SEGMENT AND GEOGRAPHIC INFORMATION Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of resources. We define our reportable segments as follows:  Owned and leased hotels This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit cards and revenues earned under the loyalty program for stays at our owned and leased hotels and are eliminated in consolidation.  Americas management and franchising This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada, and the Caribbean. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These costs relate primarily to payroll costs at managed properties where the Company is the employer, as well as costs associated with reservations, sales, marketing, technology, and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.  ASPAC management and franchising This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, Greater China, Australia, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These costs relate primarily to reservations, sales, marketing, technology, and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned hotel and are eliminated in consolidation.  EAME/SW Asia management and franchising This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These costs relate primarily to reservations, sales, marketing, technology, and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation. Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; Contra revenue; revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net. Effective January 1, 2018, we made two modifications to our definition of Adjusted EBITDA with the implementation of ASU 2014-09. Our definition has been updated to exclude Contra revenue which was previously recognized as amortization expense. As this is strictly a matter of financial presentation, we have excluded Contra revenue in order to be consistent with our prior treatment and to reflect the way in which we manage our business. We have also excluded revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties. These revenues and costs previously netted to zero within Adjusted EBITDA. Under ASU 2014-09, the recognition of certain revenue differs from the recognition of related costs, creating timing differences that would otherwise impact Adjusted EBITDA. We have not changed our management of these revenues or expenses, nor do we consider these timing differences to be reflective of our core operations. These changes reflect how our CODM evaluates each segment's performance and also facilitate comparison with our competitors. We have applied this change to 2017 and 2016 historical results to allow for comparability between the periods presented. The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results of Miraval and Exhale, Hyatt Residence Club license fees, condominium rental program and homeowner association operations, results related to our co-branded credit cards, and unallocated corporate expenses. Years Ended December 31, 2018 2017 2016 Owned and leased hotels Owned and leased hotels revenues $ 1,889 $ 2,159 $ 2,139 Other revenues  13  Intersegment revenues (a) 33 38 42 Adjusted EBITDA 428 490 516 Depreciation and amortization 266 295 285 Capital expenditures 194 195 200 Americas management and franchising Management, franchise, and other fees revenues 400 380 350 Contra revenue (13 ) (12 ) (11 ) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 1,787 1,625 1,607 Intersegment revenues (a) 70 74 75 Adjusted EBITDA 352 327 297 Depreciation and amortization 9 7 7 Capital expenditures 1   ASPAC management and franchising Management, franchise, and other fees revenues 127 112 96 Contra revenue (2 ) (1 ) (1 ) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 95 79 73 Intersegment revenues (a) 2 2 2 Adjusted EBITDA 78 70 57 Depreciation and amortization 1 1  Capital expenditures 4 1 1 EAME/SW Asia management and franchising Management, franchise, and other fees revenues 80 69 64 Contra revenue (5 ) (5 ) (4 ) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 68 58 51 Intersegment revenues (a) 10 10 10 Adjusted EBITDA 46 37 31 Depreciation and amortization 1  1 Capital expenditures 1 1 1 Corporate and other Revenues 132 100 19 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 6   Intersegment revenues (a) (5 ) (9 ) (11 ) Adjusted EBITDA (127 ) (135 ) (138 ) Depreciation and amortization 50 45 33 Capital expenditures 97 101 9 Eliminations (a) Revenues (110 ) (115 ) (118 ) Adjusted EBITDA  3  TOTAL Revenues $ 4,454 $ 4,462 $ 4,265 Adjusted EBITDA 777 792 763 Depreciation and amortization 327 348 326 Capital expenditures 297 298 211 (a) Intersegment revenues are included in the management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations. The table below presents summarized consolidated balance sheet information by segment: December 31, 2018 December 31, 2017 Total Assets: Owned and leased hotels $ 4,118 $ 4,844 Americas management and franchising 842 521 ASPAC management and franchising 203 121 EAME/SW Asia management and franchising 225 196 Corporate and other 2,255 1,890 Total $ 7,643 $ 7,572 The following tables present revenues and property and equipment, net, intangibles, net, and goodwill by geographical region: Years Ended December 31, 2018 2017 2016 Revenues: United States $ 3,587 $ 3,619 $ 3,461 All foreign 867 843 804 Total $ 4,454 $ 4,462 $ 4,265 December 31, 2018 December 31, 2017 Property and equipment, net, Intangibles, net, and Goodwill: United States $ 3,670 $ 3,524 All foreign 849 965 Total $ 4,519 $ 4,489 The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: Years Ended December 31, 2018 2017 2016 Net income attributable to Hyatt Hotels Corporation $ 769 $ 389 $ 206 Interest expense 76 80 76 Provision for income taxes 182 332 76 Depreciation and amortization 327 348 326 EBITDA 1,354 1,149 684 Contra revenue 20 18 16 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1,956 ) (1,762 ) (1,731 ) Costs incurred on behalf of managed and franchised properties 1,981 1,782 1,742 Equity earnings from unconsolidated hospitality ventures (8 ) (219 ) (67 ) Stock-based compensation expense 29 29 25 (Gains) losses on sales of real estate (772 ) (236 ) 6 Asset impairments 25   Other (income) loss, net 49 (42 ) (12 ) Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 55 73 100 Adjusted EBITDA $ 777 $ 792 $ 763