Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 123

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 123
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9 6.0 25.0 20.1 Fair value adjustments that resulted in a net decrease to earn-out liabilities from prior-period acquisition activity0.4 (20.9)(3.1)(33.5)Restructuring and acquisition charges$11.7 (8.8)$52.7 4.4 

Interest Expense

Interest expense, net of interest income, for the three and nine months ended September 30, 2025, was $29.2 million and $89.1 million, respectively, compared with $38.1 million and $110.3 million in the prior-year periods. Lower expense was primarily due to a lower effective interest rate and lower average borrowings compared with the respective prior-year periods.

Equity Earnings/Losses

The following details Equity earnings/losses by investment type. Equity earnings/losses for the third quarter and first nine months of 2025 largely reflect net valuation changes for Investment Management and Proptech Investments. 

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Investment Management$9.3 (13.8)$1.9 (25.0)Proptech Investments17.2 11.6 (31.7)1.6 Other0.9 1.3 4.2 3.4 Equity earnings (losses)$27.4 (0.9)$(25.6)(20.0)

Income Taxes

The following details Income tax provision and our effective tax rate.

Three Months Ended September 30,Nine Months Ended September 30,($ in millions)2025202420252024Income tax provision$52.637.4$93.373.8Effective tax rate19.1 %19.5 %19.3 %19.5 %

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes provisions altering the timing of deduction from certain depreciable assets, research and experimental expenses, and interest expense, with some effective in 2025 and some in 2026. The OBBBA further alters the determination and rates of taxation of international earnings, primarily effective in 2026. The current period’s financial statements include the impact of the OBBBA provisions effective for 2025, which are not material to income tax expense