Segment Data

12 Months Ended

Dec. 31, 2014

Segment Data

NOTE 13 – SEGMENT DATA

The Company’s reportable segments, which it believes best reflect how the Company is currently managed, are iHM, 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 iHM 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 years ended December 31, 2014, 2013 and 2012.

(In thousands)	iHM		Americas Outdoor Advertising		International Outdoor Advertising		Other		Corporate and other reconciling items		Eliminations		Consolidated
Year Ended December 31, 2014
Revenue	$	3,161,503	$	1,253,190	$	1,708,069	$	260,920	$	-	$	(65,149)	$	6,318,533
Direct operating expenses		921,089		555,614		1,041,274		24,009		-		(7,621)		2,534,365
Selling, general and administrative expenses		1,052,578		211,969		336,550		143,629		-		(57,518)		1,687,208
Depreciation and amortization		240,868		194,640		207,431		33,543		34,416		-		710,898
Impairment charges		-		-		-		-		24,176		-		24,176
Corporate expenses		-		-		-		-		320,341		(10)		320,331
Other operating income, net		-		-		-		-		40,031		-		40,031
Operating income (loss)	$	946,968	$	290,967	$	122,814	$	59,739	$	(338,902)	$	-	$	1,081,586
Intersegment revenues	$	10	$	3,436	$	-	$	61,703	$	-	$	-	$	65,149
Segment assets	$	7,720,181	$	3,527,935	$	1,817,237	$	277,388	$	697,501	$	-	$	14,040,242
Capital expenditures	$	50,403	$	97,053	$	130,154	$	5,744	$	34,810	$	-	$	318,164
Share-based compensation expense	$	-	$	-	$	-	$	-	$	10,713	$	-	$	10,713
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		942,644		566,669		1,028,059		25,271		-		(8,556)		2,554,087
Selling, general and administrative expenses		1,020,097		220,732		322,840		140,241		-		(54,049)		1,649,861
Depreciation and amortization		262,136		196,597		203,927		39,291		28,877		-		730,828
Impairment charges		-		-		-		-		16,970		-		16,970
Corporate expenses		-		-		-		-		313,514		-		313,514
Other operating income, net		-		-		-		-		22,998		-		22,998
Operating income (loss)	$	906,718	$	306,454	$	100,912	$	23,061	$	(336,363)	$	-	$	1,000,782
Intersegment revenues	$	-	$	2,473	$	-	$	60,132	$	-	$	-	$	62,605
Segment assets	$	7,933,564	$	3,693,308	$	2,029,687	$	534,363	$	906,380	$	-	$	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		882,785		582,340		1,021,152		25,088		-		(12,965)		2,498,400
Selling, general and administrative expenses		993,116		211,245		363,417		152,394		-		(53,754)		1,666,418
Depreciation and amortization		262,409		192,023		205,258		45,568		24,027		-		729,285
Impairment charges		-		-		-		-		37,651		-		37,651
Corporate expenses		-		-		-		-		293,207		-		293,207
Other operating income, net		-		-		-		-		48,127		-		48,127
Operating income (loss)	$	946,470	$	293,649	$	77,860	$	58,829	$	(306,758)	$	-	$	1,070,050
Intersegment revenues	$	-	$	1,175	$	80	$	65,464	$	-	$	-	$	66,719
Segment assets	$	8,061,701	$	3,835,235	$	2,256,309	$	815,435	$	1,324,033	$	-	$	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

Revenue of $1.8billion, $1.7billion and $1.7billion derived from the Company’s foreign operations are included in the data above for the years ended December31, 2014, 2013 and 2012, respectively. Revenue of $4.5billion, $4.5billion and $4.5billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2014, 2013 and 2012, respectively.

Identifiable long-lived assets of $682.7million, $760.5million and $805.2million derived from the Company’s foreign operations are included in the data above for the years ended December31, 2014, 2013 and 2012, respectively. Identifiable long-lived assets of $2.0billion, $2.1billion and $2.2 billion derived from the Company’s U.S. operations are included in the data above for the years ended December 31, 2014, 2013 and 2012, respectively