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Business Segments
 12 Months Ended
Dec. 31, 2021
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, 2021, we define the Global Executive Board, collectively, as our CODM.
Summarized financial information by business segment is as follows.
Year Ended December 31,
(in millions)202120202019
Americas - Real Estate Services  
Leasing$2,179.1 1,451.2 1,960.5 
Capital Markets1,525.9 952.0 914.2 
Property & Facility Management6,375.3 5,878.2 5,607.9 
Project & Development Services1,366.3 1,333.5 1,689.6 
Advisory, Consulting and Other440.5 390.3 406.7 
Revenue$11,887.1 10,005.2 10,578.9 
Depreciation and amortization$138.5 151.4 126.5 
Equity earnings$142.2 19.0 1.7 
Segment income$1,073.8 554.9 613.1 
EMEA - Real Estate Services
Leasing$347.3 245.6 302.7 
Capital Markets473.4 330.7 411.9 
Property & Facility Management1,504.7 1,456.6 1,551.6 
Project & Development Services870.8 785.6 904.3 
Advisory, Consulting and Other281.5 274.3 300.2 
Revenue$3,477.7 3,092.8 3,470.7 
Depreciation and amortization$42.2 40.0 43.1 
Equity losses$— — (1.0)
Segment (loss) income $(5.6)(16.0)46.0 
Asia Pacific - Real Estate Services
Leasing$267.6 187.4 260.8 
Capital Markets194.2 124.7 216.1 
Property & Facility Management2,342.7 2,150.6 2,205.2 
Project & Development Services447.8 411.0 527.6 
Advisory, Consulting and Other249.8 196.4 197.8 
Revenue$3,502.1 3,070.1 3,407.5 
Depreciation and amortization$30.2 27.8 26.4 
Equity earnings$4.6 1.4 2.3 
Segment income$130.2 116.4 129.6 
LaSalle
Advisory fees$364.7 336.4 326.4 
Transaction fees & other41.5 43.9 61.3 
Incentive fees93.9 41.5 138.4 
Revenue$500.1 421.8 526.1 
Depreciation and amortization$6.6 7.2 6.4 
Equity earnings (losses)$62.6 (12.4)33.3 
Segment income$139.2 54.2 147.4 
Year Ended December 31,
(in millions)202120202019
Segment income - Americas$1,073.8 554.9 613.1 
Segment (loss) income - EMEA(5.6)(16.0)46.0 
Segment income - Asia Pacific130.2 116.4 129.6 
Segment income - LaSalle139.2 54.2 147.4 
Less: Equity earnings(209.4)(8.0)(36.3)
Add: Restructuring and acquisition charges(84.7)(142.4)(184.4)
Operating income$1,043.5 559.1 715.4 
The following table sets forth the revenue and assets from our most significant currencies.
TOTAL REVENUE
Year Ended December 31,
(in millions)202120202019
United States dollar$11,283.1 9,457.8 10,054.9 
British pound1,626.6 1,341.1 1,514.8 
Euro1,393.3 1,350.6 1,507.7 
Australian dollar1,118.7 876.1 924.5 
Hong Kong dollar545.6 512.2 533.8 
Chinese yuan539.1 473.1 505.9 
Canadian dollar508.3 432.6 435.5 
Indian rupee508.2 524.5 651.8 
Singapore dollar327.4 246.6 309.2 
Japanese yen256.8 257.9 349.4 
Other currencies1,259.9 1,117.4 1,195.7 
$19,367.0 16,589.9 17,983.2 
Change in Reporting Segments
Effective January 1, 2022, our Real Estate Services segments (Americas, EMEA and Asia Pacific) were reorganized into four global business segments focused on product offerings versus geographical alignment. The new segments are: (i) Markets Advisory, (ii) Capital Markets, (iii) Work Dynamics and (iv) JLL Technologies ("JLLT"). We will continue to manage our investment management business globally as LaSalle, a distinct segment.
Effective with financial reporting in 2022, prior period results will be restated to conform with our new reporting structure.