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 events and national syndication businesses. The Americas outdoor advertising segment consists of operations primarily in the United States and Latin America. The International outdoor advertising segment primarily includes operations in Europe and Asia. The Other category includes the Company’s media representation business as well as other general support services and initiatives that are ancillary to the Company’s other businesses. Corporate includes infrastructure and support, including information technology, human resources, legal, finance and administrative functions for each of the Company’s reportable segments, as well as overall executive, administrative and support functions. Share-based payments are recorded in corporate expense.

During the first quarter of 2018, the Company revised its segment reporting, as discussed in Note 1.



(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items			Eliminations			Consolidated
Year Ended December 31, 2017
Revenue	$	3,442,963	$	1,256,326	$	1,334,939	$	143,684	$	—		$	(6,918	)	$	6,170,994
Direct operating expenses	1,059,123		574,113		828,652		—		—			(166		)	2,461,722
Selling, general and administrative expenses	1,245,741		219,467		289,170		100,322		—			(3,054		)	1,851,646
Corporate expenses	—		—		—		—		315,596			(3,698		)	311,898
Depreciation and amortization	233,757		189,707		131,224		14,967		31,640			—			601,295
Impairment charges	—		—		—		—		10,199			—			10,199
Other operating income, net	—		—		—		—		35,704			—			35,704
Operating income (loss)	$	904,342	$	273,039	$	85,893	$	28,395	$	(321,731	)	$	—		$	969,938
Intersegment revenues	$	—	$	6,918	$	—	$	—	$	—		$	—		$	6,918
Segment assets	$	7,318,941	$	2,969,326	$	1,449,365	$	167,493	$	355,528		$	(222	)	$	12,260,431
Capital expenditures	$	58,057	$	74,580	$	146,392	$	890	$	12,047		$	—		$	291,966
Share-based compensation expense	$	—	$	—	$	—	$	—	$	12,078		$	—		$	12,078
Year Ended December 31, 2016
Revenue	$	3,403,040	$	1,278,413	$	1,410,471	$	171,593	$	—		$	(3,455	)	$	6,260,062
Direct operating expenses	975,463		570,310		851,748		1,255		—			—			2,398,776
Selling, general and administrative expenses	1,102,998		225,415		289,787		109,623		—			(1,924		)	1,725,899
Corporate expenses	—		—		—		—		342,603			(1,531		)	341,072
Depreciation and amortization	243,964		185,654		152,758		17,304		35,547			—			635,227
Impairment charges	—		—		—		—		8,000			—			8,000
Other operating income, net	—		—		—		—		353,556			—			353,556
Operating income (loss)	$	1,080,615	$	297,034	$	116,178	$	43,411	$	(32,594	)	$	—		$	1,504,644
Intersegment revenues	$	—	$	3,455	$	—	$	—	$	—		$	—		$	3,455
Segment assets	$	7,392,872	$	3,175,355	$	1,342,356	$	237,435	$	714,445		$	(216	)	$	12,862,247
Capital expenditures	$	73,221	$	81,401	$	143,788	$	2,460	$	13,847		$	—		$	314,717
Share-based compensation expense	$	—	$	—	$	—	$	—	$	13,133		$	—		$	13,133
Year Ended December 31, 2015
Revenue	$	3,284,320	$	1,349,021	$	1,457,183	$	153,736	$	—		$	(2,744	)	$	6,241,516
Direct operating expenses	972,937		597,382		897,520		3,274		—			—			2,471,113
Selling, general and administrative expenses	1,065,066		233,254		298,250		110,526		—			(2,744		)	1,704,352
Corporate expenses	—		—		—		—		315,143			—			315,143
Depreciation and amortization	240,207		204,514		166,060		20,622		42,588			—			673,991
Impairment charges	—		—		—		—		21,631			—			21,631
Other operating income, net	—		—		—		—		94,001			—			94,001
Operating income (loss)	$	1,006,110	$	313,871	$	95,353	$	19,314	$	(285,361	)	$	—		$	1,149,287
Intersegment revenues	$	—	$	2,744	$	—	$	—	$	—		$	—		$	2,744
Segment assets	$	7,522,998	$	3,567,764	$	1,573,161	$	229,067	$	976,417		$	(196,292	)	$	13,673,115
Capital expenditures	$	63,814	$	82,165	$	132,554	$	2,039	$	15,808		$	—		$	296,380
Share-based compensation expense	$	—	$	—	$	—	$	—	$	11,067		$	—		$	11,067

Revenue of $1.5 billion, $1.6 billion and $1.6 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2017, 2016 and 2015, respectively. Revenue of $4.7 billion, $4.7 billion and $4.6 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2017, 2016 and 2015, respectively.

Identifiable long-lived assets of $598.6 million, $540.4 million and $629.5 million derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2017, 2016 and 2015, respectively. Identifiable long-lived assets of $1.3 billion, $1.4 billion and $1.6 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2017, 2016 and 2015, respectively.