Condensed Balance Sheet |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2015 | (in millions) | | Parent Company | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Current assets: | | | | | | | | | | | | | Cash and cash equivalents | | $ | — |
| | $ | 53.6 |
| | $ | 31.5 |
| | $ | 21.3 |
| | $ | — |
| | $ | 106.4 |
| Receivables, less allowance | | — |
| | — |
| | 197.8 |
| | 29.3 |
| | — |
| | 227.1 |
| Other current assets | | — |
| | 5.6 |
| | 102.1 |
| | 22.1 |
| | — |
| | 129.8 |
| Total current assets | | — |
| | 59.2 |
| | 331.4 |
| | 72.7 |
| | — |
| | 463.3 |
| Property and equipment, net | | — |
| | — |
| | 656.9 |
| | 74.3 |
| | — |
| | 731.2 |
| Goodwill | | — |
| | — |
| | 2,046.1 |
| | 91.4 |
| | — |
| | 2,137.5 |
| Intangible assets | | — |
| | — |
| | 587.5 |
| | 0.1 |
| | — |
| | 587.6 |
| Investment in subsidiaries | | 1,334.0 |
| | 3,574.4 |
| | 173.3 |
| | — |
| | (5,081.7 | ) | | — |
| Other assets | | — |
| | 29.1 |
| | 55.4 |
| | 6.2 |
| | — |
| | 90.7 |
| Intercompany | | — |
| | — |
| | 70.6 |
| | 58.8 |
| | (129.4 | ) | | — |
| Total assets | | $ | 1,334.0 |
| | $ | 3,662.7 |
| | $ | 3,921.2 |
| | $ | 303.5 |
| | $ | (5,211.1 | ) | | $ | 4,010.3 |
| | | | | | | | | | | | | | Total current liabilities | | $ | — |
| | $ | 27.4 |
| | $ | 193.8 |
| | $ | 32.1 |
| | $ | — |
| | $ | 253.3 |
| Long-term debt | | — |
| | 2,301.3 |
| | 0.4 |
| | — |
| | — |
| | 2,301.7 |
| Deferred income tax liabilities, net | | — |
| | — |
| | — |
| | 15.1 |
| | — |
| | 15.1 |
| Asset retirement obligation | | — |
| | — |
| | 28.8 |
| | 7.4 |
| | — |
| | 36.2 |
| Deficit in excess of investment of subsidiaries | | — |
| | — |
| | 2,240.4 |
| | — |
| | (2,240.4 | ) | | — |
| Other liabilities | | — |
| | — |
| | 65.0 |
| | 5.0 |
| | — |
| | 70.0 |
| Intercompany | | — |
| | — |
| | 58.8 |
| | 70.6 |
| | (129.4 | ) | | — |
| Total liabilities | | — |
| | 2,328.7 |
| | 2,587.2 |
| | 130.2 |
| | (2,369.8 | ) | | 2,676.3 |
| Total stockholders’ equity | | 1,334.0 |
| | 1,334.0 |
| | 1,334.0 |
| | 173.3 |
| | (2,841.3 | ) | | 1,334.0 |
| Total liabilities and stockholders’ equity | | $ | 1,334.0 |
| | $ | 3,662.7 |
| | $ | 3,921.2 |
| | $ | 303.5 |
| | $ | (5,211.1 | ) | | $ | 4,010.3 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2014 | (in millions) | | Parent Company | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Current assets: | | | | | | | | | | | | | Cash and cash equivalents | | $ | — |
| | $ | 11.5 |
| | $ | 8.8 |
| | $ | 8.2 |
| | $ | — |
| | $ | 28.5 |
| Receivables, less allowances | | — |
| | — |
| | 186.5 |
| | 31.0 |
| | — |
| | 217.5 |
| Other current assets | | — |
| | 5.3 |
| | 83.5 |
| | 20.5 |
| | — |
| | 109.3 |
| Total current assets | | — |
| | 16.8 |
| | 278.8 |
| | 59.7 |
| | — |
| | 355.3 |
| Property and equipment, net | | — |
| | — |
| | 683.3 |
| | 99.6 |
| | — |
| | 782.9 |
| Goodwill | | — |
| | — |
| | 2,050.6 |
| | 103.6 |
| | — |
| | 2,154.2 |
| Intangible assets | | — |
| | — |
| | 633.0 |
| | 0.2 |
| | — |
| | 633.2 |
| Investment in subsidiaries | | 1,445.5 |
| | 3,613.0 |
| | 208.1 |
| | — |
| | (5,266.6 | ) | | — |
| Other assets | | — |
| | 31.2 |
| | 59.5 |
| | 7.3 |
| | — |
| | 98.0 |
| Intercompany | | — |
| | — |
| | 75.1 |
| | 62.9 |
| | (138.0 | ) | | — |
| Total assets | | $ | 1,445.5 |
| | $ | 3,661.0 |
| | $ | 3,988.4 |
| | $ | 333.3 |
| | $ | (5,404.6 | ) | | $ | 4,023.6 |
| | | | | | | | | | | | | | Total current liabilities | | $ | — |
| | $ | 17.9 |
| | $ | 219.1 |
| | $ | 18.2 |
| | $ | — |
| | $ | 255.2 |
| Long-term debt | | — |
| | 2,197.6 |
| | 0.7 |
| | — |
| | — |
| | 2,198.3 |
| Deferred income tax liabilities, net | | — |
| | — |
| | — |
| | 17.2 |
| | — |
| | 17.2 |
| Asset retirement obligation | | — |
| | — |
| | 28.3 |
| | 8.3 |
| | — |
| | 36.6 |
| Deficit in excess of investment of subsidiaries | | — |
| | — |
| | 2,167.5 |
| | — |
| | (2,167.5 | ) | | — |
| Other liabilities | | — |
| | — |
| | 64.4 |
| | 6.4 |
| | — |
| | 70.8 |
| Intercompany | | — |
| | — |
| | 62.9 |
| | 75.1 |
| | (138.0 | ) | | — |
| Total liabilities | | — |
| | 2,215.5 |
| | 2,542.9 |
| | 125.2 |
| | (2,305.5 | ) | | 2,578.1 |
| Total stockholders’ equity | | 1,445.5 |
| | 1,445.5 |
| | 1,445.5 |
| | 208.1 |
| | (3,099.1 | ) | | 1,445.5 |
| Total liabilities and stockholders’ equity | | $ | 1,445.5 |
| | $ | 3,661.0 |
| | $ | 3,988.4 |
| | $ | 333.3 |
| | $ | (5,404.6 | ) | | $ | 4,023.6 |
|
|
Condensed Income Statement |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2015 | (in millions) | | Parent Company | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | | | | Billboard | | $ | — |
| | $ | — |
| | $ | 250.3 |
| | $ | 28.0 |
| | $ | — |
| | $ | 278.3 |
| Transit and other | | — |
| | — |
| | 103.6 |
| | 4.8 |
| | — |
| | 108.4 |
| Total revenues | | — |
| | — |
| | 353.9 |
| | 32.8 |
| | — |
| | 386.7 |
| Expenses: | | | | | | | | | | | | | Operating | | — |
| | — |
| | 187.4 |
| | 21.9 |
| | — |
| | 209.3 |
| Selling, general and administrative | | 0.3 |
| | — |
| | 59.9 |
| | 7.0 |
| | — |
| | 67.2 |
| Depreciation | | — |
| | — |
| | 23.7 |
| | 4.7 |
| | — |
| | 28.4 |
| Amortization | | — |
| | — |
| | 28.0 |
| | 1.1 |
| | — |
| | 29.1 |
| Total expenses | | 0.3 |
| | — |
| | 299.0 |
| | 34.7 |
| | — |
| | 334.0 |
| Operating income (loss) | | (0.3 | ) | | — |
| | 54.9 |
| | (1.9 | ) | | — |
| | 52.7 |
| Interest expense, net | | — |
| | (28.9 | ) | | — |
| | — |
| | — |
| | (28.9 | ) | Other expense, net | | — |
| | — |
| | — |
| | (0.4 | ) | | — |
| | (0.4 | ) | Income (loss) before provision for income taxes and equity in earnings of investee companies | | (0.3 | ) | | (28.9 | ) | | 54.9 |
| | (2.3 | ) | | — |
| | 23.4 |
| Provision for income taxes | | — |
| | — |
| | (1.9 | ) | | (2.0 | ) | | — |
| | (3.9 | ) | Equity in earnings of investee companies, net of tax | | 21.5 |
| | 50.4 |
| | (31.5 | ) | | 0.3 |
| | (39.0 | ) | | 1.7 |
| Net income (loss) | | $ | 21.2 |
| | $ | 21.5 |
| | $ | 21.5 |
| | $ | (4.0 | ) | | $ | (39.0 | ) | | $ | 21.2 |
| | | | | | | | | | | | | | Net income (loss) | | $ | 21.2 |
| | $ | 21.5 |
| | $ | 21.5 |
| | $ | (4.0 | ) | | $ | (39.0 | ) | | $ | 21.2 |
| Total other comprehensive loss, net of tax | | (15.0 | ) | | (15.0 | ) | | (15.0 | ) | | (15.0 | ) | | 45.0 |
| | (15.0 | ) | Total comprehensive income (loss) | | $ | 6.2 |
| | $ | 6.5 |
| | $ | 6.5 |
| | $ | (19.0 | ) | | $ | 6.0 |
| | $ | 6.2 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2014 | (in millions) | | Parent Company | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | | | | Billboard | | $ | — |
| | $ | — |
| | $ | 205.1 |
| | $ | 34.6 |
| | $ | — |
| | $ | 239.7 |
| Transit and other | | — |
| | — |
| | 91.2 |
| | 5.6 |
| | — |
| | 96.8 |
| Total revenues | | — |
| | — |
| | 296.3 |
| | 40.2 |
| | — |
| | 336.5 |
| Expenses: | | | | | | | | | | | | | Operating | | — |
| | — |
| | 151.5 |
| | 25.7 |
| | — |
| | 177.2 |
| Selling, general and administrative | | 0.3 |
| | — |
| | 46.6 |
| | 8.2 |
| | — |
| | 55.1 |
| Restructuring charges | | — |
| | — |
| | 6.2 |
| | — |
| | — |
| | 6.2 |
| Acquisition costs | | — |
| | — |
| | 1.4 |
| | — |
| | — |
| | 1.4 |
| Net gain on dispositions | | — |
| | — |
| | (0.5 | ) | | — |
| | — |
| | (0.5 | ) | Depreciation | | — |
| | — |
| | 21.0 |
| | 5.7 |
| | — |
| | 26.7 |
| Amortization | | — |
| | — |
| | 21.5 |
| | 1.3 |
| | — |
| | 22.8 |
| Total expenses | | 0.3 |
| | — |
| | 247.7 |
| | 40.9 |
| | — |
| | 288.9 |
| Operating income (loss) | | (0.3 | ) | | — |
| | 48.6 |
| | (0.7 | ) | | — |
| | 47.6 |
| Interest expense, net | | — |
| | (26.2 | ) | | (0.1 | ) | | — |
| | — |
| | (26.3 | ) | Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | | (0.3 | ) | | (26.2 | ) | | 48.5 |
| | (0.7 | ) | | — |
| | 21.3 |
| Benefit (provision) for income taxes | | — |
| | — |
| | 227.0 |
| | (0.6 | ) | | — |
| | 226.4 |
| Equity in earnings of investee companies, net of tax | | 248.6 |
| | 274.8 |
| | (26.9 | ) | | 0.1 |
| | (496.0 | ) | | 0.6 |
| Net income (loss) | | $ | 248.3 |
| | $ | 248.6 |
| | $ | 248.6 |
| | $ | (1.2 | ) | | $ | (496.0 | ) | | $ | 248.3 |
| | | | | | | | | | | | | | Net income (loss) | | $ | 248.3 |
| | $ | 248.6 |
| | $ | 248.6 |
| | $ | (1.2 | ) | | $ | (496.0 | ) | | $ | 248.3 |
| Total other comprehensive loss, net of tax | | (21.7 | ) | | (17.6 | ) | | (13.5 | ) | | (9.4 | ) | | 52.8 |
| | (9.4 | ) | Total comprehensive income (loss) | | $ | 226.6 |
| | $ | 231.0 |
| | $ | 235.1 |
| | $ | (10.6 | ) | | $ | (443.2 | ) | | $ | 238.9 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2015 | (in millions) | | Parent Company | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | | | | Billboard | | $ | — |
| | $ | — |
| | $ | 718.3 |
| | $ | 87.0 |
| | $ | — |
| | $ | 805.3 |
| Transit and other | | — |
| | — |
| | 295.6 |
| | 14.4 |
| | — |
| | 310.0 |
| Total revenues | | — |
| | — |
| | 1,013.9 |
| | 101.4 |
| | — |
| | 1,115.3 |
| Expenses: | | | | | | | | | | | | | Operating | | — |
| | — |
| | 546.5 |
| | 68.0 |
| | — |
| | 614.5 |
| Selling, general and administrative | | 1.1 |
| | 0.1 |
| | 169.4 |
| | 21.9 |
| | — |
| | 192.5 |
| Restructuring charges | | — |
| | — |
| | 2.6 |
| | — |
| | — |
| | 2.6 |
| Net loss on dispositions | | — |
| | — |
| | 0.5 |
| | 0.1 |
| | — |
| | 0.6 |
| Depreciation | | — |
| | — |
| | 70.1 |
| | 15.0 |
| | — |
| | 85.1 |
| Amortization | | — |
| | — |
| | 82.9 |
| | 3.2 |
| | — |
| | 86.1 |
| Total expenses | | 1.1 |
| | 0.1 |
| | 872.0 |
| | 108.2 |
| | — |
| | 981.4 |
| Operating income (loss) | | (1.1 | ) | | (0.1 | ) | | 141.9 |
| | (6.8 | ) | | — |
| | 133.9 |
| Interest income (expense), net | | — |
| | (85.6 | ) | | (0.1 | ) | | 0.1 |
| | — |
| | (85.6 | ) | Other income (expense), net | | — |
| | — |
| | — |
| | (0.4 | ) | | — |
| | (0.4 | ) | Income (loss) before provision for income taxes and equity in earnings of investee companies | | (1.1 | ) | | (85.7 | ) | | 141.8 |
| | (7.1 | ) | | — |
| | 47.9 |
| Provision for income taxes | | — |
| | — |
| | (3.6 | ) | | (3.4 | ) | | — |
| | (7.0 | ) | Equity in earnings of investee companies, net of tax | | 45.6 |
| | 131.3 |
| | (92.6 | ) | | 0.9 |
| | (81.6 | ) | | 3.6 |
| Net income (loss) | | $ | 44.5 |
| | $ | 45.6 |
| | $ | 45.6 |
| | $ | (9.6 | ) | | $ | (81.6 | ) | | $ | 44.5 |
| | | | | | | | | | | | | | Net income (loss) | | $ | 44.5 |
| | $ | 45.6 |
| | $ | 45.6 |
| | $ | (9.6 | ) | | $ | (81.6 | ) | | $ | 44.5 |
| Total other comprehensive loss, net of tax | | (25.8 | ) | | (25.8 | ) | | (25.8 | ) | | (25.8 | ) | | 77.4 |
| | (25.8 | ) | Total comprehensive income (loss) | | $ | 18.7 |
| | $ | 19.8 |
| | $ | 19.8 |
| | $ | (35.4 | ) | | $ | (4.2 | ) | | $ | 18.7 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2014 | (in millions) | | Parent Company | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | | | | Billboard | | $ | — |
| | $ | — |
| | $ | 589.2 |
| | $ | 99.8 |
| | $ | — |
| | $ | 689.0 |
| Transit and other | | — |
| | — |
| | 253.2 |
| | 16.6 |
| | — |
| | 269.8 |
| Total revenues | | — |
| | — |
| | 842.4 |
| | 116.4 |
| | — |
| | 958.8 |
| Expenses: | | | | | | | | | | | | | Operating | | — |
| | — |
| | 436.2 |
| | 76.1 |
| | — |
| | 512.3 |
| Selling, general and administrative | | 0.9 |
| | — |
| | 136.8 |
| | 23.4 |
| | — |
| | 161.1 |
| Restructuring charges | | — |
| | — |
| | 6.2 |
| | — |
| | — |
| | 6.2 |
| Acquisition costs | | — |
| | — |
| | 1.4 |
| | — |
| | — |
| | 1.4 |
| Net gain on dispositions | | — |
| | — |
| | (1.3 | ) | | (0.1 | ) | | — |
| | (1.4 | ) | Depreciation | | — |
| | — |
| | 62.2 |
| | 17.1 |
| | — |
| | 79.3 |
| Amortization | | — |
| | — |
| | 63.6 |
| | 3.7 |
| | — |
| | 67.3 |
| Total expenses | | 0.9 |
| | — |
| | 705.1 |
| | 120.2 |
| | — |
| | 826.2 |
| Operating income (loss) | | (0.9 | ) | | — |
| | 137.3 |
| | (3.8 | ) | | — |
| | 132.6 |
| Interest income (expense), net | | — |
| | (57.3 | ) | | (0.1 | ) | | 0.1 |
| | — |
| | (57.3 | ) | Other expense, net | | — |
| | — |
| | — |
| | (0.5 | ) | | — |
| | (0.5 | ) | Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | | (0.9 | ) | | (57.3 | ) | | 137.2 |
| | (4.2 | ) | | — |
| | 74.8 |
| Benefit (provision) for income taxes | | — |
| | — |
| | 205.2 |
| | (2.3 | ) | | — |
| | 202.9 |
| Equity in earnings of investee companies, net of tax | | 280.0 |
| | 337.3 |
| | (62.4 | ) | | 0.4 |
| | (553.9 | ) | | 1.4 |
| Net income (loss) | | $ | 279.1 |
| | $ | 280.0 |
| | $ | 280.0 |
| | $ | (6.1 | ) | | $ | (553.9 | ) | | $ | 279.1 |
| | | | | | | | | | | | | | Net income (loss) | | $ | 279.1 |
| | $ | 280.0 |
| | $ | 280.0 |
| | $ | (6.1 | ) | | $ | (553.9 | ) | | $ | 279.1 |
| Total other comprehensive loss, net of tax | | (4.1 | ) | | (4.1 | ) | | (4.1 | ) | | (4.1 | ) | | 12.3 |
| | (4.1 | ) | Total comprehensive income (loss) | | $ | 275.0 |
| | $ | 275.9 |
| | $ | 275.9 |
| | $ | (10.2 | ) | | $ | (541.6 | ) | | $ | 275.0 |
|
|