We report our operations as four business segments. We manage our RES product offerings geographically as (1) Americas, (2) EMEA and (3) Asia Pacific, and we manage our investment management business globally as (4) LaSalle.
There are significant risks inherent in conducting a global business. We describe these in detail below in Item 1A, Risk Factors. Information regarding revenue and operating income or loss, attributable to each of our segments, is included in “Segment Operating Results” within Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and within Note 3 of our Notes to Consolidated Financial Statements, included in Part II, Item 8. Information concerning the identifiable assets of each of our business segments is also set forth in Note 3 of our Notes to Consolidated Financial Statements.
REAL ESTATE SERVICES: AMERICAS, EMEA AND ASIA PACIFIC
To address the needs of real estate owners and occupiers, we provide a full range of integrated property and facility management, project management, advisory and transaction services locally, regionally, and globally through our Americas, EMEA and Asia Pacific operating segments. We organize our RES in five major product categories:
Across these five broad RES categories, we leverage our deep real estate expertise and experience within the Company to provide innovative solutions for our clients. For the year ended December 31, 2016, we derived our RES revenue from product categories and regional geographies as follows ($ in millions and showing change from 2015 in local currency):
Risk management and risks
Risk factors and risk
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For Capital Markets & Hotels, Property & Facility Management, Project & Development Services and total RES revenue, the table above shows "Fee Revenue," or revenue excluding net non-cash MSR and mortgage banking derivative activity and vendor and subcontract costs that are otherwise included both in revenue and expense ("gross contract costs") for reporting in accordance with U.S. generally accepted accounting principles. We believe that excluding gross contract costs from revenue in this presentation gives a more accurate picture of the revenue growth rates in these RES product categories. Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for additional discussion of this non-GAAP measure and reconciliation from the most comparable U.S. GAAP measure.