Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

SegmentsAs 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):

	2021	2020	2019
Revenues, net:
North America	$1,921,077	$1,581,547	$1,708,546
Brazil	368,080	344,248	427,921
International	544,579	463,060	512,381
	$2,833,736	$2,388,855	$2,648,848
Operating income:
North America	$762,620	$547,912	$754,528
Brazil	154,265	148,055	175,642
International	325,671	276,298	301,260
	$1,242,556	$972,265	$1,231,430
Depreciation and amortization:
North America	$184,876	$156,417	$160,246
Brazil	50,020	51,364	64,936
International	49,301	47,021	49,028
	$284,197	$254,802	$274,210
Capital expenditures:
North America	$67,533	$48,426	$44,238
Brazil	24,431	17,116	18,330
International	19,566	12,883	12,602
	$111,530	$78,425	$75,170
Long-lived assets (excluding goodwill and investments):
North America	$2,117,244	$1,790,661	$1,860,708
Brazil	291,203	341,242	487,464
International	348,265	379,697	418,311
	$2,756,712	$2,511,600	$2,766,483

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

	2021		2020
Long-lived assets (excluding goodwill):
United States (country of domicile)	$	1,848,923	$	1,547,423
Brazil	291,203		341,242
United Kingdom	245,654		269,556

More than 10% of our revenues in 2021, 2020 and 2019 were derived through our relationship with our open-loop network partner in our North America segment.