10-Q

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2018

Or

o 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

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 Drive, 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

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 x No o

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 x No o

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 x	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of shares outstanding of the registrant's common stock (par value $0.01) as of the close of business on November 2, 2018 was 45,566,557.

Table of Contents

Part I	Financial Information
Item 1.	Condensed Consolidated Financial Statements (unaudited):	3
	Balance Sheets as of September 30, 2018 and December 31, 2017	3
	Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2018 and 2017	4
	Statement of Changes in Equity for the Nine Months Ended September 30, 2018	5
	Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	52
Item 4.	Controls and Procedures	53
Part II	Other Information
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 5.	Other Information	54
Item 6.	Exhibits	56
Signature		57

2

Part I. Financial Information

Item 1. Financial Statements

JONES LANG LASALLE INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
(in millions, except share and per share data) (unaudited)	2018			2017
Assets
Current assets:
Cash and cash equivalents	$	327.0		268.0
Trade receivables, net of allowances of $57.6 and $51.3	1,610.0			1,739.4
Notes and other receivables	297.6			385.3
Reimbursable receivables	1,400.8			1,263.3
Warehouse receivables	617.7			317.5
Short-term contract assets	293.0			178.4
Prepaid & other	315.2			389.1
Total current assets	4,861.3			4,541.0
Property and equipment, net of accumulated depreciation of $583.7 and $514.9	540.8			543.9
Goodwill	2,689.7			2,709.3
Identified intangibles, net of accumulated amortization of $161.1 and $165.9	291.5			305.0
Investments in real estate ventures, including $246.0 and $242.3 at fair value	371.5			376.2
Long-term receivables	179.6			164.7
Deferred tax assets, net	242.5			229.1
Deferred compensation plan	277.8			229.7
Other	164.4			155.5
Total assets	$	9,619.1		9,254.4
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	995.1		993.1
Reimbursable payables	1,012.2			1,022.6
Accrued compensation & benefits	1,205.7			1,419.1
Short-term borrowings	83.7			77.4
Short-term contract liabilities and deferred income	170.9			155.4
Short-term acquisition-related obligations	60.0			80.1
Warehouse facilities	611.9			309.2
Other	195.2			256.8
Total current liabilities	4,334.7			4,313.7
Credit facility, net of debt issuance costs of $16.8 and $15.3	223.2			(15.3	)
Long-term debt, net of debt issuance costs of $3.9 and $4.3	677.3			690.6
Deferred tax liabilities, net	24.5			63.2
Deferred compensation	290.2			259.0
Long-term acquisition-related obligations	168.1			228.9
Other	328.3			332.3
Total liabilities	6,046.3			5,872.4
Redeemable noncontrolling interest	—			3.8
Company shareholders' equity:
Common stock, $0.01 par value per share, 100,000,000 shares authorized; 45,560,315 and 45,373,817 shares issued and outstanding	0.5			0.5
Additional paid-in capital	1,049.5			1,037.3
Retained earnings	2,913.3			2,649.0
Shares held in trust	(6.0		)	(5.9	)
Accumulated other comprehensive loss	(425.3		)	(340.8	)
Total Company shareholders’ equity	3,532.0			3,340.1
Noncontrolling interest	40.8			38.1
Total equity	3,572.8			3,378.2
Total liabilities and equity	$	9,619.1		9,254.4

See accompanying notes to Condensed Consolidated Financial Statements.

3

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,
	2018			2017		2018			2017
Revenue:
Revenue before reimbursements	$	2,213.7		1,980.7		$	6,268.1		5,471.5
Reimbursements	1,756.1			1,541.5		5,160.6			4,638.7
Total revenue	$	3,969.8		3,522.2		$	11,428.7		10,110.2
Operating expenses:
Compensation and benefits	1,287.0			1,155.4		3,624.7			3,199.4
Operating, administrative and other	689.4			642.3		2,124.5			1,852.5
Reimbursed expenses	1,756.1			1,541.5		5,160.6			4,638.7
Depreciation and amortization	42.7			41.8		131.1			122.3
Restructuring and acquisition charges (credits)	3.7			3.4		(6.7		)	13.3
Total operating expenses	3,778.9			3,384.4		11,034.2			9,826.2
Operating income	190.9			137.8		394.5			284.0
Interest expense, net of interest income	12.3			14.9		40.4			42.5
Equity earnings from real estate ventures	3.4			12.6		27.2			32.7
Other (expense) income	(0.3		)	(0.3	)	3.9			0.7
Income before income taxes and noncontrolling interest	181.7			135.2		385.2			274.9
Provision for income taxes	45.6			36.0		96.7			73.1
Net income	136.1			99.2		288.5			201.8
Net income attributable to noncontrolling interest	1.2			0.9		5.3			1.8
Net income attributable to the Company	134.9			98.3		283.2			200.0
Dividends on unvested common stock, net of tax benefit	—			—		0.2			0.2
Net income attributable to common shareholders	$	134.9		98.3		$	283.0		199.8
Basic earnings per common share	$	2.96		2.17		$	6.22		4.41
Basic weighted average shares outstanding (in 000's)	45,549			45,349		45,495			45,299
Diluted earnings per common share	$	2.93		2.15		$	6.16		4.37
Diluted weighted average shares outstanding (in 000's)	45,965			45,814		45,930			45,729
Dividends declared per share	$	—		—		$	0.41		0.35
Net income attributable to the Company	$	134.9		98.3		$	283.2		200.0
Change in pension liabilities, net of tax	1.2			1.2		1.2			2.0
Foreign currency translation adjustments	(34.9		)	46.0		(85.7		)	175.5
Comprehensive income attributable to the Company	$	101.2		145.5		$	198.7		377.5

See accompanying notes to Condensed Consolidated Financial Statements.

4

JONES LANG LASALLE INCORPORATED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDEDSEPTEMBER 30, 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, 2017	45,373,817		$	0.5	1,037.3		2,649.0		(5.9	)	(340.8	)	38.1		$	3,378.2
Net income	—		—		—		283.2		—		—		5.3		288.5
Shares issued under stock-based compensation programs	261,048		—		0.8		—		—		—		—		0.8
Shares repurchased for payment of taxes on stock-based compensation	(74,550	)	—		(11.9	)	—		—		—		—		(11.9		)
Amortization of stock-based compensation	—		—		21.0		—		—		—		—		21.0
Dividends paid, $0.41 per share	—		—		—		(18.9	)	—		—		—		(18.9		)
Shares held in trust	—		—		—		—		(0.1	)	—		—		(0.1		)
Change in pension liabilities, net of tax	—		—		—		—		—		1.2		—		1.2
Foreign currency translation adjustments	—		—		—		—		—		(85.7	)	—		(85.7		)
Decrease in amounts attributable to noncontrolling interest	—		—		—		—		—		—		(2.6	)	(2.6		)
Acquisition of redeemable noncontrolling interest	—		—		2.3		—		—		—		—		2.3
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.

5

JONES LANG LASALLE INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
(in millions) (unaudited)	2018			2017
Cash flows (used in) provided by operating activities:
Net income	$	288.5		201.8
Adjustments to reconcile net income to net cash used in operating activities:
Distributions of earnings from real estate ventures	30.2			24.2
Other adjustments, net	114.3			122.4
Changes in working capital, net	(433.3		)	(70.7	)
Net cash (used in) provided by operating activities	(0.3		)	277.7
Cash flows used in investing activities:
Net capital additions – property and equipment	(110.1		)	(98.1	)
Acquisition of investment properties (less than wholly-owned)	(34.9		)	—
Proceeds from the sale of assets (less than wholly-owned)	24.3			—
Business acquisitions, net of cash acquired	(31.7		)	(18.7	)
Capital contributions to real estate ventures	(38.3		)	(27.0	)
Distributions of capital from real estate ventures	40.4			24.9
Other, net	3.1			(3.1	)
Net cash used in investing activities	(147.2		)	(122.0	)
Cash flows provided by (used in) financing activities:
Proceeds from issuance of senior notes	—			395.7
Proceeds from borrowings under credit facility	2,511.0			2,478.0
Repayments of borrowings under credit facility	(2,271.0		)	(2,953.0	)
Payments of deferred business acquisition obligations and earn-outs	(47.8		)	(41.2	)
Payment of dividends	(18.9		)	(16.1	)
Other, net	(0.8		)	(28.8	)
Net cash provided by (used in) financing activities	172.5			(165.4	)
Effect of currency exchange rate changes on cash and cash equivalents	(20.9		)	11.4
Net change in cash, cash equivalents and restricted cash	4.1			1.7
Cash, cash equivalents and restricted cash, beginning of the period	471.7			454.0
Cash, cash equivalents and restricted cash, end of the period	$	475.8		455.7
Supplemental disclosure of cash flow information:
Restricted cash, end of the period	$	148.8		177.9
Cash paid during the period for:
Interest	$	33.1		33.6
Income taxes, net of refunds	108.0			112.6
Non-cash activities:
Business acquisitions, including contingent consideration	$	2.7		11.5
Deferred business acquisition obligations	1.9			1.8

See accompanying notes to Condensed Consolidated Financial Statements.

6

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, 2017, which are included in our 2017 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (www.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 2017 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, 2018 and December 31, 2017, and for the periods ended September 30, 2018 and 2017, 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. We have reclassified or recast certain prior-year amounts in conjunction with the adoption of new accounting standards and to conform to the current year presentation. Refer to Note 2, New Accounting Standards, for additional information.

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 capital markets activities 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, 2018 and 2017 are not fully indicative of what our results will be for the full fiscal year.

7

2. NEW ACCOUNTING STANDARDS

Recently adopted accounting guidance

Effective January 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an employer to disaggregate the employer service cost component from the other components of net periodic pension cost. The primary impact for JLL is the requirement to present the components of net periodic pension cost that do not represent the employer service cost outside of the subtotal "Operating income" on the Condensed Consolidated Statements of Comprehensive Income. As full retrospective application is required, we recast our comparative information, reclassifying the components of net periodic pension cost, other than the employer service cost component, from Compensation and benefits expense to Other income on the Condensed Consolidated Statements of Comprehensive Income. For the three and nine months ended September 30, 2017, the amount reclassified was a cost of $0.3 million and a benefit of $0.7 million, respectively. The adoption of ASU 2017-07 had no impact on our Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Cash Flows. Refer to the table below for the impact of adopting this ASU on our comparative Condensed Consolidated Statement of Comprehensive Income.

Effective January 1, 2018, we adopted ASU No. 2016-18, Restricted Cash, which addresses classification and presentation of changes in restricted cash on the statement of cash flows. Specifically, this ASU requires a statement of cash flows to explain the changes during the period in cash, cash equivalents, and amounts reported as restricted cash or restricted cash equivalents. The primary effect of the adoption was the inclusion of restricted cash along with cash and cash equivalents in reconciling the beginning and ending total amounts shown on the Condensed Consolidated Statements of Cash Flows. We adopted this ASU on a full retrospective basis. Restricted cash is included in Prepaid and other current assets on the Condensed Consolidated Balance Sheets.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers; in March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations and together with ASU No. 2014-09 (collectively the "ASUs"), amends and comprises ASC Topic 606, Revenue from Contracts with Customers. These ASUs, and other related ASUs, replaced most existing revenue recognition guidance in U.S. generally accepted accounting principles ("U.S. GAAP"). Effective January 1, 2018, we adopted ASC Topic 606 on a full retrospective basis.

The adoption of ASC Topic 606 resulted in an acceleration of the timing of revenue recognition for certain brokerage-related transaction commissions and advisory services. These items include variable consideration or other aspects, such as contingencies, that precluded revenue recognition contemporaneous with the satisfaction of our performance obligations within the previous revenue recognition framework. The acceleration of the timing of revenue recognition also resulted in the acceleration of expense recognition relating to direct commissions expense payable to brokers.

Implementation of the updated principal versus agent considerations in ASC Topic 606 resulted in a significant increase to the proportion of our Property & Facility Management and Project & Development Services contracts presented on a gross basis (hereafter “gross contracts”). Under the previous principal versus agent framework, our evaluations for presentation of a service contract contemplated both performance and payment risk. Contractual provisions with clients and third-party vendors and subcontractors, such as “pay-when-paid”, that substantially mitigate our payment risk with respect to on-site personnel and other expenses incurred on our clients’ behalf have historically resulted in the majority of our service contracts being presented on a net basis. However, within ASC Topic 606, payment risk is not an evaluation factor; instead, control of the service before transfer to the customer is the focal point of current principal versus agent assessments. As a result, we determined that costs associated with all client-dedicated JLL personnel, even when directly reimbursed by clients, and arrangements where we control the services provided by a third-party prior to the transfer to the customer will now be presented on a gross basis. The incremental expenses and corresponding revenue recognized as a result of the adoption of the new principal versus agent framework are presented in new financial statement captions, Reimbursed expenses and Reimbursements, respectively, in our Condensed Consolidated Statements of Comprehensive Income. We have reclassified reimbursable activity in our comparative financial statements.

8

Finally, the adoption of ASC Topic 606 resulted in a material increase to total assets and total liabilities to reflect (i) contract assets and accrued commissions payable recognized upon acceleration of the timing of revenue recognition for certain transactions commissions and advisory services and (ii) assets and liabilities relating to service contracts now reported on a gross basis. Balance sheet activity associated with contracts now reported on a gross basis is most prominently reflected within Reimbursable receivables and Reimbursable payables, new financial statement captions established in conjunction with our adoption of ASC Topic 606. We have reclassified reimbursable balances in our comparative financial statements.

The impact of adopting new accounting pronouncements on a retrospective basis to the Consolidated Balance Sheet as of December 31, 2017, and Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2017, were as follows (for impacted financial statement captions):

(in millions)	Published December 31, 2017 (audited)			Adjustment due to ASC Topic 606		As Restated December 31, 2017 (unaudited)
Assets
Trade receivables, net of allowances(1)	$	2,118.1		(378.7	)	$	1,739.4
Note and other receivables(1)	393.6			(8.3	)	385.3
Reimbursable receivables	n/a			1,263.3		1,263.3
Short-term contract assets	n/a			178.4		178.4
Prepaid & other current assets(2)	257.7			131.4		389.1
Long-term receivables	168.6			(3.9	)	164.7
Other assets	97.8			57.7		155.5
Liabilities and equity
Accounts payable and accrued liabilities(1)	$	1,011.6		(18.5	)	$	993.1
Reimbursable payables	n/a			1,022.6		1,022.6
Accrued compensation & benefits	1,309.0			110.1		1,419.1
Short-term contract liabilities and deferred income(1)	158.9			(3.5	)	155.4
Other current liabilities(1)	263.8			(7.0	)	256.8
Deferred tax liabilities, net	23.9			39.3		63.2
Retained earnings	2,552.8			96.2		2,649.0
Accumulated other comprehensive (loss) income	(341.8		)	1.0		(340.8		)

(1) Adjustments in these captions reflect reclassifications to new financial statement captions, Reimbursable receivables and Reimbursable payables.

(2) Adjustments in this caption reflect an increase to restricted cash held on behalf of clients for contracts now presented on a gross basis.

(in millions)	Published Three months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Three months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	1,947.0	33.7		—		$	1,980.7
Reimbursements(1)	n/a		1,541.5		—		1,541.5
Total revenue	1,947.0		1,575.2		—		3,522.2
Operating expenses
Compensation and benefits(1)	1,132.3		23.4		(0.3	)	1,155.4
Operating, administrative and other(1)	651.4		(9.1	)	—		642.3
Reimbursed expenses(1)	n/a		1,541.5		—		1,541.5
Operating income	118.1		19.4		0.3		137.8
Other income	—		—		(0.3	)	(0.3		)
Provision for income taxes	28.2		7.8		—		36.0
Net income	87.5		11.7		—		99.2
Basic earnings per common share	$	1.91	0.26		—		$	2.17
Diluted earnings per common share	$	1.89	0.26		—		$	2.15

(1) Included in "Adjustments due to ASC Topic 606" is $13.3 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

9

(in millions)	Published Nine months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Nine months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	5,396.9	74.6		—		$	5,471.5
Reimbursements(1)	n/a		4,638.7		—		4,638.7
Total revenue	5,396.9		4,713.3		—		10,110.2
Operating expenses
Compensation and benefits(1)	3,146.6		52.1		0.7		3,199.4
Operating, administrative and other(1)	1,870.0		(17.5	)	—		1,852.5
Reimbursed expenses(1)	n/a		4,638.7		—		4,638.7
Operating income	244.7		40.0		(0.7	)	284.0
Other income	—		—		0.7		0.7
Provision for income taxes	57.3		15.8		—		73.1
Net income	177.5		24.3		—		201.8
Basic earnings per common share	$	3.88	0.53		—		$	4.41
Diluted earnings per common share	$	3.84	0.53		—		$	4.37

(1) Included in "Adjustments due to ASC Topic 606" is $43.5 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

The cumulative impact to our retained earnings and Condensed Consolidated Statement of Comprehensive Income includes certain direct expenses, such as accrued commissions and deferred income taxes, resulting from the changes in accounting principle in accordance with ASC Topic 250, which partially offset the impact of the acceleration of revenue. The cumulative impact to our retained earnings from the adoption of ASC Topic 606, as of January 1, 2016, was $62.6 million.

Recently issued accounting guidance, not yet adopted

In February 2016, the FASB issued 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. This ASU is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB codified an alternative (and optional) transition method via ASU No. 2018-11, Leases (Topic 842): Targeted Improvements; we will elect the use of this optional transition method.

The adoption of ASC Topic 842 will result in the recognition of additional balances on the Condensed Consolidated Balance Sheet to reflect right-of-use assets and lease liabilities primarily associated with the leases for the corporate real estate we occupy around the globe. We expect the balance of our lease population to comprise vehicle and other equipment leases. As of September 30, 2018, we have substantially completed the identification of our real estate and non-real estate leases population. Our efforts are now directed to compiling and calculating the relevant inputs to derive ASC Topic 842's impact along with designing post-implementation processes and associated internal controls. Based upon current evaluations, we expect to recognize additional assets and liabilities upon implementation of ASC Topic 842 ranging from $500 million to $750 million to reflect right-of-use assets and lease liabilities as of January 1, 2019. However, because our evaluations are ongoing, the expected impact associated with the implementation of ASC Topic 842 is subject to change. Our disclosures related to leases will expand to comply with the requirements of ASC Topic 842; we continue to evaluate other effects ASC Topic 842 will have on our financial statements and related disclosures.

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. ASU No. 2016-13 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. We are evaluating the effect this guidance will have on our financial statements and related disclosures.

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

10

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 do not believe this guidance will have a material impact on our financial statements and related disclosures.

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

We earn revenue from the following:

• Leasing;

• Capital Markets;

• Property & Facility Management;

• Project & Development Services;

• Advisory, Consulting and Other; and

• LaSalle.

Leasing

Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g. tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, as a result, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of future events that are uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5% of our Leasing revenue recognized in a period had previously been constrained.

Capital Markets

Capital Markets provides brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancings. Our performance obligation is to facilitate the execution of capital transactions and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. Our mortgage banking and servicing operations - such as MSR-related activity, loan origination fees, and servicing income - are excluded from the scope of ASC Topic 606. Such out-of-scope revenue was $35.5 million and $101.8 million for the three and nine months ended September 30, 2018, respectively, and $41.2 million and $91.9 million for the three and nine months ended September 30, 2017, respectively.

Property & Facility Management

Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric.

Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income.

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Facilities Management primarily provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration.

Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Facilities Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income.

Project & Development Services

Project & Development Services provides short-term construction-related services ranging from general contracting to project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, primarily using input measures (e.g. to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement.

For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the costs incurred on behalf of clients, along with the associated reimbursement revenue are presented gross on our Condensed Consolidated Statements of Comprehensive Income. For situations in which we act as agent on behalf of clients, costs incurred and the associated revenue are presented net on our Condensed Consolidated Statements of Comprehensive Income.

Advisory, Consulting and Other

Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report for which client acceptance is required. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients.

LaSalle

LaSalle provides real estate investment management services to clients and earns consideration in the form of advisory fees, transaction fees, and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained.

Contract Assets - Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. As of September 30, 2018 and December 31, 2017, we had $345.5 million and $236.0 million of contract assets, respectively, which are included in Short-term contract assets and Other assets on the Condensed Consolidated Balance Sheets.

Contract Liabilities - Contract liabilities include advance payments related to performance obligations that have not yet been satisfied. As of September 30, 2018 and December 31, 2017, we had $90.4 million and $73.7 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.

Deferred Income - Deferred income includes payments received from customers for which we have satisfied our performance obligations but are not yet able to recognize the related revenue because of contractual requirements.

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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, 2018, 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 mortgage servicing rights ("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.

Effective January 1, 2018, management expanded the types of costs we include within gross contract costs. Most notably, this refinement includes the compensation and benefits associated with client-dedicated employees. Comparative periods were recast for consistency. This change in gross contract costs resulted in a decrease to fee revenue and was prompted by (i) the increase in compensation and benefits associated with client-dedicated personnel presented on a gross basis as a result of the adoption of ASC Topic 606 and (ii) the continued changes in our business mix, reflecting expansion of businesses that most commonly incorporate client-dedicated employees in the delivery of services. The most significant impacts are within Property & Facility Management and Project & Development Services.

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, 2018, we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following:

• Global Chief Executive Officer	• Global Chief Executive Officer of Corporate Solutions
• Global Chief Financial Officer	• Global Chief Executive Officer of Capital Markets
• Chief Executive Officers of each of our four business segments	• Global Chief Administrative Officer

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Summarized financial information by business segment is as follows.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Americas - Real Estate Services
Leasing	$	424.0		370.1		$	1,151.4		1,057.5
Capital Markets	115.6			115.4		344.4			319.2
Property & Facility Management	1,271.5			1,077.0		3,713.4			3,230.7
Project & Development Services	304.7			288.2		848.8			843.7
Advisory, Consulting and Other	85.8			69.9		237.1			201.9
Revenue	2,201.6			1,920.6		6,295.1			5,653.0
Reimbursements	(1,251.5		)	(1,094.9	)	(3,659.6		)	(3,283.4	)
Revenue before reimbursements	950.1			825.7		2,635.5			2,369.6
Gross contract costs	(170.7		)	(124.9	)	(460.4		)	(387.1	)
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	(9.3		)	(11.1	)
Fee revenue	774.1			693.7		2,165.8			1,971.4
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	821.2			710.2		2,306.8			2,078.2
Depreciation and amortization	24.5			24.2		77.1			71.4
Segment operating expenses, excluding reimbursed expenses	845.7			734.4		2,383.9			2,149.6
Gross contract costs	(170.7		)	(124.9	)	(460.4		)	(387.1	)
Fee-based segment operating expenses	675.0			609.5		1,923.5			1,762.5
Segment operating income	$	104.4		91.3		$	251.6		220.0
Equity earnings	0.1			0.1		0.6			0.5
Segment income	$	104.5		91.4		$	252.2		220.5
EMEA - Real Estate Services
Leasing	$	80.1		71.0		$	211.9		186.6
Capital Markets	108.9			107.2		288.1			263.7
Property & Facility Management	336.3			335.9		1,078.9			975.0
Project & Development Services	220.1			170.3		663.5			472.0
Advisory, Consulting and Other	60.2			65.6		193.4			177.1
Revenue	805.6			750.0		2,435.8			2,074.4
Reimbursements	(171.0		)	(108.5	)	(480.0		)	(335.9	)
Revenue before reimbursements	634.6			641.5		1,955.8			1,738.5
Gross contract costs	(237.9		)	(258.9	)	(820.4		)	(739.2	)
Fee revenue	396.7			382.6		1,135.4			999.3
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	611.7			625.9		1,931.4			1,723.5
Depreciation and amortization	11.8			11.6		34.7			33.0
Segment operating expenses, excluding reimbursed expenses	623.5			637.5		1,966.1			1,756.5
Gross contract costs	(237.9		)	(258.9	)	(820.4		)	(739.2	)
Fee-based segment operating expenses	385.6			378.6		1,145.7			1,017.3
Segment operating income (loss)	$	11.1		4.0		$	(10.3	)	(18.0	)
Equity earnings	—			—		—			—
Segment income (loss)	$	11.1		4.0		$	(10.3	)	(18.0	)

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Continued: Summarized financial information by business segment is as follows.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Asia Pacific - Real Estate Services
Leasing	$	69.3		51.9		$	165.2		133.7
Capital Markets	39.5			55.7		122.2			121.5
Property & Facility Management	529.2			490.0		1,590.6			1,449.4
Project & Development Services	108.7			109.5		309.8			297.4
Advisory, Consulting and Other	43.3			42.3		126.4			117.4
Revenue	790.0			749.4		2,314.2			2,119.4
Reimbursements	(330.0		)	(333.5	)	(1,007.8		)	(1,005.9	)
Revenue before reimbursements	460.0			415.9		1,306.4			1,113.5
Gross contract costs	(207.7		)	(169.1	)	(608.4		)	(462.5	)
Fee revenue	252.3			246.8		698.0			651.0
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	432.6			386.5		1,245.1			1,047.2
Depreciation and amortization	5.6			5.2		17.0			15.7
Segment operating expenses, excluding reimbursed expenses	438.2			391.7		1,262.1			1,062.9
Gross contract costs	(207.7		)	(169.1	)	(608.4		)	(462.5	)
Fee-based segment operating expenses	230.5			222.6		653.7			600.4
Segment operating income	$	21.8		24.2		$	44.3		50.6
Equity earnings	1.0			0.9		2.0			2.3
Segment income	$	22.8		25.1		$	46.3		52.9
LaSalle
Advisory fees	$	68.0		63.4		$	205.0		190.0
Transaction fees & other	9.8			5.6		33.2			24.9
Incentive fees	94.8			33.2		145.4			48.5
Revenue	172.6			102.2		383.6			263.4
Reimbursements	(3.6		)	(4.6	)	(13.2		)	(13.5	)
Revenue before reimbursements	169.0			97.6		370.4			249.9
Gross contract costs	(0.7		)	(1.2	)	(3.2		)	(3.8	)
Fee revenue	168.3			96.4		367.2			246.1
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	110.9			75.1		265.9			203.0
Depreciation and amortization	0.8			0.8		2.3			2.2
Segment operating expenses, excluding reimbursed expenses	111.7			75.9		268.2			205.2
Gross contract costs	(0.7		)	(1.2	)	(3.2		)	(3.8	)
Fee-based segment operating expenses	111.0			74.7		265.0			201.4
Segment operating income	$	57.3		21.7		$	102.2		44.7
Equity earnings	2.3			11.6		24.6			29.9
Segment income	$	59.6		33.3		$	126.8		74.6

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	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2018		2017	2018			2017
Segment Reconciling Items
Fee revenue	$	1,591.4	1,419.5	$	4,366.4		3,867.8
Gross contract costs	617.0		554.1	1,892.4			1,592.6
Net non-cash MSR and mortgage banking derivative activity	5.3		7.1	9.3			11.1
Revenue before reimbursements	2,213.7		1,980.7	6,268.1			5,471.5
Reimbursements	1,756.1		1,541.5	5,160.6			4,638.7
Revenue	$	3,969.8	3,522.2	$	11,428.7		10,110.2
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges	$	2,019.1	1,839.5	$	5,880.3		5,174.2
Reimbursed expenses	1,756.1		1,541.5	5,160.6			4,638.7
Total segment operating expenses before restructuring and acquisition charges	$	3,775.2	3,381.0	$	11,040.9		9,812.9
Operating income before restructuring and acquisition charges	$	194.6	141.2	$	387.8		297.3
Restructuring and acquisition charges (credits)	3.7		3.4	(6.7		)	13.3
Operating income	$	190.9	137.8	$	394.5		284.0

The following table reconciles segment identifiable assets to consolidated amounts.

(in millions)	September 30, 2018		December 31, 2017
Real Estate Services:
Americas	$	5,292.8	4,745.4
EMEA	2,168.3		2,367.5
Asia Pacific	1,287.9		1,305.0
LaSalle	584.3		548.6
Corporate	285.8		287.9
Consolidated	$	9,619.1	9,254.4

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5. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

2018 Business Combinations Activity

Aggregate terms of our acquisitions included: (1) cash paid at closing of $31.7 million, (2) guaranteed deferred consideration of $1.9 million, and (3) contingent earn-out consideration of $2.7 million, which we will pay upon satisfaction of certain performance conditions and which we have initially recorded at their respective acquisition date fair value.

A preliminary allocation of purchase consideration resulted in goodwill of $30.1 million, identifiable intangibles of $5.7 million, and other net assets (acquired assets less assumed liabilities) of $0.5 million. As of September 30, 2018, we have not completed our analysis to assign fair values to all of the identifiable intangible and tangible assets acquired and, therefore, we may further refine the purchase price allocations for our 2018 acquisitions during their open measurement periods.

During the nine months ended September 30, 2018, we paid $63.3 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. We also paid $1.5 million to acquire the final portion of the redeemable noncontrolling interest related to our 2014 acquisition of Tenzing AB, a Swedish real estate services provider.

Within the 2018 acquisition activity, we completed four new strategic acquisitions, expanding our capabilities and increasing our presence in key regional markets. These strategic acquisitions are presented below.

Acquired Company	Quarter of Acquisition	Country	Primary Service Line
Stessa Inc.	Q1	United States	Advisory, Consulting and Other
Raymond Chabot Grant Thornton & Co. LLP	Q1	Canada	Advisory, Consulting and Other
JCL International Inc.	Q1	Philippines	Project & Development Services
Northwest Atlantic	Q3	Canada	Leasing

2017 Business Combination Activity

During the nine months ended September 30, 2018, we made no adjustments to our preliminary allocation of the purchase consideration for certain acquisitions completed in 2017. As of September 30, 2018, we have completed our analysis to assign fair values to all the identifiable intangible and tangible assets acquired for our 2017 acquisitions.

Earn-Out Payments

($ in millions)	September 30, 2018		December 31, 2017
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria	55		56
Maximum earn-out payments (undiscounted)	$	382.9	436.2
Short-term earn-out liabilities (fair value)1	32.6		49.6
Long-term earn-out liabilities (fair value)1	130.7		177.5

¹ Included in Short-term and Long-term acquisition obligations on the Condensed Consolidated Balance Sheets

Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next six years. Refer to Note 8, Fair Value Measurements, and Note 11, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities.

Goodwill and Other Intangible Assets

Goodwill and unamortized intangibles as of September 30, 2018 consisted of: (1) goodwill of $2,689.7 million, (2) identifiable intangibles of $282.7 million amortized over their remaining finite useful lives, and (3) $8.8 million of identifiable intangibles with indefinite useful lives that are not amortized. Significant 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.

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The following tables detail, by reporting segment, movements in goodwill.

	Real Estate Services
(in millions)	Americas			EMEA		Asia Pacific		LaSalle		Consolidated
Balance as of December 31, 2017	$	1,412.2		957.6		323.0		16.5		$	2,709.3
Additions, net of adjustments	21.0			—		9.1		—		30.1
Impact of exchange rate movements	(0.5		)	(39.5	)	(9.2	)	(0.5	)	(49.7		)
Balance as of September 30, 2018	$	1,432.7		918.1		322.9		16.0		$	2,689.7

	Real Estate Services
(in millions)	Americas		EMEA	Asia Pacific	LaSalle	Consolidated
Balance as of December 31, 2016	$	1,406.1	851.7	306.1	15.4	$	2,579.3
Additions, net of adjustments	5.2		17.9	6.5	—	29.6
Impact of exchange rate movements	0.9		80.5	10.0	1.0	92.4
Balance as of September 30, 2017	$	1,412.2	950.1	322.6	16.4	$	2,701.3

The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.

	MSRs			Other Intangibles
(in millions)	Americas			Americas		EMEA		Asia Pacific		LaSalle	Consolidated
Gross Carrying Amount
Balance as of December 31, 2017	$	241.8		117.0		88.8		23.3		—	$	470.9
Additions, net of adjustments (1)	36.8			3.6		—		2.1		—	42.5
Adjustment for fully amortized intangibles	(17.2		)	(36.2	)	(1.7	)	(0.7	)	—	(55.8		)
Impact of exchange rate movements	—			0.3		(3.3	)	(2.0	)	—	(5.0		)
Balance as of September 30, 2018	$	261.4		84.7		83.8		22.7		—	$	452.6
Accumulated Amortization
Balance as of December 31, 2017	$	(55.1	)	(61.3	)	(43.1	)	(6.4	)	—	$	(165.9	)
Amortization, net (2)	(32.2		)	(10.2	)	(9.5	)	(1.9	)	—	(53.8		)
Adjustment for fully amortized intangibles	17.2			36.2		1.7		0.7		—	55.8
Impact of exchange rate movements	—			—		1.8		1.0		—	2.8
Balance as of September 30, 2018	$	(70.1	)	(35.3	)	(49.1	)	(6.6	)	—	$	(161.1	)
Net book value as of September 30, 2018	$	191.3		49.4		34.7		16.1		—	$	291.5

(1) Included in this amount for MSRs was $8.7 million relating to prepayments/write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.

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	MSRs			Other Intangibles
(in millions)	Americas			Americas		EMEA		Asia Pacific		LaSalle		Consolidated
Gross Carrying Amount
Balance as of December 31, 2016	$	193.1		167.1		91.1		24.2		0.1		$	475.6
Additions, net of adjustments (1)	50.7			0.4		3.1		5.8		—		60.0
Adjustment for fully amortized intangibles	(12.5		)	(50.0	)	(7.7	)	(8.0	)	(0.1	)	(78.3		)
Impact of exchange rate movements	—			0.2		7.6		1.3		—		9.1
Balance as of September 30, 2017	$	231.3		117.7		94.1		23.3		—		$	466.4
Accumulated Amortization
Balance as of December 31, 2016	$	(32.3	)	(98.7	)	(38.0	)	(11.5	)	(0.1	)	$	(180.6	)
Amortization, net (2)	(29.8		)	(10.3	)	(11.2	)	(1.9	)	—		(53.2		)
Adjustment for fully amortized intangibles	12.5			50.0		7.7		8.0		0.1		78.3
Impact of exchange rate movements	—			0.3		(3.6	)	(0.2	)	—		(3.5		)
Balance as of September 30, 2017	$	(49.6	)	(58.7	)	(45.1	)	(5.6	)	—		$	(159.0	)
Net book value as of September 30, 2017	$	181.7		59.0		49.0		17.7		—		$	307.4

(1) Included in this amount for MSRs was $7.7 million relating to prepayments/write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.

The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of September 30, 2018, is presented in the following table.

(in millions)	MSRs		Other Intangibles	Total
2018 (3 months)	$	6.7	9.7	$	16.4
2019	30.3		23.7	54.0
2020	28.4		19.2	47.6
2021	25.4		12.4	37.8
2022	22.5		6.5	29.0
2023	19.1		4.3	23.4
Thereafter	58.9		15.6	74.5
Total	$	191.3	91.4	$	282.7

6. INVESTMENTS IN REAL ESTATE VENTURES

As of September 30, 2018 and December 31, 2017, we had Investments in real estate ventures of $371.5 million and $376.2 million, respectively.

Approximately 75% of our investments are in 45 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. Our investment ownership percentages in these funds generally range from less than 1% to 10%. The remaining 25% of our Investments in real estate ventures, as of September 30, 2018, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $212.5 million as of September 30, 2018, of which $60.4 million relates to our commitment to LIC II.

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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 have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL.

Summarized financial information for our consolidated VIEs is presented in the following tables.

(in millions)	September 30, 2018		December 31, 2017
Property and equipment, net	$	36.6	15.7
Investments in real estate ventures	13.9		12.6
Other assets (1)	11.1		44.4
Total assets	$	61.6	72.7
Other current liabilities (1)	$	1.0	30.9
Mortgage indebtedness (included in Other liabilities)	26.0		9.2
Total liabilities	27.0		40.1
Members' equity (included in Noncontrolling interest)	34.6		32.6
Total liabilities and members' equity	$	61.6	72.7

(1) Balances as of December 31, 2017, primarily represent investment properties and their corresponding liabilities, classified as held for sale.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Revenue	$	1.6		1.8		$	4.3		4.4
Operating and other expenses	(1.4		)	(1.6	)	(3.8		)	(3.6	)
Net gains on sale of investments	—			—		2.0			—
Net income	$	0.2		0.2		$	2.5		0.8

We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively.

Impairment

There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the nine months ended September 30, 2018 and 2017.

Fair Value

We report a majority of our investments in real estate ventures 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 Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures. The table below shows the movement in our investments in real estate ventures reported at fair value.

(in millions)	2018			2017
Fair value investments as of January 1,	$	242.3		212.7
Investments	27.7			21.2
Distributions	(31.0		)	(22.5	)
Change in fair value	8.2			17.9
Foreign currency translation adjustments, net	(1.2		)	4.9
Fair value investments as of September 30,	$	246.0		234.2

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7. STOCK-BASED COMPENSATION

Stock Unit Awards

Along with cash-based salaries and performance-based annual cash incentive awards, stock unit awards represent an important element of compensation to our employees. During the second quarter of 2018, we issued performance stock unit ("PSU") awards to certain employees under the Jones Lang LaSalle 2017 Stock Award and Incentive Plan, a supplement to the continued issuance of restricted stock unit ("RSU") awards. RSU and PSU activity is presented in the following tables.

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of June 30, 2018	750.3		$	131.09	2.36
Granted	5.8		144.43
Vested	(81.2	)	123.08
Forfeited	(35.5	)	136.07
Unvested as of September 30, 2018	639.4		$	131.93	2.21
Unvested as of June 30, 2017	775.9		$	117.74	1.61
Granted	5.1		115.47
Vested	(70.9	)	112.64
Forfeited	(0.8	)	130.32
Unvested as of September 30, 2017	709.3		$	118.22	1.43

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of December 31, 2017	727.7		$	118.96	1.24
Granted	225.8		161.87
Vested	(259.3	)	122.63
Forfeited	(54.8	)	132.64
Unvested as of September 30, 2018	639.4		$	131.93	2.21
Unvested as of December 31, 2016	750.9		$	113.97	1.71
Granted	157.0		116.50
Vested	(177.3	)	99.24
Forfeited	(21.3	)	113.18
Unvested as of September 30, 2017	709.3		$	118.22	1.43

We determine the fair value of RSUs, subject only to service requirements, based on the closing market price of our common stock on the grant date. PSUs are subject to service requirements and one or more performance measures, including (i) performance conditions (e.g. achievement against earnings per share targets) and (ii) for certain awards, a market condition (e.g. total shareholder return performance against a peer group). We determine the fair value of PSUs based on the closing market price of our common stock on the grant date taking into consideration the likelihood of achieving each performance condition and the market condition valuation, as applicable, based on the output of a Monte Carlo simulation.

As of September 30, 2018, we had $34.7 million of unamortized deferred compensation related to unvested restricted stock units, which we anticipate recognizing over varying periods into 2022.

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8. FAIR VALUE MEASUREMENTS

We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy:

• Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date;

• Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

• Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

We had no transfers among levels of the fair value hierarchy during the nine months ended September 30, 2018 and 2017. Our policy is to recognize transfers at the end of quarterly reporting periods.

Financial Instruments

Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt, and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities, and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads.

We estimated the fair value of our Long-term debt as $686.2 million and $712.6 million as of September 30, 2018 and December 31, 2017, respectively, using dealer quotes that are Level 2 inputs in the fair value hierarchy. The carrying value of our Long-term debt was $677.3 million and $690.6 million as of September 30, 2018 and December 31, 2017, respectively, and included debt issuance costs of $3.9 million and $4.3 million, respectively.

Investments in Real Estate Ventures at Fair Value - Net Asset Value ("NAV")

We report a majority of our investments in real estate ventures 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 Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures.

Of our investments reported at fair value, we generally estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. We did not consider adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (1) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level derived through LaSalle's role as advisor or manager of these ventures, (2) consideration of market demand for the specific types of real estate assets held by each venture, and (3) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of September 30, 2018 and December 31, 2017, investments in real estate ventures at fair value using NAV were $203.6 million and $195.0 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table.

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Recurring Fair Value Measurements

The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.

	September 30, 2018				December 31, 2017
(in millions)	Level 1		Level 2	Level 3	Level 1	Level 2	Level 3
Assets
Investments in real estate ventures - fair value	$	42.4	—	—	47.3	—	—
Foreign currency forward contracts receivable	—		5.8	—	—	13.2	—
Warehouse receivables	—		617.7	—	—	317.5	—
Deferred compensation plan assets	—		277.8	—	—	229.7	—
Mortgage banking derivative assets	—		—	47.2	—	—	19.0
Total assets at fair value	$	42.4	901.3	47.2	47.3	560.4	19.0
Liabilities
Foreign currency forward contracts payable	$	—	3.7	—	—	1.9	—
Deferred compensation plan liabilities	—		268.3	—	—	228.4	—
Earn-out liabilities	—		—	163.3	—	—	227.1
Mortgage banking derivative liabilities	—		—	28.5	—	—	10.3
Total liabilities at fair value	$	—	272.0	191.8	—	230.3	237.4

Investments in Real Estate Ventures

We classify one investment as Level 1 in the fair value hierarchy as quoted prices are readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures.

Foreign Currency Forward Contracts

We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. These contracts are on our Condensed Consolidated Balance Sheets as current assets and current liabilities. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 inputs in the fair value hierarchy. As of September 30, 2018 and December 31, 2017, these contracts had a gross notional value of $2.07 billion ($0.91 billion on a net basis) and $2.43 billion ($1.82 billion on a net basis), respectively.

We recognize gains and losses from revaluation of these contracts as a component of Operating, administrative and other expense. They are offset by the gains and losses we recognize on the revaluation of intercompany loans and other foreign currency balances. The impact to net income was not significant for either of the three or nine months endedSeptember 30, 2018 or 2017.

We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. The $5.8 million asset as of September 30, 2018, was composed of gross contracts with receivable positions of $7.5 million and payable positions of $1.7 million. The $3.7 million liability as of September 30, 2018, was composed of gross contracts with receivable positions of $1.1 million and payable positions of $4.8 million. As of December 31, 2017, the $13.2 million asset was composed of gross contracts with receivable positions of $14.4 million and payable positions of $1.2 million. The $1.9 million liability as of December 31, 2017, was composed of gross contracts with receivable positions of $2.3 million and payable positions of $4.2 million.

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Warehouse Receivables

The fair value of the Warehouse receivables is based on already locked-in security-buy prices. As of September 30, 2018 and December 31, 2017, all of our Warehouse receivables included in our Condensed Consolidated Balance Sheet were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. The Warehouse receivables are classified as Level 2 in the fair value hierarchy as all significant inputs are readily observable.

Deferred Compensation Plan

We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We invest directly in insurance contracts which yield returns to fund these deferred compensation obligations. We recognize an asset for the amount that could be realized under these insurance contracts as of the balance sheet date, and we adjust the deferred compensation obligation to reflect the changes in the fair value of the amount owed to the employees. The inputs for this valuation are Level 2 inputs in the fair value hierarchy. We recorded this plan on our Condensed Consolidated Balance Sheet as of September 30, 2018, as Deferred compensation plan assets of $277.8 million, long-term deferred compensation plan liabilities of $268.3 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $6.0 million. We recorded this plan on our Condensed Consolidated Balance Sheet as of December 31, 2017, as Deferred compensation plan assets of $229.7 million, long-term deferred compensation plan liabilities of $228.4 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.9 million.

Earn-Out Liabilities

We classify our earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. We base the fair value of our earn-out liabilities on the present value of probability-weighted future cash flows related to the earn-out performance criteria on each reporting date. We determine the probability of achievement we assign to the performance criteria based on the due diligence we performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. An increase to the probability of achievement would result in a higher fair value measurement. See Note 5, Business Combinations, Goodwill and Intangibles, for additional discussion of our earn-out liabilities.

Mortgage Banking Derivatives

The fair value of our rate lock commitments to prospective borrowers and the related inputs primarily include, as applicable, the expected net cash flows associated with closing and servicing the loan and the effects of interest rate movements between the date of the interest rate lock commitment ("IRLC") and the balance sheet date based on applicable published U.S. Treasury rates.

The fair value of our forward sales contracts with prospective investors considers the market price movement of a similar security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

Both the rate lock commitments to prospective borrowers and the forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to counterparty credit risk. An increase in counterparty credit risk assumptions would result in a lower fair value measurement. The fair valuation is determined using discounted cash flow techniques, and the derivatives are marked to fair value through Revenue before reimbursements in the Condensed Consolidated Statements on Comprehensive Income.

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The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

(in millions)	Balance as of June 30, 2018		Net change in fair value		Foreign CTA1		Purchases / Additions	Settlements2		Balance as of September 30, 2018
Mortgage banking derivative assets and liabilities, net	$	8.1	8.0		—		18.7	(16.1	)	$	18.7
Earn-out liabilities	179.6		(2.7	)	(1.1	)	1.1	(13.6	)	163.3

(in millions)	Balance as of June 30, 2017		Net change in fair value		Foreign CTA1	Purchases / Additions	Settlements		Balance as of September 30, 2017
Mortgage banking derivative assets and liabilities, net	$	14.1	3.4		—	25.5	(31.5	)	$	11.5
Earn-out liabilities	225.6		(0.6	)	2.9	0.7	(5.1	)	223.5

(in millions)	Balance as of December 31, 2017		Net change in fair value		Foreign CTA1		Purchases / Additions	Settlements2		Balance as of September 30, 2018
Mortgage banking derivative assets and liabilities, net	$	8.7	4.6		—		53.4	(48.0	)	$	18.7
Earn-out liabilities	227.1		(17.5	)	(3.6	)	2.7	(45.4	)	163.3

(in millions)	Balance as of December 31, 2016		Net change in fair value		Foreign CTA1	Purchases / Additions	Settlements		Balance as of September 30, 2017
Mortgage banking derivative assets and liabilities, net	$	15.5	11.8		—	56.6	(72.4	)	$	11.5
Earn-out liabilities	229.6		(2.7	)	7.4	11.4	(22.2	)	223.5

¹ CTA: Currency translation adjustments

² In the third quarter of 2018, earn-out liabilities of $9.1 million were reclassified to guaranteed deferred acquisition obligations.

Net change in fair value, included in the tables above, is reported in Net income as follows.

Category of Assets/Liabilities using Unobservable Inputs	Condensed Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (Short-term and Long-term)	Restructuring and acquisition charges
Other current assets - Mortgage banking derivative assets	Revenue before reimbursements
Other current liabilities - Mortgage banking derivative liabilities	Revenue before reimbursements

Non-Recurring Fair Value Measurements

We review our investments in real estate ventures, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other-than-temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. We did not recognize any significant investment-level impairment losses during either of the three or nine months ended September 30, 2018 or 2017. See Note 6, Investments in Real Estate Ventures, for additional information, including information related to impairment charges recorded at the investee level.

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9. DEBT

Short-term borrowings and long-term debt obligations are composed of the following.

(in millions)	September 30, 2018		December 31, 2017
Short-term borrowings:
Local overdraft facilities	$	35.4	45.4
Other short-term borrowings	48.3		32.0
Total short-term borrowings	$	83.7	77.4
Credit facility, net of debt issuance costs of $16.8 and $15.3	223.2		(15.3	)
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $1.7 and $2.0	273.3		273.0
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $1.1 and $1.2	202.0		208.8
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.1 and $1.1	202.0		208.8
Total debt	$	984.2	752.7

Credit Facility

On May 17, 2018, we amended our $2.75 billion unsecured revolving credit facility (the "Facility"), which improved pricing and extended the maturity date from June 21, 2021 to May 17, 2023. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of September 30, 2018, at LIBOR plus 1.00%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $8.6 million and $9.0 million as of September 30, 2018 and December 31, 2017, respectively.

The following tables provides additional information on our Facility.

	Three Months Ended September 30,					Nine Months Ended September 30,
($ in millions)	2018			2017		2018			2017
Average outstanding borrowings under the Facility	$	461.5		712.3		$	396.5		1,042.7
Effective interest rate on the Facility	3.0		%	2.3	%	2.8		%	2.0	%

We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, dividend payments, share repurchases and capital expenditures.

Short-Term Borrowings and Long-Term Debt

In addition to our Facility, we have the capacity to borrow up to an additional $61.5 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.

As of September 30, 2018, our issuer and senior unsecured ratings are investment grade: BBB+ (stable outlook) from Standard & Poor’s Ratings Services and Baa1 (stable outlook) from Moody’s Investors Service, Inc.

Covenants

Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of September 30, 2018.

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Warehouse Facilities

	September 30, 2018				December 31, 2017
($ in millions)	Outstanding Balance			Maximum Capacity	Outstanding Balance		Maximum Capacity
Warehouse Facilities:
LIBOR plus 1.3%, expires September 23, 20191	$	292.5		375.0	156.4		375.0
LIBOR plus 1.25%, expires September 20, 20192	226.3			775.0	74.8		375.0
LIBOR plus 1.3%, expires August 31, 20193	54.0			100.0	—		100.0
Fannie Mae ASAP program, LIBOR plus 1.30% to 1.45%	40.7			n/a	79.2		n/a
Gross warehouse facilities	$	613.5		1,250.0	310.4		850.0
Debt issuance costs	(1.6		)	n/a	(1.2	)	n/a
Total warehouse facilities	$	611.9		1,250.0	309.2		850.0

¹ In the third quarter of 2018, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 29, 2018.

² In the third quarter of 2018, JLL extended the Warehouse facility, increased the maximum capacity, and negotiated a decrease to the interest rate; previously, the facility had a maturity date of September 24, 2018, a maximum capacity of $375.0 million, and an interest rate of LIBOR plus 1.35%.

³ In the third quarter of 2018, JLL extended the Warehouse facility and negotiated a decrease to the interest rate; previously, the facility had a maturity date of August 31, 2018 and an interest rate of LIBOR plus 1.5%.

We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these warehouse facilities, we are required to comply with certain financial covenants regarding (1) minimum net worth, (2) minimum servicing-related loans, and (3) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of September 30, 2018.

As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.

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10. COMMITMENTS AND CONTINGENCIES

We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Many of these litigation matters are covered by insurance (including insurance provided through a consolidated captive insurance company as further discussed below), but they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $2.5 million per claim, inclusive of the deductible. We contract third-party insurance companies to provide coverage of risk in excess of this amount.When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in Other current and long-term liabilities on our Condensed Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. In total, these receivables were $32.1 million and $22.0 million as of September 30, 2018 and December 31, 2017, respectively, and are included in Notes and other receivables and Long-term receivables on our Condensed Consolidated Balance Sheets.

The following table shows the professional indemnity accrual activity and related payments.

(in millions)
December 31, 2017	$	26.7
New claims	2.3
Prior year claims adjustments	12.3
Claims paid	(7.3		)
September 30, 2018	$	34.0
December 31, 2016	$	7.3
New claims	0.7
Prior year claims adjustments	1.5
Claims paid	(3.0		)
September 30, 2017	$	6.5

As a lender in the Fannie Mae Delegated Underwriting and Servicing ("DUS") program, we retain a portion of the risk of loss for loans we originate and sell under the DUS program. The net loss on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, our share of losses is capped at 20% of the principal balance of the mortgage at origination. As of September 30, 2018 and December 31, 2017, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $8.4 billion and $8.0 billion, respectively.

For all DUS program loans with loss-sharing obligations, we record a loan loss accrual equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this accrual is amortized over the life of the loan and recorded as an increase in Revenue before reimbursements on the Statements of Comprehensive Income. At least semi-annually, we perform an analysis of the servicing portfolio with loss-sharing obligations to determine estimated probable losses. If estimated probable losses exceed the existing unamortized guarantee obligation, we record an expense to increase the loan loss accrual for this difference. As of September 30, 2018 and December 31, 2017, loan loss accruals were $17.2 million and $16.0 million, respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets.

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11. RESTRUCTURING AND ACQUISITION CHARGES

For the three and nine months ended September 30, 2018, we recognized Restructuring and acquisition charges of $3.7 million and credits of $6.7 million, respectively. For the three and nine months ended September 30, 2017, we recognized Restructuring and acquisition charges of $3.4 million and $13.3 million, respectively.

For the three and nine months ended September 30, 2018, we recognized $2.7 million and $17.5 million, respectively, related to net decreases to earn-out liabilities that arose from prior period acquisition activity, reflecting changes to our expectations of performance against contracted earn-out payment criteria. For the three and nine months ended September 30, 2017, we recognized $0.6 million and $2.7 million, respectively, related to net decreases to earn-out liabilities that arose from prior period acquisition activity.

In all periods, the remaining charges primarily consist of (1) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (2) lease exit charges, and (3) other acquisition and integration-related charges. The following tables show the restructuring and acquisition accrual activity and related payments, which are exclusive of the adjustments individually noted above.

(in millions)	Severance & Employment-Related			Lease Exit		Other Acquisition		Total
December 31, 2017	$	14.2		5.7		1.4		$	21.3
Accruals	9.8			0.2		0.8		10.8
Payments made	(16.1		)	(0.5	)	(2.2	)	(18.8		)
September 30, 2018	$	7.9		5.4		—		$	13.3

(in millions)	Severance & Employment-Related			Lease Exit		Other Acquisition		Total
December 31, 2016	$	19.7		5.5		5.8		$	31.0
Accruals	10.6			0.7		4.7		16.0
Payments made	(19.0		)	(0.6	)	(6.5	)	(26.1		)
September 30, 2017	$	11.3		5.6		4.0		$	20.9

We expect the majority of accrued severance and other accrued acquisition costs as of September 30, 2018 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2022.

12. NONCONTROLLING INTEREST

We reflect changes in amounts attributable to noncontrolling interests in the Condensed Consolidated Statement of Changes in Equity. We present changes in amounts attributable to redeemable noncontrolling interests in the following table.

(in millions)
Redeemable noncontrolling interests as of December 31, 2017	$	3.8
Acquisition of redeemable noncontrolling interest (1)	(3.8		)
Redeemable noncontrolling interests as of September 30, 2018	$	—

(1) Reflects our redemption of the final portion of the redeemable noncontrolling interest related to our 2014 acquisition of Tenzing AB and includes $2.3 million representing the difference between the redemption value and the carrying value of the acquired interest.

29

13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. For pension and postretirement benefits, we report amounts reclassified from AOCI relating to employer service cost in Compensation and benefits within the Condensed Consolidated Statements of Comprehensive Income. All other reclassifications relating to pension and postretirement benefits are reported within Other income.

(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of June 30, 2018	$	(60.5	)	(331.1	)	$	(391.6	)
Other comprehensive loss before reclassification	—			(34.9	)	(34.9		)
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ -	1.2			—		1.2
Other comprehensive loss after tax expense of $ - , $ - and $ -	1.2			(34.9	)	(33.7		)
Balance as of September 30, 2018	$	(59.3	)	(366.0	)	$	(425.3	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of June 30, 2017	$	(67.9	)	(352.8	)	$	(420.7	)
Other comprehensive income before reclassification	—			46.0		46.0
Amounts reclassified from AOCI after tax expense of $0.3, $ - and $0.3	1.2			—		1.2
Other comprehensive income after tax expense of $0.3, $ - and $0.3	1.2			46.0		47.2
Balance as of September 30, 2017	$	(66.7	)	(306.8	)	$	(373.5	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of December 31, 2017	$	(60.5	)	(280.3	)	$	(340.8	)
Other comprehensive loss before reclassification	—			(85.7	)	(85.7		)
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ -	1.2			—		1.2
Other comprehensive loss after tax expense of $ - , $ - and $ -	1.2			(85.7	)	(84.5		)
Balance as of September 30, 2018	$	(59.3	)	(366.0	)	$	(425.3	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of December 31, 2016	$	(68.7	)	(482.3	)	$	(551.0	)
Other comprehensive income before reclassification	—			175.5		175.5
Amounts reclassified from AOCI after tax expense of $0.5, $ - and $0.5	2.0			—		2.0
Other comprehensive income after tax expense of $0.5, $ - and $0.5	2.0			175.5		177.5
Balance as of September 30, 2017	$	(66.7	)	(306.8	)	$	(373.5	)

14. SUBSEQUENT EVENTS

On November 6, 2018, we announced a cash dividend of $0.41 per share of common stock. The dividend payment will be made on December 14, 2018, to holders of record at the close of business on November 16, 2018. A dividend-equivalent in the same per share amount will also be paid simultaneously on outstanding but unvested shares of eligible restricted stock units granted under the Company's Stock Award and Incentive Plan.

30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the Condensed Consolidated Financial Statements, including the notes thereto, for the three and nine months ended September 30, 2018, and our audited Consolidated Financial Statements, including the notes thereto, for the fiscal year ended December 31, 2017, which are included in our 2017 Annual Report on Form 10-K, filed with the SEC and also available on our website (www.jll.com). You should also refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations contained in our 2017 Annual Report on Form 10-K.

The following discussion and analysis contains certain forward-looking statements generally identified by the words anticipates, believes, estimates, expects, forecasts, plans, intends and other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause JLL's actual results, performance, achievements, plans and objectives to be materially different from any future results, performance, achievements, plans and objectives expressed or implied by such forward-looking statements. See the Cautionary Note Regarding Forward-Looking Statements included within this section for further information.

We present our quarterly Management's Discussion and Analysis in the following sections:

(1) A summary of our critical accounting policies and estimates;

(2) Certain items affecting the comparability of results and certain market and other risks we face;

(3) The results of our operations, first on a consolidated basis and then for each of our business segments; and

(4) Liquidity and capital resources.

SUMMARY OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

An understanding of our accounting policies is necessary for a complete analysis of our results, financial position, liquidity and trends. See Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for a complete summary of our significant accounting policies.

The preparation of our financial statements requires management to make certain critical accounting estimates and judgments that impact (1) the stated amount of assets and liabilities, (2) disclosure of contingent assets and liabilities at the date of the financial statements, and (3) the reported amount of revenue and expenses during the reporting periods. These accounting estimates are based on management's judgment. We consider them to be critical because of their significance to the financial statements and the possibility that future events may differ from current judgments or that the use of different assumptions could result in materially different estimates. We review these estimates on a periodic basis to ensure reasonableness. Although actual amounts likely differ from such estimated amounts, we believe such differences are not likely to be material.

A discussion of our critical accounting policies and estimates used in the preparation of our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q can be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2017. Other than Revenue Recognition, there have been no material changes to these critical accounting policies and estimates during the nine months ended September 30, 2018.

The following are the critical accounting policies and estimates discussed in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2017:

• Revenue Recognition (updated as discussed below);

• Business Combinations, Goodwill and Other Intangible Assets;

• Investments in Real Estate Ventures; and

• Income Taxes.

In addition to the aforementioned critical accounting policies, we believe the calculation of our quarterly tax provision is critical to understanding the estimates and assumptions used in preparing the Condensed Consolidated Financial Statements in Item 1.

31

Quarterly Income Tax Provision

We base our fiscal year estimated effective tax rate on estimates we update each quarter. Our effective tax rate for the nine months ended September 30, 2018 was 25.1%. Our full-year tax rate for 2018 may differ from the rate of the first nine months. 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. We evaluate our estimated effective tax rate on a quarterly basis to reflect forecast changes in our geographic mix of income and legislative actions on statutory tax rates and other relevant matters effective in the quarter in which the legislation is enacted.

The geographic mix of our income can significantly impact our effective tax rate. Very low tax rate jurisdictions (those with effective national and local combined tax rates of 25% or lower) that provide the most significant contributions to our effective tax rate include: Hong Kong (16.5%), Singapore (17%), the United Kingdom (19%), The People's Republic of China (25%) and the Netherlands (25%). We do not project any other jurisdictions with effective rates of 25% or lower to materially impact our 2018 global effective tax rate. Effective January 1, 2018, the U.S. federal income tax rate was reduced to 21%. However, after factoring in the impact of state income taxes, we do not consider the U.S. to be a very low tax rate jurisdiction.

Revenue Recognition

Effective January 1, 2018, we updated our revenue recognition critical accounting policy in conjunction with the adoption of ASC Topic 606 as follows:

We earn revenue from the following principal sources:

• Leasing;

• Capital Markets;

• Property & Facility Management;

• Project & Development Services;

• Advisory, Consulting and Other; and

• LaSalle.

Our services are earned and billed in the form of transaction commissions, advisory and management fees, and incentive fees. Some of the contractual terms related to the services we provide, and thus the revenue we recognize, can be complex and so requires us to make judgments about the timing and extent of revenue to recognize.

Leasing transaction commissions often require us to estimate the likelihood that certain future events (e.g. tenant occupancy, lease commencement, or rent commencement dates) will occur. The majority of these events are considered to be “normal course of business” and do not result in a constraint upon the recognition of revenue.

Our Property & Facilities Management and Project & Development Services contracts require us to evaluate whether we are principal or agent with respect to third-party vendors and subcontractors engaged to deliver services to our clients' properties and facilities. When we control the services provided by such third parties prior to the transfer of services to the client, the costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross in our Condensed Consolidated Statements of Comprehensive Income.

See Note 2, New Accounting Standards, and Note 3, Revenue Recognition, of the Notes to Condensed Consolidated Financial Statements for additional information.

ITEMS AFFECTING COMPARABILITY

Macroeconomic Conditions

Our results of operations and the variability of these results are significantly influenced by (1) macroeconomic trends, (2) the geopolitical environment, (3) the global and regional real estate markets, and (4) the financial and credit markets. These macroeconomic and other conditions have had, and we expect will continue to have, a significant impact on the variability of our results of operations.

32

Acquisitions

The timing of acquisitions may impact the comparability of our results on a year-over-year basis. Our results include incremental revenues and expenses following the completion date of an acquisition. In addition, there is generally an initial adverse impact on net income from an acquisition as a result of pre-acquisition due diligence expenditures and post-acquisition integration costs, such as fees from third-party advisors engaged to assist with onboarding and process alignment.

LaSalle Revenue

Our investment management business is, in part, compensated through incentive fees where performance of underlying funds' investments exceeds agreed-to benchmark levels. Depending upon performance, disposition activity, and the contractual timing of measurement periods with clients, these fees can be significant and vary substantially from period to period.

Equity earnings from real estate ventures also may vary substantially from period to period for a variety of reasons, including as a result of: (1) gains (losses) on investments reported at fair value, (2) gains (losses) on asset dispositions, and (3) impairment charges. The timing of recognition of these items may impact comparability between quarters, in any one year, or compared to a prior year.

The comparability of these items can be seen in Note 4, Business Segments, of the Notes to Condensed Consolidated Financial Statements and is discussed further in Segment Operating Results included herein.

Foreign Currency

We conduct business using a variety of currencies, but we report our results in U.S. dollars. As a result, the volatility of currencies against the U.S. dollar may positively or negatively impact our results. This volatility can make it more difficult to perform period-to-period comparisons of the reported U.S. dollar results of operations, because such results may indicate a growth or decline rate that might not have been consistent with the real underlying growth or decline rates in the local operations. Consequently, we provide information about the impact of foreign currencies in the period-to-period comparisons of the reported results of operations in our discussion and analysis of financial condition in the Results of Operations section below.

Transactional-Based Revenue

Transactional-based fees, that are impacted by the size and timing of our clients' transactions, from real estate investment banking, capital markets activities and other services within our RES businesses, and LaSalle, increase the variability of the revenue we earn. The timing and the magnitude of these fees can vary significantly from year to year and quarter to quarter, and from region to region.

Seasonality

Historically, our quarterly revenue and profits have tended to increase from quarter to quarter as the year progresses. This is a result of a general focus in the real estate industry on completing or documenting transactions by calendar year end and the fact that certain expenses are constant through the year. Historically, we have reported a relatively smaller profit in the first quarter and then increasingly larger profits during each of the following three quarters, excluding the recognition of investment-generated performance fees and realized and unrealized co-investment equity earnings and losses (each of which can be unpredictable). Generally, we recognize incentives fees when assets are sold, the timing of which is geared toward the benefit of our clients. In addition, co-investment equity gains and losses are primarily dependent on underlying valuations, the direction and magnitude of changes to such valuations are not predictable. Non-variable operating expenses, which we treat as expenses when incurred during the year, are relatively constant on a quarterly basis.

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 quarterly estimation can result in significant fluctuations in quarterly Compensation and benefits expense from period to period. Consequently, the results for the periods ended September 30, 2018 and 2017, are not fully indicative of the results we expect to realize for the full fiscal year.

33

RESULTS OF OPERATIONS

We define market volumes for Leasing as gross absorption of office real estate space in square feet for the U.S., Europe and selected markets in Asia Pacific. We define market volumes for Capital Markets as the U.S. dollar equivalent value of investment sales transactions globally.

Reclassifications

We have reclassified certain prior year amounts to conform to the current presentation, including the change to our calculation of the non-GAAP measure "Fee revenue" further discussed below. In addition, comparative periods have been restated to reflect the adoption of ASC Topic 606. Refer to Note 2, New Accounting Standards, of our Notes to the Condensed Consolidated Financial Statements, for additional discussion of our adoption of ASC Topic 606.

Consolidated Operating Results

	Three Months Ended September 30,					Change in				% Change in Local Currency
($ in millions)	2018			2017		U.S. dollars
Leasing	$	573.4		493.0		80.4		16	%	17	%
Capital Markets	264.0			278.3		(14.3	)	(5	)	(4	)
Property & Facility Management	2,137.0			1,903.0		234.0		12		14
Project & Development Services	633.5			568.0		65.5		12		14
Advisory, Consulting and Other	189.3			177.7		11.6		7		8
Real Estate Services ("RES") revenue	$	3,797.2		3,420.0		377.2		11	%	13	%
LaSalle	172.6			102.2		70.4		69		71
Revenue	$	3,969.8		3,522.2		447.6		13	%	15	%
Reimbursements	1,756.1			1,541.5		214.6		14		17
Revenue before reimbursements	$	2,213.7		1,980.7		233.0		12	%	14	%
Gross contract costs	(617.0		)	(554.1	)	(62.9	)	11		14
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	1.8		(25	)	(25	)
Fee revenue	$	1,591.4		1,419.5		171.9		12	%	14	%
Leasing	557.1			480.7		76.4		16		17
Capital Markets	248.0			264.4		(16.4	)	(6	)	(5	)
Property & Facility Management	288.5			269.1		19.4		7		9
Project & Development Services	189.1			171.3		17.8		10		13
Advisory, Consulting and Other	140.4			137.6		2.8		2		5
RES fee revenue	$	1,423.1		1,323.1		100.0		8	%	9	%
LaSalle	168.3			96.4		71.9		75		76
Compensation and benefits excluding gross contract costs	1,099.6			1,005.5		94.1		9		11
Operating, administrative and other expenses excluding gross contract costs	259.8			238.1		21.7		9		11
Depreciation and amortization	42.7			41.8		0.9		2		3
Total fee-based operating expenses, excluding restructuring and acquisition charges	1,402.1			1,285.4		116.7		9		11
Restructuring and acquisition charges	3.7			3.4		0.3		9		12
Gross contract costs	617.0			554.1		62.9		11		14
Total operating expenses, excluding reimbursed expenses	$	2,022.8		1,842.9		179.9		10	%	12	%
Operating income	$	190.9		137.8		53.1		39	%	41	%
Equity earnings	$	3.4		12.6		(9.2	)	(73	)%	(73	)%
Adjusted EBITDA	$	233.9		187.3		46.6		25	%	27	%

n.m. - not meaningful

34

Consolidated Operating Results (continued)

	Nine Months Ended September 30,					Change in				% Change in Local Currency
($ in millions)	2018			2017		U.S. dollars
Leasing	$	1,528.5		1,377.8		150.7		11	%	10	%
Capital Markets	754.7			704.4		50.3		7		5
Property & Facility Management	6,382.9			5,655.1		727.8		13		12
Project & Development Services	1,822.1			1,613.1		209.0		13		11
Advisory, Consulting and Other	556.9			496.4		60.5		12		10
Real Estate Services ("RES") revenue	$	11,045.1		9,846.8		1,198.3		12	%	11	%
LaSalle	383.6			263.4		120.2		46		43
Revenue	$	11,428.7		10,110.2		1,318.5		13	%	12	%
Reimbursements	5,160.6			4,638.7		521.9		11		11
Revenue before reimbursements	$	6,268.1		5,471.5		796.6		15	%	13	%
Gross contract costs	(1,892.4		)	(1,592.6	)	(299.8	)	19		16
Net non-cash MSR and mortgage banking derivative activity	(9.3		)	(11.1	)	1.8		(16	)	(15	)
Fee revenue	$	4,366.4		3,867.8		498.6		13	%	11	%
Leasing	1,480.0			1,341.5		138.5		10		10
Capital Markets	712.7			675.3		37.4		6		3
Property & Facility Management	831.2			756.2		75.0		10		8
Project & Development Services	559.5			477.4		82.1		17		15
Advisory, Consulting and Other	415.8			371.3		44.5		12		11
RES fee revenue	3,999.2			3,621.7		377.5		10		9
LaSalle	367.2			246.1		121.1		49		46
Compensation and benefits excluding gross contract costs	3,085.6			2,755.8		329.8		12		10
Operating, administrative and other expenses excluding gross contract costs	771.2			703.5		67.7		10		8
Depreciation and amortization	131.1			122.3		8.8		7		6
Total fee-based operating expenses, excluding restructuring and acquisition charges	3,987.9			3,581.6		406.3		11		10
Restructuring and acquisition (credits) charges	(6.7		)	13.3		(20.0	)	n.m.		n.m.
Gross contract costs	1,892.4			1,592.6		299.8		19		16
Total operating expenses, excluding reimbursed expenses	$	5,873.6		5,187.5		686.1		13	%	11	%
Operating income	$	394.5		284.0		110.5		39	%	40	%
Equity earnings	$	27.2		32.7		(5.5	)	(17	)%	(17	)%
Adjusted EBITDA	$	535.2		439.9		95.3		22	%	22	%

n.m. - not meaningful

35

Non-GAAP Financial Measures

Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following:

(1)Fee revenue and Fee-based operating expenses;

(2)Adjusted EBITDA and Adjusted EBITDA margin; and

(3)Percentage changes against prior periods, presented on a local currency basis.

However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with U.S. generally accepted accounting principles (“GAAP”). Any measure that eliminates components of a company’s capital structure, cost of operations or investment, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-GAAP financial measures. Because our non-GAAP financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies.

Adjustments to GAAP Financial Measures Used to Calculate non-GAAP Financial Measures

Gross contract costs represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are indirectly reimbursed through the management fee we receive. These costs are presented on a gross basis in Operating expenses with the corresponding management fee in Revenue before reimbursements. However, as we generally earn little to no margin on such costs, excluding gross contract costs from both Fee revenue and Fee-based operating expenses more accurately reflects how we manage our expense base and operating margins and also enables a more consistent performance assessment across a portfolio of contracts with varying payment terms and structures, including those with direct versus indirect reimbursement of such costs.

Effective January 1, 2018, we adopted ASC Topic 606, Revenue from Contracts with Customers, ("ASC 606") on a retrospective basis. The adoption of ASC 606, together with the continued changes in our business mix, prompted us to expand the types of costs excluded from the calculation of our non-GAAP measure "Fee revenue." Specifically, the drivers were (i) the increase in compensation and benefits associated with client-dedicated personnel presented on a gross basis and (ii) the expansion of annuity businesses engaged to provide outsourced services to clients. The most notable change is the inclusion of compensation and benefits associated with client-dedicated employees in gross contract costs. In addition, the previous calculation of gross contract costs applied to only Project & Development Services and Property & Facility Management but now applies to all service lines and businesses. The largest impacts of the change to our definition of fee revenue are within Project & Development Services and Property & Facility Management. See Note 2, New Accounting Standards, and Note 3, Revenue Recognition, for additional information.

Net non-cash mortgage servicing rights ("MSR") and mortgage banking derivative activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated net cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue before reimbursements of the Capital Markets service line of the Americas segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how we manage and evaluate performance because the excluded activity is non-cash in nature.

Restructuring and acquisition charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition and integration-related charges, including non-cash fair value adjustments to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future

36

periods. Restructuring and acquisition charges are excluded from segment operating results and therefore not a line item in the segments’ reconciliation to Adjusted EBITDA.

Reconciliation of Non-GAAP Financial Measures

Below are reconciliations of Revenue before reimbursements to fee revenue and Operating expenses, excluding reimbursed expenses, to fee-based operating expenses.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Revenue	$	3,969.8		3,522.2		$	11,428.7		10,110.2
Reimbursements	1,756.1			1,541.5		5,160.6			4,638.7
Revenue before reimbursements	2,213.7			1,980.7		6,268.1			5,471.5
Adjustments:
Gross contract costs	(617.0		)	(554.1	)	(1,892.4		)	(1,592.6	)
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	(9.3		)	(11.1	)
Fee revenue	$	1,591.4		1,419.5		$	4,366.4		3,867.8
Operating expenses	$	3,778.9		3,384.4		$	11,034.2		9,826.2
Reimbursed expenses	1,756.1			1,541.5		5,160.6			4,638.7
Operating expenses, excluding reimbursed expenses	2,022.8			1,842.9		5,873.6			5,187.5
Less: Gross contract costs	(617.0		)	(554.1	)	(1,892.4		)	(1,592.6	)
Fee-based operating expenses	$	1,405.8		1,288.8		$	3,981.2		3,594.9
Operating income	$	190.9		137.8		$	394.5		284.0

Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA") represents EBITDA attributable to common shareholders (“EBITDA”) further adjusted for certain items we do not consider directly indicative of our ongoing performance in the context of certain performance measurements. Below is (i) a reconciliation of Net income attributable to common shareholders to EBITDA and Adjusted EBITDA and (ii) the Adjusted EBITDA margin (on a fee-revenue basis), on a local currency basis.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Net income attributable to common shareholders	$	134.9		98.3		$	283.0		199.8
Add:
Interest expense, net of interest income	12.3			14.9		40.4			42.5
Provision for income taxes	45.6			36.0		96.7			73.1
Depreciation and amortization	42.7			41.8		131.1			122.3
EBITDA	$	235.5		191.0		$	551.2		437.7
Adjustments:
Restructuring and acquisition charges (credits)	3.7			3.4		(6.7		)	13.3
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	(9.3		)	(11.1	)
Adjusted EBITDA	$	233.9		187.3		$	535.2		439.9
Net income margin attributable to common shareholders1	6.1		%	5.0		4.5		%	3.7
Adjusted EBITDA margin	14.7		%	13.2		12.4		%	11.4

¹ measured against Revenue before reimbursements

37

In discussing our operating results, we report Adjusted EBITDA margins and refer to percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of our foreign operations to U.S. dollars using the foreign currency exchange rates from the comparative period. We believe this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations. The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) fee revenue, (iii) Operating income, and (iv) Adjusted EBITDA.

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2018		% Change		2018			% Change
Revenue:
At current period exchange rates	$	3,969.8	13	%	$	11,428.7		13	%
Impact of change in exchange rates	66.3		n/a		(116.4		)	n/a
At comparative period exchange rates	$	4,036.1	15	%	$	11,312.3		12	%
Fee Revenue:
At current period exchange rates	$	1,591.4	12	%	$	4,366.4		13	%
Impact of change in exchange rates	22.1		n/a		(60.9		)	n/a
At comparative period exchange rates	$	1,613.5	14	%	$	4,305.5		11	%
Operating Income:
At current period exchange rates	$	190.9	39	%	$	394.5		39	%
Impact of change in exchange rates	3.4		n/a		3.3			n/a
At comparative period exchange rates	$	194.3	41	%	$	397.8		40	%
Adjusted EBITDA:
At current period exchange rates	$	233.9	25	%	$	535.2		22	%
Impact of change in exchange rates	4.1		n/a		0.2			n/a
At comparative period exchange rates	$	238.0	27	%	$	535.4		22	%

38

Revenue

For the third quarter of 2018, consolidated revenue and fee revenue increased 15% and 14%, respectively, over the prior-year quarter to $4.0 billion and $1.6 billion, respectively, with growth across all four segments. The increase in RES consolidated revenue was driven by Property & Facility Management, which contributed over 60% of the third-quarter increase on a local currency basis and was primarily driven by facilities management growth in Americas. Consolidated fee revenue growth within our RES service lines was led by Leasing (68% of consolidated RES fee revenue growth on a local currency basis), with notable contributions from Property & Facility Management (20%) and Project & Development Services (18%), partially offset by the decline in Capital Markets. Geographically across the service lines, Americas was the primary driver of RES fee revenue growth, contributing 71% on a local currency basis, followed by EMEA (16%) and APAC (13%). LaSalle's 76% fee revenue growth reflects near-record incentive fees earned on the disposition of real estate assets on behalf of our clients along with increased advisory fees in the current year.

The following highlights the proportion of RES service line consolidated fee revenue growth, on a local currency basis, compared with the third quarter of 2017, by notable segment. The decline in consolidated Capital Markets fee revenue was attributable to Asia Pacific. Refer to segment operating results for further discussion.

• Leasing - Americas (66%) and Asia Pacific (21%)

• Property & Facility Management - Americas (59%) and Asia Pacific (31%)

• Project & Development Services - EMEA (53%), Asia Pacific (24%) and Americas (23%)

• Advisory, Consulting and Other - Americas (144%) and APAC (33%), partially offset by EMEA

For the first nine months of 2018, consolidated revenue and fee revenue increased 12% and 11%, respectively over the prior year to $11.4 billion and $4.4 billion, respectively. We achieved year-over-year revenue growth in all RES service lines and across all four segments. The year-to-date growth in RES consolidated revenue was driven by Property & Facility Management, which contributed nearly two-thirds of the RES year-to-date growth on a local currency basis. Similar to the third-quarter results discussed above, this increase was primarily due to facilities management growth in Americas. Consolidated fee revenue increases within our RES service lines were led by Leasing (40% of consolidated RES fee revenue growth on a local currency basis), Project & Development Services (22%) and Property & Facility Management (18%). LaSalle’s year-to-date fee revenue increased 46% over 2017, primarily due to incentive fees.

Our consolidated fee revenue increased 12% in U.S. dollars (“USD”) and 14% in local currency for the third quarter of 2018, compared with 2017. The spread for the quarter was driven primarily by strengthening of the U.S. dollar against the Australian dollar and Indian rupee. Year-to-date, consolidated fee revenue increased 13% in USD and 11% in local currency for the first nine months of 2018, compared with 2017. The spread for the first nine months was driven primarily by weakening of the U.S. dollar against the British pound sterling and euro during the first half of 2018.

Operating Expenses

Consolidated operating expenses, excluding reimbursed expenses, were $2.0 billion and $5.9 billion for the three and nine months ended September 30, 2018, respectively, representing increases of 12% and 11%, respectively, from the prior-year periods. The increases reflect revenue-related growth, particularly from our Property & Facilities Management and Leasing service lines, as well as an increase in investments in technology, data, and people. Recent facilities management wins, contributing to the growth in revenue discussed above, have also resulted in increased operating expenses, particularly from client-dedicated labor and third-party vendor and subcontractor costs.

Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.4 billion and $4.0 billion, respectively, for the third quarter and first nine months of 2018, increases of 11% and 10%, respectively, from 2017. The increases were primarily attributable to Americas, which represented 62% and 59% of third quarter and year-to-date increases, respectively, on a local currency basis; EMEA represented 14% and 18%, respectively, Asia Pacific represented 17% for both periods, and LaSalle represented 8% and 5%, respectively, of the third quarter and year-to-date increases on a local currency basis.

Restructuring and acquisition charges were $3.7 million and $3.4 million for the third quarter of 2018 and 2017, respectively. Charges in the third quarter of 2018 reflected (a) $6.1 million of severance and other employment-related charges incurred with respect to headcount reductions or other activities considered to represent structural changes to local, regional, and/or

39

global business operations and (b) $0.3 million of costs incurred for pre-acquisition due diligence and post-acquisition integration activities, partially offset by $2.7 million of net non-cash fair value adjustments relating to a net decrease to earn-out liabilities that arose from prior period acquisition activity. Comparatively, charges in 2017 included $4.2 million of severance and other employment-related charges incurred with respect to headcount reductions or other activities considered to represent structural changes to our local, regional, and/or global business operations, partially offset by immaterial amounts for pre-acquisition due diligence and post-acquisition integration activities as well as net non-cash fair value adjustments to earn-out liabilities related to acquisitions completed in previous periods. For the nine months ended September 30, 2018 and 2017, restructuring and acquisition (credits) charges were $(6.7) million and $13.3 million, respectively. Net year-to-date credit activity in 2018 is driven by $17.5 million of net non-cash fair value adjustments relating to a net decrease to earn-out liabilities that arose from prior period acquisition activity.

Interest Expense

Net interest expense for the third quarter of 2018 was $12.3 million, a decrease from $14.9 million in the prior-year quarter. Net interest expense for the first nine months of 2018 was $40.4 million, down from $42.5 million in 2017. A decline in our outstanding average borrowings, partially offset by a higher effective interest rate on our Facility, contributed to the decrease in net interest expense.

Equity Earnings from Real Estate Ventures

For the three and nine months ended September 30, 2018, we recognized equity earnings of $3.4 million and $27.2 million, respectively, compared with $12.6 million and $32.7 million in the prior-year periods. Substantially all of the activity in each year was attributable to LaSalle; refer to the LaSalle segment results discussion for additional details.

Provision for Income Taxes

The provision for income taxes was $45.6 million the third quarter of 2018 and $96.7 million for the first nine months of 2018, both representing an effective tax rate of 25.1%. The year-to-date 2018 effective tax rate is higher than the effective tax rate for the year ended December 31, 2017, excluding the impact of the additional expense recognized in 2017 relating to the enactment of the Tax Cuts and Jobs Act, due to (i) increased nondeductible expenses, (ii) a higher proportion of pre-tax income generated in countries with comparatively higher statutory tax rates, and (iii) additional U.S. taxation on international income, partially offset by the 2018 reduction in the U.S. federal tax rate from 35% to 21%.

As originally reported, our annual effective tax rate for both the three and nine months ended September 30, 2017 was 24.4%. After considering the impact of the adoption of ASC Topic 606, the effective tax rate, as recast, was 26.6% for both the three and nine months ended September 30, 2017.

Net Income and Adjusted EBITDA

Net income attributable to common shareholders for the three and nine months ended September 30, 2018 was $134.9 million and $283.0 million, respectively, compared with $98.3 million and $199.8 million in the respective prior-year periods. Net income margin attributable to common shareholders (against Revenue before reimbursements) was 6.1% in the third quarter of 2018, compared with 5.0% in the third quarter of 2017. Adjusted EBITDA was $233.9 million and $535.2 million for the third quarter and first nine months of 2018, respectively, increases of 27% and 22% from the respective prior-year periods. Adjusted EBITDA margin, calculated on a fee-revenue basis, for the third quarter of 2018 was 14.7% in USD and local currency, representing a 150 basis point improvement from 13.2% in the prior-year quarter.

Our third-quarter adjusted EBITDA margin reflects approximately 200 basis points of net operational expansion consisting of (i) 170 basis points from our RES businesses and (ii) 120 basis points from LaSalle, partially offset by (iii) 90 basis points of incremental investments in technology and people. This performance overcame approximately 50 basis points of headwind associated with the treatment of 2017 indirect expenses (primarily variable compensation) in relation to the adoption of ASC Topic 606. The recast of the prior-year third quarter resulted in the recognition of $34.8 million of incremental fee revenue and $15.3 million of direct expenses (predominantly commissions expense), nearly all in Americas. This reflects a 56.0% operating margin on the incremental recast fee revenue and drives the 50 basis point headwind noted above. However, indirect expenses such as variable compensation were not permitted by U.S. GAAP to be modified in the recast of prior periods, despite the recognition of incremental fee revenue.

40

Segment Operating Results

We manage and report our operations as four business segments:

The three geographic regions of RES including:

(1) Americas,

(2) 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 tenant representation and agency leasing, capital markets, property management, facility management, project and development services, and advisory, consulting and valuation services. We consider "property management" to be services provided to non-occupying property investors and "facility management" to be services provided to owner-occupiers. LaSalle provides investment management services to institutional investors and high-net-worth individuals.

For segment reporting, (i) gross contract costs and (ii) 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." In addition, our measure of segment results also excludes Restructuring and acquisition charges.

Americas - Real Estate Services

										% Change
	Three Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	2,201.6		1,920.6		281.0		15	%	15	%
Reimbursements	(1,251.5		)	(1,094.9	)	(156.6	)	14		15
Revenue before reimbursements	$	950.1		825.7		124.4		15	%	16	%
Gross contract costs	(170.7		)	(124.9	)	(45.8	)	37		40
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	1.8		(25	)	(25	)
Fee Revenue	$	774.1		693.7		80.4		12	%	12	%
Leasing	413.3			360.7		52.6		15		15
Capital Markets	109.8			108.0		1.8		2		2
Property & Facility Management	120.1			105.9		14.2		13		14
Project & Development Services	85.6			82.0		3.6		4		6
Advisory, Consulting and Other	45.3			37.1		8.2		22		25
Compensation, operating and administrative expenses excluding gross contract costs	650.5			585.3		65.2		11		12
Depreciation and amortization	24.5			24.2		0.3		1		2
Total fee-based operating expenses, excluding restructuring and acquisition charges	675.0			609.5		65.5		11		11
Gross contract costs	170.7			124.9		45.8		37		40
Total operating expenses, excluding reimbursed expenses	$	845.7		734.4		111.3		15	%	16	%
Operating income	$	104.4		91.3		13.1		14	%	15	%
Equity earnings	$	0.1		0.1		—		—	%	—	%
Adjusted EBITDA	$	123.7		108.2		15.5		14	%	15	%

41

Americas - Real Estate Services (continued)

										% Change
	Nine Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	6,295.1		5,653.0		642.1		11	%	12	%
Reimbursements	(3,659.6		)	(3,283.4	)	(376.2	)	11		12
Revenue before reimbursements	$	2,635.5		2,369.6		265.9		11	%	12	%
Gross contract costs	(460.4		)	(387.1	)	(73.3	)	19		20
Net non-cash MSR and mortgage banking derivative activity	(9.3		)	(11.1	)	1.8		(16	)	(16	)
Fee Revenue	$	2,165.8		1,971.4		194.4		10	%	10	%
Leasing	1,119.4			1,029.3		90.1		9		9
Capital Markets	334.0			307.5		26.5		9		9
Property & Facility Management	338.4			297.3		41.1		14		13
Project & Development Services	255.3			240.3		15.0		6		7
Advisory, Consulting and Other	118.7			97.0		21.7		22		28
Compensation, operating and administrative expenses excluding gross contract costs	1,846.4			1,691.1		155.3		9		9
Depreciation and amortization	77.1			71.4		5.7		8		8
Total fee-based operating expenses, excluding restructuring and acquisition charges	1,923.5			1,762.5		161.0		9		9
Gross contract costs	460.4			387.1		73.3		19		20
Total operating expenses, excluding reimbursed expenses	$	2,383.9		2,149.6		234.3		11	%	11	%
Operating income	$	251.6		220.0		31.6		14	%	15	%
Equity earnings	$	0.6		0.5		0.1		20	%	23	%
Adjusted EBITDA	$	319.5		279.7		39.8		14	%	14	%

Americas 2018 Performance Highlights

Americas double-digit revenue and fee revenue increases reflect broad-based growth across all service lines. Year-over-year third-quarter growth was led by Leasing, specifically strong performance in the Mid-Atlantic, Southwest, Houston and Midwest U.S. markets. Revenue growth highlights also include Property & Facility Management, a result of the ramp-up of recent wins and expansion of existing facilities management relationships with Corporate Solutions clients. For the first nine months of 2018, Leasing represented nearly half of the segment growth in fee revenue, on a local currency basis, compared with the prior year and was also driven by the New York market. The year-to-date driver of the solid growth in Property & Facility Management was consistent with the quarter-to-date discussion above.

The increase in operating expenses and fee-based operating expenses for both the third quarter and first nine months of 2018, compared with the prior-year periods, reflected revenue-related expense growth and increased investments in platform technology transformation programs.

Adjusted EBITDA margin, calculated on a fee-revenue basis, was 16.0% in USD and local currency for the third quarter of 2018, compared with 15.6% last year. The increase to Operating income and adjusted EBITDA as well as margin expansion reflect the broad-based revenue growth, particularly from Leasing and Corporate Solutions, and yields from cost management initiatives, partially offset by the increased investments noted above. In addition, the performance for the quarter outpaced the headwind resulting from the adoption of ASC 606, as noted in the Consolidated Operating Results.

42

EMEA - Real Estate Services

										% Change
	Three Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	805.6		750.0		55.6		7	%	9	%
Reimbursements	(171.0		)	(108.5	)	(62.5	)	58		61
Revenue before reimbursements	$	634.6		641.5		(6.9	)	(1	%)	—	%
Gross contract costs	(237.9		)	(258.9	)	21.0		(8	)	(7	)
Fee Revenue	$	396.7		382.6		14.1		4	%	5	%
Leasing	78.4			69.6		8.8		13		14
Capital Markets	102.6			103.1		(0.5	)	—		—
Property & Facility Management	92.0			91.2		0.8		1		3
Project & Development Services	68.7			58.0		10.7		18		20
Advisory, Consulting and Other	55.0			60.7		(5.7	)	(9	)	(8	)
Compensation, operating and administrative expenses excluding gross contract costs	373.8			367.0		6.8		2		3
Depreciation and amortization	11.8			11.6		0.2		2		4
Total fee-based operating expenses, excluding restructuring and acquisition charges	385.6			378.6		7.0		2		3
Gross contract costs	237.9			258.9		(21.0	)	(8	)	(7	)
Total operating expenses, excluding reimbursed expenses	$	623.5		637.5		(14.0	)	(2	)%	(1	)%
Operating income	$	11.1		4.0		7.1		n.m.		n.m.
Equity earnings	$	—		—		—		—	%	—	%
Adjusted EBITDA	$	22.8		15.5		7.3		47	%	51	%

n.m. - not meaningful

43

EMEA - Real Estate Services (continued)

										% Change
	Nine Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	2,435.8		2,074.4		361.4		17	%	11	%
Reimbursements	(480.0		)	(335.9	)	(144.1	)	43		36
Revenue before reimbursements	$	1,955.8		1,738.5		217.3		12	%	6	%
Gross contract costs	(820.4		)	(739.2	)	(81.2	)	11		4
Fee Revenue	$	1,135.4		999.3		136.1		14	%	8	%
Leasing	205.1			182.3		22.8		13		7
Capital Markets	270.7			251.7		19.0		8		2
Property & Facility Management	279.6			250.3		29.3		12		6
Project & Development Services	202.3			151.4		50.9		34		26
Advisory, Consulting and Other	177.7			163.6		14.1		9		3
Compensation, operating and administrative expenses excluding gross contract costs	1,111.0			984.3		126.7		13		7
Depreciation and amortization	34.7			33.0		1.7		5		—
Total fee-based operating expenses, excluding restructuring and acquisition charges	1,145.7			1,017.3		128.4		13		7
Gross contract costs	820.4			739.2		81.2		11		4
Total operating expenses, excluding reimbursed expenses	$	1,966.1		1,756.5		209.6		12	%	6	%
Operating loss	$	(10.3	)	(18.0	)	7.7		43	%	52	%
Equity earnings	$	—		—		—		—	%	—	%
Adjusted EBITDA	$	26.6		16.1		10.5		65	%	63	%

n.m. - not meaningful

EMEA 2018 Performance Highlights

Third-quarter EMEA revenue and fee revenue growth, compared with 2017, was led by (i) Project & Development Services, driven by recent project wins along with growth of our Tetris fit-out business in Continental Europe, and (ii) Leasing, primarily in Poland, Italy and Germany. Capital Markets growth in certain markets, primarily France and Portugal, was offset by investment sales transactions in Finland that did not recur this year. Geographically across service lines, the increase in third-quarter fee revenue was most notable in France, Poland and Portugal. On a year-to-date basis, Project & Development Services represented over half of the segment’s growth in fee revenue on a local currency basis, with similar drivers as noted above in quarterly growth. Geographically across services lines, the increase in year-to-date fee revenue was led by the UK and France.

The change in operating expenses, excluding reimbursed expenses, and fee-based operating expenses, excluding restructuring and acquisition charges, for the three and nine months ended September 30, 2018, compared with the prior-year periods, correlated with the change in revenue before reimbursements and fee revenue.

Operating income increased nearly 200% and Adjusted EBITDA increased 51% compared with the third quarter of 2017. Adjusted EBITDA margin, calculated on a fee-revenue basis, was 5.7% in USD for the quarter (5.8% in local currency), compared with 4.0% last year. The improvement in profitability reflects the growth in revenue and reduction of Integral integration costs. Operating performance improved for the first nine months of 2018, compared with the prior year, with consistent drivers as noted above in the quarterly discussion.

44

Asia Pacific - Real Estate Services

										% Change
	Three Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	790.0		749.4		40.6		5	%	10	%
Reimbursements	(330.0		)	(333.5	)	3.5		(1	)	4
Revenue before reimbursements	$	460.0		415.9		44.1		11	%	15	%
Gross contract costs	(207.7		)	(169.1	)	(38.6	)	23		28
Fee Revenue	$	252.3		246.8		5.5		2	%	7	%
Leasing	65.4			50.4		15.0		30		35
Capital Markets	35.6			53.3		(17.7	)	(33	)	(31	)
Property & Facility Management	76.4			72.0		4.4		6		11
Project & Development Services	34.8			31.3		3.5		11		17
Advisory, Consulting and Other	40.1			39.8		0.3		1		5
Compensation, operating and administrative expenses excluding gross contract costs	224.9			217.4		7.5		3		8
Depreciation and amortization	5.6			5.2		0.4		8		12
Total fee-based operating expenses, excluding restructuring and acquisition charges	230.5			222.6		7.9		4		8
Gross contract costs	207.7			169.1		38.6		23		28
Total operating expenses, excluding reimbursed expenses	$	438.2		391.7		46.5		12	%	17	%
Operating income	$	21.8		24.2		(2.4	)	(10	)%	(4	)%
Equity earnings	$	1.0		0.9		0.1		11	%	4	%
Adjusted EBITDA	$	28.3		30.3		(2.0	)	(7	)%	(1	)%

45

Asia Pacific - Real Estate Services (continued)

										% Change
	Nine Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	2,314.2		2,119.4		194.8		9	%	9	%
Reimbursements	(1,007.8		)	(1,005.9	)	(1.9	)	0		—
Revenue before reimbursements	$	1,306.4		1,113.5		192.9		17	%	17	%
Gross contract costs	(608.4		)	(462.5	)	(145.9	)	32		32
Fee Revenue	$	698.0		651.0		47.0		7	%	7	%
Leasing	155.5			129.9		25.6		20		20
Capital Markets	108.0			116.1		(8.1	)	(7	)	(7	)
Property & Facility Management	213.2			208.6		4.6		2		2
Project & Development Services	101.9			85.7		16.2		19		19
Advisory, Consulting and Other	119.4			110.7		8.7		8		7
Compensation, operating and administrative expenses excluding gross contract costs	636.7			584.7		52.0		9		8
Depreciation and amortization	17.0			15.7		1.3		8		7
Total fee-based operating expenses, excluding restructuring and acquisition charges	653.7			600.4		53.3		9		8
Gross contract costs	608.4			462.5		145.9		32		32
Total operating expenses, excluding reimbursed expenses	$	1,262.1		1,062.9		199.2		19	%	18	%
Operating income	$	44.3		50.6		(6.3	)	(12	)%	(8	)%
Equity earnings	$	2.0		2.3		(0.3	)	(13	)%	(9	)%
Adjusted EBITDA	$	63.3		68.6		(5.3	)	(8	)%	(5	)%

Asia Pacific 2018 Performance Highlights

Asia Pacific revenue and fee revenue growth for the third quarter was led by Leasing, primarily the office sector in China and Australia. The year-over-year decline in Capital Markets third-quarter fee revenue was a result of 2018 deal timing against a tough comparable prior-year quarter, where growth was outsized at greater than 30% over the same period in 2016. Geographically across service lines, the increase in fee revenue compared with the prior-year quarter was most notable in Greater China. For the first nine months of 2018, revenue expansion was most notable in Leasing, led by China, Japan and Australia, and Project & Development Services, primarily in Australia. Geographically across services lines, the year-to-date increase in fee revenue was led by Greater China, Japan and Singapore.

For the third quarter, the increase in operating expenses and fee-based operating expenses over the prior year reflects revenue-related expense growth and increased investments in people. For the first nine months, the increase in expenses also reflects higher than anticipated costs on certain client assignments weighted toward the first half of 2018.

Adjusted EBITDA margin, calculated on a fee-revenue basis, was 11.2% in USD for the quarter (11.4% in local currency), compared with 12.3% last year. Margin compression was primarily due to the net shift in service mix from higher-margin Capital Markets revenue toward annuity-based revenue.

46

LaSalle

										% Change
	Three Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	172.6		102.2		70.4		69	%	71	%
Reimbursements	(3.6		)	(4.6	)	1.0		(22	)	(21	)
Revenue before reimbursements	$	169.0		97.6		71.4		73	%	75	%
Gross contract costs	(0.7		)	(1.2	)	0.5		(42	)	(36	)
Fee Revenue	$	168.3		96.4		71.9		75	%	76	%
Advisory fees	65.5			60.3		5.2		9		7
Transaction fees & other	7.9			3.1		4.8		n.m.		n.m.
Incentive fees	94.9			33.0		61.9		n.m.		n.m.
Compensation, operating and administrative expenses excluding gross contract costs	110.2			73.9		36.3		49		50
Depreciation and amortization	0.8			0.8		—		—		(12	)
Total fee-based operating expenses, excluding restructuring and acquisition charges	111.0			74.7		36.3		49		49
Gross contract costs	0.7			1.2		(0.5	)	(42	)	(36	)
Total operating expenses, excluding reimbursed expenses	$	111.7		75.9		35.8		47	%	48	%
Operating income	$	57.3		21.7		35.6		n.m.		n.m.
Equity earnings	$	2.3		11.6		(9.3	)	(80	)%	(81	)%
Adjusted EBITDA	$	59.2		33.3		25.9		78	%	81	%

n.m. - not meaningful

47

LaSalle (continued)

										% Change
	Nine Months Ended September 30,					Change in				in Local
($ in millions)	2018			2017		U.S. dollars				Currency
Revenue	$	383.6		263.4		120.2		46	%	43	%
Reimbursements	(13.2		)	(13.5	)	0.3		(2	)	(3	)
Revenue before reimbursements	$	370.4		249.9		120.5		48	%	45	%
Gross contract costs	(3.2		)	(3.8	)	0.6		(16	)	(21	)
Fee Revenue	$	367.2		246.1		121.1		49	%	46	%
Advisory fees	196.1			180.9		15.2		8		3
Transaction fees & other	25.6			16.8		8.8		52		74
Incentive fees	145.5			48.4		97.1		n.m.		n.m.
Compensation, operating and administrative expenses excluding gross contract costs	262.7			199.2		63.5		32		29
Depreciation and amortization	2.3			2.2		0.1		5		(1	)
Total fee-based operating expenses, excluding restructuring and acquisition charges	265.0			201.4		63.6		32		29
Gross contract costs	3.2			3.8		(0.6	)	(16	)	(21	)
Total operating expenses, excluding reimbursed expenses	$	268.2		205.2		63.0		31	%	28	%
Operating income	$	102.2		44.7		57.5		n.m.		n.m.
Equity earnings	$	24.6		29.9		(5.3	)	(18	)%	(18	)%
Adjusted EBITDA	$	126.0		75.5		50.5		67	%	64	%

n.m. - not meaningful

LaSalle 2018 Performance Highlights

LaSalle revenue and fee revenue growth for both the third quarter and first nine months were driven by outstanding incentive fee performance from real estate dispositions on behalf of our clients, predominantly in Asia Pacific. Continued expansion of private equity mandates drove the increase in advisory fees for the third quarter, compared with the prior-year quarter.

Equity earnings in the current-year quarter resulted from gains on the sale of legacy investments, substantially offset by net valuation decreases for investments in North America. For the first nine months of both 2018 and 2017 and the prior-year quarter, equity earnings were primarily driven by net valuation increases for investments in Europe and Asia.

Higher variable compensation expense driven by the recognition of incentive fees was the primary driver of the increase in operating expenses for both the third quarter and first nine months of 2018, compared with prior-year periods.

Operating income and Adjusted EBITDA increased 168% and 81%, respectively, compared with the prior-year quarter. Adjusted EBITDA margin was 35.2% in USD for the quarter (35.4% in local currency), compared with 34.5% in the third quarter of 2017. The margin expansion was driven by higher incentive fees, partially offset by the decline in equity earnings.

Assets under management ("AUM") were $59.5 billion as of September 30, 2018, a decrease of 1% in USD (up 2% in local currency) from $59.9 billion as of June 30, 2018. The net decrease in AUM during the year resulted from $2.3 billion of dispositions and withdrawals and $1.6 billion of foreign currency decreases, partially offset by $1.8 billion of acquisitions and $1.7 billion of net valuation increases. Private equity assets represented 88% of AUM as of September 30, 2018, compared with 80% as of September 30, 2017.

48

LIQUIDITY AND CAPITAL RESOURCES

We finance our operations, co-investment activity, share repurchases and dividend payments, capital expenditures and business acquisitions with internally generated funds, borrowings on our Facility, and through issuance of Long-term debt.

Cash Flows from Operating Activities

Operating activities used $0.3 million of cash in the first nine months of 2018, compared with $277.7 million of cash provided during the same period in 2017. The change in cash flows from operating activities is driven by higher annual incentive compensation paid to employees in 2018 as compared with 2017, reflecting our performance in the previous annual periods, and the timing of receivables collection year-over-year. Partially offsetting this increase in cash used was improved performance in 2018 as compared to 2017, reflected by a $86.7 million increase in Net income.

In 2017, we enhanced our working capital management initiatives, which generated a substantial increase in cash from operating activities; although the same initiatives have continued in 2018, the current year is more reflective of steady-state.

Cash Flows from Investing Activities

We used $147.2 million of cash for investing activities during the first nine months of 2018, an increase of $25.2 million from the $122.0 million used during the same period in 2017. The increase in cash used was driven by (a) property and equipment net capital additions (including acquisitions of investment properties by consolidated less-than-wholly-owned subsidiaries) and (b) payments for business acquisitions, partially offset by net capital contribution/distribution activity related to co-investments in real estate ventures. We discuss these key drivers individually below in further detail.

Cash Flows from Financing Activities

Financing activities provided $172.5 million of cash during the first nine months of 2018, as compared to using $165.4 million during the same period in 2017. The net change of $337.9 million in cash flows from financing activities is substantially driven by the change in cash flows from operating activities noted above.

Credit Facility

On May 17, 2018, we amended our $2.75 billion Facility, which improved pricing and extended the maturity date from June 21, 2021 to May 17, 2023. As of September 30, 2018, we had outstanding borrowings under the Facility of $240.0 million and outstanding letters of credit of $8.6 million. As of December 31, 2017, we had no outstanding borrowings under the Facility and outstanding letters of credit of $9.0 million. The average outstanding borrowings under the Facility were $461.5 million and $712.3 million during the three months ended September 30, 2018 and 2017, respectively, and $396.5 million and $1,042.7 million during the nine months ended September 30, 2018 and 2017, respectively. The year-over-year decrease in average outstanding borrowings was driven by continued efforts to improve working capital management, continued growth in operational performance, and the issuance of the Euro Notes in June 2017, discussed below in Long-Term Debt.

We will continue to use the Facility for working capital needs (including payment of accrued incentive compensation), co-investment activities, dividend payments, share repurchases, capital expenditures and business acquisitions.

Short-Term Borrowings

In addition to our Facility, we had the capacity to borrow up to an additional $61.5 million under local overdraft facilities as of September 30, 2018. We had Short-term borrowings (including capital lease obligations, overdrawn bank accounts and local overdraft facilities) of $83.7 million and $77.4 million as of September 30, 2018 and December 31, 2017, respectively, of which $35.4 million and $45.4 million as of September 30, 2018 and December 31, 2017, respectively, were attributable to local overdraft facilities.

Long-Term Debt

On June 29, 2017, we issued and sold an aggregate principal amount of €350.0 million of senior unsecured notes ("Euro Notes") as a private placement to certain institutional investors. The proceeds, net of debt issuance costs, were $393.2 million, using June 29, 2017 exchange rates, and were used to reduce outstanding borrowings on our Facility.

See Note 9, Debt, of the Notes to Condensed Consolidated Financial Statements for additional information on our Facility, Long-term debt and Short-term borrowings.

49

Co-Investment Activity

As of September 30, 2018, we had total investments of $371.5 million in 45 separate property or fund co-investments, primarily related to LaSalle. For the nine months ended September 30, 2018, return of capital exceeded funding of co-investments by $2.1 million, compared with the prior year when funding of co-investments exceeded return of capital by $2.1 million. We expect to continue to pursue strategic co-investment opportunities with our investment management clients globally as co-investment remains an important foundation to the continued growth of LaSalle's business.

See Note 6, Investment in Real Estate Ventures, of the Notes to Condensed Consolidated Financial Statements for additional information on our co-investment activity.

Share Repurchase and Dividend Programs

Since October 2002, our Board of Directors has approved five share repurchase programs under which we have repurchased 5,765,451 shares of common stock. As of September 30, 2018, there were 1,563,100 shares we were authorized to repurchase under the current share repurchase program. We made no share repurchases in the first nine months of 2018 under this authorization. Our current share repurchase program allows JLL to purchase our common stock in the open market and in privately negotiated transactions from time to time.

On November 6, 2018, we announced a semi-annual cash dividend of $0.41 per share of common stock. The dividend payment will be made on December 14, 2018 to holders of record at the close of business on November 16, 2018. A dividend-equivalent in the same per share amount will also be paid simultaneously on outstanding but unvested shares of eligible restricted stock units granted under the Company's Stock Award and Incentive Plan.

Capital Expenditures

Net capital additions for the nine months endedSeptember 30, 2018 and 2017, were $110.1 million and $98.1 million, respectively. Our capital expenditures in 2018 were primarily for software, computer-related hardware, and improvements to leased office spaces. In addition, net capital additions made by consolidated VIEs in which we held no equity interest for the nine months endedSeptember 30, 2018 was $10.6 million, primarily to acquire real estate (net of real estate sales).

Business Acquisitions

During the nine months endedSeptember 30, 2018, we paid $95.0 million for business acquisitions. This included $31.7 million of payments relating to four new strategic acquisitions in 2018 and $63.3 million for deferred business acquisition and earn-out obligations related to acquisitions completed in prior years. Terms for our acquisitions have typically included cash paid at closing with provisions for additional deferred consideration and earn-out payments subject to certain contract requirements, including the passage of time and performance. Deferred business acquisition obligations totaled $65.0 million as of September 30, 2018. These obligations represent the current discounted values of payments to sellers of businesses for which our acquisition had been completed as of the balance sheet date and for which the only remaining condition on those payments is the passage of time. As of September 30, 2018, we had the potential to make earn-out payments for a maximum of $382.9 million on 55 completed acquisitions subject to the achievement of certain performance conditions. We anticipate the majority of these earn-out payments will come due at various times over the next six years, assuming the achievement of the applicable performance conditions. Refer to Note 5, Business Combinations, Goodwill and Other Intangible Assets, of the Notes to the Condensed Consolidated Financial Statements for further information on Business Acquisitions.

We will continue to consider acquisitions that we believe will strengthen our market position, increase our profitability, and supplement our organic growth.

Repatriation of Foreign Earnings

Based on our historical experience and future business plans, we do not expect to repatriate our foreign-sourced earnings to the United States. We believe our policy of permanently investing earnings of foreign subsidiaries does not significantly impact our liquidity. As of September 30, 2018 and December 31, 2017, we had total cash and cash equivalents of $327.0 million and $268.0 million, respectively, of which approximately $292.0 million and $198.9 million, respectively, was held by foreign subsidiaries.

50

Restricted Net Assets

We face regulatory restrictions in certain countries that limit or prevent the transfer of funds to other countries or the exchange of the local currency to other currencies. However, we generally face no such restrictions with regard to the use or application of funds for ordinary course business activities within such countries. The assets of these countries aggregated to approximately 5% and 6% of our total assets as of September 30, 2018 and December 31, 2017, respectively.

Off-Balance Sheet Arrangements

We have unfunded capital commitments to investment vehicles and direct investments for future co-investments, totaling a maximum of $212.5 million as of September 30, 2018. See our discussion of unfunded commitments in Note 6, Investments in Real Estate Ventures, of the Notes to Condensed Consolidated Financial Statements.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this filing and elsewhere (such as in reports, other filings with the SEC, press releases, presentations and communications by JLL or its management and written and oral statements) regarding, among other things, future financial results and performance, achievements, plans and objectives, and dividend payments may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause JLL's actual results, performance, achievements, plans and objectives, and dividends to be materially different from any of the future results, performance, achievements, plans and objectives, and dividends expressed or implied by such forward-looking statements.

We discuss those risks, uncertainties and other factors in (1) our Annual Report on Form 10-K for the year ended December 31, 2017 in Part I, Item 1A. Risk Factors; Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations; Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk; Part II, Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements; and elsewhere, (2) this Quarterly Report on Form 10-Q in this section, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations; Item 3. Quantitative and Qualitative Disclosures About Market Risk; and elsewhere, and (3) the other reports we file with the United States Securities and Exchange Commission.

Important factors that could cause actual results to differ from those in our forward-looking statements include (without limitation):

● The effect of political, economic and market conditions and geopolitical events;

● The logistical and other challenges inherent in operating in numerous different countries;

● The actions and initiatives of current and potential competitors;

● The level and volatility of real estate prices, interest rates, currency values and other market indices;

● The outcome of pending litigation; and

● The impact of current, pending and future legislation and regulation.

Moreover, there can be no assurance future dividends will be declared since the actual declaration of future dividends, and the establishment of record and payment dates, remains subject to final determination by JLL's Board of Directors.

Accordingly, we caution our readers not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except to the extent required by applicable securities law, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements to reflect any changes in events or circumstances or in its expectations or results.

51

Item 3. Quantitative and Qualitative Disclosures About Market Risk

MARKET AND OTHER RISK FACTORS

Market Risk

The principal market risks we face due to the risk of loss arising from adverse changes in market rates and prices are:

● Interest rates on the Facility; and

● Foreign exchange risks.

In the normal course of business, we manage these risks through a variety of strategies, including hedging transactions using various derivative financial instruments such as foreign currency forward contracts. We enter into derivative instruments with high credit-quality counterparties and diversify our positions across such counterparties in order to reduce our exposure to credit losses. We do not enter into derivative transactions for trading or speculative purposes.

Interest Rates

We centrally manage our debt, considering investment opportunities and risks, tax consequences, and overall financing strategies. We are primarily exposed to interest rate risk on our Facility, which had a borrowing capacity of $2.75 billion as of September 30, 2018. The Facility consists of revolving credit available for working capital, investments, capital expenditures, and acquisitions. Our average outstanding borrowings under the Facility for the three and nine months ended September 30, 2018 were $461.5 million and $396.5 million, respectively, with effective interest rates of 3.0% and 2.8%, respectively. We had $240.0 million outstanding under the Facility and outstanding letters of credit of $8.6 million as of September 30, 2018. The Facility bears a variable rate of interest based on market rates.

Our $275.0 million of Long-term senior notes (the "Notes"), excluding debt issuance costs, due in November 2022 bear interest at an annual rate of 4.4%, subject to adjustment if a credit rating assigned to the Notes is downgraded below an investment grade rating (or subsequently upgraded). The issuance of these Notes at a fixed interest rate has helped to limit our exposure to future movements in interest rates.

On June 29, 2017, we issued and sold an aggregate principal amount of €350.0 million of senior unsecured notes ("Euro Notes") as a private placement to certain institutional investors at a fixed interest rate. The Euro Notes, €175.0 million due in June 2027 and €175.0 million due in June 2029, bear interest at an annual rate of 1.96% and 2.21%, respectively. The issuance of the Euro Notes at a fixed interest rate has helped to limit our exposure to future movements in interest rates.

Our overall interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to minimize our overall borrowing costs. To achieve these objectives, in the past we have entered into derivative financial instruments such as interest rate swap agreements when appropriate and we may do so in the future. We did not enter into any such agreements in 2017 or the first nine months of 2018, and we had no such agreements outstanding as of September 30, 2018.

We assess interest rate sensitivity to estimate the potential effect of rising short-term interest rates on our variable-rate debt. If short-term interest rates were 50 basis points higher during 2018 on our variable-rate debt, our results would reflect an increase of $1.5 million to Interest expense, net of interest income, for the nine months ended September 30, 2018.

Foreign Exchange

Foreign exchange risk is the risk we will incur economic losses due to adverse changes in foreign currency exchange rates. Our revenue from outside of the United States totaled 48% and 47% of our total revenue for the nine months ended September 30, 2018 and 2017, respectively. Operating in international markets means we are exposed to movements in foreign exchange rates, most significantly by the British pound (10% of revenue for both the nine months ended September 30, 2018 and 2017) and the euro (9% and 8% of revenue for the nine months ended September 30, 2018 and 2017, respectively).

52

We mitigate our foreign currency exchange risk principally by (1) establishing local operations in the markets we serve and (2) invoicing customers in the same currency as the source of the costs. The impact of translating expenses incurred in foreign currencies into U.S. dollars reduces the impact of translating revenue earned in foreign currencies into U.S. dollars. In addition, British pound and Singapore dollar expenses incurred as a result of our regional headquarters being located in London and Singapore have historically acted as partial operational hedges against our translation exposures those currencies.

To show the impact foreign currencies have on our results of operations, we present the change in local currency for revenue and operating expenses on a consolidated basis and by operating segment in Management's Discussion and Analysis of Financial Condition and Results of Operations included herein. The change in local currency represents the change assuming no movement in foreign exchange rates from the prior year. On a year-over-year basis, for the three months ended September 30, 2018, our total revenue increased 13% in U.S. dollars and 15% in local currency, and our operating income increased 39% in U.S. dollars and 41% in local currency. On a year-over-year basis, for the nine months ended September 30, 2018, our total revenue increased 13% in U.S. dollars and 12% in local currency, and our operating income increased 39% in U.S. dollars and 40% in local currency. For additional detail of the impact of foreign exchange rates on our results of operations, see Management's Discussion and Analysis of Financial Condition and Results of Operations included herein.

We enter into forward foreign currency exchange contracts to manage currency risks associated with intercompany lending and cash management practices. As of September 30, 2018, we had forward exchange contracts in effect with a gross notional value of $2.07 billion ($0.91 billion on a net basis). Net gains or losses are generally offset by associated intercompany loans.

Disclosure of Limitations

As the information presented above includes only those exposures that exist as of September 30, 2018, it does not consider those exposures or positions which could arise after that date. The information we present has limited predictive value. As a result, the ultimate realized gain or loss with respect to interest rate and foreign currency fluctuations will depend on the exposures that arise during the applicable period, the hedging strategies at the time, and interest and foreign currency rates.

For other risk factors inherent in our business, see Item 1A. Risk Factors in our 2017 Annual Report on Form 10-K.

Item 4. Controls and Procedures

The Company has established disclosure controls and procedures to ensure material information relating to the Company, including its consolidated subsidiaries, is made known to the officers who certify the Company's financial reports and to the other members of senior management and the Board of Directors.

Under the supervision and with the participation of the Company's management, including our Chief Executive Officer and

Chief Financial Officer, we conducted an evaluation of the Company's disclosure controls and procedures (as defined in

Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this evaluation, our Chief Executive

Officer and Chief Financial Officer concluded our disclosure controls and procedures were effective as of the end of the

period covered by this report. There were no changes in the Company's internal control over financial reporting during the quarter ended September 30, 2018, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

53

Part II. Other Information

Item 1. Legal Proceedings

We are a defendant or plaintiff in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Many of these litigation matters are covered by insurance (including insurance provided through a captive insurance company), although they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

Item 1A. Risk Factors

There have been no material changes to our risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.

Item 5. Other Information

Corporate Governance

Our policies and practices reflect corporate governance initiatives we believe comply with the listing requirements of the New York Stock Exchange, on which our common stock is traded, the corporate governance requirements of the Sarbanes-Oxley Act of 2002 as currently in effect, various regulations issued by the SEC and certain provisions of the General Corporation Law in the State of Maryland, where JLL is incorporated. We maintain a corporate governance section on our public website which includes key information about our corporate governance initiatives, such as our Corporate Governance Guidelines, Charters for the three Committees of our Board of Directors, a Statement of Qualifications of Members of the Board of Directors and our Code of Business Ethics. The Board of Directors regularly reviews corporate governance developments and modifies our Guidelines and Charters as warranted. The corporate governance section can be found on our website at www.jll.com by clicking "Investor Relations" and then "Board of Directors and Corporate Governance."

Resignation of Chief Financial Officer

On September 18, 2018, Christie B. Kelly, Executive Vice President and Chief Financial Officer, notified the Company of her decision to resign from the Company to pursue other opportunities effective September 18, 2018. Ms. Kelly’s resignation did not result from a disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including its controls or financial-related matters.

In connection with Ms. Kelly’s departure from the Company, she is eligible to receive the benefits provided by the Company pursuant to the Severance Pay Plan of the Company, as amended and restated effective July 1, 2010 (“Severance Pay Plan”), and pursuant to a separation agreement (the “Separation Agreement”) entered into by the Company and Ms. Kelly effective September 25, 2018 (the “Effective Date”). Among other matters, the Separation Agreement provides as follows: (1) Ms. Kelly agreed to provide transition services to the Company through December 31, 2018 (the “Separation Date”) and will receive a base salary during such transition period of $500,000 on an annualized basis payable in accordance with the Company’s normal payroll procedures; (2) Ms. Kelly will receive a lump sum, less applicable withholdings and deductions, of $4,359,231 within 30 days of the Effective Date. The total amount of such payments is equal to the severance amount to which Ms. Kelly would have been entitled under the Company’s Severance Pay Plan; (3) All unvested restricted stock and performance share units previously awarded under the Company's Stock Award and Incentive Plan shall be forfeited as of the Effective Date except for 610 unvested restricted stock units granted in February 2014 and which shall vest on February 25, 2019; and (4) In exchange for the above benefits, Ms. Kelly executed a release of claims in favor of the Company and its affiliates. Pursuant to the Separation Agreement, Ms. Kelly agreed to not solicit the Company’s employees or independent contractors, or clients having existing or contracted transactions with the Company, or assist, perform services for, or have any equity interest in any of the Company’s clients, for a period of twelve months following the Separation Date. The Company will be entitled to injunctive relief for any breach of an obligation under the Separation Agreement by Ms. Kelly.

54

Appointment of Interim Chief Financial Officer

The Company commenced a search for a successor to Ms. Kelly as Chief Financial Officer upon Ms. Kelly’s resignation. Effective as of the date of Ms. Kelly’s resignation, Patricia Maxson, Chief Administrative Officer, began serving as the principal financial officer and is expected to serve in such capacity until a successor for Ms. Kelly is appointed.

Corporate Officers

The names and titles of our corporate executive officers, as of September 30, 2018, were as follows:

Global Executive Board

Christian Ulbrich

Chief Executive Officer and President

Patricia Maxson¹

Chief Administrative Officer and Interim Chief Financial Officer

Richard Bloxam

Chief Executive Officer, Global Capital Markets

Anthony Couse

Chief Executive Officer, Asia Pacific

John Forrest

Chief Executive Officer, Global & Americas Corporate Solutions

Guy Grainger

Chief Executive Officer, Europe, Middle East and Africa

Jeff A. Jacobson

Chief Executive Officer, LaSalle Investment Management

Gregory P. O'Brien

Chief Executive Officer, Americas

¹ Effective September 18, 2018, Ms. Maxson succeeded Christie B. Kelly as Interim Chief Financial Officer.

Additional Global Corporate Officers

Louis F. Bowers	James S. Jasionowski
Controller	Chief Tax Officer
Grace T. Chang	Parikshat Suri
Corporate Finance and Investor Relations	Chief Audit Executive
Bryan J. Duncan	Judith I. Tempelman
Treasurer	Head of Corporate Development
Allan Frazier	Alan Tse2
Chief Information Officer	Chief Legal Officer and Corporate Secretary
2 Effective June 27, 2018, Mr. Tse succeeded Mark Ohringer as Chief Legal Officer and Corporate Secretary.

55

Item 6. Exhibits

Exhibit Number	Description
10.1*	Letter Agreement, dated September 17, 2018, between Jones Lang LaSalle Incorporated and Christie B. Kelly
31.1*	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*	The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, formatted in XBRL (eXtensible Business Reporting Language): (1) Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 (Unaudited) (2) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017 (Unaudited), (3) Condensed Consolidated Statement of Changes in Equity for the nine months ended September 30, 2018 (Unaudited), (4) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (Unaudited), and (5) Notes to Condensed Consolidated Financial Statements (Unaudited).

 *Filed herewith

56

Signature

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 7th day of November, 2018.

JONES LANG LASALLE INCORPORATED
By:	/s/ Patricia Maxson
	Patricia Maxson
	Chief Administrative Officer and Interim Chief Financial Officer
	(Authorized Officer and Principal Financial Officer)

57

EX-10.1

EXHIBIT 10.1

September 14, 2018

Terms of Separation

Dear Christie:

This Separation Agreement (this “Separation Agreement”) sets forth our understanding regarding your separation from Jones Lang LaSalle Incorporated (including Jones Lang LaSalle Americas, Inc. and their respective affiliated entities (the “Company”)). Reference is made to that certain Letter Agreement, as executed by you and the Company on May 15, 2013 (the “Employment Agreement”). Reference is also made to the Severance Pay Plan of Jones Lang LaSalle Incorporated as amended and restated effective July 1, 2010 (the “Severance Plan”). This Separation Agreement shall be effective only if executed by you and delivered to the Company on or before 5:00 p.m. (Chicago time) on October 5, 2018. You will have seven days after delivering an executed copy of this Separation Agreement to change your mind and revoke your acceptance; if you choose to not revoke your decision during this seven-day period, this Separation Agreement shall become effective on the eighth day following your delivery of the executed Separation Agreement to the Company (the “Effective Date”).

1.Termination of Employment.

(a)Transition Date. You and the Company acknowledge that your service with the Company in all capacities, other than as an employee, including, without limitation, as an officer, fiduciary or other senior position with the Company, will terminate at 5:00 p.m. (Chicago time) on September 18, 2018 (the “Transition Date”), irrespective of whether you timely execute and deliver, and do not revoke, this Separation Agreement, and that your position as an employee of the Company will terminate at the end of the Transition Period (as defined below). You agree to take any required actions and to execute any additional documents as the Company determines to be necessary or advisable to effect any of the foregoing.

(b)Transition Period Services. From the period (the “Transition Period”) beginning immediately following the Transition Date and ending at 5:00 p.m. on December 31, 2018 (the “End Date”), you will continue as an employee of the Company and agree to provide the Company with such transition support and services as may be reasonably requested by the Company’s Board of Directors (the “Board”) or the Company’s Chief Executive Officer and to perform such other duties and services, consistent with your status, as the Board or the Chief Executive Officer shall reasonably request. During the Transition Period, you will be an employee “at will,” and your employment with the Company may terminate for any reason or no stated reason without any further obligation to you, other than to provide you with the payments and benefits contemplated by Section 2.

(c)Base Salary. During the Transition Period, you will receive a base salary of $500,000 on an annualized basis, payable in accordance with the Company’s normal payroll procedures, and you shall continue to participate in the Company’s benefit plans that you participated in immediately prior to the Transition Period, subject to the terms and conditions of each such plan or program; provided, however, that you will not be eligible for any additional incentive compensation.

(d)Supersedes Employment Agreement and Severance Plan. The Employment Agreement and any payments you would be eligible to receive under the Severance Plan are superseded and replaced in all respects as of the Transition Date by this Separation Agreement.

2.Payments Upon Termination of Employment.

(a)Consideration. Subject to the terms and effectiveness of this Separation Agreement, the Company shall provide you with the following:

(i)Severance; Benefits. The Company shall pay you a severance payment of $4,359,231 (the “Severance Payment”), which shall be paid in a lump sum within 30 days after the Effective Date. In addition, if you elect COBRA continuation coverage, the Company shall reimburse you for the additional cost of such continuation coverage on a monthly basis through the earlier to occur of: (i) the end of the Severance Period (as defined below); or (ii) such date as you become covered under another employer group plan. Such reimbursements shall be made to you only if you provide to the Company proof of payment of the COBRA premium. For any remaining COBRA period, you will be responsible for paying the full COBRA premium for the actual costs of such insurance coverage. “Severance Period” means the 12-month period beginning immediately following the End Date.

(ii)Outplacement. The Company will pay up to $15,000 of the actual cost to provide the benefits of an executive-level outplacement counseling service selected by the Company. You shall not have the option to take additional compensation in lieu of such benefit. You must commence outplacement services within six (6) months of your End Date.

(b)Other Benefits. Except as provided under Section 2(a)(i) of this Separation Agreement, your participation in and rights, to the extent thereof, under the Company’s 401(k) Retirement and Savings Plan, U.S. Deferred Compensation Plan and its Medical, Dental, AD&D Optional Insurance, Supplemental Life Insurance, Basic LTD and Spouse Life Insurance Plans shall be subject to the terms of those respective plans.

(c)Unvested Restricted Stock Units and Cash Awards. All unvested restricted stock units and performance share units previously awarded under the Company Stock Award and Incentive Plan shall be forfeited as of the Effective Date, except that 610 unvested restricted stock units granted to you in February 2014 under the Individual Performance Management Program shall remain outstanding and vest on February 25, 2019.

3.No Other Compensation or Benefits. Except as otherwise specifically provided herein, you shall not be entitled to any additional compensation or benefits or to participate in any past, present or future employee benefit programs or arrangements of the Company (including, without limitation, any compensation or benefits under any bonus or severance plan, program or arrangement, whether specified or agreed in your Employment Agreement or elsewhere) on or after the Transition Date.

4.Return of Property. Prior to the Transition Date (to the extent such property is not required during the Transition Period) and under all circumstances prior to the End Date, you shall return to the Company all property of the Company in your possession and all property made available to you in connection with your employment by the Company, including, without limitation, any and all Company credit cards, keys, parking access cards, security access codes, records, manuals, customer lists, notebooks, computers, computer programs and files, PDAs, telephones, papers, electronically stored information and documents (and all copies thereof) kept or made by you in connection with your employment, it being acknowledged hereby that all of said items are the sole property of the Company. You shall remove all personal belongings from your desk/workspace in the Company office by the Transition Date.

5.Restrictive Covenants.

(a)No Solicitation.

(i)Until the End Date and for a period of twelve (12) months after the End Date, you shall not yourself, and shall not direct any other person to, either on your own account or on behalf of or with any other person, firm or business entity, do the following:

(1)solicit or induce other employees or independent contractors of the Company to leave the employ the Company;

(2)solicit or induce any clients that have existing or contracted transactions or assignments with the Company as of the date of this Separation Agreement to discontinue or reduce (x) their transactions or assignments with the Company or (y) their consideration of the Company for pending transactions or assignments; or

(3)assist, perform services for or have any equity interest in any of the Company’s clients.

(b)Intellectual Property. You agree to assign to the Company your entire right, title and interest in any invention or idea, patentable or not, that you create or conceive of (i) from the date of this Separation Agreement until the End Date and for six (6) months thereafterand (ii) which relates in any manner to our actual or anticipated business, research or development, or is suggested by or results from any task the Company assigned to you or any work you performed on behalf of the Company. You agree that you will promptly disclose to the Company any invention or idea contemplated above, and upon request, you will execute a specific assignment of title to the Company and do anything else reasonably necessary to enable the Company at its expense to secure a patent therefore in the United States and in foreign countries.

(c)(ii)Confidentiality and Non-Disclosure of Company Information. You acknowledge and agree that all non-public information concerning the Company, its clients and/or employees that was acquired by or disclosed to you during your employment, including, without limitation, information on the Company’s clients and pricing, business practices and models, business strategies, marketing plans and strategies, compensation structures and the compensation and performance evaluations of the Company’s employees was acquired or disclosed in strict confidence. You shall keep all such information secret and confidential indefinitely and shall not disclose such information, directly or indirectly, to any other person, firm or business entity or to use it in any way. You further acknowledge and agree that you have been provided with confidential information regarding copyrighted materials of the Company, including, without limitation, reference manuals, client proposals, data collection manuals and other proprietary information of the Company. You shall not use this information in any manner and further agree that you will make no attempt, nor provide information to others that would allow them to attempt, to access to the Company’s computer system or those computer systems of the Company’s clients.

However, the parties agree that you may disclose confidential information (i) to the extent necessary to comply with any law, court order or subpoena; (ii) in connection with any discovery request to which a response is required by law; (iii) in a confidential manner either to a federal, state or local government official or to an attorney where such disclosure is solely for the purpose of reporting or investigating a suspected violation of law, (iv) in an anti-retaliation lawsuit or other legal proceeding, so long as that disclosure or filing is made under seal and you do not otherwise disclose such confidential information, except pursuant to court order, or (v) to the extent necessary to enforce your rights hereunder. In the event you are under an obligation to disclose confidential information in any lawsuit or as part of any judicial proceeding, you agree to provide written notice of this fact as far in advance as practicable to the Company’s Legal Services Group and to permit the Company to contest such disclosure on any grounds legally permitted.

You acknowledge that, due to your position with the Company, the terms of this Separation Agreement may be publicly disclosed by the Company as and to the extent required by the regulations of the U.S. Securities and Exchange Commission in the Company’s judgment.

(d)Reasonableness of Restrictions. You acknowledge that the restrictions in this Section 5 are fair and reasonable and are reasonably required for the protection of the Company. You further acknowledge that you will be reasonably able to earn a living without violating the terms of this Section 5, and the restrictions outlined herein are a material inducement and condition to the Company’s provision of the payments and benefits described in this Separation Agreement.

6.Whistleblower Rights. You have the legal right to certain protections for cooperating with or reporting legal violations to various governmental entities. No provisions in this Separation Agreement are intended to prohibit you from exercising such rights, and you may do so without disclosure to the Company. The Company may not retaliate against you for any of these activities, and nothing in this Separation Agreement would require you to waive any monetary award or other payment that you might become entitled to from any such governmental entity. Further, nothing in this Separation Agreement precludes you from filing a charge of discrimination with the Equal Employment Opportunity Commission or a like charge or complaint with a state or local fair employment practice agency; provided, however, that as of the Effective Date, you may not receive a monetary award or other personal relief from the Company in connection with any such charge or complaint that you filed or is filed on your behalf.

7.Release of Claims.

(a)In consideration of the payments and benefits provided to you under Section 2(a), you, and each of your respective heirs, executors, administrators, representatives, agents, successors and assigns (collectively, the “Releasors”), hereby irrevocably and unconditionally release and forever discharge the Company and their successors, assigns, and any of their stockholders, officers, directors, partners, agents and employees (all of whom are hereinafter referred to as the “Releasees”) from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”), whether known or unknown, including, without limitation, any Claims under any contract, including the Employment Agreement, the Severance Plan, any federal, state, local or foreign law that the Releasors may have, or in the future may possess, including, but not limited to, Claims under Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Employee Retirement Income Security Act and the Fair Labor Standards Act, arising out of (i) your employment relationship with and service as an employee of the Company and the termination of such relationship or service and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the Releasors are not releasing any Claims that may not be released under applicable law. The Releasors further agree that the payments and benefits described in this Separation Agreement shall be in full satisfaction of any and all Claims for payments or benefits, whether express or implied, that the Releasors may have against the Releasees arising out of your employment relationship or your service as an employee of the Company and the termination thereof.

(b)Specific Release of ADEA Claims. In consideration of the payments and benefits provided to you under Section 2(a), you hereby release and forever discharge the Releasees from any and all Claims that you may have as of the date you sign this Separation Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”). By signing this Separation Agreement, you hereby acknowledge and confirm that you: (i) have at least twenty-one (21) days to consider the terms of this Separation Agreement; (ii) are waiving all legal claims, including claims under the ADEA, although nothing in this Separation Agreement is intended to diminish or otherwise encumber your ability to make a lawful challenge in accordance with the Older Workers Benefit Protection Act to a waiver under the ADEA; (iii) were advised to consult with legal counsel of your own choosing at your expense prior to execution of this Separation Agreement; (iv) fully understand the terms and conditions contained herein; (v) enter into this Separation Agreement of your own free will and were not under any undue pressure or duress; (vi) are not waiving rights or claims that may arise after the date this Separation Agreement is executed; and (vii) received as consideration for the waivers contained herein money and other benefits in addition to that to which you were already entitled.

(c)Representations. You hereby represent that you and the other Releasors have not instituted, assisted or otherwise participated in connection with, and that you have no information regarding any potential grounds for, any action, complaint, claim, charge, grievance, arbitration, lawsuit or administrative agency proceeding or action at law or otherwise against any Releasee.

8.Miscellaneous.

(a)Execution and Delivery. You agree to sign and return to the Company this Separation Agreement on or before 5:00 p.m. (Chicago time) on October 5, 2018. If you fail to sign and return this Separation

Agreement to the Company on or before 5:00 p.m. (Chicago time) on October 5, 2018, you will not be entitled to receive the additional payments or benefits described in this Separation Agreement.

(b)Entire Agreement. Except as provided herein, this Separation Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the matters covered hereby and supersedes and replaces any express or implied, written or oral, prior agreement, plan or arrangement with respect to the terms of your employment and the termination thereof which you may have had with the Company. No modifications to this Separation Agreement shall be valid unless made in writing and signed by you and an authorized officer of the Company.

(c)Remedies. You agree that damages incurred by the Company caused by a breach of this Separation Agreement will be difficult to ascertain. In the event of any breach by you of any provision of this Separation Agreement, in addition to any other remedy available to the Company to enforce such provisions, the Company (i) shall cease to have any obligation to continue to make payments or provide benefits to you under this Separation Agreement, (ii) may recoup any of the compensation paid under Section 2(a) hereunder and provide for the immediate forfeiture of any unvested equity awards and (iii) you shall be responsible for the reasonable attorneys’ fees and costs related to the Company’s enforcement of such provisions. You further acknowledge that any breach of the provisions in Section 5 above will cause irreparable injury to the Company for which money damages will not provide any adequate remedy. Accordingly, you agree that, in the event you breach any of the provisions in Section 5, the Company shall be entitled to obtain appropriate injunctive and/or other equitable relief for such breach, without the posting of any bond or other security, in addition to all other legal remedies to which it may be entitled, and to the extent applicable, the term of such restrictive covenant shall be extended by a period of time equal to the period of the duration of such breach.

(d)Withholding Taxes. Any payments made or benefits provided to you under this Separation Agreement shall be reduced by all applicable withholding taxes and any other authorized or required deductions.

(e)Waiver. The failure of the Company to enforce any of its terms, provisions or covenants shall not be construed as a waiver of the same or of the right of such party to enforce the same. Waiver by you or the Company of any breach or default by the other party of any term or provision of this Separation Agreement shall not operate as a waiver of any other breach or default.

(f)Severability. If any court of competent jurisdiction determines that any provision, section, subsection or other portion of this Separation Agreement is invalid, illegal or unenforceable in whole or in part, when such determination shall become final, such provisions or portions shall be deemed to be severed or limited, but only to the extent required to render the remaining provisions and portions of this Separation Agreement enforceable. This Separation Agreement as thus amended shall be enforced to give effect to the intention of the parties insofar as that is possible. However, as allowed by law if you challenge the release of claims in Section 7 and any portion of it were found to be unenforceable, and you file a claim against the Company that otherwise is covered in release of claims, you shall return the consideration paid hereunder to the Company.

(g)Counterparts. This Separation Agreement may be executed in one or more counterparts, which together shall constitute one and the same agreement.

(h)Notices. Any notices required or made pursuant to this Separation Agreement shall be in writing and shall be deemed to have been given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, as follows: [Equinox]: at the last home address in the Company’s records; and

if to the Company:

Jones Lang LaSalle Incorporated

Attention: Global Chief Legal Officer

200 East Randolph Drive

Chicago, Illinois 60601,

or to such other address as either party may furnish to the other in writing in accordance with this Section 8(h). Notices of change of address shall be effective only upon receipt.

(i)Successors and Assigns. Except as otherwise provided herein, this Separation Agreement shall inure to the benefit of and be enforceable by you and the Company and its respective successors and assigns.

(j)Governing Law. This Separation Agreement shall be governed by and construed for all purposes according to the laws of the State of Illinois, without regard to any State’s rules regarding conflicts of laws.

(k)Non-Admission. In executing this Separation Agreement, neither you nor the Company admits to any wrongdoing or violation of any law. The general release in this Separation Agreement may not be used in court or other litigation except with respect to a proceeding concerning a breach of the terms of this Separation Agreement.

(l)Section 409A Compliance. The payments and benefits under this Separation Agreement are intended to either comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other official guidance thereunder (“Section 409A”), or be exempt from the application of Section 409A and, accordingly, to the maximum extent permitted, this Separation Agreement shall be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to you and the Company of the applicable provision without violating the provisions of Section 409A. To the extent that any amount payable under this Separation Agreement could be paid in either of two of your taxable years depending on the date that the release of claims provided under this Separation Agreement becomes irrevocable, such amount shall be paid on the later of January 15 of the later such taxable year or the date not later than 30 days after such release of claims becomes irrevocable. Payments due upon your separation from service (as defined under Section 409A) shall be subject to delay pursuant to Section 409A(a)(2)(B)(i) to the extent applicable.

*****

[signature page follows]

Please indicate your acceptance by signing both originals of this Separation Agreement and returning one such signed original to the Company, attention of the undersigned officer of the Company.

JONES LANG LASALLE INCORPORATED

/s/ Christian Ulbrich

Christian Ulbrich

Chief Executive Officer

YOU HEREBY ACKNOWLEDGE THAT YOU HAVE READ THIS SEPARATION AGREEMENT, THAT YOU FULLY KNOW, UNDERSTAND AND APPRECIATE ITS CONTENTS, AND THAT YOU HEREBY ENTER INTO THIS SEPARATION AGREEMENT VOLUNTARILY AND OF YOUR OWN FREE WILL.

ACCEPTED AND AGREED:

/s/ Christie Kelly

Christie Kelly

Date: September 17, 2018

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Christian Ulbrich, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Jones Lang LaSalle Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2018

/s/ Christian Ulbrich

Christian Ulbrich

Chief Executive Officer and President

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Patricia Maxson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Jones Lang LaSalle Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2018

/s/ Patricia Maxson

Patricia Maxson

Chief Administrative Officer and Interim Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification of Chief Executive Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Jones Lang LaSalle Incorporated (the "Company") on Form 10-Q for the period ending September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christian Ulbrich, as Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 7, 2018

/s/ Christian Ulbrich

Christian Ulbrich

Chief Executive Officer and President

Certification of Chief Financial Officer Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Jones Lang LaSalle Incorporated (the "Company") on Form 10-Q for the period ending September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Patricia Maxson, as Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 7, 2018

/s/ Patricia Maxson

Patricia Maxson

Chief Administrative Officer and Interim Chief Financial Officer

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	JONES LANG LASALLE INC
Entity Central Index Key	0001037976
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		45,566,557
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes

XML

Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 327.0	$ 268.0
Trade receivables, net of allowances	1,610.0	1,739.4
Notes and other receivables	297.6	385.3
Accounts Receivable, Reimbursed by Client, Current	1,400.8	1,263.3
Warehouse receivables	617.7	317.5
Contract with Customer, Asset, Net, Current	293.0	178.4
Prepaid Expense and Other Assets, Current	315.2	389.1
Total current assets	4,861.3	4,541.0
Property and equipment, net of accumulated depreciation	540.8	543.9
Goodwill	2,689.7	2,709.3
Identified intangibles, net of accumulated amortization	291.5	305.0
Investments in real estate ventures	371.5	376.2
Long-term receivables	179.6	164.7
Deferred tax assets, net	242.5	229.1
Deferred Compensation Plan Assets	277.8	229.7
Other	164.4	155.5
Total assets	9,619.1	9,254.4
Current liabilities:
Accounts Payable and Accrued Liabilities, Current	995.1	993.1
Accounts Payable, Reimbursed by Client, Current	1,012.2	1,022.6
Accrued compensation & benefits	1,205.7	1,419.1
Short-term borrowings	83.7	77.4
Short-term contract liabilities and deferred income	170.9	155.4
Business Combination, Contingent Consideration, Liability, Current	60.0	80.1
Warehouse facilities	611.9	309.2
Other	195.2	256.8
Total current liabilities	4,334.7	4,313.7
Noncurrent liabilities:
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs	223.2	(15.3)
Long-term debt, net of debt issuance costs	677.3	690.6
Deferred tax liabilities, net	24.5	63.2
Deferred compensation	290.2	259.0
Business Combination, Contingent Consideration, Liability, Noncurrent	168.1	228.9
Other	328.3	332.3
Total liabilities	6,046.3	5,872.4
Redeemable Noncontrolling Interest	0.0	3.8
Company shareholders' equity:
Common stock, $.01 par value per share	0.5	0.5
Additional paid-in capital	1,049.5	1,037.3
Retained earnings	2,913.3	2,649.0
Shares held in trust	(6.0)	(5.9)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(425.3)	(340.8)
Total Company shareholders' equity	3,532.0	3,340.1
Noncontrolling interest	40.8	38.1
Total equity	3,572.8	3,378.2
Total liabilities and equity	$ 9,619.1	$ 9,254.4

XML

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Assets
Trade receivables, allowances	$ 57.6	$ 51.3
Property and equipment, accumulated depreciation	583.7	514.9
Identified intangibles, with finite useful lives, accumulated amortization	161.1	165.9
Investments, Fair Value Disclosure	$ 246.0	$ 242.3
Company shareholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, Shares, Issued	45,560,315	45,373,817
Common stock, shares outstanding (in shares)	45,560,315	45,373,817
Long-Term Senior Notes [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 3.9	$ 4.3
Line of Credit [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 16.8	$ 15.3

XML

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenue Before Reimbursements	$ 2,213.7	$ 1,980.7	$ 6,268.1	$ 5,471.5
Reimbursement Revenues	1,756.1	1,541.5	5,160.6	4,638.7
Revenue	3,969.8	3,522.2	11,428.7	10,110.2
Operating expenses:
Compensation and benefits	1,287.0	1,155.4	3,624.7	3,199.4
Operating, administrative and other	689.4	642.3	2,124.5	1,852.5
Cost of Reimbursable Expenses	1,756.1	1,541.5	5,160.6	4,638.7
Depreciation and amortization	42.7	41.8	131.1	122.3
Restructuring and acquisition charges	3.7	3.4	(6.7)	13.3
Total operating expenses	3,778.9	3,384.4	11,034.2	9,826.2
Operating Income (Loss)	190.9	137.8	394.5	284.0
Interest Expense, Net of Interest Income	12.3	14.9	40.4	42.5
Equity earnings from real estate ventures	3.4	12.6	27.2	32.7
Other Nonoperating Income (Expense)	(0.3)	(0.3)	3.9	0.7
Income before income taxes and noncontrolling interest	181.7	135.2	385.2	274.9
Provision for income taxes	45.6	36.0	96.7	73.1
Net income	136.1	99.2	288.5	201.8
Net income attributable to noncontrolling interest	1.2	0.9	5.3	1.8
Net income attributable to the Company	134.9	98.3	283.2	200.0
Dividends, Share-based Compensation	0.0	0.0	0.2	0.2
Net income attributable to common shareholders	$ 134.9	$ 98.3	$ 283.0	$ 199.8
Basic earnings per common share (in dollars per share)	$ 2.96	$ 2.17	$ 6.22	$ 4.41
Basic weighted average shares outstanding (in shares)	45,549	45,349	45,495	45,299
Diluted earnings per common share (in dollars per share)	$ 2.93	$ 2.15	$ 6.16	$ 4.37
Diluted weighted average shares outstanding (in shares)	45,965	45,814	45,930	45,729
Common Stock, Dividends, Per Share, Declared	$ 0.00	$ 0.00	$ 0.41	$ 0.35
Other comprehensive income:
Net income attributable to the Company	$ 134.9	$ 98.3	$ 283.2	$ 200.0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	1.2	1.2	1.2	2.0
Foreign currency translation adjustments	(34.9)	46.0	(85.7)	175.5
Comprehensive income attributable to the Company	$ 101.2	$ 145.5	$ 198.7	$ 377.5

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Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Shares Held in Trust [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Balances at Dec. 31, 2016						$ (551.0)
Increase (decrease) in shareholders' equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						2.0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	$ 2.0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax						175.5
Foreign currency translation adjustments	175.5
Balances at Sep. 30, 2017						(373.5)
Balances at Jun. 30, 2017						(420.7)
Increase (decrease) in shareholders' equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						1.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	1.2
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax						46.0
Foreign currency translation adjustments	$ 46.0
Balances at Sep. 30, 2017						(373.5)
Common Stock, Shares, Issued at Dec. 31, 2017	45,373,817
Balances at Dec. 31, 2017	$ 3,378.2	$ 0.5	$ 1,037.3	$ 2,649.0	$ (5.9)	(340.8)	$ 38.1
Increase (decrease) in shareholders' equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	288.5			283.2			5.3
Shares issued under stock compensation programs (in shares)		261,048
Shares issued under stock compensation programs	0.8		0.8
Shares repurchased for payment of taxes on stock awards (in shares)		(74,550)
Shares repurchased for payment of taxes on stock awards	(11.9)		(11.9)
Amortization of stock compensation	21.0		21.0
Dividends, Common Stock, Cash	(18.9)			(18.9)
(Increase) Decrease In Common Stock Held In Trust	(0.1)				(0.1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						1.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	1.2
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax						(85.7)
Foreign currency translation adjustments	(85.7)
Distributions to noncontrolling interest	$ (2.6)						(2.6)
Common Stock, Shares, Issued at Sep. 30, 2018	45,560,315
Balances at Sep. 30, 2018	$ 3,572.8	$ 0.5	1,049.5	2,913.3	(6.0)	(425.3)	40.8
Balances at Jun. 30, 2018						(391.6)
Increase (decrease) in shareholders' equity [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						1.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	1.2
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax						(34.9)
Foreign currency translation adjustments	$ (34.9)
Common Stock, Shares, Issued at Sep. 30, 2018	45,560,315
Balances at Sep. 30, 2018	$ 3,572.8	$ 0.5	1,049.5	$ 2,913.3	$ (6.0)	$ (425.3)	$ 40.8
Increase (decrease) in shareholders' equity [Roll Forward]
Redeemable Noncontrolling Interest, Equity, Redemption Value	$ 2.3		$ 2.3

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Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Consolidated Statement of Change in Equity (Parenthetical) [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.00	$ 0.00	$ 0.41	$ 0.35

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Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows used for operating activities:
Net income	$ 288.5	$ 201.8
Adjustments to reconcile net income to net cash used in operating activities:
Distributions of earnings from real estate ventures	30.2	24.2
Other adjustment, net	114.3	122.4
Changes in working capital, net	(433.3)	(70.7)
Net cash used in operating activities	(0.3)	277.7
Cash flows used in investing activities:
Net capital additions - property and equipment	(110.1)	(98.1)
Acquisition of investment properties (less than wholly-owned)	(34.9)	0.0
Proceeds from Sales of Assets, Investing Activities	24.3	0.0
Business acquisitions, net of cash acquired	(31.7)	(18.7)
Payments to Acquire Interest in Joint Venture	(38.3)	(27.0)
Proceeds from Real Estate and Real Estate Joint Ventures	40.4	24.9
Other, net	3.1	(3.1)
Net cash used in investing activities	(147.2)	(122.0)
Cash flows provided by financing activities:
Proceeds from Issuance of Senior Long-term Debt	0.0	395.7
Proceeds from borrowings under credit facility	2,511.0	2,478.0
Repayments of borrowings under credit facility	(2,271.0)	(2,953.0)
Payment for Contingent Consideration Liability, Financing Activities	(47.8)	(41.2)
Payments of Ordinary Dividends, Common Stock	(18.9)	(16.1)
Other, net	(0.8)	(28.8)
Net cash provided by financing activities	172.5	(165.4)
Effect of currency exchange rate on Cash and Cash Equivalents	(20.9)	11.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	4.1	1.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	471.7	454.0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	475.8	455.7
Supplemental disclosure of cash flow information:
Restricted Cash	148.8	177.9
Cash paid during the period for:
Interest	(33.1)	(33.6)
Income taxes, net of refunds	(108.0)	(112.6)
Non-cash activities
Business acquisitions, including contingent consideration	2.7	11.5
Deferred business acquisition obligations	$ 1.9	$ 1.8

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Interim Information

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Interim Information

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, 2017, which are included in our 2017 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission ("SEC") and also available on our website (www.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 2017 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, 2018 and December 31, 2017, and for the periods ended September 30, 2018 and 2017, 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. We have reclassified or recast certain prior-year amounts in conjunction with the adoption of new accounting standards and to conform to the current year presentation. Refer to Note 2, New Accounting Standards, for additional information.

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 capital markets activities 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, 2018 and 2017 are not fully indicative of what our results will be for the full fiscal year.

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New Accounting Standards New Accounting Standards

9 Months Ended

Sep. 30, 2018

Text Block [Abstract]

New Accounting Standards

2. NEW ACCOUNTING STANDARDS

Recently adopted accounting guidance

Effective January 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an employer to disaggregate the employer service cost component from the other components of net periodic pension cost. The primary impact for JLL is the requirement to present the components of net periodic pension cost that do not represent the employer service cost outside of the subtotal "Operating income" on the Condensed Consolidated Statements of Comprehensive Income. As full retrospective application is required, we recast our comparative information, reclassifying the components of net periodic pension cost, other than the employer service cost component, from Compensation and benefits expense to Other income on the Condensed Consolidated Statements of Comprehensive Income. For the three and nine months ended September 30, 2017, the amount reclassified was a cost of $0.3 million and a benefit of $0.7 million, respectively. The adoption of ASU 2017-07 had no impact on our Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Cash Flows. Refer to the table below for the impact of adopting this ASU on our comparative Condensed Consolidated Statement of Comprehensive Income.

Effective January 1, 2018, we adopted ASU No. 2016-18, Restricted Cash, which addresses classification and presentation of changes in restricted cash on the statement of cash flows. Specifically, this ASU requires a statement of cash flows to explain the changes during the period in cash, cash equivalents, and amounts reported as restricted cash or restricted cash equivalents. The primary effect of the adoption was the inclusion of restricted cash along with cash and cash equivalents in reconciling the beginning and ending total amounts shown on the Condensed Consolidated Statements of Cash Flows. We adopted this ASU on a full retrospective basis. Restricted cash is included in Prepaid and other current assets on the Condensed Consolidated Balance Sheets.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers; in March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations and together with ASU No. 2014-09 (collectively the "ASUs"), amends and comprises ASC Topic 606, Revenue from Contracts with Customers. These ASUs, and other related ASUs, replaced most existing revenue recognition guidance in U.S. generally accepted accounting principles ("U.S. GAAP"). Effective January 1, 2018, we adopted ASC Topic 606 on a full retrospective basis.

The adoption of ASC Topic 606 resulted in an acceleration of the timing of revenue recognition for certain brokerage-related transaction commissions and advisory services. These items include variable consideration or other aspects, such as contingencies, that precluded revenue recognition contemporaneous with the satisfaction of our performance obligations within the previous revenue recognition framework. The acceleration of the timing of revenue recognition also resulted in the acceleration of expense recognition relating to direct commissions expense payable to brokers.

Implementation of the updated principal versus agent considerations in ASC Topic 606 resulted in a significant increase to the proportion of our Property & Facility Management and Project & Development Services contracts presented on a gross basis (hereafter “gross contracts”). Under the previous principal versus agent framework, our evaluations for presentation of a service contract contemplated both performance and payment risk. Contractual provisions with clients and third-party vendors and subcontractors, such as “pay-when-paid”, that substantially mitigate our payment risk with respect to on-site personnel and other expenses incurred on our clients’ behalf have historically resulted in the majority of our service contracts being presented on a net basis. However, within ASC Topic 606, payment risk is not an evaluation factor; instead, control of the service before transfer to the customer is the focal point of current principal versus agent assessments. As a result, we determined that costs associated with all client-dedicated JLL personnel, even when directly reimbursed by clients, and arrangements where we control the services provided by a third-party prior to the transfer to the customer will now be presented on a gross basis. The incremental expenses and corresponding revenue recognized as a result of the adoption of the new principal versus agent framework are presented in new financial statement captions, Reimbursed expenses and Reimbursements, respectively, in our Condensed Consolidated Statements of Comprehensive Income. We have reclassified reimbursable activity in our comparative financial statements.

Finally, the adoption of ASC Topic 606 resulted in a material increase to total assets and total liabilities to reflect (i) contract assets and accrued commissions payable recognized upon acceleration of the timing of revenue recognition for certain transactions commissions and advisory services and (ii) assets and liabilities relating to service contracts now reported on a gross basis. Balance sheet activity associated with contracts now reported on a gross basis is most prominently reflected within Reimbursable receivables and Reimbursable payables, new financial statement captions established in conjunction with our adoption of ASC Topic 606. We have reclassified reimbursable balances in our comparative financial statements.

The impact of adopting new accounting pronouncements on a retrospective basis to the Consolidated Balance Sheet as of December 31, 2017, and Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2017, were as follows (for impacted financial statement captions):

(in millions)	Published December 31, 2017 (audited)			Adjustment due to ASC Topic 606		As Restated December 31, 2017 (unaudited)
Assets
Trade receivables, net of allowances(1)	$	2,118.1		(378.7	)	$	1,739.4
Note and other receivables(1)	393.6			(8.3	)	385.3
Reimbursable receivables	n/a			1,263.3		1,263.3
Short-term contract assets	n/a			178.4		178.4
Prepaid & other current assets(2)	257.7			131.4		389.1
Long-term receivables	168.6			(3.9	)	164.7
Other assets	97.8			57.7		155.5
Liabilities and equity
Accounts payable and accrued liabilities(1)	$	1,011.6		(18.5	)	$	993.1
Reimbursable payables	n/a			1,022.6		1,022.6
Accrued compensation & benefits	1,309.0			110.1		1,419.1
Short-term contract liabilities and deferred income(1)	158.9			(3.5	)	155.4
Other current liabilities(1)	263.8			(7.0	)	256.8
Deferred tax liabilities, net	23.9			39.3		63.2
Retained earnings	2,552.8			96.2		2,649.0
Accumulated other comprehensive (loss) income	(341.8		)	1.0		(340.8		)

(1) Adjustments in these captions reflect reclassifications to new financial statement captions, Reimbursable receivables and Reimbursable payables.

(2) Adjustments in this caption reflect an increase to restricted cash held on behalf of clients for contracts now presented on a gross basis.

(in millions)	Published Three months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Three months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	1,947.0	33.7		—		$	1,980.7
Reimbursements(1)	n/a		1,541.5		—		1,541.5
Total revenue	1,947.0		1,575.2		—		3,522.2
Operating expenses
Compensation and benefits(1)	1,132.3		23.4		(0.3	)	1,155.4
Operating, administrative and other(1)	651.4		(9.1	)	—		642.3
Reimbursed expenses(1)	n/a		1,541.5		—		1,541.5
Operating income	118.1		19.4		0.3		137.8
Other income	—		—		(0.3	)	(0.3		)
Provision for income taxes	28.2		7.8		—		36.0
Net income	87.5		11.7		—		99.2
Basic earnings per common share	$	1.91	0.26		—		$	2.17
Diluted earnings per common share	$	1.89	0.26		—		$	2.15

(1) Included in "Adjustments due to ASC Topic 606" is $13.3 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

(in millions)	Published Nine months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Nine months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	5,396.9	74.6		—		$	5,471.5
Reimbursements(1)	n/a		4,638.7		—		4,638.7
Total revenue	5,396.9		4,713.3		—		10,110.2
Operating expenses
Compensation and benefits(1)	3,146.6		52.1		0.7		3,199.4
Operating, administrative and other(1)	1,870.0		(17.5	)	—		1,852.5
Reimbursed expenses(1)	n/a		4,638.7		—		4,638.7
Operating income	244.7		40.0		(0.7	)	284.0
Other income	—		—		0.7		0.7
Provision for income taxes	57.3		15.8		—		73.1
Net income	177.5		24.3		—		201.8
Basic earnings per common share	$	3.88	0.53		—		$	4.41
Diluted earnings per common share	$	3.84	0.53		—		$	4.37

(1) Included in "Adjustments due to ASC Topic 606" is $43.5 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

The cumulative impact to our retained earnings and Condensed Consolidated Statement of Comprehensive Income includes certain direct expenses, such as accrued commissions and deferred income taxes, resulting from the changes in accounting principle in accordance with ASC Topic 250, which partially offset the impact of the acceleration of revenue. The cumulative impact to our retained earnings from the adoption of ASC Topic 606, as of January 1, 2016, was $62.6 million.

Recently issued accounting guidance, not yet adopted

In February 2016, the FASB issued 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. This ASU is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB codified an alternative (and optional) transition method via ASU No. 2018-11, Leases (Topic 842): Targeted Improvements; we will elect the use of this optional transition method.

The adoption of ASC Topic 842 will result in the recognition of additional balances on the Condensed Consolidated Balance Sheet to reflect right-of-use assets and lease liabilities primarily associated with the leases for the corporate real estate we occupy around the globe. We expect the balance of our lease population to comprise vehicle and other equipment leases. As of September 30, 2018, we have substantially completed the identification of our real estate and non-real estate leases population. Our efforts are now directed to compiling and calculating the relevant inputs to derive ASC Topic 842's impact along with designing post-implementation processes and associated internal controls. Based upon current evaluations, we expect to recognize additional assets and liabilities upon implementation of ASC Topic 842 ranging from $500 million to $750 million to reflect right-of-use assets and lease liabilities as of January 1, 2019. However, because our evaluations are ongoing, the expected impact associated with the implementation of ASC Topic 842 is subject to change. Our disclosures related to leases will expand to comply with the requirements of ASC Topic 842; we continue to evaluate other effects ASC Topic 842 will have on our financial statements and related disclosures.

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. ASU No. 2016-13 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. We are evaluating the effect this guidance will have on our financial statements and related disclosures.

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 do not believe this guidance will have a material impact on our financial statements and related disclosures.

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.

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Revenue Recognition Revenue Recognition (Notes)

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

3. REVENUE RECOGNITION

We earn revenue from the following:

• Leasing;

• Capital Markets;

• Property & Facility Management;

• Project & Development Services;

• Advisory, Consulting and Other; and

• LaSalle.

Leasing

Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g. tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, as a result, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of future events that are uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5% of our Leasing revenue recognized in a period had previously been constrained.

Capital Markets

Capital Markets provides brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancings. Our performance obligation is to facilitate the execution of capital transactions and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. Our mortgage banking and servicing operations - such as MSR-related activity, loan origination fees, and servicing income - are excluded from the scope of ASC Topic 606. Such out-of-scope revenue was $35.5 million and $101.8 million for the three and nine months ended September 30, 2018, respectively, and $41.2 million and $91.9 million for the three and nine months ended September 30, 2017, respectively.

Property & Facility Management

Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric.

Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income.

Facilities Management primarily provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration.

Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Facilities Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income.

Project & Development Services

Project & Development Services provides short-term construction-related services ranging from general contracting to project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, primarily using input measures (e.g. to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement.

For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the costs incurred on behalf of clients, along with the associated reimbursement revenue are presented gross on our Condensed Consolidated Statements of Comprehensive Income. For situations in which we act as agent on behalf of clients, costs incurred and the associated revenue are presented net on our Condensed Consolidated Statements of Comprehensive Income.

Advisory, Consulting and Other

Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report for which client acceptance is required. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients.

LaSalle

LaSalle provides real estate investment management services to clients and earns consideration in the form of advisory fees, transaction fees, and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained.

Contract Assets - Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. As of September 30, 2018 and December 31, 2017, we had $345.5 million and $236.0 million of contract assets, respectively, which are included in Short-term contract assets and Other assets on the Condensed Consolidated Balance Sheets.

Contract Liabilities - Contract liabilities include advance payments related to performance obligations that have not yet been satisfied. As of September 30, 2018 and December 31, 2017, we had $90.4 million and $73.7 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.

Deferred Income - Deferred income includes payments received from customers for which we have satisfied our performance obligations but are not yet able to recognize the related revenue because of contractual requirements.

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, 2018, 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.

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Business Segments

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Business Segments

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 mortgage servicing rights ("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.

Effective January 1, 2018, management expanded the types of costs we include within gross contract costs. Most notably, this refinement includes the compensation and benefits associated with client-dedicated employees. Comparative periods were recast for consistency. This change in gross contract costs resulted in a decrease to fee revenue and was prompted by (i) the increase in compensation and benefits associated with client-dedicated personnel presented on a gross basis as a result of the adoption of ASC Topic 606 and (ii) the continued changes in our business mix, reflecting expansion of businesses that most commonly incorporate client-dedicated employees in the delivery of services. The most significant impacts are within Property & Facility Management and Project & Development Services.

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, 2018, we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following:

• Global Chief Executive Officer	• Global Chief Executive Officer of Corporate Solutions
• Global Chief Financial Officer	• Global Chief Executive Officer of Capital Markets
• Chief Executive Officers of each of our four business segments	• Global Chief Administrative Officer

Summarized financial information by business segment is as follows.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Americas - Real Estate Services
Leasing	$	424.0		370.1		$	1,151.4		1,057.5
Capital Markets	115.6			115.4		344.4			319.2
Property & Facility Management	1,271.5			1,077.0		3,713.4			3,230.7
Project & Development Services	304.7			288.2		848.8			843.7
Advisory, Consulting and Other	85.8			69.9		237.1			201.9
Revenue	2,201.6			1,920.6		6,295.1			5,653.0
Reimbursements	(1,251.5		)	(1,094.9	)	(3,659.6		)	(3,283.4	)
Revenue before reimbursements	950.1			825.7		2,635.5			2,369.6
Gross contract costs	(170.7		)	(124.9	)	(460.4		)	(387.1	)
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	(9.3		)	(11.1	)
Fee revenue	774.1			693.7		2,165.8			1,971.4
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	821.2			710.2		2,306.8			2,078.2
Depreciation and amortization	24.5			24.2		77.1			71.4
Segment operating expenses, excluding reimbursed expenses	845.7			734.4		2,383.9			2,149.6
Gross contract costs	(170.7		)	(124.9	)	(460.4		)	(387.1	)
Fee-based segment operating expenses	675.0			609.5		1,923.5			1,762.5
Segment operating income	$	104.4		91.3		$	251.6		220.0
Equity earnings	0.1			0.1		0.6			0.5
Segment income	$	104.5		91.4		$	252.2		220.5
EMEA - Real Estate Services
Leasing	$	80.1		71.0		$	211.9		186.6
Capital Markets	108.9			107.2		288.1			263.7
Property & Facility Management	336.3			335.9		1,078.9			975.0
Project & Development Services	220.1			170.3		663.5			472.0
Advisory, Consulting and Other	60.2			65.6		193.4			177.1
Revenue	805.6			750.0		2,435.8			2,074.4
Reimbursements	(171.0		)	(108.5	)	(480.0		)	(335.9	)
Revenue before reimbursements	634.6			641.5		1,955.8			1,738.5
Gross contract costs	(237.9		)	(258.9	)	(820.4		)	(739.2	)
Fee revenue	396.7			382.6		1,135.4			999.3
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	611.7			625.9		1,931.4			1,723.5
Depreciation and amortization	11.8			11.6		34.7			33.0
Segment operating expenses, excluding reimbursed expenses	623.5			637.5		1,966.1			1,756.5
Gross contract costs	(237.9		)	(258.9	)	(820.4		)	(739.2	)
Fee-based segment operating expenses	385.6			378.6		1,145.7			1,017.3
Segment operating income (loss)	$	11.1		4.0		$	(10.3	)	(18.0	)
Equity earnings	—			—		—			—
Segment income (loss)	$	11.1		4.0		$	(10.3	)	(18.0	)

Continued: Summarized financial information by business segment is as follows.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Asia Pacific - Real Estate Services
Leasing	$	69.3		51.9		$	165.2		133.7
Capital Markets	39.5			55.7		122.2			121.5
Property & Facility Management	529.2			490.0		1,590.6			1,449.4
Project & Development Services	108.7			109.5		309.8			297.4
Advisory, Consulting and Other	43.3			42.3		126.4			117.4
Revenue	790.0			749.4		2,314.2			2,119.4
Reimbursements	(330.0		)	(333.5	)	(1,007.8		)	(1,005.9	)
Revenue before reimbursements	460.0			415.9		1,306.4			1,113.5
Gross contract costs	(207.7		)	(169.1	)	(608.4		)	(462.5	)
Fee revenue	252.3			246.8		698.0			651.0
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	432.6			386.5		1,245.1			1,047.2
Depreciation and amortization	5.6			5.2		17.0			15.7
Segment operating expenses, excluding reimbursed expenses	438.2			391.7		1,262.1			1,062.9
Gross contract costs	(207.7		)	(169.1	)	(608.4		)	(462.5	)
Fee-based segment operating expenses	230.5			222.6		653.7			600.4
Segment operating income	$	21.8		24.2		$	44.3		50.6
Equity earnings	1.0			0.9		2.0			2.3
Segment income	$	22.8		25.1		$	46.3		52.9
LaSalle
Advisory fees	$	68.0		63.4		$	205.0		190.0
Transaction fees & other	9.8			5.6		33.2			24.9
Incentive fees	94.8			33.2		145.4			48.5
Revenue	172.6			102.2		383.6			263.4
Reimbursements	(3.6		)	(4.6	)	(13.2		)	(13.5	)
Revenue before reimbursements	169.0			97.6		370.4			249.9
Gross contract costs	(0.7		)	(1.2	)	(3.2		)	(3.8	)
Fee revenue	168.3			96.4		367.2			246.1
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	110.9			75.1		265.9			203.0
Depreciation and amortization	0.8			0.8		2.3			2.2
Segment operating expenses, excluding reimbursed expenses	111.7			75.9		268.2			205.2
Gross contract costs	(0.7		)	(1.2	)	(3.2		)	(3.8	)
Fee-based segment operating expenses	111.0			74.7		265.0			201.4
Segment operating income	$	57.3		21.7		$	102.2		44.7
Equity earnings	2.3			11.6		24.6			29.9
Segment income	$	59.6		33.3		$	126.8		74.6

	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2018		2017	2018			2017
Segment Reconciling Items
Fee revenue	$	1,591.4	1,419.5	$	4,366.4		3,867.8
Gross contract costs	617.0		554.1	1,892.4			1,592.6
Net non-cash MSR and mortgage banking derivative activity	5.3		7.1	9.3			11.1
Revenue before reimbursements	2,213.7		1,980.7	6,268.1			5,471.5
Reimbursements	1,756.1		1,541.5	5,160.6			4,638.7
Revenue	$	3,969.8	3,522.2	$	11,428.7		10,110.2
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges	$	2,019.1	1,839.5	$	5,880.3		5,174.2
Reimbursed expenses	1,756.1		1,541.5	5,160.6			4,638.7
Total segment operating expenses before restructuring and acquisition charges	$	3,775.2	3,381.0	$	11,040.9		9,812.9
Operating income before restructuring and acquisition charges	$	194.6	141.2	$	387.8		297.3
Restructuring and acquisition charges (credits)	3.7		3.4	(6.7		)	13.3
Operating income	$	190.9	137.8	$	394.5		284.0

The following table reconciles segment identifiable assets to consolidated amounts.

(in millions)	September 30, 2018		December 31, 2017
Real Estate Services:
Americas	$	5,292.8	4,745.4
EMEA	2,168.3		2,367.5
Asia Pacific	1,287.9		1,305.0
LaSalle	584.3		548.6
Corporate	285.8		287.9
Consolidated	$	9,619.1	9,254.4

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Business Combinations, Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2018

BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]

Business Combinations, Goodwill and Other Intangible Assets

5. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

2018 Business Combinations Activity

Aggregate terms of our acquisitions included: (1) cash paid at closing of $31.7 million, (2) guaranteed deferred consideration of $1.9 million, and (3) contingent earn-out consideration of $2.7 million, which we will pay upon satisfaction of certain performance conditions and which we have initially recorded at their respective acquisition date fair value.

A preliminary allocation of purchase consideration resulted in goodwill of $30.1 million, identifiable intangibles of $5.7 million, and other net assets (acquired assets less assumed liabilities) of $0.5 million. As of September 30, 2018, we have not completed our analysis to assign fair values to all of the identifiable intangible and tangible assets acquired and, therefore, we may further refine the purchase price allocations for our 2018 acquisitions during their open measurement periods.

During the nine months ended September 30, 2018, we paid $63.3 million for deferred business acquisition and earn-out obligations for acquisitions completed in prior years. We also paid $1.5 million to acquire the final portion of the redeemable noncontrolling interest related to our 2014 acquisition of Tenzing AB, a Swedish real estate services provider.

Within the 2018 acquisition activity, we completed four new strategic acquisitions, expanding our capabilities and increasing our presence in key regional markets. These strategic acquisitions are presented below.

Acquired Company	Quarter of Acquisition	Country	Primary Service Line
Stessa Inc.	Q1	United States	Advisory, Consulting and Other
Raymond Chabot Grant Thornton & Co. LLP	Q1	Canada	Advisory, Consulting and Other
JCL International Inc.	Q1	Philippines	Project & Development Services
Northwest Atlantic	Q3	Canada	Leasing

2017 Business Combination Activity

During the nine months ended September 30, 2018, we made no adjustments to our preliminary allocation of the purchase consideration for certain acquisitions completed in 2017. As of September 30, 2018, we have completed our analysis to assign fair values to all the identifiable intangible and tangible assets acquired for our 2017 acquisitions.

Earn-Out Payments

($ in millions)	September 30, 2018		December 31, 2017
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria	55		56
Maximum earn-out payments (undiscounted)	$	382.9	436.2
Short-term earn-out liabilities (fair value)1	32.6		49.6
Long-term earn-out liabilities (fair value)1	130.7		177.5

¹ Included in Short-term and Long-term acquisition obligations on the Condensed Consolidated Balance Sheets

Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next six years. Refer to Note 8, Fair Value Measurements, and Note 11, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities.

Goodwill and Other Intangible Assets

Goodwill and unamortized intangibles as of September 30, 2018 consisted of: (1) goodwill of $2,689.7 million, (2) identifiable intangibles of $282.7 million amortized over their remaining finite useful lives, and (3) $8.8 million of identifiable intangibles with indefinite useful lives that are not amortized. Significant 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.

The following tables detail, by reporting segment, movements in goodwill.

	Real Estate Services
(in millions)	Americas			EMEA		Asia Pacific		LaSalle		Consolidated
Balance as of December 31, 2017	$	1,412.2		957.6		323.0		16.5		$	2,709.3
Additions, net of adjustments	21.0			—		9.1		—		30.1
Impact of exchange rate movements	(0.5		)	(39.5	)	(9.2	)	(0.5	)	(49.7		)
Balance as of September 30, 2018	$	1,432.7		918.1		322.9		16.0		$	2,689.7

	Real Estate Services
(in millions)	Americas		EMEA	Asia Pacific	LaSalle	Consolidated
Balance as of December 31, 2016	$	1,406.1	851.7	306.1	15.4	$	2,579.3
Additions, net of adjustments	5.2		17.9	6.5	—	29.6
Impact of exchange rate movements	0.9		80.5	10.0	1.0	92.4
Balance as of September 30, 2017	$	1,412.2	950.1	322.6	16.4	$	2,701.3

The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.

	MSRs			Other Intangibles
(in millions)	Americas			Americas		EMEA		Asia Pacific		LaSalle	Consolidated
Gross Carrying Amount
Balance as of December 31, 2017	$	241.8		117.0		88.8		23.3		—	$	470.9
Additions, net of adjustments (1)	36.8			3.6		—		2.1		—	42.5
Adjustment for fully amortized intangibles	(17.2		)	(36.2	)	(1.7	)	(0.7	)	—	(55.8		)
Impact of exchange rate movements	—			0.3		(3.3	)	(2.0	)	—	(5.0		)
Balance as of September 30, 2018	$	261.4		84.7		83.8		22.7		—	$	452.6
Accumulated Amortization
Balance as of December 31, 2017	$	(55.1	)	(61.3	)	(43.1	)	(6.4	)	—	$	(165.9	)
Amortization, net (2)	(32.2		)	(10.2	)	(9.5	)	(1.9	)	—	(53.8		)
Adjustment for fully amortized intangibles	17.2			36.2		1.7		0.7		—	55.8
Impact of exchange rate movements	—			—		1.8		1.0		—	2.8
Balance as of September 30, 2018	$	(70.1	)	(35.3	)	(49.1	)	(6.6	)	—	$	(161.1	)
Net book value as of September 30, 2018	$	191.3		49.4		34.7		16.1		—	$	291.5

(1) Included in this amount for MSRs was $8.7 million relating to prepayments/write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.

	MSRs			Other Intangibles
(in millions)	Americas			Americas		EMEA		Asia Pacific		LaSalle		Consolidated
Gross Carrying Amount
Balance as of December 31, 2016	$	193.1		167.1		91.1		24.2		0.1		$	475.6
Additions, net of adjustments (1)	50.7			0.4		3.1		5.8		—		60.0
Adjustment for fully amortized intangibles	(12.5		)	(50.0	)	(7.7	)	(8.0	)	(0.1	)	(78.3		)
Impact of exchange rate movements	—			0.2		7.6		1.3		—		9.1
Balance as of September 30, 2017	$	231.3		117.7		94.1		23.3		—		$	466.4
Accumulated Amortization
Balance as of December 31, 2016	$	(32.3	)	(98.7	)	(38.0	)	(11.5	)	(0.1	)	$	(180.6	)
Amortization, net (2)	(29.8		)	(10.3	)	(11.2	)	(1.9	)	—		(53.2		)
Adjustment for fully amortized intangibles	12.5			50.0		7.7		8.0		0.1		78.3
Impact of exchange rate movements	—			0.3		(3.6	)	(0.2	)	—		(3.5		)
Balance as of September 30, 2017	$	(49.6	)	(58.7	)	(45.1	)	(5.6	)	—		$	(159.0	)
Net book value as of September 30, 2017	$	181.7		59.0		49.0		17.7		—		$	307.4

(1) Included in this amount for MSRs was $7.7 million relating to prepayments/write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.

The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of September 30, 2018, is presented in the following table.

(in millions)	MSRs		Other Intangibles	Total
2018 (3 months)	$	6.7	9.7	$	16.4
2019	30.3		23.7	54.0
2020	28.4		19.2	47.6
2021	25.4		12.4	37.8
2022	22.5		6.5	29.0
2023	19.1		4.3	23.4
Thereafter	58.9		15.6	74.5
Total	$	191.3	91.4	$	282.7

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Investments in Real Estate Ventures

9 Months Ended

Sep. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in Real Estate Ventures

6. INVESTMENTS IN REAL ESTATE VENTURES

As of September 30, 2018 and December 31, 2017, we had Investments in real estate ventures of $371.5 million and $376.2 million, respectively.

Approximately 75% of our investments are in 45 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. Our investment ownership percentages in these funds generally range from less than 1% to 10%. The remaining 25% of our Investments in real estate ventures, as of September 30, 2018, were attributable to investment vehicles that use our capital and outside capital primarily provided by institutional investors to invest in certain real estate ventures that own and operate real estate. Of our investments attributable to investment vehicles, the majority was invested in LaSalle Investment Company II ("LIC II"), in which we held an effective ownership interest of 48.78%.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $212.5 million as of September 30, 2018, of which $60.4 million relates to our commitment to LIC II.

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 have determined that we are the primary beneficiary of certain VIEs and accordingly, we have consolidated such entities. The assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities and the mortgage loans of the consolidated VIEs are non-recourse to JLL.

Summarized financial information for our consolidated VIEs is presented in the following tables.

(in millions)	September 30, 2018		December 31, 2017
Property and equipment, net	$	36.6	15.7
Investments in real estate ventures	13.9		12.6
Other assets (1)	11.1		44.4
Total assets	$	61.6	72.7
Other current liabilities (1)	$	1.0	30.9
Mortgage indebtedness (included in Other liabilities)	26.0		9.2
Total liabilities	27.0		40.1
Members' equity (included in Noncontrolling interest)	34.6		32.6
Total liabilities and members' equity	$	61.6	72.7

(1) Balances as of December 31, 2017, primarily represent investment properties and their corresponding liabilities, classified as held for sale.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Revenue	$	1.6		1.8		$	4.3		4.4
Operating and other expenses	(1.4		)	(1.6	)	(3.8		)	(3.6	)
Net gains on sale of investments	—			—		2.0			—
Net income	$	0.2		0.2		$	2.5		0.8

We allocate the members' equity and net income of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on our Condensed Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income, respectively.

Impairment

There were no significant other-than-temporary impairment charges on Investments in real estate ventures for the nine months ended September 30, 2018 and 2017.

Fair Value

We report a majority of our investments in real estate ventures 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 Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures. The table below shows the movement in our investments in real estate ventures reported at fair value.

(in millions)	2018			2017
Fair value investments as of January 1,	$	242.3		212.7
Investments	27.7			21.2
Distributions	(31.0		)	(22.5	)
Change in fair value	8.2			17.9
Foreign currency translation adjustments, net	(1.2		)	4.9
Fair value investments as of September 30,	$	246.0		234.2

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Stock-based Compensation

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

7. STOCK-BASED COMPENSATION

Stock Unit Awards

Along with cash-based salaries and performance-based annual cash incentive awards, stock unit awards represent an important element of compensation to our employees. During the second quarter of 2018, we issued performance stock unit ("PSU") awards to certain employees under the Jones Lang LaSalle 2017 Stock Award and Incentive Plan, a supplement to the continued issuance of restricted stock unit ("RSU") awards. RSU and PSU activity is presented in the following tables.

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of June 30, 2018	750.3		$	131.09	2.36
Granted	5.8		144.43
Vested	(81.2	)	123.08
Forfeited	(35.5	)	136.07
Unvested as of September 30, 2018	639.4		$	131.93	2.21
Unvested as of June 30, 2017	775.9		$	117.74	1.61
Granted	5.1		115.47
Vested	(70.9	)	112.64
Forfeited	(0.8	)	130.32
Unvested as of September 30, 2017	709.3		$	118.22	1.43

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of December 31, 2017	727.7		$	118.96	1.24
Granted	225.8		161.87
Vested	(259.3	)	122.63
Forfeited	(54.8	)	132.64
Unvested as of September 30, 2018	639.4		$	131.93	2.21
Unvested as of December 31, 2016	750.9		$	113.97	1.71
Granted	157.0		116.50
Vested	(177.3	)	99.24
Forfeited	(21.3	)	113.18
Unvested as of September 30, 2017	709.3		$	118.22	1.43

We determine the fair value of RSUs, subject only to service requirements, based on the closing market price of our common stock on the grant date. PSUs are subject to service requirements and one or more performance measures, including (i) performance conditions (e.g. achievement against earnings per share targets) and (ii) for certain awards, a market condition (e.g. total shareholder return performance against a peer group). We determine the fair value of PSUs based on the closing market price of our common stock on the grant date taking into consideration the likelihood of achieving each performance condition and the market condition valuation, as applicable, based on the output of a Monte Carlo simulation.

As of September 30, 2018, we had $34.7 million of unamortized deferred compensation related to unvested restricted stock units, which we anticipate recognizing over varying periods into 2022.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. FAIR VALUE MEASUREMENTS

We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy:

• Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date;

• Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

• Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

We had no transfers among levels of the fair value hierarchy during the nine months ended September 30, 2018 and 2017. Our policy is to recognize transfers at the end of quarterly reporting periods.

Financial Instruments

Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt, and foreign currency forward contracts. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities, and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility and Short-term borrowings approximate their estimated fair values given the variable interest rate terms and market spreads.

We estimated the fair value of our Long-term debt as $686.2 million and $712.6 million as of September 30, 2018 and December 31, 2017, respectively, using dealer quotes that are Level 2 inputs in the fair value hierarchy. The carrying value of our Long-term debt was $677.3 million and $690.6 million as of September 30, 2018 and December 31, 2017, respectively, and included debt issuance costs of $3.9 million and $4.3 million, respectively.

Investments in Real Estate Ventures at Fair Value - Net Asset Value ("NAV")

We report a majority of our investments in real estate ventures 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 Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures.

Of our investments reported at fair value, we generally estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. We did not consider adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (1) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level derived through LaSalle's role as advisor or manager of these ventures, (2) consideration of market demand for the specific types of real estate assets held by each venture, and (3) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of September 30, 2018 and December 31, 2017, investments in real estate ventures at fair value using NAV were $203.6 million and $195.0 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table.

Recurring Fair Value Measurements

The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.

	September 30, 2018				December 31, 2017
(in millions)	Level 1		Level 2	Level 3	Level 1	Level 2	Level 3
Assets
Investments in real estate ventures - fair value	$	42.4	—	—	47.3	—	—
Foreign currency forward contracts receivable	—		5.8	—	—	13.2	—
Warehouse receivables	—		617.7	—	—	317.5	—
Deferred compensation plan assets	—		277.8	—	—	229.7	—
Mortgage banking derivative assets	—		—	47.2	—	—	19.0
Total assets at fair value	$	42.4	901.3	47.2	47.3	560.4	19.0
Liabilities
Foreign currency forward contracts payable	$	—	3.7	—	—	1.9	—
Deferred compensation plan liabilities	—		268.3	—	—	228.4	—
Earn-out liabilities	—		—	163.3	—	—	227.1
Mortgage banking derivative liabilities	—		—	28.5	—	—	10.3
Total liabilities at fair value	$	—	272.0	191.8	—	230.3	237.4

Investments in Real Estate Ventures

We classify one investment as Level 1 in the fair value hierarchy as quoted prices are readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity earnings from real estate ventures.

Foreign Currency Forward Contracts

We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. These contracts are on our Condensed Consolidated Balance Sheets as current assets and current liabilities. We determine the fair values of these contracts based on current market rates. The inputs for these valuations are Level 2 inputs in the fair value hierarchy. As of September 30, 2018 and December 31, 2017, these contracts had a gross notional value of $2.07 billion ($0.91 billion on a net basis) and $2.43 billion ($1.82 billion on a net basis), respectively.

We recognize gains and losses from revaluation of these contracts as a component of Operating, administrative and other expense. They are offset by the gains and losses we recognize on the revaluation of intercompany loans and other foreign currency balances. The impact to net income was not significant for either of the three or nine months endedSeptember 30, 2018 or 2017.

We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. The $5.8 million asset as of September 30, 2018, was composed of gross contracts with receivable positions of $7.5 million and payable positions of $1.7 million. The $3.7 million liability as of September 30, 2018, was composed of gross contracts with receivable positions of $1.1 million and payable positions of $4.8 million. As of December 31, 2017, the $13.2 million asset was composed of gross contracts with receivable positions of $14.4 million and payable positions of $1.2 million. The $1.9 million liability as of December 31, 2017, was composed of gross contracts with receivable positions of $2.3 million and payable positions of $4.2 million.

Warehouse Receivables

The fair value of the Warehouse receivables is based on already locked-in security-buy prices. As of September 30, 2018 and December 31, 2017, all of our Warehouse receivables included in our Condensed Consolidated Balance Sheet were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. The Warehouse receivables are classified as Level 2 in the fair value hierarchy as all significant inputs are readily observable.

Deferred Compensation Plan

We maintain a deferred compensation plan for certain of our U.S. employees that allows them to defer portions of their compensation. We invest directly in insurance contracts which yield returns to fund these deferred compensation obligations. We recognize an asset for the amount that could be realized under these insurance contracts as of the balance sheet date, and we adjust the deferred compensation obligation to reflect the changes in the fair value of the amount owed to the employees. The inputs for this valuation are Level 2 inputs in the fair value hierarchy. We recorded this plan on our Condensed Consolidated Balance Sheet as of September 30, 2018, as Deferred compensation plan assets of $277.8 million, long-term deferred compensation plan liabilities of $268.3 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $6.0 million. We recorded this plan on our Condensed Consolidated Balance Sheet as of December 31, 2017, as Deferred compensation plan assets of $229.7 million, long-term deferred compensation plan liabilities of $228.4 million, included in Deferred compensation, and as a reduction of equity, Shares held in trust, of $5.9 million.

Earn-Out Liabilities

We classify our earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. We base the fair value of our earn-out liabilities on the present value of probability-weighted future cash flows related to the earn-out performance criteria on each reporting date. We determine the probability of achievement we assign to the performance criteria based on the due diligence we performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. An increase to the probability of achievement would result in a higher fair value measurement. See Note 5, Business Combinations, Goodwill and Intangibles, for additional discussion of our earn-out liabilities.

Mortgage Banking Derivatives

The fair value of our rate lock commitments to prospective borrowers and the related inputs primarily include, as applicable, the expected net cash flows associated with closing and servicing the loan and the effects of interest rate movements between the date of the interest rate lock commitment ("IRLC") and the balance sheet date based on applicable published U.S. Treasury rates.

The fair value of our forward sales contracts with prospective investors considers the market price movement of a similar security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

Both the rate lock commitments to prospective borrowers and the forward sale contracts with prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to counterparty credit risk. An increase in counterparty credit risk assumptions would result in a lower fair value measurement. The fair valuation is determined using discounted cash flow techniques, and the derivatives are marked to fair value through Revenue before reimbursements in the Condensed Consolidated Statements on Comprehensive Income.

The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

(in millions)	Balance as of June 30, 2018		Net change in fair value		Foreign CTA1		Purchases / Additions	Settlements2		Balance as of September 30, 2018
Mortgage banking derivative assets and liabilities, net	$	8.1	8.0		—		18.7	(16.1	)	$	18.7
Earn-out liabilities	179.6		(2.7	)	(1.1	)	1.1	(13.6	)	163.3

(in millions)	Balance as of June 30, 2017		Net change in fair value		Foreign CTA1	Purchases / Additions	Settlements		Balance as of September 30, 2017
Mortgage banking derivative assets and liabilities, net	$	14.1	3.4		—	25.5	(31.5	)	$	11.5
Earn-out liabilities	225.6		(0.6	)	2.9	0.7	(5.1	)	223.5

(in millions)	Balance as of December 31, 2017		Net change in fair value		Foreign CTA1		Purchases / Additions	Settlements2		Balance as of September 30, 2018
Mortgage banking derivative assets and liabilities, net	$	8.7	4.6		—		53.4	(48.0	)	$	18.7
Earn-out liabilities	227.1		(17.5	)	(3.6	)	2.7	(45.4	)	163.3

(in millions)	Balance as of December 31, 2016		Net change in fair value		Foreign CTA1	Purchases / Additions	Settlements		Balance as of September 30, 2017
Mortgage banking derivative assets and liabilities, net	$	15.5	11.8		—	56.6	(72.4	)	$	11.5
Earn-out liabilities	229.6		(2.7	)	7.4	11.4	(22.2	)	223.5

¹ CTA: Currency translation adjustments

² In the third quarter of 2018, earn-out liabilities of $9.1 million were reclassified to guaranteed deferred acquisition obligations.

Net change in fair value, included in the tables above, is reported in Net income as follows.

Category of Assets/Liabilities using Unobservable Inputs	Condensed Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (Short-term and Long-term)	Restructuring and acquisition charges
Other current assets - Mortgage banking derivative assets	Revenue before reimbursements
Other current liabilities - Mortgage banking derivative liabilities	Revenue before reimbursements

Non-Recurring Fair Value Measurements

We review our investments in real estate ventures, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise deemed necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other-than-temporarily impaired. When the carrying amount of the investment is in excess of the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. We did not recognize any significant investment-level impairment losses during either of the three or nine months ended September 30, 2018 or 2017. See Note 6, Investments in Real Estate Ventures, for additional information, including information related to impairment charges recorded at the investee level.

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Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt

9. DEBT

Short-term borrowings and long-term debt obligations are composed of the following.

(in millions)	September 30, 2018		December 31, 2017
Short-term borrowings:
Local overdraft facilities	$	35.4	45.4
Other short-term borrowings	48.3		32.0
Total short-term borrowings	$	83.7	77.4
Credit facility, net of debt issuance costs of $16.8 and $15.3	223.2		(15.3	)
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $1.7 and $2.0	273.3		273.0
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $1.1 and $1.2	202.0		208.8
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.1 and $1.1	202.0		208.8
Total debt	$	984.2	752.7

Credit Facility

On May 17, 2018, we amended our $2.75 billion unsecured revolving credit facility (the "Facility"), which improved pricing and extended the maturity date from June 21, 2021 to May 17, 2023. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of September 30, 2018, at LIBOR plus 1.00%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $8.6 million and $9.0 million as of September 30, 2018 and December 31, 2017, respectively.

The following tables provides additional information on our Facility.

	Three Months Ended September 30,					Nine Months Ended September 30,
($ in millions)	2018			2017		2018			2017
Average outstanding borrowings under the Facility	$	461.5		712.3		$	396.5		1,042.7
Effective interest rate on the Facility	3.0		%	2.3	%	2.8		%	2.0	%

We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, dividend payments, share repurchases and capital expenditures.

Short-Term Borrowings and Long-Term Debt

In addition to our Facility, we have the capacity to borrow up to an additional $61.5 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.

As of September 30, 2018, our issuer and senior unsecured ratings are investment grade: BBB+ (stable outlook) from Standard & Poor’s Ratings Services and Baa1 (stable outlook) from Moody’s Investors Service, Inc.

Covenants

Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of September 30, 2018.

Warehouse Facilities

	September 30, 2018				December 31, 2017
($ in millions)	Outstanding Balance			Maximum Capacity	Outstanding Balance		Maximum Capacity
Warehouse Facilities:
LIBOR plus 1.3%, expires September 23, 20191	$	292.5		375.0	156.4		375.0
LIBOR plus 1.25%, expires September 20, 20192	226.3			775.0	74.8		375.0
LIBOR plus 1.3%, expires August 31, 20193	54.0			100.0	—		100.0
Fannie Mae ASAP program, LIBOR plus 1.30% to 1.45%	40.7			n/a	79.2		n/a
Gross warehouse facilities	$	613.5		1,250.0	310.4		850.0
Debt issuance costs	(1.6		)	n/a	(1.2	)	n/a
Total warehouse facilities	$	611.9		1,250.0	309.2		850.0

¹ In the third quarter of 2018, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 29, 2018.

² In the third quarter of 2018, JLL extended the Warehouse facility, increased the maximum capacity, and negotiated a decrease to the interest rate; previously, the facility had a maturity date of September 24, 2018, a maximum capacity of $375.0 million, and an interest rate of LIBOR plus 1.35%.

³ In the third quarter of 2018, JLL extended the Warehouse facility and negotiated a decrease to the interest rate; previously, the facility had a maturity date of August 31, 2018 and an interest rate of LIBOR plus 1.5%.

We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these warehouse facilities, we are required to comply with certain financial covenants regarding (1) minimum net worth, (2) minimum servicing-related loans, and (3) minimum adjusted leverage ratios. We remained in compliance with all covenants under our Warehouse facilities as of September 30, 2018.

As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Many of these litigation matters are covered by insurance (including insurance provided through a consolidated captive insurance company as further discussed below), but they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $2.5 million per claim, inclusive of the deductible. We contract third-party insurance companies to provide coverage of risk in excess of this amount.When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in Other current and long-term liabilities on our Condensed Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. In total, these receivables were $32.1 million and $22.0 million as of September 30, 2018 and December 31, 2017, respectively, and are included in Notes and other receivables and Long-term receivables on our Condensed Consolidated Balance Sheets.

The following table shows the professional indemnity accrual activity and related payments.

(in millions)
December 31, 2017	$	26.7
New claims	2.3
Prior year claims adjustments	12.3
Claims paid	(7.3		)
September 30, 2018	$	34.0
December 31, 2016	$	7.3
New claims	0.7
Prior year claims adjustments	1.5
Claims paid	(3.0		)
September 30, 2017	$	6.5

As a lender in the Fannie Mae Delegated Underwriting and Servicing ("DUS") program, we retain a portion of the risk of loss for loans we originate and sell under the DUS program. The net loss on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, our share of losses is capped at 20% of the principal balance of the mortgage at origination. As of September 30, 2018 and December 31, 2017, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $8.4 billion and $8.0 billion, respectively.

For all DUS program loans with loss-sharing obligations, we record a loan loss accrual equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this accrual is amortized over the life of the loan and recorded as an increase in Revenue before reimbursements on the Statements of Comprehensive Income. At least semi-annually, we perform an analysis of the servicing portfolio with loss-sharing obligations to determine estimated probable losses. If estimated probable losses exceed the existing unamortized guarantee obligation, we record an expense to increase the loan loss accrual for this difference. As of September 30, 2018 and December 31, 2017, loan loss accruals were $17.2 million and $16.0 million, respectively, and are included in Other liabilities on our Condensed Consolidated Balance Sheets.

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Restructuring and Acquisition Charges

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring and acquisition charges

11. RESTRUCTURING AND ACQUISITION CHARGES

For the three and nine months ended September 30, 2018, we recognized Restructuring and acquisition charges of $3.7 million and credits of $6.7 million, respectively. For the three and nine months ended September 30, 2017, we recognized Restructuring and acquisition charges of $3.4 million and $13.3 million, respectively.

For the three and nine months ended September 30, 2018, we recognized $2.7 million and $17.5 million, respectively, related to net decreases to earn-out liabilities that arose from prior period acquisition activity, reflecting changes to our expectations of performance against contracted earn-out payment criteria. For the three and nine months ended September 30, 2017, we recognized $0.6 million and $2.7 million, respectively, related to net decreases to earn-out liabilities that arose from prior period acquisition activity.

In all periods, the remaining charges primarily consist of (1) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (2) lease exit charges, and (3) other acquisition and integration-related charges. The following tables show the restructuring and acquisition accrual activity and related payments, which are exclusive of the adjustments individually noted above.

(in millions)	Severance & Employment-Related			Lease Exit		Other Acquisition		Total
December 31, 2017	$	14.2		5.7		1.4		$	21.3
Accruals	9.8			0.2		0.8		10.8
Payments made	(16.1		)	(0.5	)	(2.2	)	(18.8		)
September 30, 2018	$	7.9		5.4		—		$	13.3

(in millions)	Severance & Employment-Related			Lease Exit		Other Acquisition		Total
December 31, 2016	$	19.7		5.5		5.8		$	31.0
Accruals	10.6			0.7		4.7		16.0
Payments made	(19.0		)	(0.6	)	(6.5	)	(26.1		)
September 30, 2017	$	11.3		5.6		4.0		$	20.9

We expect the majority of accrued severance and other accrued acquisition costs as of September 30, 2018 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2022.

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Noncontrolling Interest

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

12. NONCONTROLLING INTEREST

We reflect changes in amounts attributable to noncontrolling interests in the Condensed Consolidated Statement of Changes in Equity. We present changes in amounts attributable to redeemable noncontrolling interests in the following table.

(in millions)
Redeemable noncontrolling interests as of December 31, 2017	$	3.8
Acquisition of redeemable noncontrolling interest (1)	(3.8		)
Redeemable noncontrolling interests as of September 30, 2018	$	—

(1) Reflects our redemption of the final portion of the redeemable noncontrolling interest related to our 2014 acquisition of Tenzing AB and includes $2.3 million representing the difference between the redemption value and the carrying value of the acquired interest.

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Accumulated Other Comprehensive Income (Loss) by Component

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss) by Component

13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. For pension and postretirement benefits, we report amounts reclassified from AOCI relating to employer service cost in Compensation and benefits within the Condensed Consolidated Statements of Comprehensive Income. All other reclassifications relating to pension and postretirement benefits are reported within Other income.

(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of June 30, 2018	$	(60.5	)	(331.1	)	$	(391.6	)
Other comprehensive loss before reclassification	—			(34.9	)	(34.9		)
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ -	1.2			—		1.2
Other comprehensive loss after tax expense of $ - , $ - and $ -	1.2			(34.9	)	(33.7		)
Balance as of September 30, 2018	$	(59.3	)	(366.0	)	$	(425.3	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of June 30, 2017	$	(67.9	)	(352.8	)	$	(420.7	)
Other comprehensive income before reclassification	—			46.0		46.0
Amounts reclassified from AOCI after tax expense of $0.3, $ - and $0.3	1.2			—		1.2
Other comprehensive income after tax expense of $0.3, $ - and $0.3	1.2			46.0		47.2
Balance as of September 30, 2017	$	(66.7	)	(306.8	)	$	(373.5	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of December 31, 2017	$	(60.5	)	(280.3	)	$	(340.8	)
Other comprehensive loss before reclassification	—			(85.7	)	(85.7		)
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ -	1.2			—		1.2
Other comprehensive loss after tax expense of $ - , $ - and $ -	1.2			(85.7	)	(84.5		)
Balance as of September 30, 2018	$	(59.3	)	(366.0	)	$	(425.3	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of December 31, 2016	$	(68.7	)	(482.3	)	$	(551.0	)
Other comprehensive income before reclassification	—			175.5		175.5
Amounts reclassified from AOCI after tax expense of $0.5, $ - and $0.5	2.0			—		2.0
Other comprehensive income after tax expense of $0.5, $ - and $0.5	2.0			175.5		177.5
Balance as of September 30, 2017	$	(66.7	)	(306.8	)	$	(373.5	)

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Event [Line Items]

Subsequent Events

On November 6, 2018, we announced a cash dividend of $0.41 per share of common stock. The dividend payment will be made on December 14, 2018, to holders of record at the close of business on November 16, 2018. A dividend-equivalent in the same per share amount will also be paid simultaneously on outstanding but unvested shares of eligible restricted stock units granted under the Company's Stock Award and Incentive Plan.

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New Accounting Standards New Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2018

Text Block [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

2. NEW ACCOUNTING STANDARDS

Recently adopted accounting guidance

Effective January 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an employer to disaggregate the employer service cost component from the other components of net periodic pension cost. The primary impact for JLL is the requirement to present the components of net periodic pension cost that do not represent the employer service cost outside of the subtotal "Operating income" on the Condensed Consolidated Statements of Comprehensive Income. As full retrospective application is required, we recast our comparative information, reclassifying the components of net periodic pension cost, other than the employer service cost component, from Compensation and benefits expense to Other income on the Condensed Consolidated Statements of Comprehensive Income. For the three and nine months ended September 30, 2017, the amount reclassified was a cost of $0.3 million and a benefit of $0.7 million, respectively. The adoption of ASU 2017-07 had no impact on our Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Cash Flows. Refer to the table below for the impact of adopting this ASU on our comparative Condensed Consolidated Statement of Comprehensive Income.

Effective January 1, 2018, we adopted ASU No. 2016-18, Restricted Cash, which addresses classification and presentation of changes in restricted cash on the statement of cash flows. Specifically, this ASU requires a statement of cash flows to explain the changes during the period in cash, cash equivalents, and amounts reported as restricted cash or restricted cash equivalents. The primary effect of the adoption was the inclusion of restricted cash along with cash and cash equivalents in reconciling the beginning and ending total amounts shown on the Condensed Consolidated Statements of Cash Flows. We adopted this ASU on a full retrospective basis. Restricted cash is included in Prepaid and other current assets on the Condensed Consolidated Balance Sheets.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers; in March 2016, the FASB issued ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations and together with ASU No. 2014-09 (collectively the "ASUs"), amends and comprises ASC Topic 606, Revenue from Contracts with Customers. These ASUs, and other related ASUs, replaced most existing revenue recognition guidance in U.S. generally accepted accounting principles ("U.S. GAAP"). Effective January 1, 2018, we adopted ASC Topic 606 on a full retrospective basis.

The adoption of ASC Topic 606 resulted in an acceleration of the timing of revenue recognition for certain brokerage-related transaction commissions and advisory services. These items include variable consideration or other aspects, such as contingencies, that precluded revenue recognition contemporaneous with the satisfaction of our performance obligations within the previous revenue recognition framework. The acceleration of the timing of revenue recognition also resulted in the acceleration of expense recognition relating to direct commissions expense payable to brokers.

Implementation of the updated principal versus agent considerations in ASC Topic 606 resulted in a significant increase to the proportion of our Property & Facility Management and Project & Development Services contracts presented on a gross basis (hereafter “gross contracts”). Under the previous principal versus agent framework, our evaluations for presentation of a service contract contemplated both performance and payment risk. Contractual provisions with clients and third-party vendors and subcontractors, such as “pay-when-paid”, that substantially mitigate our payment risk with respect to on-site personnel and other expenses incurred on our clients’ behalf have historically resulted in the majority of our service contracts being presented on a net basis. However, within ASC Topic 606, payment risk is not an evaluation factor; instead, control of the service before transfer to the customer is the focal point of current principal versus agent assessments. As a result, we determined that costs associated with all client-dedicated JLL personnel, even when directly reimbursed by clients, and arrangements where we control the services provided by a third-party prior to the transfer to the customer will now be presented on a gross basis. The incremental expenses and corresponding revenue recognized as a result of the adoption of the new principal versus agent framework are presented in new financial statement captions, Reimbursed expenses and Reimbursements, respectively, in our Condensed Consolidated Statements of Comprehensive Income. We have reclassified reimbursable activity in our comparative financial statements.

Finally, the adoption of ASC Topic 606 resulted in a material increase to total assets and total liabilities to reflect (i) contract assets and accrued commissions payable recognized upon acceleration of the timing of revenue recognition for certain transactions commissions and advisory services and (ii) assets and liabilities relating to service contracts now reported on a gross basis. Balance sheet activity associated with contracts now reported on a gross basis is most prominently reflected within Reimbursable receivables and Reimbursable payables, new financial statement captions established in conjunction with our adoption of ASC Topic 606. We have reclassified reimbursable balances in our comparative financial statements.

The impact of adopting new accounting pronouncements on a retrospective basis to the Consolidated Balance Sheet as of December 31, 2017, and Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2017, were as follows (for impacted financial statement captions):

(in millions)	Published December 31, 2017 (audited)			Adjustment due to ASC Topic 606		As Restated December 31, 2017 (unaudited)
Assets
Trade receivables, net of allowances(1)	$	2,118.1		(378.7	)	$	1,739.4
Note and other receivables(1)	393.6			(8.3	)	385.3
Reimbursable receivables	n/a			1,263.3		1,263.3
Short-term contract assets	n/a			178.4		178.4
Prepaid & other current assets(2)	257.7			131.4		389.1
Long-term receivables	168.6			(3.9	)	164.7
Other assets	97.8			57.7		155.5
Liabilities and equity
Accounts payable and accrued liabilities(1)	$	1,011.6		(18.5	)	$	993.1
Reimbursable payables	n/a			1,022.6		1,022.6
Accrued compensation & benefits	1,309.0			110.1		1,419.1
Short-term contract liabilities and deferred income(1)	158.9			(3.5	)	155.4
Other current liabilities(1)	263.8			(7.0	)	256.8
Deferred tax liabilities, net	23.9			39.3		63.2
Retained earnings	2,552.8			96.2		2,649.0
Accumulated other comprehensive (loss) income	(341.8		)	1.0		(340.8		)

(1) Adjustments in these captions reflect reclassifications to new financial statement captions, Reimbursable receivables and Reimbursable payables.

(2) Adjustments in this caption reflect an increase to restricted cash held on behalf of clients for contracts now presented on a gross basis.

(in millions)	Published Three months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Three months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	1,947.0	33.7		—		$	1,980.7
Reimbursements(1)	n/a		1,541.5		—		1,541.5
Total revenue	1,947.0		1,575.2		—		3,522.2
Operating expenses
Compensation and benefits(1)	1,132.3		23.4		(0.3	)	1,155.4
Operating, administrative and other(1)	651.4		(9.1	)	—		642.3
Reimbursed expenses(1)	n/a		1,541.5		—		1,541.5
Operating income	118.1		19.4		0.3		137.8
Other income	—		—		(0.3	)	(0.3		)
Provision for income taxes	28.2		7.8		—		36.0
Net income	87.5		11.7		—		99.2
Basic earnings per common share	$	1.91	0.26		—		$	2.17
Diluted earnings per common share	$	1.89	0.26		—		$	2.15

(1) Included in "Adjustments due to ASC Topic 606" is $13.3 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

(in millions)	Published Nine months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Nine months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	5,396.9	74.6		—		$	5,471.5
Reimbursements(1)	n/a		4,638.7		—		4,638.7
Total revenue	5,396.9		4,713.3		—		10,110.2
Operating expenses
Compensation and benefits(1)	3,146.6		52.1		0.7		3,199.4
Operating, administrative and other(1)	1,870.0		(17.5	)	—		1,852.5
Reimbursed expenses(1)	n/a		4,638.7		—		4,638.7
Operating income	244.7		40.0		(0.7	)	284.0
Other income	—		—		0.7		0.7
Provision for income taxes	57.3		15.8		—		73.1
Net income	177.5		24.3		—		201.8
Basic earnings per common share	$	3.88	0.53		—		$	4.41
Diluted earnings per common share	$	3.84	0.53		—		$	4.37

(1) Included in "Adjustments due to ASC Topic 606" is $43.5 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

The cumulative impact to our retained earnings and Condensed Consolidated Statement of Comprehensive Income includes certain direct expenses, such as accrued commissions and deferred income taxes, resulting from the changes in accounting principle in accordance with ASC Topic 250, which partially offset the impact of the acceleration of revenue. The cumulative impact to our retained earnings from the adoption of ASC Topic 606, as of January 1, 2016, was $62.6 million.

Recently issued accounting guidance, not yet adopted

In February 2016, the FASB issued 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. This ASU is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB codified an alternative (and optional) transition method via ASU No. 2018-11, Leases (Topic 842): Targeted Improvements; we will elect the use of this optional transition method.

The adoption of ASC Topic 842 will result in the recognition of additional balances on the Condensed Consolidated Balance Sheet to reflect right-of-use assets and lease liabilities primarily associated with the leases for the corporate real estate we occupy around the globe. We expect the balance of our lease population to comprise vehicle and other equipment leases. As of September 30, 2018, we have substantially completed the identification of our real estate and non-real estate leases population. Our efforts are now directed to compiling and calculating the relevant inputs to derive ASC Topic 842's impact along with designing post-implementation processes and associated internal controls. Based upon current evaluations, we expect to recognize additional assets and liabilities upon implementation of ASC Topic 842 ranging from $500 million to $750 million to reflect right-of-use assets and lease liabilities as of January 1, 2019. However, because our evaluations are ongoing, the expected impact associated with the implementation of ASC Topic 842 is subject to change. Our disclosures related to leases will expand to comply with the requirements of ASC Topic 842; we continue to evaluate other effects ASC Topic 842 will have on our financial statements and related disclosures.

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. ASU No. 2016-13 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. We are evaluating the effect this guidance will have on our financial statements and related disclosures.

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 do not believe this guidance will have a material impact on our financial statements and related disclosures.

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.

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Revenue Recognition Revenue Recognition (Policies)

9 Months Ended

Sep. 30, 2018

Revenue Recognition [Abstract]

Revenue Recognition, Services, Management Fees [Policy Text Block]

Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric.

Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income.

Facilities Management primarily provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration.

Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Facilities Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income.

Revenue Recognition, Real Estate Transactions, Policy [Policy Text Block]

Our performance obligation is to facilitate the execution of capital transactions and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue.

Revenue Recognition, Leases [Policy Text Block]

Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g. tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be “normal course of business” and, as a result, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of future events that are uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5% of our Leasing revenue recognized in a period had previously been constrained.

Revenue Recognition, Milestone Method [Table Text Block]

Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, primarily using input measures (e.g. to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement.

Advisory, Consulting and Other [Policy Text Block]

Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report for which client acceptance is required. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients.

Management and Investment Advisory Fees, Policy [Policy Text Block]

LaSalle provides real estate investment management services to clients and earns consideration in the form of advisory fees, transaction fees, and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal until completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained.

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Fair Value Measurements Fair Value Measurements (Policies)

9 Months Ended

Sep. 30, 2018

Fair Value Measurements [Abstract]

Fair Value Transfer, Policy [Policy Text Block]

Our policy is to recognize transfers at the end of quarterly reporting periods.

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New Accounting Standards ASC 606 Adoption (Tables)

9 Months Ended

Sep. 30, 2018

ASC 606 Adoption [Abstract]

Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block]

The impact of adopting new accounting pronouncements on a retrospective basis to the Consolidated Balance Sheet as of December 31, 2017, and Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2017, were as follows (for impacted financial statement captions):

(in millions)	Published December 31, 2017 (audited)			Adjustment due to ASC Topic 606		As Restated December 31, 2017 (unaudited)
Assets
Trade receivables, net of allowances(1)	$	2,118.1		(378.7	)	$	1,739.4
Note and other receivables(1)	393.6			(8.3	)	385.3
Reimbursable receivables	n/a			1,263.3		1,263.3
Short-term contract assets	n/a			178.4		178.4
Prepaid & other current assets(2)	257.7			131.4		389.1
Long-term receivables	168.6			(3.9	)	164.7
Other assets	97.8			57.7		155.5
Liabilities and equity
Accounts payable and accrued liabilities(1)	$	1,011.6		(18.5	)	$	993.1
Reimbursable payables	n/a			1,022.6		1,022.6
Accrued compensation & benefits	1,309.0			110.1		1,419.1
Short-term contract liabilities and deferred income(1)	158.9			(3.5	)	155.4
Other current liabilities(1)	263.8			(7.0	)	256.8
Deferred tax liabilities, net	23.9			39.3		63.2
Retained earnings	2,552.8			96.2		2,649.0
Accumulated other comprehensive (loss) income	(341.8		)	1.0		(340.8		)

(1) Adjustments in these captions reflect reclassifications to new financial statement captions, Reimbursable receivables and Reimbursable payables.

(2) Adjustments in this caption reflect an increase to restricted cash held on behalf of clients for contracts now presented on a gross basis.

(in millions)	Published Three months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Three months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	1,947.0	33.7		—		$	1,980.7
Reimbursements(1)	n/a		1,541.5		—		1,541.5
Total revenue	1,947.0		1,575.2		—		3,522.2
Operating expenses
Compensation and benefits(1)	1,132.3		23.4		(0.3	)	1,155.4
Operating, administrative and other(1)	651.4		(9.1	)	—		642.3
Reimbursed expenses(1)	n/a		1,541.5		—		1,541.5
Operating income	118.1		19.4		0.3		137.8
Other income	—		—		(0.3	)	(0.3		)
Provision for income taxes	28.2		7.8		—		36.0
Net income	87.5		11.7		—		99.2
Basic earnings per common share	$	1.91	0.26		—		$	2.17
Diluted earnings per common share	$	1.89	0.26		—		$	2.15

(1) Included in "Adjustments due to ASC Topic 606" is $13.3 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

(in millions)	Published Nine months ended September 30, 2017 (unaudited)		Adjustment due to ASC Topic 606		Adjustment due to ASU 2017-07		As Restated Nine months ended September 30, 2017 (unaudited)
Revenue
Revenue before reimbursements(1)	$	5,396.9	74.6		—		$	5,471.5
Reimbursements(1)	n/a		4,638.7		—		4,638.7
Total revenue	5,396.9		4,713.3		—		10,110.2
Operating expenses
Compensation and benefits(1)	3,146.6		52.1		0.7		3,199.4
Operating, administrative and other(1)	1,870.0		(17.5	)	—		1,852.5
Reimbursed expenses(1)	n/a		4,638.7		—		4,638.7
Operating income	244.7		40.0		(0.7	)	284.0
Other income	—		—		0.7		0.7
Provision for income taxes	57.3		15.8		—		73.1
Net income	177.5		24.3		—		201.8
Basic earnings per common share	$	3.88	0.53		—		$	4.41
Diluted earnings per common share	$	3.84	0.53		—		$	4.37

(1) Included in "Adjustments due to ASC Topic 606" is $43.5 million representing the reclassification of historical reimbursed expenses and the corresponding reimbursement revenue into new financial statement captions, Reimbursements and Reimbursed expenses.

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Business Segments (Tables)

9 Months Ended

Sep. 30, 2018

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)	2018			2017		2018			2017
Americas - Real Estate Services
Leasing	$	424.0		370.1		$	1,151.4		1,057.5
Capital Markets	115.6			115.4		344.4			319.2
Property & Facility Management	1,271.5			1,077.0		3,713.4			3,230.7
Project & Development Services	304.7			288.2		848.8			843.7
Advisory, Consulting and Other	85.8			69.9		237.1			201.9
Revenue	2,201.6			1,920.6		6,295.1			5,653.0
Reimbursements	(1,251.5		)	(1,094.9	)	(3,659.6		)	(3,283.4	)
Revenue before reimbursements	950.1			825.7		2,635.5			2,369.6
Gross contract costs	(170.7		)	(124.9	)	(460.4		)	(387.1	)
Net non-cash MSR and mortgage banking derivative activity	(5.3		)	(7.1	)	(9.3		)	(11.1	)
Fee revenue	774.1			693.7		2,165.8			1,971.4
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	821.2			710.2		2,306.8			2,078.2
Depreciation and amortization	24.5			24.2		77.1			71.4
Segment operating expenses, excluding reimbursed expenses	845.7			734.4		2,383.9			2,149.6
Gross contract costs	(170.7		)	(124.9	)	(460.4		)	(387.1	)
Fee-based segment operating expenses	675.0			609.5		1,923.5			1,762.5
Segment operating income	$	104.4		91.3		$	251.6		220.0
Equity earnings	0.1			0.1		0.6			0.5
Segment income	$	104.5		91.4		$	252.2		220.5
EMEA - Real Estate Services
Leasing	$	80.1		71.0		$	211.9		186.6
Capital Markets	108.9			107.2		288.1			263.7
Property & Facility Management	336.3			335.9		1,078.9			975.0
Project & Development Services	220.1			170.3		663.5			472.0
Advisory, Consulting and Other	60.2			65.6		193.4			177.1
Revenue	805.6			750.0		2,435.8			2,074.4
Reimbursements	(171.0		)	(108.5	)	(480.0		)	(335.9	)
Revenue before reimbursements	634.6			641.5		1,955.8			1,738.5
Gross contract costs	(237.9		)	(258.9	)	(820.4		)	(739.2	)
Fee revenue	396.7			382.6		1,135.4			999.3
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	611.7			625.9		1,931.4			1,723.5
Depreciation and amortization	11.8			11.6		34.7			33.0
Segment operating expenses, excluding reimbursed expenses	623.5			637.5		1,966.1			1,756.5
Gross contract costs	(237.9		)	(258.9	)	(820.4		)	(739.2	)
Fee-based segment operating expenses	385.6			378.6		1,145.7			1,017.3
Segment operating income (loss)	$	11.1		4.0		$	(10.3	)	(18.0	)
Equity earnings	—			—		—			—
Segment income (loss)	$	11.1		4.0		$	(10.3	)	(18.0	)

Continued: Summarized financial information by business segment is as follows.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Asia Pacific - Real Estate Services
Leasing	$	69.3		51.9		$	165.2		133.7
Capital Markets	39.5			55.7		122.2			121.5
Property & Facility Management	529.2			490.0		1,590.6			1,449.4
Project & Development Services	108.7			109.5		309.8			297.4
Advisory, Consulting and Other	43.3			42.3		126.4			117.4
Revenue	790.0			749.4		2,314.2			2,119.4
Reimbursements	(330.0		)	(333.5	)	(1,007.8		)	(1,005.9	)
Revenue before reimbursements	460.0			415.9		1,306.4			1,113.5
Gross contract costs	(207.7		)	(169.1	)	(608.4		)	(462.5	)
Fee revenue	252.3			246.8		698.0			651.0
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	432.6			386.5		1,245.1			1,047.2
Depreciation and amortization	5.6			5.2		17.0			15.7
Segment operating expenses, excluding reimbursed expenses	438.2			391.7		1,262.1			1,062.9
Gross contract costs	(207.7		)	(169.1	)	(608.4		)	(462.5	)
Fee-based segment operating expenses	230.5			222.6		653.7			600.4
Segment operating income	$	21.8		24.2		$	44.3		50.6
Equity earnings	1.0			0.9		2.0			2.3
Segment income	$	22.8		25.1		$	46.3		52.9
LaSalle
Advisory fees	$	68.0		63.4		$	205.0		190.0
Transaction fees & other	9.8			5.6		33.2			24.9
Incentive fees	94.8			33.2		145.4			48.5
Revenue	172.6			102.2		383.6			263.4
Reimbursements	(3.6		)	(4.6	)	(13.2		)	(13.5	)
Revenue before reimbursements	169.0			97.6		370.4			249.9
Gross contract costs	(0.7		)	(1.2	)	(3.2		)	(3.8	)
Fee revenue	168.3			96.4		367.2			246.1
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	110.9			75.1		265.9			203.0
Depreciation and amortization	0.8			0.8		2.3			2.2
Segment operating expenses, excluding reimbursed expenses	111.7			75.9		268.2			205.2
Gross contract costs	(0.7		)	(1.2	)	(3.2		)	(3.8	)
Fee-based segment operating expenses	111.0			74.7		265.0			201.4
Segment operating income	$	57.3		21.7		$	102.2		44.7
Equity earnings	2.3			11.6		24.6			29.9
Segment income	$	59.6		33.3		$	126.8		74.6

	Three Months Ended September 30,			Nine Months Ended September 30,
(in millions)	2018		2017	2018			2017
Segment Reconciling Items
Fee revenue	$	1,591.4	1,419.5	$	4,366.4		3,867.8
Gross contract costs	617.0		554.1	1,892.4			1,592.6
Net non-cash MSR and mortgage banking derivative activity	5.3		7.1	9.3			11.1
Revenue before reimbursements	2,213.7		1,980.7	6,268.1			5,471.5
Reimbursements	1,756.1		1,541.5	5,160.6			4,638.7
Revenue	$	3,969.8	3,522.2	$	11,428.7		10,110.2
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges	$	2,019.1	1,839.5	$	5,880.3		5,174.2
Reimbursed expenses	1,756.1		1,541.5	5,160.6			4,638.7
Total segment operating expenses before restructuring and acquisition charges	$	3,775.2	3,381.0	$	11,040.9		9,812.9
Operating income before restructuring and acquisition charges	$	194.6	141.2	$	387.8		297.3
Restructuring and acquisition charges (credits)	3.7		3.4	(6.7		)	13.3
Operating income	$	190.9	137.8	$	394.5		284.0

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

The following table reconciles segment identifiable assets to consolidated amounts.

(in millions)	September 30, 2018		December 31, 2017
Real Estate Services:
Americas	$	5,292.8	4,745.4
EMEA	2,168.3		2,367.5
Asia Pacific	1,287.9		1,305.0
LaSalle	584.3		548.6
Corporate	285.8		287.9
Consolidated	$	9,619.1	9,254.4

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Business Combinations, Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]

Summary of Earn-out Payments [Table Text Block]

Earn-Out Payments

($ in millions)	September 30, 2018		December 31, 2017
Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria	55		56
Maximum earn-out payments (undiscounted)	$	382.9	436.2
Short-term earn-out liabilities (fair value)1	32.6		49.6
Long-term earn-out liabilities (fair value)1	130.7		177.5

¹ Included in Short-term and Long-term acquisition obligations on the Condensed Consolidated Balance Sheets

Movements in Goodwill by Reporting Segment

The following tables detail, by reporting segment, movements in goodwill.

	Real Estate Services
(in millions)	Americas			EMEA		Asia Pacific		LaSalle		Consolidated
Balance as of December 31, 2017	$	1,412.2		957.6		323.0		16.5		$	2,709.3
Additions, net of adjustments	21.0			—		9.1		—		30.1
Impact of exchange rate movements	(0.5		)	(39.5	)	(9.2	)	(0.5	)	(49.7		)
Balance as of September 30, 2018	$	1,432.7		918.1		322.9		16.0		$	2,689.7

	Real Estate Services
(in millions)	Americas		EMEA	Asia Pacific	LaSalle	Consolidated
Balance as of December 31, 2016	$	1,406.1	851.7	306.1	15.4	$	2,579.3
Additions, net of adjustments	5.2		17.9	6.5	—	29.6
Impact of exchange rate movements	0.9		80.5	10.0	1.0	92.4
Balance as of September 30, 2017	$	1,412.2	950.1	322.6	16.4	$	2,701.3

Movements in Gross Carrying Amount and Accumulated Amortization of Finite-Lived Intangible Assets

The following tables detail, by reporting segment, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.

	MSRs			Other Intangibles
(in millions)	Americas			Americas		EMEA		Asia Pacific		LaSalle	Consolidated
Gross Carrying Amount
Balance as of December 31, 2017	$	241.8		117.0		88.8		23.3		—	$	470.9
Additions, net of adjustments (1)	36.8			3.6		—		2.1		—	42.5
Adjustment for fully amortized intangibles	(17.2		)	(36.2	)	(1.7	)	(0.7	)	—	(55.8		)
Impact of exchange rate movements	—			0.3		(3.3	)	(2.0	)	—	(5.0		)
Balance as of September 30, 2018	$	261.4		84.7		83.8		22.7		—	$	452.6
Accumulated Amortization
Balance as of December 31, 2017	$	(55.1	)	(61.3	)	(43.1	)	(6.4	)	—	$	(165.9	)
Amortization, net (2)	(32.2		)	(10.2	)	(9.5	)	(1.9	)	—	(53.8		)
Adjustment for fully amortized intangibles	17.2			36.2		1.7		0.7		—	55.8
Impact of exchange rate movements	—			—		1.8		1.0		—	2.8
Balance as of September 30, 2018	$	(70.1	)	(35.3	)	(49.1	)	(6.6	)	—	$	(161.1	)
Net book value as of September 30, 2018	$	191.3		49.4		34.7		16.1		—	$	291.5

(1) Included in this amount for MSRs was $8.7 million relating to prepayments/write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.

	MSRs			Other Intangibles
(in millions)	Americas			Americas		EMEA		Asia Pacific		LaSalle		Consolidated
Gross Carrying Amount
Balance as of December 31, 2016	$	193.1		167.1		91.1		24.2		0.1		$	475.6
Additions, net of adjustments (1)	50.7			0.4		3.1		5.8		—		60.0
Adjustment for fully amortized intangibles	(12.5		)	(50.0	)	(7.7	)	(8.0	)	(0.1	)	(78.3		)
Impact of exchange rate movements	—			0.2		7.6		1.3		—		9.1
Balance as of September 30, 2017	$	231.3		117.7		94.1		23.3		—		$	466.4
Accumulated Amortization
Balance as of December 31, 2016	$	(32.3	)	(98.7	)	(38.0	)	(11.5	)	(0.1	)	$	(180.6	)
Amortization, net (2)	(29.8		)	(10.3	)	(11.2	)	(1.9	)	—		(53.2		)
Adjustment for fully amortized intangibles	12.5			50.0		7.7		8.0		0.1		78.3
Impact of exchange rate movements	—			0.3		(3.6	)	(0.2	)	—		(3.5		)
Balance as of September 30, 2017	$	(49.6	)	(58.7	)	(45.1	)	(5.6	)	—		$	(159.0	)
Net book value as of September 30, 2017	$	181.7		59.0		49.0		17.7		—		$	307.4

(1) Included in this amount for MSRs was $7.7 million relating to prepayments/write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

(2) Amortization of MSRs is included in Revenue before reimbursements within the Condensed Consolidated Statements of Comprehensive Income.

Future Amortization Expense for Finite-Lived Intangible Assets

The remaining estimated future amortization expense of MSRs and other identifiable intangible assets, by year, as of September 30, 2018, is presented in the following table.

(in millions)	MSRs		Other Intangibles	Total
2018 (3 months)	$	6.7	9.7	$	16.4
2019	30.3		23.7	54.0
2020	28.4		19.2	47.6
2021	25.4		12.4	37.8
2022	22.5		6.5	29.0
2023	19.1		4.3	23.4
Thereafter	58.9		15.6	74.5
Total	$	191.3	91.4	$	282.7

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Investments in Real Estate Ventures (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Equity Method Investments [Line Items]

Investments in real estate ventures, Fair Value

The table below shows the movement in our investments in real estate ventures reported at fair value.

(in millions)	2018			2017
Fair value investments as of January 1,	$	242.3		212.7
Investments	27.7			21.2
Distributions	(31.0		)	(22.5	)
Change in fair value	8.2			17.9
Foreign currency translation adjustments, net	(1.2		)	4.9
Fair value investments as of September 30,	$	246.0		234.2

Consolidated Variable Interest Entities [Member]

Schedule of Equity Method Investments [Line Items]

Balance Sheet Amounts Consolidated for Variable Interest Entity [Table Text Block]

Summarized financial information for our consolidated VIEs is presented in the following tables.

(in millions)	September 30, 2018		December 31, 2017
Property and equipment, net	$	36.6	15.7
Investments in real estate ventures	13.9		12.6
Other assets (1)	11.1		44.4
Total assets	$	61.6	72.7
Other current liabilities (1)	$	1.0	30.9
Mortgage indebtedness (included in Other liabilities)	26.0		9.2
Total liabilities	27.0		40.1
Members' equity (included in Noncontrolling interest)	34.6		32.6
Total liabilities and members' equity	$	61.6	72.7

(1) Balances as of December 31, 2017, primarily represent investment properties and their corresponding liabilities, classified as held for sale.

Comprehensive Income Amounts Consolidated for Variable Interest Entity [Table Text Block]

	Three Months Ended September 30,					Nine Months Ended September 30,
(in millions)	2018			2017		2018			2017
Revenue	$	1.6		1.8		$	4.3		4.4
Operating and other expenses	(1.4		)	(1.6	)	(3.8		)	(3.6	)
Net gains on sale of investments	—			—		2.0			—
Net income	$	0.2		0.2		$	2.5		0.8

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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Stock Unit Activity

RSU and PSU activity is presented in the following tables.

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of June 30, 2018	750.3		$	131.09	2.36
Granted	5.8		144.43
Vested	(81.2	)	123.08
Forfeited	(35.5	)	136.07
Unvested as of September 30, 2018	639.4		$	131.93	2.21
Unvested as of June 30, 2017	775.9		$	117.74	1.61
Granted	5.1		115.47
Vested	(70.9	)	112.64
Forfeited	(0.8	)	130.32
Unvested as of September 30, 2017	709.3		$	118.22	1.43

	Shares (thousands)		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (in years)
Unvested as of December 31, 2017	727.7		$	118.96	1.24
Granted	225.8		161.87
Vested	(259.3	)	122.63
Forfeited	(54.8	)	132.64
Unvested as of September 30, 2018	639.4		$	131.93	2.21
Unvested as of December 31, 2016	750.9		$	113.97	1.71
Granted	157.0		116.50
Vested	(177.3	)	99.24
Forfeited	(21.3	)	113.18
Unvested as of September 30, 2017	709.3		$	118.22	1.43

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.

	September 30, 2018				December 31, 2017
(in millions)	Level 1		Level 2	Level 3	Level 1	Level 2	Level 3
Assets
Investments in real estate ventures - fair value	$	42.4	—	—	47.3	—	—
Foreign currency forward contracts receivable	—		5.8	—	—	13.2	—
Warehouse receivables	—		617.7	—	—	317.5	—
Deferred compensation plan assets	—		277.8	—	—	229.7	—
Mortgage banking derivative assets	—		—	47.2	—	—	19.0
Total assets at fair value	$	42.4	901.3	47.2	47.3	560.4	19.0
Liabilities
Foreign currency forward contracts payable	$	—	3.7	—	—	1.9	—
Deferred compensation plan liabilities	—		268.3	—	—	228.4	—
Earn-out liabilities	—		—	163.3	—	—	227.1
Mortgage banking derivative liabilities	—		—	28.5	—	—	10.3
Total liabilities at fair value	$	—	272.0	191.8	—	230.3	237.4

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

(in millions)	Balance as of June 30, 2018		Net change in fair value		Foreign CTA1		Purchases / Additions	Settlements2		Balance as of September 30, 2018
Mortgage banking derivative assets and liabilities, net	$	8.1	8.0		—		18.7	(16.1	)	$	18.7
Earn-out liabilities	179.6		(2.7	)	(1.1	)	1.1	(13.6	)	163.3

(in millions)	Balance as of June 30, 2017		Net change in fair value		Foreign CTA1	Purchases / Additions	Settlements		Balance as of September 30, 2017
Mortgage banking derivative assets and liabilities, net	$	14.1	3.4		—	25.5	(31.5	)	$	11.5
Earn-out liabilities	225.6		(0.6	)	2.9	0.7	(5.1	)	223.5

(in millions)	Balance as of December 31, 2017		Net change in fair value		Foreign CTA1		Purchases / Additions	Settlements2		Balance as of September 30, 2018
Mortgage banking derivative assets and liabilities, net	$	8.7	4.6		—		53.4	(48.0	)	$	18.7
Earn-out liabilities	227.1		(17.5	)	(3.6	)	2.7	(45.4	)	163.3

(in millions)	Balance as of December 31, 2016		Net change in fair value		Foreign CTA1	Purchases / Additions	Settlements		Balance as of September 30, 2017
Mortgage banking derivative assets and liabilities, net	$	15.5	11.8		—	56.6	(72.4	)	$	11.5
Earn-out liabilities	229.6		(2.7	)	7.4	11.4	(22.2	)	223.5

¹ CTA: Currency translation adjustments

² In the third quarter of 2018, earn-out liabilities of $9.1 million were reclassified to guaranteed deferred acquisition obligations.

Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs

Net change in fair value, included in the tables above, is reported in Net income as follows.

Category of Assets/Liabilities using Unobservable Inputs	Condensed Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (Short-term and Long-term)	Restructuring and acquisition charges
Other current assets - Mortgage banking derivative assets	Revenue before reimbursements
Other current liabilities - Mortgage banking derivative liabilities	Revenue before reimbursements

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Debt Short-Term Borrowings and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Short-term borrowings and long-term debt obligations are composed of the following.

(in millions)	September 30, 2018		December 31, 2017
Short-term borrowings:
Local overdraft facilities	$	35.4	45.4
Other short-term borrowings	48.3		32.0
Total short-term borrowings	$	83.7	77.4
Credit facility, net of debt issuance costs of $16.8 and $15.3	223.2		(15.3	)
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $1.7 and $2.0	273.3		273.0
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $1.1 and $1.2	202.0		208.8
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $1.1 and $1.1	202.0		208.8
Total debt	$	984.2	752.7

Schedule of Credit Facility, Average Outstanding Amount [Table Text Block]

The following tables provides additional information on our Facility.

	Three Months Ended September 30,					Nine Months Ended September 30,
($ in millions)	2018			2017		2018			2017
Average outstanding borrowings under the Facility	$	461.5		712.3		$	396.5		1,042.7
Effective interest rate on the Facility	3.0		%	2.3	%	2.8		%	2.0	%

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Debt Warehouse Facilities (Tables)

9 Months Ended

Sep. 30, 2018

Warehouse Facilities [Abstract]

Schedule of Warehouse Facilities

	September 30, 2018				December 31, 2017
($ in millions)	Outstanding Balance			Maximum Capacity	Outstanding Balance		Maximum Capacity
Warehouse Facilities:
LIBOR plus 1.3%, expires September 23, 20191	$	292.5		375.0	156.4		375.0
LIBOR plus 1.25%, expires September 20, 20192	226.3			775.0	74.8		375.0
LIBOR plus 1.3%, expires August 31, 20193	54.0			100.0	—		100.0
Fannie Mae ASAP program, LIBOR plus 1.30% to 1.45%	40.7			n/a	79.2		n/a
Gross warehouse facilities	$	613.5		1,250.0	310.4		850.0
Debt issuance costs	(1.6		)	n/a	(1.2	)	n/a
Total warehouse facilities	$	611.9		1,250.0	309.2		850.0

¹ In the third quarter of 2018, JLL extended the Warehouse facility; previously, the facility had a maturity date of September 29, 2018.

² In the third quarter of 2018, JLL extended the Warehouse facility, increased the maximum capacity, and negotiated a decrease to the interest rate; previously, the facility had a maturity date of September 24, 2018, a maximum capacity of $375.0 million, and an interest rate of LIBOR plus 1.35%.

³ In the third quarter of 2018, JLL extended the Warehouse facility and negotiated a decrease to the interest rate; previously, the facility had a maturity date of August 31, 2018 and an interest rate of LIBOR plus 1.5%.

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency [Table Text Block]

The following table shows the professional indemnity accrual activity and related payments.

(in millions)
December 31, 2017	$	26.7
New claims	2.3
Prior year claims adjustments	12.3
Claims paid	(7.3		)
September 30, 2018	$	34.0
December 31, 2016	$	7.3
New claims	0.7
Prior year claims adjustments	1.5
Claims paid	(3.0		)
September 30, 2017	$	6.5

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Restructuring and Acquisition Charges (Tables)

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring Charges and Related Payment Activity

The following tables show the restructuring and acquisition accrual activity and related payments, which are exclusive of the adjustments individually noted above.

(in millions)	Severance & Employment-Related			Lease Exit		Other Acquisition		Total
December 31, 2017	$	14.2		5.7		1.4		$	21.3
Accruals	9.8			0.2		0.8		10.8
Payments made	(16.1		)	(0.5	)	(2.2	)	(18.8		)
September 30, 2018	$	7.9		5.4		—		$	13.3

(in millions)	Severance & Employment-Related			Lease Exit		Other Acquisition		Total
December 31, 2016	$	19.7		5.5		5.8		$	31.0
Accruals	10.6			0.7		4.7		16.0
Payments made	(19.0		)	(0.6	)	(6.5	)	(26.1		)
September 30, 2017	$	11.3		5.6		4.0		$	20.9

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Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest [Table Text Block]

We present changes in amounts attributable to redeemable noncontrolling interests in the following table.

(in millions)
Redeemable noncontrolling interests as of December 31, 2017	$	3.8
Acquisition of redeemable noncontrolling interest (1)	(3.8		)
Redeemable noncontrolling interests as of September 30, 2018	$	—

(1) Reflects our redemption of the final portion of the redeemable noncontrolling interest related to our 2014 acquisition of Tenzing AB and includes $2.3 million representing the difference between the redemption value and the carrying value of the acquired interest.

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Accumulated Other Comprehensive Income (Loss) by Component (Tables)

9 Months Ended

Sep. 30, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The tables below present the changes in Accumulated other comprehensive income (loss) ("AOCI") by component. For pension and postretirement benefits, we report amounts reclassified from AOCI relating to employer service cost in Compensation and benefits within the Condensed Consolidated Statements of Comprehensive Income. All other reclassifications relating to pension and postretirement benefits are reported within Other income.

(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of June 30, 2018	$	(60.5	)	(331.1	)	$	(391.6	)
Other comprehensive loss before reclassification	—			(34.9	)	(34.9		)
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ -	1.2			—		1.2
Other comprehensive loss after tax expense of $ - , $ - and $ -	1.2			(34.9	)	(33.7		)
Balance as of September 30, 2018	$	(59.3	)	(366.0	)	$	(425.3	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of June 30, 2017	$	(67.9	)	(352.8	)	$	(420.7	)
Other comprehensive income before reclassification	—			46.0		46.0
Amounts reclassified from AOCI after tax expense of $0.3, $ - and $0.3	1.2			—		1.2
Other comprehensive income after tax expense of $0.3, $ - and $0.3	1.2			46.0		47.2
Balance as of September 30, 2017	$	(66.7	)	(306.8	)	$	(373.5	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of December 31, 2017	$	(60.5	)	(280.3	)	$	(340.8	)
Other comprehensive loss before reclassification	—			(85.7	)	(85.7		)
Amounts reclassified from AOCI after tax expense of $ - , $ - and $ -	1.2			—		1.2
Other comprehensive loss after tax expense of $ - , $ - and $ -	1.2			(85.7	)	(84.5		)
Balance as of September 30, 2018	$	(59.3	)	(366.0	)	$	(425.3	)
(in millions)	Pension and postretirement benefit			Cumulative foreign currency translation adjustment		Total
Balance as of December 31, 2016	$	(68.7	)	(482.3	)	$	(551.0	)
Other comprehensive income before reclassification	—			175.5		175.5
Amounts reclassified from AOCI after tax expense of $0.5, $ - and $0.5	2.0			—		2.0
Other comprehensive income after tax expense of $0.5, $ - and $0.5	2.0			175.5		177.5
Balance as of September 30, 2017	$	(66.7	)	(306.8	)	$	(373.5	)

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New Accounting Standards ASC 606 Adoption (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Jan. 01, 2016
Trade receivables, net of allowances	$ 1,610.0		$ 1,610.0		$ 1,739.4
Notes and other receivables	297.6		297.6		385.3
Accounts Receivable, Reimbursed by Client, Current	1,400.8		1,400.8		1,263.3
Contract with Customer, Asset, Net, Current	293.0		293.0		178.4
Prepaid Expense and Other Assets, Current	315.2		315.2		389.1
Long-term receivables	179.6		179.6		164.7
Other Assets, Noncurrent	164.4		164.4		155.5
Accounts Payable and Accrued Liabilities, Current	995.1		995.1		993.1
Accounts Payable, Reimbursed by Client, Current	1,012.2		1,012.2		1,022.6
Accrued compensation & benefits	1,205.7		1,205.7		1,419.1
Short-term contract liabilities and deferred income	170.9		170.9		155.4
Other Liabilities, Current	195.2		195.2		256.8
Deferred tax liabilities, net	24.5		24.5		63.2
Retained earnings	2,913.3		2,913.3		2,649.0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(425.3)		(425.3)		(340.8)
Revenue Before Reimbursements	2,213.7	$ 1,980.7	6,268.1	$ 5,471.5
Reimbursement Revenues	1,756.1	1,541.5	5,160.6	4,638.7
Revenue	3,969.8	3,522.2	11,428.7	10,110.2
Compensation and benefits	1,287.0	1,155.4	3,624.7	3,199.4
Operating, administrative and other	689.4	642.3	2,124.5	1,852.5
Cost of Reimbursable Expenses	1,756.1	1,541.5	5,160.6	4,638.7
Operating Income (Loss)	190.9	137.8	394.5	284.0
Other Nonoperating Income (Expense)	(0.3)	(0.3)	3.9	0.7
Provision for income taxes	45.6	36.0	96.7	73.1
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 136.1	$ 99.2	$ 288.5	$ 201.8
Basic earnings per common share (in dollars per share)	$ 2.96	$ 2.17	$ 6.22	$ 4.41
Diluted earnings per common share (in dollars per share)	$ 2.93	$ 2.15	$ 6.16	$ 4.37
Transition Adjustments [Member]
Cost of Reimbursable Expenses		$ 13.3		$ 43.5
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Trade receivables, net of allowances					2,118.1
Notes and other receivables					393.6
Prepaid Expense and Other Assets, Current					257.7
Long-term receivables					168.6
Other Assets, Noncurrent					97.8
Accounts Payable and Accrued Liabilities, Current					1,011.6
Accrued compensation & benefits					1,309.0
Short-term contract liabilities and deferred income					158.9
Other Liabilities, Current					263.8
Deferred tax liabilities, net					23.9
Retained earnings					2,552.8
Accumulated Other Comprehensive Income (Loss), Net of Tax					(341.8)
Revenue Before Reimbursements		1,947.0		5,396.9
Revenue		1,947.0		5,396.9
Compensation and benefits		1,132.3		3,146.6
Operating, administrative and other		651.4		1,870.0
Operating Income (Loss)		118.1		244.7
Other Nonoperating Income (Expense)		0.0		0.0
Provision for income taxes		28.2		57.3
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ 87.5		$ 177.5
Basic earnings per common share (in dollars per share)		$ 1.91		$ 3.88
Diluted earnings per common share (in dollars per share)		$ 1.89		$ 3.84
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Trade receivables, net of allowances					(378.7)
Notes and other receivables					(8.3)
Accounts Receivable, Reimbursed by Client, Current					1,263.3
Contract with Customer, Asset, Net, Current					178.4
Prepaid Expense and Other Assets, Current					131.4
Long-term receivables					(3.9)
Other Assets, Noncurrent					57.7
Accounts Payable and Accrued Liabilities, Current					(18.5)
Accounts Payable, Reimbursed by Client, Current					1,022.6
Accrued compensation & benefits					110.1
Short-term contract liabilities and deferred income					(3.5)
Other Liabilities, Current					(7.0)
Deferred tax liabilities, net					39.3
Retained earnings					96.2
Accumulated Other Comprehensive Income (Loss), Net of Tax					$ 1.0
Revenue Before Reimbursements		$ 33.7		$ 74.6
Reimbursement Revenues		1,541.5		4,638.7
Revenue		1,575.2		4,713.3
Compensation and benefits		23.4		52.1
Operating, administrative and other		(9.1)		(17.5)
Cost of Reimbursable Expenses		1,541.5		4,638.7
Operating Income (Loss)		19.4		40.0
Other Nonoperating Income (Expense)		0.0		0.0
Provision for income taxes		7.8		15.8
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ 11.7		$ 24.3
Basic earnings per common share (in dollars per share)		$ 0.26		$ 0.53
Diluted earnings per common share (in dollars per share)		$ 0.26		$ 0.53
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Retained earnings						$ 62.6
Adjustments for New Accounting Pronouncement [Member]
Revenue Before Reimbursements		$ 0.0		$ 0.0
Reimbursement Revenues		0.0		0.0
Revenue		0.0		0.0
Compensation and benefits		(0.3)		0.7
Operating, administrative and other		0.0		0.0
Cost of Reimbursable Expenses		0.0		0.0
Operating Income (Loss)		0.3		(0.7)
Other Nonoperating Income (Expense)		(0.3)		0.7
Provision for income taxes		0.0		0.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ 0.0		$ 0.0
Basic earnings per common share (in dollars per share)		$ 0.00		$ 0.00
Diluted earnings per common share (in dollars per share)		$ 0.00		$ 0.00

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Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Percentage of Revenue, previously constrained	5.00%
Contract with Customer, Asset, Net	$ 345.5		$ 345.5		$ 236.0
Contract with Customer, Liability	90.4		$ 90.4		$ 73.7
Percentage of Revenue, Remaining Performance Obligation			5.00%
Out of Scope of Topic 606 Revenue [Member]
Disaggregation of Revenue [Line Items]
Fees and Commissions, Mortgage Banking and Servicing	$ 35.5	$ 41.2	$ 101.8	$ 91.9

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Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Reimbursement Revenues	$ 1,756.1	$ 1,541.5	$ 5,160.6	$ 4,638.7
Segment revenue:
Revenue	3,969.8	3,522.2	11,428.7	10,110.2
Revenue Before Reimbursements	2,213.7	1,980.7	6,268.1	5,471.5
Operating expenses:
Depreciation and amortization	42.7	41.8	131.1	122.3
Operating Income (Loss)	190.9	137.8	394.5	284.0
Equity in earnings (losses)	3.4	12.6	27.2	32.7
Segment Reconciling Items:
Revenue	3,969.8	3,522.2	11,428.7	10,110.2
Total segment operating expenses before restructuring and acquisition charges	2,019.1	1,839.5	5,880.3	5,174.2
Cost of Reimbursable Expenses	1,756.1	1,541.5	5,160.6	4,638.7
Segment Operating Expenses before Restructuring and acquisition	3,775.2	3,381.0	11,040.9	9,812.9
Segment Reporting Information Operating Income Before Restructuring Charges	194.6	141.2	387.8	297.3
Restructuring and acquisition charges	3.7	3.4	(6.7)	13.3
Operating Income (Loss)	190.9	137.8	394.5	284.0
Assets	9,619.1		9,619.1		$ 9,254.4
Reportable Subsegments [Member]
Segment revenue:
Real Estate Revenues, Net	1,591.4	1,419.5	4,366.4	3,867.8
Operating expenses:
Gross contract vendor and subcontractor costs reimbursement	(617.0)	(554.1)	(1,892.4)	(1,592.6)
Reportable Subsegments [Member] | Americas [Member]
Segment Reporting Information [Line Items]
Reimbursement Revenues	1,251.5	1,094.9	3,659.6	3,283.4
Segment revenue:
Revenue	2,201.6	1,920.6	6,295.1	5,653.0
Revenue Before Reimbursements	950.1	825.7	2,635.5	2,369.6
Derivative, Gain (Loss) on Derivative, Net	5.3	7.1	9.3	11.1
Real Estate Revenues, Net	774.1	693.7	2,165.8	1,971.4
Operating expenses:
Compensation, operating and administrative expenses	821.2	710.2	2,306.8	2,078.2
Depreciation and amortization	24.5	24.2	77.1	71.4
Operating Expenses, Excluding Reimbursed Expenses	845.7	734.4	2,383.9	2,149.6
Gross contract vendor and subcontractor costs reimbursement	(170.7)	(124.9)	(460.4)	(387.1)
Total fee based segment operating expenses	675.0	609.5	1,923.5	1,762.5
General Contractor Cost	170.7	124.9	460.4	387.1
Operating Income (Loss)	104.4	91.3	251.6	220.0
Equity in earnings (losses)	0.1	0.1	0.6	0.5
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	104.5	91.4	252.2	220.5
Segment Reconciling Items:
Revenue	2,201.6	1,920.6	6,295.1	5,653.0
Operating Income (Loss)	104.4	91.3	251.6	220.0
Assets	5,292.8		5,292.8		4,745.4
Reportable Subsegments [Member] | EMEA [Member]
Segment Reporting Information [Line Items]
Reimbursement Revenues	171.0	108.5	480.0	335.9
Segment revenue:
Revenue	805.6	750.0	2,435.8	2,074.4
Revenue Before Reimbursements	634.6	641.5	1,955.8	1,738.5
Real Estate Revenues, Net	396.7	382.6	1,135.4	999.3
Operating expenses:
Compensation, operating and administrative expenses	611.7	625.9	1,931.4	1,723.5
Depreciation and amortization	11.8	11.6	34.7	33.0
Operating Expenses, Excluding Reimbursed Expenses	623.5	637.5	1,966.1	1,756.5
Gross contract vendor and subcontractor costs reimbursement	(237.9)	(258.9)	(820.4)	(739.2)
Total fee based segment operating expenses	385.6	378.6	1,145.7	1,017.3
General Contractor Cost	237.9	258.9	820.4	739.2
Operating Income (Loss)	11.1	4.0	(10.3)	(18.0)
Equity in earnings (losses)	0.0	0.0	0.0	0.0
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	11.1	4.0	(10.3)	(18.0)
Segment Reconciling Items:
Revenue	805.6	750.0	2,435.8	2,074.4
Operating Income (Loss)	11.1	4.0	(10.3)	(18.0)
Assets	2,168.3		2,168.3		2,367.5
Reportable Subsegments [Member] | Asia Pacific [Member]
Segment Reporting Information [Line Items]
Reimbursement Revenues	330.0	333.5	1,007.8	1,005.9
Segment revenue:
Revenue	790.0	749.4	2,314.2	2,119.4
Revenue Before Reimbursements	460.0	415.9	1,306.4	1,113.5
Real Estate Revenues, Net	252.3	246.8	698.0	651.0
Operating expenses:
Compensation, operating and administrative expenses	432.6	386.5	1,245.1	1,047.2
Depreciation and amortization	5.6	5.2	17.0	15.7
Operating Expenses, Excluding Reimbursed Expenses	438.2	391.7	1,262.1	1,062.9
Gross contract vendor and subcontractor costs reimbursement	(207.7)	(169.1)	(608.4)	(462.5)
Total fee based segment operating expenses	230.5	222.6	653.7	600.4
General Contractor Cost	207.7	169.1	608.4	462.5
Operating Income (Loss)	21.8	24.2	44.3	50.6
Equity in earnings (losses)	1.0	0.9	2.0	2.3
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	22.8	25.1	46.3	52.9
Segment Reconciling Items:
Revenue	790.0	749.4	2,314.2	2,119.4
Operating Income (Loss)	21.8	24.2	44.3	50.6
Assets	1,287.9		1,287.9		1,305.0
Investment Management [Member]
Segment Reporting Information [Line Items]
Reimbursement Revenues	3.6	4.6	13.2	13.5
Segment revenue:
Revenue	172.6	102.2	383.6	263.4
Revenue Before Reimbursements	169.0	97.6	370.4	249.9
Real Estate Revenues, Net	168.3	96.4	367.2	246.1
Operating expenses:
Compensation, operating and administrative expenses	110.9	75.1	265.9	203.0
Depreciation and amortization	0.8	0.8	2.3	2.2
Operating Expenses, Excluding Reimbursed Expenses	111.7	75.9	268.2	205.2
Gross contract vendor and subcontractor costs reimbursement	(0.7)	(1.2)	(3.2)	(3.8)
Total fee based segment operating expenses	111.0	74.7	265.0	201.4
General Contractor Cost	0.7	1.2	3.2	3.8
Operating Income (Loss)	57.3	21.7	102.2	44.7
Equity in earnings (losses)	2.3	11.6	24.6	29.9
Operating Income (Loss), Including Income (Loss) from Equity Method Investments	59.6	33.3	126.8	74.6
Segment Reconciling Items:
Revenue	172.6	102.2	383.6	263.4
Operating Income (Loss)	57.3	21.7	102.2	44.7
Assets	584.3		584.3		548.6
Segment Reconciling Items [Member]
Segment Reconciling Items:
Assets	285.8		285.8		$ 287.9
Leasing [Member] | Reportable Subsegments [Member] | Americas [Member]
Segment revenue:
Revenue	424.0	370.1	1,151.4	1,057.5
Segment Reconciling Items:
Revenue	424.0	370.1	1,151.4	1,057.5
Leasing [Member] | Reportable Subsegments [Member] | EMEA [Member]
Segment revenue:
Revenue	80.1	71.0	211.9	186.6
Segment Reconciling Items:
Revenue	80.1	71.0	211.9	186.6
Leasing [Member] | Reportable Subsegments [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	69.3	51.9	165.2	133.7
Segment Reconciling Items:
Revenue	69.3	51.9	165.2	133.7
Capital Markets [Member] | Reportable Subsegments [Member] | Americas [Member]
Segment revenue:
Revenue	115.6	115.4	344.4	319.2
Segment Reconciling Items:
Revenue	115.6	115.4	344.4	319.2
Capital Markets [Member] | Reportable Subsegments [Member] | EMEA [Member]
Segment revenue:
Revenue	108.9	107.2	288.1	263.7
Segment Reconciling Items:
Revenue	108.9	107.2	288.1	263.7
Capital Markets [Member] | Reportable Subsegments [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	39.5	55.7	122.2	121.5
Segment Reconciling Items:
Revenue	39.5	55.7	122.2	121.5
Property & Facility Management [Member] | Reportable Subsegments [Member] | Americas [Member]
Segment revenue:
Revenue	1,271.5	1,077.0	3,713.4	3,230.7
Segment Reconciling Items:
Revenue	1,271.5	1,077.0	3,713.4	3,230.7
Property & Facility Management [Member] | Reportable Subsegments [Member] | EMEA [Member]
Segment revenue:
Revenue	336.3	335.9	1,078.9	975.0
Segment Reconciling Items:
Revenue	336.3	335.9	1,078.9	975.0
Property & Facility Management [Member] | Reportable Subsegments [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	529.2	490.0	1,590.6	1,449.4
Segment Reconciling Items:
Revenue	529.2	490.0	1,590.6	1,449.4
Project & Development Services [Member] | Reportable Subsegments [Member] | Americas [Member]
Segment revenue:
Revenue	304.7	288.2	848.8	843.7
Segment Reconciling Items:
Revenue	304.7	288.2	848.8	843.7
Project & Development Services [Member] | Reportable Subsegments [Member] | EMEA [Member]
Segment revenue:
Revenue	220.1	170.3	663.5	472.0
Segment Reconciling Items:
Revenue	220.1	170.3	663.5	472.0
Project & Development Services [Member] | Reportable Subsegments [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	108.7	109.5	309.8	297.4
Segment Reconciling Items:
Revenue	108.7	109.5	309.8	297.4
Advisory, Consulting and Other [Member] | Reportable Subsegments [Member] | Americas [Member]
Segment revenue:
Revenue	85.8	69.9	237.1	201.9
Segment Reconciling Items:
Revenue	85.8	69.9	237.1	201.9
Advisory, Consulting and Other [Member] | Reportable Subsegments [Member] | EMEA [Member]
Segment revenue:
Revenue	60.2	65.6	193.4	177.1
Segment Reconciling Items:
Revenue	60.2	65.6	193.4	177.1
Advisory, Consulting and Other [Member] | Reportable Subsegments [Member] | Asia Pacific [Member]
Segment revenue:
Revenue	43.3	42.3	126.4	117.4
Segment Reconciling Items:
Revenue	43.3	42.3	126.4	117.4
Advisory Fees [Member] | Investment Management [Member]
Segment revenue:
Revenue	68.0	63.4	205.0	190.0
Segment Reconciling Items:
Revenue	68.0	63.4	205.0	190.0
Transaction Fees & Other [Member] | Investment Management [Member]
Segment revenue:
Revenue	9.8	5.6	33.2	24.9
Segment Reconciling Items:
Revenue	9.8	5.6	33.2	24.9
Incentive Fees [Member] | Investment Management [Member]
Segment revenue:
Revenue	94.8	33.2	145.4	48.5
Segment Reconciling Items:
Revenue	$ 94.8	$ 33.2	$ 145.4	$ 48.5

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Business Combinations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($) acquisition	Sep. 30, 2017 USD ($)
Business Acquisition [Line Items]
Number of Businesses Acquired | acquisition	4
Payments to Acquire Businesses	$ 31.7
Business Combinations, Guaranteed Deferred Acquisition Obligation	1.9	$ 1.8
Business Combination, contingent earn-out consideration	2.7	$ 11.5
Goodwill, Acquired During Period	30.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	5.7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	0.5
Payment for Contingent Consideration Liability, Total	63.3
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 1.5

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Business Combinations, Goodwill and Other Intangible Assets Business Combinations, Earn-out Payments (Details) $ in Millions	Sep. 30, 2018 USD ($) acquisition	Dec. 31, 2017 USD ($) acquisition
Summary of Earn-out Payments [Line Items]
Number Of Acquisitions Subject To Potential Earn Out Payments Provisions | acquisition	55	56
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 382.9	$ 436.2
Business Combination, Contingent Consideration, Liability, Current	60.0	80.1
Business Combination, Contingent Consideration, Liability, Noncurrent	168.1	228.9
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Summary of Earn-out Payments [Line Items]
Business Combination, Contingent Consideration, Liability, Current	32.6	49.6
Business Combination, Contingent Consideration, Liability, Noncurrent	$ 130.7	$ 177.5

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Business Combinations, Goodwill by Segment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Finite-Lived Intangible Assets, Net	$ 282.7
Identifiable intangibles with indefinite useful lives	8.8
Goodwill [Line Items]
Servicing Asset at Amortized Cost, Other than Temporary Impairments	8.7	$ 7.7
Goodwill [Roll Forward]
Goodwill	2,709.3	2,579.3
Goodwill Additions, net of adjustments	30.1	29.6
Goodwill, Translation Adjustments	(49.7)	92.4
Goodwill	2,689.7	2,701.3
Investment Management [Member]
Goodwill [Roll Forward]
Goodwill	16.5	15.4
Goodwill Additions, net of adjustments	0.0	0.0
Goodwill, Translation Adjustments	(0.5)	1.0
Goodwill	16.0	16.4
Americas [Member] | Reportable Subsegments [Member]
Goodwill [Roll Forward]
Goodwill	1,412.2	1,406.1
Goodwill Additions, net of adjustments	21.0	5.2
Goodwill, Translation Adjustments	(0.5)	0.9
Goodwill	1,432.7	1,412.2
EMEA [Member] | Reportable Subsegments [Member]
Goodwill [Roll Forward]
Goodwill	957.6	851.7
Goodwill Additions, net of adjustments	0.0	17.9
Goodwill, Translation Adjustments	(39.5)	80.5
Goodwill	918.1	950.1
Asia Pacific [Member] | Reportable Subsegments [Member]
Goodwill [Roll Forward]
Goodwill	323.0	306.1
Goodwill Additions, net of adjustments	9.1	6.5
Goodwill, Translation Adjustments	(9.2)	10.0
Goodwill	322.9	$ 322.6
Other Intangible Assets [Member]
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Finite-Lived Intangible Assets, Net	91.4
Mortgage servicing rights [Member]
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Finite-Lived Intangible Assets, Net	$ 191.3

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Business Combinations Other Intangibles by Segment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite And Indefinite Lived Intangible Assets Gross			$ 470.9	$ 475.6
Finite and Indefinite lived Intangible Assets, Additions	$ 42.5	$ 60.0
Adjustment for fully amortized intangibles	(55.8)	(78.3)
Finite And Indefinite Lived Intangible Assets Translation Adjustments	(5.0)	9.1
Intangible Assets, Gross (Excluding Goodwill)	452.6	466.4
Identified intangibles, with finite useful lives, accumulated amortization	(161.1)	(159.0)	(165.9)	(180.6)
Amortization expense	(53.8)	(53.2)
Accumulated Amortization Adjustment for fully Amortized Intangibles	55.8	78.3
Impact of exchange rate movements	2.8	(3.5)
Net book value as of end of period	291.5	307.4	305.0
Servicing Asset at Amortized Cost, Other than Temporary Impairments	8.7	7.7
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2018 (3 months)	16.4
2019	54.0
2020	47.6
2021	37.8
2022	29.0
2023	23.4
Thereafter	74.5
Total	282.7
Mortgage servicing rights [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2018 (3 months)	6.7
2019	30.3
2020	28.4
2021	25.4
2022	22.5
2023	19.1
Thereafter	58.9
Total	191.3
Mortgage servicing rights [Member] | Reportable Subsegments [Member] | Americas [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite And Indefinite Lived Intangible Assets Gross			241.8	193.1
Finite and Indefinite lived Intangible Assets, Additions	36.8	50.7
Adjustment for fully amortized intangibles	(17.2)	(12.5)
Finite And Indefinite Lived Intangible Assets Translation Adjustments	0.0	0.0
Intangible Assets, Gross (Excluding Goodwill)	261.4	231.3
Identified intangibles, with finite useful lives, accumulated amortization	(70.1)	(49.6)	(55.1)	(32.3)
Amortization expense	(32.2)	(29.8)
Accumulated Amortization Adjustment for fully Amortized Intangibles	17.2	12.5
Impact of exchange rate movements	0.0	0.0
Net book value as of end of period	191.3	181.7
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2018 (3 months)	9.7
2019	23.7
2020	19.2
2021	12.4
2022	6.5
2023	4.3
Thereafter	15.6
Total	91.4
Other Intangible Assets [Member] | Reportable Subsegments [Member] | Americas [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite And Indefinite Lived Intangible Assets Gross			117.0	167.1
Finite and Indefinite lived Intangible Assets, Additions	3.6	0.4
Adjustment for fully amortized intangibles	(36.2)	(50.0)
Finite And Indefinite Lived Intangible Assets Translation Adjustments	0.3	0.2
Intangible Assets, Gross (Excluding Goodwill)	84.7	117.7
Identified intangibles, with finite useful lives, accumulated amortization	(35.3)	(58.7)	(61.3)	(98.7)
Amortization expense	(10.2)	(10.3)
Accumulated Amortization Adjustment for fully Amortized Intangibles	36.2	50.0
Impact of exchange rate movements	0.0	0.3
Net book value as of end of period	49.4	59.0
Other Intangible Assets [Member] | Reportable Subsegments [Member] | EMEA [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite And Indefinite Lived Intangible Assets Gross			88.8	91.1
Finite and Indefinite lived Intangible Assets, Additions	0.0	3.1
Adjustment for fully amortized intangibles	(1.7)	(7.7)
Finite And Indefinite Lived Intangible Assets Translation Adjustments	(3.3)	7.6
Intangible Assets, Gross (Excluding Goodwill)	83.8	94.1
Identified intangibles, with finite useful lives, accumulated amortization	(49.1)	(45.1)	(43.1)	(38.0)
Amortization expense	(9.5)	(11.2)
Accumulated Amortization Adjustment for fully Amortized Intangibles	1.7	7.7
Impact of exchange rate movements	1.8	(3.6)
Net book value as of end of period	34.7	49.0
Other Intangible Assets [Member] | Reportable Subsegments [Member] | Asia Pacific [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite And Indefinite Lived Intangible Assets Gross			23.3	24.2
Finite and Indefinite lived Intangible Assets, Additions	2.1	5.8
Adjustment for fully amortized intangibles	(0.7)	(8.0)
Finite And Indefinite Lived Intangible Assets Translation Adjustments	(2.0)	1.3
Intangible Assets, Gross (Excluding Goodwill)	22.7	23.3
Identified intangibles, with finite useful lives, accumulated amortization	(6.6)	(5.6)	(6.4)	(11.5)
Amortization expense	(1.9)	(1.9)
Accumulated Amortization Adjustment for fully Amortized Intangibles	0.7	8.0
Impact of exchange rate movements	1.0	(0.2)
Net book value as of end of period	16.1	17.7
Other Intangible Assets [Member] | Investment Management [Member]
Schedule of Finite and Indefinite lived Intangible Assets by Segment [Line Items]
Finite And Indefinite Lived Intangible Assets Gross			0.0	0.1
Finite and Indefinite lived Intangible Assets, Additions	0.0	0.0
Adjustment for fully amortized intangibles	0.0	(0.1)
Finite And Indefinite Lived Intangible Assets Translation Adjustments	0.0	0.0
Intangible Assets, Gross (Excluding Goodwill)	0.0	0.0
Identified intangibles, with finite useful lives, accumulated amortization	0.0	0.0	$ 0.0	$ (0.1)
Amortization expense	0.0	0.0
Accumulated Amortization Adjustment for fully Amortized Intangibles	0.0	0.1
Impact of exchange rate movements	0.0	0.0
Net book value as of end of period	$ 0.0	$ 0.0

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Investments in Real Estate Ventures (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) investment	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) investment	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of separate property or fund co-investments | investment	45		45
Minimum ownership percentage in real estate ventures (in hundredths)	1.00%		1.00%
Maximum ownership percentage in real estate ventures (in hundredths)	10.00%		10.00%
Property, Plant and Equipment, Net, consolidated VIE	$ 540.8		$ 540.8		$ 543.9
Investments in real estate ventures	371.5		371.5		376.2
Total assets	9,619.1		9,619.1		9,254.4
Other Liabilities, Current	195.2		195.2		256.8
Total liabilities	6,046.3		6,046.3		5,872.4
Total liabilities and equity	9,619.1		9,619.1		9,254.4
Revenue, consolidated VIE	3,969.8	$ 3,522.2	11,428.7	$ 10,110.2
Net income	136.1	99.2	288.5	201.8
Fair Value [Abstract]
Fair value investments at beginning of the period			242.3	212.7
Investments in Real Estate Ventures, at Fair Value, Additions			27.7	21.2
Investments in Real Estate Ventures, at Fair Value, Distributions			31.0	22.5
Unrealized Gain (Loss) on Investments			8.2	17.9
Investments in Real Estate Ventures, at Fair Value, Foreign Currency Translation			(1.2)	4.9
Fair value investments at end of the period	$ 246.0	234.2	$ 246.0	234.2
LaSalle Investment Company II [Member]
Schedule of Equity Method Investments [Line Items]
Partnership ownership interest (in hundredths)	49.00%		49.00%
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 60.4		$ 60.4
Exclusive of LaSalle Investment Company II [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	212.5		212.5
Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Property, Plant and Equipment, Net, consolidated VIE	36.6		36.6		15.7
Investments in real estate ventures	13.9		13.9		12.6
Other Assets, consolidated VIE	11.1		11.1		44.4
Total assets	61.6		61.6		72.7
Other Liabilities, Current	1.0		1.0		30.9
Loans Payable, Fair Value Disclosure, consolidated VIE	26.0		26.0		9.2
Total liabilities	27.0		27.0		40.1
Members' Equity, consolidated VIE	34.6		34.6		32.6
Total liabilities and equity	61.6		61.6		$ 72.7
Revenue, consolidated VIE	1.6	1.8	4.3	4.4
Other Expenses, consolidated VIE	(1.4)	(1.6)	(3.8)	(3.6)
Gains (Losses) on Sales of Investment Real Estate, consolidated VIE	0.0	0.0	2.0	0.0
Net income	$ 0.2	$ 0.2	$ 2.5	$ 0.8

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Stock-based Compensation (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Restricted stock unit activity [Roll Forward]
Unvested at beginning of period (in shares)	750,300		775,900		727,700	750,900	750,900
Granted (in shares)	5,800		5,100		225,800	157,000
Vested (in shares)	(81,200)		(70,900)		(259,300)	(177,300)
Forfeited (in shares)	(35,500)		(800)		(54,800)	(21,300)
Unvested at end of period (in shares)	639,400	750,300	709,300	775,900	639,400	709,300	727,700	750,900
Restricted stock unit activity, additional disclosures [Abstract]
Weighted average grant date fair value, beginning of period (in dollars per share)	$ 131.09		$ 117.74		$ 118.96	$ 113.97	$ 113.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	144.43		115.47		161.87	116.50
Weighted average grant date fair value, vested (in dollars per share)	123.08		112.64		122.63	99.24
Weighted average grant date fair value, end of period (in dollars per share)	$ 131.93	$ 131.09	$ 118.22	$ 117.74	$ 131.93	$ 118.22	$ 118.96	$ 113.97
Weighted average remaining contractual life, unvested shares outstanding	2 years 2 months 16 days	2 years 4 months 10 days	1 year 5 months 6 days	1 year 7 months 10 days	2 years 2 months 16 days	1 year 5 months 6 days	1 year 2 months 26 days	1 year 8 months 15 days
Unamortized deferred compensation cost	$ 34.7				$ 34.7
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 136.07		$ 130.32		$ 132.64	$ 113.18

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Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0.0		$ 0.0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0.0		0.0
Fair value of long-term debt	686.2	$ 712.6
Long-term debt, net of debt issuance costs	677.3	690.6
Investments, Fair Value Disclosure	246.0	242.3	$ 234.2	$ 212.7
Foreign currency forward contracts, gross notional value	2,070.0	2,430.0
Foreign currency forward contracts, net notional value	910.0	1,820.0
Deferred compensation plan, contra-equity, shares held in trust	6.0	5.9
Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	7.5	14.4
Derivative Asset, Fair Value, Gross Liability	1.7	1.2
Derivative Liability, Fair Value, Gross Asset	1.1	2.3
Derivative Liability, Fair Value, Gross Liability	4.8	4.2
Long-Term Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unamortized Debt Issuance Expense	3.9	4.3
Fair Value, Measurements, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	203.6	195.0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0.0	0.0
Foreign currency forward contract, current asset amount	5.8	13.2
Foreign currency forward contract, current liability amount	3.7	1.9
Deferred compensation plan assets	277.8	229.7
Deferred compensation plan liabilities	$ 268.3	$ 228.4

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Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	$ 246.0		$ 242.3	$ 234.2		$ 212.7
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	42.4		47.3
Foreign currency forward contracts receivable	0.0		0.0
Loans Receivable, Fair Value Disclosure	0.0		0.0
Deferred compensation plan assets	0.0		0.0
Mortgage banking derivative asset	0.0		0.0
Total assets at fair value	42.4		47.3
Foreign currency forward contracts payable	0.0		0.0
Deferred compensation plan liabilities	0.0		0.0
Business Combination, Contingent Consideration, Liability	0.0		0.0
Mortgage banking derivative liabilities	0.0		0.0
Total liabilities at fair value	0.0		0.0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	0.0		0.0
Foreign currency forward contracts receivable	5.8		13.2
Loans Receivable, Fair Value Disclosure	617.7		317.5
Deferred compensation plan assets	277.8		229.7
Mortgage banking derivative asset	0.0		0.0
Total assets at fair value	901.3		560.4
Foreign currency forward contracts payable	3.7		1.9
Deferred compensation plan liabilities	268.3		228.4
Business Combination, Contingent Consideration, Liability	0.0		0.0
Mortgage banking derivative liabilities	0.0		0.0
Total liabilities at fair value	272.0		230.3
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	18.7	$ 8.1	8.7	11.5	$ 14.1	15.5
Investments, Fair Value Disclosure	0.0		0.0
Foreign currency forward contracts receivable	0.0		0.0
Loans Receivable, Fair Value Disclosure	0.0		0.0
Deferred compensation plan assets	0.0		0.0
Mortgage banking derivative asset	47.2		19.0
Total assets at fair value	47.2		19.0
Foreign currency forward contracts payable	0.0		0.0
Deferred compensation plan liabilities	0.0		0.0
Business Combination, Contingent Consideration, Liability	163.3	$ 179.6	227.1	$ 223.5	$ 225.6	$ 229.6
Mortgage banking derivative liabilities	28.5		10.3
Total liabilities at fair value	$ 191.8		$ 237.4

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Fair Value Measurements Fair Value Measurements (Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business Combination, Contingent Consideration, Liability, Beginning Balance	$ 179.6	$ 225.6	$ 227.1	$ 229.6
Derivative Assets (Liabilities), at Fair Value, Net, Beginning Balance	8.1	14.1	8.7	15.5
Business Combination, Contingent Consideration, Liability, Ending Balance	163.3	223.5	163.3	223.5
Derivative Assets (Liabilities), at Fair Value, Net, Ending Balance	18.7	11.5	18.7	11.5
Earn-out Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(2.7)	(0.6)	(17.5)	(2.7)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	(1.1)	2.9	(3.6)	7.4
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	1.1	0.7	2.7	11.4
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	(13.6)	(5.1)	(45.4)	(22.2)
Derivative [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	8.0	3.4	4.6	11.8
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)	0.0	0.0	0.0	0.0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	18.7	25.5	53.4	56.6
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	$ (16.1)	$ (31.5)	$ (48.0)	$ (72.4)

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Debt Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Bank Overdrafts	$ 35.4	$ 45.4
Other Short-term Borrowings	48.3	32.0
Short-term borrowings	83.7	77.4
Long-term debt, net of debt issuance costs	677.3	690.6
Debt, Long-term and Short-term, Combined Amount	984.2	752.7
Line of Credit [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	16.8	15.3
Long-term senior notes, 4.4%, due November 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, net of debt issuance costs	273.3	273.0
Debt Instrument, Face Amount	$ 275.0	$ 275.0
Debt Instrument, Interest Rate, Stated Percentage	4.40%	4.40%
Unamortized Debt Issuance Expense	$ 1.7	$ 2.0
Long-term senior notes, Euro notes, 1.96%, due June 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, net of debt issuance costs	202.0	208.8
Debt Instrument, Face Amount	$ 175.0	$ 175.0
Debt Instrument, Interest Rate, Stated Percentage	1.96%	1.96%
Unamortized Debt Issuance Expense	$ 1.1	$ 1.2
Long-term senior notes, Euro notes, 2.21%, due June 2029 [Member]
Debt Instrument [Line Items]
Long-term debt, net of debt issuance costs	202.0	208.8
Debt Instrument, Face Amount	$ 175.0	$ 175.0
Debt Instrument, Interest Rate, Stated Percentage	2.21%	2.21%
Unamortized Debt Issuance Expense	$ 1.1	$ 1.1

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Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Line of Credit Facility [Line Items]
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs	$ 223.2		$ 223.2		$ (15.3)
Line of Credit Facility, Maximum Borrowing Capacity	61.5		61.5
Letters of Credit Outstanding, Amount	8.6		8.6		9.0
Line of Credit [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit, Noncurrent, Net of Debt Issuance Costs	223.2		223.2		$ (15.3)
Line of Credit Facility, Maximum Borrowing Capacity	2,750.0		2,750.0
Line of Credit Facility, Average Outstanding Amount	$ 461.5	$ 712.3	$ 396.5	$ 1,042.7
Pricing on the Facility based on market rates			LIBOR plus 0.875% to 1.35%
Description of Variable Rate Basis			LIBOR
Basis spread on variable rate (in hundredths)			1.00%
Line of Credit Facility, Interest Rate During Period	3.00%	2.30%	2.80%	2.00%

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Debt Warehouse Facilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 61.5
Warehouse facilities	611.9	$ 309.2
Warehouse Agreement Borrowings [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	1.6	1.2
Agreement expires September 20, 2019, Original Max Capacity [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	375.0
Agreement expires September 24, 2018 [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	292.5	156.4
Line of Credit Facility, Maximum Borrowing Capacity	$ 375.0	375.0
Pricing on the Facility based on market rates	LIBOR plus 1.3%
Agreement expires September 29, 2018 [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 226.3	74.8
Line of Credit Facility, Maximum Borrowing Capacity	$ 775.0	375.0
Pricing on the Facility based on market rates	LIBOR plus 1.25%
Agreement expires August 31, 2018 [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 54.0	0.0
Line of Credit Facility, Maximum Borrowing Capacity	$ 100.0	100.0
Pricing on the Facility based on market rates	LIBOR plus 1.3%
Fannie Mae ASAP program [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Repurchase Amount	$ 40.7	79.2
Debt Instrument, Interest Rate Terms	LIBOR plus 1.30% to 1.45%
Line of Credit, Gross [Member]
Line of Credit Facility [Line Items]
Line of Credit, Current	$ 613.5	310.4
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,250.0	$ 850.0

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Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Level of risk retained by our captive insurance company (per claim)	$ 2.5
Loss Contingency, Receivable	32.1		$ 22.0
Loan subject to loss-sharing arrangements, aggregate unpaid principal amount	8,400.0		8,000.0
Loan loss accrual	17.2		$ 16.0
Insurance Claims [Member]
Loss Contingency Accrual [Roll Forward]
Loss Contingency Accrual	26.7	$ 7.3
Loss Contingency Accrual, Provision	2.3	0.7
Loss Contingency Accrual, Provision Adjustment	12.3	1.5
Loss Contingency Accrual, Payments	(7.3)	(3.0)
Loss Contingency Accrual	$ 34.0	$ 6.5

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Restructuring and Acquisition Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring and acquisition charges	$ (3.7)	$ (3.4)	$ 6.7	$ (13.3)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	(2.7)	(0.6)	(17.5)	(2.7)
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance			21.3	31.0
Restructuring charges			10.8	16.0
Payments made			(18.8)	(26.1)
Restructuring reserve, ending balance	13.3	20.9	13.3	20.9
Severance [Member]
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance			14.2	19.7
Restructuring charges			9.8	10.6
Payments made			(16.1)	(19.0)
Restructuring reserve, ending balance	7.9	11.3	7.9	11.3
Lease Exit [Member]
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance			5.7	5.5
Restructuring charges			0.2	0.7
Payments made			(0.5)	(0.6)
Restructuring reserve, ending balance	5.4	5.6	5.4	5.6
Other Restructuring [Member]
Restructuring reserve [Roll Forward]
Restructuring reserve, beginning balance			1.4	5.8
Restructuring charges			0.8	4.7
Payments made			(2.2)	(6.5)
Restructuring reserve, ending balance	$ 0.0	$ 4.0	$ 0.0	$ 4.0

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Noncontrolling Interest Noncontrolling Interest (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	$ 3.8
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(3.8)
Redeemable Noncontrolling Interest	0.0
Change in fair value of redeemable noncontrolling interest	2.3
Additional Paid-In Capital [Member]
Noncontrolling Interest [Abstract]
Change in fair value of redeemable noncontrolling interest	$ 2.3

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Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 3,572.8		$ 3,572.8			$ 3,378.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	1.2	$ 1.2	1.2	$ 2.0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(34.9)	46.0	(85.7)	175.5
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(59.3)	(66.7)	(59.3)	(66.7)	$ (60.5)	(60.5)	$ (67.9)	$ (68.7)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0.0	0.0	0.0	0.0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1.2	1.2	1.2	2.0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent	(1.2)	(1.2)	(1.2)	(2.0)
Reclassification from AOCI, Current Period, Tax	0.0	0.5	0.0	0.3
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	0.0	0.5	0.0	0.3
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(366.0)	(306.8)	(366.0)	(306.8)	(331.1)	(280.3)	(352.8)	(482.3)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(34.9)	46.0	(85.7)	175.5
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0.0	0.0	0.0	0.0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(34.9)	46.0	(85.7)	175.5
Reclassification from AOCI, Current Period, Tax	0.0	0.0	0.0	0.0
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	0.0	0.0	0.0	0.0
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(425.3)	(373.5)	(425.3)	(373.5)	$ (391.6)	$ (340.8)	$ (420.7)	$ (551.0)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(34.9)	46.0	(85.7)	175.5
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1.2	1.2	1.2	2.0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(33.7)	47.2	(84.5)	177.5
Reclassification from AOCI, Current Period, Tax	0.0	0.5	0.0	0.3
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	$ 0.0	$ 0.5	$ 0.0	$ 0.3

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Subsequent Events Subsequent Event (Details) - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 07, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.00	$ 0.00	$ 0.41	$ 0.35
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Nov. 06, 2018
Common Stock, Dividends, Per Share, Declared	$ 0.41
Dividends Payable, Date to be Paid	Dec. 14, 2018
Dividends Payable, Date of Record	Nov. 16, 2018