2014 Q2 Form 10-Q Financial Statement

#000103797614000047 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.277B $989.4M
YoY Change 29.09% 7.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.157B $896.8M
YoY Change 29.05% 8.48%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.80M $20.20M
YoY Change 12.87% 1.51%
% of Gross Profit
Operating Expenses $1.186B $923.6M
YoY Change 28.36% 6.99%
Operating Profit $91.70M $65.82M
YoY Change 39.32% 13.33%
Interest Expense $7.664M $9.049M
YoY Change -15.31% 21.32%
% of Operating Profit 8.36% 13.75%
Other Income/Expense, Net
YoY Change
Pretax Income $96.48M $65.85M
YoY Change 46.52% 30.2%
Income Tax $24.12M $16.40M
% Of Pretax Income 25.0% 24.9%
Net Earnings $71.94M $46.53M
YoY Change 54.61% 24.28%
Net Earnings / Revenue 5.63% 4.7%
Basic Earnings Per Share $1.61 $1.05
Diluted Earnings Per Share $1.58 $1.03
COMMON SHARES
Basic Shares Outstanding 44.59M shares 44.10M shares
Diluted Shares Outstanding 45.28M shares 45.14M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.0M $122.0M
YoY Change 23.77% 6.09%
Cash & Equivalents $150.7M $121.9M
Short-Term Investments
Other Short-Term Assets $9.676M $11.72M
YoY Change -17.43% -90.84%
Inventory
Prepaid Expenses $75.86M $64.46M
Receivables $1.195B $911.4M
Other Receivables $274.0M $194.0M
Total Short-Term Assets $1.834B $1.356B
YoY Change 35.2% 17.44%
LONG-TERM ASSETS
Property, Plant & Equipment $331.9M $252.2M
YoY Change 31.56% 5.54%
Goodwill $1.946B $1.837B
YoY Change 5.96%
Intangibles $44.15M $41.34M
YoY Change 6.78%
Long-Term Investments $296.0M $265.0M
YoY Change 11.7% 25.59%
Other Assets $192.7M $157.8M
YoY Change 22.12% -51.44%
Total Long-Term Assets $2.942B $2.818B
YoY Change 4.4% 6.79%
TOTAL ASSETS
Total Short-Term Assets $1.834B $1.356B
Total Long-Term Assets $2.942B $2.818B
Total Assets $4.776B $4.175B
YoY Change 14.41% 10.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $492.0M $401.0M
YoY Change 22.69% 9.86%
Accrued Expenses $549.0M $410.0M
YoY Change 33.9% 4.33%
Deferred Revenue
YoY Change
Short-Term Debt $24.74M $50.72M
YoY Change -51.23%
Long-Term Debt Due $25.00M $51.00M
YoY Change -50.98% 155.0%
Total Short-Term Liabilities $1.450B $1.237B
YoY Change 17.16% 24.84%
LONG-TERM LIABILITIES
Long-Term Debt $685.0M $754.0M
YoY Change -9.15% 21.81%
Other Long-Term Liabilities $97.47M $62.27M
YoY Change 56.53% -85.21%
Total Long-Term Liabilities $97.47M $62.27M
YoY Change 56.53% -94.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.450B $1.237B
Total Long-Term Liabilities $97.47M $62.27M
Total Liabilities $2.436B $2.241B
YoY Change 8.66% 9.66%
SHAREHOLDERS EQUITY
Retained Earnings $1.344B $1.067B
YoY Change 26.01%
Common Stock $958.2M $946.1M
YoY Change 1.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.310B $1.927B
YoY Change
Total Liabilities & Shareholders Equity $4.776B $4.175B
YoY Change 14.41% 10.03%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $71.94M $46.53M
YoY Change 54.61% 24.28%
Depreciation, Depletion And Amortization $22.80M $20.20M
YoY Change 12.87% 1.51%
Cash From Operating Activities $116.2M $56.90M
YoY Change 104.22% -22.59%
INVESTING ACTIVITIES
Capital Expenditures -$34.30M -$17.50M
YoY Change 96.0% -15.46%
Acquisitions
YoY Change
Other Investing Activities -$10.20M -$24.40M
YoY Change -58.2% -323.85%
Cash From Investing Activities -$44.60M -$42.00M
YoY Change 6.19% 328.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.80M -26.50M
YoY Change 133.21% -47.11%
NET CHANGE
Cash From Operating Activities 116.2M 56.90M
Cash From Investing Activities -44.60M -42.00M
Cash From Financing Activities -61.80M -26.50M
Net Change In Cash 9.800M -11.60M
YoY Change -184.48% -185.29%
FREE CASH FLOW
Cash From Operating Activities $116.2M $56.90M
Capital Expenditures -$34.30M -$17.50M
Free Cash Flow $150.5M $74.40M
YoY Change 102.28% -21.02%

Facts In Submission

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us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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24637000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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31226000 USD
us-gaap Increase Decrease In Receivables
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-27123000 USD
us-gaap Increase Decrease In Receivables
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CY2014Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2014Q2 us-gaap Interest Expense
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CY2013Q2 us-gaap Interest Expense
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us-gaap Interest Paid
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-9780000 USD
us-gaap Interest Paid
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CY2013Q4 us-gaap Investments Fair Value Disclosure
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CY2012Q4 us-gaap Investments Fair Value Disclosure
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CY2014Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
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us-gaap Labor And Related Expense
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us-gaap Labor And Related Expense
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CY2014Q2 us-gaap Labor And Related Expense
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CY2013Q2 us-gaap Labor And Related Expense
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CY2014Q2 us-gaap Liabilities
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CY2013Q4 us-gaap Liabilities And Stockholders Equity
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CY2014Q2 us-gaap Liabilities And Stockholders Equity
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CY2014Q2 us-gaap Loans Receivable Mortgage Warehouse Lending
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100922000 USD
CY2013Q4 us-gaap Loans Receivable Mortgage Warehouse Lending
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0 USD
CY2013Q4 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
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65353000 USD
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CY2014Q2 us-gaap Long Term Debt
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CY2013Q4 us-gaap Long Term Debt Fair Value
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262600000 USD
CY2014Q2 us-gaap Long Term Debt Fair Value
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279200000 USD
CY2013Q4 us-gaap Long Term Line Of Credit
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155000000 USD
CY2014Q2 us-gaap Long Term Line Of Credit
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410000000 USD
CY2014Q2 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
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CY2013Q4 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
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CY2014Q2 us-gaap Minority Interest
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16925000 USD
CY2013Q4 us-gaap Minority Interest
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11140000 USD
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
5122000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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228252000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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277011000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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-83865000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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-146405000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2013Q2 us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
420000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
71766000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
46290000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
59445000 USD
CY2014Q2 us-gaap Notes And Loans Receivable Net Current
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172700000 USD
CY2013Q4 us-gaap Notes And Loans Receivable Net Current
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94519000 USD
CY2014Q2 us-gaap Operating Expenses
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CY2013Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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1759450000 USD
us-gaap Operating Expenses
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2238256000 USD
CY2013Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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76390000 USD
us-gaap Operating Income Loss
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CY2014Q2 us-gaap Operating Income Loss
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us-gaap Other Amortization Of Deferred Charges
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11175000 USD
us-gaap Other Amortization Of Deferred Charges
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13075000 USD
CY2014Q2 us-gaap Other Assets Current
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CY2013Q4 us-gaap Other Assets Current
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CY2014Q2 us-gaap Other Assets Noncurrent
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CY2013Q4 us-gaap Other Assets Noncurrent
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CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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25134000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-87753000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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38952000 USD
CY2013Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-39128000 USD
CY2013Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
262185000 USD
us-gaap Other General And Administrative Expense
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753086000 USD
us-gaap Other General And Administrative Expense
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512106000 USD
CY2014Q2 us-gaap Other General And Administrative Expense
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396086000 USD
CY2013Q4 us-gaap Other Liabilities Current
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CY2014Q2 us-gaap Other Liabilities Current
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CY2014Q2 us-gaap Other Liabilities Noncurrent
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CY2013Q4 us-gaap Other Liabilities Noncurrent
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us-gaap Payments For Previous Acquisition
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us-gaap Payments For Previous Acquisition
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us-gaap Payments For Proceeds From Productive Assets
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us-gaap Payments For Proceeds From Productive Assets
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67644000 USD
us-gaap Payments For Restructuring
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20692000 USD
us-gaap Payments For Restructuring
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6342000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
us-gaap Payments Of Debt Issuance Costs
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495000 USD
us-gaap Payments Of Dividends Common Stock
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10020000 USD
us-gaap Payments Of Dividends Common Stock
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10493000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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13862000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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18585000 USD
CY2013Q4 us-gaap Prepaid Expense Current
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56491000 USD
CY2014Q2 us-gaap Prepaid Expense Current
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75859000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
926000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1848000 USD
us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1007000000 USD
us-gaap Proceeds From Other Debt
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18277000 USD
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
-5060000 USD
us-gaap Proceeds From Payments To Minority Shareholders
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-4002000 USD
us-gaap Proceeds From Payments To Minority Shareholders
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5951000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
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17425000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
22528000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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9201000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
72362000 USD
us-gaap Profit Loss
ProfitLoss
62713000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
49452000 USD
us-gaap Profit Loss
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88507000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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295547000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
331850000 USD
us-gaap Provision For Doubtful Accounts
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6379000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10845000 USD
CY2014Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
13725000 USD
CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
0 USD
us-gaap Repayments Of Lines Of Credit
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853500000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
754954000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2175000 USD
CY2013Q2 us-gaap Restructuring Charges
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6600000 USD
us-gaap Restructuring Charges
RestructuringCharges
9770000 USD
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
6900000 USD
us-gaap Restructuring Charges
RestructuringCharges
6890000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
41416000 USD
CY2013Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
6602000 USD
CY2014Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
5458000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
9770000 USD
CY2013Q2 us-gaap Restructuring Reserve
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20455000 USD
CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
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CY2014Q2 us-gaap Restructuring Reserve
RestructuringReserve
11007000 USD
CY2013Q4 us-gaap Restructuring Reserve
RestructuringReserve
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CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1344318000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1266967000 USD
us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Gross and Net Accounting:</font><font style="font-family:inherit;font-size:10pt;"> We follow the guidance of FASB Accounting Standards Codification ("ASC") 605-45, "Principal and Agent Considerations," when accounting for reimbursements received from clients. In certain of our businesses, primarily those involving management services, our clients reimburse us for expenses incurred on their behalf. We base the treatment of reimbursable expenses for financial reporting purposes upon the fee structure of the underlying contract. Accordingly, we report a contract that provides for fixed fees, fully inclusive of all personnel and other recoverable expenses on a gross basis. When accounting on a gross basis, our reported revenue includes the full billing to our client and our reported expenses include all costs associated with the client. Certain contractual arrangements in our project and development services, including fit-out business activities and our facility management services, tend to have characteristics that result in accounting on a gross basis. In Note 4, Business Segments, for client assignments in property and facility management and in project and development services that are accounted for on a gross basis, we identify the gross contract costs, including vendor and subcontract costs ("gross contract costs"), and present separately their impact on both revenue and operating expense in our Real Estate Services ("RES") segments. We exclude these gross contract costs from revenue and operating expenses in determining "fee revenue" and "fee based operating expenses" in our segment presentation.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We account for a contract on a net basis when the fee structure is comprised of at least two distinct elements, namely (1) a fixed management fee and (2) a separate component that allows for scheduled reimbursable personnel costs or other expenses to be billed directly to the client. When accounting on a net basis, we include the fixed management fee in reported revenue and net the reimbursement against expenses. We base this accounting on the following factors, which define us as an agent rather than a principal:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:29px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:5px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The property owner or client, with ultimate approval rights relating to the employment and compensation of on-site personnel, and bearing all of the economic costs of such personnel, is determined to be the primary obligor in the arrangement;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:29px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:5px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reimbursement to JLL is generally completed simultaneously with payment of payroll or soon thereafter;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:29px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:5px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The property owner is contractually obligated to fund all operating costs of the property from existing cash flow or direct funding from its building operating account, JLL bears little or no credit risk; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:29px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:5px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">JLL generally earns no margin in the reimbursement aspect of the arrangement, obtaining reimbursement only for actual costs incurred.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We account for the majority of our service contracts on a net basis. These net costs aggregated approximately </font><font style="font-family:inherit;font-size:10pt;">$425.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$384.7 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$904.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$808.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively. The presentation of expenses pursuant to these arrangements under either a gross or net basis has no impact on operating income, net income or cash flows. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contracts accounted for on a gross basis resulted in certain costs reflected in revenue and operating expenses (gross contract costs) of </font><font style="font-family:inherit;font-size:10pt;">$191.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$81.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$350.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$156.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize project and development management and construction management fees by applying the percentage of completion method of accounting. The efforts expended method is used to determine the extent of progress towards completion for project and development management fees, and the costs incurred to total estimated costs method is used for construction management fees.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain construction management fees, which are gross construction services revenue reported net of subcontract costs, were </font><font style="font-family:inherit;font-size:10pt;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$2.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.0 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively. Gross construction services revenue totaled </font><font style="font-family:inherit;font-size:10pt;">$23.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$36.7 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$51.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$77.9 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively. Subcontract costs totaled </font><font style="font-family:inherit;font-size:10pt;">$22.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$35.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$48.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$74.9 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We include costs in excess of billings on uncompleted construction contracts of </font><font style="font-family:inherit;font-size:10pt;">$6.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$4.4 million</font><font style="font-family:inherit;font-size:10pt;"> in Trade receivables, and billings in excess of costs on uncompleted construction contracts of </font><font style="font-family:inherit;font-size:10pt;">$3.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$7.4 million</font><font style="font-family:inherit;font-size:10pt;">, in Deferred income, as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
us-gaap Revenue Recognition Services Commissions
RevenueRecognitionServicesCommissions
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize transaction commissions related to leasing services and capital markets services as revenue when we provide the related service unless future contingencies exist.</font></div></div>
us-gaap Revenue Recognition Services Management Fees
RevenueRecognitionServicesManagementFees
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advisory and management fees related to property and facility management services, valuation services, corporate property services, consulting services and investment management are recognized in the period in which we perform the related services.</font></div></div>
CY2013Q2 us-gaap Revenues
Revenues
989383000 USD
us-gaap Revenues
Revenues
2314646000 USD
us-gaap Revenues
Revenues
1845371000 USD
CY2014Q2 us-gaap Revenues
Revenues
1277204000 USD
CY2014Q2 jll Finite And Indefinite Lived Intangible Assets Gross
FiniteAndIndefiniteLivedIntangibleAssetsGross
166383000 USD
CY2013Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
275000000 USD
CY2014Q2 us-gaap Senior Long Term Notes
SeniorLongTermNotes
275000000 USD
CY2013Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
24522000 USD
CY2014Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
24738000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1848000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
2310027000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
2179669000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2190809000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2326952000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-672000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
2678000 USD
CY2014Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11100000 USD
CY2013Q4 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
0 USD
CY2014Q2 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
100922000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45091245 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45141341 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45220082 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45278494 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44090942 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44550154 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44586095 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44101006 shares
jll Accumulated Amortization Finite Lived Intangible Assets Translation Adjustments
AccumulatedAmortizationFiniteLivedIntangibleAssetsTranslationAdjustments
952000 USD
jll Business Combination Indemnification Assets
BusinessCombinationIndemnificationAssets
34500000 USD
jll Business Combinations Guaranteed Deferred Acquisition Obligation
BusinessCombinationsGuaranteedDeferredAcquisitionObligation
-36400000 USD
jll Cash Paid For New Acquisitions And Contingent Earn Out Consideration
CashPaidForNewAcquisitionsAndContingentEarnOutConsideration
20164000 USD
jll Cash Paid For New Acquisitions And Contingent Earn Out Consideration
CashPaidForNewAcquisitionsAndContingentEarnOutConsideration
45313000 USD
CY2014Q2 jll Construction Management Revenue Net Of Costs
ConstructionManagementRevenueNetOfCosts
1200000 USD
jll Construction Management Revenue Net Of Costs
ConstructionManagementRevenueNetOfCosts
3000000 USD
CY2013Q2 jll Construction Management Revenue Net Of Costs
ConstructionManagementRevenueNetOfCosts
1300000 USD
jll Construction Management Revenue Net Of Costs
ConstructionManagementRevenueNetOfCosts
2400000 USD
jll Contingent Consideration Earn Out Fair Value
ContingentConsiderationEarnOutFairValue
1200000 USD
jll Deferred Acquisition Obligations Paid
DeferredAcquisitionObligationsPaid
-8900000 USD
jll Distributions To Real Estate Ventures
DistributionsToRealEstateVentures
517000 USD
jll Distributions To Real Estate Ventures
DistributionsToRealEstateVentures
1462000 USD
CY2014Q2 jll Equity Method Investment Ownership Percentage Maximum
EquityMethodInvestmentOwnershipPercentageMaximum
0.15
CY2014Q2 jll Equity Method Investment Ownership Percentage Minimum
EquityMethodInvestmentOwnershipPercentageMinimum
0.01
jll Finite And Indefinite Lived Intangible Assets Additions
FiniteAndIndefiniteLivedIntangibleAssetsAdditions
2571000 USD
CY2014Q2 jll Unamortized Intangibles And Goodwill
UnamortizedIntangiblesAndGoodwill
2000000000 USD
CY2013Q4 jll Finite And Indefinite Lived Intangible Assets Gross
FiniteAndIndefiniteLivedIntangibleAssetsGross
161972000 USD
jll Finite And Indefinite Lived Intangible Assets Translation Adjustments
FiniteAndIndefiniteLivedIntangibleAssetsTranslationAdjustments
1840000 USD
CY2014Q2 jll Foreign Currency Forward Contract Net Notional Value
ForeignCurrencyForwardContractNetNotionalValue
899500000 USD
CY2013Q4 jll Foreign Currency Forward Contract Net Notional Value
ForeignCurrencyForwardContractNetNotionalValue
1010000000 USD
jll Foreign Currency Translation Adjustments Net
ForeignCurrencyTranslationAdjustmentsNet
448000 USD
jll Foreign Currency Translation Adjustments Net
ForeignCurrencyTranslationAdjustmentsNet
-2523000 USD
jll Goodwill Additions Net Of Adjustments
GoodwillAdditionsNetOfAdjustments
31225000 USD
jll Gross Revenue And Expenses For Management Services
GrossRevenueAndExpensesForManagementServices
156600000 USD
CY2014Q2 jll Gross Revenue And Expenses For Management Services
GrossRevenueAndExpensesForManagementServices
191200000 USD
jll Gross Revenue And Expenses For Management Services
GrossRevenueAndExpensesForManagementServices
350900000 USD
CY2013Q2 jll Gross Revenue And Expenses For Management Services
GrossRevenueAndExpensesForManagementServices
81100000 USD
jll Increase Decrease In Common Stock Held In Trust
IncreaseDecreaseInCommonStockHeldInTrust
1802000 USD
jll Investments In Real Estate Ventures
InvestmentsInRealEstateVentures
71000 USD
jll Investments In Real Estate Ventures
InvestmentsInRealEstateVentures
7014000 USD
CY2014Q2 jll Level Of Risk Retained Per Claim
LevelOfRiskRetainedPerClaim
2500000 USD
jll Maximumexpectedperiodforvehicletodrawdownoncommitment
Maximumexpectedperiodforvehicletodrawdownoncommitment
P5Y
jll Minimumexpectedperiodforvehicletodrawdownoncommitment
Minimumexpectedperiodforvehicletodrawdownoncommitment
P3Y
CY2013Q4 jll Minority Shareholder Redemption Liability Noncurrent
MinorityShareholderRedemptionLiabilityNoncurrent
20667000 USD
CY2014Q2 jll Minority Shareholder Redemption Liability Noncurrent
MinorityShareholderRedemptionLiabilityNoncurrent
10657000 USD
CY2014Q2 jll Number Of Acquisitions Subject To Potential Earn Out Payments Provisions
NumberOfAcquisitionsSubjectToPotentialEarnOutPaymentsProvisions
14 acquisition
CY2014Q2 jll Number Of Contributory Defined Benefit Pension Plans
NumberOfContributoryDefinedBenefitPensionPlans
5 plan
CY2014Q2 jll Number Of Investment Vehicles Utilized To Facilitate Majority Of Co Investment Activity
NumberOfInvestmentVehiclesUtilizedToFacilitateMajorityOfCoInvestmentActivity
2 investment
CY2014Q2 jll Number Of Separate Property Or Fund Co Investments
NumberOfSeparatePropertyOrFundCoInvestments
50 investment
jll Provision Recorded For Potential Earn Out Obligations
ProvisionRecordedForPotentialEarnOutObligations
1000000 USD
jll Provision Recorded For Potential Earn Out Obligations
ProvisionRecordedForPotentialEarnOutObligations
8912000 USD
jll Segment Reporting Information Operating Expenses
SegmentReportingInformationOperatingExpenses
2196840000 USD
CY2013Q2 jll Segment Reporting Information Operating Expenses
SegmentReportingInformationOperatingExpenses
916959000 USD
jll Segment Reporting Information Operating Expenses
SegmentReportingInformationOperatingExpenses
1749680000 USD
CY2014Q2 jll Segment Reporting Information Operating Expenses
SegmentReportingInformationOperatingExpenses
1180090000 USD
CY2014Q2 jll Segment Reporting Information Operating Income Before Restructuring Charges
SegmentReportingInformationOperatingIncomeBeforeRestructuringCharges
97114000 USD
jll Segment Reporting Information Operating Income Before Restructuring Charges
SegmentReportingInformationOperatingIncomeBeforeRestructuringCharges
117806000 USD
jll Segment Reporting Information Operating Income Before Restructuring Charges
SegmentReportingInformationOperatingIncomeBeforeRestructuringCharges
95691000 USD
CY2013Q2 jll Segment Reporting Information Operating Income Before Restructuring Charges
SegmentReportingInformationOperatingIncomeBeforeRestructuringCharges
72424000 USD
jll Segment Reporting Information Revenuefor Reportable Segment
SegmentReportingInformationRevenueforReportableSegment
1859929000 USD
CY2014Q2 jll Segment Reporting Information Revenuefor Reportable Segment
SegmentReportingInformationRevenueforReportableSegment
1289695000 USD
jll Segment Reporting Information Revenuefor Reportable Segment
SegmentReportingInformationRevenueforReportableSegment
2336039000 USD
CY2013Q2 jll Segment Reporting Information Revenuefor Reportable Segment
SegmentReportingInformationRevenueforReportableSegment
998459000 USD
jll Subcontract Costs
SubcontractCosts
48800000 USD
CY2013Q2 jll Subcontract Costs
SubcontractCosts
35400000 USD
jll Subcontract Costs
SubcontractCosts
74900000 USD
CY2014Q2 jll Subcontract Costs
SubcontractCosts
22500000 USD
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001037976
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
44812401 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
JONES LANG LASALLE INC
CY2014Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
1900000000 USD
CY2013Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
1960000000 USD

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