Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 147

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 147
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 100.4 

Net periodic pension cost (benefit) was not material during the three-year period ended December 31, 2024.

96

8.     INCOME TAXESOur provision for income taxes consisted of the following:Year Ended December 31,(in millions)202420232022U.S. federal:Current$34.1 88.1 81.7 Deferred(22.7)(160.1)(5.8)$11.4 (72.0)75.9 State and Local:Current$12.8 33.4 29.2 Deferred(5.7)(54.6)2.1 $7.1 (21.2)31.3 International:Current$120.7 161.2 136.3 Deferred(6.7)(42.3)(42.7)$114.0 118.9 93.6 Total$132.5 25.7 200.8 The U.S. Internal Revenue Code contains two code sections, the Base Erosion Anti-Abuse Tax and Global Intangible Low-Taxed Income Tax, for which we treat any associated income tax as a period cost and record an expense provision for any year we are subject to the taxes. Accordingly, the estimated impacts of these taxes were included in our provision for income taxes for all periods presented. Due to the generation of net operating loss carryovers, our current tax expense increased by $36.0 million, $69.1 million and $25.6 million in 2024, 2023 and 2022, respectively, and our deferred tax expense was reduced by a corresponding amount.Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before provision for income taxes as a result of the following:Year Ended December 31,($ in millions)202420232022Income tax expense at statutory rates$142.6 21.0 %$52.9 21.0 %$208.7 21.0 %Increase (reduction) in income taxes from:State and local income taxes, net of federal income tax benefit5.4 0.8 (17.1)(6.8)26.8 2.7 Nondeductible expenses13.8 2.0 7.1 2.9 13