Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document and Entity Information [Abstract] | ||
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | JLL | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 36-4150422 | |
Entity Address, Address Line One | 200 East Randolph Drive | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
Entity File Number | 1-13145 | |
City Area Code | (312) | |
Local Phone Number | 782-5800 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Jones Lang LaSalle Incorporated | |
Entity Central Index Key | 0001037976 | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,701,671 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2021 | |
Document Type | 10-Q | |
Amendment Flag | false |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 494 | $ 574.3 |
Trade receivables, net of allowances | 1,584.1 | 1,636.1 |
Notes and other receivables | 381.8 | 469.9 |
Accounts Receivable, Reimbursed by Client, Current | 1,426.4 | 1,461.3 |
Loans Receivable, Gross, Mortgage Warehouse Lending. | 741.7 | 1,529.2 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 286 | 265.8 |
Prepaid Expense and Other Assets, Current | 414 | 517.1 |
Total current assets | 5,328 | 6,453.7 |
Property and equipment, net of accumulated depreciation | 683.8 | 663.9 |
Operating Lease, Right-of-Use Asset | 694.3 | 707.4 |
Goodwill | 4,205.1 | 4,224.7 |
Identified intangibles, net of accumulated amortization | 672.5 | 679.8 |
Investments in real estate ventures | 614 | 430.8 |
Long-term receivables | 281.5 | 231.1 |
Deferred Income Tax Assets, Net | 285.8 | 296.5 |
Deferred Compensation Plan Assets | 503.5 | 446.3 |
Other | 186.6 | 182.3 |
Total assets | 13,455.1 | 14,316.5 |
Current liabilities: | ||
Accounts Payable and Accrued Liabilities, Current | 1,034.6 | 1,229.8 |
Accounts Payable, Reimbursed by Client, Current | 1,042.3 | 1,154.5 |
Accrued compensation & benefits | 1,171.6 | 1,433.2 |
Short-term Debt | 102.5 | 62 |
Short-term contract liabilities and deferred income | 174.6 | 192.9 |
Business Combination, Contingent Consideration, Liability, Current | 25.4 | 91.7 |
Warehouse facilities | 714.1 | 1,498.4 |
Operating Lease, Liability, Current | 157.6 | 165.7 |
Other | 219.4 | 299.6 |
Total current liabilities | 4,642.1 | 6,127.8 |
Noncurrent liabilities: | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 336.7 | (8.7) |
Long-term debt, net of debt issuance costs | 687.9 | 702 |
Deferred Tax Liabilities, Net | 110.6 | 120 |
Deferred compensation | 485.4 | 450 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 19.1 | 26.2 |
Operating Lease, Liability, Noncurrent | 691.1 | 683.9 |
Other | 575 | 597.5 |
Total liabilities | 7,547.9 | 8,698.7 |
Redeemable Noncontrolling Interest | 7.5 | 7.8 |
Company shareholders' equity: | ||
Common stock, $.01 par value per share | 0.5 | 0.5 |
Additional paid-in capital | 2,040.6 | 2,023.3 |
Retained earnings | 4,278.9 | 3,975.9 |
Treasury Stock, Value | (122.3) | (96.1) |
Shares held in trust | (5.3) | (5.6) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (383.1) | (377.2) |
Total Company shareholders' equity | 5,809.3 | 5,520.8 |
Noncontrolling interest | 90.4 | 89.2 |
Total equity | 5,899.7 | 5,610 |
Total liabilities and equity | $ 13,455.1 | $ 14,316.5 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Trade receivables, allowances | $ 72.3 | $ 66.5 |
Contract with Customer, Asset, Allowance for Credit Loss, Current | 2.1 | 1.8 |
Property and equipment, accumulated depreciation | 867.3 | 806.2 |
Identified intangibles, with finite useful lives, accumulated amortization | 320.7 | 295.3 |
Investments, Fair Value Disclosure | $ 505 | $ 340.3 |
Company shareholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 100,000,000 | |
Common Stock, Shares, Issued | 52,075,494 | 51,970,307 |
Common Stock, Shares, Outstanding | 51,145,228 | 51,105,417 |
Treasury Stock, Shares | 930,266 | 864,890 |
Long-Term Senior Notes [Member] | ||
Unamortized Debt Issuance Expense | $ 2.1 | $ 2.5 |
Line of Credit [Member] | ||
Unamortized Debt Issuance Expense | $ 13.3 | $ 8.7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue Before Reimbursements | $ 2,507.5 | $ 1,828.5 | $ 4,637.1 | $ 4,061.5 |
Reimbursement Revenues | 1,987.5 | 1,841.9 | 3,895 | 3,704.9 |
Revenue | 4,495 | 3,670.4 | 8,532.1 | 7,766.4 |
Operating expenses: | ||||
Compensation and benefits | 1,551.3 | 1,175.3 | 2,885.7 | 2,499.8 |
Operating, administrative and other | 659.3 | 557.3 | 1,303.6 | 1,332.1 |
Cost of Reimbursable Expenses | 1,987.5 | 1,841.9 | 3,895 | 3,704.9 |
Depreciation and amortization | 54.5 | 56.9 | 107.5 | 111.9 |
Restructuring and acquisition charges | 18.1 | 28.2 | 35.3 | 42.3 |
Total operating expenses | 4,270.7 | 3,659.6 | 8,227.1 | 7,691 |
Operating Income (Loss) | 224.3 | 10.8 | 305 | 75.4 |
Interest Expense, Net of Interest Income | 10.6 | 14.9 | 21 | 29.5 |
Equity earnings from real estate ventures | 40.8 | 14.7 | 89.3 | (13.6) |
Other Nonoperating Income (Expense) | (0.2) | 5.2 | 11.6 | 6.1 |
Income before income taxes and noncontrolling interest | 254.3 | 15.8 | 384.9 | 38.4 |
Provision for income taxes | 54.9 | 1.5 | 83.1 | 6.5 |
Net income | 199.4 | 14.3 | 301.8 | 31.9 |
Net income attributable to noncontrolling interest | (0.6) | (0.9) | (1.2) | 11.4 |
Net income attributable to the Company | 200 | 15.2 | 303 | 20.5 |
Net income attributable to common shareholders | $ 200 | $ 15.2 | $ 303 | $ 20.5 |
Basic earnings per common share (in dollars per share) | $ 3.90 | $ 0.29 | $ 5.91 | $ 0.40 |
Basic weighted average shares outstanding (in shares) | 51,288 | 51,635 | 51,231 | 51,623 |
Diluted earnings per common share (in dollars per share) | $ 3.82 | $ 0.29 | $ 5.80 | $ 0.39 |
Diluted weighted average shares outstanding (in shares) | 52,324 | 52,173 | 52,253 | 52,305 |
Other comprehensive income: | ||||
Net income attributable to the Company | $ 200 | $ 15.2 | $ 303 | $ 20.5 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.7 | 0 | 0.5 | 0 |
Foreign currency translation adjustments | (0.2) | 33.8 | (6.4) | (109.6) |
Comprehensive income attributable to the common shareholders | $ 200.5 | $ 49 | $ 297.1 | $ (89.1) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Shares Held in Trust [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | $ 0 | |||||||
Common Stock, Shares, Issued at Dec. 31, 2019 | 51,549,654 | |||||||
Balances at Dec. 31, 2019 | $ 5,204.7 | $ 0.5 | $ 1,962.8 | $ 3,588.3 | $ (5.7) | $ (427.8) | $ 86.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 17.6 | 5.3 | ||||||
Shares issued under stock compensation programs (in shares) | 363,308 | |||||||
Shares issued under stock compensation programs | 4.4 | 4.4 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (102,370) | |||||||
Shares repurchased for payment of taxes on stock awards | (16.2) | (16.2) | ||||||
Amortization of stock compensation | $ 18.6 | 18.6 | ||||||
Stock Repurchased During Period, Shares | (187,753) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ (25) | (25) | ||||||
(Increase) Decrease In Common Stock Held In Trust | 0.1 | |||||||
Cumulative Effect on Retained Earnings, Net of Tax. | Accounting Standards Update 2016-13 [Member] | (14.9) | (14.9) | ||||||
Foreign currency translation adjustments | (143.4) | |||||||
Distributions to noncontrolling interest | (17) | (17) | ||||||
Balances at Mar. 31, 2020 | $ 5,028.9 | $ 0.5 | 1,969.6 | 3,578.7 | (5.6) | (571.2) | 81.9 | |
Common Stock, Shares, Issued at Dec. 31, 2019 | 51,549,654 | |||||||
Balances at Dec. 31, 2019 | $ 5,204.7 | 0.5 | 1,962.8 | 3,588.3 | (5.7) | (427.8) | 86.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 12.3 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (109.6) | |||||||
Foreign currency translation adjustments | $ (109.6) | |||||||
Common Stock, Shares, Issued at Jun. 30, 2020 | 51,642,055 | |||||||
Balances at Jun. 30, 2020 | $ 5,109.4 | 0.5 | 1,999.3 | 3,593.9 | (5.7) | (537.4) | 83.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | (25) | |||||||
Common Stock, Shares, Outstanding | 51,622,839 | |||||||
Balances at Mar. 31, 2020 | $ 5,028.9 | $ 0.5 | 1,969.6 | 3,578.7 | (5.6) | (571.2) | 81.9 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 14.2 | 15.2 | (1) | |||||
Shares issued under stock compensation programs (in shares) | 23,762 | |||||||
Shares issued under stock compensation programs | 0.6 | 0.6 | ||||||
Shares repurchased for payment of taxes on stock awards (in shares) | (4,546) | |||||||
Shares repurchased for payment of taxes on stock awards | (1) | (1) | ||||||
Amortization of stock compensation | 30.7 | 30.7 | ||||||
(Increase) Decrease In Common Stock Held In Trust | (0.1) | (0.1) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 33.8 | |||||||
Foreign currency translation adjustments | 33.8 | |||||||
Distributions to noncontrolling interest | $ 2.3 | 2.3 | ||||||
Common Stock, Shares, Issued at Jun. 30, 2020 | 51,642,055 | |||||||
Balances at Jun. 30, 2020 | $ 5,109.4 | $ 0.5 | 1,999.3 | 3,593.9 | (5.7) | (537.4) | 83.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | (24.4) | |||||||
Treasury Stock, Value | $ (96.1) | 96.1 | ||||||
Common Stock, Shares, Outstanding | 51,105,417 | |||||||
Shares, Outstanding | 51,105,417 | |||||||
Common Stock, Shares, Issued at Dec. 31, 2020 | 51,970,307 | |||||||
Balances at Dec. 31, 2020 | $ 5,610 | $ 0.5 | 2,023.3 | 3,975.9 | (5.6) | (377.2) | 89.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 102.4 | 103 | (0.6) | |||||
Shares issued under stock compensation programs (in shares) | 290,563 | |||||||
Shares issued under stock compensation programs | 0.3 | (15.6) | 15.9 | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (89,780) | |||||||
Shares repurchased for payment of taxes on stock awards | (15.2) | (9.7) | (5.5) | |||||
Amortization of stock compensation | 17.5 | 17.5 | ||||||
(Increase) Decrease In Common Stock Held In Trust | 0.2 | 0.2 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.2) | (0.2) | ||||||
Foreign currency translation adjustments | (6.2) | |||||||
Distributions to noncontrolling interest | (1.9) | (1.9) | ||||||
Balances at Mar. 31, 2021 | $ 5,706.9 | $ 0.5 | 2,015.5 | 4,078.9 | (5.4) | (383.6) | 86.7 | |
Common Stock, Shares, Issued at Dec. 31, 2020 | 51,970,307 | |||||||
Balances at Dec. 31, 2020 | $ 5,610 | 0.5 | 2,023.3 | 3,975.9 | (5.6) | (377.2) | 89.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.5) | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.5 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6.4) | |||||||
Foreign currency translation adjustments | $ (6.4) | |||||||
Common Stock, Shares, Issued at Jun. 30, 2021 | 52,075,494 | |||||||
Balances at Jun. 30, 2021 | $ 5,899.7 | 0.5 | 2,040.6 | 4,278.9 | (5.3) | (383.1) | 90.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | (85.7) | |||||||
Common Stock, Shares, Outstanding | 51,306,200 | |||||||
Balances at Mar. 31, 2021 | $ 5,706.9 | $ 0.5 | 2,015.5 | 4,078.9 | (5.4) | (383.6) | 86.7 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 199.4 | 200 | (0.6) | |||||
Shares issued under stock compensation programs (in shares) | 13,712 | |||||||
Shares issued under stock compensation programs | 0.5 | (1) | 1.5 | |||||
Shares repurchased for payment of taxes on stock awards (in shares) | (2,184) | |||||||
Shares repurchased for payment of taxes on stock awards | (0.4) | (0.2) | (0.2) | |||||
Amortization of stock compensation | 26.3 | 26.3 | ||||||
Stock Repurchased During Period, Shares | (172,500) | |||||||
Treasury Stock, Value, Acquired, Cost Method | 37.9 | |||||||
(Increase) Decrease In Common Stock Held In Trust | 0.1 | 0.1 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.7 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.7 | 0.7 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.2) | |||||||
Foreign currency translation adjustments | (0.2) | |||||||
Distributions to noncontrolling interest | $ 4.3 | 4.3 | ||||||
Common Stock, Shares, Issued at Jun. 30, 2021 | 52,075,494 | |||||||
Balances at Jun. 30, 2021 | $ 5,899.7 | $ 0.5 | $ 2,040.6 | $ 4,278.9 | $ (5.3) | $ (383.1) | $ 90.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Value | $ (122.3) | $ (122.3) | ||||||
Common Stock, Shares, Outstanding | 51,145,228 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows used for operating activities: | ||
Net income | $ 301.8 | $ 31.9 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 107.5 | 111.9 |
Equity in earnings (losses) | (89.3) | 13.6 |
Gain (Loss) on Sale of Assets | (11.4) | 1.1 |
Distributions of earnings from real estate ventures | 4.6 | 8.7 |
Provision for loss on receivables and other assets | (0.2) | 54.2 |
Amortization of Deferred Compensation | 43.8 | 49.3 |
Net non-cash mortgage servicing rights and mortgage banking derivative activity | (15.4) | (7) |
Accretion of interest and amortization of debt issuance costs | 2.2 | 2.7 |
Other | (21.1) | (36.9) |
Increase (Decrease) in Receivables | 70.1 | 632 |
Increase (Decrease) in Reimbursable Receivables and Reimbursable Payables | (77.4) | 46.7 |
Increase (Decrease) in Prepaid Expense and Other Assets | (75.8) | (18) |
Increase (Decrease) in Deferred Tax Assets, net | 1.3 | (18.3) |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (265.7) | (189.7) |
Increase (Decrease) in Accrued Compensation | (221.1) | (726.9) |
Net cash used in operating activities | (246.1) | (44.7) |
Cash flows used in investing activities: | ||
Net capital additions - property and equipment | (69.8) | (77.3) |
Net investment activity (less than wholly-owned) | (41.8) | (7.7) |
Business acquisitions, net of cash acquired | (0.2) | 0 |
Payments to Acquire Interest in Joint Venture | (77.4) | (54.9) |
Proceeds from Real Estate and Real Estate Joint Ventures | 13.5 | 24.7 |
Other, net | (38.1) | 5.8 |
Net cash used in investing activities | (213.8) | (109.4) |
Cash flows provided by financing activities: | ||
Proceeds from Long-term Lines of Credit | 2,373 | 3,433 |
Repayments of Long-term Lines of Credit | (2,023) | (3,258) |
Proceeds from (Repayments of) Short-term Debt | 47.6 | (4.8) |
Payment for Contingent Consideration Liability, Financing Activities | (54.3) | (19.1) |
Payments for Repurchase of Common Stock | (37.9) | (25) |
Other, net | 9.3 | (12) |
Net cash provided by financing activities | 314.7 | 114.1 |
Effect of currency exchange rate on Cash and Cash Equivalents | (9.7) | (15.1) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (154.9) | (55.1) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 839.8 | 652.1 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 684.9 | 597 |
Supplemental disclosure of cash flow information: | ||
Restricted Cash, beginning of period | 265.5 | 200.2 |
Restricted Cash, end of period | 190.9 | 183.5 |
Cash paid during the period for: | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 19.9 | 29 |
Income taxes, net of refunds | 114.8 | 48.5 |
Operating Lease, Payments | 98.6 | 93.6 |
Non-cash activities | ||
Business acquisitions, including contingent consideration | 3.8 | 0 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 23.9 | $ 0 |
Interim Information
Interim Information | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Information | INTERIM INFORMATION Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company" or as "we," "us" or "our") for the year ended December 31, 2020, which are included in our 2020 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website ( www.jll.com ), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2020 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates. Our Condensed Consolidated Financial Statements as of June 30, 2021, and for the periods ended June 30, 2021 and 2020, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements for these interim periods. Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations. Within our Real Estate Services ("RES") segments, revenue from transaction-based activities (e.g. leasing and capital markets) is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period. In 2020 and during the six months ended June 30, 2021, macroeconomic conditions influenced by the COVID-19 pandemic impacted the historical seasonality of our revenue and profits and may continue to do so during the remainder of 2021. A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis. We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates. As required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income can impact our estimated effective tax rate. As a result of the items mentioned above, the results for the periods ended June 30 are not fully indicative of what our results will be for the full fiscal year. |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In January 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020‑01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) , which, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 and clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. We adopted this guidance effective January 1, 2021, and the adoption did not impact our financial statements and related disclosures. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION Revenue excluded from the scope of ASC Topic 606 - Our mortgage banking and servicing operations - such as Mortgage Servicing Rights ("MSR")-related activity, loan origination fees, and servicing income - are excluded from the scope of ASC Topic 606. Such revenue was included entirely within Americas Capital Markets and is presented below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Revenue excluded from scope of ASC Topic 606 $ 63.4 53.4 $ 133.6 102.7 Contract assets and liabilities - Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Condensed Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below. (in millions) June 30, 2021 December 31, 2020 Contract assets, gross $ 366.1 347.8 Contract asset allowance (2.4) (2.1) Contract assets, net $ 363.7 345.7 Contract liabilities $ 95.7 111.0 Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of June 30, 2021, the aggregate amount of transaction price allocated to remaining performance obligations represented less than 5% of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and LaSalle contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS We manage and report our operations as four business segments: The three geographic regions of RES including: (1) Americas, (2) Europe, Middle East and Africa ("EMEA"), and (3) Asia Pacific; and (4) LaSalle. Each geographic region offers our full range of real estate services, including agency leasing and tenant representation, capital markets, property and facility management, project and development management, energy management and sustainability, construction management, and advisory, consulting and valuation services. 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 global overhead, which we allocate to the business segments based on the budgeted operating expenses of each segment. Segment income does not include (i) restructuring and acquisition charges, (ii) interest expense, net of interest income, (iii) other income, and (iv) provision for income tax, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. The Chief Operating Decision Maker of JLL measures and evaluates the segment results based on Segment income for purposes of making decisions about allocating resources and assessing performance. Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Americas Leasing $ 484.2 278.1 $ 847.9 697.0 Capital Markets 296.0 140.8 512.9 388.2 Property & Facility Management 1,517.2 1,439.5 3,012.0 2,898.3 Project & Development Services 303.0 275.3 572.8 581.7 Advisory, Consulting and Other 101.1 95.3 199.8 186.9 Revenue $ 2,701.5 2,229.0 $ 5,145.4 4,752.1 Depreciation and amortization $ 34.3 39.1 $ 67.4 76.5 Equity earnings $ 16.5 2.9 $ 51.0 15.6 Segment income $ 206.6 42.5 $ 351.6 137.1 EMEA Leasing $ 74.0 46.7 $ 128.4 94.8 Capital Markets 99.4 50.0 173.6 123.2 Property & Facility Management 361.9 320.5 706.0 695.5 Project & Development Services 204.8 164.3 388.5 367.5 Advisory, Consulting and Other 69.7 44.7 129.5 101.1 Revenue $ 809.8 626.2 $ 1,526.0 1,382.1 Depreciation and amortization $ 11.0 9.0 $ 21.9 18.2 Equity earnings $ — — $ — — Segment income (loss) $ 0.3 (33.4) $ (35.5) (53.9) Asia Pacific Leasing $ 52.7 33.8 $ 84.1 59.2 Capital Markets 53.0 24.0 82.3 45.7 Property & Facility Management 587.5 515.2 1,162.6 1,047.2 Project & Development Services 109.9 97.2 208.2 192.0 Advisory, Consulting and Other 64.8 45.1 116.5 83.3 Revenue $ 867.9 715.3 $ 1,653.7 1,427.4 Depreciation and amortization $ 7.6 7.0 $ 14.9 13.6 Equity earnings (losses) $ 1.0 0.5 $ 2.0 (0.2) Segment income $ 36.5 19.2 $ 54.3 21.6 LaSalle Advisory fees $ 89.6 80.9 $ 173.1 166.5 Transaction fees & other 11.0 4.8 18.7 18.4 Incentive fees 15.2 14.2 15.2 19.9 Revenue $ 115.8 99.9 $ 207.0 204.8 Depreciation and amortization $ 1.6 1.8 $ 3.3 3.6 Equity earnings (losses) $ 23.3 11.3 $ 36.3 (29.0) Segment income (loss) $ 39.8 25.4 $ 59.2 (0.7) The following table is a reconciliation of Segment income to consolidated Operating income. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Segment income - Americas $ 206.6 42.5 $ 351.6 137.1 Segment income (loss) - EMEA 0.3 (33.4) (35.5) (53.9) Segment income - APAC 36.5 19.2 54.3 21.6 Segment income (loss) - LaSalle 39.8 25.4 59.2 (0.7) Less: Equity (earnings) losses (40.8) (14.7) (89.3) 13.6 Add: Restructuring and acquisition charges (18.1) (28.2) (35.3) (42.3) Operating income $ 224.3 10.8 $ 305.0 75.4 |
Business Combinations, Goodwill
Business Combinations, Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Business Combinations, Goodwill and Other Intangible Assets | BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2021 Business Combinations Activity During the six months ended June 30, 2021, there were no strategic acquisitions and we paid $78.4 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. 2020 Business Combinations Activity During the year ended December 31, 2020 we completed no new acquisitions. Earn-Out Payments ($ in millions) June 30, 2021 December 31, 2020 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 22 35 Maximum earn-out payments (undiscounted) $ 106.7 $ 199.2 Short-term earn-out liabilities (fair value) (1) 13.4 77.2 Long-term earn-out liabilities (fair value) (1) 4.6 8.5 (1) Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets. Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years. Refer to Note 8, Fair Value Measurements, and Note 11, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities. Goodwill and Other Intangible Assets Goodwill and unamortized intangibles as of June 30, 2021 consisted of: (1) goodwill of $4,205.1 million, (2) identifiable intangibles of $620.0 million amortized over their remaining finite useful lives, and (3) $52.5 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. The following tables detail, by reporting segment, movements in goodwill. Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2020 $ 2,878.0 959.7 329.2 57.8 $ 4,224.7 Dispositions (11.0) (0.7) — — (11.7) Impact of exchange rate movements 1.0 (4.5) (4.4) — (7.9) Balance as of June 30, 2021 $ 2,868.0 954.5 324.8 57.8 $ 4,205.1 Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2019 $ 2,877.6 915.9 317.6 57.1 $ 4,168.2 Dispositions — (0.7) — — (0.7) Impact of exchange rate movements (1.7) (41.4) (2.5) (1.0) (46.6) Balance as of June 30, 2020 $ 2,875.9 873.8 315.1 56.1 $ 4,120.9 The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2020 $ 572.1 265.8 55.7 23.6 57.9 $ 975.1 Additions, net of adjustments (1) 61.9 — 3.8 — — 65.7 Adjustment for fully amortized intangibles (17.2) (9.0) (16.1) (3.7) — (46.0) Impact of exchange rate movements — — 0.3 (0.5) (1.4) (1.6) Balance as of June 30, 2021 $ 616.8 256.8 43.7 19.4 56.5 $ 993.2 Accumulated Amortization Balance as of December 31, 2020 $ (147.8) (94.1) (39.5) (8.6) (5.3) $ (295.3) Amortization, net (2) (44.9) (20.7) (4.0) (0.7) (0.9) (71.2) Adjustment for fully amortized intangibles 17.2 9.0 16.1 3.7 — 46.0 Impact of exchange rate movements — (0.1) (0.2) 0.1 — (0.2) Balance as of June 30, 2021 $ (175.5) (105.9) (27.6) (5.5) (6.2) $ (320.7) Net book value as of June 30, 2021 $ 441.3 150.9 16.1 13.9 50.3 $ 672.5 (1) Included in this amount for MSRs was $7.6 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2019 $ 480.4 285.7 55.9 21.4 54.0 $ 897.4 Additions, net of adjustments (1) 43.0 — — 0.5 — 43.5 Adjustment for fully amortized intangibles (20.0) (6.2) (0.5) — — (26.7) Impact of exchange rate movements — (0.4) (3.5) (0.4) (0.1) (4.4) Balance as of June 30, 2020 $ 503.4 279.1 51.9 21.5 53.9 $ 909.8 Accumulated Amortization Balance as of December 31, 2019 $ (104.0) (68.3) (33.1) (6.7) (2.7) $ (214.8) Amortization, net (2) (42.5) (23.4) (3.5) (0.7) (1.3) (71.4) Adjustment for fully amortized intangibles 20.0 6.2 0.5 — — 26.7 Impact of exchange rate movements — 0.3 2.2 0.1 — 2.6 Balance as of June 30, 2020 $ (126.5) (85.2) (33.9) (7.3) (4.0) $ (256.9) Net book value as of June 30, 2020 $ 376.9 193.9 18.0 14.2 49.9 $ 652.9 (1) Included in this amount for MSRs was (i) $9.3 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights and (ii) $2.8 million relating to an impairment valuation allowance, recognized during the three months ended June 30, 2020. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed |
Investments in Real Estate Vent
Investments in Real Estate Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Ventures | INVESTMENTS IN REAL ESTATE VENTURES As of June 30, 2021 and December 31, 2020, we had Investments in real estate ventures of $614.0 million and $430.8 million, respectively. Approximately 90% of our investments, as of June 30, 2021, are primarily (i) direct investments in 50 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement and (ii) investments by JLL Technologies in early-stage proptech companies. The remaining 10% of our Investments in real estate ventures, as of June 30, 2021, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest, generally, in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%. We have maximum potential unfunded commitments to direct investments or investment vehicles of $315.5 million as of June 30, 2021. Of this amount, while we remain contractually obligated, we do not expect a call on the $60.4 million relating to our investment in LIC II as its fund life terminated in January 2020. We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. We have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL. Summarized financial information for our consolidated VIEs is presented in the following tables. (in millions) June 30, 2021 December 31, 2020 Property and equipment, net $ 157.8 117.4 Investments in real estate ventures 9.3 9.0 Other assets 12.7 21.0 Total assets $ 179.8 147.4 Other current liabilities $ 2.0 1.9 Mortgage indebtedness (included in Other liabilities) 91.4 60.3 Total liabilities 93.4 62.2 Members' equity (included in Noncontrolling interest) 86.4 85.2 Total liabilities and members' equity $ 179.8 147.4 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Revenue $ 2.9 2.9 $ 5.5 7.2 Operating and other expenses (3.5) (3.9) (6.7) (8.2) Net gains on sale of investments (1) — — — 12.2 Net (loss) income $ (0.6) (1.0) $ (1.2) 11.2 (1) The 2020 gain was included in Equity earnings. We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively. Impairment There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the six months ended June 30, 2021 and 2020. Fair Value We report a majority of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. The table below shows the movement in our investments in real estate ventures reported at fair value. (in millions) 2021 2020 Fair value investments as of January 1, $ 340.3 328.6 Investments 98.6 29.8 Distributions (15.9) (29.6) Change in fair value, net 85.1 (21.4) Foreign currency translation adjustments, net (3.1) (3.3) Fair value investments as of June 30, $ 505.0 304.1 See Note 8, Fair Value Measurements, for additional discussion of our investments in real estate ventures reported at fair value. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | STOCK-BASED COMPENSATION Stock Unit Awards Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables. RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of March 31, 2021 940.3 439.1 1,379.4 $ 134.84 1.70 Granted 200.5 107.2 307.7 186.21 Vested (10.7) — (10.7) 142.07 Forfeited (12.0) (1.1) (13.1) 123.85 Unvested as of June 30, 2021 1,118.1 545.2 1,663.3 $ 144.01 1.92 Unvested as of March 31, 2020 1,208.9 286.8 1,495.7 $ 144.71 1.78 Granted 152.3 272.0 424.3 113.67 Vested (10.2) — (10.2) 118.91 Forfeited (7.8) — (7.8) 143.09 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of December 31, 2020 1,096.2 531.5 1,627.7 $ 137.42 1.69 Granted 257.1 107.2 364.3 179.95 Vested (218.1) (79.0) (297.1) 150.45 Forfeited (17.1) (14.5) (31.6) 138.47 Unvested as of June 30, 2021 1,118.1 545.2 1,663.3 $ 144.01 1.92 Unvested as of December 31, 2019 1,532.3 286.8 1,819.1 $ 141.51 2.39 Granted 162.0 272.0 434.0 118.66 Vested (334.8) — (334.8) 136.36 Forfeited (16.3) — (16.3) 140.22 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 As of June 30, 2021, we had $104.0 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate recognizing over varying periods into 2026; $16.7 million relates to the awards issued in conjunction with the HFF acquisition. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: • Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; • Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt, and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities, and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads. We estimated the fair value of our Long-term debt as $706.0 million and $723.7 million as of June 30, 2021 and December 31, 2020, respectively, using dealer quotes that are Level 2 inputs in the fair value hierarchy. The carrying value of our Long-term debt was $687.9 million and $702.0 million as of June 30, 2021 and December 31, 2020, respectively, and included debt issuance costs of $2.1 million and $2.5 million, respectively. Investments in Real Estate Ventures at Fair Value - Net Asset Value ("NAV") We report a significant portion of our investments in real estate ventures at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. For the majority 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. In instances where the reported NAV per share did not fully incorporate the COVID-19 pandemic’s impact on the fair value of underlying investments, we recognized an adjustment to decrease the reported NAV. As of June 30, 2021, there were no such adjustments compared with adjustments of $22.8 million as of December 31, 2020. We did not consider any adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of June 30, 2021 and December 31, 2020, investments in real estate ventures at fair value using NAV were $234.8 million and $203.8 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table. Recurring Fair Value Measurements The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis. June 30, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments in real estate ventures - fair value $ 88.6 — 181.6 77.2 — 59.3 Foreign currency forward contracts receivable — 8.7 — — 13.1 — Warehouse receivables — 741.7 — — 1,529.2 — Deferred compensation plan assets — 503.5 — — 446.3 — Mortgage banking derivative assets — — 57.6 — — 87.1 Total assets at fair value $ 88.6 1,253.9 239.2 77.2 1,988.6 146.4 Liabilities Foreign currency forward contracts payable $ — 17.3 — — 3.4 — Deferred compensation plan liabilities — 475.4 — — 427.6 — Earn-out liabilities — — 18.0 — — 85.7 Mortgage banking derivative liabilities — — 45.0 — — 73.4 Total liabilities at fair value $ — 492.7 63.0 — 431.0 159.1 Investments in Real Estate Ventures We classify two investments as Level 1 in the fair value hierarchy as quoted prices are readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings. Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. The carrying value was deemed to approximate fair value for the majority of these investments due to the proximity of the investment date or date of most recent financing raise to the balance sheet date as well as consideration of investee-level performance updates. To the extent there are changes in fair value, a result of pricing in subsequent funding rounds or changes in business strategy, for example, we recognize such changes through Equity earnings. Foreign Currency Forward Contracts We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 inputs in the fair value hierarchy. As of June 30, 2021 and December 31, 2020, these contracts had a gross notional value of $2.15 billion ($1.17 billion on a net basis) and $2.34 billion ($1.42 billion on a net basis), respectively. We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. The $8.7 million asset as of June 30, 2021, was composed of gross contracts with receivable positions of $11.1 million and payable positions of $2.4 million. The $17.3 million liability as of June 30, 2021, was composed of gross contracts with receivable positions of $1.0 million and payable positions of $18.3 million. As of December 31, 2020, the $13.1 million asset was composed of gross contracts with receivable positions of $13.5 million and payable positions of $0.4 million. The $3.4 million liability as of December 31, 2020, was composed of gross contracts with receivable positions of $2.7 million and payable positions of $6.1 million. Warehouse Receivables As of June 30, 2021 and December 31, 2020, all of our Warehouse receivables were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. Deferred Compensation Plan We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We recorded this plan on our Condensed Consolidated Balance Sheet as of June 30, 2021, as Deferred compensation plan assets of $503.5 million, long-term deferred compensation plan liabilities of $475.4 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.3 million. We recorded this plan on our Condensed Consolidated Balance Sheet as of December 31, 2020, as Deferred compensation plan assets of $446.3 million, long-term deferred compensation plan liabilities of $427.6 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.6 million. Earn-Out Liabilities We classify our earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. See Note 5, Business Combinations, Goodwill and Other Intangible Assets, for additional discussion of our earn-out liabilities. Mortgage Banking Derivatives Both our interest rate lock commitments to prospective borrowers and forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to counterparty credit risk. An increase in counterparty credit risk assumptions would result in a lower fair value measurement. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Balance as of March 31, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Level transfer out (2) Balance as of June 30, 2021 Investments in real estate ventures $ 140.1 6.3 — 37.1 — (1.9) $ 181.6 Mortgage banking derivative assets and liabilities, net 32.9 (7.6) — 29.6 (42.3) — 12.6 Earn-out liabilities 68.2 1.1 — — (51.3) — 18.0 Balance as of March 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of Investments in real estate ventures $ 41.4 2.5 — 0.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net (64.0) (15.4) — 38.4 35.5 (5.5) Earn-out liabilities 130.0 0.6 1.1 — (33.9) 97.8 (in millions) Balance as of December 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Level transfer out (2) Balance as of June 30, 2021 Investments in real estate ventures $ 59.3 38.1 — 86.2 (0.1) (1.9) $ 181.6 Mortgage banking derivative assets and liabilities, net 13.7 11.3 — 70.7 (83.1) — 12.6 Earn-out liabilities 85.7 1.0 (0.3) 3.8 (72.2) — 18.0 (in millions) Balance as of December 31, 2019 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of Investments in real estate ventures $ 34.4 2.5 — 7.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net 10.2 (90.6) — 64.7 10.2 (5.5) Earn-out liabilities 148.5 (7.6) (0.9) — (42.2) 97.8 (1) CTA: Currency translation adjustments (2) In May 2021, an investment previously treated as a Level 3 investment became publicly traded on the NYSE and was considered a Level 1 investment immediately. Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Condensed Consolidated Statements Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments in real estate ventures Equity earnings Other current assets - Mortgage banking derivative assets Revenue before reimbursements Other current liabilities - Mortgage banking derivative liabilities Revenue before reimbursements Non-Recurring Fair Value Measurements We review our investments in real estate ventures, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other-than-temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. We did not recognize any significant investment-level impairment losses during either of the six months ended June 30, 2021 or 2020. See Note 6, Investments in Real Estate Ventures, for additional information, including information related to impairment charges recorded at the investee level. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Short-term borrowings and long-term debt obligations are composed of the following. ($ in millions) June 30, 2021 December 31, 2020 Short-term borrowings: Local overdraft facilities $ 8.0 12.0 Other short-term borrowings 94.5 50.0 Total short-term borrowings $ 102.5 62.0 Credit facility, net of debt issuance costs of $13.3 and $8.7 336.7 (8.7) Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.4 and $0.8 274.6 274.2 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.8 and $0.8 206.7 213.9 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.9 and $0.9 206.6 213.9 Total debt $ 1,127.1 755.3 Credit Facility On April 14, 2021, we amended our $2.75 billion unsecured revolving credit facility (the "Facility"), which extended the maturity date from May 17, 2023 to April 14, 2026. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of June 30, 2021, at LIBOR plus 0.95%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million as of both June 30, 2021 and December 31, 2020. The following tables provides additional information on our Facility. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2021 2020 2021 2020 Average outstanding borrowings under the Facility $ 612.5 1,351.5 $ 399.6 1,143.4 Effective interest rate on the Facility 1.0 % 1.4 % 1.0 % 1.8 % 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 Borrowings and Long-Term Debt In addition to our Facility, we have the capacity to borrow up to an additional $64.9 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of June 30, 2021, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2021. Warehouse Facilities June 30, 2021 December 31, 2020 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse Facilities: LIBOR plus 1.30%, expires September 20, 2021 (1) $ 83.4 700.0 144.4 400.0 LIBOR plus 1.30%, expires September 18, 2021 (2) 463.9 1,200.0 768.9 1,600.0 LIBOR plus 1.30%, expires August 27, 2021 (3) 151.1 200.0 195.9 900.0 Fannie Mae ASAP (4) program, SOFR plus 1.25% (5) 16.0 n/a 128.8 n/a LIBOR plus 1.50% — — 261.6 300.0 Gross warehouse facilities 714.4 2,100.0 1,499.6 3,200.0 Debt issuance costs (0.3) n/a (1.2) n/a Total warehouse facilities $ 714.1 2,100.0 1,498.4 3,200.0 (1) In the second quarter of 2021, JLL increased the maximum capacity of the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40% and a maximum capacity of $400.0 million. (2) In the second quarter of 2021, JLL amended the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $1,600.0 million expired on January 31, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (3) In the second quarter of 2021, JLL amended the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $900.0 million expired on January 6, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (4) As Soon As Pooled ("ASAP") funding program. (5) JLL amended the Fannie Mae ASAP program interest rate to Secured Overnight Financing Rate ("SOFR") plus 1.25%, previously, the facility had an interest rate of LIBOR plus 1.15%. 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 warehouse 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 Warehouse facilities as of June 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Professional Indemnity Insurance When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in Other current and long-term liabilities on our Condensed Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. In total, these receivables were $2.5 million and $44.0 million as of June 30, 2021 and December 31, 2020, respectively, and are included in Notes and other receivables and Long-term receivables on our Condensed Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2020 $ 48.2 New claims 1.3 Prior year claims adjustments (including foreign currency changes) (30.7) Claims paid (11.9) June 30, 2021 $ 6.9 December 31, 2019 $ 38.1 New claims 0.7 Prior year claims adjustments (including foreign currency changes) (0.7) Claims paid — June 30, 2020 $ 38.1 Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing As a participant in the DUS program, we retain a portion of the risk of loss for loans that are originated and sold under the DUS program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination. As of June 30, 2021 and December 31, 2020, we had loans subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $13.2 billion and $12.2 billion, respectively. For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Condensed Consolidated Statements of Comprehensive Income. As of June 30, 2021 and December 31, 2020, the loss-sharing guarantee obligations were $23.6 million and $22.1 million, respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets. There were no loan losses incurred for the three and six months ended June 30, 2021 and 2020. |
Restructuring and Acquisition C
Restructuring and Acquisition Charges | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ACQUISITION CHARGES Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (1) 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, (2) acquisition, transaction and integration-related charges, and (3) other restructuring including lease exit charges. Non-cash charges include (1) stock-based compensation expense for retention awards issued in conjunction with the HFF acquisition and (2) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity. Restructuring and acquisition charges are presented in table below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Severance and other employment-related charges $ (0.9) 7.0 $ 0.9 8.3 Restructuring, pre-acquisition and post-acquisition charges 11.9 7.6 21.4 17.4 Stock-based compensation expense for HFF retention awards 6.0 13.0 12.0 24.2 Fair value adjustments to earn-out liabilities 1.1 0.6 1.0 (7.6) Restructuring and acquisition charges $ 18.1 28.2 $ 35.3 42.3 The following tables show the accrual activity and payments relating to cash-based Restructuring and acquisition charges. (in millions) Severance & Employment-Related Lease Restructuring, Acquisition and Total December 31, 2020 $ 41.3 2.5 1.2 $ 45.0 Accruals 0.9 4.9 16.5 22.3 Payments made (26.4) (6.4) (15.8) (48.6) June 30, 2021 $ 15.8 1.0 1.9 $ 18.7 (in millions) Severance & Employment-Related Lease Other Restructuring, Total December 31, 2019 $ 24.3 8.4 3.8 $ 36.5 Accruals 8.3 6.7 10.7 25.7 Payments made (16.0) (13.5) (14.0) (43.5) June 30, 2020 $ 16.6 1.6 0.5 $ 18.7 We expect the majority of accrued severance and other accrued acquisition costs as of June 30, 2021 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2026. HFF Acquisition Included in Restructuring and acquisition charges were $12.4 million and $23.9 million, respectively, for the three and six months ended June 30, 2021 compared to $20.1 million and $41.4 million, respectively, for the three and six months ended June 30, 2020 of charges relating to the acquisition and integration of HFF (including retention and severance expense, early lease termination costs, and other integration expenses). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2021 $ (81.4) (302.2) $ (383.6) Other comprehensive loss before reclassification — (0.2) (0.2) Amounts reclassified from AOCI after tax expense of 0.7 — 0.7 Other comprehensive loss after tax expense of $ - , $ - and $ - 0.7 (0.2) 0.5 Balance as of June 30, 2021 $ (80.7) (302.4) $ (383.1) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2020 $ (72.0) (499.2) $ (571.2) Other comprehensive loss before reclassification — 33.8 33.8 Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — 33.8 33.8 Balance as of June 30, 2020 $ (72.0) (465.4) $ (537.4) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2020 $ (81.2) (296.0) $ (377.2) Other comprehensive loss before reclassification — (6.4) (6.4) Amounts reclassified from AOCI after tax expense of 0.5 — 0.5 Other comprehensive loss after tax expense of $ - , $ - and $ - 0.5 (6.4) (5.9) Balance as of June 30, 2021 $ (80.7) (302.4) $ (383.1) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2019 $ (72.0) (355.8) $ (427.8) Other comprehensive income before reclassification — (109.6) (109.6) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive (loss) income after tax expense of $ - , $ - and $ - — (109.6) (109.6) Balance as of June 30, 2020 $ (72.0) (465.4) $ (537.4) For pension and postretirement benefits, we report amounts reclassified from AOCI relating to employer service cost in Compensation and benefits within the Condensed Consolidated Statements of Comprehensive Income. All other reclassifications relating to pension and postretirement benefits are reported within Other income. |
New Accounting Standards New _2
New Accounting Standards New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Text Block [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In January 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020‑01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) , which, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323 and clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This ASU is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. We adopted this guidance effective January 1, 2021, and the adoption did not impact our financial statements and related disclosures. |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Such revenue was included entirely within Americas Capital Markets and is presented below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Revenue excluded from scope of ASC Topic 606 $ 63.4 53.4 $ 133.6 102.7 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Such contract assets and liabilities are presented below. (in millions) June 30, 2021 December 31, 2020 Contract assets, gross $ 366.1 347.8 Contract asset allowance (2.4) (2.1) Contract assets, net $ 363.7 345.7 Contract liabilities $ 95.7 111.0 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Americas Leasing $ 484.2 278.1 $ 847.9 697.0 Capital Markets 296.0 140.8 512.9 388.2 Property & Facility Management 1,517.2 1,439.5 3,012.0 2,898.3 Project & Development Services 303.0 275.3 572.8 581.7 Advisory, Consulting and Other 101.1 95.3 199.8 186.9 Revenue $ 2,701.5 2,229.0 $ 5,145.4 4,752.1 Depreciation and amortization $ 34.3 39.1 $ 67.4 76.5 Equity earnings $ 16.5 2.9 $ 51.0 15.6 Segment income $ 206.6 42.5 $ 351.6 137.1 EMEA Leasing $ 74.0 46.7 $ 128.4 94.8 Capital Markets 99.4 50.0 173.6 123.2 Property & Facility Management 361.9 320.5 706.0 695.5 Project & Development Services 204.8 164.3 388.5 367.5 Advisory, Consulting and Other 69.7 44.7 129.5 101.1 Revenue $ 809.8 626.2 $ 1,526.0 1,382.1 Depreciation and amortization $ 11.0 9.0 $ 21.9 18.2 Equity earnings $ — — $ — — Segment income (loss) $ 0.3 (33.4) $ (35.5) (53.9) Asia Pacific Leasing $ 52.7 33.8 $ 84.1 59.2 Capital Markets 53.0 24.0 82.3 45.7 Property & Facility Management 587.5 515.2 1,162.6 1,047.2 Project & Development Services 109.9 97.2 208.2 192.0 Advisory, Consulting and Other 64.8 45.1 116.5 83.3 Revenue $ 867.9 715.3 $ 1,653.7 1,427.4 Depreciation and amortization $ 7.6 7.0 $ 14.9 13.6 Equity earnings (losses) $ 1.0 0.5 $ 2.0 (0.2) Segment income $ 36.5 19.2 $ 54.3 21.6 LaSalle Advisory fees $ 89.6 80.9 $ 173.1 166.5 Transaction fees & other 11.0 4.8 18.7 18.4 Incentive fees 15.2 14.2 15.2 19.9 Revenue $ 115.8 99.9 $ 207.0 204.8 Depreciation and amortization $ 1.6 1.8 $ 3.3 3.6 Equity earnings (losses) $ 23.3 11.3 $ 36.3 (29.0) Segment income (loss) $ 39.8 25.4 $ 59.2 (0.7) The following table is a reconciliation of Segment income to consolidated Operating income. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Segment income - Americas $ 206.6 42.5 $ 351.6 137.1 Segment income (loss) - EMEA 0.3 (33.4) (35.5) (53.9) Segment income - APAC 36.5 19.2 54.3 21.6 Segment income (loss) - LaSalle 39.8 25.4 59.2 (0.7) Less: Equity (earnings) losses (40.8) (14.7) (89.3) 13.6 Add: Restructuring and acquisition charges (18.1) (28.2) (35.3) (42.3) Operating income $ 224.3 10.8 $ 305.0 75.4 |
Business Combinations, Goodwi_2
Business Combinations, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items] | |
Summary of Earn-out Payments [Table Text Block] | Earn-Out Payments ($ in millions) June 30, 2021 December 31, 2020 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 22 35 Maximum earn-out payments (undiscounted) $ 106.7 $ 199.2 Short-term earn-out liabilities (fair value) (1) 13.4 77.2 Long-term earn-out liabilities (fair value) (1) 4.6 8.5 (1) Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets. |
Movements in Goodwill by Reporting Segment | The following tables detail, by reporting segment, movements in goodwill. Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2020 $ 2,878.0 959.7 329.2 57.8 $ 4,224.7 Dispositions (11.0) (0.7) — — (11.7) Impact of exchange rate movements 1.0 (4.5) (4.4) — (7.9) Balance as of June 30, 2021 $ 2,868.0 954.5 324.8 57.8 $ 4,205.1 Real Estate Services (in millions) Americas EMEA Asia Pacific LaSalle Consolidated Balance as of December 31, 2019 $ 2,877.6 915.9 317.6 57.1 $ 4,168.2 Dispositions — (0.7) — — (0.7) Impact of exchange rate movements (1.7) (41.4) (2.5) (1.0) (46.6) Balance as of June 30, 2020 $ 2,875.9 873.8 315.1 56.1 $ 4,120.9 |
Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets | The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2020 $ 572.1 265.8 55.7 23.6 57.9 $ 975.1 Additions, net of adjustments (1) 61.9 — 3.8 — — 65.7 Adjustment for fully amortized intangibles (17.2) (9.0) (16.1) (3.7) — (46.0) Impact of exchange rate movements — — 0.3 (0.5) (1.4) (1.6) Balance as of June 30, 2021 $ 616.8 256.8 43.7 19.4 56.5 $ 993.2 Accumulated Amortization Balance as of December 31, 2020 $ (147.8) (94.1) (39.5) (8.6) (5.3) $ (295.3) Amortization, net (2) (44.9) (20.7) (4.0) (0.7) (0.9) (71.2) Adjustment for fully amortized intangibles 17.2 9.0 16.1 3.7 — 46.0 Impact of exchange rate movements — (0.1) (0.2) 0.1 — (0.2) Balance as of June 30, 2021 $ (175.5) (105.9) (27.6) (5.5) (6.2) $ (320.7) Net book value as of June 30, 2021 $ 441.3 150.9 16.1 13.9 50.3 $ 672.5 (1) Included in this amount for MSRs was $7.6 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. MSRs Other Intangibles (in millions) Americas Americas EMEA Asia Pacific LaSalle Consolidated Gross Carrying Amount Balance as of December 31, 2019 $ 480.4 285.7 55.9 21.4 54.0 $ 897.4 Additions, net of adjustments (1) 43.0 — — 0.5 — 43.5 Adjustment for fully amortized intangibles (20.0) (6.2) (0.5) — — (26.7) Impact of exchange rate movements — (0.4) (3.5) (0.4) (0.1) (4.4) Balance as of June 30, 2020 $ 503.4 279.1 51.9 21.5 53.9 $ 909.8 Accumulated Amortization Balance as of December 31, 2019 $ (104.0) (68.3) (33.1) (6.7) (2.7) $ (214.8) Amortization, net (2) (42.5) (23.4) (3.5) (0.7) (1.3) (71.4) Adjustment for fully amortized intangibles 20.0 6.2 0.5 — — 26.7 Impact of exchange rate movements — 0.3 2.2 0.1 — 2.6 Balance as of June 30, 2020 $ (126.5) (85.2) (33.9) (7.3) (4.0) $ (256.9) Net book value as of June 30, 2020 $ 376.9 193.9 18.0 14.2 49.9 $ 652.9 (1) Included in this amount for MSRs was (i) $9.3 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights and (ii) $2.8 million relating to an impairment valuation allowance, recognized during the three months ended June 30, 2020. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income. |
Investments in Real Estate Ve_2
Investments in Real Estate Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Balance Sheet Amounts Consolidated for Variable Interest Entity [Table Text Block] | Summarized financial information for our consolidated VIEs is presented in the following tables. (in millions) June 30, 2021 December 31, 2020 Property and equipment, net $ 157.8 117.4 Investments in real estate ventures 9.3 9.0 Other assets 12.7 21.0 Total assets $ 179.8 147.4 Other current liabilities $ 2.0 1.9 Mortgage indebtedness (included in Other liabilities) 91.4 60.3 Total liabilities 93.4 62.2 Members' equity (included in Noncontrolling interest) 86.4 85.2 Total liabilities and members' equity $ 179.8 147.4 |
Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Revenue $ 2.9 2.9 $ 5.5 7.2 Operating and other expenses (3.5) (3.9) (6.7) (8.2) Net gains on sale of investments (1) — — — 12.2 Net (loss) income $ (0.6) (1.0) $ (1.2) 11.2 |
Investments in real estate ventures, Fair Value | The table below shows the movement in our investments in real estate ventures reported at fair value. (in millions) 2021 2020 Fair value investments as of January 1, $ 340.3 328.6 Investments 98.6 29.8 Distributions (15.9) (29.6) Change in fair value, net 85.1 (21.4) Foreign currency translation adjustments, net (3.1) (3.3) Fair value investments as of June 30, $ 505.0 304.1 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Unit and Performance Stock Unit Activity | Restricted stock unit ("RSU") and performance stock unit ("PSU") awards activity is presented in the following tables. RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of March 31, 2021 940.3 439.1 1,379.4 $ 134.84 1.70 Granted 200.5 107.2 307.7 186.21 Vested (10.7) — (10.7) 142.07 Forfeited (12.0) (1.1) (13.1) 123.85 Unvested as of June 30, 2021 1,118.1 545.2 1,663.3 $ 144.01 1.92 Unvested as of March 31, 2020 1,208.9 286.8 1,495.7 $ 144.71 1.78 Granted 152.3 272.0 424.3 113.67 Vested (10.2) — (10.2) 118.91 Forfeited (7.8) — (7.8) 143.09 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 RSU Shares PSU Shares Total Shares Weighted Average Weighted Average Unvested as of December 31, 2020 1,096.2 531.5 1,627.7 $ 137.42 1.69 Granted 257.1 107.2 364.3 179.95 Vested (218.1) (79.0) (297.1) 150.45 Forfeited (17.1) (14.5) (31.6) 138.47 Unvested as of June 30, 2021 1,118.1 545.2 1,663.3 $ 144.01 1.92 Unvested as of December 31, 2019 1,532.3 286.8 1,819.1 $ 141.51 2.39 Granted 162.0 272.0 434.0 118.66 Vested (334.8) — (334.8) 136.36 Forfeited (16.3) — (16.3) 140.22 Unvested as of June 30, 2020 1,343.2 558.8 1,902.0 $ 137.93 2.01 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis. June 30, 2021 December 31, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments in real estate ventures - fair value $ 88.6 — 181.6 77.2 — 59.3 Foreign currency forward contracts receivable — 8.7 — — 13.1 — Warehouse receivables — 741.7 — — 1,529.2 — Deferred compensation plan assets — 503.5 — — 446.3 — Mortgage banking derivative assets — — 57.6 — — 87.1 Total assets at fair value $ 88.6 1,253.9 239.2 77.2 1,988.6 146.4 Liabilities Foreign currency forward contracts payable $ — 17.3 — — 3.4 — Deferred compensation plan liabilities — 475.4 — — 427.6 — Earn-out liabilities — — 18.0 — — 85.7 Mortgage banking derivative liabilities — — 45.0 — — 73.4 Total liabilities at fair value $ — 492.7 63.0 — 431.0 159.1 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Balance as of March 31, 2021 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Level transfer out (2) Balance as of June 30, 2021 Investments in real estate ventures $ 140.1 6.3 — 37.1 — (1.9) $ 181.6 Mortgage banking derivative assets and liabilities, net 32.9 (7.6) — 29.6 (42.3) — 12.6 Earn-out liabilities 68.2 1.1 — — (51.3) — 18.0 Balance as of March 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of Investments in real estate ventures $ 41.4 2.5 — 0.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net (64.0) (15.4) — 38.4 35.5 (5.5) Earn-out liabilities 130.0 0.6 1.1 — (33.9) 97.8 (in millions) Balance as of December 31, 2020 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Level transfer out (2) Balance as of June 30, 2021 Investments in real estate ventures $ 59.3 38.1 — 86.2 (0.1) (1.9) $ 181.6 Mortgage banking derivative assets and liabilities, net 13.7 11.3 — 70.7 (83.1) — 12.6 Earn-out liabilities 85.7 1.0 (0.3) 3.8 (72.2) — 18.0 (in millions) Balance as of December 31, 2019 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Balance as of Investments in real estate ventures $ 34.4 2.5 — 7.4 — $ 44.3 Mortgage banking derivative assets and liabilities, net 10.2 (90.6) — 64.7 10.2 (5.5) Earn-out liabilities 148.5 (7.6) (0.9) — (42.2) 97.8 (1) CTA: Currency translation adjustments (2) In May 2021, an investment previously treated as a Level 3 investment became publicly traded on the NYSE and was considered a Level 1 investment immediately. |
Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs | Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Condensed Consolidated Statements Earn-out liabilities (Short-term and Long-term) Restructuring and acquisition charges Investments in real estate ventures Equity earnings Other current assets - Mortgage banking derivative assets Revenue before reimbursements Other current liabilities - Mortgage banking derivative liabilities Revenue before reimbursements |
Debt Short-Term Borrowings and
Debt Short-Term Borrowings and Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Short-term borrowings and long-term debt obligations are composed of the following. ($ in millions) June 30, 2021 December 31, 2020 Short-term borrowings: Local overdraft facilities $ 8.0 12.0 Other short-term borrowings 94.5 50.0 Total short-term borrowings $ 102.5 62.0 Credit facility, net of debt issuance costs of $13.3 and $8.7 336.7 (8.7) Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.4 and $0.8 274.6 274.2 Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.8 and $0.8 206.7 213.9 Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.9 and $0.9 206.6 213.9 Total debt $ 1,127.1 755.3 |
Schedule of Credit Facility, Average Outstanding Amount [Table Text Block] | The following tables provides additional information on our Facility. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2021 2020 2021 2020 Average outstanding borrowings under the Facility $ 612.5 1,351.5 $ 399.6 1,143.4 Effective interest rate on the Facility 1.0 % 1.4 % 1.0 % 1.8 % |
Debt Warehouse Facilities (Tabl
Debt Warehouse Facilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Warehouse Facilities [Abstract] | |
Schedule of Warehouse Facilities | Warehouse Facilities June 30, 2021 December 31, 2020 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse Facilities: LIBOR plus 1.30%, expires September 20, 2021 (1) $ 83.4 700.0 144.4 400.0 LIBOR plus 1.30%, expires September 18, 2021 (2) 463.9 1,200.0 768.9 1,600.0 LIBOR plus 1.30%, expires August 27, 2021 (3) 151.1 200.0 195.9 900.0 Fannie Mae ASAP (4) program, SOFR plus 1.25% (5) 16.0 n/a 128.8 n/a LIBOR plus 1.50% — — 261.6 300.0 Gross warehouse facilities 714.4 2,100.0 1,499.6 3,200.0 Debt issuance costs (0.3) n/a (1.2) n/a Total warehouse facilities $ 714.1 2,100.0 1,498.4 3,200.0 (1) In the second quarter of 2021, JLL increased the maximum capacity of the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40% and a maximum capacity of $400.0 million. (2) In the second quarter of 2021, JLL amended the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $1,600.0 million expired on January 31, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (3) In the second quarter of 2021, JLL amended the Warehouse facility with a decrease to the interest rate, previously, the facility had an interest rate of LIBOR plus 1.40%. The temporary maximum capacity increase to $900.0 million expired on January 6, 2021; thereafter, the maximum capacity reverted to its original contractual amount. (4) As Soon As Pooled ("ASAP") funding program. (5) JLL amended the Fannie Mae ASAP program interest rate to Secured Overnight Financing Rate ("SOFR") plus 1.25%, previously, the facility had an interest rate of LIBOR plus 1.15%. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency [Table Text Block] | The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2020 $ 48.2 New claims 1.3 Prior year claims adjustments (including foreign currency changes) (30.7) Claims paid (11.9) June 30, 2021 $ 6.9 December 31, 2019 $ 38.1 New claims 0.7 Prior year claims adjustments (including foreign currency changes) (0.7) Claims paid — June 30, 2020 $ 38.1 |
Restructuring and Acquisition_2
Restructuring and Acquisition Charges Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges and Related Payment Activity | The following tables show the accrual activity and payments relating to cash-based Restructuring and acquisition charges. (in millions) Severance & Employment-Related Lease Restructuring, Acquisition and Total December 31, 2020 $ 41.3 2.5 1.2 $ 45.0 Accruals 0.9 4.9 16.5 22.3 Payments made (26.4) (6.4) (15.8) (48.6) June 30, 2021 $ 15.8 1.0 1.9 $ 18.7 (in millions) Severance & Employment-Related Lease Other Restructuring, Total December 31, 2019 $ 24.3 8.4 3.8 $ 36.5 Accruals 8.3 6.7 10.7 25.7 Payments made (16.0) (13.5) (14.0) (43.5) June 30, 2020 $ 16.6 1.6 0.5 $ 18.7 |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring and acquisition charges are presented in table below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Severance and other employment-related charges $ (0.9) 7.0 $ 0.9 8.3 Restructuring, pre-acquisition and post-acquisition charges 11.9 7.6 21.4 17.4 Stock-based compensation expense for HFF retention awards 6.0 13.0 12.0 24.2 Fair value adjustments to earn-out liabilities 1.1 0.6 1.0 (7.6) Restructuring and acquisition charges $ 18.1 28.2 $ 35.3 42.3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2021 $ (81.4) (302.2) $ (383.6) Other comprehensive loss before reclassification — (0.2) (0.2) Amounts reclassified from AOCI after tax expense of 0.7 — 0.7 Other comprehensive loss after tax expense of $ - , $ - and $ - 0.7 (0.2) 0.5 Balance as of June 30, 2021 $ (80.7) (302.4) $ (383.1) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of March 31, 2020 $ (72.0) (499.2) $ (571.2) Other comprehensive loss before reclassification — 33.8 33.8 Amounts reclassified from AOCI after tax expense of — — — Other comprehensive loss after tax expense of $ - , $ - and $ - — 33.8 33.8 Balance as of June 30, 2020 $ (72.0) (465.4) $ (537.4) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2020 $ (81.2) (296.0) $ (377.2) Other comprehensive loss before reclassification — (6.4) (6.4) Amounts reclassified from AOCI after tax expense of 0.5 — 0.5 Other comprehensive loss after tax expense of $ - , $ - and $ - 0.5 (6.4) (5.9) Balance as of June 30, 2021 $ (80.7) (302.4) $ (383.1) (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2019 $ (72.0) (355.8) $ (427.8) Other comprehensive income before reclassification — (109.6) (109.6) Amounts reclassified from AOCI after tax expense of — — — Other comprehensive (loss) income after tax expense of $ - , $ - and $ - — (109.6) (109.6) Balance as of June 30, 2020 $ (72.0) (465.4) $ (537.4) |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 363.7 | $ 363.7 | $ 345.7 | ||
Contract with Customer, Liability | 95.7 | $ 95.7 | $ 111 | ||
Percentage of Revenue, Remaining Performance Obligation | 5.00% | ||||
Out of Scope of Topic 606 Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Fees and Commissions, Mortgage Banking and Servicing | $ 63.4 | $ 53.4 | $ 133.6 | $ 102.7 |
Revenue Recognition Contract As
Revenue Recognition Contract Assets & Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | ||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 363.7 | $ 345.7 |
Contract with Customer, Asset, Allowance for Credit Loss | (2.4) | (2.1) |
Contract with Customer, Asset, before Allowance for Credit Loss | 366.1 | 347.8 |
Contract with Customer, Liability | $ 95.7 | $ 111 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ 224.3 | $ 10.8 | $ 305 | $ 75.4 |
Restructuring and acquisition charges | (18.1) | (28.2) | (35.3) | (42.3) |
Depreciation and amortization | 54.5 | 56.9 | 107.5 | 111.9 |
Equity in earnings (losses) | (40.8) | (14.7) | (89.3) | 13.6 |
Segment revenue: | ||||
Revenue Before Reimbursements | 2,507.5 | 1,828.5 | 4,637.1 | 4,061.5 |
Revenue | 4,495 | 3,670.4 | 8,532.1 | 7,766.4 |
Exclusive of LaSalle Investment Company II [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 1.6 | 1.8 | 3.3 | 3.6 |
Equity in earnings (losses) | (23.3) | (11.3) | (36.3) | 29 |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 39.8 | 25.4 | 59.2 | (0.7) |
Segment revenue: | ||||
Revenue | 115.8 | 99.9 | 207 | 204.8 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 34.3 | 39.1 | 67.4 | 76.5 |
Equity in earnings (losses) | (16.5) | (2.9) | (51) | (15.6) |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 206.6 | 42.5 | 351.6 | 137.1 |
Segment revenue: | ||||
Revenue | 2,701.5 | 2,229 | 5,145.4 | 4,752.1 |
EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 11 | 9 | 21.9 | 18.2 |
Equity in earnings (losses) | 0 | 0 | 0 | 0 |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 0.3 | (33.4) | (35.5) | (53.9) |
Segment revenue: | ||||
Revenue | 809.8 | 626.2 | 1,526 | 1,382.1 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 7.6 | 7 | 14.9 | 13.6 |
Equity in earnings (losses) | (1) | (0.5) | (2) | 0.2 |
Operating Income (Loss), Including Income (Loss) from Equity Method Investments | 36.5 | 19.2 | 54.3 | 21.6 |
Segment revenue: | ||||
Revenue | 867.9 | 715.3 | 1,653.7 | 1,427.4 |
Leasing [Member] | Americas [Member] | ||||
Segment revenue: | ||||
Revenue | 484.2 | 278.1 | 847.9 | 697 |
Leasing [Member] | EMEA [Member] | ||||
Segment revenue: | ||||
Revenue | 74 | 46.7 | 128.4 | 94.8 |
Leasing [Member] | Asia Pacific [Member] | ||||
Segment revenue: | ||||
Revenue | 52.7 | 33.8 | 84.1 | 59.2 |
Capital Markets [Member] | Americas [Member] | ||||
Segment revenue: | ||||
Revenue | 296 | 140.8 | 512.9 | 388.2 |
Capital Markets [Member] | EMEA [Member] | ||||
Segment revenue: | ||||
Revenue | 99.4 | 50 | 173.6 | 123.2 |
Capital Markets [Member] | Asia Pacific [Member] | ||||
Segment revenue: | ||||
Revenue | 53 | 24 | 82.3 | 45.7 |
Property & Facility Management [Member] | Americas [Member] | ||||
Segment revenue: | ||||
Revenue | 1,517.2 | 1,439.5 | 3,012 | 2,898.3 |
Property & Facility Management [Member] | EMEA [Member] | ||||
Segment revenue: | ||||
Revenue | 361.9 | 320.5 | 706 | 695.5 |
Property & Facility Management [Member] | Asia Pacific [Member] | ||||
Segment revenue: | ||||
Revenue | 587.5 | 515.2 | 1,162.6 | 1,047.2 |
Project & Development Services [Member] | Americas [Member] | ||||
Segment revenue: | ||||
Revenue | 303 | 275.3 | 572.8 | 581.7 |
Project & Development Services [Member] | EMEA [Member] | ||||
Segment revenue: | ||||
Revenue | 204.8 | 164.3 | 388.5 | 367.5 |
Project & Development Services [Member] | Asia Pacific [Member] | ||||
Segment revenue: | ||||
Revenue | 109.9 | 97.2 | 208.2 | 192 |
Advisory, Consulting and Other [Member] | Americas [Member] | ||||
Segment revenue: | ||||
Revenue | 101.1 | 95.3 | 199.8 | 186.9 |
Advisory, Consulting and Other [Member] | EMEA [Member] | ||||
Segment revenue: | ||||
Revenue | 69.7 | 44.7 | 129.5 | 101.1 |
Advisory, Consulting and Other [Member] | Asia Pacific [Member] | ||||
Segment revenue: | ||||
Revenue | 64.8 | 45.1 | 116.5 | 83.3 |
Advisory Fees [Member] | Exclusive of LaSalle Investment Company II [Member] | ||||
Segment revenue: | ||||
Revenue | 89.6 | 80.9 | 173.1 | 166.5 |
Transaction Fees & Other [Member] | Exclusive of LaSalle Investment Company II [Member] | ||||
Segment revenue: | ||||
Revenue | 11 | 4.8 | 18.7 | 18.4 |
Incentive Fees [Member] | Exclusive of LaSalle Investment Company II [Member] | ||||
Segment revenue: | ||||
Revenue | $ 15.2 | $ 14.2 | $ 15.2 | $ 19.9 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64.9 | $ 64.9 | ||||
Business Combination, contingent earn-out consideration | 3.8 | $ 0 | ||||
Redeemable Noncontrolling Interest | 7.5 | $ 7.5 | $ 7.8 | |||
Document Period End Date | Jun. 30, 2021 | |||||
Payment for Contingent Consideration Liability, Total | $ 78.4 | |||||
Goodwill | 4,205.1 | $ 4,120.9 | 4,205.1 | 4,120.9 | 4,224.7 | $ 4,168.2 |
Americas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 2,868 | 2,875.9 | 2,868 | 2,875.9 | 2,878 | 2,877.6 |
EMEA [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 954.5 | 873.8 | 954.5 | 873.8 | 959.7 | 915.9 |
Asia Pacific [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 324.8 | 315.1 | 324.8 | 315.1 | 329.2 | 317.6 |
Investment Management [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 57.8 | 56.1 | 57.8 | 56.1 | $ 57.8 | $ 57.1 |
HFF Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Integration Related Costs | $ 12.4 | $ 20.1 | $ 23.9 | $ 41.4 |
Business Combinations, Goodwi_3
Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details) $ in Millions | Jun. 30, 2021USD ($)acquisition | Dec. 31, 2020USD ($)acquisition |
Summary of Earn-out Payments [Line Items] | ||
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition | 22 | 35 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, High, Value | $ 106.7 | $ 199.2 |
Business Combination, Contingent Consideration, Liability, Current | 25.4 | 91.7 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 19.1 | 26.2 |
Finite-Lived Intangible Assets, Net | 620 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Earn-out Payments [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Current | 13.4 | 77.2 |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 4.6 | $ 8.5 |
Business Combinations, Goodwi_4
Business Combinations, Goodwill by Segment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ||
Finite-Lived Intangible Assets, Net | $ 620 | |
Identifiable intangibles with indefinite useful lives | 52.5 | |
Goodwill [Line Items] | ||
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 7.6 | $ 9.3 |
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | (11.7) | (0.7) |
Goodwill, Translation Adjustments | (7.9) | (46.6) |
Goodwill | 4,205.1 | 4,120.9 |
Goodwill | 4,224.7 | 4,168.2 |
Investment Management [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 |
Goodwill, Translation Adjustments | 0 | (1) |
Goodwill | 57.8 | 56.1 |
Goodwill | 57.8 | 57.1 |
Americas [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | (11) | 0 |
Goodwill, Translation Adjustments | 1 | (1.7) |
Goodwill | 2,868 | 2,875.9 |
Goodwill | 2,878 | 2,877.6 |
EMEA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | (0.7) | (0.7) |
Goodwill, Translation Adjustments | (4.5) | (41.4) |
Goodwill | 954.5 | 873.8 |
Goodwill | 959.7 | 915.9 |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 |
Goodwill, Translation Adjustments | (4.4) | (2.5) |
Goodwill | 324.8 | 315.1 |
Goodwill | $ 329.2 | $ 317.6 |
Business Combinations Other Int
Business Combinations Other Intangibles by Segment (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Document Period End Date | Jun. 30, 2021 | |||
Finite and Indefinite lived Intangible Assets, Additions | $ 65.7 | $ 43.5 | ||
Adjustment for fully amortized intangibles | 46 | 26.7 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (1.6) | 4.4 | ||
Intangible Assets, Gross (Excluding Goodwill) | 993.2 | 909.8 | $ 975.1 | $ 897.4 |
Identified intangibles, with finite useful lives, accumulated amortization | (320.7) | (256.9) | (295.3) | (214.8) |
Amortization expense | (71.2) | (71.4) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (46) | (26.7) | ||
Impact of exchange rate movements | (0.2) | (2.6) | ||
Net book value as of end of period | 672.5 | 652.9 | 679.8 | |
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 7.6 | 9.3 | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Deductions for Aggregate Write-Downs | 2.8 | |||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||||
Total | 620 | |||
Identifiable intangibles with indefinite useful lives | 52.5 | |||
Mortgage servicing rights [Member] | Americas [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 61.9 | 43 | ||
Adjustment for fully amortized intangibles | 17.2 | 20 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 0 | 0 | ||
Intangible Assets, Gross (Excluding Goodwill) | 616.8 | 503.4 | 572.1 | 480.4 |
Identified intangibles, with finite useful lives, accumulated amortization | (175.5) | (126.5) | (147.8) | (104) |
Amortization expense | (44.9) | (42.5) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (17.2) | (20) | ||
Impact of exchange rate movements | 0 | 0 | ||
Net book value as of end of period | 441.3 | 376.9 | ||
Other Intangible Assets [Member] | Americas [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0 | 0 | ||
Adjustment for fully amortized intangibles | 9 | 6.2 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 0 | 0.4 | ||
Intangible Assets, Gross (Excluding Goodwill) | 256.8 | 279.1 | 265.8 | 285.7 |
Identified intangibles, with finite useful lives, accumulated amortization | (105.9) | (85.2) | (94.1) | (68.3) |
Amortization expense | (20.7) | (23.4) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (9) | (6.2) | ||
Impact of exchange rate movements | (0.1) | 0.3 | ||
Net book value as of end of period | 150.9 | 193.9 | ||
Other Intangible Assets [Member] | EMEA [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 3.8 | 0 | ||
Adjustment for fully amortized intangibles | 16.1 | 0.5 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | 0.3 | 3.5 | ||
Intangible Assets, Gross (Excluding Goodwill) | 43.7 | 51.9 | 55.7 | 55.9 |
Identified intangibles, with finite useful lives, accumulated amortization | (27.6) | (33.9) | (39.5) | (33.1) |
Amortization expense | (4) | (3.5) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (16.1) | (0.5) | ||
Impact of exchange rate movements | (0.2) | (2.2) | ||
Net book value as of end of period | 16.1 | 18 | ||
Other Intangible Assets [Member] | Asia Pacific [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0 | 0.5 | ||
Adjustment for fully amortized intangibles | 3.7 | 0 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (0.5) | 0.4 | ||
Intangible Assets, Gross (Excluding Goodwill) | 19.4 | 21.5 | 23.6 | 21.4 |
Identified intangibles, with finite useful lives, accumulated amortization | (5.5) | (7.3) | (8.6) | (6.7) |
Amortization expense | (0.7) | (0.7) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | (3.7) | 0 | ||
Impact of exchange rate movements | 0.1 | (0.1) | ||
Net book value as of end of period | 13.9 | 14.2 | ||
Other Intangible Assets [Member] | Investment Management [Member] | ||||
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items] | ||||
Finite and Indefinite lived Intangible Assets, Additions | 0 | 0 | ||
Adjustment for fully amortized intangibles | 0 | 0 | ||
Finite And Indefinite Lived Intangible Assets Translation Adjustments | (1.4) | 0.1 | ||
Intangible Assets, Gross (Excluding Goodwill) | 56.5 | 53.9 | 57.9 | 54 |
Identified intangibles, with finite useful lives, accumulated amortization | (6.2) | (4) | $ (5.3) | $ (2.7) |
Amortization expense | (0.9) | (1.3) | ||
Accumulated Amortization Adjustment for fully Amortized Intangibles | 0 | 0 | ||
Impact of exchange rate movements | 0 | 0 | ||
Net book value as of end of period | $ 50.3 | $ 49.9 |
Investments in Real Estate Ve_3
Investments in Real Estate Ventures (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)investment | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)investment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of separate property or fund co-investments | investment | 50 | 50 | |||
Property, Plant and Equipment, Net, consolidated VIE | $ 683.8 | $ 683.8 | $ 663.9 | ||
Investments in real estate ventures | 614 | 614 | 430.8 | ||
Total assets | 13,455.1 | 13,455.1 | 14,316.5 | ||
Other Liabilities, Current | 219.4 | 219.4 | 299.6 | ||
Total liabilities | 7,547.9 | 7,547.9 | 8,698.7 | ||
Total liabilities and equity | 13,455.1 | 13,455.1 | 14,316.5 | ||
Revenue | 4,495 | $ 3,670.4 | 8,532.1 | $ 7,766.4 | |
Net income | 199.4 | 14.3 | 301.8 | 31.9 | |
Fair Value [Abstract] | |||||
Fair value investments at beginning of the period | 340.3 | 328.6 | |||
Investments in Real Estate Ventures, at Fair Value, Additions | 98.6 | 29.8 | |||
Investments in Real Estate Ventures, at Fair Value, Distributions | (15.9) | (29.6) | |||
Unrealized Gain (Loss) on Investments | 85.1 | (21.4) | |||
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation | (3.1) | (3.3) | |||
Fair value investments at end of the period | $ 505 | 304.1 | $ 505 | 304.1 | |
LaSalle Investment Company II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Partnership ownership interest (in hundredths) | 48.78% | 48.78% | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 60.4 | $ 60.4 | |||
Exclusive of LaSalle Investment Company II [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 315.5 | 315.5 | |||
Consolidated Variable Interest Entities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Property, Plant and Equipment, Net, consolidated VIE | 157.8 | 157.8 | 117.4 | ||
Investments in real estate ventures | 9.3 | 9.3 | 9 | ||
Other Assets, consolidated VIE | 12.7 | 12.7 | 21 | ||
Total assets | 179.8 | 179.8 | 147.4 | ||
Other Liabilities, Current | 2 | 2 | 1.9 | ||
Loans Payable, Fair Value Disclosure, consolidated VIE | 91.4 | 91.4 | 60.3 | ||
Total liabilities | 93.4 | 93.4 | 62.2 | ||
Members' Equity, consolidated VIE | 86.4 | 86.4 | 85.2 | ||
Total liabilities and equity | 179.8 | 179.8 | $ 147.4 | ||
Revenue | 2.9 | 2.9 | 5.5 | 7.2 | |
Other Expenses, consolidated VIE | (3.5) | (3.9) | (6.7) | (8.2) | |
Gains (Losses) on Sales of Investment Real Estate, consolidated VIE | 0 | 0 | 0 | 12.2 | |
Net income | $ (0.6) | $ (1) | $ (1.2) | $ 11.2 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units (RSUs) | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 940,300 | 1,096,200 | 1,208,900 | 1,532,300 | 1,096,200 | 1,532,300 | 1,532,300 | |
Granted (in shares) | 200,500 | 152,300 | 257,100 | 162,000 | ||||
Vested (in shares) | (10,700) | (10,200) | (218,100) | (334,800) | ||||
Forfeited (in shares) | (12,000) | (7,800) | (17,100) | (16,300) | ||||
Unvested at end of period (in shares) | 1,118,100 | 940,300 | 1,343,200 | 1,208,900 | 1,118,100 | 1,343,200 | 1,096,200 | 1,532,300 |
Performance Shares [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 439,100 | 531,500 | 286,800 | 286,800 | 531,500 | 286,800 | 286,800 | |
Granted (in shares) | 107,200 | 272,000 | 107,200 | 272,000 | ||||
Vested (in shares) | 0 | 0 | (79,000) | 0 | ||||
Forfeited (in shares) | (1,100) | 0 | (14,500) | 0 | ||||
Unvested at end of period (in shares) | 545,200 | 439,100 | 558,800 | 286,800 | 545,200 | 558,800 | 531,500 | 286,800 |
Share-based Payment Arrangement [Member] | ||||||||
Share-based Payment activity [Roll Forward] | ||||||||
Unvested at beginning of period (in shares) | 1,379,400 | 1,627,700 | 1,495,700 | 1,819,100 | 1,627,700 | 1,819,100 | 1,819,100 | |
Granted (in shares) | 307,700 | 424,300 | 364,300 | 434,000 | ||||
Vested (in shares) | (10,700) | (10,200) | (297,100) | (334,800) | ||||
Forfeited (in shares) | (13,100) | (7,800) | (31,600) | (16,300) | ||||
Unvested at end of period (in shares) | 1,663,300 | 1,379,400 | 1,902,000 | 1,495,700 | 1,663,300 | 1,902,000 | 1,627,700 | 1,819,100 |
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Weighted average grant date fair value, beginning of period (in dollars per share) | $ 134.84 | $ 137.42 | $ 144.71 | $ 141.51 | $ 137.42 | $ 141.51 | $ 141.51 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 186.21 | 113.67 | 179.95 | 118.66 | ||||
Weighted average grant date fair value, vested (in dollars per share) | 142.07 | 118.91 | 150.45 | 136.36 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 123.85 | 143.09 | 138.47 | 140.22 | ||||
Weighted average grant date fair value, end of period (in dollars per share) | $ 144.01 | $ 134.84 | $ 137.93 | $ 144.71 | $ 144.01 | $ 137.93 | $ 137.42 | $ 141.51 |
Weighted average remaining contractual life, unvested shares outstanding | 1 year 11 months 1 day | 1 year 8 months 12 days | 2 years 3 days | 1 year 9 months 10 days | 1 year 11 months 1 day | 2 years 3 days | 1 year 8 months 8 days | 2 years 4 months 20 days |
Unamortized deferred compensation cost | $ 104 | $ 104 | ||||||
HFF Acquisition [Member] | Share-based Payment Arrangement [Member] | ||||||||
Share-based Payment activity, additional disclosures [Abstract] | ||||||||
Unamortized deferred compensation cost | $ 16.7 | $ 16.7 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 2,150 | $ 2,340 | ||
Fair value of long-term debt | 706 | 723.7 | ||
Long-term debt, net of debt issuance costs | 687.9 | 702 | ||
Investments, Fair Value Disclosure | 505 | 340.3 | $ 304.1 | $ 328.6 |
Foreign currency forward contracts, net notional value | 1,170 | 1,420 | ||
Deferred compensation plan, contra-equity, shares held in trust | 5.3 | 5.6 | ||
Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 11.1 | 13.5 | ||
Derivative Asset, Fair Value, Gross Liability | 2.4 | 0.4 | ||
Derivative Liability, Fair Value, Gross Asset | 1 | 2.7 | ||
Derivative Liability, Fair Value, Gross Liability | 18.3 | 6.1 | ||
Long-Term Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unamortized Debt Issuance Expense | 2.1 | 2.5 | ||
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 | 234.8 | 203.8 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | 0 | ||
Foreign currency forward contract, current asset amount | 8.7 | 13.1 | ||
Foreign currency forward contract, current liability amount | 17.3 | 3.4 | ||
Deferred compensation plan assets | 503.5 | 446.3 | ||
Deferred compensation plan liabilities | $ 475.4 | $ 427.6 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 505 | $ 304.1 | $ 505 | $ 304.1 | $ 340.3 | $ 328.6 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 88.6 | 88.6 | 77.2 | |||||
Foreign currency forward contracts receivable | 0 | 0 | 0 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | 0 | |||||
Deferred compensation plan assets | 0 | 0 | 0 | |||||
Mortgage banking derivative asset | 0 | 0 | 0 | |||||
Total assets at fair value | 88.6 | 88.6 | 77.2 | |||||
Foreign currency forward contracts payable | 0 | 0 | 0 | |||||
Deferred compensation plan liabilities | 0 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | |||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | |||||
Total liabilities at fair value | 0 | 0 | 0 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | |||||
Foreign currency forward contracts receivable | 8.7 | 8.7 | 13.1 | |||||
Loans Receivable, Fair Value Disclosure | 741.7 | 741.7 | 1,529.2 | |||||
Deferred compensation plan assets | 503.5 | 503.5 | 446.3 | |||||
Mortgage banking derivative asset | 0 | 0 | 0 | |||||
Total assets at fair value | 1,253.9 | 1,253.9 | 1,988.6 | |||||
Foreign currency forward contracts payable | 17.3 | 17.3 | 3.4 | |||||
Deferred compensation plan liabilities | 475.4 | 475.4 | 427.6 | |||||
Business Combination, Contingent Consideration, Liability | 0 | 0 | 0 | |||||
Mortgage banking derivative liabilities | 0 | 0 | 0 | |||||
Total liabilities at fair value | 492.7 | 492.7 | 431 | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Derivative Assets (Liabilities), at Fair Value, Net | 12.6 | (5.5) | 12.6 | (5.5) | $ 32.9 | 13.7 | $ (64) | 10.2 |
Investments, Fair Value Disclosure | 181.6 | 44.3 | 181.6 | 44.3 | 140.1 | 59.3 | 41.4 | 34.4 |
Foreign currency forward contracts receivable | 0 | 0 | 0 | |||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | 0 | |||||
Deferred compensation plan assets | 0 | 0 | 0 | |||||
Mortgage banking derivative asset | 57.6 | 57.6 | 87.1 | |||||
Total assets at fair value | 239.2 | 239.2 | 146.4 | |||||
Foreign currency forward contracts payable | 0 | 0 | 0 | |||||
Deferred compensation plan liabilities | 0 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 18 | 97.8 | 18 | 97.8 | $ 68.2 | 85.7 | $ 130 | $ 148.5 |
Mortgage banking derivative liabilities | 45 | 45 | 73.4 | |||||
Total liabilities at fair value | 63 | 63 | $ 159.1 | |||||
Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 6.3 | 2.5 | 38.1 | 2.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 37.1 | 0.4 | 86.2 | 7.4 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | (0.1) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | (1.9) | (1.9) | ||||||
Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (7.6) | (15.4) | 11.3 | (90.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29.6 | 38.4 | 70.7 | 64.7 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (42.3) | 35.5 | (83.1) | 10.2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | ||||||
Earn-out Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1.1 | 0.6 | 1 | (7.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 1.1 | (0.3) | (0.9) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 3.8 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (51.3) | $ (33.9) | (72.2) | $ (42.2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ 0 | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 505 | $ 304.1 | $ 505 | $ 304.1 | $ 340.3 | $ 328.6 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | 181.6 | 44.3 | 181.6 | 44.3 | $ 140.1 | $ 59.3 | $ 41.4 | $ 34.4 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Business Combination, Contingent Consideration, Liability, Beginning Balance | 68.2 | 130 | 85.7 | 148.5 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance | 32.9 | (64) | 13.7 | 10.2 | ||||
Business Combination, Contingent Consideration, Liability, Ending Balance | 18 | 97.8 | 18 | 97.8 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance | 12.6 | (5.5) | 12.6 | (5.5) | ||||
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 | 1.1 | 0.6 | 1 | (7.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 1.1 | (0.3) | (0.9) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 3.8 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (51.3) | (33.9) | (72.2) | (42.2) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | ||||||
Derivative [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (7.6) | (15.4) | 11.3 | (90.6) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29.6 | 38.4 | 70.7 | 64.7 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (42.3) | 35.5 | (83.1) | 10.2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 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 | 6.3 | 2.5 | 38.1 | 2.5 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 37.1 | 0.4 | 86.2 | 7.4 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | $ 0 | (0.1) | $ 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $ (1.9) | $ (1.9) |
Debt Short-Term Borrowings an_2
Debt Short-Term Borrowings and Long-Term Debt (Details) € in Millions | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Document Period End Date | Jun. 30, 2021 | ||
Bank Overdrafts | $ 8,000,000 | $ 12,000,000 | |
Other Short-term Borrowings | 94,500,000 | 50,000,000 | |
Short-term Debt | 102,500,000 | 62,000,000 | |
Long-term debt, net of debt issuance costs | 687,900,000 | 702,000,000 | |
Debt, Long-term and Short-term, Combined Amount | 1,127,100,000 | 755,300,000 | |
Letters of Credit Outstanding, Amount | 700,000 | 700,000 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | 13,300,000 | 8,700,000 | |
Long-term senior notes, 4.4%, due November 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | 274,600,000 | 274,200,000 | |
Debt Instrument, Face Amount | $ 275,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | |
Unamortized Debt Issuance Expense | $ 0.4 | 0.8 | |
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | $ 206,700,000 | 213,900,000 | |
Debt Instrument, Face Amount | € | € 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.96% | 1.96% | |
Unamortized Debt Issuance Expense | $ 0.8 | 0.8 | |
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, net of debt issuance costs | $ 206,600,000 | 213,900,000 | |
Debt Instrument, Face Amount | € | € 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.21% | 2.21% | |
Unamortized Debt Issuance Expense | $ 0.9 | $ 0.9 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | $ 336.7 | $ 336.7 | $ (8.7) | ||
Line of Credit Facility, Maximum Borrowing Capacity | 64.9 | 64.9 | |||
Letters of Credit Outstanding, Amount | 0.7 | 0.7 | 0.7 | ||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | 13.3 | 13.3 | 8.7 | ||
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs | 336.7 | 336.7 | $ (8.7) | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,750 | 2,750 | |||
Line of Credit Facility, Average Outstanding Amount | $ 612.5 | $ 1,351.5 | $ 399.6 | $ 1,143.4 | |
Pricing on the Facility based on market rates | LIBOR plus 0.875% to 1.35% | ||||
Description of Variable Rate Basis | LIBOR | ||||
Basis spread on variable rate (in hundredths) | 0.95% | ||||
Line of Credit Facility, Interest Rate During Period | 1.00% | 1.40% | 1.00% | 1.80% |
Debt Warehouse Facilities (Deta
Debt Warehouse Facilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 64.9 | |
Warehouse facilities | 714.1 | $ 1,498.4 |
Fannie Mae ASAP program [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 16 | 128.8 |
Debt Instrument, Interest Rate Terms | SOFR plus 1.25% | |
Agreement expires September 20, 2021, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 83.4 | 144.4 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 700 | 400 |
Pricing on the Facility based on market rates | LIBOR plus 1.30% | |
Agreement expires September 18, 2021, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 463.9 | 768.9 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200 | 1,600 |
Pricing on the Facility based on market rates | LIBOR plus 1.30% | |
Agreement expires August 27, 2021, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 151.1 | 195.9 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | 900 |
Pricing on the Facility based on market rates | LIBOR plus 1.30% | |
PNC Agreement- HFF, Extension [Member] [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 0 | 261.6 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | 300 |
Pricing on the Facility based on market rates | LIBOR plus 1.50% | |
Line of Credit, Gross [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit, Current | $ 714.4 | 1,499.6 |
Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | 3,200 |
Warehouse Agreement Borrowings [Member] | ||
Line of Credit Facility [Line Items] | ||
Unamortized Debt Issuance Expense | $ 0.3 | $ 1.2 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Loss Contingency, Receivable | $ 2.5 | $ 44 | |
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount | 13,200 | 12,200 | |
Loan loss accrual | 23.6 | 22.1 | |
Loan loss guarantee reserve | 22.9 | $ 36.7 | |
Insurance Claims [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Loss Contingency Accrual | 48.2 | $ 38.1 | |
Loss Contingency Accrual, Provision | 1.3 | 0.7 | |
Loss Contingency Accrual, Provision Adjustment | (30.7) | (0.7) | |
Loss Contingency Accrual, Payments | (11.9) | 0 | |
Loss Contingency Accrual | $ 6.9 | $ 38.1 |
Restructuring and Acquisition_3
Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | ||||
Restructuring and acquisition charges | $ (18.1) | $ (28.2) | $ (35.3) | $ (42.3) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1.1 | 0.6 | 1 | (7.6) |
Share-based Payment Arrangement, Noncash Expense | 6 | 13 | 12 | 24.2 |
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 45 | 36.5 | ||
Restructuring charges | 22.3 | 25.7 | ||
Payments made | (48.6) | (43.5) | ||
Restructuring reserve, ending balance | 18.7 | 18.7 | $ 18.7 | 18.7 |
Document Period End Date | Jun. 30, 2021 | |||
Severance [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 41.3 | 24.3 | ||
Restructuring charges | (0.9) | 7 | 0.9 | 8.3 |
Payments made | (26.4) | (16) | ||
Restructuring reserve, ending balance | 15.8 | 16.6 | 15.8 | 16.6 |
Contract Termination [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 2.5 | 8.4 | ||
Restructuring charges | 4.9 | 6.7 | ||
Payments made | (6.4) | (13.5) | ||
Restructuring reserve, ending balance | 1 | 1.6 | 1 | 1.6 |
Lease Exit [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring charges | 11.9 | 7.6 | 21.4 | 17.4 |
Other Restructuring [Member] | ||||
Restructuring reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 1.2 | 3.8 | ||
Restructuring charges | 16.5 | 10.7 | ||
Payments made | (15.8) | (14) | ||
Restructuring reserve, ending balance | 1.9 | 0.5 | 1.9 | 0.5 |
HFF Acquisition [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business Combination, Integration Related Costs | $ 12.4 | $ 20.1 | $ 23.9 | $ 41.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 5,899.7 | $ 5,706.9 | $ 5,109.4 | $ 5,028.9 | $ 5,899.7 | $ 5,109.4 | $ 5,610 | $ 5,204.7 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.7 | (0.2) | 0 | 0.5 | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (0.2) | (6.2) | 33.8 | (143.4) | (6.4) | (109.6) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (80.7) | (81.4) | (72) | (72) | (80.7) | (72) | (81.2) | (72) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.7 | 0.5 | 0 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (0.7) | 0 | (0.5) | 0 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (302.4) | (302.2) | (465.4) | (499.2) | (302.4) | (465.4) | (296) | (355.8) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.2) | 33.8 | (6.4) | (109.6) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (0.2) | 33.8 | (6.4) | (109.6) | ||||
AOCI Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (383.1) | (383.6) | (537.4) | $ (571.2) | (383.1) | (537.4) | $ (377.2) | $ (427.8) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.2) | 33.8 | (6.4) | (109.6) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.7 | 0 | (0.5) | 0 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | 0.7 | $ (0.2) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 0.5 | $ 33.8 | $ (5.9) | $ (109.6) |