NOTE 13 – SEGMENT DATA

The Company’s reportable segments, which it believes best reflect how the Company is currently managed, are iHM, 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 iHM 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, Canada and Latin America. The International outdoor advertising segment primarily includes operations in Europe, Asia and Australia. 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.

During the first quarter of 2015, the Company revised its segment reporting, as discussed in Note 1. The following table presents the Company’s revised reportable segment results for the years ended December 31, 2014, 2013 and 2012.


(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other			Corporate and other reconciling items			Eliminations			Consolidated
Year Ended December 31, 2014
Revenue	$	3,161,503	$	1,350,623	$	1,610,636	$	212,676		$	-		$	(16,905	)	$	6,318,533
Direct operating expenses		927,674		605,771		991,117		24,009			-			(7,621	)		2,540,950
Selling, general and administrative expenses		1,018,930		233,641		314,878		122,448			-			(9,274	)		1,680,623
Depreciation and amortization		240,868		203,928		198,143		33,543			34,416			-			710,898
Impairment charges		-		-		-		-			24,176			-			24,176
Corporate expenses		-		-		-		-			320,341			(10	)		320,331
Other operating income, net		-		-		-		-			40,031			-			40,031

Operating income (loss)	$	974,031	$	307,283	$	106,498	$	32,676		$	(338,902	)	$	-		$	1,081,586

Intersegment revenues	$	10	$	3,436	$	-	$	13,459		$	-		$	-		$	16,905
Segment assets	$	7,720,181	$	3,664,574	$	1,680,598	$	277,388		$	697,501		$			$	14,040,242
Capital expenditures	$	50,403	$	109,727	$	117,480	$	5,744		$	34,810		$			$	318,164
Share-based compensation expense	$	-	$	-	$	-	$	-		$	10,713		$	-		$	10,713

Year Ended December 31, 2013
Revenue	$	3,131,595	$	1,385,757	$	1,560,433	$	181,993		$	-		$	(16,734	)	$	6,243,044
Direct operating expenses		953,577		610,750		983,978		25,271			-			(8,556	)		2,565,020
Selling, general and administrative expenses		984,704		243,456		300,116		118,830			-			(8,178	)		1,638,928
Depreciation and amortization		262,136		206,031		194,493		39,291			28,877			-			730,828
Impairment charges		-		-		-		-			16,970			-			16,970
Corporate expenses		-		-		-		-			313,514			-			313,514
Other operating income, net		-		-		-		-			22,998			-			22,998

Operating income (loss)	$	931,178	$	325,520	$	81,846	$	(1,399	)	$	(336,363	)	$	-		$	1,000,782

Intersegment revenues	$	-	$	2,473	$	-	$	14,261		$	-		$	-		$	16,734
Segment assets	$	7,933,564	$	3,823,347	$	1,899,648	$	534,363		$	906,380		$			$	15,097,302
Capital expenditures	$	75,742	$	96,590	$	100,949	$	9,933		$	41,312		$			$	324,526
Share-based compensation expense	$	-	$	-	$	-	$	-		$	16,715		$	-		$	16,715

Year Ended December 31, 2012
Revenue	$	3,084,780	$	1,367,669	$	1,579,275	$	231,667		$	-		$	(16,507	)	$	6,246,884
Direct operating expenses		888,914		625,852		977,640		25,088			-			(12,965	)		2,504,529
Selling, general and administrative expenses		959,182		262,645		312,017		129,987			-			(3,542	)		1,660,289
Depreciation and amortization		262,409		200,372		196,909		45,568			24,027			-			729,285
Impairment charges		-		-		-		-			37,651			-			37,651
Corporate expenses		-		-		-		-			293,207			-			293,207
Other operating income, net		-		-		-		-			48,127			-			48,127

Operating income (loss)	$	974,275	$	278,800	$	92,709	$	31,024		$	(306,758	)	$	-		$	1,070,050

Intersegment revenues	$	-	$	1,175	$	80	$	15,252		$	-		$	-		$	16,507
Segment assets	$	8,061,701	$	3,991,147	$	2,100,397	$	815,435		$	1,324,033		$	-		$	16,292,713
Capital expenditures	$	65,821	$	130,786	$	136,990	$	17,438		$	39,245		$	-		$	390,280
Share-based compensation expense	$	-	$	-	$	-	$	-		$	28,540		$	-		$	28,540

Revenue of $1.8 billion, $1.7 billion and $1.7 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2014, 2013 and 2012, respectively. Revenue of $4.5 billion, $4.5 billion and $4.5 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2014, 2013 and 2012, respectively.

Identifiable long-lived assets of $682.7 million, $760.5 million and $805.2 million derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2014, 2013 and 2012, respectively. Identifiable long-lived assets of $2.0 billion, $2.1 billion and $2.2 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2014, 2013 and 2012, respectively.