The Company's reportable segments, which it believes best reflect how the Company is currently managed, are CCME, Americas outdoor and International outdoor. Revenue and expenses earned and charged between segments are recorded at estimated fair value and eliminated in consolidation. The CCME 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 and Canada. The International outdoor advertising segment primarily includes operations in Europe, Asia, Australia and Latin America. 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 by each segment in direct operating and selling, general and administrative expenses.

During the first quarter of 2012, the Company recast its segment reporting, as discussed in Note 1. The following table presents the Company's reportable segment results for the years ended December 31, 2012, 2011 and 2010.

(In thousands)		CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2012
Revenue	$	3,084,780	$	1,279,257	$	1,667,687	$	281,879	$	-	$	(66,719)	$	6,246,884
Direct operating expenses		873,165		586,666		1,024,596		25,088		-		(12,965)		2,496,550
Selling, general and administrative expenses		997,511		212,794		364,502		152,394		-		(53,754)		1,673,447
Depreciation and amortization		271,399		192,023		205,258		45,568		15,037		-		729,285
Impairment charges		-		-		-		-		37,651		-		37,651
Corporate expenses		-		-		-		-		288,028		-		288,028
Other operating income - net		-		-		-		-		48,127		-		48,127
Operating income (loss)	$	942,705	$	287,774	$	73,331	$	58,829	$	(292,589)	$	-	$	1,070,050

Intersegment revenues	$	-	$	1,175	$	80	$	65,464	$	-	$	-	$	66,719
Segment assets	$	8,201,798	$	3,835,235	$	2,256,309	$	815,435	$	1,183,936	$	-	$	16,292,713
Capital expenditures	$	65,821	$	117,647	$	150,129	$	17,438	$	39,245	$	-	$	390,280
Share-based compensation expense	$	6,985	$	5,875	$	4,529	$	-	$	11,151	$	-	$	28,540
Year Ended December 31, 2011
Revenue	$	2,986,828	$	1,252,725	$	1,751,149	$	234,542	$	-	$	(63,892)	$	6,161,352
Direct operating expenses		849,265		571,779		1,067,022		27,807		-		(11,837)		2,504,036
Selling, general and administrative expenses		980,960		201,124		339,748		147,481		-		(52,055)		1,617,258
Depreciation and amortization		268,245		211,056		219,908		49,827		14,270		-		763,306
Impairment charges		-		-		-		-		7,614				7,614
Corporate expenses		-		-		-		-		227,096		-		227,096
Other operating income - net		-		-		-		-		12,682		-		12,682
Operating income (loss)	$	888,358	$	268,766	$	124,471	$	9,427	$	(236,298)	$	-	$	1,054,724

Intersegment revenues	$	-	$	4,141	$	-	$	59,751	$	-	$	-	$	63,892
Segment assets	$	8,364,246	$	3,886,098	$	2,166,173	$	809,212	$	1,316,310	$	-	$	16,542,039
Capital expenditures	$	50,198	$	122,505	$	166,044	$	5,737	$	19,490	$	-	$	363,974
Share-based compensation expense	$	4,606	$	7,601	$	3,165	$	-	$	5,295	$	-	$	20,667
Year Ended December 31, 2010
Revenue	$	2,869,499	$	1,216,930	$	1,581,064	$	261,461	$	-	$	(63,269)	$	5,865,685
Direct operating expenses		808,867		560,378		999,594		27,953		-		(15,145)		2,381,647
Selling, general and administrative expenses		963,853		199,990		294,666		159,827		-		(48,124)		1,570,212
Depreciation and amortization		256,673		198,896		214,692		52,965		9,643		-		732,869
Impairment charges		-		-		-		-		15,364		-		15,364
Corporate expenses		-		-		-		-		284,042		-		284,042
Other operating expense - net		-		-		-		-		(16,710)		-		(16,710)
Operating income (loss)	$	840,106	$	257,666	$	72,112	$	20,716	$	(325,759)	$	-	$	864,841

Intersegment revenues	$	275	$	4,173	$	-	$	58,821	$	-	$	-	$	63,269
Segment assets	$	8,411,953	$	4,415,901	$	2,222,121	$	812,189	$	1,598,218	$	-	$	17,460,382
Capital expenditures	$	27,781	$	92,235	$	103,038	$	7,682	$	10,728	$	-	$	241,464
Share-based compensation expense	$	7,152	$	9,207	$	2,746	$	-	$	15,141	$	-	$	34,246

Revenue of $1.7 billion, $1.8 billion and $1.7 billion derived from the Company's foreign operations are included in the data above for the years ended December 31, 2012, 2011 and 2010, respectively. Revenue of $4.5 billion, $4.3 billion and $4.2 billion derived from the Company's U.S. operations are included in the data above for the years ended December 31, 2012, 2011 and 2010, respectively.

Identifiable long-lived assets of $805.2 million, $797.7 million and $802.4 million derived from the Company's foreign operations are included in the data above for the years ended December 31, 2012, 2011 and 2010, respectively. Identifiable long-lived assets of $2.2 billion, $2.3 billion and $2.3 billion derived from the Company's U.S. operations are included in the data above for the years ended December 31, 2012, 2011 and 2010, respectively