| Segment Information |
Segment Information The Company classifies its operations into two operating segments: Domestic Operations and International and Other. These operating segments represent strategic business units that are managed separately. The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment adjusted operating income ("AOI"), a non-GAAP measure. The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expense or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. The Company has presented the components that reconcile adjusted operating income to operating income, an accepted GAAP measure, and other information as to the continuing operations of the Company's operating segments below. | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Three Months Ended March 31, 2021 | | Domestic Operations | | International
and Other | | Corporate / Inter-segment
Eliminations | | Consolidated | | Revenues, net | | | | | | | | | Advertising | $ | 199,142 | | | $ | 21,571 | | | $ | — | | | $ | 220,713 | | | Distribution and other | 374,827 | | | 99,596 | | | (3,395) | | | 471,028 | | | Consolidated revenues, net | $ | 573,969 | | | $ | 121,167 | | | $ | (3,395) | | | $ | 691,741 | | | Operating income (loss) | $ | 216,459 | | | $ | (3,162) | | | $ | (43,589) | | | $ | 169,708 | | | Share-based compensation expense | 5,639 | | | 1,231 | | | 6,576 | | | 13,446 | | | Depreciation and amortization | 13,373 | | | 4,949 | | | 6,924 | | | 25,246 | | | Impairment and other charges | — | | | 16,055 | | | — | | | 16,055 | | | Restructuring and other related charges | 2,427 | | | 4,490 | | | 1,708 | | | 8,625 | | | Cloud computing amortization | — | | | — | | | 264 | | | 264 | | | Majority-owned equity investees AOI | 4,635 | | | — | | | — | | | 4,635 | | | Adjusted operating income | $ | 242,533 | | | $ | 23,563 | | | $ | (28,117) | | | $ | 237,979 | |
| | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Three Months Ended March 31, 2020 | | Domestic Operations | | International
and Other | | Corporate / Inter-segment
Eliminations | | Consolidated | | Revenues, net | | | | | | | | | Advertising | $ | 213,226 | | | $ | 19,364 | | | $ | — | | | 232,590 | | | Distribution and other | 398,667 | | | 105,464 | | | (2,346) | | | 501,785 | | | Consolidated revenues, net | $ | 611,893 | | | $ | 124,828 | | | $ | (2,346) | | | $ | 734,375 | | | Operating income (loss) | $ | 224,600 | | | $ | 4,361 | | | $ | (55,991) | | | 172,970 | | | Share-based compensation expense | 2,724 | | | 609 | | | 12,179 | | | 15,512 | | | Depreciation and amortization | 10,951 | | | 8,896 | | | 6,883 | | | 26,730 | | | Restructuring and other related charges | 1,482 | | | 3,977 | | | 507 | | | 5,966 | | | | | | | | | | | Majority-owned equity investees AOI | 1,276 | | | — | | | — | | | 1,276 | | | Adjusted operating income | $ | 241,033 | | | $ | 17,843 | | | $ | (36,422) | | | $ | 222,454 | |
Corporate overhead costs include such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology). Inter-segment eliminations are primarily licensing revenues recognized between the Domestic Operations and International and Other segments. | | | | | | | | | | | | | | | | | (In thousands) | | | Three Months Ended March 31, | | | | | 2021 | | 2020 | | Inter-segment revenues | | | | | | | | | Domestic Operations | | | | | $ | (670) | | | $ | (1,361) | | | International and Other | | | | | (2,725) | | | (985) | | | | | | | $ | (3,395) | | | $ | (2,346) | |
The table below summarizes revenues based on customer location: | | | | | | | | | | | | | | | | | (In thousands) | | | Three Months Ended March 31, | | | | | 2021 | | 2020 | | Revenues | | | | | | | | | United States | | | | | $ | 577,148 | | | $ | 624,993 | | | Europe | | | | | 82,036 | | | 72,479 | | | Other | | | | | 32,557 | | | 36,903 | | | | | | | $ | 691,741 | | | $ | 734,375 | |
The table below summarizes property and equipment based on asset location: | | | | | | | | | | | | | (In thousands) | March 31, 2021 | | December 31, 2020 | | Property and equipment, net | | | | | United States | $ | 209,374 | | | $ | 239,387 | | | Europe | 14,641 | | | 15,938 | | | Other | 710 | | | 720 | | | $ | 224,725 | | | $ | 256,045 | |
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