Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Assets | ||
| Trade receivables, allowances | $ 70.7 | $ 66.7 |
| Contract with Customer, Asset, Allowance for Credit Loss, Current | 1.6 | 1.9 |
| Property and equipment, accumulated depreciation | 1,039.1 | 960.5 |
| Finite-Lived Intangible Assets, Accumulated Amortization | 563.0 | 445.8 |
| Investments, Fair Value Disclosure | $ 740.8 | $ 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 (in shares) | 52,120,548 | 52,085,968 |
| Common stock, shares outstanding (in shares) | 47,509,750 | 47,507,758 |
| Treasury Stock, Shares | 4,610,798 | 4,578,210 |
| Line of Credit [Member] | ||
| Liabilities and Equity | ||
| Unamortized Debt Issuance Expense | $ 14.4 | $ 11.2 |
| Long-Term Senior Notes [Member] | ||
| Liabilities and Equity | ||
| Unamortized Debt Issuance Expense | $ 8.1 | $ 1.2 |
Consolidated Statement of Change in Equity (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ (0.2) | $ (0.3) | $ (0.1) |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Cash flows used for operating activities: | |||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 226.2 | $ 793.4 | $ 959.3 |
| Reconciliation of net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 238.4 | 228.1 | 217.5 |
| Equity in earnings from real estate ventures | 194.1 | (51.0) | (209.4) |
| (Gain) loss on sale of assets | 0.5 | (133.9) | (10.9) |
| Distributions of earnings from real estate ventures | 12.4 | 21.2 | 28.6 |
| Provision for loss on receivables and other assets | 20.3 | 27.0 | 12.1 |
| Amortization of deferred compensation | 78.3 | 85.8 | 96.4 |
| Net non-cash mortgage servicing rights and mortgage banking derivative activity | 18.2 | (11.0) | (59.3) |
| Accretion of interest and amortization of debt issuance costs | 4.3 | 4.8 | 4.4 |
| Other | 17.5 | 5.9 | (14.0) |
| Change in: | |||
| Receivables | 11.1 | (291.3) | (436.2) |
| Increase (Decrease) in Reimbursable Receivables and Reimbursable Payables | (93.3) | (52.2) | (82.4) |
| Prepaid expenses and other assets | (24.0) | 39.9 | (149.6) |
| Increase (Decrease) in Income taxes receivable, payable and deferred | (138.8) | (105.1) | 35.0 |
| Accounts payable and accrued liabilities | 78.5 | (78.4) | (12.8) |
| Increase (Decrease) in Accrued Compensation | (67.9) | (283.3) | 593.7 |
| Net cash provided by operating activities | 575.8 | 199.9 | 972.4 |
| Cash flows used for investing activities: | |||
| Net capital additions - property and equipment | (186.9) | (205.8) | (175.9) |
| Net investment activity (less than wholly-owned) | 0.0 | 134.8 | (70.9) |
| Business Acquisitions, net of cash acquired | (13.6) | (5.7) | (416.8) |
| Capital contributions to real estate ventures | (109.4) | (167.3) | (181.1) |
| Distributions of capital from real estate ventures | 23.7 | 24.4 | 74.0 |
| Payments for (Proceeds from) Other Investing Activities | (4.2) | (23.5) | (35.1) |
| Net cash used in investing activities | (290.4) | (243.1) | (805.8) |
| Cash flows provided by (used in) financing activities: | |||
| Proceeds from Long-term Lines of Credit | 7,684.0 | 7,560.0 | 5,094.0 |
| Repayments of Long-Term Lines of Credit | (8,284.0) | (6,485.0) | (4,944.0) |
| Proceeds from Issuance of Senior Long-term Debt | 400.0 | 0.0 | 0.0 |
| Early Repayment of Senior Debt | 0.0 | (275.0) | 0.0 |
| Proceeds from (Repayments of) Short-term Debt | (24.8) | 20.1 | 91.8 |
| Payment for Contingent Consideration Liability, Financing Activities | (26.6) | (12.6) | (63.7) |
| Shares repurchased for payment of employee taxes on stock awards | (30.6) | (87.2) | (52.5) |
| Payments for Repurchase of Common Stock | (61.6) | (601.2) | (343.3) |
| Deconsolidation of variable interest entity | 0.0 | (20.4) | 0.0 |
| Noncontrolling interest (distributions) contributions, net | (6.5) | (142.7) | 19.0 |
| Other, net | (24.2) | 30.9 | 54.9 |
| Net cash provided by (used in) financing activities | (374.3) | (13.1) | (143.8) |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 6.3 | (39.3) | (21.0) |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (82.6) | (95.6) | 1.8 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 746.0 | 841.6 | 839.8 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 663.4 | 746.0 | 841.6 |
| Supplemental disclosure of cash flow information: | |||
| Restricted cash, beginning of the year | 226.7 | 247.9 | 265.5 |
| Restricted Cash, end of year | 253.4 | 226.7 | 247.9 |
| Cash paid during the period for: | |||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | 144.8 | 74.3 | 38.8 |
| Income taxes, net of refunds | 158.5 | 321.3 | 262.5 |
| Operating Lease, Payments | 194.6 | 181.6 | 196.7 |
| Non-cash activities | |||
| Business Acquisitions, Contingent Consideration | 0.0 | 5.3 | 68.6 |
| Deferred business acquisition obligations | 0.0 | 3.1 | 10.0 |
| Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 0.0 | $ 15.8 | $ 23.9 |
Organization |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | ORGANIZATION Jones Lang LaSalle Incorporated ("Jones Lang LaSalle," which we may refer to as "JLL," "we," "us," "our," or the "Company") was incorporated in 1997. We have corporate offices worldwide and over 106,000 employees, including approximately 48,300 employees whose costs are reimbursed by our clients. We provide comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. We are an industry leader in property and facility management services, with a managed portfolio of approximately 4.8 billion square feet worldwide as of December 31, 2023. LaSalle Investment Management ("LaSalle") is one of the world's largest and most diversified real estate investment management firms, with $73.9 billion of assets under management (unaudited) as of December 31, 2023. We work for a broad range of clients representing a wide variety of industries in markets throughout the world. Our clients vary greatly in size and include for-profit and not-for-profit entities of all kinds, public-private partnerships and governmental (public sector) entities. We provide real estate investment management services on a global basis for both public and private assets through LaSalle. Our integrated global business model, industry-leading research capabilities, client relationship management focus, consistent worldwide service delivery and strong brand are attributes that enhance our services.
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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Notes) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Our Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of JLL and its majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. Investments over which we exercise significant influence, but do not control, are accounted for either at fair value or under the equity method. When applying principles of consolidation, we begin by determining whether an investee entity is a variable interest entity ("VIE") or a voting interest entity. U.S. GAAP draws a distinction between voting interest entities, which are embodied by common and traditional corporate and certain partnership structures, and VIEs, broadly defined as entities for which control is achieved through means other than voting rights. For voting interest entities, the interest holder with control through majority ownership and majority voting rights consolidates the entity. For VIEs, determination of the "primary beneficiary" dictates the accounting treatment. We identify the primary beneficiary of a VIE as the enterprise having both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the VIE. We perform the primary beneficiary analysis as of the inception of our investment and upon the occurrence of a reconsideration event. When we determine we are the primary beneficiary of a VIE, we consolidate the VIE; when we determine we are not the primary beneficiary of the VIE, we account for our investment in the VIE at fair value or under the equity method, based upon an election made at the time of investment. Our determination of the appropriate accounting method to apply for unconsolidated investments is based on the level of influence we have in the underlying entity. When we have an asset advisory contract with a real estate limited partnership in which we also hold an ownership interest, the combination of our limited partner interest and the advisory agreement generally provides us with significant influence over such real estate limited partnership. Accordingly, we account for such investments either at fair value or under the equity method. We eliminate transactions with such subsidiaries to the extent of our ownership in such subsidiaries. For less-than-wholly-owned consolidated subsidiaries, noncontrolling interest is the portion of equity not attributable, directly or indirectly, to JLL. We evaluate whether noncontrolling interests possess any redemption features outside of our control. If such features exist, the noncontrolling interests are presented outside of permanent equity on the Consolidated Balance Sheets within Redeemable noncontrolling interest. Redeemable noncontrolling interests are adjusted to the greater of their fair value or carrying value as of each balance sheet date through a charge to Additional paid-in capital, if necessary. When noncontrolling interests have no redemption features outside of our control, noncontrolling interests are presented as a component of permanent equity on the Consolidated Balance Sheets. We report revenues, expenses and net income (loss) from less-than-wholly-owned consolidated subsidiaries at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests; the income or loss attributable to the noncontrolling interest holders is reflected in Net income (loss) attributable to noncontrolling interest on the Consolidated Statements of Comprehensive Income. Changes in amounts attributable to non-redeemable noncontrolling interests are reflected in the Consolidated Statements of Changes in Equity. Changes in amounts attributable to redeemable noncontrolling interests are presented in the following table.
(1) Reflects redemption of the redeemable noncontrolling interest related to our 2019 acquisition of Latitude Real Estate Investors and includes $4.0 million and $2.8 million, representing the approximate fair value and the difference between the fair value and carrying value, respectively. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions about future events that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during each reporting period. Such estimates include the value and allocation of purchase consideration, valuation of accounts receivable, Reimbursable receivables, Warehouse receivables, Investments, Goodwill, intangible assets, derivative financial instruments, other long-lived assets, earn-out liabilities, legal contingencies, assumptions used in the calculation of income taxes, incentive compensation, self-insurance program liabilities, and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management's best estimate and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency exchange rate fluctuations can increase the uncertainty in such estimates and assumptions. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material. Basis of Presentation Effective for our consolidated financial statements as of and for the year ended December 31, 2023, we made certain presentation changes and recast prior-period information to conform with the current presentation. First, on our Consolidated Statements of Cash Flows, we changed the presentation of certain components and captions within Cash flows from operating activities to reflect the way we internally manage and monitor our working capital. This change in presentation had no impact on our previously reported Net cash provided by operating activities, and had no impact on our other consolidated financial statements. Second, on our Consolidated Statements of Changes in Equity, we combined amounts separately disclosed in prior years on our Consolidated Statements of Changes in Equity under the captions Shares issues under stock-based compensation programs and Shares repurchased for payment of taxes on stock-based compensation to a single line (Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes) to simplify the presentation. This change in presentation had no impact on our other consolidated financial statements. Revenue Recognition We earn revenue from the following services (segments are bolded). •Markets Advisory ◦Leasing ◦Property Management ◦Advisory, Consulting and Other •Capital Markets ◦Investment Sales, Debt/Equity Advisory and Other ◦Loan Servicing ◦Value and Risk Advisory •Work Dynamics ◦Workplace Management ◦Project Management ◦Portfolio Services and Other •JLL Technologies •LaSalle Markets Advisory Leasing Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g., tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, therefore, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of a future event(s) uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5% of our Leasing revenue recognized in a period had previously been constrained. Property Management Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric. Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Consolidated Statements of Comprehensive Income. Advisory, Consulting and Other Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report to the client. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients. Capital Markets Investment Sales, Debt/Equity Advisory and Other We provide brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancing. Our performance obligation is to facilitate the execution of capital transactions, and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. In addition, revenue related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees are reported within Investment Sales, Debt/Equity Advisory and Other. Loan Servicing We service substantially all the loans we originate and sell, and service loans we did not originate but subsequently acquire the rights to service. We obtain a periodic fee for each loan we service based on a proportion of the cash collections. Capital Markets revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606") Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to MSRs and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606. Such out-of-scope revenue is presented below.
Value and Risk Advisory Value and Risk Advisory service offerings include (but are not limited to) asset appraisal, business valuation, property tax advisory, complex litigation, and environmental property consulting. Our performance obligation is to provide services as specified in the contract and our pricing is negotiated based on the scale and complexity of each assignment. Typically, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of an appraisal or report to the client. Work Dynamics Workplace Management Workplace Management provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy. Contract pricing can include multiple elements, such as a management fee or an incentive fee or other form of variable consideration. In addition, these fees may be inclusive of – or distinct from – the reimbursement of costs related to client-dedicated personnel, subcontractors and third-party vendors for which we are reimbursed. When distinct, such costs are reimbursed separately from our management fee. Management fees are typically structured as a fixed monthly price for an agreed-upon scope of work or are determined by applying a contractual markup to spend associated with fulfilling our Workplace Management contracts. As these fees represent a series of daily performance obligations delivered over time, we recognize revenue each period for fees related to the services we perform. Many contracts also include variable consideration, which is typically earned as an incentive fee when we perform favorably with respect to agreed-upon key performance indicators (“KPI”), but may also be structured as an at-risk fee where we are penalized for failing to achieve a KPI. Examples of KPIs include shared savings targets, service quality benchmarks, timely work order completion statistics and client satisfaction scores. Regardless of the upside or downside nature, we assess variable consideration independently for each contract and, when appropriate, recognize such fees as revenue when the achievement of the KPI is probable and material reversal of such revenue is unlikely. Because we control and direct the work of client-dedicated employees, we present the associated compensation and benefits expense as well as the corresponding revenue gross on our Consolidated Statements of Comprehensive Income. Similarly, when we act as principal with respect to third-party vendors and subcontractors engaged to deliver operational services to our client, we control and direct these third-party activities prior to the transfer of services to the client and accordingly present the costs we are reimbursed for as well as the corresponding revenue as gross. For contracts where we do not control and direct third-party services delivered to the client, we act as the client’s agent and report revenue net of such costs. Project Management Project Management provides construction-related services, primarily short-term in nature, ranging from development and design to general contracting and project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement. For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the third-party costs incurred on behalf of clients, along with the associated reimbursement revenue, are presented gross on our Consolidated Statements of Comprehensive Income. In contrast, where we act as agent on behalf of clients, third-party costs incurred and the associated revenue are presented net on our Consolidated Statements of Comprehensive Income. Portfolio Services and Other Portfolio Services and Other includes a variety of different service offerings, including advising clients on how to optimize their workplace strategies and occupancy planning efforts, and overall portfolio strategy management and administration for our clients. Our performance obligation is to provide services as specified in the contract. For event-driven point-in-time transactions, we record revenue when our performance obligation is complete, such as the delivery of a report to the client, whereas revenue is recorded over time for services with a continuous transfer of control to our clients. JLL Technologies JLL Technologies offers multiple cloud-based software solutions that generate value for investors and businesses by enabling higher-quality decision-making through improved data and analytics. We recognize cloud-based software revenue over time commensurate with the length and terms of the contract. In addition, we offer professional services such as program and project management, implementation and support, managed services, and advisory services. We recognize professional services revenue at the time our performance obligation is satisfied. LaSalle LaSalle provides real estate investment management services to clients and generally earns consideration in the form of advisory fees, transaction fees and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained. Contract Costs Expenses, primarily employee commissions, incurred on leasing and capital markets transactions represent substantially all our incremental costs to obtain revenue contracts. We apply the applicable practical expedient offered by ASC Topic 606 when the amortization period is one year or less and, therefore, recognize these costs as an operating expense as they are incurred. We also incur costs to fulfill revenue contracts, primarily related to transition costs incurred prior to delivering Property Management and Workplace Management services. These costs are not expensed as incurred but are deferred and amortized as an operating expense over the expected life of the contract in accordance with the transfer of related services. These deferred costs are assessed periodically for impairment. Contract Assets and Liabilities Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. We include Contract assets in our reserving process and assess the risk of loss similar to our methodology for Trade receivables, since Contract assets are reclassified to Trade receivables when we become entitled to payment. Accordingly, a reserve is applied upon recognition of the contract asset. Contract liabilities include advance payments we have received which relate to performance obligations we have not yet satisfied. 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 Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below.
Deferred Income Deferred income includes payments received from customers for which we have satisfied our performance obligations but are not yet able to recognize the related revenue because of contractual requirements. Remaining Performance Obligations Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of December 31, 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. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months. Cash and Cash Equivalents We consider all highly-liquid investments purchased with maturities of three months or fewer to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short-term maturity of these investments. Financing Receivables We account for Trade receivables, Notes and other receivables, Long-term receivables, Reimbursable receivables, and Warehouse receivables as financing receivables. Trade Receivables Pursuant to contractual arrangements, Trade receivables, net of allowances include unbilled amounts of $593.8 million and $593.1 million as of December 31, 2023 and 2022, respectively. We estimate the allowance necessary to provide for uncollectible accounts receivable. The estimate includes specific amounts for which payment has become unlikely. We also base this estimate on historical experience combined with a review of current developments and client credit quality. The process by which we calculate the allowance begins with the individual business units where specific accounts for which collectability is uncertain are identified and reserved as part of an overall reserve that is formulaic and driven by the age profile of the receivables and our historical experience. We then review these allowances on a quarterly basis to ensure they are appropriate. After all collection efforts have been exhausted by management, the outstanding balance considered not collectible is written off against the allowance. The following table details the changes in the allowance for uncollectible receivables.
Notes and Other Receivables and Long-Term Receivables We make ongoing assessments of the collectability of outstanding Notes and other receivables and Long-term receivables, considering both objective and subjective factors such as the aging profile of outstanding balances, the contractual terms of repayment, and credit quality. Aspects of credit quality considered in our assessments of collectability include historical experience, current and expected economic conditions, and our broader business relationship with the obligor. We record an allowance against the outstanding balance when our assessments determine payment has become unlikely. After all collection efforts have been exhausted by management, the outstanding balance is written off against the reserve. Historically, credit quality deterioration to the point of impairment or non-performance in our Notes and other receivables and Long-term receivables has been limited and has not had a material impact on the Consolidated Financial Statements. Reimbursable Receivables We recognize Reimbursable receivables for costs incurred on behalf of clients, primarily while performing Property & Facility Management services. These costs include direct reimbursements, primarily payroll and third-party vendor and subcontractor costs. We record an allowance based on specific identification of an uncollectible reimbursable receivable, considering current and future economic conditions as well as client credit quality. Historically, we have not experienced any material collection issues and, as such, have not applied a formulaic reserve to these receivables. Reimbursable receivables relate to our Reimbursable payables, which are typically satisfied on a pay-when-paid basis. Warehouse Receivables We classify Warehouse receivables as held-for-sale as they represent originated mortgage loans for which we have simultaneously executed commitments to sell to a third-party investor, primarily the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Government National Mortgage Association (Ginnie Mae). These loans (also referred to as "Warehouse receivables") are funded directly to borrowers by our warehouse facilities and are generally repaid within a 45-day period after origination when the third-party investor buys the loan(s); upon surrender of control over each loan, we account for the transfer as a sale. Warehouse receivables are measured and reported at fair value in accordance with our entity-wide election of the fair value option. As such, increases or decreases in the fair value of loans are recognized as Revenue on the Consolidated Statements of Comprehensive Income. Historically, we have not experienced credit quality deterioration or uncollectible balances with respect to our Warehouse receivables. We generally retain certain servicing rights upon sale of the mortgage loan (refer to the Mortgage Servicing Rights section below). We typically retain no exposure for credit losses on loans subsequent to sale, except for loans under Fannie Mae's Delegated Underwriting and Servicing ("DUS") program. See the following section, Financial Guarantees, as well as Note 13, Commitments and Contingencies for additional information on the risk of loss retained related to DUS program loans. Contractually specified servicing fees related to sold warehouse receivables were $129.6 million, $119.0 million and $101.8 million for the years ended December 31, 2023, 2022, and 2021, respectively, and are included in Revenue on the Consolidated Statements of Comprehensive Income. Financial Guarantees Certain loans we originate and sell under the Fannie Mae DUS program retain a percentage of the risk of loss. This loss-sharing aspect of the program represents an off-balance sheet credit exposure, and we have established a contingent reserve ("loan loss guarantee reserve") for this risk in accordance with ASC Topic 326. To estimate the reserve, we use a model that analyzes historical losses, current and expected economic conditions, and reasonable and supportable forecasts. The model also considers specific details of the underlying property used as collateral, such as occupancy and financial performance. The loan loss guarantee reserve is calculated on an individual loan level. As of December 31, 2023 and 2022, the loan loss guarantee reserve was $23.4 million and $24.8 million, respectively, and was included within Other liabilities on the Consolidated Balance Sheets. 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 Consolidated Statements of Comprehensive Income. The loss-sharing guarantee obligation (in accordance with ASC Topic 460, Guarantees) is separate from the loan loss guarantee reserve discussed above. As of December 31, 2023 and 2022, loss-sharing guarantee obligations were $30.9 million and $29.0 million, respectively, and was included in Other liabilities on the Consolidated Balance Sheets. See Note 13, Commitments and Contingencies, for further information on the DUS program. Mortgage Servicing Rights We generally retain certain servicing rights in connection with the origination and sale of Warehouse receivables. We initially record MSRs based on the fair value of these rights on the date the loans are sold, which could result in net gains which we recognize as Revenue on the Consolidated Statements of Comprehensive Income. As of December 31, 2023 and 2022, we had $492.0 million and $505.1 million, respectively, of MSRs carried at the lower of amortized cost or fair value in Identified intangibles on the Consolidated Balance Sheets. We amortize servicing rights over the estimated period net servicing income is projected to be received. In addition, we evaluate MSR intangible assets for impairment on a quarterly basis, or more frequently if circumstances or events indicate a change in fair value. Other than write-offs due to prepayments of sold Warehouse receivables for which we retained the servicing rights, there have been no significant instances of impairment during the three-year period ended December 31, 2023. However, an increase in loan prepayment activity or deterioration in the credit quality of borrowers could result in a decrease to our MSR balance. MSRs do not actively trade in an open market with readily available observable prices; therefore, if necessary, the fair value of these rights are determined in part based on certain assumptions and judgments that are unobservable within the fair value hierarchy, including the estimation of the present value of future cash flows to be realized from servicing the underlying mortgages. The estimated fair value of MSRs was $698.3 million and $695.3 million as of December 31, 2023 and 2022, respectively. See Note 4, Business Combinations, Goodwill and Other Intangible Assets for additional information on MSRs. Restricted Cash Restricted cash primarily consists of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business. We are restricted in our ability to withdraw these funds other than for their specified use. Restricted cash was included in Prepaid and other current assets on the Consolidated Balance Sheets. Property and Equipment We record property and equipment at cost and depreciate these assets over their relevant useful lives. We capitalize certain direct costs relating to internal-use software when incurred during the development phase. We evaluate property and equipment for impairment whenever events or circumstances indicate the carrying value of an asset group may not be recoverable. We record an impairment loss to the extent the carrying value exceeds the estimated fair value. We did not recognize any significant impairment losses related to property and equipment during the three years ended December 31, 2023. We calculate depreciation on property and equipment for financial reporting purposes using the straight-line method based on the estimated useful lives of our assets. Depreciation expense related to property and equipment for the years ended December 31, 2023, 2022 and 2021 was $168.7 million, $157.7 million and $164.2 million, respectively. The following table shows the gross value of major asset categories and the standard depreciable lives, as of December 31, 2023, for each of these asset categories.
(1) Other includes certain assets, such as land, which are not depreciated. Business Combinations, Goodwill and Other Intangible Assets We have historically grown, in part, through a series of acquisitions. Consistent with the services nature of the majority of businesses we have acquired, we have recognized significant goodwill and intangible assets resulting from these acquisitions. Intangible assets are initially recorded at their respective acquisition date fair values and amortized on a straight-line basis over their estimated useful lives. They primarily represent customer relationships, management contracts and customer backlogs acquired as part of our acquisitions. We reassessed our reporting units as of January 1, 2022, the effective date of our current organizational structure, and reassigned goodwill to reflect our new segment structure using a relative fair value allocation approach. We now define our reporting units as our five global business segments, (i) Markets Advisory, (ii) Capital Markets, (iii) Work Dynamics, (iv) JLL Technologies and (v) LaSalle. This change did not impact our LaSalle reporting unit and, therefore, its goodwill balance was excluded from this exercise and remained unchanged. Under the relative fair value allocation approach, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill. We evaluate goodwill for impairment annually on July 1st of each year or when a triggering event occurs. In our annual goodwill impairment evaluation on July 1, 2023, we considered qualitative and quantitative factors and determined it is not more-likely-than-not that the fair value of each reporting unit is less than their carrying value. In performing our assessments of all reporting units, we primarily considered (i) macroeconomic and industry trends, (ii) our overall financial performance, and nature of the key drivers thereof, during the year at both the reporting unit and consolidated reporting levels, (iii) near and longer-term forecasts of operating income and cash flows generated by our reporting units in relation to the carrying values of the net assets of each reporting unit, and (iv) our market capitalization in relation to the aggregate carrying value of our net assets. In addition to our annual impairment evaluation, we evaluated whether events or circumstances have occurred in the period subsequent to our annual impairment testing and determined it is not more-likely-than-not that the fair value of all our reporting units are less than their respective carrying values. It is possible our determination that goodwill for a reporting unit is not impaired could change in the future if current economic or other conditions deteriorate. We will continue to monitor the relationship between our market capitalization and carrying value, as well as the ability of our reporting units to deliver current and projected earnings and cash flows sufficient to support the carrying values of the net assets of their respective businesses. We evaluate our Identified intangibles for impairment annually or more frequently if other events or circumstances indicate the carrying value may be impaired. See Note 4, Business Combinations, Goodwill and Other Intangible Assets, for additional information on business combinations, goodwill and other intangible assets. Investments We invest in certain ventures that primarily own and operate commercial real estate on a global basis across a wide array of sectors including retail, residential and office. Historically, these investments have primarily been co-investments in funds our LaSalle business establishes in the ordinary course of business for its clients. These investments take the form of equity ownership interests generally ranging from less than 1% to 10% of the respective ventures and, based upon investment-specific objectives, have generally included five to nine-year investment periods. Typically, our investments are not redeemable until the earlier of the disposition of the underlying real estate investments or the end of the fund's life. When in place, such restrictions are a result of our role beyond that of a passive investor, which generally means an advisory or management responsibility on behalf of the other investors who are typically clients of our LaSalle business. We primarily account for these investments at fair value utilizing information provided by investees, however, as further discussed below, we report certain of our investments under the equity method. In addition to our LaSalle investments, JLL Technologies has strategic investments in early to mid-stage property technology ("proptech") companies as well as proptech funds to improve our strategic position within the real estate technology landscape, including investments through the JLL Spark Global Ventures Funds. We generally account for these investments at fair value. For limited partnerships in which we are a general partner, the entities are generally well-capitalized and grant the limited partners substantive participating rights, such as the right to replace the general partner without cause, to dissolve or liquidate the partnership, to approve the sale or refinancing of the principal partnership assets, or to approve the acquisition of principal partnership assets. We account for such general partner interests at fair value or under the equity method. For limited partnerships in which we are a limited partner, management has concluded we do not have a controlling interest in these limited partnerships. When we have an asset advisory contract with the limited partnership, the combination of our limited partner interest and the advisory agreement generally provides us with significant influence over the real estate limited partnership venture. Accordingly, we account for such investments at fair value or under the equity method. See "Principles of Consolidation" above for additional discussion of the accounting for our co-investments. For investments reported at fair value, we maintain an investment account that is increased or decreased each reporting period by the difference between the fair value of the investment and the carrying value as of the balance sheet date. These fair value adjustments are reflected as gains or losses on the Consolidated Statements of Comprehensive Income within Equity (losses) earnings. To the extent applicable, we estimate fair value of our investments using the net asset value ("NAV") per share (or its equivalent) our investees provide. For JLL Technologies investments in proptech companies, we primarily estimate the fair value based on the per-share pricing. Subsequent funding rounds or changes in the companies' business strategy/outlook are indicators of a change in fair value. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility. If we elect to apply the measurement alternative for equity investments that do not have readily determinable fair values, we will measure them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. An impairment loss would be recorded when an event or circumstance indicates a decline in value has occurred. For investments accounted for under the equity method, we maintain an investment account that is (i) increased by contributions made and by our share of net income earned by the real estate ventures, and (ii) decreased by distributions received and by our share of net losses realized by the real estate ventures. Our share of each real estate venture's net income or loss, including gains and losses from capital transactions, is reflected on the Consolidated Statements of Comprehensive Income as Equity (losses) earnings. We evaluate our investments accounted for under the equity method for other-than-temporary impairment on a quarterly basis, or as events or changes in circumstances warrant such an evaluation. Our evaluations consider the existence of impairment indicators in the underlying real estate assets that compose the majority of our investments. We base such evaluations, in regard to both the investment and the investment’s underlying asset levels, on regular updates to future cash flow models, our share of co-investment cash flows, and factors such as operational performance, market conditions, major tenancy matters, legal and environmental concerns, and our ability and intent to hold each investment. If an investment is considered other-than-temporarily impaired, we record the excess of the carrying value over the estimated fair value as an impairment charge. Impairment charges to write down the carrying value of the real estate assets underlying our investments are generally based on the result of discounted cash flow models that primarily rely upon unobservable inputs to determine fair value. We recognize our proportionate share of such impairment within Equity (losses) earnings on the Consolidated Statements of Comprehensive Income. See Note 5, Investments and Note 9, Fair Value Measurements for additional information on Investments. Stock-Based Compensation Stock-based compensation in the form of restricted stock units ("RSUs") and performance stock units ("PSUs") is an important element of our compensation programs. We determine the fair value of RSUs, subject only to service requirements, based on the closing market price of our common stock on the grant date. PSUs are subject to service requirements and performance measures. All PSUs contain one or more performance conditions, such as a pre-defined target based on the Company’s cumulative earnings per share over a multi-year period. For certain executives there is an additional performance measure, a market condition, based on total shareholder return ("TSR") against a peer group. The number of shares that will be issued upon vesting of these PSUs can range from 0% to 150% of the target award, depending on the achievement of each performance condition. We determine the fair value of PSUs based on the (i) closing market price of our common stock on the grant date taking, (ii) the achievement probability for each performance condition, and (iii) the market condition valuation, as applicable, based on the output of Monte Carlo simulations. We periodically assess the achievement probability for performance conditions. As of December 31, 2023, approximately 10% of unvested shares were subject to a market condition. Employees of a specific age, with a sum of age plus years of service with the Company which meets or exceeds 65, based on the terms of the Jones Lang LaSalle 2019 Stock Award and Incentive Plan ("SAIP"), are eligible to be considered for receipt of retirement benefits upon departure from the Company. These award provisions require acceleration of compensation expense such that all expense is recognized by the time these employees are considered retirement eligible. We do not estimate forfeitures; instead, we recognize forfeitures in Compensation and benefits expense as they occur. We also have a "noncompensatory" Employee Stock Purchase Plan ("ESPP") for U.S. employees and a Jones Lang LaSalle Savings Related Share Option Plan ("Save As You Earn" or "SAYE") for U.K. employees. The fair value of options granted under the SAYE plan are determined on the grant date and amortized over the associated vesting period. See Note 6, Stock-Based Compensation, for additional information on our stock-based compensation plans. Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. An increase or decrease in a deferred tax asset or liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, would be included in the tax provision when the changes in circumstances and our judgment occurs. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is established if we believe it is more-likely-than-not all or some portion of a deferred tax asset will not be realized. An increase or decrease in a valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the ability to realize the related deferred tax asset, would be included in the tax provision when the changes in circumstances and our judgment occurs. See Note 8, Income Taxes, for additional information on income taxes. Derivatives and Hedging Activities We do not enter into derivative financial instruments for trading or speculative purposes. However, in the normal course of business, we do use derivative financial instruments in the form of foreign currency forward contracts to manage our foreign currency exchange rate risk. We currently do not use hedge accounting for these contracts, which are marked-to-market each period with changes in unrealized gains or losses offset by foreign currency gains and losses on associated intercompany loans and other foreign currency balances. Gains and losses from the revaluation of these contracts are recognized as a component of Operating, administrative and other expense and are offset by the gains and losses recognized on the revaluation of intercompany loans and other foreign currency balances such that the impact to net income was not significant for any of the three years ended December 31, 2023. For presentation and disclosure, we net our exposure by counterparty for all counterparties subject to International Swaps and Derivatives Association Master Agreements. We have considered the counterparty credit risk related to these forward foreign currency exchange contracts and do not deem any counterparty credit risk to be material as of December 31, 2023, in part due to the short-term nature of these contracts. In addition, certain loan commitments and forward sales commitments related to our Warehouse receivables meet the definition of a derivative and are recorded at fair value on the Consolidated Balance Sheets. The estimated fair value of loan commitments includes the fair value of the expected net cash flows associated with servicing of the loan, other net cash flows associated with origination and sale of the loan, and the effects of market interest rate movements. The estimated fair value of forward sale commitments includes the effects of market interest rate movements. Therefore, the effect of market interest rate movements on estimated fair value offset between the loan commitments and the forward sale commitments. Adjustments to fair value related to loan and forward sale commitments are included within Revenue on the Consolidated Statements of Comprehensive Income. See Note 9, Fair Value Measurements, for additional information on derivative financial instruments. Leases Substantially all of our operating leases are related to office space we lease in various buildings for our own use. The terms of these non-cancelable operating leases typically require us to pay rent and a share of operating expenses and real estate taxes, generally with an inflation-based rent increase included. We also lease equipment under both operating and finance lease arrangements. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments (e.g. rent) over the lease term beginning at the commencement date. The Operating lease right-of-use assets are adjusted for lease incentives, deferred rent, and initial direct costs, if incurred. Our leases generally do not include an implicit rate; therefore, we use an incremental borrowing rate based on information available at the lease commencement date in determining the present value of future minimum lease payments. The related lease expense is recognized on a straight-line basis over the lease term. As an accounting policy election, short-term leases (lease terms of 12 months or fewer) are not recognized as Operating lease right-of-use assets and operating lease liabilities on our Consolidated Balance Sheets. Rent expense for short-term leases is recognized on a straight-line basis over the lease term and variable lease payments are recognized in the period in which the obligation for those payments is incurred. Finance leases are included in Property and equipment, net of accumulated depreciation, Short-term borrowings, and Other liabilities on our Consolidated Balance Sheets. Our finance leases do not represent a significant portion of our leasing activity. See Note 11, Leases, for additional information on leases. Foreign Currency Translation We prepare the financial statements of our subsidiaries located outside the U.S. using local currency as the functional currency. The assets and liabilities of these subsidiaries are translated to U.S. dollars at the rates of exchange as of the balance sheet date with the resulting translation adjustments included as a separate component of equity on the Consolidated Balance Sheets (Accumulated other comprehensive loss) and on the Consolidated Statements of Comprehensive Income (Other comprehensive income-foreign currency translation adjustments). See Note 15, Accumulated Other Comprehensive Income (Loss), for additional information on the components of Accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange. We include gains and losses from foreign currency transactions in net earnings as a component of Operating, administrative and other expense. For the year ended December 31, 2023 we had a net foreign currency transaction loss of $10.6 million. For the years ended 2022 and 2021 we had a net foreign currency translation gain of $6.4 million and a loss of $8.1 million, respectively. The effect of foreign currency exchange rate changes on Cash, cash equivalents and restricted cash is presented as a separate caption in the Consolidated Statements of Cash Flows. Cash Held for Others We manage significant amounts of cash and cash equivalents in our role as agent for certain of our investment, facility management and property management clients. We do not include such amounts on the Consolidated Balance Sheets. Taxes Collected from Clients and Remitted to Governmental Authorities We account for tax assessed by a governmental authority that is based on a revenue or transaction value (i.e., sales, use and value-added taxes) on a net basis, excluded from revenue, and recorded as current liabilities until paid. Other Commitments and Contingencies We are subject to various claims and contingencies related to disputes, lawsuits and taxes as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Our current insurance programs include professional, auto and general liability. The level of risk retained by our captive insurance company is limited per claim, inclusive of the deductible. For professional indemnity coverage, we contract third-party insurance companies to provide coverage of risk in excess of the policy limits. We recognize the liability associated with a loss contingency when a loss is probable and estimable. See Note 13, Commitments and Contingencies, for additional information on commitments and contingencies. Earnings Per Share; Net Income Available to Common Shareholders The difference between basic weighted average shares outstanding and diluted weighted average shares outstanding represents the dilutive impact of our common stock equivalents. Common stock equivalents consist of shares to be issued under employee stock-based compensation programs. Anti-dilutive shares were de minimis for all periods presented. See Note 6, Stock-Based Compensation, for additional information on our stock-based compensation plans. New Accounting Standards Recently 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, which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about their outstanding obligations at the end of the reporting period. The guidance is intended to address requests from stakeholders for information about an entity’s use of supplier finance programs and their effect on the entity’s working capital, liquidity and cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. We adopted this guidance effective January 1, 2023, and the adoption did not impact our financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The FASB issued the ASU in response to requests from investors for companies to disclose more information about their financial performance at the segment level. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the effect this guidance will have on our segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the effect this guidance will have on our tax disclosures.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments | 3. 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, debt and equity advisory, value and risk advisory, and loan servicing. 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, (iv) net non-cash MSR and mortgage banking derivative activity, (v) Interest expense, net of interest income, (vi) Income tax provision, and (vii) Depreciation and amortization, which are otherwise included in Net income on the 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. As of December 31, 2023, we define the Global Executive Board, collectively, as our CODM. Summarized financial information by business segment is as follows.
The following table is a reconciliation of segment revenue to consolidated revenue.
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. The following table sets forth the revenue from our most significant currencies.
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Business Combinations, Goodwill and Other Intangible Assets |
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| BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations, Goodwill and Other Intangible Assets | 4. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2023 Business Combinations Activity During 2023, we completed one strategic acquisition which is presented below.
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. The 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. During the year ended December 31, 2023, we also paid $26.8 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. Of the $18.7 million of total additions to goodwill in 2023, we expected to amortize and deduct the full amount for tax purposes as of December 31, 2023, subject to statutory amortization periods. 2022 Business Combinations Activity During the year ended December 31, 2022, there were no strategic acquisitions. We paid $18.1 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. Earn-Out Payments
(1) Included in Short-term and Long-term acquisition-related obligations on the 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 9, Fair Value Measurements, and Note 14, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities. Goodwill and Other Intangible Assets Goodwill and unamortized intangibles as of December 31, 2023 consisted of: (i) goodwill of $4,587.4 million, (ii) identifiable intangibles of $735.4 million amortized over their remaining finite useful lives and (iii) $49.6 million of identifiable intangibles with indefinite useful lives that are not amortized. Significant 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, the annual movements in goodwill.
The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.
(1) Included in this amount for MSRs was $10.0 million and $28.0 million for 2023 and 2022, respectively, relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income. The remaining weighted average amortization period of MSRs and other finite-lived identifiable intangible assets is 3.9 years and 4.6 years, respectively, and the remaining estimated future amortization expense by year, as of December 31, 2023, is presented in the following table.
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 5. INVESTMENTS Summarized investment balances are presented in the following table.
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 48 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 $341.0 million and $13.6 million as of December 31, 2023 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $341.0 million related to LaSalle, while we remain contractually obligated, we do not expect a call on $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. We had equity method investments, either directly or indirectly, of $146.9 million and $116.0 million as of December 31, 2023 and 2022, respectively, in entities classified as VIEs. 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 are no consolidated VIE balances as of December 31, 2023 and 2022 and net income was consolidated up to the reconsideration date.
We allocate the members' equity and net income (loss) of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on the Consolidated Balance Sheets and as Net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Comprehensive Income, respectively. The following tables summarize the combined financial information for certain of our unconsolidated investments accounted for under the equity method or at fair value.
Impairment During the year ended December 31, 2022, we recorded a $19.6 million other-than-temporary impairment charge related to an investment accounted for under the equity method. This activity was included within Equity (losses) earnings on our Consolidated Statements of Comprehensive Income. There were no significant other-than-temporary impairments in 2023 or 2021. Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity (losses) earnings. The table below shows the movement in our investments reported at fair value. See Note 9, Fair Value Measurements, for further discussion of our investments reported at fair value.
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Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 6. STOCK-BASED COMPENSATION The Stock Award and Incentive Plan ("SAIP") provides for the granting of various stock awards to eligible employees of JLL. These awards have historically been RSUs which generally vest over three years (either cliff or graded vesting) and PSUs which generally vest in three years (cliff vesting), subject to performance and, for certain awards, market conditions. There were approximately 910 thousand shares available for grant under the SAIP as of December 31, 2023. We also have a stock-based compensation plan for our U.K.-based employees, the SAYE plan, that allows for the purchase of stock at a 15% discount from the market price at the beginning of the plan's vesting periods. While there have been no options granted under the SAYE plan since 2017, approximately 281 thousand shares remain available for grant as of December 31, 2023. Stock-based compensation expense, excluding expense related to retention awards issued in conjunction with acquisitions, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to retention awards issued in conjunction with acquisitions is included within Restructuring and acquisition charges. Stock-based compensation expense by award type is presented below. In 2023, we recognized $13.5 million of stock-based compensation expense reversal associated with the expected achievement against performance measures of certain PSU awards.
Restricted Stock Units and Performance Stock Units
As of December 31, 2023, we had $79.2 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate to be recognized over varying periods into 2027. Shares vested during the years ended December 31, 2023, 2022 and 2021 had grant date fair values of $70.0 million, $84.3 million, and $80.1 million, respectively. Shares granted during the years ended December 31, 2023, 2022 and 2021 had grant date fair values of $101.4 million, $95.8 million and $105.0 million, respectively.
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Retirement Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans | 7. RETIREMENT PLANS Defined Contribution Plans We have a qualified profit sharing plan subject to United States Internal Revenue Code Section 401(k) for eligible U.S. employees. We make employer contributions under this qualified profit sharing plan that are reflected in Compensation and benefits in the accompanying Consolidated Statements of Comprehensive Income. The related trust assets of this plan are managed by trustees and are excluded from the accompanying Consolidated Financial Statements. In addition, we maintain several defined contribution retirement plans for eligible non-U.S. employees. The table below provides detail of employer contributions for these plans.
Defined Benefit Plans We maintain five defined benefit pension plans across Europe. It is our policy to fund at least the minimum annual contributions as actuarially determined and as required by applicable laws and regulations. Our contributions to these plans are invested by the plan trustee and, if the investment performance is not sufficient, we may be required to provide additional contributions to cover any pension underfunding. Our largest plan has been closed to new entrants since 2013. The following table provides the projected benefit obligation and plan assets, the net of which represents our funded status, as well as the accumulated benefit obligations of our defined benefit pension plans.
The primary driver for the year-over-year change in projected benefit obligation was foreign exchange rates. Discount rates remained materially consistent compared with prior year. Defined benefit pension plan amounts recorded in the Consolidated Balance Sheets are presented in the below table.
Net periodic pension cost (benefit) was not material for the years ended December 31, 2023, 2022 and 2021.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 8. INCOME TAXES Our provision for income taxes consisted of the following:
The U.S. Internal Revenue Code contains two code sections - the Base Erosion Anti-Abuse Tax and Global Intangible Low-Taxed Income Tax - for which we treat any associated income tax as a period cost and record an expense provision for any year we are subject to the taxes. Accordingly, the estimated impacts of these taxes were included in our provision for income taxes in 2023, 2022 and 2021. Due to the generation of net operating loss carryovers, our current tax expense increased by $69.1 million, $25.6 million and $52.4 million in 2023, 2022 and 2021, respectively, and our deferred tax expense was reduced by a corresponding amount. Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before provision for income taxes as a result of the following:
With respect to international earnings taxed at varying rates, we have operations which constitute a taxable income presence in 93 countries or other taxable jurisdictions outside of the U.S. which are treated as such by the U.S. Internal Revenue Code. Of those countries or other taxable jurisdictions, 70 had income tax rates lower than the combined U.S. federal and state income tax rate in 2023. In defining "very low tax rate jurisdictions," we consider effective tax rates which applied in 2023 based upon income levels and including national and municipal, state or provincial taxes also based upon income levels, which may cause those effective rates to differ from the maximum national statutory rates for the jurisdictions. We consider jurisdictions with a tax rate of 25% or lower to be very low tax rate jurisdictions, based upon our historical practice. Effective January 1, 2018, the U.S. federal income tax rate was reduced to 21%. However, factoring in the impact of state income taxes, we do not consider the U.S. to be a very low tax rate jurisdiction. With respect to very low tax rate jurisdictions in which we operate, income from Hong Kong (16.5%), Singapore (17%), and Israel (23%) represent the most significant components of the international earnings line item in our effective tax rate reconciliation. In the aggregate, these very low tax rate jurisdictions contributed a large proportion of the difference between the actual income tax provision for international earnings and the equivalent provision at the U.S. federal and state statutory rate in 2023. Our income (loss) before taxes from domestic (U.S.) and international sources is presented in the following table.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.
The increase in gross deferred tax assets in 2023 was primarily the result of (a) deferral of tax deductions for compensation accruals and (b) revaluations of investments which are not yet deductible for tax purposes. The increase in valuation reserves was primarily the result of additional reserves established against deferred tax assets related to certain expense accruals. We have not provided a deferred tax liability on the unremitted foreign earnings of international subsidiaries because it is our intent to permanently reinvest such earnings outside of the U.S. If repatriation of all such earnings were to occur, we would incur withholding taxes, dividend distribution taxes and potentially an amount of gain taxation which is not presently determinable. As of December 31, 2023, we had an available U.S. federal net operating loss ("NOL") carryover of $53.5 million from acquired companies, for which we have established a full valuation allowance due to significant statutory limitations on its usage, and which will begin to expire in 2028. We have U.S. state NOL carryovers with a tax effect of $20.1 million, which expire at various dates through 2043, and international NOL carryovers of $1,233.8 million, which generally do not have expiration dates. The change in deferred tax balances for NOL carryovers from 2022 to 2023 included increases from current year losses and decreases from current year estimated utilization. As of December 31, 2023, we believe it is more-likely-than-not the net deferred tax assets of $452.6 million will be realized based upon our estimates of future income and the consideration of net operating losses, earnings trends and tax planning strategies. Valuation allowances have been provided with regard to the tax benefit of certain international NOL carryovers, for which we have concluded recognition is not yet appropriate. In 2023, we reduced valuation allowances by $5.4 million on some jurisdictions' NOLs due to the utilization or expiration of those losses; and we increased valuation allowances by $54.0 million for other jurisdictions based upon circumstances that caused us to establish or continue to provide valuation allowances on current or prior-year losses (including acquired NOL carryovers) in addition to those provided in prior years. The remaining movement in valuation allowances comparing December 31, 2023 to December 31, 2022 was attributable to the effect of changes in foreign currency exchange rates. As of December 31, 2023, our net current payable for income tax was $154.3 million, consisting of a current receivable of $215.8 million and current payable of $370.1 million, and our net noncurrent liability was $87.6 million, entirely a noncurrent payable. As of December 31, 2022, our net current receivable for income tax was $1.0 million, consisting of a current receivable of $215.2 million and a current payable of $214.2 million, and our net noncurrent liability was $114.7 million, entirely a noncurrent payable. The current receivables, current payables, and noncurrent payables are included in Notes and other receivables, Accounts payable and accrued liabilities, and Other liabilities, respectively, on our Consolidated Balance Sheets. We file income tax returns in the U.S. (including 46 states, 25 cities, the District of Columbia and Puerto Rico), the United Kingdom (including England, Scotland and Wales), Australia, Germany, The People's Republic of China (including Hong Kong and Macau), France, Japan, Singapore, India, the Netherlands, Spain and 78 other countries. Generally, our open tax years include those from 2020 to the present, although reviews of taxing authorities for more recent years have been completed or are in process in a number of jurisdictions. As of December 31, 2023, we were under examination in Germany, Nigeria, Pakistan, Egypt, Oman, Sweden, the Netherlands, Turkey, Indonesia, India, Mauritius, the Philippines, Hong Kong, Sri Lanka and Thailand. In the U.S., we were under examination by the Internal Revenue Service for the Transition Tax reported in our 2018 federal income tax return; as well as in the states of Illinois, Massachusetts, New York City and Washington D.C. A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.
We believe it is reasonably possible that matters for which we have recorded $47.7 million of unrecognized tax benefits as of December 31, 2023, will be resolved during 2024. The recognition of tax benefits, and other changes to the amounts of our unrecognized tax benefits, may occur as the result of ongoing operations, the outcomes of audits or other examinations by tax authorities, or the passing of statutes of limitations. We do not expect changes to our unrecognized tax benefits to have a significant impact on net income, the financial position, or the cash flows of JLL. We do not believe we have material tax positions for which the ultimate deductibility is highly certain, but there is uncertainty about the timing of such deductibility. We recognize interest accrued and penalties, if any, in Income tax provision on our Consolidated Statements of Comprehensive Income. During the years ended December 31, 2023, 2022 and 2021, the amount of interest expense and penalties was not material. In addition, the amount of accrued interest related to income taxes was not material as of December 31, 2023 and 2022
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 9. FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: •Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; •Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads. We estimated the fair value of our Long-term debt 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.
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 Consolidated Statements of Comprehensive Income within Equity (losses) 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 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 December 31, 2023 and 2022, investments at fair value using NAV were $321.8 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.
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 the Consolidated Statements of Comprehensive Income within Equity (losses) earnings. Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. 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. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility. To the extent there are changes in fair value, we recognize such changes through Equity (losses) earnings. Foreign Currency Forward Contracts We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. These contracts are on the Consolidated Balance Sheets as current assets and current liabilities. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 in the fair value hierarchy. The following table details the gross notional value and net basis of these contracts.
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.
Warehouse Receivables The fair value of the Warehouse receivables is based on already locked-in security-buy prices. As of December 31, 2023 and 2022, all of our Warehouse receivables included in the Consolidated Balance Sheets 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. The Warehouse receivables are classified as Level 2 in the fair value hierarchy as all significant inputs are readily observable. Deferred Compensation Plan We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We invest directly in insurance contracts which yield returns to fund these deferred compensation obligations. We recognize an asset for the amount that could be realized under these insurance contracts as of the balance sheet date, and we adjust the deferred compensation obligation to reflect the changes in the fair value of the amount owed to the employees. The inputs for this valuation are Level 2 in the fair value hierarchy. We recorded this plan on our 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.
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. We base the fair value of our Earn-out liabilities on the present value of probability-weighted future cash flows related to the earn-out performance criteria on each reporting date. We determine the probabilities of achievement we assign to the performance criteria based on the due diligence we performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. An increase to a probability of achievement would result in a higher fair value measurement. See Note 4, Business Combinations, Goodwill and Other Intangible Assets, for additional discussion of our Earn-out liabilities. Mortgage Banking Derivatives In the normal course of business, we enter into simultaneous contractual commitments to originate and sell multi-family mortgage loans at fixed prices with fixed expiration dates. Commitments to borrowers become effective when the borrowers "lock-in" a specified interest rate and maximum principal balance for an established time frame (hereinafter referred to as an interest rate lock commitment or "IRLC"). All mortgagors are evaluated for creditworthiness prior to execution of an IRLC. We are exposed to market interest risk (the risk of movement in market interest rates following the execution of an IRLC) until a loan is funded and onwards through delivery. To mitigate the effect of the interest rate risk inherent in providing IRLCs to borrowers, we simultaneously enter into a forward commitment to sell the eventual loan associated with the IRLC to a GSE or other investor. Similar to the IRLC, the forward sale commitment locks in an interest rate, maximum principal balance, and price for the sale of the loan. Ultimately, the terms of the forward sale commitment and the IRLC are matched in substantially all respects, with the objective of eliminating market interest rate and other balance sheet risk to the extent practical. As an additional element of protection, forward sale commitments extend for a longer period of time as compared to IRLCs to allow, among other things, for the closing of the loan and processing of paperwork to deliver the loan in accordance with the terms of the sale commitment. The fair value of our IRLCs to prospective borrowers and the related inputs primarily include, as applicable, the expected net cash flows associated with servicing the loan and the effects of interest rate movements between the date of the IRLC and the balance sheet date based on applicable published U.S. Treasury rates. The fair value of our forward sales contracts to prospective investors considers the market price movement of a similar security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Both the rate lock commitments to prospective borrowers and the forward sale contracts to prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to nonperformance risk. An increase in nonperformance risk assumptions would result in a lower fair value measurement. The fair valuation is determined using discounted cash flow techniques, and the derivatives are marked to fair value through Revenue in the Consolidated Statements on Comprehensive Income. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
(1) CTA: Currency translation adjustments (2) Within Investments, 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.
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. During the year ended December 31, 2022, we recognized an investment-level impairment charge on one investment accounted for under the equity method of accounting, as further described in Note 5, Investments. We did not recognize any additional significant investment-level impairment losses during the three-year period ended December 31, 2023.
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| Debt | 10. DEBT Debt is composed of the following obligations.
Credit Facilities On November 3, 2023, we executed Amendment No. 5 ("Amendment No. 5") to the Second Amended and Restated Multicurrency Credit Agreement dated as of June 21, 2016 (as amended, the “Credit Agreement”) which extended the maturity date to November 3, 2028 and amended the borrowing capacity to $3.30 billion. Pricing on the unsecured revolving credit facility (the "Facility") ranges from Adjusted Term SOFR plus 0.875% to 1.35%, with pricing including facility fees, as of December 31, 2023 at Adjusted Term SOFR plus 0.98%. 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 December 31, 2023 and December 31, 2022. In November 2022, we entered into 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 has no outstanding balance as of both December 31, 2023 and 2022. The following table provides additional information on our Facility and Uncommitted Facility, collectively.
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 $55.2 million under local overdraft facilities as of December 31, 2023. Amounts outstanding are presented in the debt table above. On November 13, 2023, in an underwritten public offering, we issued $400.0 million of 6.875% Senior Notes due December 2028 (the "Notes"). The proceeds, net of underwriting discounts and expenses, were $392.9 million and were used to reduce borrowings on our Facility. The Notes bear interest at an annual rate of 6.875%. Interest will be payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024. The Notes are our senior unsecured obligations and are not guaranteed by any of our subsidiaries. In addition, the Notes were issued pursuant to the Indenture, which contains customary events of default and negative restrictions for notes of this type, such as limitations on secured debt. During 2022 we redeemed all of our outstanding 4.4% Senior Notes due November 2022. The aggregate outstanding principal amount of these notes was $275.0 million. The redemption price for the notes was equal to 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest. As of December 31, 2023, our issuer and senior unsecured ratings were 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 December 31, 2023. Warehouse Facilities
(1) Bloomberg Short-Term Bank Yield Index rate ("BSBY") (2) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 18, 2023. (3) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 15, 2023. (4) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of July 28, 2023. (5) 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 December 31, 2023. As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.
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Leases |
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| Lessee, Operating Leases | 11. LEASES For the years ended December 31, 2023, 2022 and 2021, operating lease expense was $187.4 million, $185.5 million and $189.2 million, respectively, and variable and short-term lease expense was $44.5 million, $38.8 million and $37.0 million, respectively. In addition, $117.3 million and $186.7 million of Operating lease right-of-use assets were obtained in exchange for lease obligations during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, our total commitments related to finance leases was $19.7 million. Leases in which we sublet also do not represent a significant portion of our leasing activity. Minimum future lease payments due in each of the next five years and thereafter, as of December 31, 2023, are presented in the table below.
Other information related to operating leases was as follows.
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Transactions with Affiliates |
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| Transactions with Affiliates | 12. TRANSACTIONS WITH AFFILIATES As part of our co-investment strategy, we have equity interests in real estate ventures, some of which have certain of our officers as trustees or board of director members, and from which we earn advisory and management fees. Included in the accompanying Consolidated Financial Statements was revenue of $896.4 million, $686.4 million and $723.3 million for 2023, 2022 and 2021, respectively, as well as receivables of $179.2 million and $122.4 million as of December 31, 2023 and 2022, respectively, related to transactions with affiliates. The outstanding balance of loans to employees are presented in the following table.
(1) These nonrecourse loans have been made to allow employees the ability to participate in investment fund opportunities. Such amounts are included in Investments on our Consolidated Balance Sheets. (2) Consists primarily of commissions and other compensation advances to employees that are amortized to Compensation and benefits based on performance over required service periods. Such amounts are included in Notes and other receivables and Long-term receivables on our Consolidated Balance Sheets. The Company does not extend credit or provide personal loans to any director or executive officer of JLL.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 13. 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. Many of these litigation matters are covered by insurance (including insurance provided through a consolidated captive insurance company as further discussed below), but they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. 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 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 December 31, 2023 and 2022, these receivables were $2.5 million and $22.5 million, respectively, and are included in Notes and other receivables on our Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments.
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 December 31, 2023 and 2022, we had loans, funded and sold, subject to loss-sharing arrangements with an aggregate unpaid principal balance of $20.8 billion and $18.3 billion, respectively. There were no loan losses incurred for the years ended December 31, 2023, 2022 and 2021. See "Financial Guarantees" section of Note 2, Summary of Significant Accounting Policies for additional information.
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Restructuring and Acquisition Charges |
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| Restructuring and Acquisition Charges | 14. 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.
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 December 31, 2023 will be paid during the next twelve months.
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Accumulated Other Comprehensive Income (Loss) by Component (Notes) |
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| Accumulated Other Comprehensive Income (Loss) by Component | 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The table below presents the changes in Accumulated other comprehensive income (loss) by component.
For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive loss in Other income within the Consolidated Statements of Comprehensive Income.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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| Net income attributable to the Company | $ 225.4 | $ 654.5 | $ 961.6 |
Insider Trading Arrangements |
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| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies Summary of SIgnificant Accounting Policies (Policies) |
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| Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Principles of Consolidation Our Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of JLL and its majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. Investments over which we exercise significant influence, but do not control, are accounted for either at fair value or under the equity method. When applying principles of consolidation, we begin by determining whether an investee entity is a variable interest entity ("VIE") or a voting interest entity. U.S. GAAP draws a distinction between voting interest entities, which are embodied by common and traditional corporate and certain partnership structures, and VIEs, broadly defined as entities for which control is achieved through means other than voting rights. For voting interest entities, the interest holder with control through majority ownership and majority voting rights consolidates the entity. For VIEs, determination of the "primary beneficiary" dictates the accounting treatment. We identify the primary beneficiary of a VIE as the enterprise having both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the VIE. We perform the primary beneficiary analysis as of the inception of our investment and upon the occurrence of a reconsideration event. When we determine we are the primary beneficiary of a VIE, we consolidate the VIE; when we determine we are not the primary beneficiary of the VIE, we account for our investment in the VIE at fair value or under the equity method, based upon an election made at the time of investment. Our determination of the appropriate accounting method to apply for unconsolidated investments is based on the level of influence we have in the underlying entity. When we have an asset advisory contract with a real estate limited partnership in which we also hold an ownership interest, the combination of our limited partner interest and the advisory agreement generally provides us with significant influence over such real estate limited partnership. Accordingly, we account for such investments either at fair value or under the equity method. We eliminate transactions with such subsidiaries to the extent of our ownership in such subsidiaries. For less-than-wholly-owned consolidated subsidiaries, noncontrolling interest is the portion of equity not attributable, directly or indirectly, to JLL. We evaluate whether noncontrolling interests possess any redemption features outside of our control. If such features exist, the noncontrolling interests are presented outside of permanent equity on the Consolidated Balance Sheets within Redeemable noncontrolling interest. Redeemable noncontrolling interests are adjusted to the greater of their fair value or carrying value as of each balance sheet date through a charge to Additional paid-in capital, if necessary. When noncontrolling interests have no redemption features outside of our control, noncontrolling interests are presented as a component of permanent equity on the Consolidated Balance Sheets. We report revenues, expenses and net income (loss) from less-than-wholly-owned consolidated subsidiaries at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests; the income or loss attributable to the noncontrolling interest holders is reflected in Net income (loss) attributable to noncontrolling interest on the Consolidated Statements of Comprehensive Income. Changes in amounts attributable to non-redeemable noncontrolling interests are reflected in the Consolidated Statements of Changes in Equity. Changes in amounts attributable to redeemable noncontrolling interests are presented in the following table.
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| Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions about future events that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during each reporting period. Such estimates include the value and allocation of purchase consideration, valuation of accounts receivable, Reimbursable receivables, Warehouse receivables, Investments, Goodwill, intangible assets, derivative financial instruments, other long-lived assets, earn-out liabilities, legal contingencies, assumptions used in the calculation of income taxes, incentive compensation, self-insurance program liabilities, and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management's best estimate and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency exchange rate fluctuations can increase the uncertainty in such estimates and assumptions. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material.
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| Basis of Accounting | Basis of Presentation Effective for our consolidated financial statements as of and for the year ended December 31, 2023, we made certain presentation changes and recast prior-period information to conform with the current presentation. First, on our Consolidated Statements of Cash Flows, we changed the presentation of certain components and captions within Cash flows from operating activities to reflect the way we internally manage and monitor our working capital. This change in presentation had no impact on our previously reported Net cash provided by operating activities, and had no impact on our other consolidated financial statements. Second, on our Consolidated Statements of Changes in Equity, we combined amounts separately disclosed in prior years on our Consolidated Statements of Changes in Equity under the captions Shares issues under stock-based compensation programs and Shares repurchased for payment of taxes on stock-based compensation to a single line (Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes) to simplify the presentation. This change in presentation had no impact on our other consolidated financial statements.
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| Revenue [Policy Text Block] | Revenue Recognition We earn revenue from the following services (segments are bolded). •Markets Advisory ◦Leasing ◦Property Management ◦Advisory, Consulting and Other •Capital Markets ◦Investment Sales, Debt/Equity Advisory and Other ◦Loan Servicing ◦Value and Risk Advisory •Work Dynamics ◦Workplace Management ◦Project Management ◦Portfolio Services and Other •JLL Technologies •LaSalle Markets Advisory Leasing Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g., tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, therefore, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of a future event(s) uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5% of our Leasing revenue recognized in a period had previously been constrained. Property Management Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric. Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Consolidated Statements of Comprehensive Income. Advisory, Consulting and Other Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report to the client. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients. Capital Markets Investment Sales, Debt/Equity Advisory and Other We provide brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancing. Our performance obligation is to facilitate the execution of capital transactions, and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. In addition, revenue related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees are reported within Investment Sales, Debt/Equity Advisory and Other. Loan Servicing We service substantially all the loans we originate and sell, and service loans we did not originate but subsequently acquire the rights to service. We obtain a periodic fee for each loan we service based on a proportion of the cash collections. Capital Markets revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606") Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to MSRs and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606. Such out-of-scope revenue is presented below.
Value and Risk Advisory Value and Risk Advisory service offerings include (but are not limited to) asset appraisal, business valuation, property tax advisory, complex litigation, and environmental property consulting. Our performance obligation is to provide services as specified in the contract and our pricing is negotiated based on the scale and complexity of each assignment. Typically, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of an appraisal or report to the client. Work Dynamics Workplace Management Workplace Management provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy. Contract pricing can include multiple elements, such as a management fee or an incentive fee or other form of variable consideration. In addition, these fees may be inclusive of – or distinct from – the reimbursement of costs related to client-dedicated personnel, subcontractors and third-party vendors for which we are reimbursed. When distinct, such costs are reimbursed separately from our management fee. Management fees are typically structured as a fixed monthly price for an agreed-upon scope of work or are determined by applying a contractual markup to spend associated with fulfilling our Workplace Management contracts. As these fees represent a series of daily performance obligations delivered over time, we recognize revenue each period for fees related to the services we perform. Many contracts also include variable consideration, which is typically earned as an incentive fee when we perform favorably with respect to agreed-upon key performance indicators (“KPI”), but may also be structured as an at-risk fee where we are penalized for failing to achieve a KPI. Examples of KPIs include shared savings targets, service quality benchmarks, timely work order completion statistics and client satisfaction scores. Regardless of the upside or downside nature, we assess variable consideration independently for each contract and, when appropriate, recognize such fees as revenue when the achievement of the KPI is probable and material reversal of such revenue is unlikely. Because we control and direct the work of client-dedicated employees, we present the associated compensation and benefits expense as well as the corresponding revenue gross on our Consolidated Statements of Comprehensive Income. Similarly, when we act as principal with respect to third-party vendors and subcontractors engaged to deliver operational services to our client, we control and direct these third-party activities prior to the transfer of services to the client and accordingly present the costs we are reimbursed for as well as the corresponding revenue as gross. For contracts where we do not control and direct third-party services delivered to the client, we act as the client’s agent and report revenue net of such costs. Project Management Project Management provides construction-related services, primarily short-term in nature, ranging from development and design to general contracting and project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement. For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the third-party costs incurred on behalf of clients, along with the associated reimbursement revenue, are presented gross on our Consolidated Statements of Comprehensive Income. In contrast, where we act as agent on behalf of clients, third-party costs incurred and the associated revenue are presented net on our Consolidated Statements of Comprehensive Income. Portfolio Services and Other Portfolio Services and Other includes a variety of different service offerings, including advising clients on how to optimize their workplace strategies and occupancy planning efforts, and overall portfolio strategy management and administration for our clients. Our performance obligation is to provide services as specified in the contract. For event-driven point-in-time transactions, we record revenue when our performance obligation is complete, such as the delivery of a report to the client, whereas revenue is recorded over time for services with a continuous transfer of control to our clients. JLL Technologies JLL Technologies offers multiple cloud-based software solutions that generate value for investors and businesses by enabling higher-quality decision-making through improved data and analytics. We recognize cloud-based software revenue over time commensurate with the length and terms of the contract. In addition, we offer professional services such as program and project management, implementation and support, managed services, and advisory services. We recognize professional services revenue at the time our performance obligation is satisfied. LaSalle LaSalle provides real estate investment management services to clients and generally earns consideration in the form of advisory fees, transaction fees and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained. Contract Costs Expenses, primarily employee commissions, incurred on leasing and capital markets transactions represent substantially all our incremental costs to obtain revenue contracts. We apply the applicable practical expedient offered by ASC Topic 606 when the amortization period is one year or less and, therefore, recognize these costs as an operating expense as they are incurred. We also incur costs to fulfill revenue contracts, primarily related to transition costs incurred prior to delivering Property Management and Workplace Management services. These costs are not expensed as incurred but are deferred and amortized as an operating expense over the expected life of the contract in accordance with the transfer of related services. These deferred costs are assessed periodically for impairment. Contract Assets and Liabilities Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. We include Contract assets in our reserving process and assess the risk of loss similar to our methodology for Trade receivables, since Contract assets are reclassified to Trade receivables when we become entitled to payment. Accordingly, a reserve is applied upon recognition of the contract asset. Contract liabilities include advance payments we have received which relate to performance obligations we have not yet satisfied. 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 Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below.
Deferred Income Deferred income includes payments received from customers for which we have satisfied our performance obligations but are not yet able to recognize the related revenue because of contractual requirements. Remaining Performance Obligations Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of December 31, 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. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months.
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| Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly-liquid investments purchased with maturities of three months or fewer to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short-term maturity of these investments.
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| Accounts Receivable [Policy Text Block] | Financing Receivables We account for Trade receivables, Notes and other receivables, Long-term receivables, Reimbursable receivables, and Warehouse receivables as financing receivables. Trade Receivables Pursuant to contractual arrangements, Trade receivables, net of allowances include unbilled amounts of $593.8 million and $593.1 million as of December 31, 2023 and 2022, respectively. We estimate the allowance necessary to provide for uncollectible accounts receivable. The estimate includes specific amounts for which payment has become unlikely. We also base this estimate on historical experience combined with a review of current developments and client credit quality. The process by which we calculate the allowance begins with the individual business units where specific accounts for which collectability is uncertain are identified and reserved as part of an overall reserve that is formulaic and driven by the age profile of the receivables and our historical experience. We then review these allowances on a quarterly basis to ensure they are appropriate. After all collection efforts have been exhausted by management, the outstanding balance considered not collectible is written off against the allowance. The following table details the changes in the allowance for uncollectible receivables.
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| Notes and Other Recievables and Long-Term Receivables [Policy Text Block] | Notes and Other Receivables and Long-Term Receivables We make ongoing assessments of the collectability of outstanding Notes and other receivables and Long-term receivables, considering both objective and subjective factors such as the aging profile of outstanding balances, the contractual terms of repayment, and credit quality. Aspects of credit quality considered in our assessments of collectability include historical experience, current and expected economic conditions, and our broader business relationship with the obligor. We record an allowance against the outstanding balance when our assessments determine payment has become unlikely. After all collection efforts have been exhausted by management, the outstanding balance is written off against the reserve. Historically, credit quality deterioration to the point of impairment or non-performance in our Notes and other receivables and Long-term receivables has been limited and has not had a material impact on the Consolidated Financial Statements.
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| Reimbursable Receivables [Policy Text Block] | Reimbursable Receivables We recognize Reimbursable receivables for costs incurred on behalf of clients, primarily while performing Property & Facility Management services. These costs include direct reimbursements, primarily payroll and third-party vendor and subcontractor costs. We record an allowance based on specific identification of an uncollectible reimbursable receivable, considering current and future economic conditions as well as client credit quality. Historically, we have not experienced any material collection issues and, as such, have not applied a formulaic reserve to these receivables. Reimbursable receivables relate to our Reimbursable payables, which are typically satisfied on a pay-when-paid basis.
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| Warehouse Receivables and Facilities [Policy Text Block] | Warehouse Receivables We classify Warehouse receivables as held-for-sale as they represent originated mortgage loans for which we have simultaneously executed commitments to sell to a third-party investor, primarily the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Government National Mortgage Association (Ginnie Mae). These loans (also referred to as "Warehouse receivables") are funded directly to borrowers by our warehouse facilities and are generally repaid within a 45-day period after origination when the third-party investor buys the loan(s); upon surrender of control over each loan, we account for the transfer as a sale. Warehouse receivables are measured and reported at fair value in accordance with our entity-wide election of the fair value option. As such, increases or decreases in the fair value of loans are recognized as Revenue on the Consolidated Statements of Comprehensive Income. Historically, we have not experienced credit quality deterioration or uncollectible balances with respect to our Warehouse receivables. We generally retain certain servicing rights upon sale of the mortgage loan (refer to the Mortgage Servicing Rights section below). We typically retain no exposure for credit losses on loans subsequent to sale, except for loans under Fannie Mae's Delegated Underwriting and Servicing ("DUS") program. See the following section, Financial Guarantees, as well as Note 13, Commitments and Contingencies for additional information on the risk of loss retained related to DUS program loans. Contractually specified servicing fees related to sold warehouse receivables were $129.6 million, $119.0 million and $101.8 million for the years ended December 31, 2023, 2022, and 2021, respectively, and are included in Revenue on the Consolidated Statements of Comprehensive Income. Financial Guarantees Certain loans we originate and sell under the Fannie Mae DUS program retain a percentage of the risk of loss. This loss-sharing aspect of the program represents an off-balance sheet credit exposure, and we have established a contingent reserve ("loan loss guarantee reserve") for this risk in accordance with ASC Topic 326. To estimate the reserve, we use a model that analyzes historical losses, current and expected economic conditions, and reasonable and supportable forecasts. The model also considers specific details of the underlying property used as collateral, such as occupancy and financial performance. The loan loss guarantee reserve is calculated on an individual loan level. As of December 31, 2023 and 2022, the loan loss guarantee reserve was $23.4 million and $24.8 million, respectively, and was included within Other liabilities on the Consolidated Balance Sheets. 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 Consolidated Statements of Comprehensive Income. The loss-sharing guarantee obligation (in accordance with ASC Topic 460, Guarantees) is separate from the loan loss guarantee reserve discussed above. As of December 31, 2023 and 2022, loss-sharing guarantee obligations were $30.9 million and $29.0 million, respectively, and was included in Other liabilities on the Consolidated Balance Sheets. See Note 13, Commitments and Contingencies, for further information on the DUS program.
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| Mortgage Servicing Rights [Policy Text Block] | Mortgage Servicing Rights We generally retain certain servicing rights in connection with the origination and sale of Warehouse receivables. We initially record MSRs based on the fair value of these rights on the date the loans are sold, which could result in net gains which we recognize as Revenue on the Consolidated Statements of Comprehensive Income. As of December 31, 2023 and 2022, we had $492.0 million and $505.1 million, respectively, of MSRs carried at the lower of amortized cost or fair value in Identified intangibles on the Consolidated Balance Sheets. We amortize servicing rights over the estimated period net servicing income is projected to be received. In addition, we evaluate MSR intangible assets for impairment on a quarterly basis, or more frequently if circumstances or events indicate a change in fair value. Other than write-offs due to prepayments of sold Warehouse receivables for which we retained the servicing rights, there have been no significant instances of impairment during the three-year period ended December 31, 2023. However, an increase in loan prepayment activity or deterioration in the credit quality of borrowers could result in a decrease to our MSR balance. MSRs do not actively trade in an open market with readily available observable prices; therefore, if necessary, the fair value of these rights are determined in part based on certain assumptions and judgments that are unobservable within the fair value hierarchy, including the estimation of the present value of future cash flows to be realized from servicing the underlying mortgages. The estimated fair value of MSRs was $698.3 million and $695.3 million as of December 31, 2023 and 2022, respectively. See Note 4, Business Combinations, Goodwill and Other Intangible Assets for additional information on MSRs.
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| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash primarily consists of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business. We are restricted in our ability to withdraw these funds other than for their specified use. Restricted cash was included in Prepaid and other current assets on the Consolidated Balance Sheets.
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| Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment We record property and equipment at cost and depreciate these assets over their relevant useful lives. We capitalize certain direct costs relating to internal-use software when incurred during the development phase. We evaluate property and equipment for impairment whenever events or circumstances indicate the carrying value of an asset group may not be recoverable. We record an impairment loss to the extent the carrying value exceeds the estimated fair value. We did not recognize any significant impairment losses related to property and equipment during the three years ended December 31, 2023. We calculate depreciation on property and equipment for financial reporting purposes using the straight-line method based on the estimated useful lives of our assets. Depreciation expense related to property and equipment for the years ended December 31, 2023, 2022 and 2021 was $168.7 million, $157.7 million and $164.2 million, respectively. The following table shows the gross value of major asset categories and the standard depreciable lives, as of December 31, 2023, for each of these asset categories.
(1) Other includes certain assets, such as land, which are not depreciated.
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| Goodwill and Intangible Assets, Policy [Policy Text Block] | Business Combinations, Goodwill and Other Intangible Assets We have historically grown, in part, through a series of acquisitions. Consistent with the services nature of the majority of businesses we have acquired, we have recognized significant goodwill and intangible assets resulting from these acquisitions. Intangible assets are initially recorded at their respective acquisition date fair values and amortized on a straight-line basis over their estimated useful lives. They primarily represent customer relationships, management contracts and customer backlogs acquired as part of our acquisitions. We reassessed our reporting units as of January 1, 2022, the effective date of our current organizational structure, and reassigned goodwill to reflect our new segment structure using a relative fair value allocation approach. We now define our reporting units as our five global business segments, (i) Markets Advisory, (ii) Capital Markets, (iii) Work Dynamics, (iv) JLL Technologies and (v) LaSalle. This change did not impact our LaSalle reporting unit and, therefore, its goodwill balance was excluded from this exercise and remained unchanged. Under the relative fair value allocation approach, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill. We evaluate goodwill for impairment annually on July 1st of each year or when a triggering event occurs. In our annual goodwill impairment evaluation on July 1, 2023, we considered qualitative and quantitative factors and determined it is not more-likely-than-not that the fair value of each reporting unit is less than their carrying value. In performing our assessments of all reporting units, we primarily considered (i) macroeconomic and industry trends, (ii) our overall financial performance, and nature of the key drivers thereof, during the year at both the reporting unit and consolidated reporting levels, (iii) near and longer-term forecasts of operating income and cash flows generated by our reporting units in relation to the carrying values of the net assets of each reporting unit, and (iv) our market capitalization in relation to the aggregate carrying value of our net assets. In addition to our annual impairment evaluation, we evaluated whether events or circumstances have occurred in the period subsequent to our annual impairment testing and determined it is not more-likely-than-not that the fair value of all our reporting units are less than their respective carrying values. It is possible our determination that goodwill for a reporting unit is not impaired could change in the future if current economic or other conditions deteriorate. We will continue to monitor the relationship between our market capitalization and carrying value, as well as the ability of our reporting units to deliver current and projected earnings and cash flows sufficient to support the carrying values of the net assets of their respective businesses. We evaluate our Identified intangibles for impairment annually or more frequently if other events or circumstances indicate the carrying value may be impaired. See Note 4, Business Combinations, Goodwill and Other Intangible Assets, for additional information on business combinations, goodwill and other intangible assets.
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| Equity Method Investments [Policy Text Block] | Investments We invest in certain ventures that primarily own and operate commercial real estate on a global basis across a wide array of sectors including retail, residential and office. Historically, these investments have primarily been co-investments in funds our LaSalle business establishes in the ordinary course of business for its clients. These investments take the form of equity ownership interests generally ranging from less than 1% to 10% of the respective ventures and, based upon investment-specific objectives, have generally included five to nine-year investment periods. Typically, our investments are not redeemable until the earlier of the disposition of the underlying real estate investments or the end of the fund's life. When in place, such restrictions are a result of our role beyond that of a passive investor, which generally means an advisory or management responsibility on behalf of the other investors who are typically clients of our LaSalle business. We primarily account for these investments at fair value utilizing information provided by investees, however, as further discussed below, we report certain of our investments under the equity method. In addition to our LaSalle investments, JLL Technologies has strategic investments in early to mid-stage property technology ("proptech") companies as well as proptech funds to improve our strategic position within the real estate technology landscape, including investments through the JLL Spark Global Ventures Funds. We generally account for these investments at fair value. For limited partnerships in which we are a general partner, the entities are generally well-capitalized and grant the limited partners substantive participating rights, such as the right to replace the general partner without cause, to dissolve or liquidate the partnership, to approve the sale or refinancing of the principal partnership assets, or to approve the acquisition of principal partnership assets. We account for such general partner interests at fair value or under the equity method. For limited partnerships in which we are a limited partner, management has concluded we do not have a controlling interest in these limited partnerships. When we have an asset advisory contract with the limited partnership, the combination of our limited partner interest and the advisory agreement generally provides us with significant influence over the real estate limited partnership venture. Accordingly, we account for such investments at fair value or under the equity method. See "Principles of Consolidation" above for additional discussion of the accounting for our co-investments. For investments reported at fair value, we maintain an investment account that is increased or decreased each reporting period by the difference between the fair value of the investment and the carrying value as of the balance sheet date. These fair value adjustments are reflected as gains or losses on the Consolidated Statements of Comprehensive Income within Equity (losses) earnings. To the extent applicable, we estimate fair value of our investments using the net asset value ("NAV") per share (or its equivalent) our investees provide. For JLL Technologies investments in proptech companies, we primarily estimate the fair value based on the per-share pricing. Subsequent funding rounds or changes in the companies' business strategy/outlook are indicators of a change in fair value. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility. If we elect to apply the measurement alternative for equity investments that do not have readily determinable fair values, we will measure them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. An impairment loss would be recorded when an event or circumstance indicates a decline in value has occurred. For investments accounted for under the equity method, we maintain an investment account that is (i) increased by contributions made and by our share of net income earned by the real estate ventures, and (ii) decreased by distributions received and by our share of net losses realized by the real estate ventures. Our share of each real estate venture's net income or loss, including gains and losses from capital transactions, is reflected on the Consolidated Statements of Comprehensive Income as Equity (losses) earnings. We evaluate our investments accounted for under the equity method for other-than-temporary impairment on a quarterly basis, or as events or changes in circumstances warrant such an evaluation. Our evaluations consider the existence of impairment indicators in the underlying real estate assets that compose the majority of our investments. We base such evaluations, in regard to both the investment and the investment’s underlying asset levels, on regular updates to future cash flow models, our share of co-investment cash flows, and factors such as operational performance, market conditions, major tenancy matters, legal and environmental concerns, and our ability and intent to hold each investment. If an investment is considered other-than-temporarily impaired, we record the excess of the carrying value over the estimated fair value as an impairment charge. Impairment charges to write down the carrying value of the real estate assets underlying our investments are generally based on the result of discounted cash flow models that primarily rely upon unobservable inputs to determine fair value. We recognize our proportionate share of such impairment within Equity (losses) earnings on the Consolidated Statements of Comprehensive Income. See Note 5, Investments and Note 9, Fair Value Measurements for additional information on Investments.
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| Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation in the form of restricted stock units ("RSUs") and performance stock units ("PSUs") is an important element of our compensation programs. We determine the fair value of RSUs, subject only to service requirements, based on the closing market price of our common stock on the grant date. PSUs are subject to service requirements and performance measures. All PSUs contain one or more performance conditions, such as a pre-defined target based on the Company’s cumulative earnings per share over a multi-year period. For certain executives there is an additional performance measure, a market condition, based on total shareholder return ("TSR") against a peer group. The number of shares that will be issued upon vesting of these PSUs can range from 0% to 150% of the target award, depending on the achievement of each performance condition. We determine the fair value of PSUs based on the (i) closing market price of our common stock on the grant date taking, (ii) the achievement probability for each performance condition, and (iii) the market condition valuation, as applicable, based on the output of Monte Carlo simulations. We periodically assess the achievement probability for performance conditions. As of December 31, 2023, approximately 10% of unvested shares were subject to a market condition. Employees of a specific age, with a sum of age plus years of service with the Company which meets or exceeds 65, based on the terms of the Jones Lang LaSalle 2019 Stock Award and Incentive Plan ("SAIP"), are eligible to be considered for receipt of retirement benefits upon departure from the Company. These award provisions require acceleration of compensation expense such that all expense is recognized by the time these employees are considered retirement eligible. We do not estimate forfeitures; instead, we recognize forfeitures in Compensation and benefits expense as they occur. We also have a "noncompensatory" Employee Stock Purchase Plan ("ESPP") for U.S. employees and a Jones Lang LaSalle Savings Related Share Option Plan ("Save As You Earn" or "SAYE") for U.K. employees. The fair value of options granted under the SAYE plan are determined on the grant date and amortized over the associated vesting period. See Note 6, Stock-Based Compensation, for additional information on our stock-based compensation plans.
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| Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. An increase or decrease in a deferred tax asset or liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, would be included in the tax provision when the changes in circumstances and our judgment occurs. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is established if we believe it is more-likely-than-not all or some portion of a deferred tax asset will not be realized. An increase or decrease in a valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the ability to realize the related deferred tax asset, would be included in the tax provision when the changes in circumstances and our judgment occurs. See Note 8, Income Taxes, for additional information on income taxes.
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| Derivatives, Policy [Policy Text Block] | Derivatives and Hedging Activities We do not enter into derivative financial instruments for trading or speculative purposes. However, in the normal course of business, we do use derivative financial instruments in the form of foreign currency forward contracts to manage our foreign currency exchange rate risk. We currently do not use hedge accounting for these contracts, which are marked-to-market each period with changes in unrealized gains or losses offset by foreign currency gains and losses on associated intercompany loans and other foreign currency balances. Gains and losses from the revaluation of these contracts are recognized as a component of Operating, administrative and other expense and are offset by the gains and losses recognized on the revaluation of intercompany loans and other foreign currency balances such that the impact to net income was not significant for any of the three years ended December 31, 2023. For presentation and disclosure, we net our exposure by counterparty for all counterparties subject to International Swaps and Derivatives Association Master Agreements. We have considered the counterparty credit risk related to these forward foreign currency exchange contracts and do not deem any counterparty credit risk to be material as of December 31, 2023, in part due to the short-term nature of these contracts. In addition, certain loan commitments and forward sales commitments related to our Warehouse receivables meet the definition of a derivative and are recorded at fair value on the Consolidated Balance Sheets. The estimated fair value of loan commitments includes the fair value of the expected net cash flows associated with servicing of the loan, other net cash flows associated with origination and sale of the loan, and the effects of market interest rate movements. The estimated fair value of forward sale commitments includes the effects of market interest rate movements. Therefore, the effect of market interest rate movements on estimated fair value offset between the loan commitments and the forward sale commitments. Adjustments to fair value related to loan and forward sale commitments are included within Revenue on the Consolidated Statements of Comprehensive Income. See Note 9, Fair Value Measurements, for additional information on derivative financial instruments.
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| Lessee, Leases | Leases Substantially all of our operating leases are related to office space we lease in various buildings for our own use. The terms of these non-cancelable operating leases typically require us to pay rent and a share of operating expenses and real estate taxes, generally with an inflation-based rent increase included. We also lease equipment under both operating and finance lease arrangements. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments (e.g. rent) over the lease term beginning at the commencement date. The Operating lease right-of-use assets are adjusted for lease incentives, deferred rent, and initial direct costs, if incurred. Our leases generally do not include an implicit rate; therefore, we use an incremental borrowing rate based on information available at the lease commencement date in determining the present value of future minimum lease payments. The related lease expense is recognized on a straight-line basis over the lease term. As an accounting policy election, short-term leases (lease terms of 12 months or fewer) are not recognized as Operating lease right-of-use assets and operating lease liabilities on our Consolidated Balance Sheets. Rent expense for short-term leases is recognized on a straight-line basis over the lease term and variable lease payments are recognized in the period in which the obligation for those payments is incurred. Finance leases are included in Property and equipment, net of accumulated depreciation, Short-term borrowings, and Other liabilities on our Consolidated Balance Sheets. Our finance leases do not represent a significant portion of our leasing activity. See Note 11, Leases, for additional information on leases.
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| Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation We prepare the financial statements of our subsidiaries located outside the U.S. using local currency as the functional currency. The assets and liabilities of these subsidiaries are translated to U.S. dollars at the rates of exchange as of the balance sheet date with the resulting translation adjustments included as a separate component of equity on the Consolidated Balance Sheets (Accumulated other comprehensive loss) and on the Consolidated Statements of Comprehensive Income (Other comprehensive income-foreign currency translation adjustments). See Note 15, Accumulated Other Comprehensive Income (Loss), for additional information on the components of Accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange. We include gains and losses from foreign currency transactions in net earnings as a component of Operating, administrative and other expense. For the year ended December 31, 2023 we had a net foreign currency transaction loss of $10.6 million. For the years ended 2022 and 2021 we had a net foreign currency translation gain of $6.4 million and a loss of $8.1 million, respectively. The effect of foreign currency exchange rate changes on Cash, cash equivalents and restricted cash is presented as a separate caption in the Consolidated Statements of Cash Flows.
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| Cash Held for Others [Policy Text Block] | Cash Held for Others We manage significant amounts of cash and cash equivalents in our role as agent for certain of our investment, facility management and property management clients. We do not include such amounts on the Consolidated Balance Sheets.
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| Taxes Collected from Clients and Remitted to Governmental Authorities [Policy Text Block] | Taxes Collected from Clients and Remitted to Governmental Authorities We account for tax assessed by a governmental authority that is based on a revenue or transaction value (i.e., sales, use and value-added taxes) on a net basis, excluded from revenue, and recorded as current liabilities until paid.
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| Commitments and Contingencies, Policy [Policy Text Block] | Other Commitments and Contingencies We are subject to various claims and contingencies related to disputes, lawsuits and taxes as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Our current insurance programs include professional, auto and general liability. The level of risk retained by our captive insurance company is limited per claim, inclusive of the deductible. For professional indemnity coverage, we contract third-party insurance companies to provide coverage of risk in excess of the policy limits. We recognize the liability associated with a loss contingency when a loss is probable and estimable. See Note 13, Commitments and Contingencies, for additional information on commitments and contingencies.
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| Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share; Net Income Available to Common Shareholders The difference between basic weighted average shares outstanding and diluted weighted average shares outstanding represents the dilutive impact of our common stock equivalents. Common stock equivalents consist of shares to be issued under employee stock-based compensation programs. Anti-dilutive shares were de minimis for all periods presented. See Note 6, Stock-Based Compensation, for additional information on our stock-based compensation plans.
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| New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Recently 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, which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about their outstanding obligations at the end of the reporting period. The guidance is intended to address requests from stakeholders for information about an entity’s use of supplier finance programs and their effect on the entity’s working capital, liquidity and cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. We adopted this guidance effective January 1, 2023, and the adoption did not impact our financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The FASB issued the ASU in response to requests from investors for companies to disclose more information about their financial performance at the segment level. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the effect this guidance will have on our segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the effect this guidance will have on our tax disclosures.
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Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Noncontrolling Interest [Table Text Block] | Changes in amounts attributable to non-redeemable noncontrolling interests are reflected in the Consolidated Statements of Changes in Equity. Changes in amounts attributable to redeemable noncontrolling interests are presented in the following table.
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| Disaggregation of Revenue |
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| Contract with Customer, Contract Asset, Contract Liability, and Receivable | Such contract assets and liabilities are presented below.
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| Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table details the changes in the allowance for uncollectible receivables.
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| Property, Plant and Equipment [Table Text Block] | The following table shows the gross value of major asset categories and the standard depreciable lives, as of December 31, 2023, for each of these asset categories.
(1) Other includes certain assets, such as land, which are not depreciated.
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Business Segments (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of financial information by business segment | Summarized financial information by business segment is as follows.
The following table is a reconciliation of segment revenue to consolidated revenue.
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
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| Schedule of revenue from most significant currencies | The following table sets forth the revenue from our most significant currencies.
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Business Combinations, Goodwill and Other Intangible Assets (Tables) |
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| Business Acquistion, Pro Forma Results [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Earn-out Payments [Table Text Block] | Earn-Out Payments
(1) Included in Short-term and Long-term acquisition-related obligations on the Consolidated Balance Sheets.
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| Movements in Goodwill by Reporting Segment |
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| Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets |
(1) Included in this amount for MSRs was $10.0 million and $28.0 million for 2023 and 2022, respectively, relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.
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| Future Amortization Expense for Finite-Lived Intangible Assets | The remaining weighted average amortization period of MSRs and other finite-lived identifiable intangible assets is 3.9 years and 4.6 years, respectively, and the remaining estimated future amortization expense by year, as of December 31, 2023, is presented in the following table.
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Investments (Tables) |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summarized investment balances | Summarized investment balances are presented in the following table.
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| Balance Sheet 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 are no consolidated VIE balances as of December 31, 2023 and 2022 and net income was consolidated up to the reconsideration date.
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| Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block] |
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| Summary of Combined Financial Information for Unconsolidated Ventures | The following tables summarize the combined financial information for certain of our unconsolidated investments accounted for under the equity method or at fair value.
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| Investments in real estate ventures |
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation Expense |
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| Restricted Stock Unit Activity |
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Retirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Contribution Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Contribution Plan Disclosures [Table Text Block] | The table below provides detail of employer contributions for these plans.
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| Schedule of Net Funded Status | The following table provides the projected benefit obligation and plan assets, the net of which represents our funded status, as well as the accumulated benefit obligations of our defined benefit pension plans.
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| Schedule of Amounts Recognized in Balance Sheet | Defined benefit pension plan amounts recorded in the Consolidated Balance Sheets are presented in the below table.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | Our provision for income taxes consisted of the following:
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| Reconciliation of reported tax expense to federal statutory tax | Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before provision for income taxes as a result of the following:
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| Income (loss) before taxes from domestic and international sources | Our income (loss) before taxes from domestic (U.S.) and international sources is presented in the following table.
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| Tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.
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| Reconciliation of beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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.
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.
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| Foreign currency forward contracts, gross notional value and net basis | The following table details the gross notional value and net basis of these contracts.
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| Schedule of Foreign Exchange Contracts, Statement of Financial Position | The outstanding balances of these contracts are presented in the following table.
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| Schedule of Deferred Compensation Plan Components | The components of the plan are presented in the following table.
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| Fair Value, Assets 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).
(1) CTA: Currency translation adjustments (2) Within Investments, notes receivable (inclusive of accrued interest) converted to equity upon maturity and was classified as a Level 3 investment immediately.
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| 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.
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Debt Schedule of Long-term Debt Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt [Table Text Block] | Debt is composed of the following obligations.
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| Schedule of Credit Facility, Average Outstanding Amount [Table Text Block] |
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Debt Warehouse Facilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warehouse Facilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Line of Credit Facilities [Table Text Block] | Warehouse Facilities
(1) Bloomberg Short-Term Bank Yield Index rate ("BSBY") (2) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 18, 2023. (3) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 15, 2023. (4) In 2023, JLL extended the Warehouse facility; previously, the facility had a maturity date of July 28, 2023. (5) As Soon As Pooled ("ASAP") funding program.
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Minimum future lease payments due in each of the next five years and thereafter, as of December 31, 2023, are presented in the table below.
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| Lease, Cost [Table Text Block] | Other information related to operating leases was as follows.
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Transactions with Affiliates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding Loans to Employees | The outstanding balance of loans to employees are presented in the following table.
(1) These nonrecourse loans have been made to allow employees the ability to participate in investment fund opportunities. Such amounts are included in Investments on our Consolidated Balance Sheets. (2) Consists primarily of commissions and other compensation advances to employees that are amortized to Compensation and benefits based on performance over required service periods. Such amounts are included in Notes and other receivables and Long-term receivables on our Consolidated Balance Sheets.
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Commitments and Contingencies Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 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.
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Restructuring and Acquisition Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring, Impairment, and Other Activities Disclosure | are presented in the table below.
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Accumulated Other Comprehensive Income (Loss) by Component (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents the changes in Accumulated other comprehensive income (loss) by component.
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Organization (Details) ft² in Billions, $ in Billions |
Dec. 31, 2023
USD ($)
ft²
employee
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of employees | 106,000 |
| Number of employees whose costs are reimbursed by clients | 48,300 |
| Portfolio of property and corporate facility management (in square feet) | ft² | 4.8 |
| Assets under management by LaSalle Investment Management | $ | $ 73.9 |
Summary of Significant Accounting Policies Summary of Significant Accounting Details, Noncontrolling Interest (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accounting Policies [Abstract] | ||||
| Redeemable Noncontrolling Interest | $ 0.0 | $ 7.0 | $ 7.8 | $ 7.8 |
| Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (6.8) | (0.3) | 0.1 | |
| Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ (0.2) | (0.3) | $ (0.1) | |
| Payments to Noncontrolling Interests | $ (0.2) | |||
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
yr
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Mortgage Banking [Abstract] | ||||
| Identified intangibles, net of accumulated amortization | $ 785.0 | $ 858.5 | ||
| Mortgage-backed Securities Held-to-maturity, Fair Value Disclosure | $ 698.3 | 695.3 | ||
| Real Estate Investments, Net [Abstract] | ||||
| Minimum ownership percentage in real estate ventures (in hundredths) | 1.00% | |||
| Maximum ownership percentage in real estate ventures (in hundredths) | 10.00% | |||
| Foreign Currency Translation [Abstract] | ||||
| Net foreign currency gains (losses) | $ (10.6) | (6.4) | $ (8.1) | |
| Bank Servicing Fees. | 129.6 | 119.0 | 101.8 | |
| Loan loss guarantee reserve | 23.4 | 24.8 | ||
| Loan loss accrual | 30.9 | 29.0 | ||
| Allowance For Doubtful Accounts, Current. [Member] | ||||
| SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 70.7 | 66.7 | 67.6 | $ 66.5 |
| Share-based Payment Arrangement [Member] | ||||
| Share Based Compensation Arrangement By Share Based Payment Award Sum Of Age Plus Years Of Service Minimum | yr | 65 | |||
| ASC Topic 326 Opening Balance Adjustment | Allowance For Doubtful Accounts, Current. [Member] | ||||
| SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 67.6 | |||
| Mortgage servicing rights [Member] | ||||
| Mortgage Banking [Abstract] | ||||
| Identified intangibles, net of accumulated amortization | $ 492.0 | $ 505.1 | ||
Summary of Significant Accounting Policies, Accounts Receivable (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||
| Unbilled contracts receivable | $ 593.8 | $ 593.1 | |
| Allowance For Doubtful Accounts, Current. [Member] | |||
| SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
| Allowance at beginning of the year | 66.7 | 67.6 | $ 66.5 |
| Charged to income | 22.0 | 25.0 | 25.5 |
| Write-off of uncollectible receivables | (15.8) | (23.2) | (22.1) |
| Impact of exchange rate movements and other | (2.2) | (2.7) | (2.3) |
| Allowance at end of the year | $ 70.7 | $ 66.7 | $ 67.6 |
Summary of Significant Accounting Policies, Property, Plant and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property and Equipment [Abstract] | |||
| Depreciation expense | $ 168.7 | $ 157.7 | $ 164.2 |
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross value | 1,653.0 | 1,543.4 | |
| Total accumulated depreciation | (1,039.1) | (960.5) | |
| Net property and equipment | 613.9 | 582.9 | |
| Furniture and Fixtures [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross value | $ 145.4 | 138.7 | |
| Furniture and Fixtures [Member] | Minimum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 3 years | ||
| Furniture and Fixtures [Member] | Maximum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 13 years | ||
| Computer equipment and software [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross value | $ 987.9 | 932.2 | |
| Computer equipment and software [Member] | Minimum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 2 years | ||
| Computer equipment and software [Member] | Maximum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 7 years | ||
| Leasehold Improvements [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross value | $ 468.2 | 431.2 | |
| Leasehold Improvements [Member] | Minimum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 1 year | ||
| Leasehold Improvements [Member] | Maximum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 15 years | ||
| Property, Plant and Equipment, Other Types | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, gross value | $ 51.5 | $ 41.3 | |
| Property, Plant and Equipment, Other Types | Minimum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 2 years | ||
| Property, Plant and Equipment, Other Types | Maximum [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciable life | 30 years | ||
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disaggregation of Revenue [Line Items] | |||
| Percentage of Revenue, Constrained due to uncertainty | 5.00% | ||
| Percentage of Revenue, Remaining Performance Obligation | 5.00% | ||
| Contract with Customer, Asset, before Allowance for Credit Loss | $ 402.3 | $ 447.0 | |
| Contract with Customer, Asset, Allowance for Credit Loss | (1.8) | (2.3) | |
| Contract with Customer, Asset, after Allowance for Credit Loss | 400.5 | 444.7 | |
| Contract with Customer, Liability | 166.2 | 151.4 | |
| Out of Scope of Topic 606 Revenue [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Fees and Commissions, Mortgage Banking and Servicing | $ 286.3 | $ 293.6 | $ 337.1 |
Business Segments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Segment Reporting Information [Line Items] | |||
| Revenues | $ 20,760.8 | $ 20,862.1 | $ 19,367.0 |
| Depreciation and amortization | 238.4 | 228.1 | 217.5 |
| Depreciation and amortization adjusted | 234.4 | 225.2 | 217.5 |
| Equity in earnings (losses) | (194.1) | 51.0 | 209.4 |
| Adjusted EBITDA | 736.7 | 1,247.3 | 1,496.5 |
| Restructuring and acquisition charges | (100.7) | (104.8) | (84.7) |
| Gain (Loss) on Disposition of Business | (0.5) | (7.5) | 12.4 |
| Interest on employee loans, net [Abstract] | 3.6 | 9.7 | 0.0 |
| Net non-cash mortgage servicing rights and mortgage banking derivative activity | (18.2) | 11.0 | 59.3 |
| Interest Income (Expense), Net | (135.4) | (75.2) | (40.1) |
| Income Tax Expense (Benefit) | (25.7) | (200.8) | (264.3) |
| Net Income available to common stockholders | 225.4 | 654.5 | 961.6 |
| Markets Advisory | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 4,121.6 | 4,415.5 | 4,188.7 |
| Depreciation and amortization adjusted | 65.6 | 70.6 | 69.4 |
| Equity in earnings (losses) | (0.5) | (0.3) | 0.7 |
| Adjusted EBITDA | 416.6 | 527.5 | 546.5 |
| Capital Markets [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 1,778.0 | 2,488.2 | 2,620.5 |
| Depreciation and amortization | 65.6 | 61.6 | 63.1 |
| Equity in earnings (losses) | 6.7 | 3.1 | 4.9 |
| Adjusted EBITDA | 173.1 | 444.0 | 543.2 |
| Work Dynamics | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 14,131.1 | 13,268.5 | 11,891.5 |
| Depreciation and amortization | 79.2 | 71.1 | 66.2 |
| Equity in earnings (losses) | 1.4 | 1.2 | 0.4 |
| Adjusted EBITDA | 264.0 | 230.1 | 182.4 |
| JLL Technologies | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 246.4 | 213.9 | 166.2 |
| Depreciation and amortization | 15.9 | 15.4 | 10.5 |
| Equity in earnings (losses) | (177.0) | 46.6 | 140.7 |
| Adjusted EBITDA | (196.1) | (50.9) | 53.4 |
| LaSalle Investment Management [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 483.7 | 476.0 | 500.1 |
| Depreciation and amortization | 8.1 | 6.5 | 8.3 |
| Equity in earnings (losses) | (24.7) | 0.4 | 62.7 |
| Adjusted EBITDA | 79.1 | 96.6 | 171.0 |
| Leasing [Member] | Markets Advisory | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 2,343.6 | 2,759.2 | 2,618.1 |
| Property Management | Markets Advisory | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 1,675.1 | 1,525.3 | 1,437.9 |
| Advisory, Consulting and Other | Markets Advisory | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 102.9 | 131.0 | 132.7 |
| Investment Sales, Debt/Equity Advisory and Other | Capital Markets [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 1,261.6 | 1,955.4 | 2,111.0 |
| Value and Risk Advisory | Capital Markets [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 363.8 | 374.9 | 369.3 |
| Loan Servicing | Capital Markets [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 152.6 | 157.9 | 140.2 |
| Workplace Management | Work Dynamics | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 10,706.2 | 9,819.2 | 8,731.5 |
| Project Management | Work Dynamics | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 2,924.8 | 2,972.3 | 2,684.9 |
| Portfolio Services and Other | Work Dynamics | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 500.1 | 477.0 | 475.1 |
| Advisory Fees [Member] | LaSalle Investment Management [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 406.2 | 404.6 | 364.7 |
| Transaction Fees & Other [Member] | LaSalle Investment Management [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | 30.0 | 44.8 | 41.5 |
| Incentive Fees [Member] | LaSalle Investment Management [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenues | $ 47.5 | $ 26.6 | $ 93.9 |
Business Segments, Currencies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | $ 20,760.8 | $ 20,862.1 | $ 19,367.0 |
| United States dollar [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 12,258.9 | 12,375.9 | 11,283.1 |
| British pound [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 1,640.0 | 1,575.6 | 1,626.6 |
| Euro [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 1,436.1 | 1,535.6 | 1,393.3 |
| Australian dollar [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 1,036.9 | 1,183.0 | 1,118.7 |
| Indian rupee [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 661.4 | 591.0 | 508.2 |
| Canada, Dollars | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 613.8 | 593.8 | 508.3 |
| Hong Kong dollar [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 544.8 | 532.3 | 545.6 |
| Chinese yuan [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 480.9 | 506.0 | 539.1 |
| Singapore dollar [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 425.4 | 368.4 | 327.4 |
| Japanese yen [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | 286.6 | 233.8 | 256.8 |
| Other currencies [Member] | |||
| Schedule of Significant Currencies [Line Items] | |||
| Revenues | $ 1,376.0 | $ 1,366.7 | $ 1,259.9 |
Business Combinations, Goodwill and Other Intangible Assets, Business Combinations Activity (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
acquisition
|
Dec. 31, 2022
USD ($)
acquisition
|
Dec. 31, 2021
USD ($)
|
|
| Business Acquisition [Line Items] | |||
| Payment for Contingent Consideration Liability, Total | $ 26.8 | $ 18.1 | |
| Number of Businesses Acquired | acquisition | 1 | ||
| Goodwill, acquired during period | $ 18.7 | ||
| Finite-lived intangible assets acquired | 2.1 | ||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2.8 | ||
| Number of acquisitions subject to potential earn-out payments provisions | acquisition | 14 | 17 | |
| Business Combination, Contingent Consideration Arrangements, Range of OUtcomes, High, Value | $ 100.0 | $ 114.6 | |
| Business Combination, Contingent Consideration, Liability, Current | 19.6 | 23.1 | |
| Other Payments to Acquire Businesses | 10.0 | ||
| Payments to Acquire Businesses, Net of Cash Acquired | 13.6 | 5.7 | $ 416.8 |
| Business Combination, Contingent Consideration, Liability, Noncurrent | 51.1 | 76.3 | |
| Goodwill | 4,587.4 | 4,528.0 | 4,611.6 |
| Goodwill Additions, net of adjustments | 18.7 | 13.5 | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 41.3 | (97.1) | |
| Identified intangibles, net of accumulated amortization | 785.0 | 858.5 | |
| Servicing Asset at Amortized Cost, Other than Temporary Impairments | 10.0 | 28.0 | |
| Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
| Business Acquisition [Line Items] | |||
| Business Combination, Contingent Consideration, Liability, Current | 12.0 | 5.0 | |
| Business Combination, Contingent Consideration, Liability, Noncurrent | 45.5 | 68.3 | |
| Business Combination, Contingent Consideration, Liability | $ 57.5 | $ 73.2 | $ 84.1 |
Business Combinations, Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill [Line Items] | ||
| Finite-Lived Intangible Assets, Net | $ 735.4 | |
| Indefinite-lived Intangible Assets (Excluding Goodwill) | 49.6 | |
| Goodwill [Roll Forward] | ||
| Goodwill | 4,528.0 | $ 4,611.6 |
| Goodwill Additions, net of adjustments | 18.7 | 13.5 |
| Goodwill, Written off Related to Sale of Business Unit | (0.6) | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 41.3 | (97.1) |
| Goodwill | 4,587.4 | 4,528.0 |
| Markets Advisory | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 1,742.9 | 1,782.9 |
| Goodwill Additions, net of adjustments | 0.0 | 0.0 |
| Goodwill, Written off Related to Sale of Business Unit | (0.4) | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 16.8 | (40.0) |
| Goodwill | 1,759.3 | 1,742.9 |
| Capital Markets [Member] | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 1,949.2 | 1,983.9 |
| Goodwill Additions, net of adjustments | 18.7 | 8.5 |
| Goodwill, Written off Related to Sale of Business Unit | (0.2) | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 18.7 | (43.2) |
| Goodwill | 1,986.4 | 1,949.2 |
| Work Dynamics | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 532.6 | 539.9 |
| Goodwill Additions, net of adjustments | 0.0 | 4.6 |
| Goodwill, Written off Related to Sale of Business Unit | 0.0 | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 5.1 | (11.9) |
| Goodwill | 537.7 | 532.6 |
| JLL Technologies | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 247.7 | 247.5 |
| Goodwill Additions, net of adjustments | 0.0 | 0.4 |
| Goodwill, Written off Related to Sale of Business Unit | 0.0 | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 0.0 | (0.2) |
| Goodwill | 247.7 | 247.7 |
| LaSalle Investment Management [Member] | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 55.6 | 57.4 |
| Goodwill Additions, net of adjustments | 0.0 | 0.0 |
| Goodwill, Written off Related to Sale of Business Unit | 0.0 | |
| Goodwill, Foreign Currency Translation Gain (Loss) | 0.7 | (1.8) |
| Goodwill | $ 56.3 | $ 55.6 |
Business Combinations, Goodwill and Other Intangible Assets, Other Intangibles by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | |||
| Additions, net of adjustments | $ 101.8 | $ 160.2 | |
| Adjustment for fully amortized intangibles | (61.4) | (76.8) | |
| Impact of exchange rate movements | 3.3 | (6.2) | |
| Intangible Assets, Gross (Excluding Goodwill) | 1,348.0 | 1,304.3 | $ 1,227.1 |
| Identified intangibles, with finite useful lives, accumulated amortization | (563.0) | (445.8) | (340.1) |
| Amortization expense, net (1) | (177.7) | (184.8) | |
| Accumulated Amortization Adjustment for fully Amortized Intangibles | 61.4 | 76.8 | |
| Impact of exchange rate movements | (0.9) | (2.3) | |
| Net book value as of end of period | 785.0 | 858.5 | |
| Servicing Asset at Amortized Cost, Other than Temporary Impairments | 10.0 | 28.0 | |
| Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
| 2024 | 161.7 | ||
| 2025 | 132.6 | ||
| 2026 | 96.0 | ||
| 2027 | 79.1 | ||
| 2028 | 65.4 | ||
| Thereafter | 200.6 | ||
| Total | 735.4 | ||
| Mortgage servicing rights [Member] | |||
| Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | |||
| Additions, net of adjustments | 94.6 | 140.9 | |
| Adjustment for fully amortized intangibles | (40.1) | (63.3) | |
| Impact of exchange rate movements | 0.0 | 0.0 | |
| Intangible Assets, Gross (Excluding Goodwill) | 801.8 | 747.3 | 669.7 |
| Identified intangibles, with finite useful lives, accumulated amortization | (309.8) | (242.2) | (191.0) |
| Amortization expense, net (1) | (107.7) | (114.5) | |
| Accumulated Amortization Adjustment for fully Amortized Intangibles | 40.1 | 63.3 | |
| Impact of exchange rate movements | 0.0 | 0.0 | |
| Net book value as of end of period | $ 492.0 | 505.1 | |
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 10 months 24 days | ||
| Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
| 2024 | $ 97.4 | ||
| 2025 | 88.7 | ||
| 2026 | 75.9 | ||
| 2027 | 64.4 | ||
| 2028 | 51.0 | ||
| Thereafter | 114.6 | ||
| Total | 492.0 | ||
| Other Intangible Assets [Member] | |||
| Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | |||
| Additions, net of adjustments | 7.2 | 19.3 | |
| Adjustment for fully amortized intangibles | (21.3) | (13.5) | |
| Impact of exchange rate movements | 3.3 | (6.2) | |
| Intangible Assets, Gross (Excluding Goodwill) | 546.2 | 557.0 | 557.4 |
| Identified intangibles, with finite useful lives, accumulated amortization | (253.2) | (203.6) | $ (149.1) |
| Amortization expense, net (1) | (70.0) | (70.3) | |
| Accumulated Amortization Adjustment for fully Amortized Intangibles | 21.3 | 13.5 | |
| Impact of exchange rate movements | (0.9) | $ 2.3 | |
| Net book value as of end of period | $ 293.0 | ||
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 7 months 6 days | ||
| Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
| 2024 | $ 64.3 | ||
| 2025 | 43.9 | ||
| 2026 | 20.1 | ||
| 2027 | 14.7 | ||
| 2028 | 14.4 | ||
| Thereafter | 86.0 | ||
| Total | $ 243.4 | ||
Investments (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
investment
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Summary of equity method investments [Abstract] | |||
| Variable Interest Entity, Nonconsolidated, Carrying Amount, Net Assets and Liabilities | $ 146.9 | $ 116.0 | |
| Property and equipment, net | 613.9 | 582.9 | |
| Investments | 816.6 | 873.8 | |
| Total assets | 16,064.8 | 15,593.7 | |
| Other Liabilities, Current | 325.7 | 330.5 | |
| Mortgage indebtedness | 388.5 | 407.0 | |
| Total liabilities | 9,654.9 | 9,444.2 | |
| Total liabilities and equity | 16,064.8 | 15,593.7 | |
| Revenues | 20,760.8 | 20,862.1 | $ 19,367.0 |
| Net income | 226.2 | 793.4 | 959.3 |
| Balance Sheet [Abstract] | |||
| Equity Method Investment, Summarized Information, Noncurrent Assets | 37,233.7 | 36,855.2 | |
| Equity Method Investment, Summarized Information, Assets | 41,321.2 | 40,367.9 | |
| Mortgage indebtedness | 12,321.2 | 11,790.0 | |
| Other borrowings | 2,584.1 | 3,100.5 | |
| Equity Method Investment, Summarized Information, Liabilities | 17,513.9 | 16,986.9 | |
| Equity Method Investment Summarized Information, Equity | 23,807.3 | 23,381.0 | |
| Equity Method Investment, Summarized Information, Revenue | 2,403.5 | 2,193.4 | 2,103.6 |
| Equity Method Investment, Summarized Information, Net Income (Loss) | (1,085.8) | 576.6 | 1,850.7 |
| Fair Value [Abstract] | |||
| Fair value investments at beginning of the period | 794.9 | 639.6 | 340.3 |
| Investments, at Fair Value, Additions | 160.4 | 156.1 | 190.3 |
| Investments, at Fair Value, Distributions | (25.2) | (38.5) | (84.0) |
| Net fair value gain | (197.8) | 61.3 | 201.2 |
| Investments, at Fair Value, Foreign Currency Translation | 8.5 | (23.6) | (8.2) |
| Fair value investments at end of the period | 740.8 | 794.9 | 639.6 |
| Consolidated Variable Interest Entities [Member] | |||
| Summary of equity method investments [Abstract] | |||
| Revenues | 0.0 | 17.6 | 11.0 |
| Other Expenses | 0.0 | (23.8) | (14.9) |
| Gains on Sales of Investments | 0.0 | 142.3 | 0.0 |
| Net income | 0.0 | 136.1 | $ (3.9) |
| LaSalle Investment Company II [Member] | |||
| Summary of equity method investments [Abstract] | |||
| Guarantor Obligations, Maximum Exposure, Undiscounted | $ 60.3 | ||
| LaSalle Investment Management [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Number of separate property or fund co-investments | investment | 48 | ||
| Summary of equity method investments [Abstract] | |||
| Guarantor Obligations, Maximum Exposure, Undiscounted | $ 341.0 | ||
| Investments | 388.3 | 366.5 | |
| JLL Technologies | |||
| Summary of equity method investments [Abstract] | |||
| Guarantor Obligations, Maximum Exposure, Undiscounted | 13.6 | ||
| Investments | 397.6 | 483.4 | |
| Fair Value [Abstract] | |||
| Other than Temporary Impairment Losses, Investments | 19.6 | ||
| Other investments | |||
| Summary of equity method investments [Abstract] | |||
| Investments | $ 30.7 | $ 23.9 | |
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based Payment Arrangement, Expense | $ 74.9 | $ 75.3 | $ 80.1 | |
| Other Stock Compensation Programs [Abstract] | ||||
| Amortization of Other Deferred Charges (Reversal) | $ 13.5 | |||
| Stock Options [Member] | U.K. Save As You Earn (SAYE) Plan [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Number of shares available for grant (in shares) | 281,000 | |||
| Performance Shares [Member] | ||||
| Restricted stock unit activity [Roll Forward] | ||||
| Unvested at beginning of period (in shares) | 567,000.0 | 646,000.0 | 531,500 | |
| Granted (in shares) | 185,200 | 116,500 | 218,900 | |
| Vested (in shares) | (257,200) | (175,100) | (79,000.0) | |
| Forfeited (in shares) | (36,900) | (20,400) | (25,400) | |
| Unvested at end of period (in shares) | 458,100 | 567,000.0 | 646,000.0 | 531,500 |
| Share-based Payment Arrangement [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Number of shares available for grant (in shares) | 910,000 | |||
| Restricted stock unit activity [Roll Forward] | ||||
| Unvested at beginning of period (in shares) | 1,408,300 | 1,558,400 | 1,627,700 | |
| Granted (in shares) | 705,700 | 469,700 | 554,600 | |
| Vested (in shares) | (554,000.0) | (570,800) | (550,100) | |
| Forfeited (in shares) | (111,800) | (49,000.0) | (73,800) | |
| Unvested at end of period (in shares) | 1,448,200 | 1,408,300 | 1,558,400 | 1,627,700 |
| Restricted stock unit activity, additional disclosures [Abstract] | ||||
| Weighted average grant date fair value, beginning of period (in dollars per share) | $ 170.78 | $ 152.27 | $ 137.42 | |
| Weighted average grant date fair value, granted (in dollars per share) | 143.64 | 204.05 | 189.40 | |
| Weighted average grant date fair value, vested (in dollars per share) | 126.28 | 147.78 | 145.54 | |
| Weighted average grant date fair value, forfeitures (in dollars per share) | 164.42 | 168.92 | 148.97 | |
| Weighted average grant date fair value, end of period (in dollars per share) | $ 175.07 | $ 170.78 | $ 152.27 | $ 137.42 |
| Weighted average remaining contractual life, unvested shares outstanding and expected to vest | 1 year 7 months 28 days | 1 year 9 months 14 days | 1 year 11 months 26 days | 1 year 8 months 8 days |
| Unamortized deferred compensation cost | $ 79.2 | |||
| Fair value of shares vested | 70.0 | $ 84.3 | $ 80.1 | |
| Grant date fair value | 101.4 | 95.8 | 105.0 | |
| Share-based Payment Arrangement [Member] | Performance Shares [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based Payment Arrangement, Expense | 9.0 | 26.8 | 42.4 | |
| Share-based Payment Arrangement [Member] | Restricted Stock Units (RSUs) [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share-based Payment Arrangement, Expense | $ 65.9 | $ 48.5 | $ 37.7 | |
| Stock Options [Member] | Jones Lang Lasalle Savings Related Share Option Plan [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Discount on purchase price (in hundredths) | 15.00% | |||
| Restricted Stock Units (RSUs) [Member] | ||||
| Restricted stock unit activity [Roll Forward] | ||||
| Unvested at beginning of period (in shares) | 841,300 | 912,400 | 1,096,200 | |
| Granted (in shares) | 520,500 | 353,200 | 335,700 | |
| Vested (in shares) | (296,800) | (395,700) | (471,100) | |
| Forfeited (in shares) | (74,900) | (28,600) | (48,400) | |
| Unvested at end of period (in shares) | 990,100 | 841,300 | 912,400 | 1,096,200 |
Retirement Plans (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
plan
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Contributory defined benefit pension plans | plan | 5 | ||
| United States Retirement Plans of US Entity, Defined Contribution [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined contribution plan, cost recognized | $ 52.1 | $ 50.1 | $ 42.7 |
| Foreign Retirement Plans, Defined Contribution [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Defined contribution plan, cost recognized | 46.9 | 43.2 | $ 42.4 |
| Foreign Plan [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Projected benefit obligations, benefit obligation, end of year | 277.4 | 257.1 | |
| Defined Benefit Plan, Plan Assets, Amount | 315.3 | 287.1 | |
| Defined Benefit Plan, Funded (Unfunded) Status of Plan | 37.9 | 30.0 | |
| Change in plan assets: | |||
| Defined Benefit Plan, Accumulated Benefit Obligation | 277.4 | 257.1 | |
| Foreign Plan [Member] | |||
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
| Assets for Plan Benefits, Defined Benefit Plan | 41.8 | 31.3 | |
| Liability, Defined Benefit Plan | (3.9) | (1.3) | |
| Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 100.4 | $ 97.6 | |
Income Taxes, Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| U.S. Federal [Abstract] | |||
| Current | $ 88.1 | $ 81.7 | $ 95.1 |
| Deferred | (160.1) | (5.8) | 29.1 |
| Total U.S. Federal | (72.0) | 75.9 | 124.2 |
| State and Local [Abstract] | |||
| Current | 33.4 | 29.2 | 34.6 |
| Deferred | (54.6) | 2.1 | 11.8 |
| Total State and Local | (21.2) | 31.3 | 46.4 |
| International [Abstract] | |||
| Current | 161.2 | 136.3 | 156.0 |
| Deferred | (42.3) | (42.7) | (62.3) |
| Total International | 118.9 | 93.6 | 93.7 |
| Total provision for income taxes | $ 25.7 | $ 200.8 | $ 264.3 |
| U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
| Increase or decrease in current tax expense from utilization of prior years' net operating loss carryovers | $ 69.1 | $ 25.6 | $ 52.4 |
| Current receivable | $ 215.8 | $ 215.2 | |
Income Taxes, Income Tax Expense and Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Increase (reduction) in income taxes from: | |||
| Computed expected tax expense | $ 52.9 | $ 208.7 | $ 256.9 |
| State and local income taxes, net of federal income tax benefit | (17.1) | 26.8 | 39.7 |
| Nondeductible expenses | 7.1 | 13.9 | 17.6 |
| International earnings taxed at various rates | (58.4) | (34.7) | (22.6) |
| Effective Income Tax Rate Reconciliation, U.S. capital loss carryover | 0.0 | 0.0 | (35.2) |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 41.3 | (4.8) | 34.2 |
| Other, net | (0.1) | (9.1) | (26.3) |
| Total provision for income taxes | $ 25.7 | $ 200.8 | $ 264.3 |
| Increase (reduction) in income taxes from: | |||
| U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
| State and local income taxes, net of federal income tax benefit | (6.80%) | 2.70% | 3.20% |
| Nondeductible expenses | 2.90% | 1.40% | 1.40% |
| International earnings taxed at various rates | (23.20%) | (3.50%) | (1.80%) |
| Effective Income Tax Rate Reconciliation, U.S. capital loss carryover, Percent | 0.00% | 0.00% | (2.90%) |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 16.40% | (0.50%) | 2.80% |
| Other, net | (0.10%) | (0.90%) | (2.10%) |
| Total | 10.20% | 20.20% | 21.60% |
Income Taxes, Foreign Income Tax (Details) - country |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Foreign Tax Jurisdiction [Line Items] | |||
| U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
| Number of countries in which the company has operations that constitute an income tax presence | 93 | ||
| Threshold for foreign taxing jurisdiction to be considered very low rate (in hundredths) | 25.00% | ||
| HONG KONG [Member] | |||
| Income Tax Foreign Tax Jurisdiction [Line Items] | |||
| Foreign tax rate considered to be very low tax rates | 16.50% | ||
| SINGAPORE [Member] | |||
| Income Tax Foreign Tax Jurisdiction [Line Items] | |||
| Foreign tax rate considered to be very low tax rates | 17.00% | ||
| ISRAEL | |||
| Income Tax Foreign Tax Jurisdiction [Line Items] | |||
| Foreign tax rate considered to be very low tax rates | 23.00% | ||
Income Taxes, Income Before Taxes, Domestic and International (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income before taxes from domestic and international sources [Abstract] | |||
| Domestic | $ (175.5) | $ 447.9 | $ 798.9 |
| International | 427.4 | 546.3 | 424.7 |
| Income before income taxes and noncontrolling interest | $ 251.9 | $ 994.2 | $ 1,223.6 |
Income Taxes, Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred tax assets attributable to: | ||
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $ 511.3 | $ 393.6 |
| U.S. federal and state loss and credit carryovers | 55.1 | 52.5 |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 37.6 | 33.9 |
| International loss carryovers | 313.0 | 237.3 |
| Deferred Tax Assets, Investments | 1.6 | 0.0 |
| Pension liabilities | 27.7 | 19.8 |
| Deferred tax assets, gross | 946.3 | 737.1 |
| Less: valuation allowances | (172.7) | (120.8) |
| Deferred tax assets, net | 773.6 | 616.3 |
| Deferred tax liabilities attributable to: | ||
| Property and equipment | 24.8 | 23.6 |
| Intangible assets | 277.7 | 325.6 |
| Income deferred for tax purposes | 11.4 | 7.5 |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | 0.0 | 72.6 |
| Other | 7.1 | 1.4 |
| Deferred tax liabilities | 321.0 | 430.7 |
| Net deferred taxes | 452.6 | $ 185.6 |
| U.S. [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Net operating loss carryforwards | 53.5 | |
| State [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Net operating loss carryforwards | 20.1 | |
| International [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Net operating loss carryforwards | $ 1,233.8 |
Income Taxes, Valuation Allowance (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Deferred Tax Assets Operating Loss Carryforwards Utilized or Expired [Member] | |
| Valuation Allowance [Line Items] | |
| Changes in valuation allowances for deferred tax assets | $ 5.4 |
| Deferred Tax Assets Operating Loss Carryforwards Established or Continued [Member] | |
| Valuation Allowance [Line Items] | |
| Changes in valuation allowances for deferred tax assets | $ 54.0 |
Income Taxes, Tax Liability and Uncertainties (Details) $ in Millions |
Dec. 31, 2023
USD ($)
state
city
country
|
Dec. 31, 2022
USD ($)
|
|---|---|---|
| Income tax liability [Abstract] | ||
| Net current liability for income tax | $ 154.3 | |
| Net current receivable for income tax | $ 1.0 | |
| Current receivable | 215.8 | 215.2 |
| Current payable | 370.1 | 214.2 |
| Liability for Uncertain Tax Positions, Noncurrent | $ 87.6 | $ 114.7 |
| Income tax uncertainties [Abstract] | ||
| Number of states where company or one of its subsidiaries files income tax returns | state | 46 | |
| Number of cities where company or one of its subsidiaries files income tax returns | city | 25 | |
| Number of other countries the company or one of its subsidiaries files income tax returns | country | 78 |
Income Taxes, Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of unrecognized tax benefits [Roll Forward] | ||
| Balance as of January 1, | $ 75.1 | $ 79.3 |
| Additions based on tax positions related to the current year | 2.9 | 3.6 |
| Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 6.8 | 5.6 |
| Settlements with taxing authorities | 0.0 | (2.2) |
| Balance as of December 31, | 71.2 | $ 75.1 |
| Conclusion of Examination by Tax Authorities [Member] | ||
| Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
| Gross unrecognized tax benefits where settlement in next twelve months is reasonably possible | $ 47.7 | |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Fair value of long-term debt | $ 798.1 | $ 360.9 | ||
| Long-term debt, net of debt issuance costs | 779.3 | 372.8 | ||
| Foreign currency forward contracts, gross notional value | 2,070.0 | 1,810.0 | ||
| Foreign currency forward contracts, net notional value | 1,210.0 | 1,020.0 | ||
| Deferred compensation plan, contra-equity, shares held in trust | 10.4 | 9.8 | ||
| Investments, Fair Value Disclosure | 740.8 | 794.9 | $ 639.6 | $ 340.3 |
| Foreign Exchange Contract [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Derivative Asset, Fair Value, Gross Asset | 15.2 | 7.7 | ||
| Derivative Asset, Fair Value, Gross Liability | (2.7) | (4.0) | ||
| Derivative Liability, Fair Value, Gross Asset | (3.2) | (1.6) | ||
| Derivative Liability, Fair Value, Gross Liability | 12.0 | 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 | 321.8 | 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] | ||||
| Foreign currency forward contract, current asset amount | 12.5 | 3.7 | ||
| Foreign currency forward contract, current liability amount | 8.8 | 4.8 | ||
| Deferred compensation plan assets | 604.3 | 517.9 | ||
| Deferred compensation plan liabilities | 576.1 | 485.4 | ||
| Investments, Fair Value Disclosure | $ 0.0 | $ 0.0 |
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Assets | ||||
| Investments, Fair Value Disclosure | $ 740.8 | $ 794.9 | $ 639.6 | $ 340.3 |
| Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
| Assets | ||||
| Investments, Fair Value Disclosure | 51.7 | 58.3 | ||
| Foreign currency forward contracts receivable | 0.0 | 0.0 | ||
| Loans Receivable, Fair Value Disclosure | 0.0 | 0.0 | ||
| Deferred compensation plan assets | 0.0 | 0.0 | ||
| Mortgage Banking Derivative Assets | 0.0 | 0.0 | ||
| Total assets at fair value | 51.7 | 58.3 | ||
| Liabilities | ||||
| Foreign currency forward contracts payable | 0.0 | 0.0 | ||
| Deferred compensation plan liabilities | 0.0 | 0.0 | ||
| Business Combination, Contingent Consideration, Liability | 0.0 | 0.0 | ||
| Mortgage banking derivative liabilities | 0.0 | 0.0 | ||
| Total liabilities at fair value | 0.0 | 0.0 | ||
| Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||
| Assets | ||||
| Investments, Fair Value Disclosure | 0.0 | 0.0 | ||
| Foreign currency forward contracts receivable | 12.5 | 3.7 | ||
| Loans Receivable, Fair Value Disclosure | 677.4 | 463.2 | ||
| Deferred compensation plan assets | 604.3 | 517.9 | ||
| Mortgage Banking Derivative Assets | 0.0 | 0.0 | ||
| Total assets at fair value | 1,294.2 | 984.8 | ||
| Liabilities | ||||
| Foreign currency forward contracts payable | 8.8 | 4.8 | ||
| Deferred compensation plan liabilities | 576.1 | 485.4 | ||
| Business Combination, Contingent Consideration, Liability | 0.0 | 0.0 | ||
| Mortgage banking derivative liabilities | 0.0 | 0.0 | ||
| Total liabilities at fair value | 584.9 | 490.2 | ||
| Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||
| Assets | ||||
| Investments, Fair Value Disclosure | 367.3 | 452.0 | 303.5 | |
| Foreign currency forward contracts receivable | 0.0 | 0.0 | ||
| Loans Receivable, Fair Value Disclosure | 0.0 | 0.0 | ||
| Deferred compensation plan assets | 0.0 | 0.0 | ||
| Mortgage Banking Derivative Assets | 128.0 | 190.2 | ||
| Total assets at fair value | 495.3 | 642.2 | ||
| Liabilities | ||||
| Foreign currency forward contracts payable | 0.0 | 0.0 | ||
| Deferred compensation plan liabilities | 0.0 | 0.0 | ||
| Business Combination, Contingent Consideration, Liability | 57.5 | 73.2 | $ 84.1 | |
| Mortgage banking derivative liabilities | 117.7 | 169.5 | ||
| Total liabilities at fair value | $ 175.2 | $ 242.7 |
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 |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments, Fair Value Disclosure | $ 740.8 | $ 794.9 | $ 639.6 | $ 340.3 |
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Investments, Fair Value Disclosure | 367.3 | 452.0 | $ 303.5 | |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
| Business Combination, Contingent Consideration, Liability, Beginning Balance | 73.2 | 84.1 | ||
| Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance | 20.7 | 21.9 | ||
| Business Combination, Contingent Consideration, Liability, Ending Balance | 57.5 | 73.2 | ||
| Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance | 10.3 | 20.7 | ||
| Earn-out Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (4.4) | (3.3) | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0.1 | (0.4) | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.0 | 5.3 | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (10.5) | (12.5) | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (0.9) | 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 | (175.0) | 62.1 | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1.2 | (1.7) | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 22.2 | 99.3 | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0.0 | 0.0 | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 66.9 | |||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (11.2) | |||
| 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 | 56.8 | 60.8 | ||
| 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 | 123.2 | 165.8 | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (190.4) | (227.8) | ||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0.0 | $ 0.0 | ||
Debt (Details) € in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2023
EUR (€)
|
|
| Debt Instrument [Line Items] | |||
| Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | $ 610.6 | $ 1,213.8 | |
| Line of Credit Facility [Line Items] | |||
| Long-term debt, net of debt issuance costs | 779.3 | 372.8 | |
| Line of Credit Facility, Maximum Borrowing Capacity | 55.2 | ||
| Uncommitted Facility, Maximum Borrowing Capacity | 400.0 | ||
| Letters of Credit Outstanding, Amount | 0.4 | ||
| Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Long-term debt, net of debt issuance costs | $ 193.3 | 186.5 | |
| Debt Instrument, Face Amount | € | € 175.0 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 1.96% | 1.96% | |
| Unamortized Debt Issuance Expense | $ 0.4 | 0.5 | |
| Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Long-term debt, net of debt issuance costs | $ 193.1 | 186.3 | |
| Debt Instrument, Face Amount | € | € 175.0 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | |
| Unamortized Debt Issuance Expense | $ 0.6 | 0.7 | |
| Long-term senior notes, 6.875%, due December 2028 | |||
| Line of Credit Facility [Line Items] | |||
| Long-term debt, net of debt issuance costs | 392.9 | 0.0 | |
| Debt Instrument, Face Amount | $ 400.0 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |
| Unamortized Debt Issuance Expense | $ 7.1 | 0.0 | |
| Long-Term Senior Notes [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Unamortized Debt Issuance Expense | 8.1 | 1.2 | |
| Line of Credit [Member] | |||
| Debt Instrument [Line Items] | |||
| Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 610.6 | 1,213.8 | |
| Line of Credit Facility [Line Items] | |||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 3,300.0 | ||
| 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 | 0.98% | ||
| Line of Credit Facility, Average Outstanding Amount | $ 1,875.9 | $ 1,399.1 | |
| Line of Credit Facility, Interest Rate During Period | 5.90% | 2.90% | |
| Unamortized Debt Issuance Expense | $ 14.4 | $ 11.2 | |
Debt Schedule of Long-term debt instruments (Details) € in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2023
EUR (€)
|
|
| Debt Instrument [Line Items] | ||||
| Bank Overdrafts | $ 13.4 | $ 21.2 | ||
| Other Short-term Borrowings | 134.5 | 143.0 | ||
| Total short-term debt | 147.9 | 164.2 | ||
| Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 610.6 | 1,213.8 | ||
| Long-term debt, net of debt issuance costs | 779.3 | 372.8 | ||
| Debt, Long-term and Short-term, Combined Amount | 1,537.8 | 1,750.8 | ||
| Proceeds from Issuance of Senior Long-term Debt | 400.0 | 0.0 | $ 0.0 | |
| Long-Term Senior Notes [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Unamortized Debt Issuance Expense | 8.1 | 1.2 | ||
| Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt, net of debt issuance costs | 193.3 | 186.5 | ||
| Unamortized Debt Issuance Expense | $ 0.4 | 0.5 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 1.96% | 1.96% | ||
| Debt Instrument, Face Amount | € | € 175.0 | |||
| Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt, net of debt issuance costs | $ 193.1 | 186.3 | ||
| Unamortized Debt Issuance Expense | $ 0.6 | 0.7 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | ||
| Debt Instrument, Face Amount | € | € 175.0 | |||
| Long-term senior notes, 6.875%, due December 2028 | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt, net of debt issuance costs | $ 392.9 | 0.0 | ||
| Unamortized Debt Issuance Expense | $ 7.1 | $ 0.0 | ||
| Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | ||
| Debt Instrument, Face Amount | $ 400.0 | |||
| Proceeds from Issuance of Long-Term Debt | 392.9 | |||
| Long-term senior notes, 4.4%, due November 2022 [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt Instrument, Interest Rate, Stated Percentage | 4.40% | |||
| Debt Instrument, Face Amount | $ 275.0 | |||
| Line of Credit [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 610.6 | 1,213.8 | ||
| Line of Credit Facility, Average Outstanding Amount | $ 1,875.9 | $ 1,399.1 | ||
| Line of Credit Facility, Interest Rate During Period | 5.90% | 2.90% | ||
| Unamortized Debt Issuance Expense | $ 14.4 | $ 11.2 | ||
Debt Warehouse Facilities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Line of Credit Facility [Line Items] | ||
| Document Period End Date | Dec. 31, 2023 | |
| Line of Credit Facility, Maximum Borrowing Capacity | $ 55.2 | |
| Warehouse facilities | 662.7 | $ 455.3 |
| Warehouse Agreement Borrowings [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Unamortized Debt Issuance Expense | $ 1.0 | $ 0.9 |
| Line of Credit [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Line of Credit Facility, Interest Rate During Period | 5.90% | 2.90% |
| Line of Credit Facility, Average Outstanding Amount | $ 1,875.9 | $ 1,399.1 |
| Pricing on the Facility based on market rates | SOFR plus 0.875% to 1.35% | |
| Line of Credit Facility, Maximum Borrowing Capacity | $ 3,300.0 | |
| Unamortized Debt Issuance Expense | $ 14.4 | 11.2 |
| Agreement expires September 18, 2023, Extension [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Pricing on the Facility based on market rates | BSBY(1) plus 1.30% | |
| Line of Credit, Current | $ 159.0 | 215.7 |
| Line of Credit Facility, Maximum Borrowing Capacity | $ 700.0 | 700.0 |
| Agreement expires September 15, 2023, Extension [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Pricing on the Facility based on market rates | SOFR plus 1.30% | |
| Line of Credit, Current | $ 405.1 | 132.3 |
| Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200.0 | 1,200.0 |
| Agreement expires July 28, 2023, Extension | ||
| Line of Credit Facility [Line Items] | ||
| Pricing on the Facility based on market rates | SOFR plus 1.40% | |
| Line of Credit, Current | $ 62.3 | 9.0 |
| Line of Credit Facility, Maximum Borrowing Capacity | 400.0 | 400.0 |
| Fannie Mae ASAP program [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Fannie Mae ASAP Program, Outstanding Balance | $ 37.3 | 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 | $ 663.7 | 456.2 |
| Line of Credit Facility, Maximum Borrowing Capacity | $ 2,300.0 | $ 2,300.0 |
Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Leases [Abstract] | |||
| Operating Lease, Expense | $ 187.4 | $ 185.5 | $ 189.2 |
| Variable and Short-Term Operating Lease, Expense | 44.5 | 38.8 | $ 37.0 |
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 117.3 | $ 186.7 | |
| Finance Lease | $ 19.7 | ||
| Operating Lease, Weighted Average Remaining Lease Term | 6 years 8 months 12 days | ||
| Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | ||
| Minimum future lease payments due [Abstract] | |||
| Lessee, Operating Lease, Liability, to be Paid, Due Year One | $ 192.3 | ||
| Lessee, Operating Lease, Liability, Payments, Due Year Two | 171.8 | ||
| Lessee, Operating Lease, Liability, Payments, Due Year Three | 153.7 | ||
| Lessee, Operating Lease, Liability, Payments, Due Year Four | 126.2 | ||
| Lessee, Operating Lease, Liability, Payments, Due Year Five | 106.5 | ||
| Lessee, Operating Lease, Liability, Payments, Due after Year Five | 302.7 | ||
| Lessee, Operating Lease, Liability, Payments, Due | 1,053.2 | ||
| Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 136.8 | ||
| Operating Lease, Liability | $ 916.4 | ||
Transactions with Affiliates (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Equity Interests in Real Estate Ventures [Member] | |||
| Related Party Transaction [Line Items] | |||
| Related Party Transaction, Purchases from Related Party | $ 896.4 | $ 686.4 | $ 723.3 |
| Loans and Leases Receivable, Related Parties | 179.2 | 122.4 | |
| Employees [Member] | |||
| Related Party Transaction [Line Items] | |||
| Loans and Leases Receivable, Related Parties | 456.6 | 377.2 | |
| Employees [Member] | Loans related to co-investments [Member] | |||
| Related Party Transaction [Line Items] | |||
| Loans and Leases Receivable, Related Parties | 67.0 | 54.0 | |
| Employees [Member] | Travel, relocation and other miscellaneous advances [Member] | |||
| Related Party Transaction [Line Items] | |||
| Loans and Leases Receivable, Related Parties | $ 389.6 | $ 323.2 | |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Loss Contingencies [Line Items] | ||||
| Level of risk retained by our captive insurance company (per claim) | $ 10.0 | |||
| Loss Contingency, Receivable | 2.5 | $ 2.5 | ||
| Loan subject to loss-sharing arrangements, aggregate unpaid principal amount | 20,800.0 | 18,300.0 | ||
| Insurance Claims [Member] | ||||
| Loss Contingencies [Line Items] | ||||
| Loss Contingency Accrual, Provision | 7.0 | 1.3 | $ 1.6 | |
| Loss Contingency Accrual, Provision Adjustment | 5.2 | (0.1) | 10.5 | |
| Loss Contingency Accrual, Payments | (5.0) | (0.2) | (38.1) | |
| Loss Contingency Accrual | $ 9.4 | $ 2.2 | $ 1.2 | $ 48.2 |
Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Share-based Payment Arrangement, Noncash Expense | $ 3.4 | $ 6.1 | $ 17.8 |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (4.4) | (3.3) | 2.6 |
| Restructuring and acquisition charges | 100.7 | 104.8 | 84.7 |
| Employee Severance [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring Charges | 62.1 | 44.5 | 14.3 |
| Contract Termination and Other Charges | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring Charges | $ 39.6 | $ 57.5 | $ 50.0 |
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,409.9 | $ 6,142.5 | $ 6,413.4 | $ 5,610.0 |
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.4) | 21.5 | (38.5) | |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 56.3 | (231.3) | (56.7) | |
| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (63.8) | (64.2) | (42.7) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1.4) | (23.2) | ||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.8 | 1.7 | ||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.4 | (21.5) | ||
| Reclassification from AOCI, Current Period, Tax | 0.4 | 0.7 | ||
| Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (6.1) | 7.6 | ||
| Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (527.7) | (584.0) | (352.7) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 56.3 | (231.3) | ||
| 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 | 56.3 | (231.3) | ||
| Reclassification from AOCI, Current Period, Tax | 0.0 | 0.0 | ||
| Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0.0 | 0.0 | ||
| AOCI Attributable to Parent [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (591.5) | (648.2) | (395.4) | $ (377.2) |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 54.9 | (254.5) | ||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.8 | 1.7 | ||
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.4) | 21.5 | (38.5) | |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 56.3 | (231.3) | $ (56.7) | |
| Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 56.7 | (252.8) | ||
| Reclassification from AOCI, Current Period, Tax | 0.4 | 0.7 | ||
| Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ (6.1) | $ 7.6 | ||