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Business Combinations, Goodwill and Other Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2019
Schedule of Business Acquisitions, Pro Forma Revenue [Line Items] |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following is a summary of the preliminary estimate of the finite-lived intangible assets acquired in connection with the HFF acquisition.
Intangible Asset Class ($ in millions) | Weighted Average Amortization Period | Fair Value at Acquisition Date
Mortgage servicing rights (MSRs) | 6.2 years | $ | 156.7 |
Other identified intangibles 1 | 6.0 years | 193.2 |
Total finite-lived intangibles acquired |  | $ | 349.9 |
Schedule of Business Acquisitions, Pro Forma Revenue [Table Text Block] | The following table provides unaudited pro forma results of operations assuming the acquisition of HFF occurred as of January 1, 2018.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2019 | 2018 |  | 2019 | 2018
Revenue | $ | 4,495.6 |  | 4,131.1 |  |  | $ | 12,908.0 |  | 11,871.0 |
Net income attributable to common shareholders | 167.2 |  | 140.8 |  |  | 305.1 |  | 277.9 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | The following table details the total consideration transferred.
(in millions) | Amount
Cash consideration(1) | $ | 1,029.5 |
Share consideration(2) | 809.2 |
JLL RSUs issued to replace unvested HFF RSUs(3) | 32.0 |
Total consideration | $ | 1,870.7 |
We expect to complete the purchase price allocation in advance of, but not later than, one year from the acquisition date.
Description (in millions) |  | July 1, 2019
Total acquisition consideration |  | $ | 1,870.7 |
Assets |  |
Cash and cash equivalents |  | $ | 262.8 |
Trade receivables, net |  | 14.8 |
Warehouse receivables (face amount of $766.0) |  | 794.1 |
Prepaid & other current assets |  | 43.0 |
Property and equipment |  | 18.9 |
Operating lease right-of-use assets |  | 53.5 |
Identified intangibles |  | 349.9 |
Other assets |  | 38.4 |
Total assets |  | $ | 1,575.4 |
Liabilities |  |
Accounts payable and accrued liabilities |  | $ | 33.9 |
Accrued compensation & benefits |  | 55.8 |
Warehouse facilities |  | 766.0 |
Other current liabilities (includes short-term operating lease liabilities) |  | 64.4 |
Deferred tax liabilities, net |  | 86.7 |
Long-term operating lease liabilities |  | 42.6 |
Other liabilities |  | 45.1 |
Total liabilities |  | $ | 1,094.5 |
Net assets |  | $ | 480.9 |
Goodwill |  | $ | 1,389.8 |
Summary of Earn-out Payments [Table Text Block] | As of September 30, 2019, we have completed our analysis to assign fair values to all the identifiable intangible and tangible assets acquired for our 2018 acquisitions. Earn-Out Payments
($ in millions) | September 30, 2019 |  | December 31, 2018
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 48 |  |  | 54 |
Maximum earn-out payments (undiscounted) | $ | 289.5 |  |  | 407.3 |
Short-term earn-out liabilities (fair value)1 | 74.1 |  |  | 50.9 |
Long-term earn-out liabilities (fair value)1 | 99.7 |  |  | 141.1 |
1 Included in Short-term and Long-term acquisition-related obligations on the Condensed Consolidated Balance Sheets
Movements in Goodwill by Reporting Segment | The following tables detail, by reporting segment, movements in goodwill.
| Real Estate Services |  |  |
(in millions) | Americas | EMEA | Asia Pacific | LaSalle |  | Consolidated
Balance as of December 31, 2018 | $ | 1,452.0 |  | 906.8 |  | 316.8 |  | 22.2 |  |  | $ | 2,697.8 |
Additions, net of adjustments | 1,392.9 |  | 1.6 |  | — |  | 35.5 |  |  | 1,430.0 |
Dispositions | — |  | (0.9 | ) | — |  | — |  |  | (0.9 | )
Impact of exchange rate movements | 0.3 |  | (37.6 | ) | (4.6 | ) | (1.8 | ) |  | (43.7 | )
Balance as of September 30, 2019 | $ | 2,845.2 |  | 869.9 |  | 312.2 |  | 55.9 |  |  | $ | 4,083.2 |
| Real Estate Services |  |  |
(in millions) | Americas | EMEA | Asia Pacific | LaSalle |  | Consolidated
Balance as of December 31, 2017 | $ | 1,412.2 |  | 957.6 |  | 323.0 |  | 16.5 |  |  | $ | 2,709.3 |
Additions, net of adjustments | 21.0 |  | — |  | 9.1 |  | — |  |  | 30.1 |
Impact of exchange rate movements | (0.5 | ) | (39.5 | ) | (9.2 | ) | (0.5 | ) |  | (49.7 | )
Balance as of September 30, 2018 | $ | 1,432.7 |  | 918.1 |  | 322.9 |  | 16.0 |  |  | $ | 2,689.7 |
Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets | he 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, 2018 | $ | 266.2 |  |  | 90.0 |  | 83.1 |  | 23.5 |  | 43.9 |  |  | $ | 506.7 |
Additions, net of adjustments (1) | 208.3 |  |  | 194.5 |  | — |  | — |  | 10.3 |  |  | 413.1 |
Adjustment for fully amortized intangibles | (21.8 | ) |  | (0.7 | ) | (22.1 | ) | (2.0 | ) | — |  |  | (46.6 | )
Impairments | — |  |  | (0.5 | ) | — |  | — |  | — |  |  | (0.5 | )
Impact of exchange rate movements | — |  |  | — |  | (2.8 | ) | (0.8 | ) | (1.6 | ) |  | (5.2 | )
Balance as of September 30, 2019 | $ | 452.7 |  |  | 283.3 |  | 58.2 |  | 20.7 |  | 52.6 |  |  | $ | 867.5 |
Accumulated Amortization |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2018 | $ | (72.4 | ) |  | (38.8 | ) | (51.8 | ) | (6.8 | ) | — |  |  | $ | (169.8 | )
Amortization, net (2) | (41.6 | ) |  | (18.9 | ) | (7.5 | ) | (1.6 | ) | (2.0 | ) |  | (71.6 | )
Adjustment for fully amortized intangibles | 21.8 |  |  | 0.7 |  | 22.1 |  | 2.0 |  | — |  |  | 46.6 |
Impairments | — |  |  | 0.5 |  | — |  | — |  | — |  |  | 0.5 |
Impact of exchange rate movements | — |  |  | — |  | 2.2 |  | 0.2 |  | — |  |  | 2.4 |
Balance as of September 30, 2019 | $ | (92.2 | ) |  | (56.5 | ) | (35.0 | ) | (6.2 | ) | (2.0 | ) |  | $ | (191.9 | )
Net book value as of September 30, 2019 | $ | 360.5 |  |  | 226.8 |  | 23.2 |  | 14.5 |  | 50.6 |  |  | $ | 675.6 |
(1) Included in this amount for MSRs was $10.6 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, 2017 | $ | 241.8 |  |  | 117.0 |  | 88.8 |  | 23.3 |  | — |  |  | $ | 470.9 |
Additions, net of adjustments (1) | 36.8 |  |  | 3.6 |  | — |  | 2.1 |  | — |  |  | 42.5 |
Adjustment for fully amortized intangibles | (17.2 | ) |  | (36.2 | ) | (1.7 | ) | (0.7 | ) | — |  |  | (55.8 | )
Impact of exchange rate movements | — |  |  | 0.3 |  | (3.3 | ) | (2.0 | ) | — |  |  | (5.0 | )
Balance as of September 30, 2018 | $ | 261.4 |  |  | 84.7 |  | 83.8 |  | 22.7 |  | — |  |  | $ | 452.6 |
Accumulated Amortization |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2017 | $ | (55.1 | ) |  | (61.3 | ) | (43.1 | ) | (6.4 | ) | — |  |  | $ | (165.9 | )
Amortization, net (2) | (32.2 | ) |  | (10.2 | ) | (9.5 | ) | (1.9 | ) | — |  |  | (53.8 | )
Adjustment for fully amortized intangibles | 17.2 |  |  | 36.2 |  | 1.7 |  | 0.7 |  | — |  |  | 55.8 |
Impact of exchange rate movements | — |  |  | — |  | 1.8 |  | 1.0 |  | — |  |  | 2.8 |
Balance as of September 30, 2018 | $ | (70.1 | ) |  | (35.3 | ) | (49.1 | ) | (6.6 | ) | — |  |  | $ | (161.1 | )
Net book value as of September 30, 2018 | $ | 191.3 |  |  | 49.4 |  | 34.7 |  | 16.1 |  | — |  |  | $ | 291.5 |
(1) Included in this amount for MSRs was $8.7 million relating to prepayments/write-offs due to prepayments of the underlying obligation for which we assumed, acquired or retained the servicing rights. (2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.
Future Amortization Expense for Finite-Lived Intangible Assets | The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of September 30, 2019, is presented in the following table.
(in millions) | MSRs | Other Intangibles |  | Total
2019 (remaining 3 months) | $ | 17.6 |  | 16.6 |  |  | $ | 34.2 |
2020 | 62.9 |  | 51.2 |  |  | 114.1 |
2021 | 58.2 |  | 44.2 |  |  | 102.4 |
2022 | 49.9 |  | 38.6 |  |  | 88.5 |
2023 | 42.6 |  | 36.1 |  |  | 78.7 |
2024 | 34.9 |  | 34.2 |  |  | 69.1 |
Thereafter | 94.4 |  | 44.2 |  |  | 138.6 |
Total | $ | 360.5 |  | 265.1 |  |  | $ | 625.6 |

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