Segments

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segments

Segments

As previously described in our Annual Report on Form 10-K for the year ended December 31, 2019, the Company historically managed and reported our operating results through two reportable segments, defined by geographic regions: North America and International. In the first quarter of 2020, we evaluated the identification of our operating and reportable segments based upon changes in business models, management reporting, and how the Chief Operating Decision Maker ("CODM") is currently allocating resources, assessing performance and reviewing financial information. We determined that these changes caused the composition of our reportable segments to change and that Brazil represented a third operating and reportable segment, which was previously reported in the International segment. We now manage and report our operating results through three operating and reportable segments defined by geographic regions: North America, Brazil and International, which aligns with how the CODM allocates resources, assesses performance and reviews financial information. This change in reporting segments did not impact our determination of reporting units.

The Company’s segment results are as follows for the three and nine month periods ended September 30, 2020 and 2019 (in thousands): 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues, net:
North America	$	383,828	$	442,704	$	1,175,950	$	1,257,544
Brazil	79,596		106,574		253,722		315,854
International	121,859		131,770		341,850		376,569
	$	585,283	$	681,048	$	1,771,522	$	1,949,967
Operating income:
North America	$	153,328	$	205,558	$	372,219	$	562,230
Brazil	35,600		42,469		104,462		126,884
International	75,604		81,114		201,645		221,520
	$	264,532	$	329,141	$	678,326	$	910,634
Depreciation and amortization:
North America	$	39,390	$	39,309	$	115,913	$	119,476
Brazil	12,260		16,224		39,019		49,314
International	11,829		11,814		35,185		36,910
	$	63,479	$	67,347	$	190,117	$	205,700
Capital expenditures:
North America	$	12,053	$	10,340	$	35,590	$	30,023
Brazil	3,501		4,296		10,309		12,273
International	2,595		2,070		9,120		6,385
	$	18,149	$	16,706	$	55,019	$	48,681