Business Segments (Tables)

3 Months Ended

Mar. 31, 2017

Summarized financial information by business segment is as follows.



	Three Months Ended March 31,
(in millions)	2017			2016
Real Estate Services
Americas
Revenue	$	722.8		603.5
Gross contract costs	(47.1		)	(48.8	)
Net non-cash MSR and mortgage banking derivative activity	2.7			3.3
Total fee revenue	678.4			558.0
Operating expenses:
Compensation, operating and administrative expenses	661.8			552.3
Depreciation and amortization	23.5			18.8
Total segment operating expenses	685.3			571.1
Gross contract costs	(47.1		)	(48.8	)
Total fee-based segment operating expenses	638.2			522.3
Segment operating income	$	37.5		32.4
Equity earnings	0.2			0.3
Total segment income	$	37.7		32.7

EMEA
Revenue	$	499.5		369.4
Gross contract costs	(139.8		)	(112.9	)
Total fee revenue	359.7			256.5
Operating expenses:
Compensation, operating and administrative expenses	518.6			377.5
Depreciation and amortization	10.3			7.7
Total segment operating expenses	528.9			385.2
Gross contract costs	(139.8		)	(112.9	)
Total fee-based segment operating expenses	389.1			272.3
Segment operating loss	$	(29.4	)	(15.8	)
Equity losses	—			(0.1	)
Total segment loss	$	(29.4	)	(15.9	)

Continued: Summarized financial information by business segment is as follows.



	Three Months Ended March 31,
(in millions)	2017			2016
Real Estate Services
Asia Pacific
Revenue	$	304.7		263.4
Gross contract costs	(71.1		)	(57.6	)
Total fee revenue	233.6			205.8
Operating expenses:
Compensation, operating and administrative expenses	295.6			260.5
Depreciation and amortization	4.8			4.1
Total segment operating expenses	300.4			264.6
Gross contract costs	(71.1		)	(57.6	)
Total fee-based segment operating expenses	229.3			207.0
Segment operating income (loss)	$	4.3		(1.2	)
Equity earnings	0.8			0.1
Total segment income (loss)	$	5.1		(1.1	)

LaSalle
Revenue	$	88.2		100.5
Operating expenses:
Compensation, operating and administrative expenses	73.1			78.3
Depreciation and amortization	0.7			0.6
Total segment operating expenses	73.8			78.9
Segment operating income	$	14.4		21.6
Equity earnings	4.6			12.7
Total segment income	$	19.0		34.3

Segment Reconciling Items
Total fee revenue	$	1,359.9		1,120.8
Gross contract costs	258.0			219.3
Net non-cash MSR and mortgage banking derivative activity	(2.7		)	(3.3	)
Total revenue	$	1,615.2		1,336.8
Total segment operating expenses before restructuring and acquisition charges	1,588.4			1,299.8
Operating income before restructuring and acquisition charges	$	26.8		37.0
Restructuring and acquisition charges	4.5			7.6
Operating income	$	22.3		29.4