XML 26 R11.htm IDEA: XBRL DOCUMENT
v3.25.1

Business Combinations, Goodwill and Other Intangible Assets | 3 Months Ended
--- | ---
Mar. 31, 2025
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] |
Business Combinations, Goodwill and Other Intangible Assets | BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS 2025 Business Combinations Activity During the three months ended March 31, 2025 and 2024, we paid $0.6 million and $3.1 million, respectively, for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. We completed no strategic acquisitions in either period. Earn-Out Payments
($ in millions) | March 31, 2025 |  | December 31, 2024
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria | 12 |  |  | 13 |
Maximum earn-out payments (undiscounted) | $ | 84.5 |  |  | 108.0 |
Short-term earn-out liabilities (fair value)(1) | 16.2 |  |  | 12.0 |
Long-term earn-out liabilities (fair value)(1) | 21.3 |  |  | 23.8 |
(1) Included in Other current and Other long-term liabilities on the Consolidated Balance Sheets. Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years. Refer to Note 7, Fair Value Measurements, and Note 10, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities. Goodwill and Other Intangible Assets Goodwill and unamortized intangibles as of March 31, 2025 consisted of: (i) goodwill of $4,642.5 million, (ii) identifiable intangibles of $653.2 million amortized over their remaining finite useful lives and (iii) $48.6 million of identifiable intangibles with indefinite useful lives that are not amortized. Notable portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. In conjunction with our new organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2025. As a result of the changes in Real Estate Management Services and Leasing Advisory, we reassigned goodwill to these reporting units using a relative fair value approach. Under this methodology, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill. We considered the change to Real Estate Management Services and Leasing Advisory reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2025. We performed a quantitative test relying on the discounted cash flow ("DCF") method, an income approach, and a market approach in determining the estimated fair value of these reporting units. Our analysis relied on significant judgments and assumptions in determining the inputs, specifically, forecasted revenue growth, forecasted profitability margin and the discount rate used to present value the estimated future cash flows. Our analysis indicated that no impairment existed as the estimated fair value of both Real Estate Management Services and Leasing Advisory reporting units exceeded their respective carrying value. The following table details, by reporting segment, movements in goodwill.
(in millions) | Real Estate Management Services | Leasing Advisory | Capital Markets Services | Investment Management | Software and Technology Solutions |  | Consolidated
Balance as of January 1, 2025 | $ | 961.2 |  | 1,372.6 |  | 1,971.5 |  | 55.9 |  | 250.1 |  |  | $ | 4,611.3 |
Impact of exchange rate movements | 4.0 |  | 12.8 |  | 14.2 |  | 0.5 |  | (0.3) |  |  | 31.2 |
Balance as of March 31, 2025 | $ | 965.2 |  | 1,385.4 |  | 1,985.7 |  | 56.4 |  | 249.8 |  |  | $ | 4,642.5 |
The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.
(in millions) | MSRs | Other Intangibles |  | Consolidated
Gross Carrying Amount |  |  |  |
Balance as of December 31, 2024 | $ | 851.1 |  | 543.8 |  |  | $ | 1,394.9 |
Additions, net of adjustments | 20.2 |  | — |  |  | 20.2 |
Adjustment for fully amortized intangibles | (11.7) |  | — |  |  | (11.7) |
Impact of exchange rate movements | — |  | 2.7 |  |  | 2.7 |
Balance as of March 31, 2025 | $ | 859.6 |  | 546.5 |  |  | $ | 1,406.1 |
Accumulated Amortization |  |  |  |
Balance as of December 31, 2024 | $ | (380.0) |  | (290.8) |  |  | $ | (670.8) |
Amortization expense, net(1) | (27.2) |  | (17.0) |  |  | (44.2) |
Adjustment for fully amortized intangibles | 11.7 |  | — |  |  | 11.7 |
Impact of exchange rate movements | — |  | (1.0) |  |  | (1.0) |
Balance as of March 31, 2025 | $ | (395.5) |  | (308.8) |  |  | $ | (704.3) |
Net book value as of March 31, 2025 | $ | 464.1 |  | 237.7 |  |  | $ | 701.8 |
(1) Included in this amount for MSRs was $0.8 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.
(in millions) | MSRs | Other Intangibles |  | Consolidated
Gross Carrying Amount |  |  |  |
Balance as of December 31, 2023 | $ | 801.8 |  | 546.2 |  |  | $ | 1,348.0 |
Additions, net of adjustments | 21.9 |  | — |  |  | 21.9 |
Adjustment for fully amortized intangibles | (5.3) |  | (9.2) |  |  | (14.5) |
Impact of exchange rate movements | — |  | (2.2) |  |  | (2.2) |
Balance as of March 31, 2024 | $ | 818.4 |  | 534.8 |  |  | $ | 1,353.2 |
Accumulated Amortization |  |  |  |
Balance as of December 31, 2023 | $ | (309.8) |  | (253.2) |  |  | $ | (563.0) |
Amortization expense, net(1) | (26.5) |  | (16.2) |  |  | (42.7) |
Adjustment for fully amortized intangibles | 5.3 |  | 9.2 |  |  | 14.5 |
Impact of exchange rate movements | — |  | 0.6 |  |  | 0.6 |
Balance as of March 31, 2024 | $ | (331.0) |  | (259.6) |  |  | $ | (590.6) |
Net book value as of March 31, 2024 | $ | 487.4 |  | 275.2 |  |  | $ | 762.6 |
(1) Included in this amount for MSRs was $1.6 million relating to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.

X
- Definition -- None. No documentation exists for this element. -- + References No definition available. + Details
Name: | jll_BusinessCombinationsGoodwillAndOtherIntangibleAssetsAbstract
Namespace Prefix: | jll_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure pertaining to business combinations, goodwill and other intangible assets. + References No definition available. + Details
Name: | jll_BusinessCombinationsGoodwillAndOtherIntangibleAssetsTextBlock
Namespace Prefix: | jll_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration