Segments

12 Months Ended

Dec. 31, 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 as of and for the years ended December 31 (in thousands):

	2020		2019		20181
Revenues, net:
North America	$	1,581,547	$	1,708,546	$	1,571,466
Brazil	344,248		427,921		400,111
International	463,060		512,381		461,915
	$	2,388,855	$	2,648,848	$	2,433,492
Operating income:
North America	$	547,912	$	754,528	$	674,477
Brazil	148,055		175,642		158,722
International	276,298		301,260		257,499
	$	972,265	$	1,231,430	$	1,090,698
Depreciation and amortization:
North America	$	156,417	$	160,246	$	154,405
Brazil	51,364		64,936		67,167
International	47,021		49,028		53,037
	$	254,802	$	274,210	$	274,609
Capital expenditures:
North America	$	48,426	$	44,238	$	36,514
Brazil	17,116		18,330		22,056
International	12,883		12,602		22,817
	$	78,425	$	75,170	$	81,387
Long-lived assets (excluding goodwill and investments):
North America	$	1,790,661	$	1,860,708	$	1,799,149
Brazil	341,242		487,464		541,891
International	379,697		418,311		400,703
	$	2,511,600	$	2,766,483	$	2,741,743

1The Company applied the modified retrospective transition method when adopting ASC 842, therefore the Company's 2018 prior period results were not restated to reflect ASC 842.

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

	2020		2019
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,547,423	$	1,860,708
Brazil	341,242		487,464
United Kingdom	269,556		282,351

More than 10% of our revenues in 2020, 2019 and 2018 were derived through our relationship with our open-loop network partner in our North American segment.