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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
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  Employee Savings and Retirement Plan--Company employees may participate in
The Galbreath Company Savings and Retirement Plan. The defined contribution
plan covers all full-time employees of the Company and certain affiliated
companies. Employees may contribute a percentage of their pay to the plan.
Employer contributions of $200,961 in 1996 was at the discretion of the
  Self-Insurance Programs--The Company uses various self-insurance plans for
certain of its health and workers' compensation insurance programs. The
associated liability has been recorded in the financial statements based on
information currently available as to the estimated ultimate cost for
incidents prior to the balance sheet date. Losses in excess of certain limits
are insured with third-party insurance companies.
  Revenue Recognition--Revenue is recognized when the service has been
provided or the leasing transaction has been finalized.
  The Company manages several buildings for the federal government under the
terms of which the Company is directly responsible for all operating expenses.
The Company receives a fixed fee, based on occupied square footage, which is
reflected in the combined financial statements net of operating expenses of
$10,051,234 for the year ended December 31, 1996.
  Advertising--Advertising costs are expensed as incurred.
  Litigation--The Company and its subsidiary are defendants in several
lawsuits incidental to their businesses. In the opinion of management, the
outcome of such litigation will not have a material adverse effect on the
Company's combined financial statements.
  Fair Value of Financial Instruments--The estimated fair value of cash and
equivalents, accounts receivable, advances to brokers, customers and others,
demand and other notes payable, accounts payable and accrued liabilities
approximate their carrying amounts due to the short maturity of those
instruments. Investments in securities are recorded at fair value based on
market quotations. The estimated fair value of notes receivable and long-term
debt approximate their carrying amounts based on their remaining maturities
and rates currently available to the Company.
  Impairment of Long-Lived Assets--The Company adopted the provisions of
Statement of Financial Accounting Standards SFAS No. 121 "Accounting for the
Impairment of Long-lived Assets to be Disposed of," on January 1, 1996. This
Statement requires that long-lived assets and certain identifiable intangibles
are to be reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of
the carrying amount of an asset to future net cash flows expected to be
generated by the asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying
value of the assets exceed the fair value of the assets. Assets to be disposed
of are reported at the lower of the carrying amount or fair value less costs
to sell. Adoption of SFAS No. 121 did not have a material impact on the
Company's financial statements.

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