NOTE 13 – SEGMENT DATA

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 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, Canada and Latin America, with approximately 89% of its 2011 revenue in this segment derived from the United States. The international outdoor segment primarily includes operations in Europe, Asia and Australia. 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 firm 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 operating 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.

The following table presents the Company's operating segment results for the years ended December 31, 2011, 2010 and 2009.

		$000000000		$000000000		$000000000		$000000000		$000000000		$000000000		$000000000
(In thousands)	CCME		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2011
Revenue	$	2,986,828	$	1,336,592	$	1,667,282	$	234,542	$	—	$	(63,892)	$	6,161,352
Direct operating expenses		849,265		607,210		1,031,591		27,807		—		(11,837)		2,504,036
Selling, general and administrative expenses		980,960		225,217		315,655		147,481		—		(52,055)		1,617,258
Depreciation and amortization		268,245		222,554		208,410		49,827		14,270		—		763,306
Corporate expenses		—		—		—		—		227,096		—		227,096
Impairment charges		—		—		—		—		7,614		—		7,614
Other operating income – net		—		—		—		—		12,682		—		12,682

Operating income (loss)	$	888,358	$	281,611	$	111,626	$	9,427	$	(236,298)	$	—	$	1,054,724


Intersegment revenues	$	—	$	4,141	$	—	$	59,751	$	—	$	—	$	63,892
Segment assets	$	8,364,246	$	4,036,584	$	2,015,687	$	809,212	$	1,316,310	$	—	$	16,542,039
Capital expenditures	$	61,434	$	132,770	$	159,973	$	—	$	9,797	$	—	$	363,974
Share-based compensation expense	$	4,606	$	7,601	$	3,165	$	—	$	5,295	$	—	$	20,667

Year Ended December 31, 2010
Revenue	$	2,869,224	$	1,290,014	$	1,507,980	$	261,461	$	—	$	(62,994)	$	5,865,685
Direct operating expenses		808,592		588,592		971,380		27,953		—		(14,870)		2,381,647
Selling, general and administrative expenses		963,853		218,776		275,880		159,827		—		(48,124)		1,570,212
Depreciation and amortization		256,673		209,127		204,461		52,965		9,643		—		732,869
Corporate expenses		—		—		—		—		284,042		—		284,042
Impairment charges		—		—		—		—		15,364		—		15,364
Other operating expense – net		—		—		—		—		(16,710)		—		(16,710)

Operating income (loss)	$	840,106	$	273,519	$	56,259	$	20,716	$	(325,759)	$	—	$	864,841


Intersegment revenues	$	—	$	4,173	$	—	$	58,821	$	—	$	—	$	62,994
Segment assets	$	8,411,953	$	4,578,130	$	2,059,892	$	812,189	$	1,598,218	$	—	$	17,460,382
Capital expenditures	$	35,463	$	96,720	$	98,553	$	—	$	10,728	$	—	$	241,464
Share-based compensation expense	$	7,152	$	9,207	$	2,746	$	—	$	15,141	$	—	$	34,246

Year Ended December 31, 2009
Revenue	$	2,705,367	$	1,238,171	$	1,459,853	$	200,467	$	—	$	(51,949)	$	5,551,909
Direct operating expenses		885,870		608,078		1,017,005		29,912		—		(11,411)		2,529,454
Selling, general and administrative expenses		918,397		202,196		282,208		158,139		—		(40,538)		1,520,402
Depreciation and amortization		261,246		210,280		229,367		56,379		8,202		—		765,474
Corporate expenses		—		—		—		—		253,964		—		253,964
Impairment charges		—		—		—		—		4,118,924		—		4,118,924
Other operating expense – net		—		—		—		—		(50,837)		—		(50,837)

Operating income (loss)	$	639,854	$	217,617	$	(68,727)	$	(43,963)	$	(4,431,927)	$	—	$	(3,687,146)


Intersegment revenues	$	937	$	2,767	$	—	$	48,245	$	—	$	—	$	51,949
Segment assets	$	8,601,490	$	4,722,975	$	2,216,691	$	771,346	$	1,734,599	$	—	$	18,047,101
Capital expenditures	$	41,880	$	84,440	$	91,513	$	—	$	5,959	$	—	$	223,792
Share-based compensation expense	$	8,276	$	7,977	$	2,412	$	—	$	21,121	$	—	$	39,786

Revenue of $1.8 billion, $1.7 billion and $1.6 billion derived from the Company's foreign operations are included in the data above for the years ended December 31, 2011, 2010 and 2009, respectively. Revenue of $4.3 billion, $4.2 billion and $4.0 billion derived from the Company's U.S. operations are included in the data above for the years ended December 31, 2011, 2010 and 2009, respectively.

Identifiable long-lived assets of $797.7 million, $802.4 million and $863.8 million derived from the Company's foreign operations are included in the data above for the years ended December 31, 2011, 2010 and 2009, respectively. Identifiable long-lived assets of $2.3 billion, $2.3 billion and $2.5 billion derived from the Company's U.S. operations are included in the data above for the years ended December 31, 2011, 2010 and 2009, respectively.