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Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 2015
Condensed Consolidating Financial Information [Abstract]  
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

Condensed Cash Flow Statement
 
 
Nine Months Ended September 30, 2015
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash flow provided by (used for) operating activities
 
$
(1.1
)
 
$
(72.0
)
 
$
230.9

 
$
18.6

 
$

 
$
176.4

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(39.6
)
 
(3.4
)
 

 
(43.0
)
Acquisitions
 

 

 
(11.1
)
 

 

 
(11.1
)
Net proceeds from dispositions
 

 

 
8.8

 

 

 
8.8

Net cash flow used for investing activities
 

 

 
(41.9
)
 
(3.4
)
 

 
(45.3
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt borrowings - new senior notes
 

 
103.8

 

 

 

 
103.8

Proceeds from borrowings under revolving credit facility
 

 
105.0

 

 

 

 
105.0

Repayments of borrowings under revolving credit facility
 

 
(105.0
)
 

 

 

 
(105.0
)
Deferred financing costs
 

 
(3.3
)
 

 

 

 
(3.3
)
Proceeds from stock option exercises
 
2.0

 

 

 

 

 
2.0

Taxes withheld for stock-based compensation
 

 

 
(4.0
)
 

 

 
(4.0
)
Dividends
 
(148.7
)
 

 

 

 

 
(148.7
)
Intercompany
 
147.8

 
13.6

 
(161.7
)
 
0.3

 

 

Other
 

 

 
(0.6
)
 

 

 
(0.6
)
Net cash flow provided by (used for) financing activities
 
1.1

 
114.1

 
(166.3
)
 
0.3

 

 
(50.8
)
Effect of exchange rate changes on cash and cash equivalents
 

 

 

 
(2.4
)
 

 
(2.4
)
Net increase in cash and cash equivalents
 

 
42.1

 
22.7

 
13.1

 

 
77.9

Cash and cash equivalents at beginning of period
 

 
11.5

 
8.8

 
8.2

 

 
28.5

Cash and cash equivalents at end of period
 
$

 
$
53.6

 
$
31.5

 
$
21.3

 
$

 
$
106.4

 
 
Nine Months Ended September 30, 2014
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash flow provided by (used for) operating activities
 
$
(0.9
)
 
$
(25.6
)
 
$
213.9

 
$
(2.9
)
 
$

 
$
184.5

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(37.4
)
 
(6.2
)
 

 
(43.6
)
Net proceeds from dispositions
 

 

 
2.1

 
0.2

 

 
2.3

Net cash flow used for investing activities
 

 

 
(35.3
)
 
(6.0
)
 

 
(41.3
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from IPO
 
615.0

 

 

 

 

 
615.0

Proceeds from long-term debt borrowings - term loan and senior notes
 

 
1,598.0

 

 

 

 
1,598.0

Deferred financing costs
 

 
(24.8
)
 

 

 

 
(24.8
)
Distribution of debt and IPO proceeds to CBS
 
(515.0
)
 
(1,523.8
)
 

 

 

 
(2,038.8
)
Net cash contribution from CBS
 

 

 
39.8

 

 

 
39.8

Dividends
 
(88.8
)
 

 

 

 

 
(88.8
)
Intercompany
 
(10.3
)
 
206.2

 
(197.0
)
 
1.1

 

 

Net cash flow provided by (used for) financing activities
 
0.9

 
255.6

 
(157.2
)
 
1.1

 

 
100.4

Effect of exchange rate changes on cash and cash equivalents
 

 

 

 
(1.2
)
 

 
(1.2
)
Net increase (decrease) in cash and cash equivalents
 

 
230.0

 
21.4

 
(9.0
)
 

 
242.4

Cash and cash equivalents at beginning of period
 

 

 
2.1

 
27.7

 

 
29.8

Cash and cash equivalents at end of period
 
$

 
$
230.0

 
$
23.5

 
$
18.7

 
$

 
$
272.2