| Summarized financial information concerning the company's reportable segments |
Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2018, 2017 and 2016 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | Total Property | |
Services | | Other | | Total | Year ended December 31, 2018 | | U.S. | | Asia | | EMEA | | Latin America | | Segment revenues (1) | | $ | 3,822.1 |
| | $ | 1,540.5 |
| | $ | 687.3 |
| | $ | 1,264.8 |
| | $ | 7,314.7 |
| | $ | 125.4 |
| | | | $ | 7,440.1 |
| Segment operating expenses (2) | | 771.0 |
| | 710.9 |
| | 238.1 |
| | 406.3 |
| | 2,126.3 |
| | 48.2 |
| | | | 2,174.5 |
| Interest expense, TV Azteca, net | | — |
| | — |
| | — |
| | (0.1 | ) | | (0.1 | ) | | — |
| | | | (0.1 | ) | Segment gross margin | | 3,051.1 |
| | 829.6 |
| | 449.2 |
| | 858.4 |
| | 5,188.3 |
| | 77.2 |
| | | | 5,265.5 |
| Segment selling, general, administrative and development expense (2) | | 165.2 |
| | 110.7 |
| | 69.1 |
| | 83.5 |
| | 428.5 |
| | 14.4 |
| | | | 442.9 |
| Segment operating profit | | $ | 2,885.9 |
| | $ | 718.9 |
| | $ | 380.1 |
| | $ | 774.9 |
| | $ | 4,759.8 |
| | $ | 62.8 |
| | | | $ | 4,822.6 |
| Stock-based compensation expense | | | | | | | | | | | | | | $ | 137.5 |
| | 137.5 |
| Other selling, general, administrative and development expense | | | | | | | | | | | | | | 156.1 |
| | 156.1 |
| Depreciation, amortization and accretion | | | | | | | | | | | | | | 2,110.8 |
| | 2,110.8 |
| Other expense (3) | | | | | | | | | | | | | | 1,263.6 |
| | 1,263.6 |
| Income from continuing operations before income taxes | | | | | | | | | | | | | | | | $ | 1,154.6 |
| Capital expenditures (4) | | $ | 376.9 |
| | $ | 101.0 |
| | $ | 232.7 |
| | $ | 220.7 |
| | $ | 931.3 |
| | $ | — |
| | $ | 13.9 |
| | $ | 945.2 |
|
_______________ | | (1) | Asia segment revenues include a net impact of $333.7 million as a result of the settlement payment received from Tata in the fourth quarter of 2018. |
| | (2) | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $3.3 million and $134.2 million, respectively. |
| | (3) | Primarily includes interest expense and $394.0 million in impairment charges. |
| | (4) | Includes $32.0 million of capital lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and capital leases in the cash flow from financing activities in the Company’s consolidated statement of cash flows. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Total Property | |
Services | | Other | | Total | Year ended December 31, 2017 | | U.S. | | Asia | | EMEA | | Latin America | | Segment revenues | | $ | 3,605.7 |
| | $ | 1,164.4 |
| | $ | 626.2 |
| | $ | 1,169.6 |
| | $ | 6,565.9 |
| | $ | 98.0 |
| | | | $ | 6,663.9 |
| Segment operating expenses (1) | | 746.5 |
| | 649.0 |
| | 238.3 |
| | 386.1 |
| | 2,019.9 |
| | 33.8 |
| | | | 2,053.7 |
| Interest income, TV Azteca, net | | — |
| | — |
| | — |
| | 10.8 |
| | 10.8 |
| | — |
| | | | 10.8 |
| Segment gross margin | | 2,859.2 |
| | 515.4 |
| | 387.9 |
| | 794.3 |
| | 4,556.8 |
| | 64.2 |
| | | | 4,621.0 |
| Segment selling, general, administrative and development expense (1) | | 151.4 |
| | 82.4 |
| | 67.9 |
| | 77.5 |
| | 379.2 |
| | 13.7 |
| | | | 392.9 |
| Segment operating profit | | $ | 2,707.8 |
| | $ | 433.0 |
| | $ | 320.0 |
| | $ | 716.8 |
| | $ | 4,177.6 |
| | $ | 50.5 |
| | | | $ | 4,228.1 |
| Stock-based compensation expense | | | | | | | | | | | | | | $ | 108.5 |
| | 108.5 |
| Other selling, general, administrative and development expense | | | | | | | | | | | | | | 138.5 |
| | 138.5 |
| Depreciation, amortization and accretion | | | | | | | | | | | | | | 1,715.9 |
| | 1,715.9 |
| Other expense (2) | | | | | | | | | | | | | | 1,009.1 |
| | 1,009.1 |
| Income from continuing operations before income taxes | | | | | | | | | | | | | | | | $ | 1,256.1 |
| Capital expenditures (3) | | $ | 360.6 |
| | $ | 118.0 |
| | $ | 141.7 |
| | $ | 197.4 |
| | $ | 817.7 |
| | $ | — |
| | $ | 17.7 |
| | $ | 835.4 |
|
_______________ | | (1) | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.9 million and $105.6 million, respectively. |
| | (2) | Primarily includes interest expense. |
| | (3) | Includes $31.8 million of capital lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and capital leases in the cash flow from financing activities in the Company’s consolidated statement of cash flows. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Total Property | |
Services
| | Other | | Total | Year ended December 31, 2016 | | U.S. | | Asia | | EMEA | | Latin America | | Segment revenues | | $ | 3,370.1 |
| | $ | 827.6 |
| | $ | 529.5 |
| | $ | 985.9 |
| | $ | 5,713.1 |
| | $ | 72.6 |
| | | | $ | 5,785.7 |
| Segment operating expenses (1) | | 733.4 |
| | 465.9 |
| | 223.7 |
| | 338.0 |
| | 1,761.0 |
| | 27.0 |
| | | | 1,788.0 |
| Interest income, TV Azteca, net | | — |
| | — |
| | — |
| | 10.9 |
| | 10.9 |
| | — |
| | | | 10.9 |
| Segment gross margin | | 2,636.7 |
| | 361.7 |
| | 305.8 |
| | 658.8 |
| | 3,963.0 |
| | 45.6 |
| | | | 4,008.6 |
| Segment selling, general, administrative and development expense (1) | | 147.6 |
| | 48.2 |
| | 60.9 |
| | 60.7 |
| | 317.4 |
| | 12.5 |
| | | | 329.9 |
| Segment operating profit | | $ | 2,489.1 |
| | $ | 313.5 |
| | $ | 244.9 |
| | $ | 598.1 |
| | $ | 3,645.6 |
| | $ | 33.1 |
| | | | $ | 3,678.7 |
| Stock-based compensation expense | | | | | | | | | | | | | | $ | 89.9 |
| | 89.9 |
| Other selling, general, administrative and development expense | | | | | | | | | | | | | | 126.0 |
| | 126.0 |
| Depreciation, amortization and accretion | | | | | | | | | | | | | | 1,525.6 |
| | 1,525.6 |
| Other expense (2) | | | | | | | | | | | | | | 811.3 |
| | 811.3 |
| Income from continuing operations before income taxes | | | | | | | | | | | | | | | | $ | 1,125.9 |
| Capital expenditures (3) | | $ | 310.7 |
| | $ | 115.5 |
| | $ | 86.1 |
| | $ | 172.6 |
| | $ | 684.9 |
| | $ | — |
| | $ | 16.5 |
| | $ | 701.4 |
|
_______________ | | (1) | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.4 million and $87.5 million, respectively. |
| | (2) | Primarily includes interest expense. |
| | (3) | Includes $18.9 million of capital lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and capital leases in the cash flow from financing activities in the Company’s consolidated statement of cash flows. |
|
| Reconciliation of assets from segments to consolidated |
Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31,: | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | U.S. property | $ | 18,782.0 |
| | $ | 19,032.6 |
| | $ | 18,846.9 |
| Asia property (1) | 4,938.8 |
| | 4,770.8 |
| | 4,535.3 |
| EMEA property (1) | 3,367.8 |
| | 3,213.6 |
| | 2,062.4 |
| Latin America property (1) | 5,594.7 |
| | 5,868.4 |
| | 4,938.1 |
| Services | 46.3 |
| | 42.3 |
| | 48.3 |
| Other (2) | 280.8 |
| | 286.6 |
| | 448.2 |
| Total assets | $ | 33,010.4 |
| | $ | 33,214.3 |
| | $ | 30,879.2 |
|
_______________ | | (1) | Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. |
| | (2) | Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments. |
|
| Schedule of disclosure on geographic areas, long-lived assets |
Summarized geographic information related to the Company’s operating revenues for the years ended December 31, 2018, 2017 and 2016 and long-lived assets as of December 31, 2018 and 2017 is as follows: | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Operating Revenues: | | | | | | United States | $ | 3,947.5 |
| | $ | 3,703.7 |
| | $ | 3,442.7 |
| Asia (1): | | | | | | India | 1,540.5 |
| | 1,164.4 |
| | 827.6 |
| EMEA (1): | | | | | | France | 72.7 |
| | 59.5 |
| | — |
| Germany | 69.1 |
| | 63.1 |
| | 60.2 |
| Ghana | 125.4 |
| | 122.9 |
| | 116.2 |
| Kenya | 7.0 |
| | — |
| | — |
| Nigeria | 220.7 |
| | 213.9 |
| | 215.4 |
| South Africa | 125.3 |
| | 106.5 |
| | 80.0 |
| Uganda | 67.1 |
| | 60.3 |
| | 57.7 |
| Latin America (1): | | | | | | Argentina | 16.0 |
| | 15.9 |
| | 1.0 |
| Brazil | 595.5 |
| | 620.1 |
| | 506.2 |
| Chile | 44.2 |
| | 40.4 |
| | 33.8 |
| Colombia | 103.8 |
| | 89.3 |
| | 79.7 |
| Costa Rica | 18.4 |
| | 19.4 |
| | 19.0 |
| Mexico | 456.5 |
| | 364.3 |
| | 331.2 |
| Paraguay | 10.4 |
| | 2.7 |
| | — |
| Peru | 20.0 |
| | 17.5 |
| | 15.0 |
| Total International | 3,492.6 |
| | 2,960.2 |
| | 2,343.0 |
| Total operating revenues | $ | 7,440.1 |
| | $ | 6,663.9 |
| | $ | 5,785.7 |
|
_______________ | | (1) | Balances are translated at the applicable exchange rate, which may impact comparability between periods. |
| | | | | | | | | | 2018 | | 2017 | Long-Lived Assets (1): | | | | United States | $ | 16,543.7 |
| | $ | 16,930.2 |
| Asia (2): | | | | India | 3,947.8 |
| | 4,052.6 |
| EMEA (2): | | | | France | 963.8 |
| | 1,009.6 |
| Germany | 388.5 |
| | 428.0 |
| Ghana | 159.2 |
| | 171.4 |
| Kenya | 190.0 |
| | — |
| Nigeria | 606.5 |
| | 587.2 |
| South Africa | 342.5 |
| | 330.4 |
| Uganda | 138.7 |
| | 136.9 |
| Latin America (2): | | | | Argentina | 81.6 |
| | 117.9 |
| Brazil | 2,288.1 |
| | 2,557.4 |
| Chile | 129.7 |
| | 151.2 |
| Colombia | 381.6 |
| | 369.0 |
| Costa Rica | 119.1 |
| | 112.9 |
| Mexico | 1,421.3 |
| | 1,396.8 |
| Paraguay | 107.4 |
| | 77.5 |
| Peru | 113.8 |
| | 93.7 |
| Total International | 11,379.6 |
| | 11,592.5 |
| Total long-lived assets | $ | 27,923.3 |
| | $ | 28,522.7 |
|
_______________ | | (1) | Includes Property and equipment, net, Goodwill and Other intangible assets, net. |
| | (2) | Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. |
|