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Investments | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments | 5. INVESTMENTS Summarized investment balances are presented in the following table.
| December 31,
(in millions) | 2023 | 2022
JLL Technologies investments | $ | 397.6 |  | 483.4 |
LaSalle co-investments | 388.3 |  | 366.5 |
Other investments | 30.7 |  | 23.9 |
Total | $ | 816.6 |  | 873.8 |
Our JLL Technologies investments are, generally, investments in early to mid-stage proptech companies as well as proptech funds, while our LaSalle co-investments are, primarily, direct investments in 48 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. We have maximum potential unfunded commitments to direct investments or investment vehicles of $341.0 million and $13.6 million as of December 31, 2023 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $341.0 million related to LaSalle, while we remain contractually obligated, we do not expect a call on $60.3 million relating to a specific investment since the underlying fund moved into its liquidation phase 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 had equity method investments, either directly or indirectly, of $146.9 million and $116.0 million as of December 31, 2023 and 2022, respectively, in entities classified as VIEs. In prior periods, we determined we were the primary beneficiary of certain VIEs and accordingly, we consolidated such entities. In December of 2022, as a result of a reconsideration event, we concluded we were no longer the primary beneficiary of these VIEs and, therefore, no longer consolidate these VIEs. Summarized financial information for our consolidated VIEs is presented in the following table. As a result of the reconsideration event described above, there are no consolidated VIE balances as of December 31, 2023 and 2022 and net income was consolidated up to the reconsideration date.
| Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
Revenue | $ | — |  | 17.6 |  | 11.0 |
Operating and other expenses | — |  | (23.8) |  | (14.9) |
Net gain on sale of investments(1) | — |  | 142.3 |  | — |
Net income (loss) | $ | — |  | 136.1 |  | (3.9) |
(1) The 2022 gain was included in Other income on the Consolidated Statements of Comprehensive Income. We allocate the members' equity and net income (loss) of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on the Consolidated Balance Sheets and as Net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Comprehensive Income, respectively. The following tables summarize the combined financial information for certain of our unconsolidated investments accounted for under the equity method or at fair value.
|  | December 31,
(in millions) |  | 2023 | 2022
Balance Sheets: |  |  |
| Investments, net of depreciation |  | $ | 37,233.7 |  | 36,855.2 |
| Total assets |  | 41,321.2 |  | 40,367.9 |
| Mortgage indebtedness |  | 12,321.2 |  | 11,790.0 |
| Other borrowings |  | 2,584.1 |  | 3,100.5 |
| Total liabilities |  | 17,513.9 |  | 16,986.9 |
| Total equity |  | 23,807.3 |  | 23,381.0 |
|  | Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
Statements of Operations: |  |  |
| Revenue | $ | 2,403.5 |  | 2,193.4 |  | 2,103.6 |
| Net (loss) income | (1,085.8) |  | 576.6 |  | 1,850.7 |
Impairment During the year ended December 31, 2022, we recorded a $19.6 million other-than-temporary impairment charge related to an investment accounted for under the equity method. This activity was included within Equity (losses) earnings on our Consolidated Statements of Comprehensive Income. There were no significant other-than-temporary impairments in 2023 or 2021. Fair Value We report a majority of our investments 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 Consolidated Statements of Comprehensive Income within Equity (losses) earnings. The table below shows the movement in our investments reported at fair value. See Note 9, Fair Value Measurements, for further discussion of our investments reported at fair value.
| Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
Fair value investments as of January 1, | $ | 794.9 |  | 639.6 |  | 340.3 |
Investments | 160.4 |  | 156.1 |  | 190.3 |
Distributions | (25.2) |  | (38.5) |  | (84.0) |
Change in fair value | (197.8) |  | 61.3 |  | 201.2 |
Foreign currency translation adjustments, net | 8.5 |  | (23.6) |  | (8.2) |
Fair value investments as of December 31, | $ | 740.8 |  | 794.9 |  | 639.6 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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