Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 144

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 144
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, Fair Value Measurements, for further discussion of our investments reported at fair value.The table below does not include our $9.7 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment.Year Ended December 31,(in millions)202420232022Fair value investments as of January 1,$740.8 794.9 639.6 Investments(1)104.3 160.4 156.1 Distributions(27.8)(25.2)(38.5)Change in fair value(62.4)(197.8)61.3 Foreign currency translation adjustments, net(12.9)8.5 (23.6)Fair value investments as of December 31,$742.0 740.8 794.9 (1) Included in this caption are Notes receivable, inclusive of accrued interest, which converted to unconsolidated equity investments; these amounts were $12.3 million and $66.9 million for the twelve months ended December 31, 2024 and 2023, respectively.

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6.     STOCK-BASED COMPENSATIONThe Stock Award and Incentive Plan ("SAIP") provides for the granting of various stock awards to eligible employees of JLL. These awards have historically been RSUs which generally vest over three years (either cliff or graded vesting) and PSUs which generally vest in three years (cliff vesting), subject to performance and/or market conditions.There were approximately 1.5 million shares available for grant under the SAIP as of December 31, 2024.Stock-based compensation expense, excluding expense related to retention awards issued in conjunction with acquisitions, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to retention awards issued in conjunction with acquisitions is included within Restructuring and acquisition charges. Stock-based compensation expense by award type is presented below. In 2023, we recognized $13.5 million of stock-based compensation expense reversal associated with the expected achievement against performance measures of certain PSU awards.Year Ended December 31,(in millions)202420232022Restricted stock unit awards$82.5 65.9 48.5 Performance stock unit awards12.6 9.0 26.8 Total$95.1 74.9 75.3 Restricted Stock Units and Performance Stock Units