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SEGMENTS | 12 Months Ended
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Aug. 31, 2021
SEGMENTS [Abstract] |
SEGMENTS | NOTE 16 – SEGMENTS The Company and its subsidiaries are principally engaged in the international operation of membership shopping in 47 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
Year Ended August 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 88,397 |  | $ | 2,105,856 |  | $ | 1,004,793 |  | $ | 420,825 |  | $ | — |  | $ | 3,619,871
Intersegment revenues |  |  | 1,280,236 |  |  | 17,861 |  |  | 5,087 |  |  | 3,869 |  |  | (1,307,053) |  |  | —
Depreciation, Property and equipment |  |  | 6,970 |  |  | 31,319 |  |  | 15,432 |  |  | 8,858 |  |  | — |  |  | 62,579
Amortization, Intangibles |  |  | 2,404 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,404
Operating income (loss) |  |  | 12,687 |  |  | 151,933 |  |  | 74,769 |  |  | 21,932 |  |  | (103,301) |  |  | 158,020
Interest income from external sources |  |  | 13 |  |  | 878 |  |  | 985 |  |  | 103 |  |  | — |  |  | 1,979
Interest income from intersegment sources |  |  | 2,130 |  |  | 2,393 |  |  | 483 |  |  | — |  |  | (5,006) |  |  | —
Interest expense from external sources |  |  | 1,606 |  |  | 2,831 |  |  | 427 |  |  | 2,346 |  |  | — |  |  | 7,210
Interest expense from intersegment sources |  |  | 34 |  |  | 1,286 |  |  | 2,647 |  |  | 298 |  |  | (4,265) |  |  | —
Provision for income taxes |  |  | 15,919 |  |  | 22,661 |  |  | 8,006 |  |  | 2,383 |  |  | — |  |  | 48,969
Net income (loss) attributable to PriceSmart, Inc. |  |  | (4,777) |  |  | 127,879 |  |  | 61,025 |  |  | 17,333 |  |  | (103,497) |  |  | 97,963
Long-lived assets (other than deferred tax assets)(3) |  |  | 79,404 |  |  | 490,099 |  |  | 197,030 |  |  | 164,970 |  |  | — |  |  | 931,503
Intangibles, net |  |  | 7,762 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,762
Goodwill |  |  | 10,695 |  |  | 24,332 |  |  | 10,068 |  |  | — |  |  | — |  |  | 45,095
Investment in unconsolidated affiliates |  |  | — |  |  | 10,544 |  |  | — |  |  | — |  |  | — |  |  | 10,544
Total assets |  |  | 246,896 |  |  | 795,940 |  |  | 434,428 |  |  | 228,526 |  |  | — |  |  | 1,705,790
Capital expenditures, net |  |  | 9,061 |  |  | 45,524 |  |  | 23,342 |  |  | 28,181 |  |  | — |  |  | 106,108
Year Ended August 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 73,703 |  | $ | 1,895,857 |  | $ | 993,657 |  | $ | 365,971 |  | $ | — |  | $ | 3,329,188
Intersegment revenues |  |  | 1,148,004 |  |  | 16,524 |  |  | 4,909 |  |  | 2,723 |  |  | (1,172,160) |  |  | —
Depreciation, Property and equipment |  |  | 6,888 |  |  | 29,312 |  |  | 15,441 |  |  | 7,174 |  |  | — |  |  | 58,815
Amortization, Intangibles |  |  | 2,410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,410
Operating income (loss) |  |  | 3,873 |  |  | 125,351 |  |  | 57,217 |  |  | 18,071 |  |  | (82,044) |  |  | 122,468
Interest income from external sources |  |  | 7 |  |  | 612 |  |  | 749 |  |  | 663 |  |  | — |  |  | 2,031
Interest income from intersegment sources |  |  | 2,065 |  |  | 2,566 |  |  | 431 |  |  | — |  |  | (5,062) |  |  | —
Interest expense from external sources |  |  | 1,890 |  |  | 3,425 |  |  | 310 |  |  | 2,000 |  |  | — |  |  | 7,625
Interest expense from intersegment sources |  |  | 39 |  |  | 1,547 |  |  | 2,258 |  |  | 561 |  |  | (4,405) |  |  | —
Provision for income taxes |  |  | 10,106 |  |  | 20,001 |  |  | 6,416 |  |  | 1,241 |  |  | — |  |  | 37,764
Net income (loss) attributable to PriceSmart, Inc. |  |  | (7,578) |  |  | 103,697 |  |  | 50,553 |  |  | 13,554 |  |  | (82,117) |  |  | 78,109
Long-lived assets (other than deferred tax assets)(3) |  |  | 81,008 |  |  | 475,744 |  |  | 177,166 |  |  | 146,862 |  |  | — |  |  | 880,780
Intangibles, net |  |  | 10,166 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,166
Goodwill |  |  | 10,696 |  |  | 24,418 |  |  | 10,092 |  |  | — |  |  | — |  |  | 45,206
Investment in unconsolidated affiliates |  |  | — |  |  | 10,602 |  |  | — |  |  | — |  |  | — |  |  | 10,602
Total assets |  |  | 272,190 |  |  | 741,523 |  |  | 395,244 |  |  | 247,868 |  |  | — |  |  | 1,656,825
Capital expenditures, net |  |  | 6,072 |  |  | 48,150 |  |  | 14,460 |  |  | 35,565 |  |  | — |  |  | 104,247
Year Ended August 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from external customers |  | $ | 68,335 |  | $ | 1,831,761 |  | $ | 933,886 |  | $ | 389,936 |  | $ | — |  | $ | 3,223,918
Intersegment revenues |  |  | 1,205,986 |  |  | 11,185 |  |  | 4,507 |  |  | 1,498 |  |  | (1,223,176) |  |  | —
Depreciation, Property and equipment |  |  | 5,334 |  |  | 24,684 |  |  | 14,052 |  |  | 8,484 |  |  | — |  |  | 52,554
Amortization, Intangibles |  |  | 2,404 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,404
Operating income (loss) |  |  | 3,805 |  |  | 122,629 |  |  | 50,724 |  |  | 14,909 |  |  | (76,900) |  |  | 115,167
Interest income from external sources |  |  | 74 |  |  | 499 |  |  | 568 |  |  | 348 |  |  | — |  |  | 1,489
Interest income from intersegment sources |  |  | 1,408 |  |  | 1,877 |  |  | 724 |  |  | — |  |  | (4,009) |  |  | —
Interest expense from external sources |  |  | 1,377 |  |  | 2,368 |  |  | (401) |  |  | 595 |  |  | — |  |  | 3,939
Interest expense from intersegment sources |  |  | 60 |  |  | 1,505 |  |  | 2,132 |  |  | 8 |  |  | (3,705) |  |  | —
Provision for income taxes |  |  | 11,280 |  |  | 19,429 |  |  | 6,615 |  |  | 236 |  |  | — |  |  | 37,560
Net income (loss) attributable to PriceSmart, Inc. |  |  | (8,518) |  |  | 100,614 |  |  | 44,168 |  |  | 14,124 |  |  | (77,197) |  |  | 73,191
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
Investment in unconsolidated affiliates |  |  | — |  |  | 10,697 |  |  | — |  |  | — |  |  | — |  |  | 10,697
Total assets |  |  | 161,583 |  |  | 614,579 |  |  | 340,216 |  |  | 180,033 |  |  | — |  |  | 1,296,411
Capital expenditures, net |  |  | 8,439 |  |  | 85,962 |  |  | 28,434 |  |  | 22,832 |  |  | — |  |  | 145,667
(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 (fiscal year 2020), 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 August 31, 2021 and August 31, 2020 is not comparable with that as of August 31, 2019.

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