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Business Segments | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Business Segments | 4. BUSINESS SEGMENTS We manage and report our operations as four business segments: The three geographic regions of RES including: (1) Americas, (2) Europe, Middle East and Africa ("EMEA"), and (3) Asia Pacific; and (4) LaSalle. Each geographic region offers our full range of real estate services, including agency leasing and tenant representation, capital markets, property and facility management, project and development management, energy management and sustainability, construction management, and advisory, consulting and valuation services. LaSalle provides investment management services on a global basis to institutional investors and high-net-worth individuals. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporate global overhead, which we allocate to the business segments based on the budgeted operating expenses of each segment. Segment income does not include (i) restructuring and acquisition charges, (ii) interest expense, net of interest income, (iii) other income, and (iv) provision for income tax, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. The Chief Operating Decision Maker of JLL measures and evaluates the segment results based on Segment income for purposes of making decisions about allocating resources and assessing performance. As of September 30, 2020, we define the Chief Operating Decision Maker collectively as our Global Executive Board, which comprises the following:
• Chief Executive Officer and President | • Chief Executive Officers of each of our four business segments
• Chief Financial Officer | • Chief Executive Officer of Corporate Solutions
• Chief Human Resources Officer | • Chief Executive Officer of Capital Markets
| • Co-Chief Executive Officers of JLL Technologies
Summarized financial information by business segment is as follows.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2020 | 2019 | 2020 | 2019
Americas |  |  |  |
Leasing | $ | 325.2 |  | 472.7 |  | $ | 1,022.2 |  | 1,354.3 |
Capital Markets | 190.8 |  | 323.2 |  | 579.0 |  | 553.1 |
Property & Facility Management | 1,433.3 |  | 1,386.3 |  | 4,331.6 |  | 4,119.2 |
Project & Development Services | 336.2 |  | 406.0 |  | 917.9 |  | 1,091.5 |
Advisory, Consulting and Other | 95.3 |  | 99.4 |  | 282.2 |  | 283.2 |
Revenue | $ | 2,380.8 |  | 2,687.6 |  | $ | 7,132.9 |  | 7,401.3 |
Depreciation and amortization | $ | 36.4 |  | 35.3 |  | $ | 112.9 |  | 88.9 |
Equity earnings | $ | 4.8 |  | 1.5 |  | $ | 20.4 |  | 1.6 |
Segment income | $ | 140.0 |  | 177.9 |  | $ | 277.1 |  | 359.1 |
EMEA |  |  |  |
Leasing | $ | 58.5 |  | 72.2 |  | $ | 153.3 |  | 190.3 |
Capital Markets | 73.3 |  | 106.2 |  | 196.5 |  | 248.7 |
Property & Facility Management | 348.7 |  | 387.1 |  | 1,044.2 |  | 1,137.0 |
Project & Development Services | 190.8 |  | 234.2 |  | 558.3 |  | 633.9 |
Advisory, Consulting and Other | 72.5 |  | 62.9 |  | 173.6 |  | 194.4 |
Revenue | $ | 743.8 |  | 862.6 |  | $ | 2,125.9 |  | 2,404.3 |
Depreciation and amortization | $ | 9.8 |  | 10.1 |  | $ | 28.0 |  | 32.7 |
Equity earnings (losses) | $ | 0.8 |  | — |  | $ | 0.8 |  | (1.0 | )
Segment income (loss) | $ | (1.9 | ) | 13.8 |  | $ | (55.8 | ) | (17.9 | )
Asia Pacific |  |  |  |
Leasing | $ | 46.6 |  | 59.4 |  | $ | 105.8 |  | 161.5 |
Capital Markets | 20.4 |  | 50.6 |  | 66.1 |  | 128.2 |
Property & Facility Management | 521.3 |  | 539.4 |  | 1,568.5 |  | 1,630.6 |
Project & Development Services | 104.5 |  | 145.7 |  | 296.5 |  | 393.9 |
Advisory, Consulting and Other | 50.4 |  | 38.7 |  | 133.7 |  | 123.5 |
Revenue | $ | 743.2 |  | 833.8 |  | $ | 2,170.6 |  | 2,437.7 |
Depreciation and amortization | $ | 6.9 |  | 6.5 |  | $ | 20.5 |  | 19.3 |
Equity earnings | $ | 0.9 |  | 0.7 |  | $ | 0.7 |  | 1.4 |
Segment income | $ | 35.8 |  | 31.5 |  | $ | 57.4 |  | 59.5 |
LaSalle |  |  |  |
Advisory fees | $ | 84.6 |  | 79.9 |  | $ | 251.1 |  | 237.0 |
Transaction fees & other | 17.7 |  | 14.2 |  | 36.1 |  | 43.7 |
Incentive fees | 8.0 |  | 17.5 |  | 27.9 |  | 58.7 |
Revenue | $ | 110.3 |  | 111.6 |  | $ | 315.1 |  | 339.4 |
Depreciation and amortization | $ | 1.8 |  | 1.7 |  | $ | 5.4 |  | 4.7 |
Equity earnings (losses) | $ | 8.5 |  | 14.9 |  | $ | (20.5 | ) | 30.3 |
Segment income | $ | 29.5 |  | 35.5 |  | $ | 28.8 |  | 93.0 |
The following table is a reconciliation of Segment income to consolidated Operating income.
| Three Months Ended September 30, | Nine Months Ended September 30,
(in millions) | 2020 | 2019 | 2020 | 2019
Segment income - Americas | $ | 140.0 |  | 177.9 |  | $ | 277.1 |  | 359.1 |
Segment income (loss) - EMEA | (1.9 | ) | 13.8 |  | (55.8 | ) | (17.9 | )
Segment income - APAC | 35.8 |  | 31.5 |  | 57.4 |  | 59.5 |
Segment income - LaSalle | 29.5 |  | 35.5 |  | 28.8 |  | 93.0 |
Less: Equity earnings | (15.0 | ) | (17.1 | ) | (1.4 | ) | (32.3 | )
Add: Restructuring and acquisition charges | (33.5 | ) | (70.0 | ) | (75.8 | ) | (114.3 | )
Operating income | $ | 154.9 |  | 171.6 |  | $ | 230.3 |  | 347.1 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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