Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 21

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 21
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.2 (10.6)Transfers in24.6 8.4 Fair value investments as of June 30,$833.7 744.7 See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.

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7.FAIR VALUE MEASUREMENTS

We measure certain assets and liabilities in accordance with ASC Topic 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.Financial InstrumentsOur 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, Commercial paper, 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, Commercial paper 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 using dealer quotes that are Level 2 inputs in the fair value hierarchy. The fair value and carrying value of our debt are presented in the following table.(in millions)June 30, 2025December 31, 2024Long-term debt, fair value$838.0 785.2 Long-term debt, carrying value, net of debt issuance costs805.3 756.7 Investments at Fair Value - Net Asset Value ("NAV")We report a significant portion of our investments at fair value. For such