Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 125

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 125
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 our ability to withdraw these funds other than for their specified use.Property and EquipmentWe record property and equipment at cost and depreciate these assets over their relevant useful lives. We capitalize certain direct costs relating to internal-use software when incurred during the development phase.We evaluate property and equipment for impairment whenever events or circumstances indicate the carrying value of an asset group may not be recoverable. We record an impairment loss to the extent the carrying value exceeds the estimated fair value. We did not recognize any significant impairment losses related to property and equipment during the three years ended December 31, 2024.

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We calculate depreciation on property and equipment for financial reporting purposes using the straight-line method based on the estimated useful lives of our assets. Depreciation expense related to property and equipment for the years ended December 31, 2024, 2023 and 2022 was $189.5 million, $168.7 million and $157.7 million, respectively. The following table shows the gross value of major asset categories and the standard depreciable lives, as of December 31, 2024, for each of these asset categories.December 31,($ in millions)20242023Depreciable LifeFurniture, fixtures and equipment$144.9 145.4 3 to 13 yearsComputer equipment and software1,070.7 987.9 2 to 7 yearsLeasehold improvements480.6 468.2 1 to 15 yearsOther(1)63.5 51.5 2 to 30 yearsTotal1,759.7 1,653.0 Less: Accumulated depreciation1,161.6 1,039.1 Net property and equipment$598.1 613.9 (1) Other includes certain assets, such as land, which are not depreciated.Business Combinations, Goodwill and Other Intangible AssetsWe have historically grown, in part, through a series of acquisitions. Consistent with the services nature of the majority of businesses we have acquired, we have recognized significant goodwill and intangible assets resulting from these acquisitions. Intangible assets are initially recorded at their respective acquisition date fair values and amortized on a straight-line basis over their estimated useful lives. They primarily represent customer relationships, management contracts and customer backlogs acquired as part of our acquisitions.We evaluate goodwill for impairment annually on July 1st of each year or when a triggering event occurs. In our annual goodwill impairment evaluation on July 1,