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SEC Filings

8-K
JONES LANG LASALLE INC filed this Form 8-K on 11/06/2017
Entire Document
 

5.
Restructuring and acquisition charges are excluded from the company's measure of segment operating results, although they are included for consolidated Operating income calculated in accordance with GAAP. For purposes of segment operating results, the allocation of restructuring and acquisition charges to the segments is not a component of management’s assessment of segment performance.
Restructuring and acquisition charges were $3.4 million and $18.0 million for the third quarter of 2017 and 2016, respectively. Charges in 2017 included $4.2 million of severance and other employment-related charges incurred with respect to headcount reductions or other activities considered to represent structural changes to local, regional, and/or global business operations, partially offset by immaterial amounts for pre-acquisition due diligence and post-acquisition integration activities as well as net non-cash fair value adjustments to earn-out liabilities that arose from prior period acquisition activity. Comparatively, charges in 2016 included (a) $4.9 million of severance and other employment-related charges, (b) $6.0 million of costs incurred for pre-acquisition due diligence and post-acquisition integration activities, (c) a $2.3 million loss on 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 and (d) a $6.5 million charge related to the write-off of an indefinite-lived intangible asset, partially offset by (e) $1.7 million of net non-cash fair value adjustments that resulted in a net decrease to earn-out liabilities that arose from prior period acquisition activity.
6.
The consolidated statements of cash flows are presented in summarized form. For complete condensed consolidated statements of cash flows, please refer to the company's Quarterly Report on Form 10-Q for the nine months ended September 30, 2017, to be filed with the Securities and Exchange Commission in the near future.
7.
EMEA refers to Europe, Middle East and Africa. MENA refers to Middle East and North Africa. Greater China includes China, Hong Kong, Macau and Taiwan. Southeast Asia refers to Singapore, Indonesia, Philippines, Thailand and Vietnam. The BRIC countries include Brazil, Russia, India and China. Benelux refers to Belgium, the Netherlands and Luxembourg.
8.
As of September 30, 2017, LaSalle had $59.0 billion of real estate assets under management with approximately $6.0 billion available for investment (“dry powder”) contemplating committed capital and available borrowing capacity at traditional leverage levels. Assets under management were composed of $32.5 billion invested in separate accounts, $14.8 billion invested in fund management vehicles and $11.7 billion invested in public securities. The geographic distribution of separate accounts and fund management investments was $17.3 billion in North America, $16.2 billion in the UK, $7.9 billion in Asia Pacific and $5.9 billion in continental Europe. Assets under management data for separate accounts and fund management amounts are reported on a one-quarter lag.
LaSalle raised $0.8 billion in capital for the three months ended September 30, 2017; dispositions and withdrawals for the same period were $1.9 billion.
Contact:
Christie B. Kelly
Title:
Global Chief Financial Officer
Phone:
+1 312 228 2316

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