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Business Segments
 9 Months Ended
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