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, Canada 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.



(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items			Eliminations			Consolidated
Year Ended December 31, 2016
Revenue	$	3,403,040	$	1,278,413	$	1,423,982	$	171,593	$	—		$	(3,455	)	$	6,273,573
Direct operating expenses	975,463		570,310		865,259		1,255		—			—			2,412,287
Selling, general and administrative expenses	1,102,998		225,415		289,787		109,623		—			(1,924		)	1,725,899
Corporate expenses	—		—		—		—		342,556			(1,531		)	341,025
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	$	(32,547	)	$	—		$	1,504,691
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	$	—	$	—	$	—	$	—	$	13,086		$	—		$	13,086
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	—		—		—		—		314,999			—			314,999
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	$	(285,217	)	$	—		$	1,149,431
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	$	—	$	—	$	—	$	—	$	10,923		$	—		$	10,923
Year Ended December 31, 2014
Revenue	$	3,161,503	$	1,350,623	$	1,610,636	$	202,497	$	—		$	(6,726	)	$	6,318,533
Direct operating expenses	932,172		605,771		991,117		14,255		—			(3,280		)	2,540,035
Selling, general and administrative expenses	1,013,407		233,641		314,878		122,448		—			(3,436		)	1,680,938
Corporate expenses	—		—		—		—		320,941			(10		)	320,931
Depreciation and amortization	240,846		203,928		198,143		29,435		38,546			—			710,898
Impairment charges	—		—		—		—		24,176			—			24,176
Other operating income, net	—		—		—		—		40,031			—			40,031
Operating income (loss)	$	975,078	$	307,283	$	106,498	$	36,359	$	(343,632	)	$	—		$	1,081,586
Intersegment revenues	$	10	$	3,436	$	—	$	3,280	$	—		$	—		$	6,726
Segment assets	$	7,700,435	$	3,648,735	$	1,680,598	$	266,880	$	542,931		$	—		$	13,839,579
Capital expenditures	$	53,914	$	109,727	$	117,480	$	2,233	$	34,810		$	—		$	318,164
Share-based compensation expense	$	—	$	—	$	—	$	—	$	10,713		$	—		$	10,713

Revenue of $1.6 billion, $1.6 billion and $1.8 billion derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively. Revenue of $4.7 billion, $4.6 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, 2016, 2015 and 2014, respectively.

Identifiable long-lived assets of $540.4 million, $629.5 million and $682.7 million derived from the Company’s foreign operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively. Identifiable long-lived assets of $1.4 billion, $1.6 billion and $2.0 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2016, 2015 and 2014, respectively.