Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 120

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 120
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 Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days.Such contract assets and liabilities are presented below.(in millions)December 31, 2024December 31, 2023Contract assets, gross$388.3 402.3 Contract asset allowance(3.9)(1.8)Contract assets, net$384.4 400.5 Contract liabilities$154.7 166.2 

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Deferred IncomeDeferred 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 ObligationsRemaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of December 31, 2024, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount 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.Cash and Cash EquivalentsWe consider all highly-liquid investments purchased with maturities of three months or fewer to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short-term maturity of these investments.Financing ReceivablesWe account for Trade receivables, Notes and other receivables, Long-term receivables, Reimbursable receivables, and Warehouse receivables as financing receivables.Trade ReceivablesPursuant to contractual arrangements, Trade receivables, net of allowances include unbilled amounts of $625.3 million and $593.8 million as of December 31, 2024 and 2023, respectively.We estimate the allowance necessary to provide for uncollectible accounts receivable. We base this estimate on historical collection experience combined with a review of current developments and economic conditions. The process by which we calculate the allowance is formulaic and driven by the age profile of the receivables. We then review these allowances on a quarterly basis to ensure they are appropriate. After all collection efforts have been exhausted by management, the outstanding balance considered not collectible is written off against the allowance.The following table details the