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v3.19.3.a.u2

Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2019
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) | 2019 | 2018 | 2017
Americas - Real Estate Services |  |  |
Leasing | $ | 1,960.5 |  | 1,754.1 |  | 1,510.1 |
Capital Markets | 914.2 |  | 500.3 |  | 473.0 |
Property & Facility Management | 5,607.9 |  | 5,142.2 |  | 4,503.5 |
Project & Development Services | 1,689.6 |  | 1,301.7 |  | 1,242.8 |
Advisory, Consulting and Other | 406.7 |  | 342.7 |  | 285.7 |
Revenue | 10,578.9 |  | 9,041.0 |  | 8,015.1 |
Reimbursements | (5,857.8 | ) | (5,164.7 | ) | (4,648.5 | )
Revenue before reimbursements | 4,721.1 |  | 3,876.3 |  | 3,366.6 |
Gross contract costs | (800.2 | ) | (652.9 | ) | (521.0 | )
Net non-cash MSR and mortgage banking derivative activity | (21.2 | ) | (8.3 | ) | (15.7 | )
Fee revenue | 3,899.7 |  | 3,215.1 |  | 2,829.9 |
Operating expenses, excluding reimbursed expenses: |  |  |
Compensation, operating and administrative expenses | 3,983.2 |  | 3,345.3 |  | 2,918.6 |
Depreciation and amortization | 126.5 |  | 109.1 |  | 97.5 |
Segment operating expenses, excluding reimbursed expenses | 4,109.7 |  | 3,454.4 |  | 3,016.1 |
Gross contract costs | (800.2 | ) | (652.9 | ) | (521.0 | )
Fee-based segment operating expenses | 3,309.5 |  | 2,801.5 |  | 2,495.1 |
Segment operating income | $ | 611.4 |  | 421.9 |  | 350.5 |
Equity earnings (losses) | 1.7 |  | 0.8 |  | (0.2 | )
Segment income | $ | 613.1 |  | 422.7 |  | 350.3 |
EMEA - Real Estate Services |  |  |
Leasing | $ | 302.7 |  | 333.0 |  | 303.6 |
Capital Markets | 411.9 |  | 464.1 |  | 465.1 |
Property & Facility Management | 1,551.6 |  | 1,482.2 |  | 1,342.7 |
Project & Development Services | 904.3 |  | 920.3 |  | 691.1 |
Advisory, Consulting and Other | 300.2 |  | 295.4 |  | 272.5 |
Revenue | 3,470.7 |  | 3,495.0 |  | 3,075.0 |
Reimbursements | (709.7 | ) | (677.5 | ) | (471.9 | )
Revenue before reimbursements | 2,761.0 |  | 2,817.5 |  | 2,603.1 |
Gross contract costs | (1,104.2 | ) | (1,108.0 | ) | (1,038.7 | )
Fee revenue | 1,656.8 |  | 1,709.5 |  | 1,564.4 |
Operating expenses, excluding reimbursed expenses: |  |  |
Compensation, operating and administrative expenses | 2,670.9 |  | 2,689.7 |  | 2,507.9 |
Depreciation and amortization | 43.1 |  | 50.8 |  | 44.6 |
Segment operating expenses, excluding reimbursed expenses | 2,714.0 |  | 2,740.5 |  | 2,552.5 |
Gross contract costs | (1,104.2 | ) | (1,108.0 | ) | (1,038.7 | )
Fee-based segment operating expenses | 1,609.8 |  | 1,632.5 |  | 1,513.8 |
Segment operating income | $ | 47.0 |  | 77.0 |  | 50.6 |
Equity (losses) earnings | (1.0 | ) | — |  | 0.3 |
Segment income | $ | 46.0 |  | 77.0 |  | 50.9 |
Continued: Summarized financial information by business segment is as follows.
| Year Ended December 31,
($ in millions) | 2019 | 2018 | 2017
Asia Pacific - Real Estate Services |  |  |
Leasing | $ | 260.8 |  | 285.0 |  | 238.2 |
Capital Markets | 216.1 |  | 181.0 |  | 211.3 |
Property & Facility Management | 2,205.2 |  | 2,158.4 |  | 1,975.1 |
Project & Development Services | 527.6 |  | 447.0 |  | 410.6 |
Advisory, Consulting and Other | 197.8 |  | 177.1 |  | 172.1 |
Revenue | 3,407.5 |  | 3,248.5 |  | 3,007.3 |
Reimbursements | (1,377.2 | ) | (1,369.2 | ) | (1,347.9 | )
Revenue before reimbursements | 2,030.3 |  | 1,879.3 |  | 1,659.4 |
Gross contract costs | (950.5 | ) | (829.6 | ) | (650.7 | )
Fee revenue | 1,079.8 |  | 1,049.7 |  | 1,008.7 |
Operating expenses, excluding reimbursed expenses: |  |  |
Compensation, operating and administrative expenses | 1,876.6 |  | 1,743.0 |  | 1,520.1 |
Depreciation and amortization | 26.4 |  | 23.2 |  | 22.1 |
Segment operating expenses, excluding reimbursed expenses | 1,903.0 |  | 1,766.2 |  | 1,542.2 |
Gross contract costs | (950.5 | ) | (829.6 | ) | (650.7 | )
Fee-based segment operating expenses | 952.5 |  | 936.6 |  | 891.5 |
Segment operating income | $ | 127.3 |  | 113.1 |  | 117.2 |
Equity earnings | 2.3 |  | 2.0 |  | 3.2 |
Segment income | $ | 129.6 |  | 115.1 |  | 120.4 |
LaSalle |  |  |
Advisory fees | $ | 326.4 |  | 276.7 |  | 265.5 |
Transaction fees & other | 61.3 |  | 41.4 |  | 33.4 |
Incentive fees | 138.4 |  | 215.8 |  | 56.9 |
Revenue | 526.1 |  | 533.9 |  | 355.8 |
Reimbursements | (7.9 | ) | (17.5 | ) | (17.5 | )
Revenue before reimbursements | 518.2 |  | 516.4 |  | 338.3 |
Gross contract costs | (15.3 | ) | (4.5 | ) | (5.1 | )
Fee revenue | 502.9 |  | 511.9 |  | 333.2 |
Operating expenses, excluding reimbursed expenses: |  |  |
Compensation, operating and administrative expenses | 397.7 |  | 379.7 |  | 277.0 |
Depreciation and amortization | 6.4 |  | 3.0 |  | 3.0 |
Segment operating expenses, excluding reimbursed expenses | 404.1 |  | 382.7 |  | 280.0 |
Gross contract costs | (15.3 | ) | (4.5 | ) | (5.1 | )
Fee-based segment operating expenses | 388.8 |  | 378.2 |  | 274.9 |
Segment operating income | $ | 114.1 |  | 133.7 |  | 58.3 |
Equity earnings | 33.3 |  | 30.0 |  | 41.1 |
Segment income | $ | 147.4 |  | 163.7 |  | 99.4 |
| Year Ended December 31,
(in millions) | 2019 | 2018 | 2017
Segment Reconciling Items |  |  |
Fee revenue | $ | 7,139.2 |  | 6,486.2 |  | 5,736.2 |
Gross contract costs | 2,870.2 |  | 2,595.0 |  | 2,215.5 |
Net non-cash MSR and mortgage banking derivative activity | 21.2 |  | 8.3 |  | 15.7 |
Revenue before reimbursements | 10,030.6 |  | 9,089.5 |  | 7,967.4 |
Reimbursements | 7,952.6 |  | 7,228.9 |  | 6,485.8 |
Revenue | $ | 17,983.2 |  | 16,318.4 |  | 14,453.2 |
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges | $ | 9,130.8 |  | 8,343.8 |  | 7,390.8 |
Reimbursed expenses | 7,952.6 |  | 7,228.9 |  | 6,485.8 |
Total segment operating expenses before restructuring and acquisition charges | $ | 17,083.4 |  | 15,572.7 |  | 13,876.6 |
Operating income before restructuring and acquisition charges | $ | 899.8 |  | 745.7 |  | 576.6 |
Restructuring and acquisition charges | 184.4 |  | 38.8 |  | 30.7 |
Operating income | $ | 715.4 |  | 706.9 |  | 545.9 |
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.
| 12/31/2019 |  | 12/31/2018
($ in millions) | IDENTIFIABLE ASSETS | INVESTMENTS IN REAL ESTATE VENTURES |  | IDENTIFIABLE ASSETS | INVESTMENTS IN REAL ESTATE VENTURES
Real Estate Services: |  |  |  |  |
Americas | $ | 8,256.4 |  | 23.9 |  |  | $ | 5,288.9 |  | 17.0 |
EMEA | 2,658.4 |  | 2.4 |  |  | 2,325.4 |  | 3.5 |
Asia Pacific | 1,642.8 |  | 13.3 |  |  | 1,437.3 |  | 11.9 |
LaSalle | 774.5 |  | 321.7 |  |  | 666.8 |  | 305.8 |
Corporate | 340.5 |  | 42.9 |  |  | 307.1 |  | 18.7 |
Consolidated | $ | 13,672.6 |  | 404.2 |  |  | $ | 10,025.5 |  | 356.9 |
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) | 2019 | 2018 | 2017
Real Estate Services: |  |  |
Americas | $ | 135.6 |  | 109.1 |  | 62.6 |
EMEA | 41.6 |  | 39.0 |  | 44.5 |
Asia Pacific | 43.4 |  | 25.4 |  | 20.3 |
LaSalle | 7.6 |  | 3.0 |  | 1.2 |
Corporate | 38.8 |  | 32.5 |  | 25.1 |
Total capital expenditures (1) | $ | 267.0 |  | 209.0 |  | 153.7 |
(1) Included in total capital expenditures for the years ended December 31, 2019, 2018 and 2017, were $79.2 million, $47.1 million, and $2.3 million, respectively, related to acquisition of investment properties by less than wholly-owned consolidated VIEs.
Schedule of revenue and assets from most significant currencies | The following table sets forth the revenue and assets from our most significant currencies.
| TOTAL REVENUE |  | TOTAL ASSETS
| Year Ended December 31, |  | December 31,
($ in millions) | 2019 | 2018 | 2017 |  | 2019 | 2018
United States dollar | $ | 10,054.9 |  | 8,523.8 |  | 7,572.1 |  |  | $ | 9,015.7 |  | 5,866.4 |
British pound | 1,514.8 |  | 1,526.3 |  | 1,447.3 |  |  | 1,320.0 |  | 1,187.3 |
Euro | 1,507.7 |  | 1,527.1 |  | 1,244.8 |  |  | 984.7 |  | 932.2 |
Australian dollar | 924.5 |  | 916.7 |  | 909.7 |  |  | 323.3 |  | 291.6 |
Indian rupee | 651.8 |  | 580.4 |  | 516.2 |  |  | 372.4 |  | 317.5 |
Hong Kong dollar | 533.8 |  | 487.2 |  | 450.0 |  |  | 218.5 |  | 187.1 |
Chinese yuan | 505.9 |  | 505.5 |  | 439.7 |  |  | 207.2 |  | 190.4 |
Canadian dollar | 435.5 |  | 390.5 |  | 333.4 |  |  | 194.3 |  | 172.0 |
Japanese yen | 349.4 |  | 285.2 |  | 238.2 |  |  | 146.8 |  | 96.4 |
Singapore dollar | 309.2 |  | 458.7 |  | 268.0 |  |  | 217.3 |  | 236.5 |
Other currencies | 1,195.7 |  | 1,117.0 |  | 1,033.8 |  |  | 672.4 |  | 548.1 |
| $ | 17,983.2 |  | 16,318.4 |  | 14,453.2 |  |  | $ | 13,672.6 |  | 10,025.5 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + Details
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