Business Segments We are a hospitality company with operations organized in two distinct operating segments: (i) management and franchise and (ii) ownership. These segments are managed and reported separately because of their distinct economic characteristics. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels operated or managed by someone other than us. As of December 31, 2019, this segment included 703 managed hotels and 5,287 franchised hotels consisting of 942,307 total rooms. This segment also earns licensing fees from HGV and strategic partnerships for the right to use certain Hilton marks and IP, as well as fees for managing properties in our ownership segment. As of December 31, 2019, the ownership segment included 65 properties totaling 20,557 rooms, comprising 57 hotels that we wholly owned or leased, one hotel owned by a consolidated non-wholly owned entity, two hotels leased by consolidated VIEs and five hotels owned or leased by unconsolidated affiliates. The performance of our operating segments is evaluated primarily on operating income, without allocating other revenues and expenses or general and administrative expenses. The following table presents revenues for our reportable segments, reconciled to consolidated amounts: Year Ended December 31, 2019 2018 2017 (in millions) Franchise and licensing fees $ 1,691 $ 1,537 $ 1,326 Base and other management fees (1) 394 385 379 Incentive management fees 230 235 222 Management and franchise 2,315 2,157 1,927 Ownership 1,422 1,484 1,432 Segment revenues 3,737 3,641 3,359 Amortization of contract acquisition costs (29) (27) (17) Other revenues 101 98 105 Direct reimbursements from managed and franchised properties (2) 3,110 2,881 2,572 Indirect reimbursements from managed and franchised properties (2) 2,576 2,357 2,155 Intersegment fees elimination (1) (43) (44) (43) Total revenues $ 9,452 $ 8,906 $ 8,131 ____________ (1) Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our consolidated statements of operations. (2) Included in other revenues from managed and franchised properties in our consolidated statements of operations. The following table presents operating income for our reportable segments, reconciled to consolidated income before income taxes: Year Ended December 31, 2019 2018 2017 (in millions) Management and franchise (1) $ 2,315 $ 2,157 $ 1,927 Ownership (1) 125 108 120 Segment operating income 2,440 2,265 2,047 Amortization of contract acquisition costs (29) (27) (17) Other revenues, less other expenses 29 47 49 Net other expenses from managed and franchised properties (77) (85) (172) Depreciation and amortization (346) (325) (336) General and administrative (441) (443) (439) Gain on sale of assets, net 81   Operating income 1,657 1,432 1,132 Interest expense (414) (371) (351) Gain (loss) on foreign currency transactions (2) (11) 3 Loss on debt extinguishment   (60) Other non-operating income, net 3 28 29 Income before income taxes $ 1,244 $ 1,078 $ 753 ____________ (1) Includes management, royalty and IP fees charged to our ownership segment by our management and franchise segment, which were eliminated in our consolidated statements of operations. The following table presents total assets for our reportable segments, reconciled to consolidated amounts: December 31, 2019 2018 (in millions) Management and franchise $ 11,455 $ 11,362 Ownership 1,610 927 Corporate and other 1,892 1,706 $ 14,957 $ 13,995 The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts: Year Ended December 31, 2019 2018 2017 (in millions) Ownership $ 38 $ 42 $ 32 Corporate and other 43 30 26 $ 81 $ 72 $ 58 Total revenues by country were as follows: Year Ended December 31, 2019 2018 2017 (in millions) U.S. $ 7,423 $ 6,848 $ 6,046 All other 2,029 2,058 2,085 $ 9,452 $ 8,906 $ 8,131 Other than the U.S., there were no countries that individually represented more than 10 percent of total revenues for the years ended December 31, 2019, 2018 and 2017. Property and equipment, net by country was as follows: December 31, 2019 2018 (in millions) U.S. $ 145 $ 109 United Kingdom 84 75 Japan 71 106 Germany 38 40 All other 42 37 $ 380 $ 367 Other than the countries included above, there were no countries that individually represented more than 10 percent of total property and equipment, net as of December 31, 2019 and 2018.