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Business Segments | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segments | 3. BUSINESS SEGMENTS On February 28, 2022, we announced a new organizational structure that became effective on January 1, 2022. Under the new structure, we organize our operations around, and publicly report our financial results on, five global business segments: (1) Markets Advisory, (2) Capital Markets, (3) Work Dynamics, (4) JLL Technologies, and (5) LaSalle. Markets Advisory offers a wide range of real estate services, including agency leasing and tenant representation, property management, advisory, and consulting services. Capital Markets service offerings include investment sales, equity and debt advisory, loan servicing, and valuation advisory. Our Work Dynamics business provides a broad suite of integrated services to occupiers of real estate, including facility and project management, as well as portfolio and other services. Our JLL Technologies segment offers software products, solutions and services, while LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology. Adjusted EBITDA does not include (i) restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net, (iv) net non-cash MSR and mortgage banking derivative activity, (v) interest expense, net of interest income, (vi) provision for income tax, and (vii) depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. As of December 31, 2022, we define the Global Executive Board, collectively, as our CODM. Summarized financial information by business segment is as follows.
| Year Ended December 31,
(in millions) | 2022 | 2021 | 2020
Markets Advisory |  |  |
Leasing | $ | 2,759.2 |  | 2,618.1 |  | 1,747.8 |
Property Management | 1,525.3 |  | 1,437.9 |  | 1,317.9 |
Advisory, Consulting and Other | 131.0 |  | 132.7 |  | 121.3 |
Revenue | $ | 4,415.5 |  | 4,188.7 |  | 3,187.0 |
Depreciation and amortization(1) | $ | 70.6 |  | 69.4 |  | 68.0 |
Equity (losses) earnings | $ | (0.3) |  | 0.7 |  | 13.7 |
Adjusted EBITDA | $ | 527.5 |  | 546.5 |  | 337.8 |
Capital Markets |  |  |
Investment Sales, Debt/Equity Advisory and Other | $ | 1,955.4 |  | 2,111.0 |  | 1,341.1 |
Valuation Advisory | 374.9 |  | 369.3 |  | 311.0 |
Loan Servicing | 157.9 |  | 140.2 |  | 111.4 |
Revenue | $ | 2,488.2 |  | 2,620.5 |  | 1,763.5 |
Depreciation and amortization | $ | 61.6 |  | 63.1 |  | 69.8 |
Equity earnings | $ | 3.1 |  | 4.9 |  | 1.4 |
Adjusted EBITDA | $ | 444.0 |  | 543.2 |  | 247.8 |
Work Dynamics |  |  |
Workplace Management | $ | 9,819.2 |  | 8,731.5 |  | 8,112.2 |
Project Management | 2,972.3 |  | 2,684.9 |  | 2,530.2 |
Portfolio Services and Other | 477.0 |  | 475.1 |  | 419.1 |
Revenue | $ | 13,268.5 |  | 11,891.5 |  | 11,061.5 |
Depreciation and amortization | $ | 71.1 |  | 66.2 |  | 68.0 |
Equity earnings (losses) | $ | 1.2 |  | 0.4 |  | (0.3) |
Adjusted EBITDA | $ | 230.1 |  | 182.4 |  | 227.6 |
JLL Technologies |  |  |
Revenue | $ | 213.9 |  | 166.2 |  | 156.1 |
Depreciation and amortization | $ | 15.4 |  | 10.5 |  | 11.3 |
Equity earnings | $ | 46.6 |  | 140.7 |  | 5.7 |
Adjusted EBITDA | $ | (50.9) |  | 53.4 |  | (33.1) |
LaSalle |  |  |
Advisory fees | $ | 404.6 |  | 364.7 |  | 336.4 |
Transaction fees and other | 44.8 |  | 41.5 |  | 43.9 |
Incentive fees | 26.6 |  | 93.9 |  | 41.5 |
Revenue | $ | 476.0 |  | 500.1 |  | 421.8 |
Depreciation and amortization | $ | 6.5 |  | 8.3 |  | 9.3 |
Equity earnings (losses) | $ | 0.4 |  | 62.7 |  | (12.5) |
Adjusted EBITDA | $ | 96.6 |  | 171.0 |  | 79.5 |
(1) 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.
| Year Ended December 31,
(in millions) | 2022 | 2021 | 2020
Adjusted EBITDA - Markets Advisory | $ | 527.5 |  | 546.5 |  | 337.8 |
Adjusted EBITDA - Capital Markets | 444.0 |  | 543.2 |  | 247.8 |
Adjusted EBITDA - Work Dynamics | 230.1 |  | 182.4 |  | 227.6 |
Adjusted EBITDA - JLL Technologies | (50.9) |  | 53.4 |  | (33.1) |
Adjusted EBITDA - LaSalle | 96.6 |  | 171.0 |  | 79.5 |
Adjusted EBITDA - Consolidated | $ | 1,247.3 |  | 1,496.5 |  | 859.6 |
Adjustments: |  |  |
Restructuring and acquisition charges | $ | (104.8) |  | (84.7) |  | (142.4) |
Net (loss) gain on disposition | (7.5) |  | 12.4 |  | 4.8 |
Interest on employee loans, net | 9.7 |  | — |  | — |
Net non-cash MSR and mortgage banking derivative activity | 11.0 |  | 59.3 |  | 66.6 |
Interest expense, net of interest income | (75.2) |  | (40.1) |  | (52.8) |
Provision for income taxes | (200.8) |  | (264.3) |  | (106.9) |
Depreciation and amortization(1) | (225.2) |  | (217.5) |  | (226.4) |
Net income attributable to common shareholders | $ | 654.5 |  | 961.6 |  | 402.5 |
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. The following table sets forth the revenue from our most significant currencies.
| Year Ended December 31,
(in millions) | 2022 | 2021 | 2020
United States dollar | $ | 12,375.9 |  | 11,283.1 |  | 9,457.8 |
British pound | 1,575.6 |  | 1,626.6 |  | 1,341.1 |
Euro | 1,535.6 |  | 1,393.3 |  | 1,350.6 |
Australian dollar | 1,183.0 |  | 1,118.7 |  | 876.1 |
Canadian dollar | 593.8 |  | 508.3 |  | 432.6 |
Indian rupee | 591.0 |  | 508.2 |  | 524.5 |
Hong Kong dollar | 532.3 |  | 545.6 |  | 512.2 |
Chinese yuan | 506.0 |  | 539.1 |  | 473.1 |
Singapore dollar | 368.4 |  | 327.4 |  | 246.6 |
Japanese yen | 233.8 |  | 256.8 |  | 257.9 |
Other currencies | 1,366.7 |  | 1,259.9 |  | 1,117.4 |
Total revenue | $ | 20,862.1 |  | 19,367.0 |  | 16,589.9 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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