The Company's reportable segments, which it believes best reflect how the Company is currently managed, are CCME, 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 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 in corporate 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, 2013, 2012 and 2011.

(In thousands)	CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2013
Revenue	$	3,131,595	$	1,290,452	$	1,655,738	$	227,864	$	-	$	(62,605)	$	6,243,044
Direct operating expenses		931,976		566,669		1,028,059		25,271		-		(8,556)		2,543,419
Selling, general and administrative expenses		1,020,097		220,732		322,840		140,241		-		(54,049)		1,649,861
Depreciation and amortization		271,126		196,597		203,927		39,291		19,887		-		730,828
Impairment charges		-		-		-		-		16,970		-		16,970
Corporate expenses		-		-		-		-		324,182		-		324,182
Other operating income, net		-		-		-		-		22,998		-		22,998
Operating income (loss)	$	908,396	$	306,454	$	100,912	$	23,061	$	(338,041)	$	-	$	1,000,782
Intersegment revenues	$	-	$	2,473	$	-	$	60,132	$	-	$	-	$	62,605
Segment assets	$	8,064,671	$	3,693,308	$	2,029,687	$	534,363	$	775,273	$	-	$	15,097,302
Capital expenditures	$	75,742	$	88,991	$	108,548	$	9,933	$	41,312	$	-	$	324,526
Share-based compensation expense	$	-	$	-	$	-	$	-	$	16,715	$	-	$	16,715
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		878,626		582,340		1,021,152		25,088		-		(12,965)		2,494,241
Selling, general and administrative expenses		993,116		211,245		363,417		152,394		-		(53,754)		1,666,418
Depreciation and amortization		271,399		192,023		205,258		45,568		15,037		-		729,285
Impairment charges		-		-		-		-		37,651		-		37,651
Corporate expenses		-		-		-		-		297,366		-		297,366
Other operating income, net		-		-		-		-		48,127		-		48,127
Operating income (loss)	$	941,639	$	293,649	$	77,860	$	58,829	$	(301,927)	$	-	$	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	$	-	$	-	$	-	$	-	$	28,540	$	-	$	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		857,622		566,313		1,064,562		27,807		-		(11,837)		2,504,467
Selling, general and administrative expenses		971,066		198,989		339,043		147,481		-		(52,055)		1,604,524
Depreciation and amortization		268,245		211,009		219,955		49,827		14,270		-		763,306
Impairment charges		-		-		-		-		7,614		-		7,614
Corporate expenses		-		-		-		-		239,399		-		239,399
Other operating income, net		-		-		-		-		12,682		-		12,682
Operating income (loss)	$	889,895	$	276,414	$	127,589	$	9,427	$	(248,601)	$	-	$	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	$	-	$	-	$	-	$	-	$	20,667	$	-	$	20,667

Revenue of $1.7 billion, $1.7 billion and $1.8 billion derived from the Company's foreign operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively. Revenue of $4.5 billion, $4.5 billion and $4.3 billion derived from the Company's U.S. operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively.

Identifiable long-lived assets of $760.5 million, $805.2 million and $797.7 million derived from the Company's foreign operations are included in the data above for the years ended December 31, 2013, 2012 and 2011, respectively. Identifiable long-lived assets of $2.1 billion, $2.2 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, 2013, 2012 and 2011, respectively