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Business Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Business Segments
3. 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 ("CODM") of JLL measures and evaluates the segment results based on Segment income for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and, accordingly, does not measure performance or allocate resources based on total asset information. Therefore, we have not disclosed asset information by segment. As of December 31, 2020, we define the CODM 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.
Year Ended December 31,
(in millions)202020192018
Americas - Real Estate Services  
Leasing$1,451.2 1,960.5 1,754.1 
Capital Markets952.0 914.2 500.3 
Property & Facility Management5,878.2 5,607.9 5,142.2 
Project & Development Services1,333.5 1,689.6 1,301.7 
Advisory, Consulting and Other390.3 406.7 342.7 
Revenue$10,005.2 10,578.9 9,041.0 
Depreciation and amortization$151.4 126.5 109.1 
Equity earnings$19.0 1.7 0.8 
Segment income$554.9 613.1 422.7 
EMEA - Real Estate Services
Leasing$245.6 302.7 333.0 
Capital Markets330.7 411.9 464.1 
Property & Facility Management1,456.6 1,551.6 1,482.2 
Project & Development Services785.6 904.3 920.3 
Advisory, Consulting and Other274.3 300.2 295.4 
Revenue$3,092.8 3,470.7 3,495.0 
Depreciation and amortization$40.0 43.1 50.8 
Equity losses$— (1.0)— 
Segment (loss) income $(16.0)46.0 77.0 
Asia Pacific - Real Estate Services
Leasing$187.4 260.8 285.0 
Capital Markets124.7 216.1 181.0 
Property & Facility Management2,150.6 2,205.2 2,158.4 
Project & Development Services411.0 527.6 447.0 
Advisory, Consulting and Other196.4 197.8 177.1 
Revenue$3,070.1 3,407.5 3,248.5 
Depreciation and amortization$27.8 26.4 23.2 
Equity earnings$1.4 2.3 2.0 
Segment income$116.4 129.6 115.1 
LaSalle
Advisory fees$336.4 326.4 276.7 
Transaction fees & other43.9 61.3 41.4 
Incentive fees41.5 138.4 215.8 
Revenue$421.8 526.1 533.9 
Depreciation and amortization$7.2 6.4 3.0 
Equity (losses) earnings$(12.4)33.3 30.0 
Segment income$54.2 147.4 163.7 
Year Ended December 31,
(in millions)202020192018
Segment income - Americas$554.9 613.1 422.7 
Segment (loss) income - EMEA(16.0)46.0 77.0 
Segment income - Asia Pacific116.4 129.6 115.1 
Segment income - LaSalle54.2 147.4 163.7 
Less: Equity earnings(8.0)(36.3)(32.8)
Add: Restructuring and acquisition charges(142.4)(184.4)(38.8)
Operating income$559.1 715.4 706.9 
The following table sets forth the revenue from our most significant currencies.
TOTAL REVENUE
Year Ended December 31,
(in millions)202020192018
United States dollar$9,457.8 10,054.9 8,523.8 
Euro1,350.6 1,507.7 1,527.1 
British pound1,341.1 1,514.8 1,526.3 
Australian dollar876.1 924.5 916.7 
Indian rupee524.5 651.8 580.4 
Hong Kong dollar512.2 533.8 487.2 
Chinese yuan473.1 505.9 505.5 
Canadian dollar432.6 435.5 390.5 
Japanese yen257.9 349.4 285.2 
Singapore dollar246.6 309.2 458.7 
Other currencies1,117.4 1,195.7 1,117.0 
$16,589.9 17,983.2 16,318.4