Operating segments are defined by ASC 280, “Segment Reporting,” as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The operating segments are reviewed separately because each operating segment represents a strategic business unit that generally offers different products and services.

As discussed in Note 6, “Discontinued Operations,” in the first quarter of 2019 the Company’s Epsilon segment was classified as a discontinued operation and was sold on July 1, 2019. The Company operates in the LoyaltyOne and Card Services reportable segments, which consist of the following:

Corporate and other immaterial businesses are reported collectively as an “all other” category labeled “Corporate/Other.” Income taxes are not allocated to the segments in the computation of segment operating profit for internal evaluation purposes and have also been included in “Corporate/Other.”

(1)

Adjusted EBITDA is a non-GAAP financial measure equal to income from continuing operations, the most directly comparable financial measure based on GAAP plus stock compensation expense, provision for income taxes, interest expense, net, depreciation and other amortization, and amortization of purchased intangibles. In 2019, adjusted EBITDA also excluded costs for professional services associated with strategic initiatives, restructuring and other charges as detailed in Note 14, “Restructuring and Other Charges,” and loss related to the Company’s extinguishment of debt in July 2019.

Adjusted EBITDA, net is also a non-GAAP financial measure equal to adjusted EBITDA less securitization funding costs and interest expense on deposits. Adjusted EBITDA and adjusted EBITDA, net are presented in accordance with ASC 280 as they are the primary performance metrics utilized to assess performance of the segments.

The table below reconciles the reportable segments’ total assets to consolidated total assets:


		LoyaltyOne		Card Services		Corporate/ Other		Discontinued Operations		Total
		(in millions)
Total Assets
December 31, 2019	$	2,338.0	$	23,931.1	$	225.7	$	—	$	26,494.8
December 31, 2018	$	2,200.2	$	23,904.2	$	125.9	$	4,157.4	$	30,387.7

With respect to information concerning principal geographic areas, revenues are based on the location of the subsidiary that generally correlates with the location of the customer. Effective January 1, 2018, the Company adopted ASC 606, “Revenue from Contracts with Customers,” applying the modified retrospective method to those contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605. Information concerning principal geographic areas is as follows:


					Europe,
	United				Middle East
	States		Canada		and Africa		Asia Pacific		Other		Total
	(in millions)
Revenues
Year Ended December 31, 2019	$	4,588.3	$	352.2	$	449.1	$	121.7	$	70.0	$	5,581.3
Year Ended December 31, 2018	$	4,621.3	$	411.3	$	463.2	$	122.0	$	48.8	$	5,666.6
Year Ended December 31, 2017	$	4,192.5	$	726.6	$	411.4	$	129.2	$	15.0	$	5,474.7

Long Lived Assets
December 31, 2019	$	1,361.1	$	311.1	$	696.2	$	12.8	$	0.9	$	2,382.1
December 31, 2018	$	4,693.1	$	261.0	$	698.6	$	22.5	$	0.8	$	5,676.0

As of December 31, 2019, 2018 and 2017, revenues from L Brands and its affiliates represented approximately 10.6%, 10.8% and 12.0%, respectively, of consolidated revenues and are included in the Card Services segment.