Operating segments reporting represents a potential source of information about corporate foreign operations. This paper investigates the country-segment disclosure related to Central and Eastern European (CEE) operations - regarded as potential reporting segments - of multinational corporations (MNCs). The empirical analysis indicates limited information on country segments in general, and a few country segments for CEE operations. The probability of country-segment disclosure depends on size of operations, and host-country economic conditions such as financial risk, competitiveness, ease of doing business and tax rates. The value relevance analysis indicates a significant negative influence of country-segment disclosure of CEE operations on stock prices. These findings provide insights about country-segment disclosure and suggest policy implications of managerial approach for operating segments reporting.