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v3.20.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Summarized Unaudited Financial Information by Business Segments | Summarized financial information by business segment is as follows.
| Three Months Ended June 30, | Six Months Ended June 30,
(in millions) | 2020 | 2019 | 2020 | 2019
Americas - Real Estate Services |  |  |  |
Leasing | $ | 278.1 |  | 491.8 |  | $ | 697.0 |  | 881.6 |
Capital Markets | 140.8 |  | 129.8 |  | 388.2 |  | 229.9 |
Property & Facility Management | 1,439.5 |  | 1,370.9 |  | 2,898.3 |  | 2,732.9 |
Project & Development Services | 275.3 |  | 376.8 |  | 581.7 |  | 685.5 |
Advisory, Consulting and Other | 95.3 |  | 94.3 |  | 186.9 |  | 183.8 |
Revenue | 2,229.0 |  | 2,463.6 |  | 4,752.1 |  | 4,713.7 |
Reimbursements | (1,345.0 | ) | (1,403.1 | ) | (2,738.5 | ) | (2,754.5 | )
Revenue before reimbursements | 884.0 |  | 1,060.5 |  | 2,013.6 |  | 1,959.2 |
Gross contract costs | (192.3 | ) | (191.8 | ) | (405.1 | ) | (379.5 | )
Net non-cash MSR and mortgage banking derivative activity | (8.6 | ) | (4.8 | ) | (7.0 | ) | (4.7 | )
Fee revenue | 683.1 |  | 863.9 |  | 1,601.5 |  | 1,575.0 |
Operating expenses, excluding reimbursed expenses: |  |  |  |  |  |  |
Compensation, operating and administrative expenses | 805.3 |  | 913.7 |  | 1,815.6 |  | 1,724.5 |
Depreciation and amortization | 39.1 |  | 26.3 |  | 76.5 |  | 53.6 |
Segment operating expenses, excluding reimbursed expenses | 844.4 |  | 940.0 |  | 1,892.1 |  | 1,778.1 |
Gross contract costs | (192.3 | ) | (191.8 | ) | (405.1 | ) | (379.5 | )
Fee-based segment operating expenses | 652.1 |  | 748.2 |  | 1,487.0 |  | 1,398.6 |
Segment operating income | $ | 39.6 |  | 120.5 |  | $ | 121.5 |  | 181.1 |
Equity earnings | 2.9 |  | 0.4 |  | 15.6 |  | 0.1 |
Segment income | $ | 42.5 |  | 120.9 |  | $ | 137.1 |  | 181.2 |
EMEA - Real Estate Services |  |  |  |
Leasing | $ | 46.7 |  | 65.9 |  | $ | 94.8 |  | 118.1 |
Capital Markets | 50.0 |  | 78.5 |  | 123.2 |  | 142.5 |
Property & Facility Management | 320.5 |  | 380.6 |  | 695.5 |  | 749.9 |
Project & Development Services | 164.3 |  | 219.2 |  | 367.5 |  | 399.7 |
Advisory, Consulting and Other | 44.7 |  | 74.1 |  | 101.1 |  | 131.5 |
Revenue | 626.2 |  | 818.3 |  | 1,382.1 |  | 1,541.7 |
Reimbursements | (168.8 | ) | (153.7 | ) | (351.6 | ) | (318.3 | )
Revenue before reimbursements | 457.4 |  | 664.6 |  | 1,030.5 |  | 1,223.4 |
Gross contract costs | (189.4 | ) | (284.7 | ) | (452.0 | ) | (527.4 | )
Fee revenue | 268.0 |  | 379.9 |  | 578.5 |  | 696.0 |
Operating expenses, excluding reimbursed expenses: |  |  |  |  |  |
Compensation, operating and administrative expenses | 481.8 |  | 654.6 |  | 1,066.2 |  | 1,231.5 |
Depreciation and amortization | 9.0 |  | 11.3 |  | 18.2 |  | 22.6 |
Segment operating expenses, excluding reimbursed expenses | 490.8 |  | 665.9 |  | 1,084.4 |  | 1,254.1 |
Gross contract costs | (189.4 | ) | (284.7 | ) | (452.0 | ) | (527.4 | )
Fee-based segment operating expenses | 301.4 |  | 381.2 |  | 632.4 |  | 726.7 |
Segment operating loss | $ | (33.4 | ) | (1.3 | ) | $ | (53.9 | ) | (30.7 | )
Equity losses | — |  | (1.1 | ) | — |  | (1.0 | )
Segment loss | $ | (33.4 | ) | (2.4 | ) | $ | (53.9 | ) | (31.7 | )
Continued: Summarized financial information by business segment is as follows.
| Three Months Ended June 30, | Six Months Ended June 30,
(in millions) | 2020 | 2019 | 2020 | 2019
Asia Pacific - Real Estate Services |  |  |  |
Leasing | $ | 33.8 |  | 66.2 |  | $ | 59.2 |  | 102.1 |
Capital Markets | 24.0 |  | 48.2 |  | 45.7 |  | 77.6 |
Property & Facility Management | 515.2 |  | 553.4 |  | 1,047.2 |  | 1,091.2 |
Project & Development Services | 97.2 |  | 137.3 |  | 192.0 |  | 248.2 |
Advisory, Consulting and Other | 45.1 |  | 50.1 |  | 83.3 |  | 84.8 |
Revenue | 715.3 |  | 855.2 |  | 1,427.4 |  | 1,603.9 |
Reimbursements | (327.0 | ) | (359.6 | ) | (611.9 | ) | (700.7 | )
Revenue before reimbursements | 388.3 |  | 495.6 |  | 815.5 |  | 903.2 |
Gross contract costs | (189.5 | ) | (232.7 | ) | (439.0 | ) | (442.1 | )
Fee revenue | 198.8 |  | 262.9 |  | 376.5 |  | 461.1 |
Operating expenses, excluding reimbursed expenses: |  |  |  |  |  |
Compensation, operating and administrative expenses | 362.6 |  | 462.6 |  | 780.1 |  | 863.1 |
Depreciation and amortization | 7.0 |  | 6.4 |  | 13.6 |  | 12.8 |
Segment operating expenses, excluding reimbursed expenses | 369.6 |  | 469.0 |  | 793.7 |  | 875.9 |
Gross contract costs | (189.5 | ) | (232.7 | ) | (439.0 | ) | (442.1 | )
Fee-based segment operating expenses | 180.1 |  | 236.3 |  | 354.7 |  | 433.8 |
Segment operating income | $ | 18.7 |  | 26.6 |  | $ | 21.8 |  | 27.3 |
Equity earnings (losses) | 0.5 |  | 0.4 |  | (0.2 | ) | 0.7 |
Segment income | $ | 19.2 |  | 27.0 |  | $ | 21.6 |  | 28.0 |
LaSalle |  |  |  |  |  |
Advisory fees | $ | 80.9 |  | 79.5 |  | $ | 166.5 |  | 157.1 |
Transaction fees & other | 4.8 |  | 16.3 |  | 18.4 |  | 29.5 |
Incentive fees | 14.2 |  | 33.6 |  | 19.9 |  | 41.2 |
Revenue | 99.9 |  | 129.4 |  | 204.8 |  | 227.8 |
Reimbursements | (1.1 | ) | (1.9 | ) | (2.9 | ) | (3.8 | )
Revenue before reimbursements | 98.8 |  | 127.5 |  | 201.9 |  | 224.0 |
Gross contract costs | (3.8 | ) | (4.2 | ) | (8.3 | ) | (7.0 | )
Fee revenue | 95.0 |  | 123.3 |  | 193.6 |  | 217.0 |
Operating expenses, excluding reimbursed expenses: |  |  |  |  |  |
Compensation, operating and administrative expenses | 82.9 |  | 96.0 |  | 170.0 |  | 178.9 |
Depreciation and amortization | 1.8 |  | 1.5 |  | 3.6 |  | 3.0 |
Segment operating expenses, excluding reimbursed expenses | 84.7 |  | 97.5 |  | 173.6 |  | 181.9 |
Gross contract costs | (3.8 | ) | (4.2 | ) | (8.3 | ) | (7.0 | )
Fee-based segment operating expenses | 80.9 |  | 93.3 |  | 165.3 |  | 174.9 |
Segment operating income | $ | 14.1 |  | 30.0 |  | $ | 28.3 |  | 42.1 |
Equity earnings (losses) | 11.3 |  | 10.5 |  | (29.0 | ) | 15.4 |
Segment income (loss) | $ | 25.4 |  | 40.5 |  | $ | (0.7 | ) | 57.5 |
| Three Months Ended June 30, | Six Months Ended June 30,
(in millions) | 2020 | 2019 | 2020 | 2019
Segment Reconciling Items |  |  |  |
Fee revenue | $ | 1,244.9 |  | 1,630.0 |  | $ | 2,750.1 |  | 2,949.1 |
Gross contract costs | 575.0 |  | 713.4 |  | 1,304.4 |  | 1,356.0 |
Net non-cash MSR and mortgage banking derivative activity | 8.6 |  | 4.8 |  | 7.0 |  | 4.7 |
Revenue before reimbursements | 1,828.5 |  | 2,348.2 |  | 4,061.5 |  | 4,309.8 |
Reimbursements | 1,841.9 |  | 1,918.3 |  | 3,704.9 |  | 3,777.3 |
Revenue | $ | 3,670.4 |  | 4,266.5 |  | $ | 7,766.4 |  | 8,087.1 |
Total segment operating expenses, excluding reimbursed expenses & before restructuring and acquisition charges | $ | 1,789.5 |  | 2,172.4 |  | $ | 3,943.8 |  | 4,090.0 |
Reimbursed expenses | 1,841.9 |  | 1,918.3 |  | 3,704.9 |  | 3,777.3 |
Total segment operating expenses before restructuring and acquisition charges | $ | 3,631.4 |  | 4,090.7 |  | $ | 7,648.7 |  | 7,867.3 |
Operating income before restructuring and acquisition charges | $ | 39.0 |  | 175.8 |  | $ | 117.7 |  | 219.8 |
Less: Restructuring and acquisition charges | 28.2 |  | 25.7 |  | 42.3 |  | 44.3 |
Operating income | $ | 10.8 |  | 150.1 |  | $ | 75.4 |  | 175.5 |

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- 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=120311839&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=120311839&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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