22.

Segmented information

Operating segments

Colliers identified

four

reportable operating segments. Three segments are grouped geographically into Americas, Asia Pacific and EMEA. The Investment Management segment includes Harrison Street and the Company’s existing European investment management business which was previously reported in EMEA; segment presentation has been revised for all periods presented. The groupings are based on the manner in which the segments are managed. Management assesses each segment’s performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes the costs of global administrative functions and the corporate head office.

Included in segment total assets at

December 31, 2018

are investments in subsidiaries accounted for under the equity method or cost method: Americas

$4,311

(

2017

$3,171

); EMEA

$1,820

(

2017

$2,242

), Asia Pacific

(

2017

); Investment Management

$430

(

2017

$336

) and Corporate

$1,200

(

2017

nil

). The reportable segment information excludes intersegment transactions.

2018
	Americas		EMEA		Asia Pacific		Investment Management		Corporate			Consolidated

Revenues	$	1,596,184	$	623,238	$	528,360	$	76,021	$	1,624		$	2,825,427
Depreciation and amortization		30,391		25,435		6,320		13,791		2,793			78,730
Operating earnings (loss)		105,490		53,862		66,240		12,326		(36,520	)		201,398
Other income, net													1,281
Interest expense, net													(20,845	)
Income tax expense													(53,260	)

Net earnings												$	128,574

Total assets	$	846,919	$	602,964	$	228,490	$	693,040	$	(13,833	)	$	2,357,580
Total additions to long-lived assets		61,814		161,823		10,669		649,898		3,743			887,947

2017 (note 23)
	Americas		EMEA		Asia Pacific		Investment Management		Corporate			Consolidated

Revenues	$	1,409,413	$	514,947	$	496,203	$	12,654	$	1,983		$	2,435,200
Depreciation and amortization		28,799		16,595		5,914		29		1,655			52,992
Operating earnings (loss)		87,955		45,626		55,066		2,263		(23,534	)		167,376
Other income, net													500
Interest expense, net													(11,895	)
Income tax expense													(61,907	)

Net earnings												$	94,074

Total assets	$	759,827	$	497,122	$	221,415	$	33,360	$	(4,164	)	$	1,507,560
Total additions to long-lived assets		138,914		28,682		9,876		91		5,092			182,655

Geographic information

Revenues in each geographic region are reported by customer locations.

	2018		2017 (note 23)

United States
Revenues	$	1,243,019	$	1,046,248
Total long-lived assets		943,164		281,588

Euro currency countries
Revenues	$	360,115	$	262,115
Total long-lived assets		265,867		191,934

Canada
Revenues	$	358,035	$	306,533
Total long-lived assets		65,781		61,158

Australia
Revenues	$	238,537	$	253,260
Total long-lived assets		47,886		50,843

United Kingdom
Revenues	$	172,820	$	169,700
Total long-lived assets		68,732		75,745

Other
Revenues	$	452,901	$	397,344
Total long-lived assets		87,877		60,797

Consolidated
Revenues	$	2,825,427	$	2,435,200
Total long-lived assets		1,479,307		722,065