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.

The following table presents the Company's reportable segment results for the three and six months ended June 30, 2014 and 2013.

(In thousands)	CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended June 30, 2014
Revenue	$	806,337	$	319,147	$	462,058	$	59,062	$	-	$	(16,450)	$	1,630,154
Direct operating expenses		225,410		139,734		273,410		6,349		-		(1,681)		643,222
Selling, general and administrative expenses		259,193		52,420		87,851		35,882		-		(14,769)		420,577
Corporate expenses		-		-		-		-		82,196		-		82,196
Depreciation and amortization		61,479		47,523		50,214		8,654		6,192		-		174,062
Impairment charges		-		-		-		-		4,902		-		4,902
Other operating loss, net		-		-		-		-		(1,628)		-		(1,628)
Operating income (loss)	$	260,255	$	79,470	$	50,583	$	8,177	$	(94,918)	$	-	$	303,567

Intersegment revenues	$	-	$	1,094	$	-	$	15,356	$	-	$	-	$	16,450
Capital expenditures	$	10,391	$	17,190	$	36,269	$	1,080	$	9,084	$	-	$	74,014
Share-based compensation expense	$	-	$	-	$	-	$	-	$	2,782	$	-	$	2,782

Three Months Ended June 30, 2013
Revenue	$	805,611	$	335,025	$	431,846	$	61,099	$	-	$	(15,484)	$	1,618,097
Direct operating expenses		226,555		141,813		257,745		6,323		-		(2,079)		630,357
Selling, general and administrative expenses		255,945		55,121		77,899		35,781		-		(13,405)		411,341
Corporate expenses		-		-		-		-		77,557		-		77,557
Depreciation and amortization		68,038		47,041		49,930		9,890		4,835		-		179,734
Impairment charges		-		-		-		-		-		-		-
Other operating income, net		-		-		-		-		1,113		-		1,113
Operating income (loss)	$	255,073	$	91,050	$	46,272	$	9,105	$	(81,279)	$	-	$	320,221

Intersegment revenues	$	-	$	60	$	-	$	15,424	$	-	$	-	$	15,484
Capital expenditures	$	21,920	$	16,756	$	22,792	$	2,592	$	7,000	$	-	$	71,060
Share-based compensation expense	$	-	$	-	$	-	$	-	$	5,822	$	-	$	5,822

Six Months Ended June 30, 2014
Revenue	$	1,476,684	$	587,904	$	828,552	$	110,524	$	-	$	(30,962)	$	2,972,702
Direct operating expenses		436,164		273,022		521,635		12,736		-		(3,840)		1,239,717
Selling, general and administrative expenses		518,348		103,532		169,689		71,958		-		(27,122)		836,405
Corporate expenses		-		-		-		-		154,902		-		154,902
Depreciation and amortization		124,050		95,121		100,658		17,374		11,730		-		348,933
Impairment charges		-		-		-		-		4,902		-		4,902
Other operating loss, net		-		-		-		-		(1,463)		-		(1,463)
Operating income (loss)	$	398,122	$	116,229	$	36,570	$	8,456	$	(172,997)	$	-	$	386,380

Intersegment revenues	$	-	$	2,070	$	-	$	28,892	$	-	$	-	$	30,962
Capital expenditures	$	20,684	$	29,410	$	61,355	$	2,886	$	27,086	$	-	$	141,421
Share-based compensation expense	$	-		-		-		-		5,818		-		5,818

Six Months Ended June 30, 2013
Revenue	$	1,462,177	$	621,486	$	795,595	$	110,318	$	-	$	(28,421)	$	2,961,155
Direct operating expenses		430,823		278,704		507,045		12,817		-		(4,215)		1,225,174
Selling, general and administrative expenses		495,087		109,493		163,088		71,242		-		(24,206)		814,704
Corporate expenses		-		-		-		-		161,320		-		161,320
Depreciation and amortization		135,870		95,726		100,923		19,872		9,525		-		361,916
Impairment charges		-		-		-		-		-		-		-
Other operating income, net		-		-		-		-		3,508		-		3,508
Operating income (loss)	$	400,397	$	137,563	$	24,539	$	6,387	$	(167,337)	$	-	$	401,549

Intersegment revenues	$	-	$	143	$	-	$	28,278	$	-	$	-	$	28,421
Capital expenditures	$	36,164	$	29,651	$	48,700	$	4,695	$	13,470	$	-	$	132,680
Share-based compensation expense	$	-	$	-	$	-	$	-	$	11,339	$	-	$	11,339