SEGMENT INFORMATION The Company is organized into two operating segments: MIS and MA and accordingly, the Company reports in two reportable segments: MIS and MA. The MIS segment consists of five LOBs. The CFG, SFG, FIG and PPIF LOBs generate revenue principally from fees for the assignment and ongoing monitoring of credit ratings on debt obligations and the entities that issue such obligations in markets worldwide. The MIS Other LOB primarily consists of financial instruments pricing services in the Asia-Pacific region as well as ICRA non-ratings revenue. The MA segment develops a wide range of products and services that support the risk management activities of institutional participants in global financial markets. The MA segment consists of three LOBsRD&amp;A, ERS and PS. Revenue for MIS and expenses for MA include an intersegment royalty charged to MA for the rights to use and distribute content, data and products developed by MIS. The royalty rate charged by MIS approximates the fair value of the aforementioned content, data and products and is generally based on comparable market transactions. Also, revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MISs ratings process. These fees charged by MA are generally equal to the costs incurred by MA to produce these products and services. Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment. For overhead and corporate expenses that benefit both segments, in years prior to 2019, the Company generally allocated costs ratably based on each segments share of total revenue. Beginning in 2019, the Company refined its methodology such that costs allocated to each segment based on the segments share of 2018 actual revenue comprise a Baseline Pool that will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment. The Company believes that this allocation method will better align the amount of overhead costs consumed by each segment and contribute stability to each segments costs over time. The impact of this refined methodology would not have resulted in a material change to previously reported segment results. Eliminations in the following table represent intersegment revenue/expense. Moodys does not report the Companys assets by reportable segment, as this metric is not used by the chief operating decision maker to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment. Financial Information by Segment The table below shows revenue, Adjusted Operating Income and operating income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Companys chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Companys revenue. Year Ended December 31, 2019 2018 MIS MA Eliminations Consolidated MIS MA Eliminations Consolidated Revenue $ 3,009 $ 1,963 $ (143) $ 4,829 $ 2,836 $ 1,743 $ (136) $ 4,443 Total Expense 1,376 1,598 (143) 2,831 1,276 1,435 (136) 2,575 Operating income 1,633 365  1,998 1,560 308  1,868 Add: Restructuring 31 29  60 32 17  49 Depreciation and amortization 71 129  200 65 127  192 Acquisition-Related Expenses  3  3  8  8 Loss pursuant to the divestiture of MAKS  14  14     Captive insurance company settlement 10 6  16     Adjusted Operating Income $ 1,745 $ 546 $  $ 2,291 $ 1,657 $ 460 $  $ 2,117 Year Ended December 31, 2017 MIS (1) MA (1) Eliminations Consolidated (1) Revenue $ 2,886 $ 1,446 $ (128) $ 4,204 Total Expense 1,314 1,197 (128) 2,383 Operating Income 1,572 249  1,821 Add: Depreciation and amortization 74 84  158 Acquisition-Related Expenses  23  23 Adjusted Operating income $ 1,646 $ 356 $  $ 2,002 (1) The Company adopted ASU No. 2017-07 in the first quarter of 2018, whereby all components of pension expense except for the service cost component are required to be presented in non-operating (expense) income, net. The service cost component continues to be reported as an operating expense. Segment results for 2017 have been restated to reflect this reclassification. Accordingly, operating and SG&amp;A expenses for MIS and MA were reduced by $8 million and $4 million, respectively, for the year ended December 31, 2017. The cumulative restructuring charges related to the 2018 Restructuring Program, as more fully discussed in Note 12, for the MIS and MA reportable segments are $63 million and $46 million, respectively. CONSOLIDATED REVENUE AND LONG-LIVED ASSETS INFORMATION BY GEOGRAPHIC AREA Year Ended December 31, 2019 2018 2017 Revenue: U.S. $ 2,544 $ 2,330 $ 2,348 Non-U.S.: EMEA 1,446 1,377 1,132 Asia-Pacific 551 493 471 Americas 288 243 253 Total Non-U.S. 2,285 2,113 1,856 Total $ 4,829 $ 4,443 $ 4,204 Long-lived assets at December 31: U.S. $ 1,290 $ 982 $ 673 Non-U.S. 4,678 4,685 5,037 Total $ 5,968 $ 5,667 $ 5,710