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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2023 | 2022 | 2023 | 2022
Markets Advisory |  |  |  |
Leasing | $ | 547.7 |  | 703.3 |  | $ | 1,626.1 |  | 2,012.6 |
Property Management | 419.2 |  | 377.8 |  | 1,229.3 |  | 1,126.5 |
Advisory, Consulting and Other | 25.5 |  | 30.4 |  | 68.8 |  | 90.1 |
Revenue | $ | 992.4 |  | 1,111.5 |  | $ | 2,924.2 |  | 3,229.2 |
Depreciation and amortization(1) | $ | 15.9 |  | 16.6 |  | $ | 48.5 |  | 50.0 |
Equity earnings (losses) | $ | 0.1 |  | (0.2) |  | $ | 0.3 |  | 0.7 |
Adjusted EBITDA | $ | 85.1 |  | 132.1 |  | $ | 256.1 |  | 377.3 |
Capital Markets |  |  |  |
Investment Sales, Debt/Equity Advisory and Other | $ | 310.2 |  | 465.0 |  | $ | 870.3 |  | 1,490.8 |
Value and Risk Advisory | 87.5 |  | 89.7 |  | 256.1 |  | 268.7 |
Loan Servicing | 38.1 |  | 40.5 |  | 114.5 |  | 120.8 |
Revenue | $ | 435.8 |  | 595.2 |  | $ | 1,240.9 |  | 1,880.3 |
Depreciation and amortization | $ | 16.4 |  | 15.2 |  | $ | 48.5 |  | 46.2 |
Equity earnings | $ | 0.7 |  | 0.7 |  | $ | 6.1 |  | 2.1 |
Adjusted EBITDA | $ | 50.3 |  | 83.2 |  | $ | 97.0 |  | 328.1 |
Work Dynamics |  |  |  |
Workplace Management | $ | 2,637.1 |  | 2,429.1 |  | $ | 7,687.7 |  | 7,183.5 |
Project Management | 747.0 |  | 748.3 |  | 2,126.5 |  | 2,115.4 |
Portfolio Services and Other | 130.1 |  | 112.4 |  | 350.8 |  | 335.0 |
Revenue | $ | 3,514.2 |  | 3,289.8 |  | $ | 10,165.0 |  | 9,633.9 |
Depreciation and amortization | $ | 19.7 |  | 17.6 |  | $ | 58.9 |  | 51.1 |
Equity earnings | $ | 0.1 |  | 0.1 |  | $ | 1.3 |  | 1.3 |
Adjusted EBITDA | $ | 61.6 |  | 53.4 |  | $ | 143.5 |  | 146.2 |
JLL Technologies |  |  |  |
Revenue | $ | 58.9 |  | 56.5 |  | $ | 180.9 |  | 156.6 |
Depreciation and amortization | $ | 3.9 |  | 3.7 |  | $ | 11.9 |  | 11.4 |
Equity (losses) earnings | $ | (3.0) |  | 1.0 |  | $ | (102.0) |  | 64.5 |
Adjusted EBITDA | $ | (8.7) |  | (15.3) |  | $ | (127.2) |  | (14.7) |
LaSalle |  |  |  |
Advisory fees | $ | 102.7 |  | 102.6 |  | $ | 306.3 |  | 302.8 |
Transaction fees and other | 7.4 |  | 10.0 |  | 22.8 |  | 37.4 |
Incentive fees | — |  | 11.9 |  | 39.3 |  | 17.1 |
Revenue | $ | 110.1 |  | 124.5 |  | $ | 368.4 |  | 357.3 |
Depreciation and amortization | $ | 2.2 |  | 1.6 |  | $ | 5.8 |  | 4.8 |
Equity (losses) earnings | $ | (9.1) |  | (1.1) |  | $ | (23.0) |  | 4.0 |
Adjusted EBITDA | $ | 16.9 |  | 22.8 |  | $ | 60.9 |  | 71.9 |
(1) 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 September 30, | Nine Months Ended September 30,
(in millions) | 2023 | 2022 | 2023 | 2022
Adjusted EBITDA - Markets Advisory | $ | 85.1 |  | 132.1 |  | $ | 256.1 |  | 377.3 |
Adjusted EBITDA - Capital Markets | 50.3 |  | 83.2 |  | 97.0 |  | 328.1 |
Adjusted EBITDA - Work Dynamics | 61.6 |  | 53.4 |  | 143.5 |  | 146.2 |
Adjusted EBITDA - JLL Technologies | (8.7) |  | (15.3) |  | (127.2) |  | (14.7) |
Adjusted EBITDA - LaSalle | 16.9 |  | 22.8 |  | 60.9 |  | 71.9 |
Adjusted EBITDA - Consolidated | $ | 205.2 |  | 276.2 |  | $ | 430.3 |  | 908.8 |
Adjustments: |  |  |  |
Restructuring and acquisition charges | $ | (31.6) |  | (21.0) |  | $ | (79.1) |  | (66.4) |
Net gain (loss) on disposition | 1.3 |  | — |  | (0.5) |  | (7.5) |
Interest on employee loans, net of forgiveness | 1.6 |  | — |  | 2.3 |  | — |
Net non-cash MSR and mortgage banking derivative activity | (7.1) |  | 5.2 |  | (9.5) |  | 12.8 |
Interest expense, net of interest income | (37.1) |  | (23.2) |  | (103.9) |  | (49.1) |
Income tax provision | (14.5) |  | (42.3) |  | (13.0) |  | (155.4) |
Depreciation and amortization(1) | (58.1) |  | (54.7) |  | (173.6) |  | (163.5) |
Net income attributable to common shareholders | $ | 59.7 |  | 140.2 |  | $ | 53.0 |  | 479.7 |
(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

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- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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