11. SEGMENT INFORMATION ASC Subtopic 280-10, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, in deciding how to allocate resources and assess performance. MSCIs Chief Executive Officer and its President and Chief Operating Officer, who are together considered to be its CODM, review financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. The CODM measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: provision for income taxes, other expense (income), net, depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and, at times, certain other transactions or adjustments, including the impact related to the vesting of the 2016 Multi-Year PSUs, that the CODM does not consider for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are included in the reconciliation that follows. The Companys computation of segment Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate segment Adjusted EBITDA in the same fashion. Operating revenues and expenses directly associated with each segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including time estimates, revenue, headcount, sales targets, data center consumption and other relevant usage measures. Due to the integrated structure of MSCIs business, certain costs incurred by one segment may benefit other segments. A segment may use the content and data produced by another segment without incurring an arms-length intersegment charge. The CODM does not review any information regarding total assets on an operating segment basis. Operating segments do not record intersegment revenues, and, accordingly, there is none to be reported. The accounting policies for segment reporting are the same as for MSCI as a whole. The Company has five operating segments: Index, Analytics, ESG, Real Estate and The Burgiss Group, LLC (Burgiss). The Index operating segment is a provider of primarily equity indexes. The indexes are used in many areas of the investment process, including index-linked product creation (e.g., Exchange Traded Funds (ETFs) and futures and options), performance benchmarking, portfolio construction and rebalancing, broker-dealer structured products and asset allocation. The Analytics operating segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and an analysis of market, credit, liquidity and counterparty risk across all major asset classes, spanning short-, medium- and long-term time horizons. Clients access Analytics content through MSCIs own proprietary applications and application programming interfaces, third-party applications or directly through their own platforms. Additionally, the Analytics operating segment also provides various managed services to help clients operate more efficiently, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting. The ESG operating segment offers products and services that help institutional investors understand how ESG considerations can impact the long-term risk and return of their portfolio and individual security-level investments. In addition, MSCI ESG Research data and ratings are used in the construction of equity and fixed income indexes to help institutional investors more effectively benchmark ESG investment performance, issue index-based investment products, as well as manage, measure and report on ESG mandates. The Real Estate operating segment offers research, reporting, market data and benchmarking offerings that provide real estate performance analysis for funds, investors and managers. Real Estate performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Estate operating segment also provides business intelligence to real estate owners, managers, developers and brokers worldwide. The Burgiss operating segment represents the Companys equity method investment in Burgiss, a global provider of investment decision support tools for private capital. See Note 12, Equity Method Investments, for further information. The operating segments of ESG, Real Estate and Burgiss do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other for disclosure purposes. Burgiss is an equity-method investment, therefore, the All Other segment does not include the Companys proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Companys proportionate share of Burgisss equity earnings is not a component of Adjusted EBITDA as it is reported as a component of other (expense) income, net. The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Operating revenues Index $ 255,691 $ 237,427 $ 747,855 $ 677,750 Analytics 128,337 123,603 381,408 368,719 All Other 41,305 33,221 122,466 104,721 Total $ 425,333 $ 394,251 $ 1,251,729 $ 1,151,190 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Index Adjusted EBITDA $ 194,720 $ 177,680 $ 561,563 $ 493,806 Analytics Adjusted EBITDA 45,056 37,797 127,540 113,266 All Other Adjusted EBITDA 9,671 5,312 26,271 23,220 Total operating segment profitability 249,447 220,789 715,374 630,292 2016 Multi-Year PSUs grant payroll tax expense    15,389 Amortization of intangible assets 14,333 12,361 42,171 36,167 Depreciation and amortization of property, equipment and leasehold improvements 7,494 7,209 22,524 22,464 Operating income 227,620 201,219 650,679 556,272 Other expense (income), net 38,577 32,471 159,620 99,487 Provision for income taxes 6,685 31,765 45,453 15,920 Net income $ 182,358 $ 136,983 $ 445,606 $ 440,865 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Operating revenues Americas: United States $ 180,206 $ 177,154 $ 537,071 $ 516,568 Other 18,039 15,878 52,686 48,669 Total Americas 198,245 193,032 589,757 565,237 Europe, the Middle East and Africa ("EMEA"): United Kingdom 65,155 60,856 193,042 174,984 Other 90,539 80,022 268,677 237,745 Total EMEA 155,694 140,878 461,719 412,729 Asia &amp; Australia: Japan 19,885 18,171 59,002 52,838 Other 51,509 42,170 141,251 120,386 Total Asia &amp; Australia 71,394 60,341 200,253 173,224 Total $ 425,333 $ 394,251 $ 1,251,729 $ 1,151,190 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of September 30, December 31, 2020 2019 (in thousands) Long-lived assets Americas: United States $ 1,754,130 $ 1,781,667 Other 5,026 6,398 Total Americas 1,759,156 1,788,065 EMEA: United Kingdom 77,802 81,338 Other 36,510 36,433 Total EMEA 114,312 117,771 Asia &amp; Australia: Japan 378 398 Other 8,354 8,829 Total Asia &amp; Australia 8,732 9,227 Total $ 1,882,200 $ 1,915,063