Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document and Entity Information [Abstract] | ||
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | JLL | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 36-4150422 | |
Entity Address, Address Line One | 200 East Randolph Drive | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
Entity File Number | 1-13145 | |
City Area Code | (312) | |
Local Phone Number | 782-5800 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Jones Lang LaSalle Incorporated | |
Entity Central Index Key | 0001037976 | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,682,168 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 402.5 | $ 519.3 |
Trade receivables, net of allowances | 1,982 | 2,148.8 |
Notes and other receivables | 410.9 | 469.5 |
Accounts Receivable, Reimbursed by Client, Current | 1,910.9 | 2,005.7 |
Loans Receivable, Gross, Mortgage Warehouse Lending. | 1,049 | 463.2 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 357.2 | 359.7 |
Prepaid Expense and Other Assets, Current | 593.3 | 603.5 |
Total current assets | 6,705.8 | 6,569.7 |
Property and equipment, net of accumulated depreciation | 585.5 | 582.9 |
Operating Lease, Right-of-Use Asset | 761.3 | 776.3 |
Goodwill | 4,577.7 | 4,528 |
Identified intangibles, net of accumulated amortization | 821.1 | 858.5 |
Investments | 872.7 | 873.8 |
Long-term receivables | 372.1 | 331.1 |
Deferred Income Tax Assets, Net | 394.6 | 379.6 |
Deferred Compensation Plan Assets | 559.5 | 517.9 |
Other | 175.2 | 175.9 |
Total assets | 15,825.5 | 15,593.7 |
Current liabilities: | ||
Accounts Payable and Accrued Liabilities, Current | 1,054.6 | 1,236.8 |
Accounts Payable, Reimbursed by Client, Current | 1,430.2 | 1,579.5 |
Accrued compensation & benefits | 1,141.2 | 1,749.8 |
Short-term Debt | 112.1 | 164.2 |
Short-term contract liabilities and deferred income | 213.6 | 216.5 |
Business Combination, Contingent Consideration, Liability, Current | 20.5 | 23.1 |
Warehouse facilities | 941.8 | 455.3 |
Operating Lease, Liability, Current | 164.3 | 156.4 |
Other | 412.4 | 330.5 |
Total current liabilities | 5,490.7 | 5,912.1 |
Noncurrent liabilities: | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 1,840.5 | 1,213.8 |
Long-term debt, net of debt issuance costs | 380.7 | 372.8 |
Deferred Tax Liabilities, Net | 191.6 | 194 |
Deferred compensation | 518.3 | 492.4 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 58.6 | 76.3 |
Operating Lease, Liability, Noncurrent | 766.6 | 775.8 |
Other | 386.6 | 407 |
Total liabilities | 9,633.6 | 9,444.2 |
Redeemable Noncontrolling Interest | 7.1 | 7 |
Company shareholders' equity: | ||
Common stock, $.01 par value per share | 0.5 | 0.5 |
Additional paid-in capital | 2,015.3 | 2,022.6 |
Retained earnings | 5,567.6 | 5,590.4 |
Treasury Stock, Value | (895.8) | (934.6) |
Shares held in trust | (11.6) | (9.8) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (611.4) | (648.2) |
Total Company shareholders' equity | 6,064.6 | 6,020.9 |
Noncontrolling interest | 120.2 | 121.6 |
Total equity | 6,184.8 | 6,142.5 |
Total liabilities and equity | $ 15,825.5 | $ 15,593.7 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Trade receivables, allowances | $ 76.8 | $ 66.7 |
Contract with Customer, Asset, Allowance for Credit Loss, Current | 1.9 | 1.9 |
Property and equipment, accumulated depreciation | 1,030.4 | 960.5 |
Identified intangibles, with finite useful lives, accumulated amortization | 499 | 445.8 |
Investments, Fair Value Disclosure | $ 802.5 | $ 794.9 |
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 | 52,095,238 | 52,085,968 |
Common Stock, Shares, Outstanding | 47,720,950 | 47,507,758 |
Treasury Stock, Common, Shares | 4,374,288 | 4,578,210 |
Long-Term Senior Notes [Member] | ||
Unamortized Debt Issuance Expense | $ 1.1 | $ 1.2 |
Line of Credit [Member] | ||
Unamortized Debt Issuance Expense | $ 9.5 | $ 11.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 5,052.5 | $ 5,278.4 | $ 9,768 | $ 10,079.8 |
Operating expenses: | ||||
Compensation and benefits | 2,417 | 2,554.4 | 4,670 | 4,965.2 |
Operating, administrative and other | 2,414.6 | 2,407.6 | 4,766.1 | 4,548.6 |
Depreciation and amortization | 59.9 | 55.4 | 117.4 | 109.8 |
Restructuring and acquisition charges | 11.8 | 25.9 | 47.5 | 45.4 |
Total operating expenses | 4,903.3 | 5,043.3 | 9,601 | 9,669 |
Operating Income (Loss) | 149.2 | 235.1 | 167 | 410.8 |
Interest Expense, Net of Interest Income | 40.5 | 15.7 | 66.8 | 25.9 |
Equity earnings from real estate ventures | (103.5) | 53.6 | (106.1) | 72.1 |
Other Nonoperating Income (Expense) | (1.2) | 135.3 | (1.1) | 135.5 |
Income before income taxes and noncontrolling interest | 4 | 408.3 | (7) | 592.5 |
Provision for income taxes | 0.8 | 72.8 | (1.5) | 113.1 |
Net income | 3.2 | 335.5 | (5.5) | 479.4 |
Net income attributable to noncontrolling interest | 0.7 | 141.6 | 1.2 | 139.9 |
Net income attributable to the Company | 2.5 | 193.9 | (6.7) | 339.5 |
Net income attributable to common shareholders | $ 2.5 | $ 193.9 | $ (6.7) | $ 339.5 |
Basic earnings per common share (in dollars per share) | $ 0.05 | $ 3.98 | $ (0.14) | $ 6.89 |
Basic weighted average shares outstanding (in shares) | 47,748 | 48,718 | 47,652 | 49,247 |
Diluted earnings per common share (in dollars per share) | $ 0.05 | $ 3.90 | $ (0.14) | $ 6.75 |
Diluted weighted average shares outstanding (in shares) | 48,334 | 49,651 | 47,652 | 50,292 |
Other comprehensive income: | ||||
Net income attributable to the Company | $ 2.5 | $ 193.9 | $ (6.7) | $ 339.5 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (1.1) | 0 | (1.1) | 0 |
Foreign currency translation adjustments | 11.1 | (164.4) | 37.9 | (188.5) |
Comprehensive income attributable to the common shareholders | $ 12.5 | $ 29.5 | $ 30.1 | $ 151 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Shares Held in Trust [Member] | Treasury Stock, Common | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock, Shares, Outstanding | 50,024,139 | ||||||||
Balances at Dec. 31, 2021 | $ 6,413.4 | $ 0.5 | $ 2,053.7 | $ 4,937.6 | $ (5.2) | $ (406.3) | $ (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) | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (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) | (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) | (552.7) | (419.5) | 242 | |
Balances at Dec. 31, 2021 | 6,413.4 | $ 0.5 | 2,053.7 | 4,937.6 | (5.2) | (406.3) | (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 | (188.5) | ||||||||
Foreign currency translation adjustments | (188.5) | ||||||||
Common Stock, Shares, Issued at Jun. 30, 2022 | 48,240,672 | ||||||||
Balances at Jun. 30, 2022 | 6,146.7 | $ 0.5 | 2,050.7 | 5,275.4 | (5.1) | (824.7) | (583.9) | 233.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to the Company | 339.5 | ||||||||
Net income attributable to common shareholders | 339.5 | ||||||||
Common Stock, Shares, Outstanding | 49,608,928 | ||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (0.1) | ||||||||
Balances at Mar. 31, 2022 | 6,415.2 | $ 0.5 | 2,066.8 | 5,083.2 | (5.1) | (552.7) | (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) | (1.7) | 42.2 | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (6,592) | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (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) | |||||||
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 | (164.4) | ||||||||
Foreign currency translation adjustments | (164.4) | (164.4) | |||||||
Distributions to noncontrolling interest | (149.9) | (149.9) | |||||||
Common Stock, Shares, Issued at Jun. 30, 2022 | 48,240,672 | ||||||||
Balances at Jun. 30, 2022 | 6,146.7 | $ 0.5 | 2,050.7 | 5,275.4 | (5.1) | (824.7) | (583.9) | 233.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to the Company | 193.9 | ||||||||
Net income attributable to common shareholders | 193.9 | ||||||||
Treasury Stock, Value | $ (934.6) | ||||||||
Common Stock, Shares, Outstanding | 47,507,758 | 47,507,758 | |||||||
Common Stock, Shares, Issued at Dec. 31, 2022 | 52,085,968 | ||||||||
Balances at Dec. 31, 2022 | $ 6,142.5 | $ 0.5 | 2,022.6 | 5,590.4 | (9.8) | (934.6) | (648.2) | 121.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | (8.7) | (9.2) | 0.5 | ||||||
Shares issued under stock compensation programs (in shares) | 146,727 | ||||||||
Shares issued under stock compensation programs | 7 | (60.3) | (14.5) | 81.8 | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (45,281) | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (28.4) | 2.3 | (30.7) | ||||||
Amortization of stock compensation | 16.7 | 16.7 | |||||||
Foreign currency translation adjustments | 26.8 | 26.8 | |||||||
Distributions to noncontrolling interest | (0.7) | (0.7) | |||||||
Balances at Mar. 31, 2023 | $ 6,155.2 | $ 0.5 | 1,981.3 | 5,566.7 | (9.8) | (883.5) | (621.4) | 121.4 | |
Common Stock, Shares, Issued at Dec. 31, 2022 | 52,085,968 | ||||||||
Balances at Dec. 31, 2022 | $ 6,142.5 | 0.5 | 2,022.6 | 5,590.4 | (9.8) | (934.6) | (648.2) | 121.6 | |
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 | (1.1) | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 36.8 | ||||||||
Foreign currency translation adjustments | $ 37.9 | ||||||||
Common Stock, Shares, Issued at Jun. 30, 2023 | 52,095,238 | ||||||||
Balances at Jun. 30, 2023 | $ 6,184.8 | $ 0.5 | 2,015.3 | 5,567.6 | (11.6) | (895.8) | (611.4) | 120.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to the Company | (6.7) | ||||||||
Net income attributable to common shareholders | (6.7) | ||||||||
Common Stock, Shares, Outstanding | 47,609,204 | ||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 0.1 | ||||||||
Balances at Mar. 31, 2023 | 6,155.2 | $ 0.5 | 1,981.3 | 5,566.7 | (9.8) | (883.5) | (621.4) | 121.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 3.1 | 2.5 | 0.6 | [2] | |||||
Shares issued under stock compensation programs (in shares) | 288,834 | ||||||||
Shares issued under stock compensation programs | 3.2 | (2.3) | (1.6) | 7.1 | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (104,766) | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (0.1) | (0.1) | |||||||
Amortization of stock compensation | 36.3 | 36.3 | |||||||
Stock Repurchased During Period, Shares | (72,322) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | (19.5) | (19.5) | |||||||
(Increase) Decrease In Common Stock Held In Trust | (1.8) | (1.8) | |||||||
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 | (1.1) | (1.1) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 10 | ||||||||
Foreign currency translation adjustments | 11.1 | 11.1 | |||||||
Distributions to noncontrolling interest | $ (1.8) | (1.8) | |||||||
Common Stock, Shares, Issued at Jun. 30, 2023 | 52,095,238 | ||||||||
Balances at Jun. 30, 2023 | $ 6,184.8 | $ 0.5 | $ 2,015.3 | $ 5,567.6 | $ (11.6) | $ (895.8) | $ (611.4) | $ 120.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to the Company | 2.5 | ||||||||
Net income attributable to common shareholders | 2.5 | ||||||||
Treasury Stock, Value | $ (895.8) | ||||||||
Common Stock, Shares, Outstanding | 47,720,950 | 47,720,950 | |||||||
[1]Excludes net loss attributable to redeemable noncontrolling interest of $0.1 million for the three months ended June 30, 2022.[2]Excludes net income attributable to redeemable noncontrolling interest of $0.1 million for the three months ended June 30, 2023. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows used for operating activities: | ||
Net income | $ (5.5) | $ 479.4 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 117.4 | 109.8 |
Equity in earnings (losses) | 106.1 | (72.1) |
Gain (Loss) on Sale of Assets | 1.8 | (134.8) |
Distributions of earnings from real estate ventures | 6 | 9.9 |
Provision for loss on receivables and other assets | 19 | 11.8 |
Amortization of Deferred Compensation | 53 | 44.4 |
Net non-cash mortgage servicing rights and mortgage banking derivative activity | 2.4 | (7.6) |
Accretion of interest and amortization of debt issuance costs | 2.1 | 2.5 |
Other | 3.6 | 2.6 |
Increase (Decrease) in Receivables | 137.7 | 64.6 |
Increase (Decrease) in Reimbursable Receivables and Reimbursable Payables | (51) | (94.2) |
Increase (Decrease) in Prepaid Expense and Other Assets | (46.5) | (21.3) |
Increase (Decrease) in Deferred Tax Assets, net | (17.3) | 78.8 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (216.5) | (339.6) |
Increase (Decrease) in Accrued Compensation | (591.6) | (673.6) |
Net cash used in operating activities | (479.3) | (539.4) |
Cash flows used in investing activities: | ||
Net capital additions - property and equipment | (88.2) | (86.9) |
Net investment activity (less than wholly-owned) | 0 | 137 |
Business acquisitions, net of cash acquired | (13.6) | (2) |
Payments to Acquire Interest in Joint Venture | (66.2) | (121.4) |
Proceeds from Real Estate and Real Estate Joint Ventures | 12.7 | 13.1 |
Other, net | (5.4) | (2.9) |
Net cash used in investing activities | (160.7) | (63.1) |
Cash flows provided by financing activities: | ||
Proceeds from Long-term Lines of Credit | 4,478 | 4,060 |
Repayments of Long-term Lines of Credit | (3,853) | (2,835) |
Proceeds from (Repayments of) Short-term Debt | (55.3) | (12.5) |
Payment for Contingent Consideration Liability, Financing Activities | (21.8) | (9.2) |
Noncontrolling interest (distributions) contributions, net | 0 | (134.6) |
Payments for Repurchase of Common Stock | (19.5) | (447.7) |
Other, net | (24.5) | (19.7) |
Net cash provided by financing activities | 503.9 | 601.3 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 3.8 | (37.6) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (132.3) | (38.8) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 746 | 841.6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 613.7 | 802.8 |
Supplemental disclosure of cash flow information: | ||
Restricted Cash, beginning of period | 226.7 | 247.9 |
Restricted Cash, end of period | 211.2 | 234.8 |
Cash paid during the period for: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 65.1 | 26.4 |
Income taxes, net of refunds | 103.1 | 201.6 |
Operating Lease, Payments | 96.2 | 91.5 |
Non-cash activities | ||
Business acquisitions, including contingent consideration | 0 | 2 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 0 | 15.8 |
Deferred business acquisition obligations | $ 0 | $ 1.4 |
Interim Information
Interim Information | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022, which are included in our 2022 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 2022 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Condensed Consolidated Financial Statements as of June 30, 2023, and for the periods ended June 30, 2023 and 2022, 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. 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 June 30 are not fully indicative of what our results will be for the full fiscal year. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards | 6 Months Ended |
Jun. 30, 2023 | |
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) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION 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 mortgage servicing rights ("MSR" or "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 June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Revenue excluded from scope of ASC Topic 606 $ 77.2 76.5 $ 143.4 146.5 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) June 30, 2023 December 31, 2022 Contract assets, gross $ 427.8 447.0 Contract asset allowance (2.2) (2.3) Contract assets, net $ 425.6 444.7 Contract liabilities $ 145.0 151.4 Remaining performance obligations Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of June 30, 2023, 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. A significant portion of our customer contracts, which are not expected to be fulfilled within 12 months, are represented by the contracts within these businesses. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS We manage and report our operations as 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) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) net non-cash MSR and mortgage banking derivative activity, (v) Interest expense, net of interest income, (vi) Income tax (benefit) provision and (vii) Depreciation and amortization, 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 June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Markets Advisory Leasing $ 591.4 708.4 $ 1,078.4 1,309.3 Property Management 409.9 378.2 810.1 748.7 Advisory, Consulting and Other 24.1 31.6 43.3 59.7 Revenue $ 1,025.4 1,118.2 $ 1,931.8 2,117.7 Depreciation and amortization (1) $ 16.5 16.3 $ 32.6 33.4 Equity (losses) earnings $ (0.1) 0.4 $ 0.2 0.9 Adjusted EBITDA $ 99.4 134.0 $ 171.0 245.2 Capital Markets Investment Sales, Debt/Equity Advisory and Other $ 319.5 549.7 $ 560.1 1,025.8 Valuation Advisory 89.5 94.4 168.6 179.0 Loan Servicing 39.0 40.4 76.4 80.3 Revenue $ 448.0 684.5 $ 805.1 1,285.1 Depreciation and amortization $ 16.2 15.4 $ 32.1 31.0 Equity earnings $ 4.8 0.6 $ 5.4 1.4 Adjusted EBITDA $ 36.0 126.7 $ 46.7 244.9 Work Dynamics Workplace Management $ 2,553.4 2,434.0 $ 5,050.6 4,754.4 Project Management 703.2 754.8 1,379.5 1,367.1 Portfolio Services and Other 118.0 121.7 220.7 222.6 Revenue $ 3,374.6 3,310.5 $ 6,650.8 6,344.1 Depreciation and amortization $ 19.9 17.0 $ 39.2 33.5 Equity earnings $ 0.8 0.9 $ 1.2 1.2 Adjusted EBITDA $ 56.2 57.6 $ 81.9 92.8 JLL Technologies Revenue $ 60.6 50.7 $ 122.0 100.1 Depreciation and amortization $ 4.1 3.9 $ 8.0 7.7 Equity (losses) earnings $ (103.9) 44.7 $ (99.0) 63.5 Adjusted EBITDA $ (105.2) 12.9 $ (118.5) 0.6 LaSalle Advisory fees $ 103.1 103.2 $ 203.6 200.2 Transaction fees and other 5.0 10.3 15.4 27.4 Incentive fees 35.8 1.0 39.3 5.2 Revenue $ 143.9 114.5 $ 258.3 232.8 Depreciation and amortization $ 2.3 1.8 $ 3.6 3.2 Equity (losses) earnings $ (5.1) 7.0 $ (13.9) 5.1 Adjusted EBITDA $ 29.7 27.8 $ 44.0 49.1 (1) 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 (loss) attributable to common shareholders. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Adjusted EBITDA - Markets Advisory $ 99.4 134.0 $ 171.0 245.2 Adjusted EBITDA - Capital Markets 36.0 126.7 46.7 244.9 Adjusted EBITDA - Work Dynamics 56.2 57.6 81.9 92.8 Adjusted EBITDA - JLL Technologies (105.2) 12.9 (118.5) 0.6 Adjusted EBITDA - LaSalle 29.7 27.8 44.0 49.1 Adjusted EBITDA - Consolidated $ 116.1 359.0 $ 225.1 632.6 Adjustments: Restructuring and acquisition charges $ (11.8) (25.9) $ (47.5) (45.4) Net loss on disposition (1.8) (7.5) (1.8) (7.5) Interest on employee loans, net of forgiveness 0.9 — 0.7 — Net non-cash MSR and mortgage banking derivative activity (0.6) 11.2 (2.4) 7.6 Interest expense, net of interest income (40.5) (15.7) (66.8) (25.9) Income tax (provision) benefit (0.8) (72.8) 1.5 (113.1) Depreciation and amortization (1) (59.0) (54.4) (115.5) (108.8) Net income (loss) attributable to common shareholders $ 2.5 193.9 $ (6.7) 339.5 (1) 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 | 6 Months Ended |
Jun. 30, 2023 | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Business Combinations, Goodwill and Other Intangible Assets | BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2023 Business Combinations Activity During the six months ended June 30, 2023, we completed one strategic acquisition. This strategic acquisition is presented below. Acquired Company Quarter of Acquisition Country Primary Segment Kensington Capital Advisors (KCA) Q2 United States Capital Markets Aggregate terms of our acquisition included: (1) cash paid at closing of $13.6 million and (2) prior 50.0% ownership previously accounted for as an equity method investment which had a fair value of $10.0 million. A preliminary allocation of purchase consideration resulted in goodwill of $18.7 million, identifiable intangibles of $2.1 million and other net assets (acquired assets less assumed liabilities) of $2.8 million. As of June 30, 2023, we have not completed our analysis to assign fair values to all of the identifiable intangible and tangible assets acquired and, therefore, we may further refine the purchase price allocations for this acquisition during the open measurement period. During the six months ended June 30, 2023, we paid $22.0 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. 2022 Business Combinations Activity During the six months ended June 30, 2022, we completed no strategic acquisitions. Earn-Out Payments ($ in millions) June 30, 2023 December 31, 2022 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 16 17 Maximum earn-out payments (undiscounted) $ 105.0 114.6 Short-term earn-out liabilities (fair value) (1) 12.4 5.0 Long-term earn-out liabilities (fair value) (1) 51.9 68.3 (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 Goodwill and unamortized intangibles as of June 30, 2023 consisted of: (1) goodwill of $4,577.7 million, (2) identifiable intangibles of $772.1 million amortized over their remaining finite useful lives and (3) $49.0 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 December 31, 2022 $ 1,742.9 1,949.2 532.6 247.7 55.6 $ 4,528.0 Additions, net of adjustments — 18.7 — — — 18.7 Impact of exchange rate movements 12.5 14.1 3.8 — 0.6 31.0 Balance as of June 30, 2023 $ 1,755.4 1,982.0 536.4 247.7 56.2 $ 4,577.7 (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 — 0.8 4.6 0.4 — 5.8 Impact of exchange rate movements (40.2) (43.5) (11.8) (0.2) (1.8) (97.5) Balance as of June 30, 2022 $ 1,742.7 1,941.2 532.7 247.7 55.6 $ 4,519.9 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, 2022 $ 747.3 557.0 $ 1,304.3 Additions, net of adjustments (1) 45.5 5.8 51.3 Adjustment for fully amortized intangibles (20.2) (17.4) (37.6) Impact of exchange rate movements — 2.1 2.1 Balance as of June 30, 2023 $ 772.6 547.5 $ 1,320.1 Accumulated Amortization Balance as of December 31, 2022 $ (242.2) (203.6) $ (445.8) Amortization, net (2) (54.5) (35.6) (90.1) Adjustment for fully amortized intangibles 20.2 17.4 37.6 Impact of exchange rate movements — (0.7) (0.7) Balance as of June 30, 2023 $ (276.5) (222.5) $ (499.0) Net book value as of June 30, 2023 $ 496.1 325.0 $ 821.1 (1) Included in this amount for MSRs was $6.8 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, 2021 $ 669.7 557.4 $ 1,227.1 Additions, net of adjustments (1) 78.1 4.9 83.0 Adjustment for fully amortized intangibles (33.8) (2.5) (36.3) Impact of exchange rate movements — (7.7) (7.7) Balance as of June 30, 2022 $ 714.0 552.1 $ 1,266.1 Accumulated Amortization Balance as of December 31, 2021 $ (191.0) (149.1) $ (340.1) Amortization, net (2) (58.8) (33.7) (92.5) Adjustment for fully amortized intangibles 33.8 2.5 36.3 Impact of exchange rate movements — 2.1 2.1 Balance as of June 30, 2022 $ (216.0) (178.2) $ (394.2) Net book value as of June 30, 2022 $ 498.0 373.9 $ 871.9 (1) Included in this amount for MSRs was $16.7 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 | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Ventures | INVESTMENTS Summarized investment balances as of June 30, 2023 and December 31, 2022 are presented in the following table. (in millions) June 30, 2023 December 31, 2022 JLL Technologies investments $ 469.1 483.4 LaSalle co-investments 376.1 366.5 Other investments 27.5 23.9 Total $ 872.7 873.8 Our JLL Technologies investments are, generally, investments in early to mid-stage proptech companies as well as proptech funds, while our LaSalle co-investments are, primarily, direct investments in 49 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. We have maximum potential unfunded commitments to direct investments or investment vehicles of $324.1 million and $14.9 million as of June 30, 2023 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $324.1 million related to LaSalle, while we remain contractually obligated, we do not expect a call on the $60.3 million relating to a specific investment since the underlying fund moved into its liquidation phase 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. In prior periods, we determined we were the primary beneficiary of certain VIEs and, accordingly, we consolidated such entities. In December of 2022, as a result of a reconsideration event, we concluded we were no longer the primary beneficiary of these VIEs and, therefore, no longer consolidate these VIEs. Summarized financial information for our consolidated VIEs is presented in the following table. As a result of the reconsideration event described above, there were no consolidated VIE balances as of June 30, 2023 and December 31, 2022; net income was consolidated up to the reconsideration date. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Revenue $ — 5.1 $ — 8.6 Operating and other expenses — (6.0) — (11.7) Net gains on sale of investments (1) — 142.3 — 142.3 Net income $ — 141.4 $ — 139.2 (1) The gain was included in Other (expense) income on the Condensed Consolidated Statements of Comprehensive Income. We allocated the net income of the consolidated VIEs to the noncontrolling interest holders as Net income (loss) attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income. Impairment There were no significant other-than-temporary impairment charges on investments for the six months ended June 30, 2023 and 2022. 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) 2023 2022 Fair value investments as of January 1, $ 794.9 639.6 Investments (1) 123.8 121.8 Distributions (11.1) (21.4) Change in fair value, net (110.5) 65.3 Foreign currency translation adjustments, net 5.4 (19.2) Fair value investments as of June 30, $ 802.5 786.1 (1) In the second quarter of 2023, $63.8 million in Notes receivable matured and (inclusive of accrued interest) converted to equity. See Note 8, Fair Value Measurements, for additional discussion of our investments reported at fair value. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
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 March 31, 2023 688.4 316.4 1,004.8 $ 192.36 1.66 Granted 345.2 151.8 497.0 137.67 Vested (15.1) — (15.1) 131.67 Forfeited (15.1) (4.6) (19.7) 186.15 Unvested as of June 30, 2023 1,003.4 463.6 1,467.0 $ 174.54 1.85 Unvested as of March 31, 2022 786.8 466.1 1,252.9 $ 152.62 1.84 Granted 188.5 113.0 301.5 224.59 Vested (28.6) — (28.6) 129.96 Forfeited (7.7) (2.2) (9.9) 173.02 Unvested as of June 30, 2022 939.0 576.9 1,515.9 $ 167.23 1.98 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of December 31, 2022 841.3 567.0 1,408.3 $ 170.78 1.79 Granted 345.2 182.8 528.0 136.13 Vested (160.7) (257.2) (417.9) 116.49 Forfeited (22.4) (29.0) (51.4) 148.89 Unvested as of June 30, 2023 1,003.4 463.6 1,467.0 $ 174.54 1.85 Unvested as of December 31, 2021 912.4 646.0 1,558.4 $ 152.27 1.99 Granted 188.5 113.0 301.5 223.61 Vested (151.4) (175.1) (326.5) 147.57 Forfeited (10.5) (7.0) (17.5) 173.44 Unvested as of June 30, 2022 939.0 576.9 1,515.9 $ 167.23 1.98 As of June 30, 2023, we had $104.5 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate recognizing over varying periods into 2027. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC Topic 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 using dealer quotes that are Level 2 inputs in the fair value hierarchy. The fair value and carrying value of our debt are presented in the following table. (in millions) June 30, 2023 December 31, 2022 Long-term debt, fair value $ 363.3 360.9 Long-term debt, carrying value, net of debt issuance costs 380.7 372.8 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 June 30, 2023 and December 31, 2022, investments at fair value using NAV were $314.1 million and $284.6 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 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. June 30, 2023 December 31, 2022 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments - fair value $ 50.3 — 438.1 58.3 — 452.0 Foreign currency forward contracts receivable — 4.2 — — 3.7 — Warehouse receivables — 1,049.0 — — 463.2 — Deferred compensation plan assets — 559.5 — — 517.9 — Mortgage banking derivative assets — — 198.7 — — 190.2 Total assets at fair value $ 50.3 1,612.7 636.8 58.3 984.8 642.2 Liabilities Foreign currency forward contracts payable $ — 9.2 — — 4.8 — Deferred compensation plan liabilities — 517.1 — — 485.4 — Earn-out liabilities — — 64.3 — — 73.2 Mortgage banking derivative liabilities — — 139.6 — — 169.5 Total liabilities at fair value $ — 526.3 203.9 — 490.2 242.7 Investments We classify one investment as Level 1 in the fair value hierarchy as a quoted price is 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 to mid-stage non-public entities where we elected the fair value option. To the extent there are changes in fair value, we recognize such changes through Equity earnings/losses. Such changes are generally the result of pricing in subsequent funding rounds, changes in business strategy or performance updates from the investee, several of which occurred in the second quarter of 2023. For most of our investments, the carrying value was deemed to approximate fair value 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. 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. The following table details the gross notional value and net basis of these contracts. (in billions) June 30, 2023 December 31, 2022 Foreign currency forward contracts, gross notional value $ 1.76 1.81 Foreign currency forward contracts, net basis 1.08 1.02 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 outstanding balances of these contracts are presented in the following table. (in millions) June 30, 2023 December 31, 2022 Net asset, receivable positions $ 5.4 7.7 Net asset, payable positions (1.2) (4.0) Foreign currency forward contracts receivable $ 4.2 3.7 Net liability, receivable positions $ (1.7) (1.6) Net liability, payable positions 10.9 6.4 Foreign currency forward contracts payable $ 9.2 4.8 Warehouse Receivables As of June 30, 2023 and December 31, 2022, 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 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 Deferred compensation plan assets, long-term deferred compensation plan liabilities, included in Deferred compensation, and as a reduction of equity, Shares held in trust. The components of the plan are presented in the following table. (in millions) June 30, 2023 December 31, 2022 Deferred compensation plan assets $ 559.5 517.9 Long-term deferred compensation plan liabilities 517.1 485.4 Shares held in trust 11.6 9.8 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). (in millions) Balance as of March 31, 2023 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers In (2) Balance as of Investments $ 466.5 (103.9) 0.7 11.0 — 63.8 $ 438.1 Mortgage banking derivative assets and liabilities, net 12.8 43.9 — 37.4 (35.0) — 59.1 Earn-out liabilities 73.1 (0.6) — — (8.2) — 64.3 (in millions) Balance as of March 31, 2022 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of June 30, 2022 Investments $ 344.2 45.3 — 71.1 (0.2) $ 460.4 Mortgage banking derivative assets and liabilities, net 37.1 2.2 — 48.4 (66.1) 21.6 Earn-out liabilities 79.5 1.0 (0.3) — (5.3) 74.9 (in millions) Balance as of December 31, 2022 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers In (2) Balance as of Investments $ 452.0 (99.0) 1.2 20.1 — 63.8 $ 438.1 Mortgage banking derivative assets and liabilities, net 20.7 38.9 — 68.5 (69.0) — 59.1 Earn-out liabilities 73.2 (0.6) 0.2 — (8.5) — 64.3 (in millions) Balance as of December 31, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of June 30, 2022 Investments $ 303.5 62.5 — 94.6 (0.2) $ 460.4 Mortgage banking derivative assets and liabilities, net 21.9 22.6 — 86.0 (108.9) 21.6 Earn-out liabilities 84.1 0.3 (0.4) 2.0 (11.1) 74.9 (1) CTA: Currency translation adjustments (2) In the second quarter of 2023, Notes receivable (inclusive of accrued interest) converted to equity upon maturity and was classified as a Level 3 investment immediately. 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 six months ended June 30, 2023 or 2022. See Note 6, Investments, for additional information, including information related to impairment charges recorded at the investee level. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt is composed of the following obligations. ($ in millions) June 30, 2023 December 31, 2022 Short-term debt: Local overdraft facilities $ 13.0 21.2 Other short-term borrowings 99.1 143.0 Total short-term debt $ 112.1 164.2 Credit facility, net of debt issuance costs of $9.5 and $11.2 1,840.5 1,213.8 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 190.4 186.5 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.6 190.3 186.3 Total debt $ 2,333.3 1,750.8 Credit Facilities We have a $3.35 billion unsecured revolving credit facility (the "Facility") that matures on April 14, 2026. Pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35%, with pricing as of June 30, 2023 at Adjusted Term SOFR plus 0.99%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.4 million as of both June 30, 2023 and December 31, 2022. In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $400.0 million. Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility had no outstanding balance as of both June 30, 2023 and December 31, 2022. The following table provides additional information on our Facility and Uncommitted Facility, collectively. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2023 2022 2023 2022 Average outstanding borrowings $ 2,315.8 1,581.9 $ 2,019.5 1,135.0 Average effective interest rate 5.9 % 1.6 % 5.7 % 1.4 % 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 credit facilities, we have the capacity to borrow up to an additional $53.8 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of June 30, 2023, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2023. Warehouse Facilities June 30, 2023 December 31, 2022 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse facilities: BSBY (1) plus 1.30%, expires September 18, 2023 $ 397.2 700.0 215.7 700.0 SOFR plus 1.30%, expires September 15, 2023 387.4 1,200.0 132.3 1,200.0 SOFR plus 1.40%, expires July 28, 2023 (2) 78.7 400.0 9.0 400.0 Fannie Mae ASAP (3) program, SOFR plus 1.25% 78.7 n/a 99.2 n/a Gross warehouse facilities 942.0 2,300.0 456.2 2,300.0 Debt issuance costs (0.2) n/a (0.9) n/a Total warehouse facilities $ 941.8 2,300.0 455.3 2,300.0 (1) Bloomberg Short-Term Bank Yield Index rate ("BSBY") (2) In July 2023, we extended the term of the Warehouse facility to July 26, 2024. (3) 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 June 30, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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. As of June 30, 2023 and December 31, 2022, these receivables were $2.2 million and $22.5 million, respectively, and are included in Notes and other receivables on our Condensed Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2022 $ 2.2 New claims 0.3 Prior year claims adjustments (including foreign currency changes) 4.4 Claims paid — June 30, 2023 $ 6.9 December 31, 2021 $ 1.2 New claims — Prior year claims adjustments (including foreign currency changes) (0.1) Claims paid — June 30, 2022 $ 1.1 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 June 30, 2023 and December 31, 2022, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $19.9 billion and $18.3 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 June 30, 2023 and December 31, 2022, the loss-sharing guarantee obligations were $30.2 million and $29.0 million, respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets. There were no loan losses incurred during the six months ended June 30, 2023 and 2022. |
Restructuring and Acquisition C
Restructuring and Acquisition Charges | 6 Months Ended |
Jun. 30, 2023 | |
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 prior-period acquisitions and (ii) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity. Restructuring and acquisition charges are presented in the table below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Severance and other employment-related charges $ 5.8 8.3 $ 31.5 11.6 Restructuring, pre-acquisition and post-acquisition charges 5.1 13.9 13.3 28.1 Stock-based compensation expense for post-acquisition retention awards 1.5 2.7 3.3 5.4 Fair value adjustments to earn-out liabilities (0.6) 1.0 (0.6) 0.3 Restructuring and acquisition charges $ 11.8 25.9 $ 47.5 45.4 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 June 30, 2023 will be paid during the next twelve months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 6 Months Ended |
Jun. 30, 2023 | |
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 March 31, 2023 $ (64.2) (557.2) $ (621.4) Other comprehensive (loss) income before reclassification (1.1) 11.1 10.0 Amounts reclassified from AOCI after tax expense of — — — Other comprehensive (loss) income after tax expense of $ - , $ - and $ - (1.1) 11.1 10.0 Balance as of June 30, 2023 $ (65.3) (546.1) $ (611.4) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2022 $ (42.7) (376.8) $ (419.5) Other comprehensive loss before reclassification — (164.4) (164.4) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (164.4) (164.4) Balance as of June 30, 2022 $ (42.7) (541.2) $ (583.9) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2022 $ (64.2) (584.0) $ (648.2) Other comprehensive (loss) income before reclassification (1.1) 37.9 36.8 Amounts reclassified from AOCI after tax expense of — — — Other comprehensive (loss) income after tax expense of $ - , $ - and $ - (1.1) 37.9 36.8 Balance as of June 30, 2023 $ (65.3) (546.1) $ (611.4) (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 — (188.5) (188.5) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (188.5) (188.5) Balance as of June 30, 2022 $ (42.7) (541.2) $ (583.9) For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive income (loss) in Other income within the Condensed Consolidated Statements of Comprehensive Income. |
New Accounting Standards New _2
New Accounting Standards New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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) | 6 Months Ended |
Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Revenue excluded from scope of ASC Topic 606 $ 77.2 76.5 $ 143.4 146.5 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Such contract assets and liabilities are presented below. (in millions) June 30, 2023 December 31, 2022 Contract assets, gross $ 427.8 447.0 Contract asset allowance (2.2) (2.3) Contract assets, net $ 425.6 444.7 Contract liabilities $ 145.0 151.4 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Markets Advisory Leasing $ 591.4 708.4 $ 1,078.4 1,309.3 Property Management 409.9 378.2 810.1 748.7 Advisory, Consulting and Other 24.1 31.6 43.3 59.7 Revenue $ 1,025.4 1,118.2 $ 1,931.8 2,117.7 Depreciation and amortization (1) $ 16.5 16.3 $ 32.6 33.4 Equity (losses) earnings $ (0.1) 0.4 $ 0.2 0.9 Adjusted EBITDA $ 99.4 134.0 $ 171.0 245.2 Capital Markets Investment Sales, Debt/Equity Advisory and Other $ 319.5 549.7 $ 560.1 1,025.8 Valuation Advisory 89.5 94.4 168.6 179.0 Loan Servicing 39.0 40.4 76.4 80.3 Revenue $ 448.0 684.5 $ 805.1 1,285.1 Depreciation and amortization $ 16.2 15.4 $ 32.1 31.0 Equity earnings $ 4.8 0.6 $ 5.4 1.4 Adjusted EBITDA $ 36.0 126.7 $ 46.7 244.9 Work Dynamics Workplace Management $ 2,553.4 2,434.0 $ 5,050.6 4,754.4 Project Management 703.2 754.8 1,379.5 1,367.1 Portfolio Services and Other 118.0 121.7 220.7 222.6 Revenue $ 3,374.6 3,310.5 $ 6,650.8 6,344.1 Depreciation and amortization $ 19.9 17.0 $ 39.2 33.5 Equity earnings $ 0.8 0.9 $ 1.2 1.2 Adjusted EBITDA $ 56.2 57.6 $ 81.9 92.8 JLL Technologies Revenue $ 60.6 50.7 $ 122.0 100.1 Depreciation and amortization $ 4.1 3.9 $ 8.0 7.7 Equity (losses) earnings $ (103.9) 44.7 $ (99.0) 63.5 Adjusted EBITDA $ (105.2) 12.9 $ (118.5) 0.6 LaSalle Advisory fees $ 103.1 103.2 $ 203.6 200.2 Transaction fees and other 5.0 10.3 15.4 27.4 Incentive fees 35.8 1.0 39.3 5.2 Revenue $ 143.9 114.5 $ 258.3 232.8 Depreciation and amortization $ 2.3 1.8 $ 3.6 3.2 Equity (losses) earnings $ (5.1) 7.0 $ (13.9) 5.1 Adjusted EBITDA $ 29.7 27.8 $ 44.0 49.1 (1) 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 (loss) attributable to common shareholders. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Adjusted EBITDA - Markets Advisory $ 99.4 134.0 $ 171.0 245.2 Adjusted EBITDA - Capital Markets 36.0 126.7 46.7 244.9 Adjusted EBITDA - Work Dynamics 56.2 57.6 81.9 92.8 Adjusted EBITDA - JLL Technologies (105.2) 12.9 (118.5) 0.6 Adjusted EBITDA - LaSalle 29.7 27.8 44.0 49.1 Adjusted EBITDA - Consolidated $ 116.1 359.0 $ 225.1 632.6 Adjustments: Restructuring and acquisition charges $ (11.8) (25.9) $ (47.5) (45.4) Net loss on disposition (1.8) (7.5) (1.8) (7.5) Interest on employee loans, net of forgiveness 0.9 — 0.7 — Net non-cash MSR and mortgage banking derivative activity (0.6) 11.2 (2.4) 7.6 Interest expense, net of interest income (40.5) (15.7) (66.8) (25.9) Income tax (provision) benefit (0.8) (72.8) 1.5 (113.1) Depreciation and amortization (1) (59.0) (54.4) (115.5) (108.8) Net income (loss) attributable to common shareholders $ 2.5 193.9 $ (6.7) 339.5 (1) 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) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items] | |
Summary of Earn-out Payments [Table Text Block] | Earn-Out Payments ($ in millions) June 30, 2023 December 31, 2022 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 16 17 Maximum earn-out payments (undiscounted) $ 105.0 114.6 Short-term earn-out liabilities (fair value) (1) 12.4 5.0 Long-term earn-out liabilities (fair value) (1) 51.9 68.3 (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 December 31, 2022 $ 1,742.9 1,949.2 532.6 247.7 55.6 $ 4,528.0 Additions, net of adjustments — 18.7 — — — 18.7 Impact of exchange rate movements 12.5 14.1 3.8 — 0.6 31.0 Balance as of June 30, 2023 $ 1,755.4 1,982.0 536.4 247.7 56.2 $ 4,577.7 (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 — 0.8 4.6 0.4 — 5.8 Impact of exchange rate movements (40.2) (43.5) (11.8) (0.2) (1.8) (97.5) Balance as of June 30, 2022 $ 1,742.7 1,941.2 532.7 247.7 55.6 $ 4,519.9 |
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, 2022 $ 747.3 557.0 $ 1,304.3 Additions, net of adjustments (1) 45.5 5.8 51.3 Adjustment for fully amortized intangibles (20.2) (17.4) (37.6) Impact of exchange rate movements — 2.1 2.1 Balance as of June 30, 2023 $ 772.6 547.5 $ 1,320.1 Accumulated Amortization Balance as of December 31, 2022 $ (242.2) (203.6) $ (445.8) Amortization, net (2) (54.5) (35.6) (90.1) Adjustment for fully amortized intangibles 20.2 17.4 37.6 Impact of exchange rate movements — (0.7) (0.7) Balance as of June 30, 2023 $ (276.5) (222.5) $ (499.0) Net book value as of June 30, 2023 $ 496.1 325.0 $ 821.1 (1) Included in this amount for MSRs was $6.8 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, 2021 $ 669.7 557.4 $ 1,227.1 Additions, net of adjustments (1) 78.1 4.9 83.0 Adjustment for fully amortized intangibles (33.8) (2.5) (36.3) Impact of exchange rate movements — (7.7) (7.7) Balance as of June 30, 2022 $ 714.0 552.1 $ 1,266.1 Accumulated Amortization Balance as of December 31, 2021 $ (191.0) (149.1) $ (340.1) Amortization, net (2) (58.8) (33.7) (92.5) Adjustment for fully amortized intangibles 33.8 2.5 36.3 Impact of exchange rate movements — 2.1 2.1 Balance as of June 30, 2022 $ (216.0) (178.2) $ (394.2) Net book value as of June 30, 2022 $ 498.0 373.9 $ 871.9 (1) Included in this amount for MSRs was $16.7 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) | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Investment balances | Summarized investment balances as of June 30, 2023 and December 31, 2022 are presented in the following table. (in millions) June 30, 2023 December 31, 2022 JLL Technologies investments $ 469.1 483.4 LaSalle co-investments 376.1 366.5 Other investments 27.5 23.9 Total $ 872.7 873.8 |
Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block] | Summarized financial information for our consolidated VIEs is presented in the following table. As a result of the reconsideration event described above, there were no consolidated VIE balances as of June 30, 2023 and December 31, 2022; net income was consolidated up to the reconsideration date. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Revenue $ — 5.1 $ — 8.6 Operating and other expenses — (6.0) — (11.7) Net gains on sale of investments (1) — 142.3 — 142.3 Net income $ — 141.4 $ — 139.2 (1) The gain was included in Other (expense) income 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) 2023 2022 Fair value investments as of January 1, $ 794.9 639.6 Investments (1) 123.8 121.8 Distributions (11.1) (21.4) Change in fair value, net (110.5) 65.3 Foreign currency translation adjustments, net 5.4 (19.2) Fair value investments as of June 30, $ 802.5 786.1 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 March 31, 2023 688.4 316.4 1,004.8 $ 192.36 1.66 Granted 345.2 151.8 497.0 137.67 Vested (15.1) — (15.1) 131.67 Forfeited (15.1) (4.6) (19.7) 186.15 Unvested as of June 30, 2023 1,003.4 463.6 1,467.0 $ 174.54 1.85 Unvested as of March 31, 2022 786.8 466.1 1,252.9 $ 152.62 1.84 Granted 188.5 113.0 301.5 224.59 Vested (28.6) — (28.6) 129.96 Forfeited (7.7) (2.2) (9.9) 173.02 Unvested as of June 30, 2022 939.0 576.9 1,515.9 $ 167.23 1.98 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of December 31, 2022 841.3 567.0 1,408.3 $ 170.78 1.79 Granted 345.2 182.8 528.0 136.13 Vested (160.7) (257.2) (417.9) 116.49 Forfeited (22.4) (29.0) (51.4) 148.89 Unvested as of June 30, 2023 1,003.4 463.6 1,467.0 $ 174.54 1.85 Unvested as of December 31, 2021 912.4 646.0 1,558.4 $ 152.27 1.99 Granted 188.5 113.0 301.5 223.61 Vested (151.4) (175.1) (326.5) 147.57 Forfeited (10.5) (7.0) (17.5) 173.44 Unvested as of June 30, 2022 939.0 576.9 1,515.9 $ 167.23 1.98 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value and carrying value of our debt are presented in the following table. (in millions) June 30, 2023 December 31, 2022 Long-term debt, fair value $ 363.3 360.9 Long-term debt, carrying value, net of debt issuance costs 380.7 372.8 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | June 30, 2023 December 31, 2022 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments - fair value $ 50.3 — 438.1 58.3 — 452.0 Foreign currency forward contracts receivable — 4.2 — — 3.7 — Warehouse receivables — 1,049.0 — — 463.2 — Deferred compensation plan assets — 559.5 — — 517.9 — Mortgage banking derivative assets — — 198.7 — — 190.2 Total assets at fair value $ 50.3 1,612.7 636.8 58.3 984.8 642.2 Liabilities Foreign currency forward contracts payable $ — 9.2 — — 4.8 — Deferred compensation plan liabilities — 517.1 — — 485.4 — Earn-out liabilities — — 64.3 — — 73.2 Mortgage banking derivative liabilities — — 139.6 — — 169.5 Total liabilities at fair value $ — 526.3 203.9 — 490.2 242.7 |
Foreign currency forward contracts, gross notional value and net basis | The following table details the gross notional value and net basis of these contracts. (in billions) June 30, 2023 December 31, 2022 Foreign currency forward contracts, gross notional value $ 1.76 1.81 Foreign currency forward contracts, net basis 1.08 1.02 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The outstanding balances of these contracts are presented in the following table. (in millions) June 30, 2023 December 31, 2022 Net asset, receivable positions $ 5.4 7.7 Net asset, payable positions (1.2) (4.0) Foreign currency forward contracts receivable $ 4.2 3.7 Net liability, receivable positions $ (1.7) (1.6) Net liability, payable positions 10.9 6.4 Foreign currency forward contracts payable $ 9.2 4.8 |
Schedule of Deferred Compensation Plan Components [Table] | The components of the plan are presented in the following table. (in millions) June 30, 2023 December 31, 2022 Deferred compensation plan assets $ 559.5 517.9 Long-term deferred compensation plan liabilities 517.1 485.4 Shares held in trust 11.6 9.8 |
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). (in millions) Balance as of March 31, 2023 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers In (2) Balance as of Investments $ 466.5 (103.9) 0.7 11.0 — 63.8 $ 438.1 Mortgage banking derivative assets and liabilities, net 12.8 43.9 — 37.4 (35.0) — 59.1 Earn-out liabilities 73.1 (0.6) — — (8.2) — 64.3 (in millions) Balance as of March 31, 2022 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of June 30, 2022 Investments $ 344.2 45.3 — 71.1 (0.2) $ 460.4 Mortgage banking derivative assets and liabilities, net 37.1 2.2 — 48.4 (66.1) 21.6 Earn-out liabilities 79.5 1.0 (0.3) — (5.3) 74.9 (in millions) Balance as of December 31, 2022 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers In (2) Balance as of Investments $ 452.0 (99.0) 1.2 20.1 — 63.8 $ 438.1 Mortgage banking derivative assets and liabilities, net 20.7 38.9 — 68.5 (69.0) — 59.1 Earn-out liabilities 73.2 (0.6) 0.2 — (8.5) — 64.3 (in millions) Balance as of December 31, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of June 30, 2022 Investments $ 303.5 62.5 — 94.6 (0.2) $ 460.4 Mortgage banking derivative assets and liabilities, net 21.9 22.6 — 86.0 (108.9) 21.6 Earn-out liabilities 84.1 0.3 (0.4) 2.0 (11.1) 74.9 (1) CTA: Currency translation adjustments (2) In the second quarter of 2023, Notes receivable (inclusive of accrued interest) converted to equity upon maturity and was classified as a Level 3 investment immediately. |
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) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt is composed of the following obligations. ($ in millions) June 30, 2023 December 31, 2022 Short-term debt: Local overdraft facilities $ 13.0 21.2 Other short-term borrowings 99.1 143.0 Total short-term debt $ 112.1 164.2 Credit facility, net of debt issuance costs of $9.5 and $11.2 1,840.5 1,213.8 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.5 and $0.5 190.4 186.5 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.6 and $0.6 190.3 186.3 Total debt $ 2,333.3 1,750.8 |
Schedule of Credit Facility, Average Outstanding Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2023 2022 2023 2022 Average outstanding borrowings $ 2,315.8 1,581.9 $ 2,019.5 1,135.0 Average effective interest rate 5.9 % 1.6 % 5.7 % 1.4 % |
Debt Warehouse Facilities (Tabl
Debt Warehouse Facilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Warehouse Facilities [Abstract] | |
Schedule of Warehouse Facilities | Warehouse Facilities June 30, 2023 December 31, 2022 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse facilities: BSBY (1) plus 1.30%, expires September 18, 2023 $ 397.2 700.0 215.7 700.0 SOFR plus 1.30%, expires September 15, 2023 387.4 1,200.0 132.3 1,200.0 SOFR plus 1.40%, expires July 28, 2023 (2) 78.7 400.0 9.0 400.0 Fannie Mae ASAP (3) program, SOFR plus 1.25% 78.7 n/a 99.2 n/a Gross warehouse facilities 942.0 2,300.0 456.2 2,300.0 Debt issuance costs (0.2) n/a (0.9) n/a Total warehouse facilities $ 941.8 2,300.0 455.3 2,300.0 (1) Bloomberg Short-Term Bank Yield Index rate ("BSBY") (2) In July 2023, we extended the term of the Warehouse facility to July 26, 2024. (3) As Soon As Pooled ("ASAP") funding program. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022 $ 2.2 New claims 0.3 Prior year claims adjustments (including foreign currency changes) 4.4 Claims paid — June 30, 2023 $ 6.9 December 31, 2021 $ 1.2 New claims — Prior year claims adjustments (including foreign currency changes) (0.1) Claims paid — June 30, 2022 $ 1.1 |
Restructuring and Acquisition_2
Restructuring and Acquisition Charges Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Severance and other employment-related charges $ 5.8 8.3 $ 31.5 11.6 Restructuring, pre-acquisition and post-acquisition charges 5.1 13.9 13.3 28.1 Stock-based compensation expense for post-acquisition retention awards 1.5 2.7 3.3 5.4 Fair value adjustments to earn-out liabilities (0.6) 1.0 (0.6) 0.3 Restructuring and acquisition charges $ 11.8 25.9 $ 47.5 45.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 March 31, 2023 $ (64.2) (557.2) $ (621.4) Other comprehensive (loss) income before reclassification (1.1) 11.1 10.0 Amounts reclassified from AOCI after tax expense of — — — Other comprehensive (loss) income after tax expense of $ - , $ - and $ - (1.1) 11.1 10.0 Balance as of June 30, 2023 $ (65.3) (546.1) $ (611.4) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2022 $ (42.7) (376.8) $ (419.5) Other comprehensive loss before reclassification — (164.4) (164.4) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (164.4) (164.4) Balance as of June 30, 2022 $ (42.7) (541.2) $ (583.9) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2022 $ (64.2) (584.0) $ (648.2) Other comprehensive (loss) income before reclassification (1.1) 37.9 36.8 Amounts reclassified from AOCI after tax expense of — — — Other comprehensive (loss) income after tax expense of $ - , $ - and $ - (1.1) 37.9 36.8 Balance as of June 30, 2023 $ (65.3) (546.1) $ (611.4) (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 — (188.5) (188.5) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — (188.5) (188.5) Balance as of June 30, 2022 $ (42.7) (541.2) $ (583.9) |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
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 | $ 77.2 | $ 76.5 | $ 143.4 | $ 146.5 |
Revenue Recognition Contract As
Revenue Recognition Contract Assets & Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 425.6 | $ 444.7 |
Contract with Customer, Asset, Allowance for Credit Loss | (2.2) | (2.3) |
Contract with Customer, Asset, before Allowance for Credit Loss | 427.8 | 447 |
Contract with Customer, Liability | $ 145 | $ 151.4 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net income attributable to common shareholders | $ 2.5 | $ 193.9 | $ (6.7) | $ 339.5 |
Restructuring and acquisition charges | (11.8) | (25.9) | (47.5) | (45.4) |
Interest on employee loans, net | 0.9 | 0 | 0.7 | 0 |
Gain (Loss) on Disposition of Business | (1.8) | (7.5) | (1.8) | (7.5) |
Net non-cash MSR and mortgage banking derivative activity | (0.6) | 11.2 | (2.4) | 7.6 |
Interest Expense, Net of Interest Income | (40.5) | (15.7) | (66.8) | (25.9) |
Provision for income taxes | (0.8) | (72.8) | 1.5 | (113.1) |
Depreciation and amortization adjusted | (59) | (54.4) | (115.5) | (108.8) |
Depreciation and amortization | (59.9) | (55.4) | (117.4) | (109.8) |
Equity in earnings (losses) | (103.5) | 53.6 | (106.1) | 72.1 |
Adjusted EBITDA | 116.1 | 359 | 225.1 | 632.6 |
Segment revenue: | ||||
Revenue | 5,052.5 | 5,278.4 | 9,768 | 10,079.8 |
Markets Advisory | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization adjusted | (16.5) | (16.3) | (32.6) | (33.4) |
Equity in earnings (losses) | (0.1) | 0.4 | 0.2 | 0.9 |
Adjusted EBITDA | 99.4 | 134 | 171 | 245.2 |
Segment revenue: | ||||
Revenue | 1,025.4 | 1,118.2 | 1,931.8 | 2,117.7 |
Capital Markets | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (16.2) | (15.4) | (32.1) | (31) |
Equity in earnings (losses) | 4.8 | 0.6 | 5.4 | 1.4 |
Adjusted EBITDA | 36 | 126.7 | 46.7 | 244.9 |
Segment revenue: | ||||
Revenue | 448 | 684.5 | 805.1 | 1,285.1 |
Work Dynamics | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (19.9) | (17) | (39.2) | (33.5) |
Equity in earnings (losses) | 0.8 | 0.9 | 1.2 | 1.2 |
Adjusted EBITDA | 56.2 | 57.6 | 81.9 | 92.8 |
Segment revenue: | ||||
Revenue | 3,374.6 | 3,310.5 | 6,650.8 | 6,344.1 |
JLL Technologies | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (4.1) | (3.9) | (8) | (7.7) |
Equity in earnings (losses) | (103.9) | 44.7 | (99) | 63.5 |
Adjusted EBITDA | (105.2) | 12.9 | (118.5) | 0.6 |
Segment revenue: | ||||
Revenue | 60.6 | 50.7 | 122 | 100.1 |
LaSalle Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (2.3) | (1.8) | (3.6) | (3.2) |
Equity in earnings (losses) | (5.1) | 7 | (13.9) | 5.1 |
Adjusted EBITDA | 29.7 | 27.8 | 44 | 49.1 |
Segment revenue: | ||||
Revenue | 143.9 | 114.5 | 258.3 | 232.8 |
Leasing | Markets Advisory | ||||
Segment revenue: | ||||
Revenue | 591.4 | 708.4 | 1,078.4 | 1,309.3 |
Property Management | Markets Advisory | ||||
Segment revenue: | ||||
Revenue | 409.9 | 378.2 | 810.1 | 748.7 |
Advisory and Consulting | Markets Advisory | ||||
Segment revenue: | ||||
Revenue | 24.1 | 31.6 | 43.3 | 59.7 |
Investment Sales, Debt/Equity Advisory and Other | Capital Markets | ||||
Segment revenue: | ||||
Revenue | 319.5 | 549.7 | 560.1 | 1,025.8 |
Valuation Advisory | Capital Markets | ||||
Segment revenue: | ||||
Revenue | 89.5 | 94.4 | 168.6 | 179 |
Loan Servicing | Capital Markets | ||||
Segment revenue: | ||||
Revenue | 39 | 40.4 | 76.4 | 80.3 |
Workplace Management | Work Dynamics | ||||
Segment revenue: | ||||
Revenue | 2,553.4 | 2,434 | 5,050.6 | 4,754.4 |
Project Management | Work Dynamics | ||||
Segment revenue: | ||||
Revenue | 703.2 | 754.8 | 1,379.5 | 1,367.1 |
Portfolio Services and Other | Work Dynamics | ||||
Segment revenue: | ||||
Revenue | 118 | 121.7 | 220.7 | 222.6 |
Advisory Fees | LaSalle Investment Management | ||||
Segment revenue: | ||||
Revenue | 103.1 | 103.2 | 203.6 | 200.2 |
Transaction Fees & Other | LaSalle Investment Management | ||||
Segment revenue: | ||||
Revenue | 5 | 10.3 | 15.4 | 27.4 |
Incentive Fees | LaSalle Investment Management | ||||
Segment revenue: | ||||
Revenue | $ 35.8 | $ 1 | $ 39.3 | $ 5.2 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,577.7 | $ 4,519.9 | $ 4,528 | $ 4,611.6 |
Payment for Contingent Consideration Liability, Total | 22 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 13.6 | $ 2 | ||
Goodwill, Acquired During Period | 18.7 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2.1 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2.8 | |||
Other Payments to Acquire Businesses | $ 10 |
Business Combinations, Goodwi_3
Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details) $ in Millions | Jun. 30, 2023 USD ($) acquisition | Dec. 31, 2022 USD ($) acquisition |
Summary of Earn-out Payments [Line Items] | ||
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition | 16 | 17 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, High, Value | $ 105 | $ 114.6 |
Business Combination, Contingent Consideration, Liability, Current | 20.5 | 23.1 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 58.6 | 76.3 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Earn-out Payments [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Current | 12.4 | 5 |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 51.9 | $ 68.3 |
Business Combinations, Goodwi_4
Business Combinations, Goodwill by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill [Roll Forward] | |||
Goodwill Additions, net of adjustments | $ 18.7 | $ 5.8 | |
Goodwill, Translation Adjustments | 31 | (97.5) | |
Goodwill | $ 4,519.9 | 4,577.7 | 4,519.9 |
Goodwill | 4,528 | 4,611.6 | |
Markets Advisory | |||
Goodwill [Roll Forward] | |||
Goodwill Additions, net of adjustments | 0 | 0 | |
Goodwill, Translation Adjustments | (40.2) | 12.5 | |
Goodwill | 1,742.7 | 1,755.4 | 1,742.7 |
Goodwill | 1,742.9 | 1,782.9 | |
Capital Markets | |||
Goodwill [Roll Forward] | |||
Goodwill Additions, net of adjustments | 18.7 | 0.8 | |
Goodwill, Translation Adjustments | 14.1 | (43.5) | |
Goodwill | 1,941.2 | 1,982 | 1,941.2 |
Goodwill | 1,949.2 | 1,983.9 | |
Work Dynamics | |||
Goodwill [Roll Forward] | |||
Goodwill Additions, net of adjustments | 0 | 4.6 | |
Goodwill, Translation Adjustments | 3.8 | (11.8) | |
Goodwill | 532.7 | 536.4 | 532.7 |
Goodwill | 532.6 | 539.9 | |
JLL Technologies | |||
Goodwill [Roll Forward] | |||
Goodwill Additions, net of adjustments | 0 | 0.4 | |
Goodwill, Translation Adjustments | 0 | (0.2) | |
Goodwill | 247.7 | 247.7 | 247.7 |
Goodwill | 247.7 | 247.5 | |
LaSalle Investment Management | |||
Goodwill [Roll Forward] | |||
Goodwill Additions, net of adjustments | 0 | 0 | |
Goodwill, Translation Adjustments | 0.6 | (1.8) | |
Goodwill | $ 55.6 | 56.2 | 55.6 |
Goodwill | $ 55.6 | $ 57.4 |
Business Combinations Other Int
Business Combinations Other Intangibles by Segment (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite-Lived Intangible Assets, Net | $ 772.1 | |||
Identifiable intangibles with indefinite useful lives | 49 | |||
Finite and Indefinite lived Intangible Assets, Additions | 51.3 | $ 83 | ||
Adjustment for fully amortized intangibles | 37.6 | 36.3 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 2.1 | (7.7) | ||
Intangible Assets, Gross (Excluding Goodwill) | 1,320.1 | 1,266.1 | $ 1,304.3 | $ 1,227.1 |
Identified intangibles, with finite useful lives, accumulated amortization | (499) | (394.2) | (445.8) | (340.1) |
Amortization expense | (90.1) | (92.5) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (37.6) | (36.3) | ||
Impact of exchange rate movements | (0.7) | 2.1 | ||
Net book value as of end of period | 821.1 | 871.9 | 858.5 | |
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 6.8 | 16.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||||
Total | 772.1 | |||
Mortgage servicing rights [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 45.5 | 78.1 | ||
Adjustment for fully amortized intangibles | 20.2 | 33.8 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 0 | 0 | ||
Intangible Assets, Gross (Excluding Goodwill) | 772.6 | 714 | 747.3 | 669.7 |
Identified intangibles, with finite useful lives, accumulated amortization | (276.5) | (216) | (242.2) | (191) |
Amortization expense | (54.5) | (58.8) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (20.2) | (33.8) | ||
Impact of exchange rate movements | 0 | 0 | ||
Net book value as of end of period | 496.1 | 498 | ||
Other Intangible Assets [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 5.8 | 4.9 | ||
Adjustment for fully amortized intangibles | 17.4 | 2.5 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 2.1 | (7.7) | ||
Intangible Assets, Gross (Excluding Goodwill) | 547.5 | 552.1 | 557 | 557.4 |
Identified intangibles, with finite useful lives, accumulated amortization | (222.5) | (178.2) | $ (203.6) | $ (149.1) |
Amortization expense | (35.6) | (33.7) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (17.4) | (2.5) | ||
Impact of exchange rate movements | (0.7) | 2.1 | ||
Net book value as of end of period | $ 325 | $ 373.9 |
Investments (Details)
Investments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) investment | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) investment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of separate property or fund co-investments | investment | 49 | 49 | |||
Investments | $ 872.7 | $ 872.7 | $ 873.8 | ||
Revenue | 5,052.5 | $ 5,278.4 | 9,768 | $ 10,079.8 | |
Net income | 3.2 | 335.5 | (5.5) | 479.4 | |
Fair Value [Abstract] | |||||
Fair value investments at beginning of the period | 794.9 | 639.6 | |||
Investments in Real Estate Ventures, at Fair Value, Additions | 123.8 | 121.8 | |||
Investments in Real Estate Ventures, at Fair Value, Distributions | (11.1) | (21.4) | |||
Unrealized Gain (Loss) on Investments | (110.5) | 65.3 | |||
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation | 5.4 | (19.2) | |||
Fair value investments at end of the period | 802.5 | 786.1 | 802.5 | 786.1 | |
JLL Technologies | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 14.9 | 14.9 | |||
Investments | 469.1 | 469.1 | 483.4 | ||
LaSalle Investment Company II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 60.3 | 60.3 | |||
LaSalle Investment Management | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 324.1 | 324.1 | |||
Investments | 376.1 | 376.1 | 366.5 | ||
Other Investments and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments | 27.5 | 27.5 | $ 23.9 | ||
Consolidated Variable Interest Entities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | 0 | 5.1 | 0 | 8.6 | |
Other Expenses, consolidated VIE | 0 | (6) | 0 | (11.7) | |
Gains (Losses) on Sales of Investment Real Estate, consolidated VIE | 0 | 142.3 | 0 | 142.3 | |
Net income | $ 0 | $ 141.4 | $ 0 | $ 139.2 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 688,400 | 841,300 | 786,800 | 912,400 | 841,300 | 912,400 | 912,400 | |
Granted (in shares) | 345,200 | 188,500 | 345,200 | 188,500 | ||||
Vested (in shares) | (15,100) | (28,600) | (160,700) | (151,400) | ||||
Forfeited (in shares) | (15,100) | (7,700) | (22,400) | (10,500) | ||||
Unvested at end of period (in shares) | 1,003,400 | 688,400 | 939,000 | 786,800 | 1,003,400 | 939,000 | 841,300 | 912,400 |
Performance Shares [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 316,400 | 567,000 | 466,100 | 646,000 | 567,000 | 646,000 | 646,000 | |
Granted (in shares) | 151,800 | 113,000 | 182,800 | 113,000 | ||||
Vested (in shares) | 0 | 0 | (257,200) | (175,100) | ||||
Forfeited (in shares) | (4,600) | (2,200) | (29,000) | (7,000) | ||||
Unvested at end of period (in shares) | 463,600 | 316,400 | 576,900 | 466,100 | 463,600 | 576,900 | 567,000 | 646,000 |
Share-based Payment Arrangement [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 1,004,800 | 1,408,300 | 1,252,900 | 1,558,400 | 1,408,300 | 1,558,400 | 1,558,400 | |
Granted (in shares) | 497,000 | 301,500 | 528,000 | 301,500 | ||||
Vested (in shares) | (15,100) | (28,600) | (417,900) | (326,500) | ||||
Forfeited (in shares) | (19,700) | (9,900) | (51,400) | (17,500) | ||||
Unvested at end of period (in shares) | 1,467,000 | 1,004,800 | 1,515,900 | 1,252,900 | 1,467,000 | 1,515,900 | 1,408,300 | 1,558,400 |
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Weighted average grant date fair value, beginning of period (in dollars per share) | $ 192.36 | $ 170.78 | $ 152.62 | $ 152.27 | $ 170.78 | $ 152.27 | $ 152.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 137.67 | 224.59 | 136.13 | 223.61 | ||||
Weighted average grant date fair value, vested (in dollars per share) | 131.67 | 129.96 | 116.49 | 147.57 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 186.15 | 173.02 | 148.89 | 173.44 | ||||
Weighted average grant date fair value, end of period (in dollars per share) | $ 174.54 | $ 192.36 | $ 167.23 | $ 152.62 | $ 174.54 | $ 167.23 | $ 170.78 | $ 152.27 |
Weighted average remaining contractual life, unvested shares outstanding | 1 year 10 months 6 days | 1 year 7 months 28 days | 1 year 11 months 23 days | 1 year 10 months 2 days | 1 year 10 months 6 days | 1 year 11 months 23 days | 1 year 9 months 14 days | 1 year 11 months 26 days |
Unamortized deferred compensation cost | $ 104.5 | $ 104.5 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of long-term debt | $ 363.3 | $ 360.9 | ||
Long-term debt, net of debt issuance costs | 380.7 | 372.8 | ||
Derivative, Notional Amount | 1,760 | 1,810 | ||
Foreign currency forward contracts, net notional value | 1,080 | 1,020 | ||
Investments, Fair Value Disclosure | 802.5 | 794.9 | $ 786.1 | $ 639.6 |
Deferred compensation plan, contra-equity, shares held in trust | 11.6 | 9.8 | ||
Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 5.4 | 7.7 | ||
Derivative Asset, Fair Value, Gross Liability | (1.2) | (4) | ||
Derivative Liability, Fair Value, Gross Asset | (1.7) | (1.6) | ||
Derivative Liability, Fair Value, Gross Liability | 10.9 | 6.4 | ||
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 | 314.1 | 284.6 | ||
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 | 4.2 | 3.7 | ||
Foreign currency forward contract, current liability amount | 9.2 | 4.8 | ||
Deferred compensation plan assets | 559.5 | 517.9 | ||
Deferred compensation plan liabilities | $ 517.1 | $ 485.4 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Investments, Fair Value Disclosure | $ 802.5 | $ 802.5 | $ 794.9 | $ 786.1 | $ 639.6 | ||
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 | 50.3 | 50.3 | 58.3 | ||||
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 | 0 | 0 | 0 | ||||
Total assets at fair value | 50.3 | 50.3 | 58.3 | ||||
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 | 4.2 | 4.2 | 3.7 | ||||
Loans Receivable, Fair Value Disclosure | 1,049 | 1,049 | 463.2 | ||||
Deferred compensation plan assets | 559.5 | 559.5 | 517.9 | ||||
Mortgage banking derivative asset | 0 | 0 | 0 | ||||
Total assets at fair value | 1,612.7 | 1,612.7 | 984.8 | ||||
Foreign currency forward contracts payable | 9.2 | 9.2 | 4.8 | ||||
Deferred compensation plan liabilities | 517.1 | 517.1 | 485.4 | ||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | ||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | ||||
Total liabilities at fair value | 526.3 | 526.3 | 490.2 | ||||
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 | 59.1 | 59.1 | $ 12.8 | 20.7 | 21.6 | $ 37.1 | 21.9 |
Investments, Fair Value Disclosure | 438.1 | 438.1 | 466.5 | 452 | 460.4 | 344.2 | 303.5 |
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 | 198.7 | 198.7 | 190.2 | ||||
Total assets at fair value | 636.8 | 636.8 | 642.2 | ||||
Foreign currency forward contracts payable | 0 | 0 | 0 | ||||
Deferred compensation plan liabilities | 0 | 0 | 0 | ||||
Business Combination, Contingent Consideration, Liability | 64.3 | 64.3 | $ 73.1 | 73.2 | $ 74.9 | $ 79.5 | $ 84.1 |
Mortgage banking derivative liabilities | 139.6 | 139.6 | 169.5 | ||||
Total liabilities at fair value | 203.9 | 203.9 | $ 242.7 | ||||
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 Transfers Into Level 3 | 63.8 | 63.8 | |||||
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 Transfers Into Level 3 | 0 | 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 Transfers Into Level 3 | $ 0 | $ 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 | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 802.5 | $ 786.1 | $ 802.5 | $ 786.1 | $ 794.9 | $ 639.6 | ||
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 | 438.1 | 460.4 | 438.1 | 460.4 | $ 466.5 | $ 452 | $ 344.2 | $ 303.5 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Business Combination, Contingent Consideration, Liability, Beginning Balance | 73.1 | 79.5 | 73.2 | 84.1 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance | 12.8 | 37.1 | 20.7 | 21.9 | ||||
Business Combination, Contingent Consideration, Liability, Ending Balance | 64.3 | 74.9 | 64.3 | 74.9 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance | 59.1 | 21.6 | 59.1 | 21.6 | ||||
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 | (0.6) | 1 | (0.6) | 0.3 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (0.3) | 0.2 | (0.4) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (8.2) | (5.3) | (8.5) | (11.1) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 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 | 43.9 | 2.2 | 38.9 | 22.6 | ||||
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 | 37.4 | 48.4 | 68.5 | 86 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (35) | (66.1) | (69) | (108.9) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 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 | (103.9) | 45.3 | (99) | 62.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.7 | 0 | 1.2 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 11 | 71.1 | 20.1 | 94.6 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | $ (0.2) | 0 | $ (0.2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 63.8 | $ 63.8 |
Debt Short-Term Borrowings an_2
Debt Short-Term Borrowings and Long-Term Debt (Details) € in Millions, $ in Millions | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||
Bank Overdrafts | $ 13 | $ 21.2 | |
Other Short-term Borrowings | 99.1 | 143 | |
Short-term Debt | 112.1 | 164.2 | |
Total Short-term Debt | 112.1 | 164.2 | |
Long-term debt, net of debt issuance costs | 380.7 | 372.8 | |
Debt, Long-term and Short-term, Combined Amount | 2,333.3 | 1,750.8 | |
Letters of Credit Outstanding, Amount | 0.4 | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | 9.5 | 11.2 | |
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | $ 190.4 | 186.5 | |
Debt Instrument, Face Amount | € | € 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.96% | 1.96% | |
Unamortized Debt Issuance Expense | $ 0.5 | 0.5 | |
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | $ 190.3 | 186.3 | |
Debt Instrument, Face Amount | € | € 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | |
Unamortized Debt Issuance Expense | $ 0.6 | $ 0.6 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | $ 1,840.5 | $ 1,840.5 | $ 1,213.8 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 53.8 | 53.8 | |||
Letters of Credit Outstanding, Amount | 0.4 | 0.4 | |||
Uncommitted Facility, Maximum Borrowing Capacity | 400 | 400 | |||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | 9.5 | 9.5 | 11.2 | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 1,840.5 | 1,840.5 | $ 1,213.8 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,350 | 3,350 | |||
Line of Credit Facility, Average Outstanding Amount | $ 2,315.8 | $ 1,581.9 | $ 2,019.5 | $ 1,135 | |
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) | 0.99% | ||||
Line of Credit Facility, Interest Rate During Period | 5.90% | 1.60% | 5.70% | 1.40% |
Debt Warehouse Facilities (Deta
Debt Warehouse Facilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 53.8 | |
Warehouse facilities | 941.8 | $ 455.3 |
Agreement expires September 18, 2023, Extension [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | 397.2 | 215.7 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 700 | 700 |
Pricing on the Facility based on market rates | BSBY(1) plus 1.30% | |
Agreement expires September 15, 2023, Extension [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 387.4 | 132.3 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200 | 1,200 |
Pricing on the Facility based on market rates | SOFR plus 1.30% | |
Agreement expires July 28, 2023, Extension | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 78.7 | 9 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 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 | $ 78.7 | 99.2 |
Debt Instrument, Interest Rate Terms | SOFR plus 1.25% | |
Line of Credit, Gross [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 942 | 456.2 |
Line of Credit Facility, Maximum Borrowing Capacity | 2,300 | 2,300 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Unamortized Debt Issuance Expense | $ 0.2 | $ 0.9 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency, Receivable | $ 2.2 | $ 22.5 | |
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount | 19,900 | 18,300 | |
Loan loss accrual | 30.2 | 29 | |
Loan loss guarantee reserve | 24.8 | ||
Level of risk retained (per claim) | 10 | ||
Loss Contingency Accrual [Roll Forward] | |||
Loss Contingency, Receivable | 2.2 | $ 22.5 | |
Insurance Claims [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Loss Contingency Accrual | 2.2 | $ 1.2 | |
Loss Contingency Accrual, Provision | 0.3 | 0 | |
Loss Contingency Accrual, Provision Adjustment | 4.4 | (0.1) | |
Loss Contingency Accrual, Payments | 0 | 0 | |
Loss Contingency Accrual | $ 6.9 | $ 1.1 |
Restructuring and Acquisition_3
Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring reserve [Roll Forward] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 1.5 | $ 2.7 | $ 3.3 | $ 5.4 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (0.6) | 1 | (0.6) | 0.3 |
Restructuring and acquisition charges | 11.8 | 25.9 | 47.5 | 45.4 |
Severance [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring charges | 5.8 | 8.3 | 31.5 | 11.6 |
Contract Termination and Other Charges | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring charges | $ 5.1 | $ 13.9 | $ 13.3 | $ 28.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,184.8 | $ 6,155.2 | $ 6,146.7 | $ 6,415.2 | $ 6,184.8 | $ 6,146.7 | $ 6,142.5 | $ 6,413.4 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (1.1) | 0 | (1.1) | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 11.1 | 26.8 | (164.4) | (24.1) | 37.9 | (188.5) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (65.3) | (64.2) | (42.7) | (42.7) | (65.3) | (42.7) | (64.2) | (42.7) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1.1) | 0 | (1.1) | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 1.1 | 0 | 1.1 | 0 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (546.1) | (557.2) | (541.2) | (376.8) | (546.1) | (541.2) | (584) | (352.7) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 11.1 | (164.4) | 37.9 | (188.5) | ||||
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 | 11.1 | (164.4) | 37.9 | (188.5) | ||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (611.4) | (621.4) | (583.9) | (419.5) | (611.4) | (583.9) | $ (648.2) | $ (395.4) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 10 | (164.4) | 36.8 | (188.5) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (1.1) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 11.1 | $ 26.8 | (164.4) | $ (24.1) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 10 | $ (164.4) | $ 36.8 | $ (188.5) |