The Company's reportable segments, which it believes best reflect how the Company is currently managed, are CCME, Americas outdoor advertising and International outdoor advertising. Revenue and expenses earned and charged between segments are recorded at estimated fair value and eliminated in consolidation. The CCME segment provides media and entertainment services via broadcast and digital delivery and also includes the Company's national syndication business. The Americas outdoor advertising segment consists of operations primarily in the United States and Canada. The International outdoor advertising segment primarily includes operations in Europe, Asia, Australia and Latin America. The Americas outdoor and International outdoor display inventory consists primarily of billboards, street furniture displays and transit displays. The Other category includes the Company's media representation business as well as other general support services and initiatives which are ancillary to the Company's other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions of each of the Company's reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expenses.

The following table presents the Company's reportable segment results for the three months ended March 31, 2014 and 2013.

(In thousands)	CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended March 31, 2014
Revenue	$	670,347	$	268,756	$	366,495	$	51,462	$	-	$	(14,512)	$	1,342,548
Direct operating expenses		210,754		133,288		248,225		6,388		-		(2,159)		596,496
Selling, general and administrative expenses		259,155		51,111		81,838		36,077		-		(12,353)		415,828
Depreciation and amortization		62,571		47,599		50,444		8,719		5,538		-		174,871
Corporate expenses		-		-		-		-		72,705		-		72,705
Other operating income, net		-		-		-		-		165		-		165
Operating income (loss)	$	137,867	$	36,758	$	(14,012)	$	278	$	(78,078)	$	-	$	82,813

Intersegment revenues	$	-	$	976	$	-	$	13,536	$	-	$	-	$	14,512
Capital expenditures	$	10,292	$	12,220	$	25,086	$	1,807	$	18,003	$	-	$	67,408
Share-based compensation expense	$	-	$	-	$	-	$	-	$	3,036	$	-	$	3,036

Three Months Ended March 31, 2013
Revenue	$	656,566	$	286,461	$	363,749	$	49,219	$	-	$	(12,937)	$	1,343,058
Direct operating expenses		204,268		136,891		249,300		6,494		-		(2,136)		594,817
Selling, general and administrative expenses		239,142		54,372		85,189		35,461		-		(10,801)		403,363
Depreciation and amortization		67,832		48,685		50,993		9,982		4,690		-		182,182
Corporate expenses		-		-		-		-		83,763		-		83,763
Other operating income, net		-		-		-		-		2,395		-		2,395
Operating income (loss)	$	145,324	$	46,513	$	(21,733)	$	(2,718)	$	(86,058)	$	-	$	81,328

Intersegment revenues	$	-	$	83	$	-	$	12,854	$	-	$	-	$	12,937
Capital expenditures	$	14,244	$	12,895	$	25,908	$	2,103	$	6,470	$	-	$	61,620
Share-based compensation expense	$	-	$	-	$	-	$	-	$	5,517	$	-	$	5,517