Segments

The Company reports information about its operating segments in accordance with the authoritative guidance related to segments. The Company’s reportable segments represent components of the business for which separate financial information is evaluated regularly by the chief operating decision maker in determining how to allocate resources and in assessing performance. The Company operates in two reportable segments, North America and International. There were no inter-segment sales.

The Company’s segment results are as follows as of and for the years ended December 31 (in thousands):



	2018¹		2017		2016
Revenues, net:
North America	$	1,571,466	$	1,428,711	$	1,279,102
International	862,026		820,827		552,444
	$	2,433,492	$	2,249,538	$	1,831,546
Operating income:
North America	$	673,867	$	541,598	$	506,414
International	416,831		342,162		247,739
	$	1,090,698	$	883,760	$	754,153
Depreciation and amortization:
North America	$	154,405	$	139,418	$	129,653
International	120,204		125,142		73,603
	$	274,609	$	264,560	$	203,256
Capital expenditures:
North America	$	36,514	$	40,747	$	39,000
International	44,873		29,346		20,011
	$	81,387	$	70,093	$	59,011
Long-lived assets (excluding goodwill and investments):
North America	$	1,799,149	$	1,888,599	$	1,664,224
International	942,594		1,131,610		1,203,465
	$	2,741,743	$	3,020,209	$	2,867,689

¹Reflects the impact of the Company's adoption of ASC 606 and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effect of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect ASC 606.

The table below presents the Company's long-lived assets (excluding goodwill and investments) at December 31 (in thousands).



	2018		2017
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,721,419	$	1,808,043
Brazil	541,891		688,809
United Kingdom	274,530		294,039

No single customer represented more than 10% of the Company’s consolidated revenue in 2018, 2017 and 2016.