Company Quick10K Filing
Jones Lang Lasalle
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 46 $6,365
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-03 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-08 Quarter: 2014-03-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2014-02-27 Annual: 2012-12-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-10-31 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2020-02-11 Earnings, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-09-30 Other Events, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-07-02 Officers, Regulation FD
8-K 2019-07-01 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-06-28 Other Events, Exhibits
8-K 2019-06-19 Other Events
8-K 2019-05-29 Shareholder Vote
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-03-21 Enter Agreement, Exhibits
8-K 2019-03-19 Regulation FD, Exhibits
8-K 2019-03-05 Officers, Exhibits
8-K 2019-02-12 Earnings, Exhibits
8-K 2018-11-23 Officers, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-09-18 Officers, Exhibits
8-K 2018-09-14 Officers
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-05-30 Shareholder Vote
8-K 2018-05-16 Enter Agreement, Other Events, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-04-30 Regulation FD, Exhibits
8-K 2018-03-02 Amend Bylaw, Exhibits
8-K 2018-02-07 Earnings, Exhibits
JLL 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 jll3rdquarter201910qexhi.htm
EX-10.2 jll3rdquarter201910qe7e6.htm
EX-31.1 exhibit311-jllq32019.htm
EX-31.2 exhibit312-jllq32019.htm
EX-32.1 exhibit321-jllq32019.htm

Jones Lang Lasalle Earnings 2019-09-30

JLL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BPY 6,647 122,520 75,780 0 0 0 0 6,486 0%
JLL 6,365 10,581 6,697 16,947 0 470 934 6,487 0% 6.9 4%
VAC 4,333 9,023 5,753 4,240 0 59 236 3,817 0% 16.2 1%
CWK 3,974 6,759 5,471 8,503 1,646 -76 486 6,198 19% 12.7 -1%
TRNO 3,144 1,968 531 160 0 59 118 3,466 0% 29.5 3%
KW 2,896 6,996 5,706 649 0 189 468 2,492 0% 5.3 3%
HPP 2,576 2,802 907 0 0 25 47 3,115 66.0 1%
UE 2,142 2,858 1,849 414 0 90 249 3,228 0% 13.0 3%
HF 1,937 1,448 1,142 690 312 127 193 1,696 45% 8.8 9%
RDFN 1,633 600 287 572 120 -89 -72 1,373 21% -19.2 -15%

Document
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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission File Number 1-13145
jlllogonew2017smalla60.jpg
Jones Lang LaSalle Incorporated
(Exact name of registrant as specified in its charter)
Maryland
36-4150422
 
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
200 East Randolph Dr,
Chicago,
IL
 
 
60601
 
 
(Address of principal executive offices)
 
(Zip Code)
 
 
Registrant's telephone number, including area code:
(312)
782-5800
 
 
 
 
 
Former name, former address and former fiscal year, if changed since last report: Not Applicable
 
 
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, par value $0.01
 
JLL
 
The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Securities registered pursuant to Section 12(b) of the Act:
The number of shares outstanding of the registrant's common stock (par value $0.01) as of the close of business on November 1, 2019 was 51,534,876.
 



Table of Contents
Part I
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 

2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements
JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
September 30, 2019
December 31, 2018
Assets
(unaudited)
 
Current assets:
 
 
Cash and cash equivalents
$
402.2

480.9

Trade receivables, net of allowances of $68.3 and $52.0
1,769.3

1,854.0

Notes and other receivables
398.4

363.0

Reimbursable receivables
1,470.8

1,540.5

Warehouse receivables
825.2

331.2

Short-term contract assets
346.4

314.7

Prepaid & other
377.8

321.7

Total current assets
5,590.1

5,206.0

Property and equipment, net of accumulated depreciation of $638.0 and $588.3
671.0

567.9

Operating lease right-of-use assets
678.5


Goodwill
4,083.2

2,697.8

Identified intangibles, net of accumulated amortization of $191.9 and $169.8
675.6

336.9

Investments in real estate ventures, including $304.2 and $247.3 at fair value
412.4

356.9

Long-term receivables
238.2

199.0

Deferred tax assets, net
199.8

210.1

Deferred compensation plan
326.5

258.2

Other
202.6

192.7

Total assets
$
13,077.9

10,025.5

Liabilities and Equity
 

 

Current liabilities:
 

 

Accounts payable and accrued liabilities
$
939.0

1,261.4

Reimbursable payables
1,079.0

1,090.7

Accrued compensation & benefits
1,295.2

1,604.5

Short-term borrowings
100.4

32.7

Short-term contract liabilities and deferred income
175.1

190.4

Short-term acquisition-related obligations
95.1

78.5

Warehouse facilities
786.4

317.9

Short-term operating lease liabilities
152.0


Other
240.5

185.7

Total current liabilities
4,862.7

4,761.8

Credit facility, net of debt issuance costs of $13.2 and $15.9
1,111.7

(15.9
)
Long-term debt, net of debt issuance costs of $3.3 and $3.7
653.3

671.5

Deferred tax liabilities, net
113.9

32.7

Deferred compensation
336.9

277.8

Long-term acquisition-related obligations
125.6

175.8

Long-term operating lease liabilities
606.3


Other
400.9

387.3

Total liabilities
8,211.3

6,291.0

Redeemable noncontrolling interest
8.5


Company shareholders' equity:
 

 

Common stock, $0.01 par value per share, 100,000,000 shares authorized; 51,534,119 and 45,599,418 shares issued and outstanding
0.5

0.5

Additional paid-in capital
1,937.3

1,057.3

Retained earnings
3,336.7

3,095.7

Shares held in trust
(5.7
)
(5.8
)
Accumulated other comprehensive loss
(484.5
)
(456.2
)
Total Company shareholders’ equity
4,784.3

3,691.5

Noncontrolling interest
73.8

43.0

Total equity
4,858.1

3,734.5

Total liabilities and equity
$
13,077.9

$
10,025.5

See accompanying notes to Condensed Consolidated Financial Statements.

3

Table of Contents

JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, except share and per share data) (unaudited)
Three Months Ended September 30,
 
Nine Months Ended September 30,
2019
2018
 
2019
2018
Revenue:
 
 
 
 
 
Revenue before reimbursements
$
2,545.8

2,213.7

 
$
6,855.6

6,268.1

Reimbursements
1,949.8

1,756.1

 
5,727.1

5,160.6

Total revenue
$
4,495.6

3,969.8

 
$
12,582.7

11,428.7

Operating expenses:
 

 

 
 

 

Compensation and benefits
$
1,488.6

1,287.0

 
$
4,007.2

3,624.7

Operating, administrative and other
762.0

689.4

 
2,241.4

2,124.5

Reimbursed expenses
1,949.8

1,756.1

 
5,727.1

5,160.6

Depreciation and amortization
53.6

42.7

 
145.6

131.1

Restructuring and acquisition charges (credits)
70.0

3.7

 
114.3

(6.7
)
Total operating expenses
$
4,324.0

3,778.9

 
$
12,235.6

11,034.2

Operating income
$
171.6

190.9

 
$
347.1

394.5

Interest expense, net of interest income
18.0

12.3

 
41.2

40.4

Equity earnings from real estate ventures
17.1

3.4

 
32.3

27.2

Other income (expense)
0.7

(0.3
)
 
1.2

3.9

Income before income taxes and noncontrolling interest
171.4

181.7

 
339.4

385.2

Income tax provision
42.1

45.6

 
77.6

96.7

Net income
129.3

136.1

 
261.8

288.5

Net income attributable to noncontrolling interest
0.4

1.2

 
0.9

5.3

Net income attributable to the Company
128.9

134.9

 
260.9

283.2

Dividends on unvested common stock, net of tax benefit


 
0.2

0.2

Net income attributable to common shareholders
$
128.9

134.9

 
$
260.7

283.0

Basic earnings per common share
$
2.50

2.96

 
$
5.47

6.22

Basic weighted average shares outstanding (in 000's)
51,528

45,549

 
47,672

45,495

Diluted earnings per common share
$
2.47

2.93

 
$
5.42

6.16

Diluted weighted average shares outstanding (in 000's)
52,104

45,965

 
48,077

45,930

Dividends declared per share
$


 
$
0.43

0.41

Net income attributable to the Company
$
128.9

134.9

 
$
260.9

283.2

Change in pension liabilities, net of tax
0.1

1.2

 
(1.7
)
1.2

Foreign currency translation adjustments
(34.6
)
(34.9
)
 
(26.6
)
(85.7
)
Comprehensive income attributable to the Company
$
94.4

101.2

 
$
232.6

198.7

See accompanying notes to Condensed Consolidated Financial Statements.

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JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
 
Company Shareholders' Equity
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Additional
 
Shares
Other
 
 
(in millions, except share and
per share data) (unaudited)
Common Stock
Paid-In
Retained
Held in
Comprehensive
Noncontrolling
Total
Shares
Amount
Capital
Earnings
Trust
Loss
Interest
Equity
December 31, 2018
45,599,418

$
0.5

1,057.3

3,095.7

(5.8
)
(456.2
)
43.0

$
3,734.5

Net income



21.3



(0.1
)
21.2

Shares issued under stock-based compensation programs
198,575


2.0





2.0

Shares repurchased for payment of taxes on stock-based compensation
(58,750
)

(9.7
)




(9.7
)
Amortization of stock-based compensation


7.0





7.0

Change in pension liabilities, net of tax





(1.0
)

(1.0
)
Foreign currency translation adjustments





31.3


31.3

Increase in amounts attributable to noncontrolling interest






9.8

9.8

March 31, 2019
45,739,243

$
0.5

1,056.6

3,117.0

(5.8
)
(425.9
)
52.7

$
3,795.1

Net income (1)



110.7



0.5

111.2

Shares issued under stock-based compensation programs
31,820


0.8





0.8

Shares repurchased for payment of taxes on stock-based compensation
(8,375
)

(0.7
)




(0.7
)
Amortization of stock-based compensation


12.9





12.9

Dividends paid



(19.9
)



(19.9
)
Shares held in trust




(0.1
)


(0.1
)
Change in pension liabilities, net of tax





(0.8
)

(0.8
)
Foreign currency translation adjustments





(23.3
)

(23.3
)
Increase in amounts attributable to noncontrolling interest






0.1

0.1

June 30, 2019
45,762,688

$
0.5

1,069.6

3,207.8

(5.9
)
(450.0
)
53.3

$
3,875.3

Net income



128.9



0.4

129.3

Shares issued under stock-based compensation programs
49,292


0.9





0.9

Acquisition of HFF
5,733,603


841.2





841.2

Shares repurchased for payment of taxes on stock-based compensation
(11,464
)

(2.1
)




(2.1
)
Amortization of stock-based compensation


27.7





27.7

Shares held in trust




0.2



0.2

Change in pension liabilities, net of tax





0.1


0.1

Foreign currency translation adjustments





(34.6
)

(34.6
)
Increase in amounts attributable to noncontrolling interest






20.1

20.1

September 30, 2019
51,534,119

$
0.5

1,937.3

3,336.7

(5.7
)
(484.5
)
73.8

$
4,858.1

(1) Excludes net income attributable to redeemable noncontrolling interest of $0.1 million for the three months ended June 30, 2019.

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JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
 
Company Shareholder's Equity
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
Additional
 
Shares
Other
 
 
(in millions, except share and
per share data) (unaudited)
Common Stock
Paid-In
Retained
Held in
Comprehensive
Noncontrolling
Total
Shares
Amount
Capital
Earnings
Trust
Loss
Interest
Equity
December 31, 2017
45,373,817

$
0.5

1,037.3

2,649.0

(5.9
)
(340.8
)
38.1

$
3,378.2

Net income



40.3



2.3

42.6

Shares issued under stock-based compensation programs
172,157


0.3





0.3

Shares repurchased for payment of taxes on stock-based compensation
(55,536
)

(8.7
)




(8.7
)
Amortization of stock-based compensation


8.8





8.8

Shares held in trust




(0.1
)


(0.1
)
Foreign currency translation adjustments





51.8


51.8

Increase in amounts attributable to noncontrolling interest






0.5

0.5

Acquisition of redeemable noncontrolling interest


2.3





2.3

March 31, 2018
45,490,438

$
0.5

1,040.0

2,689.3

(6.0
)
(289.0
)
40.9

$
3,475.7

Net income



108.0



1.8

109.8

Shares issued under stock-based compensation programs
5,077


0.1





0.1

Shares repurchased for payment of taxes on stock-based compensation
(344
)

(0.1
)




(0.1
)
Amortization of stock-based compensation


6.7





6.7

Dividends paid



(18.9
)



(18.9
)
Foreign currency translation adjustments





(102.6
)

(102.6
)
Decrease in amounts attributable to noncontrolling interest






(4.5
)
(4.5
)
June 30, 2018
45,495,171

$
0.5

1,046.7

2,778.4

(6.0
)
(391.6
)
38.2

$
3,466.2

Net income



134.9



1.2

136.1

Shares issued under stock-based compensation programs
83,814


0.4





0.4

Shares repurchased for payment of taxes on stock-based compensation
(18,670
)

(3.1
)




(3.1
)
Amortization of stock-based compensation


5.5





5.5

Change in pension liabilities, net of tax





1.2


1.2

Foreign currency translation adjustments





(34.9
)

(34.9
)
Increase in amounts attributable to noncontrolling interest






1.4

1.4

September 30, 2018
45,560,315

$
0.5

1,049.5

2,913.3

(6.0
)
(425.3
)
40.8

$
3,572.8

See accompanying notes to Condensed Consolidated Financial Statements.

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JONES LANG LASALLE INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Nine Months Ended September 30,
(in millions) (unaudited)
2019
2018
Cash flows used in operating activities:
 
 
Net income
$
261.8

288.5

Adjustments to reconcile net income to net cash used in operating activities:
 

 

Distributions of earnings from real estate ventures
12.0

30.2

Other adjustments, net
169.2

114.3

Changes in working capital, net
(694.5
)
(433.3
)
Net cash used in operating activities
(251.5
)
(0.3
)
Cash flows used in investing activities:
 

 

Net capital additions – property and equipment
(131.1
)
(110.1
)
Net investment asset activity (less than wholly-owned)
(67.6
)
(10.6
)
Business acquisitions, net of cash acquired
(789.2
)
(31.7
)
Capital contributions to real estate ventures
(65.6
)
(38.3
)
Distributions of capital from real estate ventures
24.4

40.4

Other, net
35.0

3.1

Net cash used in investing activities
(994.1
)
(147.2
)
Cash flows provided by financing activities:
 

 

Proceeds from borrowings under credit facility
4,705.0

2,511.0

Repayments of borrowings under credit facility
(3,580.0
)
(2,271.0
)
Net proceeds from short-term borrowings
68.6

7.2

Payments of deferred business acquisition obligations and earn-outs
(39.8
)
(47.8
)
Payment of dividends
(19.9
)
(18.9
)
Other, net
60.7

(8.0
)
Net cash provided by financing activities
1,194.6

172.5

Effect of currency exchange rate changes on cash and cash equivalents
(9.4
)
(20.9
)
Net change in cash, cash equivalents and restricted cash
(60.4
)
4.1

Cash, cash equivalents and restricted cash, beginning of the period
634.2

471.7

Cash, cash equivalents and restricted cash, end of the period
$
573.8

475.8

Supplemental disclosure of cash flow information:
 

 

Restricted cash, end of the period
$
171.6

148.8

Cash paid during the period for:
 

 

Interest
36.7

33.1

Income taxes, net of refunds
218.8

108.0

Operating leases
127.7

n/a

Non-cash activities:
 

 

Business acquisitions, including contingent consideration
842.7

2.7

Deferred business acquisition obligations
6.5

1.9

See accompanying notes to Condensed Consolidated Financial Statements.

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Table of Contents

JONES LANG LASALLE INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.
INTERIM INFORMATION
Readers of this quarterly report should refer to the audited financial statements of Jones Lang LaSalle Incorporated ("JLL," which may also be referred to as "the Company" or as "we," "us" or "our") for the year ended December 31, 2018, which are included in our 2018 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (www.us.jll.com), since we have omitted from this quarterly report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to the "Summary of Critical Accounting Policies and Estimates" section within Item 7. Management's Discussion and Analysis of Financial Condition and Result of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2018 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates.
Our Condensed Consolidated Financial Statements as of September 30, 2019, and for the periods ended September 30, 2019 and 2018, are unaudited. In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements for these interim periods.
Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is the result of a general focus in the real estate industry on completing transactions by calendar year end, while certain expenses are recognized evenly throughout the year. Our LaSalle Investment Management ("LaSalle") segment generally earns investment-generated performance fees on clients' real estate investment returns when assets are sold, the timing of which is geared toward the benefit of our clients, as well as co-investment equity gains and losses, primarily dependent on underlying valuations. Within our Real Estate Services ("RES") segments, revenue from transaction-based activities (e.g. leasing and capital markets) is driven by the size and timing of our clients' transactions and can fluctuate significantly from period to period.
A significant portion of our compensation and benefits expense is from incentive compensation plans, which we generally accrue throughout the year based on progress toward annual performance targets. This process can result in significant fluctuations in quarterly compensation and benefits expense from period to period. Non-variable operating expenses, which we recognize when incurred during the year, are relatively constant on a quarterly basis.
We provide for the effects of income taxes on interim financial statements based on our estimate of the effective tax rate for the full year, which we base on forecasted income by country and expected enacted tax rates; as required, we adjust for the impact of discrete items in the quarters in which they occur. Changes in the geographic mix of income can impact our estimated effective tax rate.
As a result of the items mentioned above, the results for the periods ended September 30, 2019 and 2018 are not fully indicative of what our results will be for the full fiscal year.
2.
NEW ACCOUNTING STANDARDS
Recently adopted accounting guidance
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which increases transparency and comparability by requiring the recognition of lease assets and lease liabilities on the balance sheet, as well as requiring the disclosure of key information about leasing arrangements. On January 1, 2019, we adopted ASU No. 2016-02, Leases (ASC Topic 842), on a modified retrospective basis under the optional transition method. Therefore, the application of the provisions of this ASU are effective January 1, 2019, and comparative periods are presented in accordance with Accounting Standards Codification ("ASC") Topic 840. Additionally, we elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward (1) our historical lease classification and assessments for expired and existing leases, and (2) our historical accounting for initial direct costs for existing leases. We elected not to record on the Condensed Consolidated Balance Sheets any lease whose term is 12 months or less and does not include a purchase option that we are reasonably certain to exercise.

8

Table of Contents

We also elected to account for the non-lease components within our leases as part of the single lease component to which they are related. The most significant impact of the adoption of this ASU was an increase to the Condensed Consolidated Balance Sheets to reflect operating lease right-of-use assets and lease liabilities, which are primarily associated with our office leases around the world. Our accounting for finance leases was not materially impacted. See Note 9, Leases, for additional information on the impact of ASC 842 adoption.
In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. The annual goodwill impairment test will require companies to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge when the carrying amount exceeds the fair value of the reporting unit. This ASU is effective for annual and interim goodwill impairment tests beginning after December 15, 2019, with early adoption permitted. We adopted this guidance effective January 1, 2019, and, as a result, will no longer apply Step 2 when performing the goodwill impairment test. This guidance had no material impact on our financial statements and related disclosures.
Recently issued accounting guidance, not yet adopted
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which creates a new framework to evaluate financial instruments, such as trade receivables, for expected credit losses. This new framework replaces the existing incurred loss approach and is expected to result in more timely recognition of credit losses. This ASU is effective for annual and interim periods beginning after December 15, 2019 and early adoption is not permitted until years beginning after December 15, 2018.
In advance of our adoption, we have identified our financial assets and off-balance sheet credit exposures within the scope of this ASU. Although we do not expect the adoption to have a material impact on our financial statements, we expect the adoption to impact our methodology of reserving for our Trade receivables and other receivable-related financial assets, including contract assets. We also expect the adoption to impact the loan loss accrual for certain mortgage loans we originate, sell and retain the servicing rights. We are currently evaluating our historical reserve balances and write-off activity, and are developing an appropriate forward-looking process for adoption as the impact of this ASU will be driven by the aged composition of our financial assets and the risk of loss for some of the loans we originate and sell. Our evaluations are ongoing and the expected impact associated with the adoption of this ASU is not yet quantified.
In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 when determining which implementation costs to capitalize as intangible assets. This ASU is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We do not believe this guidance will have a material impact on our financial statements and related disclosures.
3.
REVENUE RECOGNITION
Revenue excluded from the scope of ASC Topic 606 - Our mortgage banking and servicing operations - such as Mortgage Servicing Rights ("MSR")-related activity, loan origination fees, and servicing income - are excluded from the scope of ASC Topic 606. For the three and nine months ended September 30, 2019 such revenue was $74.3 million and $137.6 million, respectively. For the three and nine months ended September 30, 2018 such revenue was $35.5 million and $101.8 million, respectively. Such revenue was included entirely within Americas Capital Markets.
Contract assets - As of September 30, 2019 and December 31, 2018, we had $437.6 million and $396.2 million of contract assets, respectively, which are included in Short-term contract assets and Other assets on the Condensed Consolidated Balance Sheets.
Contract liabilities - As of September 30, 2019 and December 31, 2018, we had $101.5 million and $98.9 million of contract liabilities, respectively, which are included in Short-term contract liabilities and deferred income on our Condensed Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days.

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Table of Contents

Remaining performance obligations - Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of September 30, 2019, the aggregate amount of transaction price allocated to remaining performance obligations represented approximately 5% of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and LaSalle contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months.
4.
BUSINESS SEGMENTS
We manage and report our operations as four business segments:
The three geographic regions of RES including:
(1) Americas,
(2) Europe, Middle East and Africa ("EMEA"), and
(3) Asia Pacific;
and
(4) LaSalle, which offers investment management services on a global basis.
Each geographic region offers our full range of real estate services, including agency leasing and tenant representation, capital markets, property and facility management, project and development management, energy management and sustainability, construction management, and advisory, consulting and valuation services. LaSalle provides investment management services to institutional investors and high-net-worth individuals.
Operating income represents total revenue less direct and allocated indirect expenses. 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 global overhead, which we allocate to the business segments based on the budgeted operating expenses of each segment.
For segment reporting, (a) gross contract costs and (b) net non-cash MSR and mortgage banking derivative activity are both excluded from revenue in determining "fee revenue". Gross contract costs are excluded from operating expenses in determining "fee-based operating expenses." Excluding these costs from revenue and expenses results in a net presentation which we believe more accurately reflects how we manage our expense base, operating margins, and performance. Refer to Results of Operations, included in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, for a full description of gross contract costs. In addition, our measure of segment results excludes Restructuring and acquisition charges.
The Chief Operating Decision Maker of JLL measures and evaluates the segment results excluding (a) gross contract costs, (b) net non-cash MSR and mortgage banking derivative activity, and (c) Restructuring and acquisition charges. As of September 30, 2019, we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following:
• Global Chief Executive Officer
• Chief Executive Officers of each of our four business segments
• Global Chief Financial Officer
• Global Chief Executive Officer of Corporate Solutions
• Global Chief Administrative Officer
• Global Chief Executive Officer of Capital Markets

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Table of Contents

Summarized financial information by business segment is as follows.
 
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)
2019
2018
2019
2018
Americas - Real Estate Services
 
 
 
 
Leasing
$
472.7

424.0

$
1,354.3

1,151.4

Capital Markets
323.2

115.6

553.1

344.4

Property & Facility Management
1,386.3

1,271.5

4,119.2

3,713.4

Project & Development Services
406.0

304.7

1,091.5

848.8

Advisory, Consulting and Other
99.4

85.8

283.2

237.1

Revenue
2,687.6

2,201.6

7,401.3

6,295.1

Reimbursements
(1,430.3
)
(1,251.5
)
(4,184.8
)
(3,659.6
)
Revenue before reimbursements
1,257.3

950.1

3,216.5

2,635.5

Gross contract costs
(200.8
)
(170.7
)
(580.3
)
(460.4
)
Net non-cash MSR and mortgage banking derivative activity
(12.7
)
(5.3
)
(17.4
)
(9.3
)
Fee revenue
1,043.8

774.1

2,618.8

2,165.8

Operating expenses, excluding reimbursed expenses:
 

 



 
Compensation, operating and administrative expenses
1,045.6

821.2

2,770.1

2,306.8

Depreciation and amortization
35.3

24.5

88.9

77.1

Segment operating expenses, excluding reimbursed expenses
1,080.9

845.7

2,859.0

2,383.9

Gross contract costs
(200.8
)
(170.7
)
(580.3
)
(460.4
)
Fee-based segment operating expenses
880.1

675.0

2,278.7

1,923.5

Segment operating income
$
176.4

104.4

$
357.5

251.6

Equity earnings
1.5

0.1