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SEGMENTS | 9 Months Ended
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May 31, 2020
SEGMENTS [Abstract] |
SEGMENTS | NOTE 9 – SEGMENTS The Company and its subsidiaries are principally engaged in the international operation of membership shopping in 45 warehouse clubs located in 12 countries and one U.S. territory that are located in Central America, the Caribbean and Colombia. In addition, the Company operates distribution centers and corporate offices in the United States. The Company has aggregated its warehouse clubs, distribution centers and corporate offices into reportable segments. The Company’s reportable segments are based on management’s organization of these locations into operating segments by general geographic location, used by management and the Company's chief operating decision maker in setting up management lines of responsibility, providing support services, and making operational decisions and assessments of financial performance. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Certain revenues, operating costs and inter-company charges included in the United States segment are not allocated to the segments within this presentation, as it is impractical to do so, and they appear as reconciling items to reflect the amount eliminated on consolidation of intersegment transactions. From time to time, the Company revises the measurement of each segment's operating income and net income, including certain corporate overhead allocations, and other measures as determined by the information regularly reviewed by the Company's chief operating decision maker. When the Company does so, the previous period amounts and balances are reclassified to conform to the current period's presentation. The following tables summarize by segment certain revenues, operating costs and balance sheet items (in thousands):
|  | United ‎States ‎Operations |  | Central ‎American ‎Operations |  | Caribbean ‎Operations(1) |  | Colombia Operations |  | Reconciling ‎Items(2) |  | Total
Three Months Ended May 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 15,852 |  | $ | 452,927 |  | $ | 250,304 |  | $ | 80,848 |  |  | — |  | $ | 799,931
Intersegment revenues |  |  | 230,826 |  |  | 4,791 |  |  | 1,548 |  |  | 787 |  |  | (237,952) |  |  | —
Depreciation, Property and equipment |  |  | 1,294 |  |  | 7,577 |  |  | 3,810 |  |  | 1,591 |  |  | — |  |  | 14,272
Amortization, Intangibles |  |  | 607 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 607
Operating income (loss) |  |  | (1,115) |  |  | 27,606 |  |  | 13,547 |  |  | 3,487 |  |  | (19,558) |  |  | 23,967
Net income (loss) attributable to PriceSmart, Inc. |  |  | (3,785) |  |  | 22,724 |  |  | 10,849 |  |  | 2,403 |  |  | (19,486) |  |  | 12,705
Capital expenditures, net |  |  | 1,446 |  |  | 9,395 |  |  | 2,163 |  |  | 3,508 |  |  | — |  |  | 16,512
Nine Months Ended May 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 52,039 |  | $ | 1,442,336 |  | $ | 747,004 |  | $ | 277,228 |  | $ | — |  | $ | 2,518,607
Intersegment revenues |  |  | 868,137 |  |  | 12,745 |  |  | 3,627 |  |  | 1,870 |  |  | (886,379) |  |  | —
Depreciation, Property and equipment |  |  | 3,981 |  |  | 22,027 |  |  | 11,602 |  |  | 5,452 |  |  | — |  |  | 43,062
Amortization, Intangibles |  |  | 1,805 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,805
Operating income |  |  | 3,401 |  |  | 96,972 |  |  | 40,436 |  |  | 13,411 |  |  | (60,730) |  |  | 93,490
Net income (loss) attributable to PriceSmart, Inc. |  |  | (5,350) |  |  | 79,815 |  |  | 34,978 |  |  | 9,340 |  |  | (60,750) |  |  | 58,033
Long-lived assets (other than deferred tax assets) (3) |  |  | 83,813 |  |  | 481,942 |  |  | 181,578 |  |  | 143,437 |  |  | — |  |  | 890,770
Intangibles, net |  |  | 10,772 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,772
Goodwill |  |  | 10,695 |  |  | 24,484 |  |  | 10,137 |  |  | — |  |  | — |  |  | 45,316
Total assets |  |  | 224,682 |  |  | 727,527 |  |  | 384,168 |  |  | 238,112 |  |  | — |  |  | 1,574,489
Capital expenditures, net |  |  | 5,564 |  |  | 42,766 |  |  | 13,913 |  |  | 28,807 |  |  | — |  |  | 91,050
Three Months Ended May 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 17,454 |  | $ | 448,118 |  | $ | 228,586 |  | $ | 94,398 |  | $ | — |  | $ | 788,556
Intersegment revenues |  |  | 284,205 |  |  | 3,401 |  |  | 1,032 |  |  | 444 |  |  | (289,082) |  |  | —
Depreciation, Property and equipment |  |  | 1,312 |  |  | 6,200 |  |  | 3,551 |  |  | 2,132 |  |  | — |  |  | 13,195
Amortization, Intangibles |  |  | 606 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 606
Operating income (loss) |  |  | 1,139 |  |  | 26,314 |  |  | 10,295 |  |  | 3,294 |  |  | (19,045) |  |  | 21,997
Net income (loss) attributable to PriceSmart, Inc. |  |  | (1,655) |  |  | 22,725 |  |  | 9,514 |  |  | 2,528 |  |  | (19,016) |  |  | 14,096
Capital expenditures, net |  |  | 143 |  |  | 13,322 |  |  | 8,010 |  |  | 1,093 |  |  | — |  |  | 22,568
Nine Months Ended May 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 51,614 |  | $ | 1,372,918 |  | $ | 702,954 |  | $ | 295,132 |  | $ | — |  | $ | 2,422,618
Intersegment revenues |  |  | 924,624 |  |  | 7,620 |  |  | 3,375 |  |  | 1,119 |  |  | (936,738) |  |  | —
Depreciation, Property and equipment |  |  | 3,958 |  |  | 18,072 |  |  | 10,181 |  |  | 6,356 |  |  | — |  |  | 38,567
Amortization, Intangibles |  |  | 1,798 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,798
Operating income |  |  | 4,565 |  |  | 90,681 |  |  | 37,346 |  |  | 10,327 |  |  | (59,716) |  |  | 83,203
Net income (loss) attributable to PriceSmart, Inc. |  |  | (3,885) |  |  | 75,009 |  |  | 32,536 |  |  | 8,632 |  |  | (59,774) |  |  | 52,518
Long-lived assets (other than deferred tax assets) |  |  | 85,638 |  |  | 339,950 |  |  | 157,186 |  |  | 105,384 |  |  | — |  |  | 688,158
Intangibles, net |  |  | 13,182 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,182
Goodwill |  |  | 11,315 |  |  | 24,606 |  |  | 10,237 |  |  | — |  |  | — |  |  | 46,158
Total assets |  |  | 152,322 |  |  | 605,399 |  |  | 331,999 |  |  | 172,144 |  |  | — |  |  | 1,261,864
Capital expenditures, net |  |  | 3,759 |  |  | 56,695 |  |  | 24,271 |  |  | 3,831 |  |  | — |  |  | 88,556
As of August 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-lived assets (other than deferred tax assets) |  | $ | 65,278 |  | $ | 383,665 |  | $ | 165,584 |  | $ | 115,838 |  | $ | — |  | $ | 730,365
Intangibles, net |  |  | 12,576 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,576
Goodwill |  |  | 11,315 |  |  | 24,593 |  |  | 10,193 |  |  | — |  |  | — |  |  | 46,101
Total assets |  |  | 161,583 |  |  | 614,579 |  |  | 340,216 |  |  | 180,033 |  |  | — |  |  | 1,296,411
(1)Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations. (2)The reconciling items reflect the amount eliminated on consolidation of intersegment transactions. (3)Effective September 1, 2019, we adopted the requirements of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASC 842) using the modified retrospective approach, under which financial results reported in prior periods were not restated. As a result, the Long-lived assets (other than deferred tax assets) as of May 31, 2020 is not comparable with that as of May 31, 2019 and August 31, 2019.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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