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Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of financial information by business segment

Summarized financial information by business segment is as follows.

Markets Advisory			Year Ended December 31,
(in millions)			2024			2023			2022
Leasing			$	2,596.2		2,343.6			2,759.2
Property Management			1,795.1			1,675.1			1,525.3
Advisory, Consulting and Other			109.4			102.9			131.0
Revenue			$	4,500.7		4,121.6			4,415.5
Less:
Platform compensation and benefits			$	2,309.2		2,178.2			2,433.7
Platform operating, administrative and other			371.9			368.3			405.0
Gross contract costs			1,269.6			1,153.6			1,055.3
Add:
Equity earnings (losses)			0.7			(0.5)			(0.3)
Other segment items			(3.1)			(4.4)			6.3
Adjusted EBITDA			$	547.6		416.6			527.5
Depreciation and amortization(1)			$	66.2		65.6			70.6

(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Capital Markets			Year Ended December 31,
(in millions)			2024			2023			2022
Investment Sales, Debt/Equity Advisory and Other			$	1,506.2		1,261.6			1,955.4
Value and Risk Advisory			373.0			363.8			374.9
Loan Servicing			161.2			152.6			157.9
Revenue			$	2,040.4		1,778.0			2,488.2
Less:
Platform compensation and benefits			$	1,491.9		1,337.7			1,727.1
Platform operating, administrative and other			278.4			246.1			263.2
Gross contract costs			48.6			47.5			47.0
Add:
Equity earnings			2.7			6.7			3.1
Other segment items			20.2			19.7			(10.0)
Adjusted EBITDA			$	244.4		173.1			444.0
Depreciation and amortization			$	66.8		65.6			61.6

Work Dynamics			Year Ended December 31,
(in millions)			2024			2023			2022
Workplace Management			$	12,529.7		10,706.2			9,819.2
Project Management			3,151.9			2,924.8			2,972.3
Portfolio Services and Other			516.0			500.1			477.0
Revenue			$	16,197.6		14,131.1			13,268.5
Less:
Platform compensation and benefits			$	1,385.8		1,305.1			1,202.3
Platform operating, administrative and other			467.8			431.6			432.9
Gross contract costs			14,029.9			12,131.4			11,403.8
Add:
Equity earnings			2.2			1.4			1.2
Other segment items			—			(0.4)			(0.6)
Adjusted EBITDA			$	316.3		264.0			230.1
Depreciation and amortization			$	91.1		79.2			71.1

JLL Technologies			Year Ended December 31,
(in millions)			2024			2023			2022
Revenue			$	226.3		246.4			213.9
Less:
Platform compensation and benefits			$	197.0		200.7			240.3
Platform operating, administrative and other			54.2			50.3			57.4
Gross contract costs			5.5			14.5			13.7
Add:
Other segment items			8.1			—			—
Adjusted EBITDA			$	(22.3)		(19.1)			(97.5)
Depreciation and amortization			$	19.4		15.9			15.4
Equity (losses) earnings			$	(53.8)		(177.0)			46.6

LaSalle			Year Ended December 31,
(in millions)			2024			2023			2022
Advisory fees			$	373.8		406.2			404.6
Transaction fees and other			33.5			30.0			44.8
Incentive fees			60.6			47.5			26.6
Revenue			$	467.9		483.7			476.0
Less:
Platform compensation and benefits			$	268.9		288.7			290.4
Platform operating, administrative and other			69.8			62.6			59.7
Gross contract costs			37.4			28.9			29.3
Add:
Other segment items			8.5			0.3			(0.4)
Adjusted EBITDA			$	100.3		103.8			96.2
Depreciation and amortization			$	8.5		8.1			6.5
Equity (losses) earnings			$	(22.6)		(24.7)			0.4

The following table is a reconciliation of segment revenue to consolidated revenue.

			Year Ended December 31,
(in millions)			2024			2023			2022
Markets Advisory			$	4,500.7		4,121.6			4,415.5
Capital Markets			2,040.4			1,778.0			2,488.2
Work Dynamics			16,197.6			14,131.1			13,268.5
JLL Technologies			226.3			246.4			213.9
LaSalle			467.9			483.7			476.0
Total revenue			$	23,432.9		20,760.8			20,862.1

The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.

			Year Ended December 31,
(in millions)			2024			2023			2022
Adjusted EBITDA - Markets Advisory			$	547.6		416.6			527.5
Adjusted EBITDA - Capital Markets			244.4			173.1			444.0
Adjusted EBITDA - Work Dynamics			316.3			264.0			230.1
Adjusted EBITDA - JLL Technologies			(22.3)			(19.1)			(97.5)
Adjusted EBITDA - LaSalle			100.3			103.8			96.2
Adjusted EBITDA - Consolidated			$	1,186.3		938.4			1,200.3
Adjustments:
Restructuring and acquisition charges			$	(23.1)		(100.7)			(104.8)
Net (loss) gain on disposition			—			(0.5)			(7.5)
Interest on employee loans, net			5.9			3.6			9.7
Equity earnings (losses) - JLL Technologies and LaSalle			(76.4)			(201.7)			47.0
Credit losses on convertible note investments			(6.3)			—			—
Net non-cash MSR and mortgage banking derivative activity			(18.2)			(18.2)			11.0
Interest expense, net of interest income			(136.9)			(135.4)			(75.2)
Income tax provision			(132.5)			(25.7)			(200.8)
Depreciation and amortization(1)			(252.0)			(234.4)			(225.2)
Net income attributable to common shareholders			$	546.8		225.4			654.5

(1) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Schedule of revenue from most significant currencies

The following table sets forth the revenue from our most significant currencies.

			Year Ended December 31,
(in millions)			2024			2023			2022
United States dollar			$	14,402.3		12,258.9			12,375.9
British pound			1,773.5			1,640.0			1,575.6
Euro			1,464.9			1,436.1			1,535.6
Australian dollar			1,085.3			1,036.9			1,183.0
Indian rupee			823.8			661.4			591.0
Canadian dollar			612.6			613.8			593.8
Hong Kong dollar			567.1			544.8			532.3
Chinese yuan			488.1			480.9			506.0
Singapore dollar			447.3			425.4			368.4
Japanese yen			346.3			286.6			233.8
Other currencies			1,421.7			1,376.0			1,366.7
Total revenue			$	23,432.9		20,760.8			20,862.1

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Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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