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Business Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Business Segments 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.
Summarized financial information by business segment is as follows.
Three Months Ended March 31,
(in millions)20212020
Americas
Leasing$363.7 418.9 
Capital Markets216.9 247.4 
Property & Facility Management1,494.8 1,458.8 
Project & Development Services269.8 306.4 
Advisory, Consulting and Other98.7 91.6 
Revenue$2,443.9 2,523.1 
Depreciation and amortization$33.1 37.4 
Equity earnings$34.5 12.7 
Segment income$145.0 94.6 
EMEA
Leasing$54.4 48.1 
Capital Markets74.2 73.2 
Property & Facility Management344.1 375.0 
Project & Development Services183.7 203.2 
Advisory, Consulting and Other59.8 56.4 
Revenue$716.2 755.9 
Depreciation and amortization$10.9 9.2 
Equity earnings $— — 
Segment loss$(35.8)(20.5)
Asia Pacific
Leasing$31.4 25.4 
Capital Markets29.3 21.7 
Property & Facility Management575.1 532.0 
Project & Development Services98.3 94.8 
Advisory, Consulting and Other51.7 38.2 
Revenue$785.8 712.1 
Depreciation and amortization$7.3 6.6 
Equity earnings (losses)$1.0 (0.7)
Segment income$17.8 2.4 
LaSalle
Advisory fees$83.5 85.6 
Transaction fees & other7.7 13.6 
Incentive fees— 5.7 
Revenue$91.2 104.9 
Depreciation and amortization$1.7 1.8 
Equity earnings (losses)$13.0 (40.3)
Segment income (loss)$19.4 (26.1)
The following table is a reconciliation of Segment income to consolidated Operating income.
Three Months Ended March 31,
(in millions)20212020
Segment income - Americas$145.0 94.6 
Segment loss - EMEA(35.8)(20.5)
Segment income - APAC17.8 2.4 
Segment income (loss) - LaSalle19.4 (26.1)
Less: Equity (earnings) losses(48.5)28.3 
Add: Restructuring and acquisition charges(17.2)(14.1)
Operating income$80.7 64.6