Company: JLL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001037976-25-000006
Chunk: 149

Company: JONES LANG LASALLE INC
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 149
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2 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.December 31,(in millions)20242023Deferred tax assets attributable to:Accrued expenses$472.3 511.3 U.S. federal and state loss and credit carryovers66.2 55.1 Allowances for uncollectible accounts37.5 37.6 International loss carryovers330.6 313.0 Investments20.4 1.6 Pension liabilities27.9 27.7 Deferred tax assets954.9 946.3 Less: valuation allowances(164.9)(172.7)Net deferred tax assets$790.0 773.6 Deferred tax liabilities attributable to:Property and equipment$8.4 24.8 Intangible assets277.5 277.7 Income deferred for tax purposes26.6 11.4 Other4.9 7.1 Deferred tax liabilities$317.4 321.0 Net deferred taxes$472.6 452.6 The increase in gross deferred tax assets in 2024 was primarily the result of increases in net operating loss carryovers. The decrease in valuation allowances was primarily the result of foreign currency movement.We have not provided a deferred tax liability on the unremitted foreign earnings of international subsidiaries because it is our intent to permanently reinvest such earnings outside of the U.S. If repatriation of all such earnings were to occur, we would incur withholding taxes, dividend distribution taxes and potentially an amount of gain taxation which is not presently determinable.

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As of December 31, 2024, we had an available U.S. federal net operating loss ("NOL") carryover of $47.6 million from acquired companies, for which we have established a full valuation allowance due to significant statutory limitations on its usage, and which will begin to expire in 2028. We have U.S. state NOL carryovers with a tax effect of $19.2 million, which expire at various dates through 2044, and international NOL carryovers of $1,324.0 million, which generally do not have expiration dates. The change in deferred tax balances for NOL carryovers from 2023 to 2024 included increases from current year losses and decreases from current year estimated utilization.As of December 31, 2024, we believe it is more