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Business Segments (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Summarized Unaudited Financial Information by Business Segments

Summarized financial information by business segment is as follows.

	Three Months Ended March 31,
(in millions)	2019			2018
Americas - Real Estate Services
Leasing	$	389.8		304.5
Capital Markets	100.1			111.0
Property & Facility Management	1,362.0			1,183.5
Project & Development Services	308.7			269.6
Advisory, Consulting and Other	89.5			72.4
Revenue	2,250.1			1,941.0
Reimbursements	(1,351.4		)	(1,181.7	)
Revenue before reimbursements	898.7			759.3
Gross contract costs	(187.7		)	(133.1	)
Net non-cash MSR and mortgage banking derivative activity	0.1			(2.7	)
Fee revenue	711.1			623.5
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	810.8			688.7
Depreciation and amortization	27.3			24.3
Segment operating expenses, excluding reimbursed expenses	838.1			713.0
Gross contract costs	(187.7		)	(133.1	)
Fee-based segment operating expenses	650.4			579.9
Segment operating income	$	60.6		46.3
Equity (loss) earnings	(0.3		)	0.1
Segment income	$	60.3		46.4
EMEA - Real Estate Services
Leasing	$	52.2		58.9
Capital Markets	64.0			89.3
Property & Facility Management	369.3			350.3
Project & Development Services	180.5			222.6
Advisory, Consulting and Other	57.4			62.5
Revenue	723.4			783.6
Reimbursements	(164.6		)	(156.0	)
Revenue before reimbursements	558.8			627.6
Gross contract costs	(242.7		)	(277.2	)
Fee revenue	316.1			350.4
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	576.9			636.2
Depreciation and amortization	11.3			11.4
Segment operating expenses, excluding reimbursed expenses	588.2			647.6
Gross contract costs	(242.7		)	(277.2	)
Fee-based segment operating expenses	345.5			370.4
Segment operating loss	$	(29.4	)	(20.0	)
Equity earnings	0.1			—
Segment loss	$	(29.3	)	(20.0	)

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

	Three Months Ended March 31,
(in millions)	2019			2018
Asia Pacific - Real Estate Services
Leasing	$	35.9		37.8
Capital Markets	29.4			32.4
Property & Facility Management	537.8			519.8
Project & Development Services	110.9			87.0
Advisory, Consulting and Other	34.7			34.3
Revenue	748.7			711.3
Reimbursements	(341.1		)	(321.6	)
Revenue before reimbursements	407.6			389.7
Gross contract costs	(209.4		)	(195.3	)
Fee revenue	198.2			194.4
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	400.5			385.0
Depreciation and amortization	6.4			5.6
Segment operating expenses, excluding reimbursed expenses	406.9			390.6
Gross contract costs	(209.4		)	(195.3	)
Fee-based segment operating expenses	197.5			195.3
Segment operating income (loss)	$	0.7		(0.9	)
Equity earnings	0.3			0.3
Segment income (loss)	$	1.0		(0.6	)
LaSalle
Advisory fees	$	77.6		69.9
Transaction fees & other	13.2			16.7
Incentive fees	7.6			32.7
Revenue	98.4			119.3
Reimbursements	(1.9		)	(4.8	)
Revenue before reimbursements	96.5			114.5
Gross contract costs	(2.8		)	(1.3	)
Fee revenue	93.7			113.2
Operating expenses, excluding reimbursed expenses:
Compensation, operating and administrative expenses	82.9			84.6
Depreciation and amortization	1.5			0.8
Segment operating expenses, excluding reimbursed expenses	84.4			85.4
Gross contract costs	(2.8		)	(1.3	)
Fee-based segment operating expenses	81.6			84.1
Segment operating income	$	12.1		29.1
Equity earnings	4.9			13.2
Segment income	$	17.0		42.3

	Three Months Ended March 31,
(in millions)	2019			2018
Segment Reconciling Items
Fee revenue	$	1,319.1		1,281.5
Gross contract costs	642.6			606.9
Net non-cash MSR and mortgage banking derivative activity	(0.1		)	2.7
Revenue before reimbursements	1,961.6			1,891.1
Reimbursements	1,859.0			1,664.1
Revenue	$	3,820.6		3,555.2
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges	$	1,917.6		1,836.6
Reimbursed expenses	1,859.0			1,664.1
Total segment operating expenses before restructuring and acquisition charges	$	3,776.6		3,500.7
Operating income before restructuring and acquisition charges	$	44.0		54.5
Restructuring and acquisition charges	18.6			0.7
Operating income	$	25.4		53.8

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

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- References

No definition available.

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