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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2022
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) | 2022 | 2021 | 2022 | 2021
Markets Advisory |  |  |  |
Leasing | $ | 708.4 |  | 572.4 |  | $ | 1,309.3 |  | 989.0 |
Property Management | 378.2 |  | 347.8 |  | 748.7 |  | 695.4 |
Advisory, Consulting and Other | 31.6 |  | 31.1 |  | 59.7 |  | 59.6 |
Revenue | $ | 1,118.2 |  | 951.3 |  | $ | 2,117.7 |  | 1,744.0 |
Depreciation and amortization(a) | $ | 16.3 |  | 16.7 |  | $ | 33.4 |  | 32.6 |
Equity earnings | $ | 0.4 |  | 0.1 |  | $ | 0.9 |  | 0.5 |
Adjusted EBITDA | $ | 134.0 |  | 113.9 |  | $ | 245.2 |  | 179.9 |
Capital Markets |  |  |  |
Investment Sales, Debt/Equity Advisory and Other | $ | 549.7 |  | 430.1 |  | $ | 1,025.8 |  | 732.1 |
Valuation Advisory | 94.4 |  | 91.4 |  | 179.0 |  | 171.1 |
Loan Servicing | 40.4 |  | 30.6 |  | 80.3 |  | 60.6 |
Revenue | $ | 684.5 |  | 552.1 |  | $ | 1,285.1 |  | 963.8 |
Depreciation and amortization | $ | 15.4 |  | 16.7 |  | $ | 31.0 |  | 32.6 |
Equity earnings | $ | 0.6 |  | 1.4 |  | $ | 1.4 |  | 1.8 |
Adjusted EBITDA | $ | 126.7 |  | 120.8 |  | $ | 244.9 |  | 179.9 |
Work Dynamics |  |  |  |
Workplace Management | $ | 2,434.0 |  | 2,107.2 |  | $ | 4,754.4 |  | 4,155.6 |
Project Management | 754.8 |  | 617.8 |  | 1,367.1 |  | 1,169.6 |
Portfolio Services and Other | 121.7 |  | 111.2 |  | 222.6 |  | 209.1 |
Revenue | $ | 3,310.5 |  | 2,836.2 |  | $ | 6,344.1 |  | 5,534.3 |
Depreciation and amortization | $ | 17.0 |  | 16.8 |  | $ | 33.5 |  | 33.0 |
Equity earnings (losses) | $ | 0.9 |  | (0.3) |  | $ | 1.2 |  | (0.2) |
Adjusted EBITDA | $ | 57.6 |  | 51.2 |  | $ | 92.8 |  | 76.1 |
JLL Technologies |  |  |  |
Revenue | $ | 50.7 |  | 39.6 |  | $ | 100.1 |  | 83.0 |
Depreciation and amortization | $ | 3.9 |  | 2.2 |  | $ | 7.7 |  | 5.1 |
Equity earnings | $ | 44.7 |  | 16.2 |  | $ | 63.5 |  | 50.8 |
Adjusted EBITDA | $ | 12.9 |  | (1.5) |  | $ | 0.6 |  | 12.5 |
LaSalle |  |  |  |
Advisory fees | $ | 103.2 |  | 89.6 |  | $ | 200.2 |  | 173.1 |
Transaction fees and other | 10.3 |  | 11.0 |  | 27.4 |  | 18.7 |
Incentive fees | 1.0 |  | 15.2 |  | 5.2 |  | 15.2 |
Revenue | $ | 114.5 |  | 115.8 |  | $ | 232.8 |  | 207.0 |
Depreciation and amortization | $ | 1.8 |  | 2.1 |  | $ | 3.2 |  | 4.2 |
Equity earnings | $ | 7.0 |  | 23.4 |  | $ | 5.1 |  | 36.4 |
Adjusted EBITDA | $ | 27.8 |  | 48.0 |  | $ | 49.1 |  | 74.1 |
(a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
| Three Months Ended June 30, | Six Months Ended June 30,
(in millions) | 2022 | 2021 | 2022 | 2021
Adjusted EBITDA - Markets Advisory | $ | 134.0 |  | 113.9 |  | $ | 245.2 |  | 179.9 |
Adjusted EBITDA - Capital Markets | 126.7 |  | 120.8 |  | 244.9 |  | 179.9 |
Adjusted EBITDA - Work Dynamics | 57.6 |  | 51.2 |  | 92.8 |  | 76.1 |
Adjusted EBITDA - JLL Technologies | 12.9 |  | (1.5) |  | 0.6 |  | 12.5 |
Adjusted EBITDA - LaSalle | 27.8 |  | 48.0 |  | 49.1 |  | 74.1 |
Adjusted EBITDA - Consolidated | $ | 359.0 |  | 332.4 |  | $ | 632.6 |  | 522.5 |
Adjustments: |  |  |  |
Restructuring and acquisition charges | $ | (25.9) |  | (18.1) |  | $ | (45.4) |  | (35.3) |
Net (loss) gain on disposition | (7.5) |  | — |  | (7.5) |  | 12.0 |
Net non-cash MSR and mortgage banking derivative activity | 11.2 |  | 5.7 |  | 7.6 |  | 15.4 |
Interest expense, net of interest income | (15.7) |  | (10.6) |  | (25.9) |  | (21.0) |
Provision for income taxes | (72.8) |  | (54.9) |  | (113.1) |  | (83.1) |
Depreciation and amortization(a) | (54.4) |  | (54.5) |  | (108.8) |  | (107.5) |
Net income attributable to common shareholders | $ | 193.9 |  | 200.0 |  | $ | 339.5 |  | 303.0 |
(a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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