Print Page     Close Window     

SEC Filings

10-Q
JONES LANG LASALLE INC filed this Form 10-Q on 11/06/2017
Entire Document
 

10.
RESTRUCTURING AND ACQUISITION CHARGES
For the three and nine months ended September 30, 2017, we recognized Restructuring and acquisition charges of $3.4 million and $13.3 million, respectively. For the three and nine months ended September 30, 2016, we recognized Restructuring and acquisition charges of $18.0 million and $35.9 million, respectively.
For the three and nine months ended September 30, 2017, we recognized $0.6 million and $2.7 million related to net decreases to earn-out liabilities that arose from prior-period acquisition activity, respectively. For the three and nine months ended September 30, 2016, we recognized $1.7 million and $1.5 million related to net decreases to earn-out liabilities that arose from prior-period acquisition activity. For the three and nine months ended September 30, 2016, we recognized a $6.5 million charge related to the write-off of an indefinite-lived intangible asset. In addition, there was a $2.3 million loss for the three months ended September 30, 2016, included in Restructuring and acquisition charges for a foreign currency derivative relating to an acquisition payment which fully offset the corresponding $2.3 million gain recognized in the second quarter of 2016.
In all periods, the remaining charges primarily consist of (1) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (2) lease exit charges, and (3) other acquisition and integration-related charges. The following tables show the restructuring and acquisition accrual activity and related payments, which are exclusive of the adjustments individually noted above.
(in millions)
Severance & Employment-Related
Lease
Exit
Other
Acquisition
Total
December 31, 2016
$
19.7

5.5

5.8

31.0

Accruals
10.6

0.7

4.7

16.0

Payments made
(19.0
)
(0.6
)
(6.5
)
(26.1
)
September 30, 2017
$
11.3

5.6

4.0

20.9

(in millions)
Severance & Employment-Related
Lease
Exit
Other
Acquisition
Total
December 31, 2015
$
2.7

5.7

0.2

8.6

Accruals
16.0


14.9

30.9

Payments made
(5.1
)
(0.4
)
(11.4
)
(16.9
)
September 30, 2016
$
13.6

5.3

3.7

22.6

We expect the majority of accrued severance and other accrued acquisition costs as of September 30, 2017 will be paid during the next twelve months. Lease exit payments depend on the terms of various leases, which extend as far out as 2022.
11.
NONCONTROLLING INTEREST
We reflect changes in amounts attributable to noncontrolling interests in the Condensed Consolidated Statement of Changes in Equity. We present changes in amounts attributable to redeemable noncontrolling interests in the following table.
(in millions)
 
Redeemable noncontrolling interests as of December 31, 2016
$
6.8

Acquisition of redeemable noncontrolling interest (1)
(3.5
)
Net loss
(0.1
)
Impact of exchange rate movements
0.7

Redeemable noncontrolling interests as of September 30, 2017
$
3.9

(1) Reflects our redemption of a portion of the redeemable noncontrolling interest related to our 2014 acquisition of Tenzing AB and includes $1.1 million representing the difference between the redemption value and the carrying value of the acquired interest.


25


© Copyright Jones Lang LaSalle, IP, Inc.