XML 23 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Business Segments
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
(in millions)2021202020212020
Americas  
Leasing$484.2 278.1 $847.9 697.0 
Capital Markets296.0 140.8 512.9 388.2 
Property & Facility Management1,517.2 1,439.5 3,012.0 2,898.3 
Project & Development Services303.0 275.3 572.8 581.7 
Advisory, Consulting and Other101.1 95.3 199.8 186.9 
Revenue$2,701.5 2,229.0 $5,145.4 4,752.1 
Depreciation and amortization$34.3 39.1 $67.4 76.5 
Equity earnings$16.5 2.9 $51.0 15.6 
Segment income$206.6 42.5 $351.6 137.1 
EMEA  
Leasing$74.0 46.7 $128.4 94.8 
Capital Markets99.4 50.0 173.6 123.2 
Property & Facility Management361.9 320.5 706.0 695.5 
Project & Development Services204.8 164.3 388.5 367.5 
Advisory, Consulting and Other69.7 44.7 129.5 101.1 
Revenue$809.8 626.2 $1,526.0 1,382.1 
Depreciation and amortization$11.0 9.0 $21.9 18.2 
Equity earnings $— — $— — 
Segment income (loss)$0.3 (33.4)$(35.5)(53.9)
Asia Pacific
Leasing$52.7 33.8 $84.1 59.2 
Capital Markets53.0 24.0 82.3 45.7 
Property & Facility Management587.5 515.2 1,162.6 1,047.2 
Project & Development Services109.9 97.2 208.2 192.0 
Advisory, Consulting and Other64.8 45.1 116.5 83.3 
Revenue$867.9 715.3 $1,653.7 1,427.4 
Depreciation and amortization$7.6 7.0 $14.9 13.6 
Equity earnings (losses)$1.0 0.5 $2.0 (0.2)
Segment income$36.5 19.2 $54.3 21.6 
LaSalle  
Advisory fees$89.6 80.9 $173.1 166.5 
Transaction fees & other11.0 4.8 18.7 18.4 
Incentive fees15.2 14.2 15.2 19.9 
Revenue$115.8 99.9 $207.0 204.8 
Depreciation and amortization$1.6 1.8 $3.3 3.6 
Equity earnings (losses)$23.3 11.3 $36.3 (29.0)
Segment income (loss)$39.8 25.4 $59.2 (0.7)
The following table is a reconciliation of Segment income to consolidated Operating income.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2021202020212020
Segment income - Americas$206.6 42.5 $351.6 137.1 
Segment income (loss) - EMEA0.3 (33.4)(35.5)(53.9)
Segment income - APAC36.5 19.2 54.3 21.6 
Segment income (loss) - LaSalle39.8 25.4 59.2 (0.7)
Less: Equity (earnings) losses(40.8)(14.7)(89.3)13.6 
Add: Restructuring and acquisition charges(18.1)(28.2)(35.3)(42.3)
Operating income$224.3 10.8 $305.0 75.4