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Business Segments (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Summary of financial information by business segment

Summarized financial information by business segment is as follows.

	Year Ended December 31,
($ in millions)	2018			2017		2016
Americas - Real Estate Services
Leasing	$	1,754.1		1,510.1		1,311.5
Capital Markets	500.3			473.0		428.0
Property & Facility Management	5,142.2			4,503.5		4,475.0
Project & Development Services	1,301.7			1,242.8		1,104.4
Advisory, Consulting and Other	342.7			285.7		197.9
Revenue	9,041.0			8,015.1		7,516.8
Reimbursements	(5,164.7		)	(4,648.5	)	(4,460.1	)
Revenue before reimbursements	3,876.3			3,366.6		3,056.7
Gross contract costs	(652.9		)	(521.0	)	(554.0	)
Net non-cash MSR and mortgage banking derivative activity	(8.3		)	(15.7	)	(23.5	)
Fee revenue	3,215.1			2,829.9		2,479.2
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	3,345.3			2,918.6		2,686.4
Depreciation and amortization	109.1			97.5		84.3
Segment operating expenses, excluding reimbursed expenses	3,454.4			3,016.1		2,770.7
Gross contract costs	(652.9		)	(521.0	)	(554.0	)
Fee-based segment operating expenses	2,801.5			2,495.1		2,216.7
Segment operating income	$	421.9		350.5		286.0
Equity earnings (losses)	0.8			(0.2	)	1.3
Segment income	$	422.7		350.3		287.3
EMEA - Real Estate Services
Leasing	$	333.0		303.6		270.0
Capital Markets	464.1			465.1		390.0
Property & Facility Management	1,482.2			1,342.7		881.1
Project & Development Services	920.3			691.1		659.7
Advisory, Consulting and Other	295.4			272.5		246.8
Revenue	3,495.0			3,075.0		2,447.6
Reimbursements	(677.5		)	(471.9	)	(352.0	)
Revenue before reimbursements	2,817.5			2,603.1		2,095.6
Gross contract costs	(1,108.0		)	(1,038.7	)	(757.7	)
Fee revenue	1,709.5			1,564.4		1,337.9
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	2,689.7			2,507.9		1,992.5
Depreciation and amortization	50.8			44.6		37.4
Segment operating expenses, excluding reimbursed expenses	2,740.5			2,552.5		2,029.9
Gross contract costs	(1,108.0		)	(1,038.7	)	(757.7	)
Fee-based segment operating expenses	1,632.5			1,513.8		1,272.2
Segment operating income	$	77.0		50.6		65.7
Equity earnings (losses)	—			0.3		(0.1	)
Segment income	$	77.0		50.9		65.6

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

	Year Ended December 31,
($ in millions)	2018			2017		2016
Asia Pacific - Real Estate Services
Leasing	$	285.0		238.2		216.9
Capital Markets	181.0			211.3		162.1
Property & Facility Management	2,158.4			1,975.1		1,780.4
Project & Development Services	447.0			410.6		306.2
Advisory, Consulting and Other	177.1			172.1		153.1
Revenue	3,248.5			3,007.3		2,618.7
Reimbursements	(1,369.2		)	(1,347.9	)	(1,248.3	)
Revenue before reimbursements	1,879.3			1,659.4		1,370.4
Gross contract costs	(829.6		)	(650.7	)	(495.7	)
Fee revenue	1,049.7			1,008.7		874.7
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	1,743.0			1,520.1		1,264.2
Depreciation and amortization	23.2			22.1		17.3
Segment operating expenses, excluding reimbursed expenses	1,766.2			1,542.2		1,281.5
Gross contract costs	(829.6		)	(650.7	)	(495.7	)
Fee-based segment operating expenses	936.6			891.5		785.8
Segment operating income	$	113.1		117.2		88.9
Equity earnings	2.0			3.2		1.1
Segment income	$	115.1		120.4		90.0
LaSalle
Advisory fees	$	276.7		265.5		260.4
Transaction fees & other	41.4			33.4		51.8
Incentive fees	215.8			56.9		95.9
Revenue	533.9			355.8		408.1
Reimbursements	(17.5		)	(17.5	)	(20.2	)
Revenue before reimbursements	516.4			338.3		387.9
Gross contract costs	(4.5		)	(5.1	)	(5.4	)
Fee revenue	511.9			333.2		382.5
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	379.7			277.0		301.5
Depreciation and amortization	3.0			3.0		2.8
Segment operating expenses, excluding reimbursed expenses	382.7			280.0		304.3
Gross contract costs	(4.5		)	(5.1	)	(5.4	)
Fee-based segment operating expenses	378.2			274.9		298.9
Segment operating income	$	133.7		58.3		83.6
Equity earnings	30.0			41.1		31.5
Segment income	$	163.7		99.4		115.1

	Year Ended December 31,
(in millions)	2018			2017		2016
Segment Reconciling Items
Fee revenue	$	6,486.2		5,736.2		5,074.3
Gross contract costs	2,595.0			2,215.5		1,812.8
Net non-cash MSR and mortgage banking derivative activity	8.3			15.7		23.5
Revenue before reimbursements	9,089.5			7,967.4		6,910.6
Reimbursements	7,228.9			6,485.8		6,080.6
Revenue	$	16,318.4		14,453.2		12,991.2
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges	$	8,343.8		7,390.8		6,386.4
Reimbursed expenses	7,228.9			6,485.8		6,080.6
Total segment operating expenses before restructuring and acquisition charges	$	15,572.7		13,876.6		12,467.0
Operating income before restructuring and acquisition charges	$	745.7		576.6		524.2
Restructuring and acquisition charges	38.8			30.7		68.5
Operating income	$	706.9		545.9		455.7

Reconciliation of segment identifiable assets and segment investments in real estate ventures to consolidated

The following table reconciles segment identifiable assets and investments in real estate ventures to consolidated amounts.

	12/31/2018						12/31/2017
($ in millions)	IDENTIFIABLE ASSETS			INVESTMENTS IN REAL ESTATE VENTURES			IDENTIFIABLE ASSETS			INVESTMENTS IN REAL ESTATE VENTURES
Real Estate Services:
Americas	$	5,288.9		17.0			$	4,745.4		14.5
EMEA	2,325.4			3.5			2,367.5			3.5
Asia Pacific	1,437.3			11.9			1,305.0			9.6
LaSalle	666.8			305.8			548.6			346.9
Corporate	307.1			18.7			287.9			1.7
Consolidated	$	10,025.5		356.9			$	9,254.4		376.2

Reconciliation of segment property and equipment expenditures to consolidated

The table below reconciles segment property and equipment expenditures to consolidated expenditures.

	Year Ended December 31,
($ in millions)	2018			2017		2016
Real Estate Services:
Americas	$	109.1		62.6		141.6
EMEA	39.0			44.5		54.2
Asia Pacific	25.4			20.3		16.1
LaSalle	3.0			1.2		67.9
Corporate	32.5			25.1		36.2
Total capital expenditures (1)	$	209.0		153.7		316.0

(1) Included in total capital expenditures for the years ended December 31, 2018, 2017 and 2016, were $47.1 million, $2.3 million, and $99.8 million, respectively, related to acquisition of investment properties by less than wholly-owned consolidated VIEs.

Schedule of revenue and assets from most significant currencies

The following table sets forth the revenue and assets from our most significant currencies.

	TOTAL REVENUE								TOTAL ASSETS
	Year Ended December 31,								December 31,
($ in millions)	2018			2017		2016			2018			2017
United States dollar	$	8,523.8		7,572.1		7,235.8			$	5,866.4		5,363.6
Euro	1,527.1			1,244.8		1,020.0			932.2			810.5
British pound	1,526.3			1,447.3		1,124.6			1,187.3			1,228.1
Australian dollar	916.7			909.7		820.0			291.6			331.8
Indian rupee	580.4			516.2		434.9			317.5			260.5
Chinese yuan	505.5			439.7		358.1			190.4			163.1
Hong Kong dollar	487.2			450.0		420.1			187.1			189.9
Singapore dollar	458.7			268.0		218.3			236.5			160.3
Canadian dollar	390.5			333.4		300.4			172.0			127.4
Japanese yen	285.2			238.2		235.5			96.4			85.4
Other currencies	1,117.0			1,033.8		823.5			548.1			533.8
	$	16,318.4		14,453.2		12,991.2			$	10,025.5		9,254.4

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