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SEGMENT DATA | 6 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
SEGMENT DATA | 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. The International outdoor advertising segment primarily includes operations in Europe, Asia and Latin America. 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. The Company re-evaluated its segment reporting and determined that its Latin American operations should be managed by its International outdoor leadership team. As a result, beginning on January 1, 2018, the operations of Latin America are no longer reflected within the Company’s Americas outdoor segment and are included in the results of its International segment. Accordingly, the Company has recast the corresponding segment disclosures for prior periods to include Latin America within the International outdoor segment. The following table presents the Company's reportable segment results for the three and six months ended June 30, 2018 and 2017:
(In thousands) | iHM |  | Americas Outdoor |  | International Outdoor |  | Other |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended June 30, 2018
Revenue | $ | 853,267 |  |  | $ | 299,922 |  |  | $ | 412,058 |  |  | $ | 38,497 |  |  | $ | — |  |  | $ | (2,902 | ) |  | $ | 1,600,842 |
Direct operating expenses | 263,752 |  |  | 130,313 |  |  | 242,623 |  |  | — |  |  | — |  |  | (47 | ) |  | 636,641 |
Selling, general and administrative expenses | 304,587 |  |  | 47,824 |  |  | 77,465 |  |  | 23,613 |  |  | — |  |  | (1,999 | ) |  | 451,490 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 80,482 |  |  | (856 | ) |  | 79,626 |
Depreciation and amortization | 56,499 |  |  | 43,123 |  |  | 38,683 |  |  | 3,254 |  |  | 6,085 |  |  | — |  |  | 147,644 |
Other operating expense, net | — |  |  | — |  |  | — |  |  | — |  |  | (289 | ) |  | — |  |  | (289 | )
Operating income (loss) | $ | 228,429 |  |  | $ | 78,662 |  |  | $ | 53,287 |  |  | $ | 11,630 |  |  | $ | (86,856 | ) |  | $ | — |  |  | $ | 285,152 |
Intersegment revenues | $ | 47 |  |  | $ | 2,855 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,902 |
Capital expenditures | $ | 15,384 |  |  | $ | 11,481 |  |  | $ | 20,294 |  |  | $ | 147 |  |  | $ | 2,612 |  |  | $ | — |  |  | $ | 49,918 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,113 |  |  | $ | — |  |  | $ | 2,113 |
Three Months Ended June 30, 2017
Revenue | $ | 884,380 |  |  | $ | 300,191 |  |  | $ | 372,128 |  |  | $ | 35,609 |  |  | $ | — |  |  | $ | (1,940 | ) |  | $ | 1,590,368 |
Direct operating expenses | 264,201 |  |  | 133,033 |  |  | 219,715 |  |  | 3 |  |  | — |  |  | — |  |  | 616,952 |
Selling, general and administrative expenses | 298,842 |  |  | 49,439 |  |  | 76,459 |  |  | 23,580 |  |  | — |  |  | (1,030 | ) |  | 447,290 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 78,068 |  |  | (910 | ) |  | 77,158 |
Depreciation and amortization | 58,820 |  |  | 42,854 |  |  | 34,095 |  |  | 3,835 |  |  | 8,191 |  |  | — |  |  | 147,795 |
Other operating income, net | — |  |  | — |  |  | — |  |  | — |  |  | 6,916 |  |  | — |  |  | 6,916 |
Operating income (loss) | $ | 262,517 |  |  | $ | 74,865 |  |  | $ | 41,859 |  |  | $ | 8,191 |  |  | $ | (79,343 | ) |  | $ | — |  |  | $ | 308,089 |
Intersegment revenues | $ | — |  |  | $ | 1,940 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,940 |
Capital expenditures | $ | 17,107 |  |  | $ | 25,817 |  |  | $ | 36,934 |  |  | $ | 304 |  |  | $ | 5,431 |  |  | $ | — |  |  | $ | 85,593 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,422 |  |  | $ | — |  |  | $ | 2,422 |
(In thousands) | iHM |  | Americas Outdoor |  | International Outdoor |  | Other |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |
Revenue | $ | 1,597,835 |  |  | $ | 555,769 |  |  | $ | 754,922 |  |  | $ | 66,715 |  |  | $ | — |  |  | $ | (4,438 | ) |  | $ | 2,970,803 |
Direct operating expenses | 504,818 |  |  | 255,186 |  |  | 479,352 |  |  | — |  |  | — |  |  | (47 | ) |  | 1,239,309 |
Selling, general and administrative expenses | 625,857 |  |  | 96,774 |  |  | 155,923 |  |  | 48,435 |  |  | — |  |  | (2,512 | ) |  | 924,477 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 160,239 |  |  | (1,879 | ) |  | 158,360 |
Depreciation and amortization | 114,832 |  |  | 87,627 |  |  | 77,248 |  |  | 7,020 |  |  | 12,351 |  |  | — |  |  | 299,078 |
Other operating expense, net | — |  |  | — |  |  | — |  |  | — |  |  | (3,575 | ) |  | — |  |  | (3,575 | )
Operating income (loss) | $ | 352,328 |  |  | $ | 116,182 |  |  | $ | 42,399 |  |  | $ | 11,260 |  |  | $ | (176,165 | ) |  | $ | — |  |  | $ | 346,004 |
Intersegment revenues | $ | 61 |  |  | $ | 4,377 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,438 |
Capital expenditures | $ | 24,461 |  |  | $ | 24,388 |  |  | $ | 35,566 |  |  | $ | 187 |  |  | $ | 4,019 |  |  | $ | — |  |  | $ | 88,621 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,797 |  |  | $ | — |  |  | $ | 4,797 |
Six Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |  |
Revenue | $ | 1,641,553 |  |  | $ | 560,537 |  |  | $ | 656,508 |  |  | $ | 64,880 |  |  | $ | — |  |  | $ | (3,788 | ) |  | $ | 2,919,690 |
Direct operating expenses | 507,532 |  |  | 263,684 |  |  | 418,722 |  |  | 3 |  |  | — |  |  | — |  |  | 1,189,941 |
Selling, general and administrative expenses | 606,993 |  |  | 99,817 |  |  | 141,855 |  |  | 51,221 |  |  | — |  |  | (1,977 | ) |  | 897,909 |
Corporate expenses | — |  |  | — |  |  | — |  |  | — |  |  | 157,331 |  |  | (1,811 | ) |  | 155,520 |
Depreciation and amortization | 116,857 |  |  | 85,670 |  |  | 67,247 |  |  | 7,204 |  |  | 16,923 |  |  | — |  |  | 293,901 |
Other operating income, net | — |  |  | — |  |  | — |  |  | — |  |  | 38,000 |  |  | — |  |  | 38,000 |
Operating income (loss) | $ | 410,171 |  |  | $ | 111,366 |  |  | $ | 28,684 |  |  | $ | 6,452 |  |  | $ | (136,254 | ) |  | $ | — |  |  | $ | 420,419 |
Intersegment revenues | $ | — |  |  | $ | 3,788 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,788 |
Capital expenditures | $ | 30,344 |  |  | $ | 39,405 |  |  | $ | 59,274 |  |  | $ | 367 |  |  | $ | 7,230 |  |  | $ | — |  |  | $ | 136,620 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,481 |  |  | $ | — |  |  | $ | 5,481 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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