities at fair value $ — 511.9 255.4 — 513.8 122.6 Investments We classify one investment as Level 1 in the fair value hierarchy as quoted price are readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report the fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. The carrying value was deemed to approximate fair value for the majority of these investments due to the proximity of the investment date or date of most recent financing raise to the balance sheet date as well as consideration of investee-level performance updates. To the extent there are changes in fair value, a result of pricing in subsequent funding rounds or changes in business strategy, for example, we recognize such changes through Equity earnings. Foreign Currency Forward Contracts We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 inputs in the fair value hierarchy. As of September 30, 2022 and December 31, 2021, these contracts had a gross notional value of $1.73 billion ($1.10 billion on a net basis) and $2.61 billion ($1.51 billion on a net basis), respectively. We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. The $14.1 million asset as of September 30, 2022 was composed of gross contracts with receivable positions of $16.9 million and payable positions of $2.8 million. The $34.7 million liability as of September 30, 2022 was composed of gross contracts with receivable positions of $0.2 million and payable positions of $34.9 million. As of December 31, 2021, the $15.9 million asset was composed of gross contracts with receivable positions of $19.2 million and payable positions of $3.3 million. The $0.8 million liability as of December 31, 2021 was composed of gross contracts with receivable positions of $0.2 million and payable positions of $1.0 million. Warehouse Receivables As of September 30, 2022 and December 31, 2021, all of our Warehouse receivables were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. Deferred Compensation Plan We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We recorded this plan on our Condensed Consolidated Balance Sheet as of September 30, 2022 as Deferred compensation plan assets of $520.2 million, long-term deferred compensation plan liabilities of $477.2 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.1 million. We recorded this plan on our Condensed Consolidated Balance Sheet as of December 31, 2021 as Deferred compensation plan assets of $528.8 million, long-term deferred compensation plan liabilities of $513.0 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.2 million. Earn-Out Liabilities We classify our earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. See Note 5, Business Combinations, Goodwill and Other Intangible Assets, for additional discussion of our earn-out liabilities. Mortgage Banking Derivatives Both our interest rate lock commitments to prospective borrowers and forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to counterparty credit risk. An increase in counterparty credit risk assumptions would result in a lower fair value measurement. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Balance as of June 30, 2022 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of Investments $ 460.4 2.5 — 1.8 — (11.2) $ 453.5 Mortgage banking derivative assets and liabilities, net 21.6 34.1 — 33.6 (29.0) — 60.3 Earn-out liabilities 74.9 (0.1) (0.3) 3.3 (1.2) — 76.6 Balance as of June 30, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of September 30, 2021 Investments $ 181.6 6.1 0.3 19.7 — — $ 207.7 Mortgage banking derivative assets and liabilities, net 12.6 7.3 — 57.8 (44.0) — 33.7 Earn-out liabilities 18.0 — 0.3 27.5 (0.4) — 45.4 (in millions) Balance as of December 31, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of Investments $ 303.5 65.0 — 96.2 — (11.2) $ 453.5 Mortgage banking derivative assets and liabilities, net 21.9 56.7 — 119.6 (137.9) — 60.3 Earn-out liabilities 84.1 0.2 (0.7) 5.3 (12.3) — 76.6 (in millions) Balance as of December 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of September 30, 2021 Investments $ 59.3 44.2 0.3 105.9 (0.1) (1.9) $ 207.7 Mortgage banking derivative assets and liabilities, net 13.7 18.6 — 128.5 (127.1) — 33.7 Earn-out liabilities 85.7 1.0 — 31.3 (72.6) — 45.4 (1) CTA: Currency translation adjustments Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Condensed Consolidated Statements Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments Equity earnings Other current assets - Mortgage banking derivative assets Revenue Other current liabilities - Mortgage banking derivative liabilities Revenue Non-Recurring Fair Value Measurements We review our investments, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other-than-temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. We did not recognize any significant investment-level impairment losses during either of the nine months ended September 30, 2022 or 2021. See Note 6, Investments, for additional information, including information related to impairment charges recorded at the investee level. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt is composed of the following obligations. ($ in millions) September 30, 2022 December 31, 2021 Short-term debt: Local overdraft facilities $ 26.1 9.2 Other short-term borrowings 218.1 138.7 Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $— and $0.3 — 274.7 Total short-term debt $ 244.2 422.6 Credit facility, net of debt issuance costs of $12.1 and $11.8 1,587.9 138.2 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.6 and $0.6 170.8 197.9 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.7 and $0.8 170.7 197.7 Total debt $ 2,173.6 956.4 Credit Facility On June 16, 2022, we executed Amendment No. 3 ("Amendment No. 3") to the Second Amended and Restated Multicurrency Credit Agreement dated as of June 21, 2016 (as amended, the "Credit Agreement") with a syndicate of lenders. The features of the Credit Agreement, as amended, provide for (i) Greenhouse Gas Emissions KPI to align with the World Green Building Council ("WGBC") Commitment to reach net zero by 2030 and (ii) incorporates the Adjusted Term Secured Overnight Financing Rate ("SOFR") successor rates for USD and other currency borrowings. On August 31, 2022, we executed Amendment No. 4 ("Amendment No. 4") to the Credit Agreement which increased the borrowing capacity from $2.75 billion to $3.35 billion. The maturity date of April 14, 2026 and covenants were unchanged by the amendments. Pricing on the unsecured revolving credit facility (the "Facility") ranges from Adjusted Term SOFR plus 0.875% to 1.35%, with pricing as of September 30, 2022 at Adjusted Term SOFR plus 0.94%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million as of both September 30, 2022 and December 31, 2021. The following tables provides additional information on our Facility. Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2022 2021 2022 2021 Average outstanding borrowings under the Facility $ 1,599.8 497.1 $ 1,295.9 432.5 Effective interest rate on the Facility 3.2 % 1.0 % 2.2 % 1.0 % We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures. Short-Term and Long-Term Debt In addition to our Facility, we have the capacity to borrow up to an additional $50.1 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of September 30, 2022, we redeemed all of our outstanding 4.4% Senior Notes due November 2022 (the "Notes"). The aggregate outstanding principal amount of the Notes was $275.0 million. The redemption price for the Notes was equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. As of September 30, 2022, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of September 30, 2022. Warehouse Facilities September 30, 2022 December 31, 2021 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse facilities: BSBY plus 1.30%, expires September 18, 2023 (1) $ 172.4 700.0 516.9 700.0 SOFR plus 1.30%, expires September 15, 2023 (2) 442.2 1,200.0 74.7 1,200.0 LIBOR plus 1.30%, expired August 27, 2022 — — 192.8 300.0 SOFR plus 1.40%, expires July 28, 2023 (3) — 400.0 — 400.0 Fannie Mae ASAP (4) program, SOFR plus 1.25% 71.6 n/a 12.5 n/a Gross warehouse facilities 686.2 2,300.0 796.9 2,600.0 Debt issuance costs (1.2) n/a (1.2) n/a Total warehouse facilities $ 685.0 2,300.0 795.7 2,600.0 (1) In the third quarter of 2022, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 19, 2022. (2) In the third quarter of 2022, JLL extended the Warehouse facility and amended the interest rate; previously, the facility had a maturity date of September 16, 2022 and an interest rate of LIBOR plus 1.30%. (3) In the third quarter of 2022, JLL extended the Warehouse facility and amended the interest rate; previously the facility had a maturity date of July 30, 2022 and an interest rate of LIBOR plus 1.60%. (4) As Soon As Pooled ("ASAP") funding program. We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of September 30, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Professional Indemnity Insurance In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $10.0 million per claim, inclusive of the deductible. We contract third-party insurance companies to provide coverage of risk in excess of this amount. When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in Other current and long-term liabilities on our Condensed Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. In total, these receivables were $22.5 million as of both September 30, 2022 and December 31, 2021 and are included in Notes and other receivables and Long-term receivables on our Condensed Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2021 $ 1.2 New claims — Prior year claims adjustments (including foreign currency changes) (0.1) Claims paid (0.2) September 30, 2022 $ 0.9 December 31, 2020 $ 48.2 New claims 1.5 Prior year claims adjustments (including foreign currency changes) (10.8) Claims paid (13.1) September 30, 2021 $ 25.8 Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing As a participant in the DUS program, we retain a portion of the risk of loss for loans that are originated and sold under the DUS program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination. As of September 30, 2022 and December 31, 2021, we had loans subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $17.0 billion and $15.4 billion, respectively. For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2022 and December 31, 2021, the loss-sharing guarantee obligations were $26.9 million and $24.6 million, respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets. There were no loan losses incurred during the nine months ended September 30, 2022 and 2021. |
Restructuring and Acquisition C
Restructuring and Acquisition Charges | 9 Months Ended |
Sep. 30, 2022 | |
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 (i) 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, (ii) acquisition, transaction and integration-related charges, and (iii) other restructuring, including lease exit charges. Non-cash charges include (i) stock-based compensation expense for retention awards issued in conjunction with the HFF, Inc. ("HFF") acquisition and (ii) 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) 2022 2021 2022 2021 Severance and other employment-related charges $ 9.4 1.2 $ 21.0 2.1 Restructuring, pre-acquisition and post-acquisition charges 11.4 11.2 39.5 32.6 Stock-based compensation expense for HFF retention awards 0.3 3.2 5.7 15.2 Fair value adjustments to earn-out liabilities (0.1) — 0.2 1.0 Restructuring and acquisition charges $ 21.0 15.6 $ 66.4 50.9 We expect nearly all expenses related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of September 30, 2022 will be paid during the next twelve months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of June 30, 2022 $ (42.7) (541.2) $ (583.9) Other comprehensive loss before reclassification — (139.1) (139.1) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (139.1) (139.1) Balance as of September 30, 2022 $ (42.7) (680.3) $ (723.0) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of June 30, 2021 $ (80.7) (302.4) $ (383.1) Other comprehensive loss before reclassification — (47.2) (47.2) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (47.2) (47.2) Balance as of September 30, 2021 $ (80.7) (349.6) $ (430.3) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2021 $ (42.7) (352.7) $ (395.4) Other comprehensive loss before reclassification — (327.6) (327.6) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (327.6) (327.6) Balance as of September 30, 2022 $ (42.7) (680.3) $ (723.0) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2020 $ (81.2) (296.0) $ (377.2) Other comprehensive loss before reclassification — (53.6) (53.6) Amounts reclassified from AOCI after tax expense of 0.5 — 0.5 Other comprehensive income (loss) after tax expense of $ - , $ - and $ - 0.5 (53.6) (53.1) Balance as of September 30, 2021 $ (80.7) (349.6) $ (430.3) For pension and postretirement benefits, we report amounts reclassified from AOCI relating to employer service cost in Compensation and benefits within the Condensed Consolidated Statements of Comprehensive Income. All other reclassifications relating to pension and postretirement benefits are reported within Other income. |
New Accounting Standards New _2
New Accounting Standards New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDSRecently adopted accounting guidance In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022‑04, Liabilities-Supplier Finance Programs (Subtopic 450-50): Disclosure of Supplier Finance Program Obligations |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Revenue excluded from scope of ASC Topic 606 $ 76.1 102.3 $ 222.6 235.9 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Such contract assets and liabilities are presented below. (in millions) September 30, 2022 December 31, 2021 Contract assets, gross $ 459.3 438.7 Contract asset allowance (2.6) (2.8) Contract assets, net $ 456.7 435.9 Contract liabilities $ 139.1 128.9 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Markets Advisory Leasing $ 703.3 694.9 $ 2,012.6 1,683.9 Property Management 377.8 351.3 1,126.5 1,046.7 Advisory, Consulting and Other 30.4 33.7 90.1 93.3 Revenue $ 1,111.5 1,079.9 $ 3,229.2 2,823.9 Depreciation and amortization (a) $ 16.6 16.4 $ 50.0 49.0 Equity (losses) earnings $ (0.2) 0.1 $ 0.7 0.6 Adjusted EBITDA $ 132.1 149.2 $ 377.3 329.1 Capital Markets Investment Sales, Debt/Equity Advisory and Other $ 465.0 554.7 $ 1,490.8 1,286.8 Valuation Advisory 89.7 87.1 268.7 258.2 Loan Servicing 40.5 38.5 120.8 99.1 Revenue $ 595.2 680.3 $ 1,880.3 1,644.1 Depreciation and amortization $ 15.2 15.1 $ 46.2 47.7 Equity earnings $ 0.7 1.3 $ 2.1 3.1 Adjusted EBITDA $ 83.2 138.4 $ 328.1 318.3 Work Dynamics Workplace Management $ 2,429.1 2,138.4 $ 7,183.5 6,294.0 Project Management 748.3 707.8 2,115.4 1,877.4 Portfolio Services and Other 112.4 114.2 335.0 323.3 Revenue $ 3,289.8 2,960.4 $ 9,633.9 8,494.7 Depreciation and amortization $ 17.6 16.9 $ 51.1 49.9 Equity earnings $ 0.1 0.3 $ 1.3 0.1 Adjusted EBITDA $ 53.4 37.7 $ 146.2 113.8 JLL Technologies Revenue $ 56.5 38.8 $ 156.6 121.8 Depreciation and amortization $ 3.7 2.2 $ 11.4 7.3 Equity earnings $ 1.0 7.3 $ 64.5 58.1 Adjusted EBITDA $ (15.3) (10.7) $ (14.7) 1.8 LaSalle Advisory fees $ 102.6 97.3 $ 302.8 270.4 Transaction fees and other 10.0 10.2 37.4 28.9 Incentive fees 11.9 22.3 17.1 37.5 Revenue $ 124.5 129.8 $ 357.3 336.8 Depreciation and amortization $ 1.6 2.2 $ 4.8 6.4 Equity (losses) earnings $ (1.1) 8.4 $ 4.0 44.8 Adjusted EBITDA $ 22.8 37.4 $ 71.9 111.5 (a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Adjusted EBITDA - Markets Advisory $ 132.1 149.2 $ 377.3 329.1 Adjusted EBITDA - Capital Markets 83.2 138.4 328.1 318.3 Adjusted EBITDA - Work Dynamics 53.4 37.7 146.2 113.8 Adjusted EBITDA - JLL Technologies (15.3) (10.7) (14.7) 1.8 Adjusted EBITDA - LaSalle 22.8 37.4 71.9 111.5 Adjusted EBITDA - Consolidated $ 276.2 352.0 $ 908.8 874.5 Adjustments: Restructuring and acquisition charges $ (21.0) (15.6) $ (66.4) (50.9) Net gain (loss) on disposition — 0.4 (7.5) 12.4 Net non-cash MSR and mortgage banking derivative activity 5.2 28.1 12.8 43.5 Interest expense, net of interest income (23.2) (9.6) (49.1) (30.6) Provision for income taxes (42.3) (65.3) (155.4) (148.4) Depreciation and amortization (a) (54.7) (52.8) (163.5) (160.3) Net income attributable to common shareholders $ 140.2 237.2 $ 479.7 540.2 (a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. |
Business Combinations, Goodwi_2
Business Combinations, Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items] | |
Summary of Earn-out Payments [Table Text Block] | Earn-Out Payments ($ in millions) September 30, 2022 December 31, 2021 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 18 19 Maximum earn-out payments (undiscounted) $ 136.6 149.9 Short-term earn-out liabilities (fair value) (1) 27.4 39.0 Long-term earn-out liabilities (fair value) (1) 49.2 45.1 (1) Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets. |
Movements in Goodwill by Reporting Segment | The following table details, by reporting segment, movements in goodwill. (in millions) Markets Advisory Capital Markets Work Dynamics JLL Technologies LaSalle Consolidated Balance as of January 1, 2022 $ 1,782.9 1,983.9 539.9 247.5 57.4 $ 4,611.6 Additions, net of adjustments — 8.5 4.6 0.4 — 13.5 Impact of exchange rate movements (69.8) (76.4) (20.8) (0.2) (3.1) (170.3) Balance as of September 30, 2022 $ 1,713.1 1,916.0 523.7 247.7 54.3 $ 4,454.8 |
Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets | The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. (in millions) MSRs Other Intangibles Consolidated Gross Carrying Amount Balance as of December 31, 2021 $ 669.7 557.4 $ 1,227.1 Additions, net of adjustments (1) 103.3 19.1 122.4 Adjustment for fully amortized intangibles (47.9) (2.7) (50.6) Impact of exchange rate movements — (13.7) (13.7) Balance as of September 30, 2022 $ 725.1 560.1 $ 1,285.2 Accumulated Amortization Balance as of December 31, 2021 $ (191.0) (149.1) $ (340.1) Amortization, net (2) (86.7) (51.5) (138.2) Adjustment for fully amortized intangibles 47.9 2.7 50.6 Impact of exchange rate movements — 4.1 4.1 Balance as of September 30, 2022 $ (229.8) (193.8) $ (423.6) Net book value as of September 30, 2022 $ 495.3 366.3 $ 861.6 (1) Included in this amount for MSRs was $22.5 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue within the Condensed Consolidated Statements of Comprehensive Income. (in millions) MSRs Other Intangibles Total Gross Carrying Amount Balance as of December 31, 2020 $ 572.1 403.0 $ 975.1 Additions, net of adjustments (1) 95.5 19.5 115.0 Adjustment for fully amortized intangibles (36.2) (46.0) (82.2) Impact of exchange rate movements — (4.3) (4.3) Balance as of September 30, 2021 $ 631.4 372.2 $ 1,003.6 Accumulated Amortization Balance as of December 31, 2020 $ (147.8) (147.5) $ (295.3) Amortization, net (2) (71.9) (38.7) (110.6) Adjustment for fully amortized intangibles 36.2 46.0 82.2 Impact of exchange rate movements — 0.7 0.7 Balance as of September 30, 2021 $ (183.5) (139.5) $ (323.0) Net book value as of September 30, 2021 $ 447.9 232.7 $ 680.6 (1) Included in this amount for MSRs was $15.4 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue within the Condensed Consolidated Statements of Comprehensive Income. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Investment balances | Summarized investment balances as of September 30, 2022 and December 31, 2021 are presented in the following table. (in millions) September 30, 2022 December 31, 2021 JLL Technologies investments $ 503.9 353.6 LaSalle co-investments 353.6 354.6 Other investments 33.4 37.5 Total $ 890.9 745.7 |
Balance Sheet Amounts Consolidated for Variable Interest Entity [Table Text Block] | Summarized financial information for our consolidated VIEs is presented in the following tables. (in millions) September 30, 2022 December 31, 2021 Property and equipment, net $ 190.7 184.7 Investments 10.7 10.2 Other assets 22.0 17.7 Total assets $ 223.4 212.6 Other current liabilities $ 2.7 2.1 Mortgage indebtedness (included in Other liabilities) 113.6 107.5 Total liabilities 116.3 109.6 Members' equity (included in Noncontrolling interest) 107.1 103.0 Total liabilities and members' equity $ 223.4 212.6 |
Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Revenue $ 4.6 3.4 $ 13.2 8.9 Operating and other expenses (6.2) (4.3) (17.9) (11.0) Net gains on sale of investments (1) — — 142.3 — Net (loss) income $ (1.6) (0.9) $ 137.6 (2.1) (1) The gain was included in Other income (expense) on the Condensed Consolidated Statements of Comprehensive Income. |
Investments in real estate ventures, Fair Value | The table below shows the movement in our investments reported at fair value. (in millions) 2022 2021 Fair value investments as of January 1, $ 639.6 340.3 Investments 140.3 148.9 Distributions (29.9) (46.6) Change in fair value, net 65.2 100.8 Foreign currency translation adjustments, net (28.5) (5.7) Fair value investments as of September 30, $ 786.7 537.7 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Unit and Performance Stock Unit Activity | Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables. RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of June 30, 2022 939.0 576.9 1,515.9 $ 167.23 1.98 Granted 59.9 1.6 61.5 172.22 Vested (203.7) — (203.7) 141.15 Forfeited (10.2) (10.6) (20.8) 158.85 Unvested as of September 30, 2022 785.0 567.9 1,352.9 $ 171.51 1.85 Unvested as of June 30, 2021 1,118.1 545.2 1,663.3 $ 144.01 1.92 Granted 23.7 58.8 82.5 205.50 Vested (199.6) — (199.6) 141.21 Forfeited (6.9) (9.4) (16.3) 145.07 Unvested as of September 30, 2021 935.3 594.6 1,529.9 $ 147.75 1.96 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of December 31, 2021 912.4 646.0 1,558.4 $ 152.27 1.99 Granted 248.4 114.6 363.0 214.90 Vested (355.1) (175.1) (530.2) 145.10 Forfeited (20.7) (17.6) (38.3) 165.51 Unvested as of September 30, 2022 785.0 567.9 1,352.9 $ 171.51 1.85 Unvested as of December 31, 2020 1,096.2 531.5 1,627.7 $ 137.42 1.69 Granted 280.8 166.0 446.8 184.71 Vested (417.8) (79.0) (496.8) 146.76 Forfeited (23.9) (23.9) (47.8) 140.66 Unvested as of September 30, 2021 935.3 594.6 1,529.9 $ 147.75 1.96 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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. September 30, 2022 December 31, 2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments - fair value $ 53.7 — 453.5 84.5 — 303.5 Foreign currency forward contracts receivable — 14.1 — — 15.9 — Warehouse receivables — 671.9 — — 822.3 — Deferred compensation plan assets — 520.2 — — 528.8 — Mortgage banking derivative assets — — 239.1 — — 60.4 Total assets at fair value $ 53.7 1,206.2 692.6 84.5 1,367.0 363.9 Liabilities Foreign currency forward contracts payable $ — 34.7 — — 0.8 — Deferred compensation plan liabilities — 477.2 — — 513.0 — Earn-out liabilities — — 76.6 — — 84.1 Mortgage banking derivative liabilities — — 178.8 — — 38.5 Total liabilities at fair value $ — 511.9 255.4 — 513.8 122.6 |
Fair Value, Assets and Liabilities 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). Balance as of June 30, 2022 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of Investments $ 460.4 2.5 — 1.8 — (11.2) $ 453.5 Mortgage banking derivative assets and liabilities, net 21.6 34.1 — 33.6 (29.0) — 60.3 Earn-out liabilities 74.9 (0.1) (0.3) 3.3 (1.2) — 76.6 Balance as of June 30, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of September 30, 2021 Investments $ 181.6 6.1 0.3 19.7 — — $ 207.7 Mortgage banking derivative assets and liabilities, net 12.6 7.3 — 57.8 (44.0) — 33.7 Earn-out liabilities 18.0 — 0.3 27.5 (0.4) — 45.4 (in millions) Balance as of December 31, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of Investments $ 303.5 65.0 — 96.2 — (11.2) $ 453.5 Mortgage banking derivative assets and liabilities, net 21.9 56.7 — 119.6 (137.9) — 60.3 Earn-out liabilities 84.1 0.2 (0.7) 5.3 (12.3) — 76.6 (in millions) Balance as of December 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers out Balance as of September 30, 2021 Investments $ 59.3 44.2 0.3 105.9 (0.1) (1.9) $ 207.7 Mortgage banking derivative assets and liabilities, net 13.7 18.6 — 128.5 (127.1) — 33.7 Earn-out liabilities 85.7 1.0 — 31.3 (72.6) — 45.4 (1) CTA: Currency translation adjustments |
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 Condensed Consolidated Statements Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments Equity earnings Other current assets - Mortgage banking derivative assets Revenue Other current liabilities - Mortgage banking derivative liabilities Revenue |
Debt Short-Term Borrowings and
Debt Short-Term Borrowings and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt is composed of the following obligations. ($ in millions) September 30, 2022 December 31, 2021 Short-term debt: Local overdraft facilities $ 26.1 9.2 Other short-term borrowings 218.1 138.7 Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $— and $0.3 — 274.7 Total short-term debt $ 244.2 422.6 Credit facility, net of debt issuance costs of $12.1 and $11.8 1,587.9 138.2 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.6 and $0.6 170.8 197.9 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.7 and $0.8 170.7 197.7 Total debt $ 2,173.6 956.4 |
Schedule of Credit Facility, Average Outstanding Amount [Table Text Block] | The following tables provides additional information on our Facility. Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2022 2021 2022 2021 Average outstanding borrowings under the Facility $ 1,599.8 497.1 $ 1,295.9 432.5 Effective interest rate on the Facility 3.2 % 1.0 % 2.2 % 1.0 % |
Debt Warehouse Facilities (Tabl
Debt Warehouse Facilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Warehouse Facilities [Abstract] | |
Schedule of Warehouse Facilities | Warehouse Facilities September 30, 2022 December 31, 2021 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse facilities: BSBY plus 1.30%, expires September 18, 2023 (1) $ 172.4 700.0 516.9 700.0 SOFR plus 1.30%, expires September 15, 2023 (2) 442.2 1,200.0 74.7 1,200.0 LIBOR plus 1.30%, expired August 27, 2022 — — 192.8 300.0 SOFR plus 1.40%, expires July 28, 2023 (3) — 400.0 — 400.0 Fannie Mae ASAP (4) program, SOFR plus 1.25% 71.6 n/a 12.5 n/a Gross warehouse facilities 686.2 2,300.0 796.9 2,600.0 Debt issuance costs (1.2) n/a (1.2) n/a Total warehouse facilities $ 685.0 2,300.0 795.7 2,600.0 (1) In the third quarter of 2022, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 19, 2022. (2) In the third quarter of 2022, JLL extended the Warehouse facility and amended the interest rate; previously, the facility had a maturity date of September 16, 2022 and an interest rate of LIBOR plus 1.30%. (3) In the third quarter of 2022, JLL extended the Warehouse facility and amended the interest rate; previously the facility had a maturity date of July 30, 2022 and an interest rate of LIBOR plus 1.60%. (4) As Soon As Pooled ("ASAP") funding program. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2021 $ 1.2 New claims — Prior year claims adjustments (including foreign currency changes) (0.1) Claims paid (0.2) September 30, 2022 $ 0.9 December 31, 2020 $ 48.2 New claims 1.5 Prior year claims adjustments (including foreign currency changes) (10.8) Claims paid (13.1) September 30, 2021 $ 25.8 |
Restructuring and Acquisition_2
Restructuring and Acquisition Charges Restructuring and Related Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring and acquisition charges are presented in table below. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2021 2022 2021 Severance and other employment-related charges $ 9.4 1.2 $ 21.0 2.1 Restructuring, pre-acquisition and post-acquisition charges 11.4 11.2 39.5 32.6 Stock-based compensation expense for HFF retention awards 0.3 3.2 5.7 15.2 Fair value adjustments to earn-out liabilities (0.1) — 0.2 1.0 Restructuring and acquisition charges $ 21.0 15.6 $ 66.4 50.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of June 30, 2022 $ (42.7) (541.2) $ (583.9) Other comprehensive loss before reclassification — (139.1) (139.1) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (139.1) (139.1) Balance as of September 30, 2022 $ (42.7) (680.3) $ (723.0) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of June 30, 2021 $ (80.7) (302.4) $ (383.1) Other comprehensive loss before reclassification — (47.2) (47.2) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (47.2) (47.2) Balance as of September 30, 2021 $ (80.7) (349.6) $ (430.3) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2021 $ (42.7) (352.7) $ (395.4) Other comprehensive loss before reclassification — (327.6) (327.6) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (327.6) (327.6) Balance as of September 30, 2022 $ (42.7) (680.3) $ (723.0) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2020 $ (81.2) (296.0) $ (377.2) Other comprehensive loss before reclassification — (53.6) (53.6) Amounts reclassified from AOCI after tax expense of 0.5 — 0.5 Other comprehensive income (loss) after tax expense of $ - , $ - and $ - 0.5 (53.6) (53.1) Balance as of September 30, 2021 $ (80.7) (349.6) $ (430.3) |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 456.7 | $ 456.7 | $ 435.9 | ||
Contract with Customer, Liability | 139.1 | $ 139.1 | $ 128.9 | ||
Percentage of Revenue, Remaining Performance Obligation | 5% | ||||
Out of Scope of Topic 606 Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Fees and Commissions, Mortgage Banking and Servicing | $ 76.1 | $ 102.3 | $ 222.6 | $ 235.9 |
Revenue Recognition Contract As
Revenue Recognition Contract Assets & Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 456.7 | $ 435.9 |
Contract with Customer, Asset, Allowance for Credit Loss | (2.6) | (2.8) |
Contract with Customer, Asset, before Allowance for Credit Loss | 459.3 | 438.7 |
Contract with Customer, Liability | $ 139.1 | $ 128.9 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Restructuring and acquisition charges | $ (21) | $ (15.6) | $ (66.4) | $ (50.9) |
Gain (Loss) on Disposition of Business | 0 | 0.4 | (7.5) | 12.4 |
Net non-cash MSR and mortgage banking derivative activity | 5.2 | 28.1 | 12.8 | 43.5 |
Interest Expense, Net of Interest Income | (23.2) | (9.6) | (49.1) | (30.6) |
Provision for income taxes | (42.3) | (65.3) | (155.4) | (148.4) |
Depreciation and amortization adjusted | (54.7) | (52.8) | (163.5) | (160.3) |
Depreciation and amortization | (55.7) | (52.8) | (165.5) | (160.3) |
Equity in earnings (losses) | 0.5 | 17.4 | 72.6 | 106.7 |
Adjusted EBITDA | 276.2 | 352 | 908.8 | 874.5 |
Segment revenue: | ||||
Revenue | 5,177.5 | 4,889.2 | 15,257.3 | 13,421.3 |
Markets Advisory | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization adjusted | (16.6) | (16.4) | (50) | (49) |
Equity in earnings (losses) | (0.2) | 0.1 | 0.7 | 0.6 |
Adjusted EBITDA | 132.1 | 149.2 | 377.3 | 329.1 |
Segment revenue: | ||||
Revenue | 1,111.5 | 1,079.9 | 3,229.2 | 2,823.9 |
Capital Markets | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (15.2) | (15.1) | (46.2) | (47.7) |
Equity in earnings (losses) | 0.7 | 1.3 | 2.1 | 3.1 |
Adjusted EBITDA | 83.2 | 138.4 | 328.1 | 318.3 |
Segment revenue: | ||||
Revenue | 595.2 | 680.3 | 1,880.3 | 1,644.1 |
Work Dynamics | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (17.6) | (16.9) | (51.1) | (49.9) |
Equity in earnings (losses) | 0.1 | 0.3 | 1.3 | 0.1 |
Adjusted EBITDA | 53.4 | 37.7 | 146.2 | 113.8 |
Segment revenue: | ||||
Revenue | 3,289.8 | 2,960.4 | 9,633.9 | 8,494.7 |
JLL Technologies | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (3.7) | (2.2) | (11.4) | (7.3) |
Equity in earnings (losses) | 1 | 7.3 | 64.5 | 58.1 |
Adjusted EBITDA | (15.3) | (10.7) | (14.7) | 1.8 |
Segment revenue: | ||||
Revenue | 56.5 | 38.8 | 156.6 | 121.8 |
LaSalle Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (1.6) | (2.2) | (4.8) | (6.4) |
Equity in earnings (losses) | (1.1) | 8.4 | 4 | 44.8 |
Adjusted EBITDA | 22.8 | 37.4 | 71.9 | 111.5 |
Segment revenue: | ||||
Revenue | 124.5 | 129.8 | 357.3 | 336.8 |
Leasing | Markets Advisory | ||||
Segment revenue: | ||||
Revenue | 703.3 | 694.9 | 2,012.6 | 1,683.9 |
Property Management | Markets Advisory | ||||
Segment revenue: | ||||
Revenue | 377.8 | 351.3 | 1,126.5 | 1,046.7 |
Advisory and Consulting | Markets Advisory | ||||
Segment revenue: | ||||
Revenue | 30.4 | 33.7 | 90.1 | 93.3 |
Investment Sales, Debt/Equity Advisory and Other | Capital Markets | ||||
Segment revenue: | ||||
Revenue | 465 | 554.7 | 1,490.8 | 1,286.8 |
Valuation Advisory | Capital Markets | ||||
Segment revenue: | ||||
Revenue | 89.7 | 87.1 | 268.7 | 258.2 |
Loan Servicing | Capital Markets | ||||
Segment revenue: | ||||
Revenue | 40.5 | 38.5 | 120.8 | 99.1 |
Workplace Management | Work Dynamics | ||||
Segment revenue: | ||||
Revenue | 2,429.1 | 2,138.4 | 7,183.5 | 6,294 |
Project Management | Work Dynamics | ||||
Segment revenue: | ||||
Revenue | 748.3 | 707.8 | 2,115.4 | 1,877.4 |
Portfolio Services and Other | Work Dynamics | ||||
Segment revenue: | ||||
Revenue | 112.4 | 114.2 | 335 | 323.3 |
Advisory Fees | LaSalle Investment Management | ||||
Segment revenue: | ||||
Revenue | 102.6 | 97.3 | 302.8 | 270.4 |
Transaction Fees & Other | LaSalle Investment Management | ||||
Segment revenue: | ||||
Revenue | 10 | 10.2 | 37.4 | 28.9 |
Incentive Fees | LaSalle Investment Management | ||||
Segment revenue: | ||||
Revenue | $ 11.9 | $ 22.3 | $ 17.1 | $ 37.5 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 5.7 | $ 22.2 | |
Business Combination, contingent earn-out consideration | 5.3 | 31.3 | |
Business Combinations, Guaranteed Deferred Acquisition Obligation | 3.1 | $ 0 | |
Payment for Contingent Consideration Liability, Total | 15.9 | ||
Goodwill | $ 4,454.8 | $ 4,611.6 |
Business Combinations, Goodwi_3
Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details) $ in Millions | Sep. 30, 2022 USD ($) acquisition | Dec. 31, 2021 USD ($) acquisition |
Summary of Earn-out Payments [Line Items] | ||
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition | 18 | 19 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, High, Value | $ 136.6 | $ 149.9 |
Business Combination, Contingent Consideration, Liability, Current | 45.2 | 45.8 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 59.3 | 66.3 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Earn-out Payments [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Current | 27.4 | 39 |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 49.2 | $ 45.1 |
Business Combinations, Goodwi_4
Business Combinations, Goodwill by Segment (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill Additions, net of adjustments | $ 13.5 |
Goodwill, Translation Adjustments | (170.3) |
Goodwill | 4,454.8 |
Goodwill | 4,611.6 |
Markets Advisory | |
Goodwill [Roll Forward] | |
Goodwill Additions, net of adjustments | 0 |
Goodwill, Translation Adjustments | (69.8) |
Goodwill | 1,713.1 |
Goodwill | 1,782.9 |
Capital Markets | |
Goodwill [Roll Forward] | |
Goodwill Additions, net of adjustments | 8.5 |
Goodwill, Translation Adjustments | (76.4) |
Goodwill | 1,916 |
Goodwill | 1,983.9 |
Work Dynamics | |
Goodwill [Roll Forward] | |
Goodwill Additions, net of adjustments | 4.6 |
Goodwill, Translation Adjustments | (20.8) |
Goodwill | 523.7 |
Goodwill | 539.9 |
JLL Technologies | |
Goodwill [Roll Forward] | |
Goodwill Additions, net of adjustments | 0.4 |
Goodwill, Translation Adjustments | (0.2) |
Goodwill | 247.7 |
Goodwill | 247.5 |
LaSalle Investment Management | |
Goodwill [Roll Forward] | |
Goodwill Additions, net of adjustments | 0 |
Goodwill, Translation Adjustments | (3.1) |
Goodwill | 54.3 |
Goodwill | $ 57.4 |
Business Combinations Other Int
Business Combinations Other Intangibles by Segment (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite-Lived Intangible Assets, Net | $ 816.7 | |||
Identifiable intangibles with indefinite useful lives | 44.9 | |||
Finite and Indefinite lived Intangible Assets, Additions | 122.4 | $ 115 | ||
Adjustment for fully amortized intangibles | 50.6 | 82.2 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (13.7) | (4.3) | ||
Intangible Assets, Gross (Excluding Goodwill) | 1,285.2 | 1,003.6 | $ 1,227.1 | $ 975.1 |
Identified intangibles, with finite useful lives, accumulated amortization | (423.6) | (323) | (340.1) | (295.3) |
Amortization expense | (138.2) | (110.6) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (50.6) | (82.2) | ||
Impact of exchange rate movements | 4.1 | 0.7 | ||
Net book value as of end of period | 861.6 | 680.6 | 887 | |
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 22.5 | 15.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||||
Total | 816.7 | |||
Mortgage servicing rights [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 103.3 | 95.5 | ||
Adjustment for fully amortized intangibles | 47.9 | 36.2 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 0 | 0 | ||
Intangible Assets, Gross (Excluding Goodwill) | 725.1 | 631.4 | 669.7 | 572.1 |
Identified intangibles, with finite useful lives, accumulated amortization | (229.8) | (183.5) | (191) | (147.8) |
Amortization expense | (86.7) | (71.9) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (47.9) | (36.2) | ||
Impact of exchange rate movements | 0 | 0 | ||
Net book value as of end of period | 495.3 | 447.9 | ||
Other Intangible Assets [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 19.1 | 19.5 | ||
Adjustment for fully amortized intangibles | 2.7 | 46 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (13.7) | (4.3) | ||
Intangible Assets, Gross (Excluding Goodwill) | 560.1 | 372.2 | 557.4 | 403 |
Identified intangibles, with finite useful lives, accumulated amortization | (193.8) | (139.5) | $ (149.1) | $ (147.5) |
Amortization expense | (51.5) | (38.7) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (2.7) | (46) | ||
Impact of exchange rate movements | 4.1 | 0.7 | ||
Net book value as of end of period | $ 366.3 | $ 232.7 |
Investments (Details)
Investments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) investment | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) investment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of separate property or fund co-investments | investment | 55 | 55 | |||
Property, Plant and Equipment, Net, consolidated VIE | $ 731.5 | $ 731.5 | $ 740 | ||
Investments | 890.9 | 890.9 | 745.7 | ||
Total assets | 15,378.6 | 15,378.6 | 15,505 | ||
Other Liabilities, Current | 380.7 | 380.7 | 218.1 | ||
Total liabilities | 9,369.2 | 9,369.2 | 9,083.8 | ||
Total liabilities and equity | 15,378.6 | 15,378.6 | 15,505 | ||
Revenue | 5,177.5 | $ 4,889.2 | 15,257.3 | $ 13,421.3 | |
Net income | 138.1 | 236.7 | 617.5 | 538.5 | |
Fair Value [Abstract] | |||||
Fair value investments at beginning of the period | 639.6 | 340.3 | |||
Investments in Real Estate Ventures, at Fair Value, Additions | 140.3 | 148.9 | |||
Investments in Real Estate Ventures, at Fair Value, Distributions | (29.9) | (46.6) | |||
Unrealized Gain (Loss) on Investments | 65.2 | 100.8 | |||
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation | (28.5) | (5.7) | |||
Fair value investments at end of the period | 786.7 | 537.7 | 786.7 | 537.7 | |
JLL Technologies | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 352.5 | 352.5 | |||
Investments | $ 503.9 | $ 503.9 | 353.6 | ||
LaSalle Investment Company II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Partnership ownership interest (in hundredths) | 48.78% | 48.78% | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 60.3 | $ 60.3 | |||
LaSalle Investment Management | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 352.5 | 352.5 | |||
Investments | 353.6 | 353.6 | 354.6 | ||
Other Investments and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments | 33.4 | 33.4 | 37.5 | ||
Consolidated Variable Interest Entities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Property, Plant and Equipment, Net, consolidated VIE | 190.7 | 190.7 | 184.7 | ||
Investments | 10.7 | 10.7 | 10.2 | ||
Other Assets, consolidated VIE | 22 | 22 | 17.7 | ||
Total assets | 223.4 | 223.4 | 212.6 | ||
Other Liabilities, Current | 2.7 | 2.7 | 2.1 | ||
Loans Payable, Fair Value Disclosure, consolidated VIE | 113.6 | 113.6 | 107.5 | ||
Total liabilities | 116.3 | 116.3 | 109.6 | ||
Members' Equity, consolidated VIE | 107.1 | 107.1 | 103 | ||
Total liabilities and equity | 223.4 | 223.4 | $ 212.6 | ||
Revenue | 4.6 | 3.4 | 13.2 | 8.9 | |
Other Expenses, consolidated VIE | (6.2) | (4.3) | (17.9) | (11) | |
Gains (Losses) on Sales of Investment Real Estate, consolidated VIE | 0 | 0 | 142.3 | 0 | |
Net income | $ (1.6) | $ (0.9) | $ 137.6 | $ (2.1) |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units (RSUs) | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 939,000 | 1,118,100 | 912,400 | 1,096,200 | 1,096,200 | |||
Granted (in shares) | 59,900 | 23,700 | 248,400 | 280,800 | ||||
Vested (in shares) | (203,700) | (199,600) | (355,100) | (417,800) | ||||
Forfeited (in shares) | (10,200) | (6,900) | (20,700) | (23,900) | ||||
Unvested at end of period (in shares) | 785,000 | 939,000 | 935,300 | 1,118,100 | 785,000 | 935,300 | 912,400 | 1,096,200 |
Performance Shares [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 576,900 | 545,200 | 646,000 | 531,500 | 531,500 | |||
Granted (in shares) | 1,600 | 58,800 | 114,600 | 166,000 | ||||
Vested (in shares) | 0 | 0 | (175,100) | (79,000) | ||||
Forfeited (in shares) | (10,600) | (9,400) | (17,600) | (23,900) | ||||
Unvested at end of period (in shares) | 567,900 | 576,900 | 594,600 | 545,200 | 567,900 | 594,600 | 646,000 | 531,500 |
Share-based Payment Arrangement [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 1,515,900 | 1,663,300 | 1,558,400 | 1,627,700 | 1,627,700 | |||
Granted (in shares) | 61,500 | 82,500 | 363,000 | 446,800 | ||||
Vested (in shares) | (203,700) | (199,600) | (530,200) | (496,800) | ||||
Forfeited (in shares) | (20,800) | (16,300) | (38,300) | (47,800) | ||||
Unvested at end of period (in shares) | 1,352,900 | 1,515,900 | 1,529,900 | 1,663,300 | 1,352,900 | 1,529,900 | 1,558,400 | 1,627,700 |
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Weighted average grant date fair value, beginning of period (in dollars per share) | $ 167.23 | $ 144.01 | $ 152.27 | $ 137.42 | $ 137.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 172.22 | 205.50 | 214.90 | 184.71 | ||||
Weighted average grant date fair value, vested (in dollars per share) | 141.15 | 141.21 | 145.10 | 146.76 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 158.85 | 145.07 | 165.51 | 140.66 | ||||
Weighted average grant date fair value, end of period (in dollars per share) | $ 171.51 | $ 167.23 | $ 147.75 | $ 144.01 | $ 171.51 | $ 147.75 | $ 152.27 | $ 137.42 |
Weighted average remaining contractual life, unvested shares outstanding | 1 year 10 months 6 days | 1 year 11 months 23 days | 1 year 11 months 15 days | 1 year 11 months 1 day | 1 year 10 months 6 days | 1 year 11 months 15 days | 1 year 11 months 26 days | 1 year 8 months 8 days |
Unamortized deferred compensation cost | $ 99.9 | $ 99.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 1,730 | $ 2,610 | ||
Fair value of long-term debt | 325.1 | 687.2 | ||
Long-term debt, net of debt issuance costs | 341.5 | 395.6 | ||
Investments, Fair Value Disclosure | 786.7 | 639.6 | $ 537.7 | $ 340.3 |
Foreign currency forward contracts, net notional value | 1,100 | 1,510 | ||
Deferred compensation plan, contra-equity, shares held in trust | 5.1 | 5.2 | ||
Long-term Debt, Current Maturities | 0 | 274.7 | ||
Long-term senior notes, 4.4%, due November 2022 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unamortized Debt Issuance Expense | 0 | 0.3 | ||
Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 16.9 | 19.2 | ||
Derivative Asset, Fair Value, Gross Liability | 2.8 | 3.3 | ||
Derivative Liability, Fair Value, Gross Asset | 0.2 | 0.2 | ||
Derivative Liability, Fair Value, Gross Liability | 34.9 | 1 | ||
Long-Term Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unamortized Debt Issuance Expense | 1.3 | 1.4 | ||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 279.5 | 251.6 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | 0 | ||
Foreign currency forward contract, current asset amount | 14.1 | 15.9 | ||
Foreign currency forward contract, current liability amount | 34.7 | 0.8 | ||
Deferred compensation plan assets | 520.2 | 528.8 | ||
Deferred compensation plan liabilities | $ 477.2 | $ 513 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 786.7 | $ 537.7 | $ 786.7 | $ 537.7 | $ 639.6 | $ 340.3 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 53.7 | 53.7 | 84.5 | |||||
Foreign currency forward contracts receivable | 0 | 0 | 0 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | 0 | |||||
Deferred compensation plan assets | 0 | 0 | 0 | |||||
Mortgage banking derivative asset | 0 | 0 | 0 | |||||
Total assets at fair value | 53.7 | 53.7 | 84.5 | |||||
Foreign currency forward contracts payable | 0 | 0 | 0 | |||||
Deferred compensation plan liabilities | 0 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | |||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | |||||
Total liabilities at fair value | 0 | 0 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | |||||
Foreign currency forward contracts receivable | 14.1 | 14.1 | 15.9 | |||||
Loans Receivable, Fair Value Disclosure | 671.9 | 671.9 | 822.3 | |||||
Deferred compensation plan assets | 520.2 | 520.2 | 528.8 | |||||
Mortgage banking derivative asset | 0 | 0 | 0 | |||||
Total assets at fair value | 1,206.2 | 1,206.2 | 1,367 | |||||
Foreign currency forward contracts payable | 34.7 | 34.7 | 0.8 | |||||
Deferred compensation plan liabilities | 477.2 | 477.2 | 513 | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | |||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | |||||
Total liabilities at fair value | 511.9 | 511.9 | 513.8 | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 60.3 | 33.7 | 60.3 | 33.7 | $ 21.6 | 21.9 | $ 12.6 | 13.7 |
Investments, Fair Value Disclosure | 453.5 | 207.7 | 453.5 | 207.7 | 460.4 | 303.5 | 181.6 | 59.3 |
Foreign currency forward contracts receivable | 0 | 0 | 0 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | 0 | |||||
Deferred compensation plan assets | 0 | 0 | 0 | |||||
Mortgage banking derivative asset | 239.1 | 239.1 | 60.4 | |||||
Total assets at fair value | 692.6 | 692.6 | 363.9 | |||||
Foreign currency forward contracts payable | 0 | 0 | 0 | |||||
Deferred compensation plan liabilities | 0 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 76.6 | 45.4 | 76.6 | 45.4 | $ 74.9 | 84.1 | $ 18 | $ 85.7 |
Mortgage banking derivative liabilities | 178.8 | 178.8 | 38.5 | |||||
Total liabilities at fair value | 255.4 | 255.4 | $ 122.6 | |||||
Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2.5 | 6.1 | 65 | 44.2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0.3 | 0 | 0.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1.8 | 19.7 | 96.2 | 105.9 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | (0.1) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (11.2) | 0 | (11.2) | (1.9) | ||||
Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 34.1 | 7.3 | 56.7 | 18.6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 33.6 | 57.8 | 119.6 | 128.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (29) | (44) | (137.9) | (127.1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |||||||
Earn-out Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (0.1) | 0 | 0.2 | 1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.3) | 0.3 | (0.7) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3.3 | 27.5 | 5.3 | 31.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1.2) | $ (0.4) | $ (12.3) | $ (72.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 786.7 | $ 537.7 | $ 786.7 | $ 537.7 | $ 639.6 | $ 340.3 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | 453.5 | 207.7 | 453.5 | 207.7 | $ 460.4 | $ 303.5 | $ 181.6 | $ 59.3 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Business Combination, Contingent Consideration, Liability, Beginning Balance | 74.9 | 18 | 84.1 | 85.7 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance | 21.6 | 12.6 | 21.9 | 13.7 | ||||
Business Combination, Contingent Consideration, Liability, Ending Balance | 76.6 | 45.4 | 76.6 | 45.4 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance | 60.3 | 33.7 | 60.3 | 33.7 | ||||
Earn-out Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (0.1) | 0 | 0.2 | 1 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (0.3) | 0.3 | (0.7) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 3.3 | 27.5 | 5.3 | 31.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1.2) | (0.4) | (12.3) | (72.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |||||||
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 34.1 | 7.3 | 56.7 | 18.6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 33.6 | 57.8 | 119.6 | 128.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (29) | (44) | (137.9) | (127.1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |||||||
Investments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2.5 | 6.1 | 65 | 44.2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0.3 | 0 | 0.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1.8 | 19.7 | 96.2 | 105.9 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | (0.1) | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ (11.2) | $ 0 | $ (11.2) | $ (1.9) |
Debt Short-Term Borrowings an_2
Debt Short-Term Borrowings and Long-Term Debt (Details) € in Millions, $ in Millions | Sep. 30, 2022 USD ($) | Sep. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | |||
Bank Overdrafts | $ 26.1 | $ 9.2 | |
Other Short-term Borrowings | 218.1 | 138.7 | |
Short-term Debt | 244.2 | 147.9 | |
Long-term Debt, Current Maturities | 0 | 274.7 | |
Total Short-term Debt | 244.2 | 422.6 | |
Long-term debt, net of debt issuance costs | 341.5 | 395.6 | |
Debt, Long-term and Short-term, Combined Amount | 2,173.6 | 956.4 | |
Letters of Credit Outstanding, Amount | 0.7 | 0.7 | |
Long-term senior notes, 4.4%, due November 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 275 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | |
Unamortized Debt Issuance Expense | $ 0 | 0.3 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | 12.1 | 11.8 | |
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | $ 170.8 | 197.9 | |
Debt Instrument, Face Amount | € | € 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.96% | 1.96% | |
Unamortized Debt Issuance Expense | $ 0.6 | 0.6 | |
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | $ 170.7 | 197.7 | |
Debt Instrument, Face Amount | € | € 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | |
Unamortized Debt Issuance Expense | $ 0.7 | $ 0.8 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | $ 1,587.9 | $ 1,587.9 | $ 138.2 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50.1 | 50.1 | |||
Letters of Credit Outstanding, Amount | 0.7 | 0.7 | 0.7 | ||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | 12.1 | 12.1 | 11.8 | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 1,587.9 | 1,587.9 | 138.2 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,350 | 3,350 | $ 2,750 | ||
Line of Credit Facility, Average Outstanding Amount | $ 1,599.8 | $ 497.1 | $ 1,295.9 | $ 432.5 | |
Pricing on the Facility based on market rates | SOFR plus 0.875% to 1.35% | ||||
Description of Variable Rate Basis | SOFR | ||||
Basis spread on variable rate (in hundredths) | 0.94% | ||||
Line of Credit Facility, Interest Rate During Period | 3.20% | 1% | 2.20% | 1% |
Debt Warehouse Facilities (Deta
Debt Warehouse Facilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50.1 | $ 50.1 | |
Warehouse facilities | 685 | 685 | $ 795.7 |
Agreement expires September 18, 2023, Extension [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | 172.4 | 172.4 | 516.9 |
Line of Credit Facility, Maximum Borrowing Capacity | 700 | $ 700 | 700 |
Pricing on the Facility based on market rates | BSBY plus 1.30% | ||
Agreement expires September 15, 2023, Extension [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | 442.2 | $ 442.2 | 74.7 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | $ 1,200 | 1,200 |
Pricing on the Facility based on market rates | SOFR plus 1.30% | ||
Agreement expires August 27, 2022, Extension [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | 0 | $ 0 | 192.8 |
Line of Credit Facility, Maximum Borrowing Capacity | 0 | $ 0 | 300 |
Pricing on the Facility based on market rates | LIBOR plus 1.30% | ||
Agreement expires July 28, 2023, Extension | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | 0 | $ 0 | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | 400 | 400 |
Pricing on the Facility based on market rates | SOFR plus 1.40% | ||
Fannie Mae ASAP program [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | $ 71.6 | $ 71.6 | 12.5 |
Debt Instrument, Interest Rate Terms | SOFR plus 1.25% | ||
Line of Credit, Gross [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit, Current | 686.2 | $ 686.2 | 796.9 |
Line of Credit Facility, Maximum Borrowing Capacity | 2,300 | 2,300 | 2,600 |
Warehouse Agreement Borrowings [Member] | |||
Line of Credit Facility [Line Items] | |||
Unamortized Debt Issuance Expense | $ 1.2 | $ 1.2 | $ 1.2 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency, Receivable | $ 22.5 | $ 22.5 | |
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount | 17,000 | 15,400 | |
Loan loss accrual | 26.9 | 24.6 | |
Loan loss guarantee reserve | 20.3 | 22.9 | |
Loss Contingency Accrual [Roll Forward] | |||
Loss Contingency, Receivable | 22.5 | 22.5 | |
Loan loss guarantee reserve | 20.3 | $ 22.9 | |
Insurance Claims [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Loss Contingency Accrual | 1.2 | $ 48.2 | |
Loss Contingency Accrual, Provision | 0 | 1.5 | |
Loss Contingency Accrual, Provision Adjustment | (0.1) | (10.8) | |
Loss Contingency Accrual, Payments | (0.2) | (13.1) | |
Loss Contingency Accrual | $ 0.9 | $ 25.8 |
Restructuring and Acquisition_3
Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring and acquisition charges | $ (21) | $ (15.6) | $ (66.4) | $ (50.9) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (0.1) | 0 | 0.2 | 1 |
Share-based Payment Arrangement, Noncash Expense | 0.3 | 3.2 | $ 5.7 | 15.2 |
Restructuring reserve [Roll Forward] | ||||
Document Period End Date | Sep. 30, 2022 | |||
Severance [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring charges | 9.4 | 1.2 | $ 21 | 2.1 |
Lease Exit [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring charges | $ 11.4 | $ 11.2 | $ 39.5 | $ 32.6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,002.2 | $ 6,146.7 | $ 6,415.2 | $ 5,952.1 | $ 5,899.7 | $ 5,706.9 | $ 6,002.2 | $ 5,952.1 | $ 6,413.4 | $ 5,610 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | 0 | (0.2) | 0 | 0.5 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (139.1) | (164.4) | (24.1) | (47.2) | (0.2) | (6.2) | (327.6) | (53.6) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (42.7) | (42.7) | (80.7) | (80.7) | (42.7) | (80.7) | (42.7) | (81.2) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0.5 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | 0 | 0 | (0.5) | ||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (680.3) | (541.2) | (349.6) | (302.4) | (680.3) | (349.6) | (352.7) | (296) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (139.1) | (47.2) | (327.6) | (53.6) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (139.1) | (47.2) | (327.6) | (53.6) | ||||||
AOCI Attributable to Parent [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (723) | (583.9) | (419.5) | (430.3) | (383.1) | (383.6) | (723) | (430.3) | $ (395.4) | $ (377.2) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (139.1) | (47.2) | (327.6) | (53.6) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0.5 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.2) | |||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (139.1) | $ (164.4) | $ (24.1) | (47.2) | $ (0.2) | $ (6.2) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (139.1) | $ (47.2) | $ (327.6) | $ (53.1) |