Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 90

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 90
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 Ended December 31,(in millions)20242023Severance and other employment-related charges$27.1 62.1 Restructuring, pre-acquisition and post-acquisition charges28.6 43.0 Fair value adjustments that resulted in a net decrease to earn-out liabilities from prior-period acquisition activity(32.6)(4.4)Restructuring and acquisition charges$23.1 100.7 

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Interest Expense

Interest expense, net of interest income, for 2024 was $136.9 million, compared to $135.4 million in 2023. The average outstanding borrowings under our credit facilities and commercial paper program was $1,381.4 million this year, with an average effective interest rate of 5.9%, in 2024, compared with $1,875.9 million, also with an average effective interest rate of 5.9%, during 2023.

Equity Earnings (Losses)

The following details Equity losses by relevant segment. Refer to the segment discussions for additional details.Year Ended December 31,(in millions)20242023JLL Technologies$(53.8)(177.0)LaSalle(22.6)(24.7)Other5.6 7.6 Equity losses$(70.8)(194.1)

Income Taxes

The provision for income taxes was $132.5 million and $25.7 million for the years ended December 31, 2024 and 2023, respectively, representing effective tax rates ("ETR") of 19.5% and 10.2%, respectively. The meaningfully lower ETR in 2023 was primarily attributable to the significantly lower pre-tax earnings (compared to 2024) as well as the geographic mix of income. Refer to the Income Tax discussion in the Summary of Critical Accounting Policies and Estimates and Note 8, Income Taxes, of the Notes to Consolidated Financial Statements, included in Item 8, for a further discussion of our effective tax rate.

Net Income and Adjusted EBITDA

Net income attributable to common shareholders was $546.8 million for the year, or $11.30 per diluted common share, compared with $225.4 million for 2023, or $4.67 per diluted common share. Adjusted EBITDA increased 28% from the prior year to $1,186.3 million in 2024.

Adjusted EBITDA expansion was