SEGMENTS

The Company and its subsidiaries are principally engaged in the operation of membership shopping warehouse clubs in 13 countries/territories that are located in Latin America and the Caribbean. In addition, the Company operates distribution centers and corporate offices in the United States. The Company’s reportable segments are based on management’s organization of these locations into operating segments by general geographic location, which are used by management in setting up management lines of responsibility, providing support services, and making operational decisions and assessments of financial performance. The Company’s operating segments are the United States, Latin America and the Caribbean. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Certain revenues and operating costs included in the United States segment have not been allocated, as it is impractical to do so.

The Company has made reclassifications to the consolidated balance sheet recorded during fiscal year 2015 (see Note 1 - Company Overview and Basis of Presentation) to the consolidated balance sheet for fiscal year 2014 to conform to the presentation in fiscal year 2015. These reclassifications did not impact net income. The following tables summarize the impact of these reclassifications to the amounts reported for each segment (in thousands):



	United States Operations			Latin American Operations			Caribbean Operations		Total

Three Month Period Ended November 30, 2013
Long-lived assets (other than deferred tax assets) as previously reported	$	10,096		$	320,754		$	117,303	$	448,153
Reclassifications to long-lived assets	—			73			—		73
Long-lived assets (other than deferred tax assets) as currently reported	$	10,096		$	320,827		$	117,303	$	448,226

Total assets as previously reported	$	50,711		$	588,239		$	241,612	$	880,562
Reclassifications to total assets	—			73			—		73
Total assets as currently reported	$	50,711		$	588,312		$	241,612	$	880,635

As of August 31, 2014
Long-lived assets (other than deferred tax assets) as previously reported	$	16,488		$	396,280		$	113,134	$	525,902
Reclassifications to long-lived assets	96			3,066			—		3,162
Long-lived assets (other than deferred tax assets) as currently reported	$	16,584		$	399,346		$	113,134	$	529,064

Total assets as previously reported	$	91,190		$	625,777		$	223,251	$	940,218
Reclassifications to total assets	(15		)	(2,133		)	—		(2,148		)
Total assets as currently reported	$	91,175		$	623,644		$	223,251	$	938,070

The following tables summarize by segment certain revenues, operating costs and balance sheet items (in thousands):



	United States Operations				Latin American Operations		Caribbean Operations		Reconciling Items⁽¹⁾			Total
Three Month Period Ended November 30, 2014
Revenue from external customers	$	8,431			$	449,199	$	198,391	$	—		$	656,021
Intersegment revenues	338,328				—		1,383		(339,711		)	—
Depreciation and amortization	542				4,967		2,288		—			7,797
Operating income	12,133				16,884		7,268		—			36,285
Net income	7,593				7,701		5,353		—			20,647
Capital expenditures, net	(2,773		)	⁽²⁾	29,197		3,196		—			29,620
Long-lived assets (other than deferred tax assets)	13,261				414,026		114,622		—			541,909
Goodwill	—				31,445		4,717		—			36,162
Total assets	69,240				718,672		249,220		—			1,037,132
Three Month Period Ended November 30, 2013
Revenue from external customers	$	5,721			$	407,820	$	192,060	$	—		$	605,601
Intersegment revenues	305,592				—		1,476		(307,068		)	—
Depreciation and amortization	572				3,863		2,219		—			6,654
Operating income	10,971				16,499		4,889		—			32,359
Net income	7,087				10,613		3,732		—			21,432
Capital expenditures, net	(426		)	⁽²⁾	14,761		3,953		—			18,288
Long-lived assets (other than deferred tax assets)	10,096				320,827		117,303		—			448,226
Goodwill	—				31,461		4,828		—			36,289
Total assets	50,711				588,312		241,612		—			880,635
As of August 31, 2014
Long-lived assets (other than deferred tax assets)	$	16,584			$	399,346	$	113,134	$	—		$	529,064
Goodwill	—				31,383		4,725		—			36,108
Total assets	91,175				623,644		223,251		—			938,070


⁽¹⁾	The reconciling items reflect the amount eliminated on consolidation of intersegment transactions.


⁽²⁾	The decrease in capital expenditures is a result of the transfers of capital assets from this segment to other segments.