What changed in this filing

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Item 1. Financial Statements

2026-04-30 compared with 2025-11-05 · 194 added, 239 removed, 546 unchanged (44% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data) September 30, 2025 December 31, 2024

(in millions, except share and per share data) March 31, 2026 December 31, 2025

Assets (unaudited)

26 unchanged sentences

Commercial paper, net of debt issuance costs of $ 0.1 and $ 0.2

614.9 ( 0.2 )

Short-term contract liabilities and deferred income 228.6 237.2

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Credit facility, net of debt issuance costs of $ 7.7 and $ 8.5

332.3 ( 8.5 )

Long-term debt, net of debt issuance costs of $ 4.3 and $ 4.7

21 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions, except share and per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

(in millions, except share and per share data) (unaudited) Three Months Ended March 31,

Revenue $ 6,386.5 5,746.4

12 unchanged sentences

Net income 159.4 57.5

Net loss attributable to noncontrolling interest ( 0.4 ) ( 0.3 ) — ( 0.7 )

Net income attributable to noncontrolling interest 0.4 2.2

Net income attributable to common shareholders $ 159.0 55.3

10 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

Company Shareholders' Equity

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Shares held in trust — — — — ( 0.1 ) — — — ( 0.1 )

Repurchase of common stock ( 73,364 ) — — — — ( 19.7 ) — — ( 19.7 )

Change in pension liabilities, net of tax — — — — — — ( 0.5 ) — ( 0.5 )

Repurchase of common stock, including excise tax ( 888,310 ) — ( 30.0 ) — — ( 273.4 ) — — ( 303.4 )

Foreign currency translation adjustments — — — — — — ( 12.4 ) — ( 12.4 )

1 unchanged sentence

March 31, 2026 46,303,700 $ 0.5 1,974.4 7,228.1 ( 13.9 ) ( 1,297.3 ) ( 584.9 ) 119.7 $ 7,426.6

Net income (loss) — — — 112.3 — — — ( 1.8 ) 110.5

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 31,597 — ( 6.5 ) ( 0.6 ) — 5.2 — — ( 1.9 )

Stock-based compensation — — 44.0 — — — — — 44.0

Shares held in trust — — — — 0.1 — — — 0.1

Repurchase of common stock ( 166,071 ) — — — — ( 40.2 ) — — ( 40.2 )

Foreign currency translation adjustments — — — — — — 86.4 — 86.4

Increase in amounts due to noncontrolling interest — — — — — — — 0.6 0.6

June 30, 2025 47,378,977 $ 0.5 2,039.4 6,494.7 ( 12.0 ) ( 958.5 ) ( 524.2 ) 121.7 $ 7,161.6

Net income (loss) — — — 222.8 — — — ( 0.4 ) 222.4

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 58,489 — ( 15.4 ) ( 3.4 ) — 13.0 — — ( 5.8 )

Stock-based compensation — — 22.4 — — — — — 22.4

Shares held in trust — — — — ( 0.2 ) — — — ( 0.2 )

Repurchase of common stock ( 243,444 ) — — — — ( 70.3 ) — — ( 70.3 )

Foreign currency translation adjustments — — — — — — ( 33.5 ) — ( 33.5 )

Decrease in amounts due to noncontrolling interest — — — — — — — ( 0.5 ) ( 0.5 )

September 30, 2025 47,194,022 $ 0.5 2,046.4 6,714.1 ( 12.2 ) ( 1,015.8 ) ( 557.7 ) 120.8 $ 7,296.1

Accumulated other comprehensive income (loss)

Noncontrolling interest

JONES LANG LASALLE INCORPORATED

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Company Shareholders' Equity

4 unchanged sentences

December 31, 2024 47,415,584 $ 0.5 2,032.7 6,334.9 ( 11.8 ) ( 937.9 ) ( 646.9 ) 123.6 $ 6,895.1

Net income (loss) — — — 66.1 — — — ( 0.5 ) 65.6

Net income — — — 55.3 — — — 2.2 57.5

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 171,231 — ( 52.8 ) ( 7.2 ) — 34.1 — — ( 25.9 )

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March 31, 2025 47,513,451 $ 0.5 2,001.9 6,383.0 ( 12.1 ) ( 923.5 ) ( 610.6 ) 122.9 $ 6,962.1

Net income — — — 84.4 — — — 0.1 84.5

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 103,674 — ( 8.2 ) ( 0.1 ) — 8.0 — — ( 0.3 )

Stock-based compensation — — 45.7 — — — — — 45.7

Shares held in trust — — — — ( 1.6 ) — — — ( 1.6 )

Repurchase of common stock ( 103,714 ) — — — — ( 20.4 ) — — ( 20.4 )

Foreign currency translation adjustments — — — — — — ( 22.1 ) — ( 22.1 )

Increase in amounts due to noncontrolling interest — — — — — — — 4.9 4.9

June 30, 2024 47,497,305 $ 0.5 2,013.3 5,941.9 ( 11.9 ) ( 913.6 ) ( 651.0 ) 119.1 $ 6,498.3

Net Income (loss) — — — 155.1 — — — ( 0.3 ) 154.8

Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 59,771 — ( 14.5 ) ( 2.4 ) — 11.8 — — ( 5.1 )

Stock-based compensation — — 22.0 — — — — — 22.0

Shares held in trust — — — — ( 0.2 ) — — — ( 0.2 )

Repurchase of common stock ( 85,451 ) — — — — ( 20.0 ) — — ( 20.0 )

Foreign currency translation adjustments — — — — — — 115.9 — 115.9

Increase in amounts due to noncontrolling interest — — — — — — — 3.3 3.3

September 30, 2024 47,471,625 $ 0.5 2,020.8 6,094.6 ( 12.1 ) ( 921.8 ) ( 535.1 ) 122.1 $ 6,769.0

Accumulated other comprehensive income (loss)

3 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) (unaudited) 2026 2025

1 unchanged sentence

Net income $ 159.4 57.5

Reconciliation of net income to net cash provided by (used in) operating activities:

Reconciliation of net income to net cash used in operating activities:

Depreciation and amortization 57.8 71.6

Equity losses 25.6 20.0

Equity (earnings) losses ( 7.5 ) 25.6

Distributions of earnings from investments 5.2 1.6

10 unchanged sentences

Accrued compensation (including net deferred compensation) ( 642.3 ) ( 650.5 )

Net cash provided by (used in) operating activities 182.3 ( 142.0 )

Net cash used in operating activities ( 755.0 ) ( 767.6 )

Cash flows from investing activities:

Net capital additions – property and equipment ( 64.9 ) ( 44.5 )

Business acquisitions, net of cash acquired ( 6.1 ) ( 40.8 )

Capital contributions to investments ( 17.7 ) ( 112.9 )

Distributions of capital from investments 21.8 4.9

Acquisition of controlling interest, net of cash acquired — 3.7

Other, net ( 0.5 ) ( 0.3 )

5 unchanged sentences

Repayments of commercial paper ( 960.0 ) ( 300.0 )

Net repayments of short-term borrowings ( 14.0 ) ( 73.0 )

Net proceeds from (repayments of) short-term borrowings 73.4 ( 67.2 )

Payments of deferred business acquisition obligations and earn-outs ( 8.5 ) ( 0.6 )

Repurchase of common stock ( 300.0 ) ( 19.7 )

Noncontrolling interest (distributions) contributions, net ( 2.8 ) 2.1

Other, net ( 70.5 ) ( 31.8 )

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Operating leases 52.2 48.7

Non-cash activities:

Business acquisitions (including contingent consideration) $ 0.2 13.5

Deferred business acquisition obligations 0.9 5.9

See accompanying notes to Consolidated Financial Statements.

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Management's Discussion and Analysis of Financial Condition and Results of Operations and to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for further discussion of our significant accounting policies and estimates.

Our Consolidated Financial Statements as of September 30, 2025, and for the periods ended September 30, 2025 and 2024, are unaudited.

Our Consolidated Financial Statements as of March 31, 2026, and for the periods ended March 31, 2026 and 2025, are unaudited.

In the opinion of management, we have included all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements for these interim periods.

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Changes in the geographic mix of income can impact our estimated effective tax rate.

As a result of the items mentioned above, the results for the periods ended September 30 are not fully indicative of what our results will be for the full fiscal year.

As a result of the items mentioned above, the results for the periods ended March 31 are not fully indicative of what our results will be for the full fiscal year.

Accelerated share repurchase program

In March 2026, we entered into an Accelerated Share Repurchase ("ASR") program, whereby we made an upfront payment of $ 200.0 million and received initial delivery of approximately 587,000 shares at a price of $ 289.52 per share.

These shares represented a portion of the prepayment amount, and the remainder of the shares associated with this ASR will be delivered on contractual settlement dates during the second quarter.

NEW ACCOUNTING STANDARDS

Recently adopted accounting guidance

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

We adopted this guidance for the interim periods beginning January 1, 2026 and elected to apply the practical expedient, which assumes that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets.

This ASU did not have a material impact on our financial statements or results of operations.

Recently issued accounting guidance

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

This ASU will result in expanded disclosures related to income taxes but will have no impact on our financial statements or results of operations.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses for public entities.

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This ASU will result in expanded disclosures related to expenses but will have no impact on our financial statements or results of operations.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

The practical expedient permits an entity to assume current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets.

The practical expedient is available to all entities.

The accounting policy election allows an entity to consider cash collection activity after the balance sheet date when estimating expected credit losses on current accounts receivable and current contract assets.

The policy election is available to entities other than public business entities and is therefore not applicable to us.

This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted.

We are evaluating the effect this would have on our financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

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We are evaluating the effect this guidance will have on our financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326):

Purchased Loans , which requires entities to account for acquired loans that meet certain criteria (“purchased seasoned loans”) using the gross-up approach, aligning their treatment with purchased financial assets with credit deterioration.

Under this approach, entities recognize the loans at their purchase price plus an allowance for expected credit losses.

This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted.

The amendments must be applied prospectively to loans acquired on or after the initial application date.

We do not expect this guidance to have a material impact on our financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities , which provides guidance on the recognition, measurement, and presentation of government grants to business entities.

This ASU is effective for annual periods beginning after December 15, 2028, for public business entities, with early adoption permitted.

We do not expect this guidance to have a material impact on our financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements , which clarifies interim reporting requirements under U.S.

GAAP for all entities preparing interim financial statements and notes.

The ASU improves the navigability of Topic 270, specifies the form and content of interim financial statements and notes, provides a comprehensive list of required interim disclosures, and introduces a disclosure principle for condensed interim financial statements requiring disclosure of events with a material effect since the end of the previous annual period.

This ASU is effective for interim periods in fiscal years beginning after December 15, 2027, for public business entities, with early adoption permitted.

We do not expect this guidance to have a material impact on our financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements , as part of its ongoing project to make minor amendments and clarifications to the Accounting Standards Codification.

The amendments address issues across a wide range of Topics and are intended to clarify, correct errors, or make minor improvements without significant impact on current accounting practice or cost to most entities.

The ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those years, with early adoption permitted on an issue-by-issue basis.

We do not expect this guidance to have a material impact on our financial statements.

REVENUE RECOGNITION

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Such out-of-scope revenue is presented below.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

4 unchanged sentences

Such contract assets and liabilities are presented below.

(in millions) September 30, 2025 December 31, 2024

(in millions) March 31, 2026 December 31, 2025

Contract assets, gross $ 408.9 407.1

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Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied.

As of September 30, 2025, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount of our total revenue.

As of March 31, 2026, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount of our total revenue.

In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management and Investment Management contracts.

1 unchanged sentence

BUSINESS SEGMENTS

Effective January 1, 2025, we report Property Management (historically included in Markets Advisory, which was renamed Leasing Advisory) within Real Estate Management Services (formerly referred to as Work Dynamics).

Additionally, Capital Markets, LaSalle and JLL Technologies were renamed to Capital Markets Services, Investment Management, and Software and Technology Solutions, respectively.

Effective July 1, 2025, we report the balances and activity associated with the investments historically reported within Software and Technology Solutions in “All Other.” These investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment.

Prior period financial information was recast to conform with the presentation changes described above.

We manage and report our operations as five global business segments:

Effective January 1, 2026, we began reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services.

In addition, the revenue disaggregation within Leasing Advisory was collapsed and the presentation of Investment Management revenue was simplified to reflect two captions:

Advisory fees and Incentive and transaction fees.

Prior period financial information was recast to conform with these presentation changes.

We manage and report our operations as four global business segments:

(1) Real Estate Management Services,

(2) Leasing Advisory,

(3) Capital Markets Services,

(4) Investment Management and

(5) Software and Technology Solutions.

Real Estate Management Services business provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, and portfolio and other services.

(3) Capital Markets Services, and

(4) Investment Management.

Leasing Advisory offers agency leasing and tenant representation, as well as advisory and consulting services.

Capital Markets Services offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing.

Investment Management provides services on a global basis to institutional investors and high-net-worth individuals, while our Software and Technology Solutions segment offers various software products and services to our clients.

Investment Management provides services on a global basis to institutional investors and high-net-worth individuals.

We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments.

1 unchanged sentence

Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for Investment Management and Proptech Investments, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income.

The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) net non-cash MSR and mortgage banking derivative activity, (v) net income/loss attributable to noncontrolling interest, (vi) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vii) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders.

The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) net income/loss attributable to noncontrolling interest, (v) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vi) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders.

The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance.

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Therefore, we have not disclosed asset information by segment.

As of September 30, 2025, we continue to define our Global Executive Board, collectively, as our CODM.

Effective January 1, 2026, the Software & Technology Solutions segment will merge into Real Estate Management Services with revenues reported as a subsegment within Real Estate Management Services.

There are no changes to the Company’s other segments (Leasing Advisory, Capital Markets Services and Investment Management).

As of March 31, 2026, we continue to define our Global Executive Board, collectively, as our CODM.

Summarized financial information by business segment is as follows.

Real Estate Management Services Three Months Ended September 30, Nine Months Ended September 30,

Real Estate Management Services Three Months Ended March 31,

(in millions) 2026 2025

3 unchanged sentences

Portfolio Services and Other 110.9 112.7

Software & Technology Solutions 56.8 57.1

Revenue $ 5,065.7 4,626.5

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Depreciation and amortization (1)

$ 25.1 32.0 $ 84.9 88.3

(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing Advisory Three Months Ended September 30, Nine Months Ended September 30,

Leasing Advisory Three Months Ended March 31,

(in millions) 2026 2025

Leasing $ 719.1 665.4 $ 1,936.7 1,781.8

Advisory, Consulting and Other 22.8 26.1 68.1 72.3

Revenue $ 686.3 586.1

2 unchanged sentences

Gross contract costs 2.4 2.0

Equity earnings — — — 0.1

Equity losses ( 0.1 ) —

Other segment items ( 0.2 ) 0.1

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Depreciation and amortization $ 11.5 12.0

Capital Markets Services Three Months Ended September 30, Nine Months Ended September 30,

Capital Markets Services Three Months Ended March 31,

(in millions) 2026 2025

7 unchanged sentences

Equity earnings 0.3 1.6

Net non-cash MSR and mortgage banking derivative activity 5.5 12.9

Other segment items 0.9 0.1

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Depreciation and amortization $ 10.4 18.9

Investment Management Three Months Ended September 30, Nine Months Ended September 30,

Investment Management Three Months Ended March 31,

(in millions) 2026 2025

Advisory fees $ 89.9 89.3

Transaction fees and other 5.9 8.6 20.9 24.4

Incentive fees 16.5 — 20.5 4.8

Incentive and transaction fees 9.4 9.2

Revenue $ 99.3 98.5

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Equity earnings (losses) $ 5.5 ( 6.1 )

Software and Technology Solutions Three Months Ended September 30, Nine Months Ended September 30,

(in millions) 2025 2024 2025 2024

Revenue $ 58.6 56.7 $ 171.6 167.0

Platform compensation and benefits $ 46.4 48.1 $ 143.9 146.8

Platform operating, administrative and other 13.0 12.8 42.3 35.7

Gross contract costs 0.8 1.4 2.0 4.0

Other segment items 0.5 — 1.4 —

Adjusted EBITDA $ ( 1.1 ) ( 5.6 ) $ ( 15.2 ) ( 19.5 )

Depreciation and amortization $ 8.2 4.9 $ 20.7 14.2

The following table is a reconciliation of segment revenue to consolidated revenue.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

3 unchanged sentences

Investment Management 99.3 98.5

Software and Technology Solutions 58.6 56.7 171.6 167.0

Total revenue $ 6,386.5 5,746.4

The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.

Three Months Ended September 30, Nine Months Ended September 30,

The balances and activity associated with our investments (inclusive of convertible notes receivable) in proptech funds and early-to-mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment and are reported in All Other below.

Three Months Ended March 31,

(in millions) 2026 2025

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Adjusted EBITDA - Investment Management 15.0 15.8

Adjusted EBITDA - Software and Technology Solutions ( 1.1 ) ( 5.6 ) ( 15.2 ) ( 19.5 )

Adjusted EBITDA - All Other ( 0.8 ) 2.4

3 unchanged sentences

Equity earnings (losses) - Investment Management and Proptech Investments (1)

26.6 ( 2.2 ) ( 29.1 ) ( 23.4 )

Credit losses on convertible note investments ( 0.3 ) ( 0.5 )

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Payments for current-year acquisitions are included in cash used in investing activities, while payments for prior-year acquisitions are primarily reflected in cash used in financing activities.

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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Earn-Out Payments

($ in millions) September 30, 2025 December 31, 2024

The following table details the number of acquisitions related to our earn-out payments, in addition to the maximum (undiscounted) amount and fair values of those earn-out payments

($ in millions) March 31, 2026 December 31, 2025

Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 11 11

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(1) Included in Other current and Other long-term liabilities on the Consolidated Balance Sheets.

Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years.

Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next four years.

Refer to Note 7, Fair Value Measurements, and Note 10, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities.

Goodwill and Other Intangible Assets

Goodwill and unamortized intangibles as of September 30, 2025 consisted of:

Goodwill and unamortized intangibles as of March 31, 2026 consisted of:

(i) goodwill of $ 4,691.0 million, (ii) identifiable intangibles of $ 599.1 million amortized over their remaining finite useful lives and (iii) $ 51.2 million of identifiable intangibles with indefinite useful lives that are not amortized.

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dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.

In conjunction with our new organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2025.

As a result of the changes in Real Estate Management Services and Leasing Advisory, we reassigned goodwill to these reporting units using a relative fair value approach.

Under this methodology, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill.

We considered the change to Real Estate Management Services and Leasing Advisory reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2025.

In conjunction with our evolving organizational structure described more fully in Note 4, Business Segments, we reassessed our reporting units as of January 1, 2026.

As a result of reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services, the goodwill previously attributed to the Software and Technology Solutions reporting unit was combined with the goodwill of the Real Estate Management Services reporting unit.

We considered the change to Software and Technology Solutions and Real Estate Management Services reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2026.

We performed a quantitative test relying on the discounted cash flow ("DCF") method, an income approach, and a market approach in determining the estimated fair value of these reporting units.

Our analysis relied on significant judgments and assumptions in determining the inputs, specifically, forecasted revenue growth, forecasted profitability margin and the discount rate used to present value the estimated future cash flows.

Our analysis indicated that no impairment existed as the estimated fair value of both Real Estate Management Services and Leasing Advisory reporting units exceeded their respective carrying value.

Our analysis indicated that no impairment existed, as the estimated fair value of both the Software and Technology Solutions and Real Estate Management Services reporting units exceeded their respective carrying values.

The following table details, by reporting segment, movements in goodwill.

(in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Software and Technology Solutions Consolidated

(in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Consolidated

Balance as of January 1, 2026 $ 1,225.1 1,405.3 2,019.8 57.1 $ 4,707.3

Additions, net of adjustments — — 6.6 — — 6.6

Impact of exchange rate movements ( 3.4 ) ( 5.2 ) ( 7.4 ) ( 0.3 ) ( 16.3 )

Balance as of September 30, 2025 $ 975.1 1,405.2 2,018.0 57.2 250.0 $ 4,705.5

Balance as of March 31, 2026 $ 1,221.7 1,400.1 2,012.4 56.8 $ 4,691.0

(in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Consolidated

Balance as of January 1, 2025 $ 1,211.3 1,372.6 1,971.5 55.9 $ 4,611.3

Impact of exchange rate movements 3.7 12.8 14.2 0.5 31.2

Balance as of March 31, 2025 $ 1,215.0 1,385.4 1,985.7 56.4 $ 4,642.5

The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles.

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Impact of exchange rate movements — ( 1.0 ) ( 1.0 )

Balance as of September 30, 2025 $ 882.2 335.9 $ 1,218.1

Balance as of March 31, 2026 $ 908.6 335.0 $ 1,243.6

Accumulated Amortization

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Impact of exchange rate movements — 0.3 0.3

Balance as of September 30, 2025 $ ( 426.4 ) ( 120.3 ) $ ( 546.7 )

Net book value as of September 30, 2025 $ 455.8 215.6 $ 671.4

Balance as of March 31, 2026 $ ( 459.3 ) ( 134.0 ) $ ( 593.3 )

Net book value as of March 31, 2026 $ 449.3 201.0 $ 650.3

(1) Included in this amount for MSRs was $ 2.0 million related to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

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Impact of exchange rate movements — 2.7 2.7

Balance as of September 30, 2024 $ 828.5 553.6 $ 1,382.1

Balance as of March 31, 2025 $ 859.6 546.5 $ 1,406.1

Accumulated Amortization

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Impact of exchange rate movements — ( 1.0 ) ( 1.0 )

Balance as of September 30, 2024 $ ( 367.1 ) ( 293.9 ) $ ( 661.0 )

Net book value as of September 30, 2024 $ 461.4 259.7 $ 721.1

Balance as of March 31, 2025 $ ( 395.5 ) ( 308.8 ) $ ( 704.3 )

Net book value as of March 31, 2025 $ 464.1 237.7 $ 701.8

(1) Included in this amount for MSRs was $ 0.8 million related to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights.

Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income.

Summarized investment balances as of September 30, 2025 and December 31, 2024 are presented in the following table.

(in millions) September 30, 2025 December 31, 2024

Summarized investment balances as of March 31, 2026 and December 31, 2025 are presented in the following table.

(in millions) March 31, 2026 December 31, 2025

Investment Management co-investments $ 495.0 505.8

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Our Investment Management co-investments are primarily direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech Investments are generally investments in early-to-mid-stage proptech companies as well as proptech funds.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $ 210.1 million and $ 7.7 million as of September 30, 2025 for our Investment Management business and Proptech Investments, respectively.

In June of 2025, we recognized an investment-level impairment charge of $ 2.2 million on one investment accounted for under the measurement alternative, defined below.

This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income.

There were no other significant impairments in 2025.

In addition, there were no significant other-than-temporary impairment charges on Investments for the nine months ended September 30, 2024.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $ 196.7 million and $ 6.6 million as of March 31, 2026 for our Investment Management business and Proptech Investments, respectively.

There were no significant other-than-temporary impairment charges on Investments for the three months ended March 31, 2026 and 2025.

We report a majority of our investments at fair value.

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Transfers in — 24.6

Fair value investments as of September 30, $ 844.7 795.5

Fair value investments as of March 31, $ 833.8 856.0

See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.

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Financial Instruments

Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Commercial paper, Short-term borrowings, contract liabilities, Warehouse facilities, Credit facility, Long-term debt and foreign currency forward contracts.

The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities and the Warehouse facilities approximate their estimated fair values due to the short-term nature of these instruments.

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The fair value and carrying value of our debt are presented in the following table.

(in millions) September 30, 2025 December 31, 2024

(in millions) March 31, 2026 December 31, 2025

Long-term debt, fair value $ 824.9 838.7

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We did not consider any adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate.

As of September 30, 2025 and December 31, 2024, investments at fair value using NAV were $ 489.8 million and $ 367.9 million, respectively.

As of March 31, 2026 and December 31, 2025, investments at fair value using NAV were $ 483.3 million and $ 491.1 million, respectively.

As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table.

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The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

Investments - fair value $ 44.8 — 305.7 48.2 — 304.7

Foreign currency forward contracts receivable — 0.6 — — 4.9 —

Foreign currency derivative assets — 18.7 — — 5.8 —

Warehouse receivables — 1,141.8 — — 751.2 —

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Total assets at fair value $ 44.8 1,912.3 376.1 48.2 1,480.6 356.9

Foreign currency forward contracts payable $ — 6.9 — — 13.9 —

Foreign currency derivative liabilities $ — 9.7 — — 14.2 —

Deferred compensation plan liabilities — 740.9 — — 731.4 —

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To the extent there are changes in fair value, we recognize such changes through Equity earnings/losses.

Foreign Currency Forward Contracts

We regularly use foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices.

These contracts are on the Consolidated Balance Sheets as current assets and current liabilities.

We determine the fair values of these contracts based on current market rates.

Foreign Currency Derivative Contracts

We use cross-currency swaps and foreign currency forward contracts in the normal course of business to hedge foreign currency exchange rate risk.

We determine the fair values of these derivatives based on current market rates.

The inputs for these valuations are Level 2 in the fair value hierarchy.

The following table details the gross notional value and net basis of these contracts.

(in billions) September 30, 2025 December 31, 2024

Foreign currency forward contracts, gross notional value $ 2.24 2.21

Foreign currency forward contracts, net basis 1.24 1.08

We record the asset and liability positions for our foreign currency forward contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts.

The outstanding balances of these contracts are presented in the following table.

(in millions) September 30, 2025 December 31, 2024

Net asset, receivable positions $ 1.5 5.4

Net asset, payable positions ( 0.9 ) ( 0.5 )

Foreign currency forward contracts receivable $ 0.6 4.9

Net liability, receivable positions $ ( 0.3 ) ( 1.9 )

Net liability, payable positions 7.2 15.8

Foreign currency forward contracts payable $ 6.9 13.9

We record the asset and liability positions for the contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts.

See Note 12, Foreign Currency Derivatives and Hedging for additional details regarding these contracts.

Warehouse Receivables

The fair value of the Warehouse receivables is based on already locked-in security-buy prices.

As of September 30, 2025 and December 31, 2024, all of our Warehouse receivables included in the Consolidated Balance Sheets were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S.

As of March 31, 2026 and December 31, 2025, all of our Warehouse receivables included in the Consolidated Balance Sheets were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S.

government or GSE mortgage-backed security program.

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We maintain a deferred compensation plan for certain of our U.S.

employees that allows them to defer portions of their compensation.

employees and members of our Board of Directors that allows them to defer portions of their compensation.

We recorded this plan on our Consolidated Balance Sheets as Deferred compensation plan assets, long-term deferred compensation plan liabilities, included in Deferred compensation, and as a reduction of equity, Shares held in trust.

The components of the plan are presented in the following table.

(in millions) September 30, 2025 December 31, 2024

(in millions) March 31, 2026 December 31, 2025

Deferred compensation plan assets $ 751.8 723.6

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The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

(in millions) Balance as of June 30, 2025 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (out) Balance as of September 30, 2025

Investments $ 293.1 15.4 ( 0.3 ) 0.8 — — $ 309.0

Mortgage banking derivative assets and liabilities, net 19.9 3.4 52.9 ( 61.5 ) 14.7

Earn-out liabilities 19.1 0.4 ( 0.1 ) — ( 3.3 ) — 16.1

(in millions) Balance as of June 30, 2024 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (out) Balance as of September 30, 2024

Investments $ 367.8 9.5 1.5 — — — $ 378.8

Mortgage banking derivative assets and liabilities, net 31.7 17.3 — 32.8 ( 56.1 ) — 25.7

Earn-out liabilities 53.7 ( 20.9 ) 0.2 2.4 ( 0.2 ) — 35.2

(in millions) Balance as of December 31, 2025 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (out) Balance as of

September 30, 2025

Purchases / Additions Settlements Balance as of

March 31, 2026

Investments $ 304.7 1.7 ( 0.7 ) — — $ 305.7

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(in millions) Balance as of December 31, 2024 Net change in fair value Foreign CTA (1)

Purchases / Additions Settlements Transfers in (out) (2)

Balance as of September 30, 2024

Purchases / Additions Settlements Transfers out Balance as of March 31, 2025

Investments $ 330.3 ( 19.9 ) 0.7 — ( 0.1 ) — $ 311.0

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Currency translation adjustments

(2) Transfers in for Investments:

Notes receivable (inclusive of accrued interest) converted to unconsolidated equity investments and were classified as a Level 3 investment immediately.

Net change in fair value, included in the tables above, is reported in Net income as follows.

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Our determination of fair value primarily relies on Level 3 inputs.

During the nine months ended September 30, 2025, we recognized an investment-level impairment charge on one investment accounted for under the measurement alternative, as further described in Note 6, Investments.

We did not recognize any significant investment-level impairment losses during the nine months ended September 30, 2024.

We did not recognize any significant investment-level impairment losses during the three months ended March 31, 2026 or 2025.

See Note 6, Investments, for additional information, including information related to impairment charges recorded at the investee level.

Debt is composed of the following obligations.

($ in millions) September 30, 2025 December 31, 2024

($ in millions) March 31, 2026 December 31, 2025

Short-term debt:

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Commercial paper, net of debt issuance costs of $ 0.1 and $ 0.2

614.9 ( 0.2 )

Total short-term debt, net of debt issuance costs $ 782.0 92.5

Credit facility, net of debt issuance costs of $ 7.7 and $ 8.5

332.3 ( 8.5 )

Long-term senior notes, 1.96 %, face amount of € 175.0 , due June 2027, net of debt issuance costs of $ 0.2 and $ 0.2

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We have a $ 3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028.

Undiscounted pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35% , with pricing including facility fees, as of September 30, 2025 at Adjusted Term SOFR plus 0.93 %.

Undiscounted pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35% , with pricing including facility fees, as of March 31, 2026 at Adjusted Term SOFR plus 0.93 %.

In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $ 400.0 million.

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Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate.

As such, the Uncommitted Facility had no outstanding balance as of both September 30, 2025 and December 31, 2024.

As such, the Uncommitted Facility had no outstanding balance as of both March 31, 2026 and December 31, 2025.

The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

($ in millions) 2026 2025

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Short-Term and Long-Term Debt

In addition to our credit facilities, we have the capacity to borrow up to $ 59.5 million as of September 30, 2025, under local overdraft facilities.

In addition to our credit facilities, we have the capacity to borrow up to $ 58.1 million as of March 31, 2026, under local overdraft facilities.

Amounts outstanding are presented in the debt table above.

As of September 30, 2025, our issuer and senior unsecured ratings are investment grade:

As of March 31, 2026, our issuer and senior unsecured ratings are investment grade:

Baa1 from Moody’s Investors Service, Inc.

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Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions.

We remained in compliance with all covenants as of September 30, 2025.

We remained in compliance with all covenants as of March 31, 2026.

Warehouse Facilities

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This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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Proceeds from the sales of mortgage loans 2,054.7 2,064.3

Net increase in Warehouse facilities 165.5 1,390.4

Net increase (decrease) in Warehouse facilities 403.9 ( 240.3 )

The following table provides details regarding our Warehouse facilities lines of credit.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity

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Total warehouse facilities $ 1,163.0 2,400.0 759.1 2,400.0

(1) Warehouse facility has been amended since prior periods.

Refer to our previous filings for specific terms of agreements.

(2) In October 2025, we extended the term of the Warehouse facility to October 22, 2026.

(1) As Soon As Pooled ("ASAP") funding program

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Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios.

We remained in compliance with all covenants under our facilities as of September 30, 2025.

We remained in compliance with all covenants under our facilities as of March 31, 2026.

We are party to a master repurchase agreement with a maximum capacity of $ 1.1 billion.

Transactions executed under this agreement are accounted for as secured borrowings.

COMMITMENTS AND CONTINGENCIES

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In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company.

There was no such receivable recorded as of September 30, 2025.

As of December 31, 2024, a receivable of $ 0.5 million was included in Notes and other receivables on our Consolidated Balance Sheets.

There was no such receivable recorded as of March 31, 2026 and December 31, 2025, in Notes and other receivables on our Consolidated Balance Sheets.

The following table shows the professional indemnity accrual activity and related payments.

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December 31, 2025 $ 1.4

New claims 3.9

Prior year claims adjustments (including foreign currency changes) 0.4

Claims paid ( 6.1 )

September 30, 2025 $ 2.3

March 31, 2026 $ 1.8

December 31, 2024 $ 4.2

New claims 0.3

Prior year claims adjustments (including foreign currency changes) 0.2

Claims paid ( 2.4 )

September 30, 2024 $ 3.7

March 31, 2025 $ 2.0

Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing

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Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination.

As of September 30, 2025 and December 31, 2024, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 24.7 billion and $ 23.0 billion, respectively.

As of March 31, 2026 and December 31, 2025, we had loans, funded and sold, subject to such loss-sharing arrangements with an aggregate unpaid principal balance of $ 26.6 billion and $ 25.8 billion, respectively.

For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan.

Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Consolidated Statements of Comprehensive Income.

As of September 30, 2025 and December 31, 2024, the loss-sharing guarantee obligations were $ 29.9 million and $ 30.0 million, respectively, and are included in other liabilities on our Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the loss-sharing guarantee obligations were $ 30.7 million and $ 30.4 million, respectively, and are included in other liabilities on our Consolidated Balance Sheets.

The loss-sharing aspect of the program represents an off-balance sheet credit exposure.

We record a separate contingent reserve for this risk calculated on an individual loan level.

As of September 30, 2025 and December 31, 2024, the loan loss guarantee reserve was $ 29.7 million and $ 28.5 million, respectively, and is included within Other liabilities on our

Consolidated Balance Sheets.

In June of 2025, we entered into an enhanced loss-sharing agreement with Fannie Mae associated with a specific three-loan portfolio.

The agreement finalized our portion of the loss at $ 20.6 million and, as a result, there is no residual loss exposure for the subject loans.

There were no loan losses incurred during the nine months ended September 30, 2024.

As of March 31, 2026 and December 31, 2025, the loan loss guarantee reserve was $ 24.2 million and $ 29.9 million, respectively, and is included within Other liabilities on our Consolidated Balance Sheets.

There were no loan losses incurred during the three months ended March 31, 2026.

RESTRUCTURING AND ACQUISITION CHARGES

Restructuring and acquisition charges include cash and non-cash expenses.

Cash-based charges primarily consist of (i) 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, (ii) acquisition, transaction and integration-related charges and (iii) other restructuring including lease exit charges.

Non-cash charges include (i) stock-based compensation expense for retention awards issued in conjunction with prior-period acquisitions and (ii) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity.

Restructuring and acquisition charges are presented in the table below.

Three Months Ended September 30, Nine Months Ended September 30,

Cash-based charges primarily consist of (i) 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, (ii) acquisition, transaction and integration-related charges and (iii) other restructuring charges.

Restructuring and acquisition charges are presented in the following table.

Three Months Ended March 31,

(in millions) 2026 2025

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Restructuring and acquisition charges $ 5.3 19.7

We expect nearly all expenses related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of September 30, 2025 will be paid during the next twelve months.

We expect nearly all cash-based charges related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of March 31, 2026 will be paid during the next twelve months.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

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(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of June 30, 2025 $ ( 56.0 ) ( 468.2 ) $ ( 524.2 )

Balance as of December 31, 2025 $ ( 63.4 ) ( 509.1 ) $ ( 572.5 )

Other comprehensive loss before reclassification

— ( 12.4 ) ( 12.4 )

Amounts reclassified from AOCI after tax expense of

$ -, $ - and $ - — — —

Other comprehensive loss after tax expense of $ - , $ - and $ -

— ( 12.4 ) ( 12.4 )

Balance as of September 30, 2025 $ ( 56.0 ) ( 501.7 ) $ ( 557.7 )

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of June 30, 2024 $ ( 63.5 ) ( 587.5 ) $ ( 651.0 )

Other comprehensive income before reclassification

— 107.2 107.2

Amounts reclassified from AOCI after tax expense of

$ - , $ - and $ - — 8.7 8.7

Other comprehensive income after tax expense of $ - , $ - and $ -

— 115.9 115.9

Balance as of September 30, 2024 $ ( 63.5 ) ( 471.6 ) $ ( 535.1 )

Balance as of March 31, 2026 $ ( 63.4 ) ( 521.5 ) $ ( 584.9 )

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

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( 0.5 ) 36.8 36.3

Amounts reclassified from AOCI after tax expense of

$ - , $ - and $ - — — —

Other comprehensive (loss) income after tax expense of $ - , $ - and $ -

( 0.5 ) 36.8 36.3

Balance as of September 30, 2025 $ ( 56.0 ) ( 501.7 ) $ ( 557.7 )

(in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total

Balance as of December 31, 2023 $ ( 63.8 ) ( 527.7 ) $ ( 591.5 )

Other comprehensive income before reclassification

0.3 47.4 47.7

Amounts reclassified from AOCI after tax expense of

$ - , $ - and $ - — 8.7 8.7

Other comprehensive income after tax expense of $ - , $ - and $ -

0.3 56.1 56.4

Balance as of September 30, 2024 $ ( 63.5 ) ( 471.6 ) $ ( 535.1 )

Balance as of March 31, 2025 $ ( 56.0 ) ( 554.6 ) $ ( 610.6 )

For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive loss in Other income within the Consolidated Statements of Comprehensive Income.

FOREIGN CURRENCY DERIVATIVES AND HEDGING

We use derivative financial instruments in the normal course of business to hedge foreign currency exchange rate risk.

We do not use derivative financial instruments for trading or speculative purposes.

We enter into cross-currency swaps to hedge the foreign currency exposure arising from our net investments in foreign operations.

These swaps are designated as net investment hedges.

The resulting gains and losses from these derivatives offset the foreign currency translation gains and losses on the associated net investments, both recorded as a component of AOCI.

The initial value of any excluded components from the assessment of effectiveness are recognized using a systematic and rational method over the life of the hedging instrument.

The interest accrual component of cross-currency swaps is reported directly in earnings.

We enter into foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices.

These derivatives do not qualify for hedge accounting treatment.

Gains and losses from the revaluation of these contracts are recognized as a component of Operating, administrative and other expense and are offset by the gains and losses recognized on the revaluation of intercompany loans and other foreign currency balances.

The impact to net income was not significant for the three months ended March 31, 2026 and 2025.

We are exposed to credit risk in the event of nonperformance of the counterparties under the derivative contracts.

We manage this risk by entering transactions with major financial institutions, monitoring their credit ratings and diversifying our positions across counterparties.

Our derivatives are subject to master netting arrangements that allow for net settlement of contracts with the same counterparties.

There are currently no requirements for the Company to post collateral.

In October 2025, we entered into cross-currency swaps designated as net investment hedges to hedge the net investments of euro, Japanese yen, Swiss franc and Canadian dollar functional currency foreign subsidiaries.

The total notional of these swaps is $ 805.8 million, which will mature between 2030 and 2035.

During the three months ended March 31, 2026, we entered into forward contracts to hedge foreign currency risk that were not designated as hedges which generally have a maturity of less than 90 days.

The following table details the gross notional value and net basis of these contracts.

(in billions) March 31, 2026 December 31, 2025

Foreign currency forward contracts, gross notional value $ 1.75 2.04

Foreign currency forward contracts, net basis 1.21 1.23

The following table summarizes the asset and liability positions of our derivatives on a gross basis and the net asset or net liability position with the financial institutions from which we purchase these contracts.

Fair Value Asset Fair Value Liability

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

(in millions)

Derivatives designated as hedging instruments:

Net investment hedges:

Gross amount of derivative $ 17.3 3.6 $ 0.5 10.0

Offsetting derivative ( 0.5 ) ( 1.1 ) ( 0.5 ) ( 1.1 )

Net amount of net investment hedges $ 16.8 2.5 $ — 8.9

Derivatives not designated as hedging instruments:

Foreign currency forward contracts:

Gross amount of derivative $ 1.4 2.2 $ 9.2 4.2

Offsetting derivative ( 1.0 ) ( 0.6 ) ( 1.0 ) ( 0.6 )

Net amount of foreign currency forward contracts $ 0.4 1.6 $ 8.2 3.6

Total derivatives at fair value $ 17.2 $ 4.1 $ 8.2 12.5

Derivatives designated as hedging instruments are presented in Other long-term assets or Other long-term liabilities.

Those not designated as hedging instruments are presented in Restricted cash, prepaid and other assets or Other current liabilities.

See Note 7, Fair Value Measurements for additional information on derivative instruments accounted for at fair value.

The following table summarizes the pre-tax impact of the outstanding derivatives on the Consolidated Statements of Comprehensive Income.

Three Months Ended March 31,

(in millions) 2026 2025

Derivatives designated as hedging instruments:

Interest income $ 2.5 —

Gain recognized in Accumulated other comprehensive loss 23.2 —

Derivatives not designated as hedging instruments:

(Loss) gain recognized in Operating, administrative and other $ ( 5.7 ) 7.3

We did not enter into any net investment hedges for the three months ended March 31, 2025.

As such, there was no impact to this period.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements