x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
For the transition period from | to | |||
Maryland | 46-4494703 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
405 Lexington Avenue, 17th Floor New York, NY | 10174 | |
(Address of principal executive offices) | (Zip Code) | |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o | |
As of | ||||||||
(in millions) | September 30, 2016 | December 31, 2015 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 73.1 | $ | 101.6 | ||||
Receivables, less allowance ($9.2 in 2016 and $8.9 in 2015) | 216.5 | 209.5 | ||||||
Prepaid lease and transit franchise costs | 63.1 | 61.5 | ||||||
Other prepaid expenses | 28.2 | 21.9 | ||||||
Assets held for sale | — | 5.2 | ||||||
Other current assets | 7.3 | 12.5 | ||||||
Total current assets | 388.2 | 412.2 | ||||||
Property and equipment, net (Note 3) | 670.0 | 701.7 | ||||||
Goodwill | 2,090.2 | 2,074.7 | ||||||
Intangible assets (Note 4) | 561.1 | 570.5 | ||||||
Other assets | 60.8 | 56.4 | ||||||
Total assets | $ | 3,770.3 | $ | 3,815.5 | ||||
Liabilities: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 71.0 | $ | 83.6 | ||||
Accrued compensation | 24.7 | 39.4 | ||||||
Accrued interest | 23.3 | 19.5 | ||||||
Accrued lease costs | 23.0 | 28.8 | ||||||
Other accrued expenses | 55.1 | 35.3 | ||||||
Deferred revenues | 26.5 | 20.7 | ||||||
Liabilities held for sale | — | 25.0 | ||||||
Other current liabilities | 13.0 | 13.3 | ||||||
Total current liabilities | 236.6 | 265.6 | ||||||
Long-term debt, net (Note 7) | 2,165.5 | 2,222.0 | ||||||
Deferred income tax liabilities, net | 9.3 | 10.9 | ||||||
Asset retirement obligation (Note 5) | 34.0 | 33.2 | ||||||
Other liabilities | 73.5 | 71.2 | ||||||
Total liabilities | 2,518.9 | 2,602.9 | ||||||
Commitments and contingencies (Note 15) | ||||||||
Stockholders’ equity (Note 8): | ||||||||
Common stock (2016 - 450.0 shares authorized, and 138.0 shares issued | ||||||||
and outstanding; 2015 - 450.0 shares authorized, and 137.6 issued and outstanding) | 1.4 | 1.4 | ||||||
Additional paid-in capital | 1,945.4 | 1,934.3 | ||||||
Distribution in excess of earnings | (679.1 | ) | (602.2 | ) | ||||
Accumulated other comprehensive loss (Note 9) | (16.3 | ) | (120.9 | ) | ||||
Total stockholders’ equity | 1,251.4 | 1,212.6 | ||||||
Total liabilities and stockholders’ equity | $ | 3,770.3 | $ | 3,815.5 | ||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | ||||||||||||||||
Billboard | $ | 270.5 | $ | 278.3 | $ | 794.5 | $ | 805.3 | ||||||||
Transit and other | 112.3 | 108.4 | 322.0 | 310.0 | ||||||||||||
Total revenues | 382.8 | 386.7 | 1,116.5 | 1,115.3 | ||||||||||||
Expenses: | ||||||||||||||||
Operating | 201.5 | 209.3 | 602.9 | 614.5 | ||||||||||||
Selling, general and administrative | 65.1 | 67.2 | 195.6 | 192.5 | ||||||||||||
Restructuring charges | — | — | 0.4 | 2.6 | ||||||||||||
Loss on real estate assets held for sale | — | — | 1.3 | — | ||||||||||||
Net (gain) loss on dispositions | (2.3 | ) | — | (1.7 | ) | 0.6 | ||||||||||
Depreciation | 26.7 | 28.4 | 84.3 | 85.1 | ||||||||||||
Amortization | 28.3 | 29.1 | 87.0 | 86.1 | ||||||||||||
Total expenses | 319.3 | 334.0 | 969.8 | 981.4 | ||||||||||||
Operating income | 63.5 | 52.7 | 146.7 | 133.9 | ||||||||||||
Interest expense, net | (28.3 | ) | (28.9 | ) | (85.6 | ) | (85.6 | ) | ||||||||
Other expense, net | — | (0.4 | ) | — | (0.4 | ) | ||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 35.2 | 23.4 | 61.1 | 47.9 | ||||||||||||
Benefit (provision) for income taxes | 1.5 | (3.9 | ) | (0.6 | ) | (7.0 | ) | |||||||||
Equity in earnings of investee companies, net of tax | 1.4 | 1.7 | 3.8 | 3.6 | ||||||||||||
Net income | $ | 38.1 | $ | 21.2 | $ | 64.3 | $ | 44.5 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.28 | $ | 0.15 | $ | 0.47 | $ | 0.32 | ||||||||
Diluted | $ | 0.28 | $ | 0.15 | $ | 0.46 | $ | 0.32 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 138.0 | 137.5 | 137.9 | 137.3 | ||||||||||||
Diluted | 138.5 | 137.9 | 138.4 | 137.8 | ||||||||||||
Dividends declared per common share | $ | 0.34 | $ | 0.34 | $ | 1.02 | $ | 1.08 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 38.1 | $ | 21.2 | $ | 64.3 | $ | 44.5 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Cumulative translation adjustments (Note 9) | (1.7 | ) | (15.5 | ) | 104.7 | (27.4 | ) | |||||||||
Net actuarial gain (loss) | 0.3 | 0.5 | (0.1 | ) | 1.6 | |||||||||||
Total other comprehensive income (loss), net of tax | (1.4 | ) | (15.0 | ) | 104.6 | (25.8 | ) | |||||||||
Total comprehensive income | $ | 36.7 | $ | 6.2 | $ | 168.9 | $ | 18.7 | ||||||||
(in millions, except per share amounts) | Shares of Common Stock | Common Stock ($0.01 per share par value) | Additional Paid-In Capital | Distribution in Excess of Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||
Balance as of December 31, 2014 | 136.6 | $ | 1.4 | $ | 1,911.2 | $ | (377.0 | ) | $ | (90.1 | ) | $ | 1,445.5 | ||||||||||
Net income | — | — | — | 44.5 | — | 44.5 | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (25.8 | ) | (25.8 | ) | |||||||||||||||
Stock-based payments: | |||||||||||||||||||||||
Vested | 0.5 | — | — | — | — | — | |||||||||||||||||
Exercise of stock options | 0.2 | — | 2.0 | — | — | 2.0 | |||||||||||||||||
Amortization | — | — | 12.3 | — | — | 12.3 | |||||||||||||||||
Shares paid for tax withholding for stock-based payments | (0.1 | ) | — | (6.7 | ) | — | — | (6.7 | ) | ||||||||||||||
Issuance of stock for purchase of property and equipment | 0.3 | — | 10.5 | — | — | 10.5 | |||||||||||||||||
Dividends ($1.08 per share) | — | — | — | (148.3 | ) | — | (148.3 | ) | |||||||||||||||
Balance as of September 30, 2015 | 137.5 | $ | 1.4 | $ | 1,929.3 | $ | (480.8 | ) | $ | (115.9 | ) | $ | 1,334.0 | ||||||||||
Balance as of December 31, 2015 | 137.6 | $ | 1.4 | $ | 1,934.3 | $ | (602.2 | ) | $ | (120.9 | ) | $ | 1,212.6 | ||||||||||
Net income | — | — | — | 64.3 | — | 64.3 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 104.6 | 104.6 | |||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||
Vested | 0.5 | — | — | — | — | — | |||||||||||||||||
Amortization | — | — | 13.8 | — | — | 13.8 | |||||||||||||||||
Shares paid for tax withholding for stock-based payments | (0.2 | ) | — | (4.6 | ) | — | — | (4.6 | ) | ||||||||||||||
Issuance of stock for purchase of property and equipment | 0.1 | — | 1.9 | — | — | 1.9 | |||||||||||||||||
Dividends ($1.02 per share) | — | — | — | (141.2 | ) | — | (141.2 | ) | |||||||||||||||
Balance as of September 30, 2016 | 138.0 | $ | 1.4 | $ | 1,945.4 | $ | (679.1 | ) | $ | (16.3 | ) | $ | 1,251.4 | ||||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Operating activities: | ||||||||
Net income | $ | 64.3 | $ | 44.5 | ||||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||||
Depreciation and amortization | 171.3 | 171.2 | ||||||
Deferred tax benefit | 0.1 | (0.1 | ) | |||||
Stock-based compensation | 13.8 | 11.7 | ||||||
Provision for doubtful accounts | 2.8 | 2.1 | ||||||
Accretion expense | 1.8 | 1.9 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on dispositions | (1.7 | ) | 0.6 | |||||
Equity in earnings of investee companies, net of tax | (3.8 | ) | (3.6 | ) | ||||
Distributions from investee companies | 1.9 | 2.7 | ||||||
Amortization of deferred financing costs and debt discount and premium | 4.8 | 4.4 | ||||||
Change in assets and liabilities, net of investing and financing activities | (55.9 | ) | (59.0 | ) | ||||
Net cash flow provided by operating activities | 200.7 | 176.4 | ||||||
Investing activities: | ||||||||
Capital expenditures | (45.6 | ) | (43.0 | ) | ||||
Acquisitions | (64.7 | ) | (11.1 | ) | ||||
Net proceeds from dispositions | 90.4 | 8.8 | ||||||
Net cash flow used for investing activities | (19.9 | ) | (45.3 | ) | ||||
Financing activities: | ||||||||
Proceeds from long-term debt borrowings - senior notes | — | 103.8 | ||||||
Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 | ||||||
Repayments of borrowings under revolving credit facility | (35.0 | ) | (105.0 | ) | ||||
Repayments of long-term borrowings - term loan | (60.0 | ) | — | |||||
Deferred financing costs | (0.4 | ) | (3.3 | ) | ||||
Proceeds from stock option exercises | — | 2.0 | ||||||
Taxes withheld for stock-based compensation | (7.0 | ) | (4.0 | ) | ||||
Dividends | (141.7 | ) | (148.7 | ) | ||||
Other | (0.2 | ) | (0.6 | ) | ||||
Net cash flow used for financing activities | (209.3 | ) | (50.8 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | — | (2.4 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (28.5 | ) | 77.9 | |||||
Cash and cash equivalents at beginning of period | 101.6 | 28.5 | ||||||
Cash and cash equivalents at end of period | $ | 73.1 | $ | 106.4 | ||||
Nine Months Ended | ||||||||
September 30, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for income taxes | $ | 0.8 | $ | 4.9 | ||||
Cash paid for interest | 77.2 | 71.9 | ||||||
Non-cash investing and financing activities: | ||||||||
Accrued purchases of property and equipment | 5.0 | 5.2 | ||||||
Issuance of stock for purchase of property and equipment | 1.9 | 10.5 | ||||||
Taxes withheld for stock-based compensation | — | 2.7 | ||||||
As of | ||||||||||
(in millions) | Estimated Useful Lives | September 30, 2016 | December 31, 2015 | |||||||
Land | $ | 90.2 | $ | 89.9 | ||||||
Buildings | 20 to 40 years | 46.5 | 44.1 | |||||||
Advertising structures | 5 to 20 years | 1,692.8 | 1,643.6 | |||||||
Furniture, equipment and other | 3 to 10 years | 84.7 | 79.1 | |||||||
Construction in progress | 36.3 | 29.1 | ||||||||
1,950.5 | 1,885.8 | |||||||||
Less: accumulated depreciation | 1,280.5 | 1,184.1 | ||||||||
Property and equipment, net | $ | 670.0 | $ | 701.7 | ||||||
(in millions) | Gross | Accumulated Amortization | Net | |||||||||
As of September 30, 2016: | ||||||||||||
Permits and leasehold agreements | $ | 1,036.3 | $ | (625.3 | ) | $ | 411.0 | |||||
Franchise agreements | 450.9 | (331.2 | ) | 119.7 | ||||||||
Other intangible assets | 45.4 | (15.0 | ) | 30.4 | ||||||||
Total intangible assets | $ | 1,532.6 | $ | (971.5 | ) | $ | 561.1 | |||||
As of December 31, 2015: | ||||||||||||
Permits and leasehold agreements | $ | 996.1 | $ | (589.1 | ) | $ | 407.0 | |||||
Franchise agreements | 447.2 | (314.5 | ) | 132.7 | ||||||||
Other intangible assets | 40.0 | (9.2 | ) | 30.8 | ||||||||
Total intangible assets | $ | 1,483.3 | $ | (912.8 | ) | $ | 570.5 | |||||
(in millions) | ||||
As of December 31, 2015 | $ | 33.2 | ||
Accretion expense | 1.8 | |||
Additions | 0.1 | |||
Liabilities settled | (1.3 | ) | ||
Foreign currency translation adjustments | 0.2 | |||
As of September 30, 2016 | $ | 34.0 | ||
As of | ||||||||
(in millions, except percentages) | September 30, 2016 | December 31, 2015 | ||||||
Term loan, due 2021 | $ | 688.9 | $ | 748.6 | ||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.5 | 549.4 | ||||||
5.625% senior unsecured notes, due 2024 | 503.1 | 503.4 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.6 | 1,502.8 | ||||||
Other | — | 0.3 | ||||||
Debt issuance costs(a) | (26.0 | ) | (29.7 | ) | ||||
Total long-term debt, net | $ | 2,165.5 | $ | 2,222.0 | ||||
Weighted average cost of debt | 4.8 | % | 4.7 | % | ||||
(a) | See Note 2. New Accounting Standards to the Consolidated Financial Statements. |
As of | ||||||||
(in millions) | April 1, 2016 | December 31, 2015 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4.5 | $ | 5.7 | ||||
Receivables, less allowance | 14.0 | 14.5 | ||||||
Other current assets | 10.1 | 7.8 | ||||||
Total current assets | 28.6 | 28.0 | ||||||
Property and equipment, net | 18.0 | 18.3 | ||||||
Goodwill | 60.6 | 60.3 | ||||||
Intangible assets | 0.1 | 0.1 | ||||||
Other assets | 2.2 | 2.1 | ||||||
Total assets | 109.5 | 108.8 | ||||||
Loss on real estate assets held for sale(a) | (104.7 | ) | (103.6 | ) | ||||
Assets held for sale | $ | 4.8 | $ | 5.2 | ||||
Total current liabilities | $ | 16.9 | $ | 20.9 | ||||
Deferred income tax liabilities, net | 1.9 | 1.4 | ||||||
Asset retirement obligation | 2.7 | 2.7 | ||||||
Liabilities held for sale | $ | 21.5 | $ | 25.0 | ||||
(a) | Loss on real estate assets held for sale is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | $ | 4.4 | $ | 3.6 | $ | 13.6 | $ | 11.5 | ||||||||
Stock options | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Stock-based compensation expense, before income taxes | 4.5 | 3.7 | 13.8 | 11.7 | ||||||||||||
Tax benefit | (0.5 | ) | (0.3 | ) | (1.5 | ) | (1.0 | ) | ||||||||
Stock-based compensation expense, net of tax | $ | 4.0 | $ | 3.4 | $ | 12.3 | $ | 10.7 | ||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | ||||||
Non-vested as of December 31, 2015 | 1,302,932 | $ | 26.48 | ||||
Granted: | |||||||
RSUs | 638,486 | 19.19 | |||||
PRSUs | 319,926 | 19.01 | |||||
Vested: | |||||||
RSUs | (446,061 | ) | 23.83 | ||||
PRSUs | (118,360 | ) | 29.25 | ||||
Forfeitures: | |||||||
RSUs | (25,154 | ) | 24.76 | ||||
PRSUs | (20,325 | ) | 29.83 | ||||
Non-vested as of September 30, 2016 | 1,651,444 | 22.72 | |||||
Activity | Weighted Average Exercise Price | ||||||
Outstanding as of December 31, 2015 | 294,897 | $ | 15.72 | ||||
Outstanding as of September 30, 2016 | 294,897 | 15.72 | |||||
Exercisable as of September 30, 2016 | 258,611 | 14.47 | |||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic pension cost: | ||||||||||||||||
Service cost | $ | 0.4 | $ | 0.4 | $ | 1.1 | $ | 1.1 | ||||||||
Interest cost | 0.5 | 0.5 | 1.4 | 1.4 | ||||||||||||
Expected return on plan assets | (0.5 | ) | (0.5 | ) | (1.6 | ) | (1.6 | ) | ||||||||
Amortization of net actuarial losses(a) | 0.2 | 0.1 | 0.5 | 0.5 | ||||||||||||
Amortization of transitional obligation | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Net periodic pension cost | $ | 0.5 | $ | 0.4 | $ | 1.3 | $ | 1.3 | ||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 38.1 | $ | 21.2 | $ | 64.3 | $ | 44.5 | ||||||||
Weighted average shares for basic EPS | 138.0 | 137.5 | 137.9 | 137.3 | ||||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | 0.5 | 0.4 | 0.5 | 0.5 | ||||||||||||
Weighted average shares for diluted EPS | 138.5 | 137.9 | 138.4 | 137.8 | ||||||||||||
(a) | The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2016, 0.6 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2015, 0.5 million granted RSUs, PRSUs and stock options in the nine months ended September 30, 2016, and 0.1 million granted RSUs, PRSUs and stock options in the nine months ended September 30, 2015, were antidilutive. |
(in millions) | Guaranteed Minimum Annual Payments | |||
2016 | $ | 69.4 | ||
2017 | 93.5 | |||
2018 | 66.2 | |||
2019 | 47.3 | |||
2020 | 27.9 | |||
2021 and thereafter | 134.8 | |||
Total minimum payments | $ | 439.1 | ||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | ||||||||||||||||
U.S. Media | $ | 356.7 | $ | 346.3 | $ | 1,025.8 | $ | 988.2 | ||||||||
Other | 26.1 | 40.4 | 90.7 | 127.1 | ||||||||||||
Total revenues | $ | 382.8 | $ | 386.7 | $ | 1,116.5 | $ | 1,115.3 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 38.1 | $ | 21.2 | $ | 64.3 | $ | 44.5 | ||||||||
(Benefit) provision for income taxes | (1.5 | ) | 3.9 | 0.6 | 7.0 | |||||||||||
Equity in earnings of investee companies, net of tax | (1.4 | ) | (1.7 | ) | (3.8 | ) | (3.6 | ) | ||||||||
Interest expense, net | 28.3 | 28.9 | 85.6 | 85.6 | ||||||||||||
Other expense, net | — | 0.4 | — | 0.4 | ||||||||||||
Operating income | 63.5 | 52.7 | 146.7 | 133.9 | ||||||||||||
Restructuring charges | — | — | 0.4 | 2.6 | ||||||||||||
Loss on real estate assets held for sale | — | — | 1.3 | — | ||||||||||||
Net (gain) loss on dispositions | (2.3 | ) | — | (1.7 | ) | 0.6 | ||||||||||
Depreciation and amortization | 55.0 | 57.5 | 171.3 | 171.2 | ||||||||||||
Stock-based compensation | 4.5 | 3.7 | 13.8 | 11.7 | ||||||||||||
Total Adjusted OIBDA | $ | 120.7 | $ | 113.9 | $ | 331.8 | $ | 320.0 | ||||||||
Adjusted OIBDA: | ||||||||||||||||
U.S. Media | $ | 129.3 | $ | 121.0 | $ | 347.9 | $ | 331.5 | ||||||||
Other | 2.2 | 4.5 | 12.8 | 17.0 | ||||||||||||
Corporate | (10.8 | ) | (11.6 | ) | (28.9 | ) | (28.5 | ) | ||||||||
Total Adjusted OIBDA | $ | 120.7 | $ | 113.9 | $ | 331.8 | $ | 320.0 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating income (loss): | ||||||||||||||||
U.S. Media | $ | 81.5 | $ | 69.9 | $ | 194.3 | $ | 177.1 | ||||||||
Other | (2.7 | ) | (1.9 | ) | (4.9 | ) | (3.0 | ) | ||||||||
Corporate | (15.3 | ) | (15.3 | ) | (42.7 | ) | (40.2 | ) | ||||||||
Total operating income | $ | 63.5 | $ | 52.7 | $ | 146.7 | $ | 133.9 | ||||||||
Net (gain) loss on dispositions: | ||||||||||||||||
U.S. Media | $ | (2.3 | ) | $ | — | $ | (1.7 | ) | $ | 0.5 | ||||||
Other | — | — | — | 0.1 | ||||||||||||
Total (gain) loss on dispositions | $ | (2.3 | ) | $ | — | $ | (1.7 | ) | $ | 0.6 | ||||||
Depreciation and amortization: | ||||||||||||||||
U.S. Media | $ | 50.1 | $ | 51.1 | $ | 154.9 | $ | 151.3 | ||||||||
Other | 4.9 | 6.4 | 16.4 | 19.9 | ||||||||||||
Total depreciation and amortization | $ | 55.0 | $ | 57.5 | $ | 171.3 | $ | 171.2 | ||||||||
Capital expenditures: | ||||||||||||||||
U.S. Media | $ | 14.0 | $ | 13.8 | $ | 42.6 | $ | 39.5 | ||||||||
Other | 1.6 | 1.5 | 3.0 | 3.5 | ||||||||||||
Total capital expenditures | $ | 15.6 | $ | 15.3 | $ | 45.6 | $ | 43.0 | ||||||||
As of | ||||||||
(in millions) | September 30, 2016 | December 31, 2015 | ||||||
Assets: | ||||||||
U.S. Media | $ | 3,592.9 | $ | 3,593.0 | ||||
Other(a) | 153.6 | 134.3 | ||||||
Corporate | 23.8 | 88.2 | ||||||
Total assets | $ | 3,770.3 | $ | 3,815.5 | ||||
(a) | On April 1, 2016, we completed the Disposition associated with amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position as of December 31, 2015 (see Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
As of September 30, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 20.5 | $ | 34.3 | $ | 18.3 | $ | — | $ | 73.1 | ||||||||||||
Receivables, less allowance | — | — | 200.7 | 15.8 | — | 216.5 | ||||||||||||||||||
Other current assets | — | 1.2 | 85.2 | 12.2 | — | 98.6 | ||||||||||||||||||
Total current assets | — | 21.7 | 320.2 | 46.3 | — | 388.2 | ||||||||||||||||||
Property and equipment, net | — | — | 624.0 | 46.0 | — | 670.0 | ||||||||||||||||||
Goodwill | — | — | 2,059.9 | 30.3 | — | 2,090.2 | ||||||||||||||||||
Intangible assets | — | — | 561.1 | — | — | 561.1 | ||||||||||||||||||
Investment in subsidiaries | 1,251.4 | 3,417.1 | 117.0 | — | (4,785.5 | ) | — | |||||||||||||||||
Other assets | — | 1.4 | 56.4 | 3.0 | — | 60.8 | ||||||||||||||||||
Intercompany | — | — | 121.8 | 146.1 | (267.9 | ) | — | |||||||||||||||||
Total assets | $ | 1,251.4 | $ | 3,440.2 | $ | 3,860.4 | $ | 271.7 | $ | (5,053.4 | ) | $ | 3,770.3 | |||||||||||
Total current liabilities | $ | — | $ | 23.3 | $ | 199.1 | $ | 14.2 | $ | — | $ | 236.6 | ||||||||||||
Long-term debt, net | — | 2,165.5 | — | — | — | 2,165.5 | ||||||||||||||||||
Deferred income tax liabilities, net | — | — | — | 9.3 | — | 9.3 | ||||||||||||||||||
Asset retirement obligation | — | — | 29.5 | 4.5 | — | 34.0 | ||||||||||||||||||
Deficit in excess of investment of subsidiaries | — | — | 2,165.7 | — | (2,165.7 | ) | — | |||||||||||||||||
Other liabilities | — | — | 68.6 | 4.9 | — | 73.5 | ||||||||||||||||||
Intercompany | — | — | 146.1 | 121.8 | (267.9 | ) | — | |||||||||||||||||
Total liabilities | — | 2,188.8 | 2,609.0 | 154.7 | (2,433.6 | ) | 2,518.9 | |||||||||||||||||
Total stockholders’ equity | 1,251.4 | 1,251.4 | 1,251.4 | 117.0 | (2,619.8 | ) | 1,251.4 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,251.4 | $ | 3,440.2 | $ | 3,860.4 | $ | 271.7 | $ | (5,053.4 | ) | $ | 3,770.3 | |||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 81.6 | $ | 8.5 | $ | 11.5 | $ | — | $ | 101.6 | ||||||||||||
Receivables, less allowances | — | — | 196.5 | 13.0 | — | 209.5 | ||||||||||||||||||
Other current assets(a) | — | 1.1 | 118.1 | 15.9 | (34.0 | ) | 101.1 | |||||||||||||||||
Total current assets | — | 82.7 | 323.1 | 40.4 | (34.0 | ) | 412.2 | |||||||||||||||||
Property and equipment, net | — | — | 649.4 | 52.3 | — | 701.7 | ||||||||||||||||||
Goodwill | — | — | 2,046.0 | 28.7 | — | 2,074.7 | ||||||||||||||||||
Intangible assets | — | — | 570.5 | — | — | 570.5 | ||||||||||||||||||
Investment in subsidiaries | 1,212.6 | 3,369.1 | 25.0 | — | (4,606.7 | ) | — | |||||||||||||||||
Other assets | — | 2.2 | 51.1 | 3.1 | — | 56.4 | ||||||||||||||||||
Intercompany | — | — | 70.6 | 58.9 | (129.5 | ) | — | |||||||||||||||||
Total assets | $ | 1,212.6 | $ | 3,454.0 | $ | 3,735.7 | $ | 183.4 | $ | (4,770.2 | ) | $ | 3,815.5 | |||||||||||
Total current liabilities(a) | $ | — | $ | 19.7 | $ | 212.0 | $ | 67.9 | $ | (34.0 | ) | $ | 265.6 | |||||||||||
Long-term debt, net | — | 2,221.7 | 0.3 | — | — | 2,222.0 | ||||||||||||||||||
Deferred income tax liabilities, net | — | — | — | 10.9 | — | 10.9 | ||||||||||||||||||
Asset retirement obligation | — | — | 29.1 | 4.1 | — | 33.2 | ||||||||||||||||||
Deficit in excess of investment of subsidiaries | — | — | 2,156.5 | — | (2,156.5 | ) | — | |||||||||||||||||
Other liabilities | — | — | 66.3 | 4.9 | — | 71.2 | ||||||||||||||||||
Intercompany | — | — | 58.9 | 70.6 | (129.5 | ) | — | |||||||||||||||||
Total liabilities | — | 2,241.4 | 2,523.1 | 158.4 | (2,320.0 | ) | 2,602.9 | |||||||||||||||||
Total stockholders’ equity | 1,212.6 | 1,212.6 | 1,212.6 | 25.0 | (2,450.2 | ) | 1,212.6 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,212.6 | $ | 3,454.0 | $ | 3,735.7 | $ | 183.4 | $ | (4,770.2 | ) | $ | 3,815.5 | |||||||||||
(a) | Includes amounts reclassified as Assets held for sale and Liabilities held for sale, as applicable, on the Consolidated Statement of Financial Position (see Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 256.4 | $ | 14.1 | $ | — | $ | 270.5 | ||||||||||||
Transit and other | — | — | 109.3 | 3.0 | — | 112.3 | ||||||||||||||||||
Total revenues | — | — | 365.7 | 17.1 | — | 382.8 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | — | — | 189.9 | 11.6 | — | 201.5 | ||||||||||||||||||
Selling, general and administrative | 0.4 | 0.1 | 61.1 | 3.5 | — | 65.1 | ||||||||||||||||||
Net gain on dispositions | — | — | (2.3 | ) | — | — | (2.3 | ) | ||||||||||||||||
Depreciation | — | — | 23.2 | 3.5 | — | 26.7 | ||||||||||||||||||
Amortization | — | — | 27.6 | 0.7 | — | 28.3 | ||||||||||||||||||
Total expenses | 0.4 | 0.1 | 299.5 | 19.3 | — | 319.3 | ||||||||||||||||||
Operating income (loss) | (0.4 | ) | (0.1 | ) | 66.2 | (2.2 | ) | — | 63.5 | |||||||||||||||
Interest expense, net | — | (28.3 | ) | — | — | — | (28.3 | ) | ||||||||||||||||
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (0.4 | ) | (28.4 | ) | 66.2 | (2.2 | ) | — | 35.2 | |||||||||||||||
Benefit for income taxes | — | — | 1.0 | 0.5 | — | 1.5 | ||||||||||||||||||
Equity in earnings of investee companies, net of tax | 38.5 | 66.9 | (28.7 | ) | 0.3 | (75.6 | ) | 1.4 | ||||||||||||||||
Net income (loss) | $ | 38.1 | $ | 38.5 | $ | 38.5 | $ | (1.4 | ) | $ | (75.6 | ) | $ | 38.1 | ||||||||||
Net income (loss) | $ | 38.1 | $ | 38.5 | $ | 38.5 | $ | (1.4 | ) | $ | (75.6 | ) | $ | 38.1 | ||||||||||
Total other comprehensive loss, net of tax | (1.4 | ) | (1.4 | ) | (1.4 | ) | (1.4 | ) | 4.2 | (1.4 | ) | |||||||||||||
Total comprehensive income (loss) | $ | 36.7 | $ | 37.1 | $ | 37.1 | $ | (2.8 | ) | $ | (71.4 | ) | $ | 36.7 | ||||||||||
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 | |||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 743.4 | $ | 51.1 | $ | — | $ | 794.5 | ||||||||||||
Transit and other | — | — | 312.2 | 9.8 | — | 322.0 | ||||||||||||||||||
Total revenues | — | — | 1,055.6 | 60.9 | — | 1,116.5 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | — | — | 561.2 | 41.7 | — | 602.9 | ||||||||||||||||||
Selling, general and administrative | 1.1 | 0.2 | 181.1 | 13.2 | — | 195.6 | ||||||||||||||||||
Restructuring charges | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||
Loss on real estate assets held for sale | — | — | — | 1.3 | — | 1.3 | ||||||||||||||||||
Net gain on dispositions | — | — | (1.7 | ) | — | — | (1.7 | ) | ||||||||||||||||
Depreciation | — | — | 72.3 | 12.0 | — | 84.3 | ||||||||||||||||||
Amortization | — | — | 84.8 | 2.2 | — | 87.0 | ||||||||||||||||||
Total expenses | 1.1 | 0.2 | 898.1 | 70.4 | — | 969.8 | ||||||||||||||||||
Operating income (loss) | (1.1 | ) | (0.2 | ) | 157.5 | (9.5 | ) | — | 146.7 | |||||||||||||||
Interest expense, net | — | (85.5 | ) | (0.1 | ) | — | — | (85.6 | ) | |||||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (1.1 | ) | (85.7 | ) | 157.4 | (9.5 | ) | — | 61.1 | |||||||||||||||
Benefit (provision) for income taxes | — | — | (1.1 | ) | 0.5 | — | (0.6 | ) | ||||||||||||||||
Equity in earnings of investee companies, net of tax | 65.4 | 151.1 | (90.9 | ) | 0.7 | (122.5 | ) | 3.8 | ||||||||||||||||
Net income (loss) | $ | 64.3 | $ | 65.4 | $ | 65.4 | $ | (8.3 | ) | $ | (122.5 | ) | $ | 64.3 | ||||||||||
Net income (loss) | $ | 64.3 | $ | 65.4 | $ | 65.4 | $ | (8.3 | ) | $ | (122.5 | ) | $ | 64.3 | ||||||||||
Total other comprehensive income, net of tax | 104.6 | 104.6 | 104.6 | 104.6 | (313.8 | ) | 104.6 | |||||||||||||||||
Total comprehensive income | $ | 168.9 | $ | 170.0 | $ | 170.0 | $ | 96.3 | $ | (436.3 | ) | $ | 168.9 | |||||||||||
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 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, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | (1.1 | ) | $ | (77.2 | ) | $ | 280.7 | $ | (1.7 | ) | $ | — | $ | 200.7 | |||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | — | (42.6 | ) | (3.0 | ) | — | (45.6 | ) | |||||||||||||||
Acquisitions | — | — | (64.7 | ) | — | — | (64.7 | ) | ||||||||||||||||
Net proceeds from dispositions | — | — | 2.9 | 87.5 | — | 90.4 | ||||||||||||||||||
Net cash flow provided by (used for) investing activities | — | — | (104.4 | ) | 84.5 | — | (19.9 | ) | ||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 35.0 | — | — | — | 35.0 | ||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (35.0 | ) | — | — | — | (35.0 | ) | ||||||||||||||||
Repayments of long-term borrowings - term loan | — | (60.0 | ) | — | — | — | (60.0 | ) | ||||||||||||||||
Deferred financing costs | — | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||||||
Taxes withheld for stock-based compensation | — | — | (7.0 | ) | — | — | (7.0 | ) | ||||||||||||||||
Dividends | (141.7 | ) | — | — | — | — | (141.7 | ) | ||||||||||||||||
Intercompany | 142.8 | 76.5 | (143.3 | ) | (76.0 | ) | — | — | ||||||||||||||||
Other | — | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||||
Net cash flow provided by (used for) financing activities | 1.1 | 16.1 | (150.5 | ) | (76.0 | ) | — | (209.3 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (61.1 | ) | 25.8 | 6.8 | — | (28.5 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 81.6 | 8.5 | 11.5 | — | 101.6 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 20.5 | $ | 34.3 | $ | 18.3 | $ | — | $ | 73.1 | ||||||||||||
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 - 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 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in millions, except percentages) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Revenues | $ | 382.8 | $ | 386.7 | (1 | )% | $ | 1,116.5 | $ | 1,115.3 | — | % | ||||||||||
Organic revenues(a)(b) | 380.4 | 371.8 | 2 | 1,098.0 | 1,063.6 | 3 | ||||||||||||||||
Operating income | 63.5 | 52.7 | 20 | 146.7 | 133.9 | 10 | ||||||||||||||||
Adjusted OIBDA(b) | 120.7 | 113.9 | 6 | 331.8 | 320.0 | 4 | ||||||||||||||||
Funds from operations (“FFO”)(b) | 81.9 | 70.8 | 16 | 209.6 | 192.6 | 9 | ||||||||||||||||
Adjusted FFO (“AFFO”)(b) | 87.2 | 69.2 | 26 | 217.2 | 190.1 | 14 | ||||||||||||||||
Net income | 38.1 | 21.2 | 80 | 64.3 | 44.5 | 44 | ||||||||||||||||
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, revenues associated with business lines we no longer operate, and the impact of foreign currency exchange rates (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. Since organic revenues are not calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Organic revenues, as we calculate it, may not be comparable to similarly titled measures employed by other companies. |
(b) | See the “Reconciliation of Non-GAAP Financial Measures” and “Revenues” sections of this MD&A for reconciliations of Operating income to Adjusted OIBDA, Net income to FFO and AFFO, and Revenues to organic revenues. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating income | $ | 63.5 | $ | 52.7 | $ | 146.7 | $ | 133.9 | ||||||||
Restructuring charges | — | — | 0.4 | 2.6 | ||||||||||||
Loss on real estate assets held for sale | — | — | 1.3 | — | ||||||||||||
Net (gain) loss on dispositions | (2.3 | ) | — | (1.7 | ) | 0.6 | ||||||||||
Depreciation | 26.7 | 28.4 | 84.3 | 85.1 | ||||||||||||
Amortization | 28.3 | 29.1 | 87.0 | 86.1 | ||||||||||||
Stock-based compensation | 4.5 | 3.7 | 13.8 | 11.7 | ||||||||||||
Adjusted OIBDA | $ | 120.7 | $ | 113.9 | $ | 331.8 | $ | 320.0 | ||||||||
Net income | $ | 38.1 | $ | 21.2 | $ | 64.3 | $ | 44.5 | ||||||||
Depreciation of billboard advertising structures | 23.8 | 26.1 | 76.5 | 78.7 | ||||||||||||
Amortization of real estate-related intangible assets | 13.1 | 13.9 | 40.7 | 42.5 | ||||||||||||
Amortization of direct lease acquisition costs | 9.0 | 9.4 | 28.0 | 26.1 | ||||||||||||
Loss on real estate assets held for sale | — | — | 1.3 | — | ||||||||||||
Net (gain) loss on disposition of billboard advertising structures | (2.3 | ) | — | (1.7 | ) | 0.6 | ||||||||||
Adjustment related to equity-based investments | 0.2 | 0.2 | 0.5 | 0.6 | ||||||||||||
Income tax effect of adjustments(a) | — | — | — | (0.4 | ) | |||||||||||
FFO | $ | 81.9 | $ | 70.8 | $ | 209.6 | $ | 192.6 | ||||||||
FFO per weighted average shares outstanding: | ||||||||||||||||
Basic | $ | 0.59 | $ | 0.51 | $ | 1.52 | $ | 1.40 | ||||||||
Diluted | $ | 0.59 | $ | 0.51 | $ | 1.51 | $ | 1.40 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
FFO | $ | 81.9 | $ | 70.8 | $ | 209.6 | $ | 192.6 | ||||||||
Adjustment for deferred income taxes | 1.9 | 0.8 | 0.1 | (0.1 | ) | |||||||||||
Cash paid for direct lease acquisition costs | (8.6 | ) | (9.4 | ) | (27.9 | ) | (26.5 | ) | ||||||||
Maintenance capital expenditures | (4.2 | ) | (7.4 | ) | (12.5 | ) | (20.5 | ) | ||||||||
Restructuring charges | — | — | 0.4 | 2.6 | ||||||||||||
Other depreciation | 2.9 | 2.3 | 7.8 | 6.4 | ||||||||||||
Other amortization | 6.2 | 5.8 | 18.3 | 17.5 | ||||||||||||
Stock-based compensation | 4.5 | 3.7 | 13.8 | 11.7 | ||||||||||||
Non-cash effect of straight-line rent | 0.4 | 0.4 | 1.0 | 0.7 | ||||||||||||
Accretion expense | 0.6 | 0.7 | 1.8 | 1.9 | ||||||||||||
Amortization of deferred financing costs | 1.6 | 1.5 | 4.8 | 4.4 | ||||||||||||
Income tax effect of adjustments(b) | — | — | — | (0.6 | ) | |||||||||||
AFFO | $ | 87.2 | $ | 69.2 | $ | 217.2 | $ | 190.1 | ||||||||
AFFO per weighted average shares outstanding: | ||||||||||||||||
Basic | $ | 0.63 | $ | 0.50 | $ | 1.58 | $ | 1.38 | ||||||||
Diluted | $ | 0.63 | $ | 0.50 | $ | 1.57 | $ | 1.38 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.28 | $ | 0.15 | $ | 0.47 | $ | 0.32 | ||||||||
Diluted | $ | 0.28 | $ | 0.15 | $ | 0.46 | $ | 0.32 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 138.0 | 137.5 | 137.9 | 137.3 | ||||||||||||
Diluted | 138.5 | 137.9 | 138.4 | 137.8 | ||||||||||||
(a) | Income tax effect related to Net (gain) loss on disposition of billboard advertising structures. |
(b) | Income tax effect related to Restructuring charges. |
(in constant dollars)(b) | (in constant dollars)(b) | |||||||||||||||||||||||||||||||||||
Three | Nine | |||||||||||||||||||||||||||||||||||
Months | Months | |||||||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||||||
(in millions, except | Three Months Ended September 30, | % | September 30, | % | Nine Months Ended September 30, | % | September 30, | % | ||||||||||||||||||||||||||||
percentages) | 2016 | 2015 | Change | 2015 | Change | 2016 | 2015 | Change | 2015 | Change | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 270.5 | $ | 278.3 | (3 | )% | $ | 278.3 | (3 | )% | $ | 794.5 | $ | 805.3 | (1 | )% | $ | 800.8 | (1 | )% | ||||||||||||||||
Transit and other | 112.3 | 108.4 | 4 | 108.4 | 4 | 322.0 | 310.0 | 4 | 309.3 | 4 | ||||||||||||||||||||||||||
Total revenues | $ | 382.8 | $ | 386.7 | (1 | ) | $ | 386.7 | (1 | ) | $ | 1,116.5 | $ | 1,115.3 | — | $ | 1,110.1 | 1 | ||||||||||||||||||
Organic revenues(a): | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 269.7 | $ | 264.9 | 2 | $ | 264.9 | 2 | $ | 781.6 | $ | 760.4 | 3 | $ | 760.4 | 3 | ||||||||||||||||||||
Transit and other | 110.7 | 106.9 | 4 | 106.9 | 4 | 316.4 | 303.2 | 4 | 303.2 | 4 | ||||||||||||||||||||||||||
Total organic revenues(a) | 380.4 | 371.8 | 2 | 371.8 | 2 | 1,098.0 | 1,063.6 | 3 | 1,063.6 | 3 | ||||||||||||||||||||||||||
Non-organic revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | 0.8 | 13.4 | (94 | ) | 13.4 | (94 | ) | 12.9 | 44.9 | (71 | ) | 40.4 | (68 | ) | ||||||||||||||||||||||
Transit and other | 1.6 | 1.5 | 7 | 1.5 | 7 | 5.6 | 6.8 | (18 | ) | 6.1 | (8 | ) | ||||||||||||||||||||||||
Total non-organic revenues | 2.4 | 14.9 | (84 | ) | 14.9 | (84 | ) | 18.5 | 51.7 | (64 | ) | 46.5 | (60 | ) | ||||||||||||||||||||||
Total revenues | $ | 382.8 | $ | 386.7 | (1 | ) | $ | 386.7 | (1 | ) | $ | 1,116.5 | $ | 1,115.3 | — | $ | 1,110.1 | 1 | ||||||||||||||||||
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, revenues associated with business lines we no longer operate, and the impact of foreign currency exchange rates (“non-organic revenues”). |
(b) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. We provide constant dollar revenues to understand the underlying growth rate of revenue excluding the impact of changes in foreign currency exchange rates between periods, which are not under management’s direct control. Our management believes constant dollar revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. Since constant dollar revenues are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Constant dollar revenues, as we calculate them, may not be comparable to similarly titled measures employed by other companies. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | % | September 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Operating | $ | 201.5 | $ | 209.3 | (4 | )% | $ | 602.9 | $ | 614.5 | (2 | )% | ||||||||||
Selling, general and administrative | 65.1 | 67.2 | (3 | ) | 195.6 | 192.5 | 2 | |||||||||||||||
Restructuring charges | — | — | * | 0.4 | 2.6 | (85 | ) | |||||||||||||||
Loss on real estate assets held for sale | — | — | * | 1.3 | — | * | ||||||||||||||||
Net (gain) loss on dispositions | (2.3 | ) | — | * | (1.7 | ) | 0.6 | * | ||||||||||||||
Depreciation | 26.7 | 28.4 | (6 | ) | 84.3 | 85.1 | (1 | ) | ||||||||||||||
Amortization | 28.3 | 29.1 | (3 | ) | 87.0 | 86.1 | 1 | |||||||||||||||
Total expenses | $ | 319.3 | $ | 334.0 | (4 | ) | $ | 969.8 | $ | 981.4 | (1 | ) | ||||||||||
* | Calculation is not meaningful. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | % | September 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Billboard property lease | $ | 90.1 | $ | 94.2 | (4 | )% | $ | 271.2 | $ | 276.7 | (2 | )% | ||||||||||
Transit franchise | 57.1 | 56.5 | 1 | 166.9 | 163.5 | 2 | ||||||||||||||||
Posting, maintenance and other | 54.3 | 58.6 | (7 | ) | 164.8 | 174.3 | (5 | ) | ||||||||||||||
Total operating expenses | $ | 201.5 | $ | 209.3 | (4 | ) | $ | 602.9 | $ | 614.5 | (2 | ) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | ||||||||||||||||
U.S. Media | $ | 356.7 | $ | 346.3 | $ | 1,025.8 | $ | 988.2 | ||||||||
Other | 26.1 | 40.4 | 90.7 | 127.1 | ||||||||||||
Total revenues | 382.8 | 386.7 | 1,116.5 | 1,115.3 | ||||||||||||
Foreign currency exchange impact | — | — | — | (5.2 | ) | |||||||||||
Constant dollar revenues(a) | $ | 382.8 | $ | 386.7 | $ | 1,116.5 | $ | 1,110.1 | ||||||||
Operating income | $ | 63.5 | $ | 52.7 | $ | 146.7 | $ | 133.9 | ||||||||
Restructuring charges | — | — | 0.4 | 2.6 | ||||||||||||
Loss on real estate assets held for sale | — | — | 1.3 | — | ||||||||||||
Net (gain) loss on dispositions | (2.3 | ) | — | (1.7 | ) | 0.6 | ||||||||||
Depreciation | 26.7 | 28.4 | 84.3 | 85.1 | ||||||||||||
Amortization | 28.3 | 29.1 | 87.0 | 86.1 | ||||||||||||
Stock-based compensation | 4.5 | 3.7 | 13.8 | 11.7 | ||||||||||||
Total Adjusted OIBDA | $ | 120.7 | $ | 113.9 | $ | 331.8 | $ | 320.0 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Adjusted OIBDA: | ||||||||||||||||
U.S. Media | $ | 129.3 | $ | 121.0 | $ | 347.9 | $ | 331.5 | ||||||||
Other | 2.2 | 4.5 | 12.8 | 17.0 | ||||||||||||
Corporate | (10.8 | ) | (11.6 | ) | (28.9 | ) | (28.5 | ) | ||||||||
Total Adjusted OIBDA | $ | 120.7 | $ | 113.9 | $ | 331.8 | $ | 320.0 | ||||||||
Operating income (loss): | ||||||||||||||||
U.S. Media | $ | 81.5 | $ | 69.9 | $ | 194.3 | $ | 177.1 | ||||||||
Other | (2.7 | ) | (1.9 | ) | (4.9 | ) | (3.0 | ) | ||||||||
Corporate | (15.3 | ) | (15.3 | ) | (42.7 | ) | (40.2 | ) | ||||||||
Total operating income | $ | 63.5 | $ | 52.7 | $ | 146.7 | $ | 133.9 | ||||||||
(a) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | % | September 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Revenues: | ||||||||||||||||||||||
Billboard | $ | 256.4 | $ | 250.3 | 2 | % | $ | 743.4 | $ | 718.3 | 3 | % | ||||||||||
Transit and other | 100.3 | 96.0 | 4 | 282.4 | 269.9 | 5 | ||||||||||||||||
Total revenues | $ | 356.7 | $ | 346.3 | 3 | $ | 1,025.8 | $ | 988.2 | 4 | ||||||||||||
Organic revenues(a): | ||||||||||||||||||||||
Billboard | $ | 255.6 | $ | 250.3 | 2 | $ | 740.7 | $ | 716.9 | 3 | ||||||||||||
Transit and other | 98.7 | 96.0 | 3 | 278.0 | 268.3 | 4 | ||||||||||||||||
Total organic revenues | 354.3 | 346.3 | 2 | 1,018.7 | 985.2 | 3 | ||||||||||||||||
Non-organic revenues: | ||||||||||||||||||||||
Billboard | 0.8 | — | * | 2.7 | 1.4 | 93 | ||||||||||||||||
Transit and other | 1.6 | — | * | 4.4 | 1.6 | 175 | ||||||||||||||||
Total non-organic revenues | 2.4 | — | * | 7.1 | 3.0 | 137 | ||||||||||||||||
Total revenues | 356.7 | 346.3 | 3 | 1,025.8 | 988.2 | 4 | ||||||||||||||||
Operating expenses | (182.7 | ) | (181.9 | ) | — | (543.2 | ) | (530.7 | ) | 2 | ||||||||||||
SG&A expenses | (44.7 | ) | (43.4 | ) | 3 | (134.7 | ) | (126.0 | ) | 7 | ||||||||||||
Adjusted OIBDA | $ | 129.3 | $ | 121.0 | 7 | $ | 347.9 | $ | 331.5 | 5 | ||||||||||||
Operating income | $ | 81.5 | $ | 69.9 | 17 | $ | 194.3 | $ | 177.1 | 10 | ||||||||||||
Restructuring charges | — | — | * | 0.4 | 2.6 | (85 | ) | |||||||||||||||
Net (gain) loss on dispositions | (2.3 | ) | — | * | (1.7 | ) | 0.5 | * | ||||||||||||||
Depreciation and amortization | 50.1 | 51.1 | (2 | ) | 154.9 | 151.3 | 2 | |||||||||||||||
Adjusted OIBDA | $ | 129.3 | $ | 121.0 | 7 | $ | 347.9 | $ | 331.5 | 5 | ||||||||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, and revenues associated with business lines we no longer operate (“non-organic revenues”). |
(in constant dollars)(a) | (in constant dollars)(a) | |||||||||||||||||||||||||||||||||||
Three | Nine | |||||||||||||||||||||||||||||||||||
Months | Months | |||||||||||||||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||||||||||||||
(in millions, except | Three Months Ended September 30, | % | September 30, | % | Nine Months Ended September 30, | % | September 30, | % | ||||||||||||||||||||||||||||
percentages) | 2016 | 2015 | Change | 2015 | Change | 2016 | 2015 | Change | 2015 | Change | ||||||||||||||||||||||||||
Total revenues | $ | 26.1 | $ | 40.4 | (35 | )% | $ | 40.4 | (35 | ) | $ | 90.7 | $ | 127.1 | (29 | ) | $ | 121.9 | (26 | )% | ||||||||||||||||
Operating expenses | (18.8 | ) | (27.4 | ) | (31 | ) | (27.4 | ) | (31 | ) | (59.7 | ) | (83.8 | ) | (29 | ) | (79.9 | ) | (25 | ) | ||||||||||||||||
SG&A expenses | (5.1 | ) | (8.5 | ) | (40 | ) | (8.5 | ) | (40 | ) | (18.2 | ) | (26.3 | ) | (31 | ) | (24.8 | ) | (27 | ) | ||||||||||||||||
Adjusted OIBDA | $ | 2.2 | $ | 4.5 | (51 | ) | $ | 4.5 | (51 | ) | $ | 12.8 | $ | 17.0 | (25 | ) | $ | 17.2 | (26 | ) | ||||||||||||||||
Operating income (loss) | $ | (2.7 | ) | $ | (1.9 | ) | 42 | $ | (4.9 | ) | $ | (3.0 | ) | 63 | ||||||||||||||||||||||
Loss on real estate assets held for sale | — | — | * | 1.3 | — | * | ||||||||||||||||||||||||||||||
Net loss on dispositions | — | — | * | — | 0.1 | * | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4.9 | 6.4 | (23 | ) | 16.4 | 19.9 | (18 | ) | ||||||||||||||||||||||||||||
Adjusted OIBDA | $ | 2.2 | $ | 4.5 | (51 | ) | $ | 12.8 | $ | 17.0 | (25 | ) | ||||||||||||||||||||||||
* | Calculation is not meaningful. |
(a) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. |
As of | |||||||||||
(in millions, except percentages) | September 30, 2016 | December 31, 2015 | % Change | ||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 73.1 | $ | 101.6 | (28 | )% | |||||
Receivables, less allowance ($9.2 in 2016 and $8.9 in 2015) | 216.5 | 209.5 | 3 | ||||||||
Prepaid lease and transit franchise costs | 63.1 | 61.5 | 3 | ||||||||
Other prepaid expenses | 28.2 | 21.9 | 29 | ||||||||
Assets held for sale | — | 5.2 | * | ||||||||
Other current assets | 7.3 | 12.5 | (42 | ) | |||||||
Total current assets | 388.2 | 412.2 | (6 | ) | |||||||
Liabilities: | |||||||||||
Accounts payable | 71.0 | 83.6 | (15 | ) | |||||||
Accrued compensation | 24.7 | 39.4 | (37 | ) | |||||||
Accrued interest | 23.3 | 19.5 | 19 | ||||||||
Accrued lease costs | 23.0 | 28.8 | (20 | ) | |||||||
Other accrued expenses | 55.1 | 35.3 | 56 | ||||||||
Deferred revenues | 26.5 | 20.7 | 28 | ||||||||
Liabilities held for sale | — | 25.0 | * | ||||||||
Other current liabilities | 13.0 | 13.3 | (2 | ) | |||||||
Total current liabilities | 236.6 | 265.6 | (11 | ) | |||||||
Working capital | $ | 151.6 | $ | 146.6 | 3 | ||||||
* | Calculation is not meaningful. |
As of | ||||||||
(in millions, except percentages) | September 30, 2016 | December 31, 2015 | ||||||
Term loan, due 2021 | $ | 688.9 | $ | 748.6 | ||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.5 | 549.4 | ||||||
5.625% senior unsecured notes, due 2024 | 503.1 | 503.4 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.6 | 1,502.8 | ||||||
Other | — | 0.3 | ||||||
Debt issuance costs(a) | (26.0 | ) | (29.7 | ) | ||||
Total long-term debt, net | $ | 2,165.5 | $ | 2,222.0 | ||||
Weighted average cost of debt | 4.8 | % | 4.7 | % | ||||
(a) | See Note 2. New Accounting Standards to the Consolidated Financial Statements. |
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2016 | 2017-2018 | 2019-2020 | 2021 and thereafter | |||||||||||||||
Long-term debt | $ | 2,190.0 | $ | — | $ | — | $ | — | $ | 2,190.0 | ||||||||||
Interest | 775.3 | 109.3 | 208.9 | 208.9 | 248.2 | |||||||||||||||
Total | $ | 2,965.3 | $ | 109.3 | $ | 208.9 | $ | 208.9 | $ | 2,438.2 | ||||||||||
Nine Months Ended | |||||||||||
September 30, | % | ||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | ||||||||
Cash provided by operating activities | $ | 200.7 | $ | 176.4 | 14 | % | |||||
Cash used for investing activities | (19.9 | ) | (45.3 | ) | (56 | ) | |||||
Cash used for financing activities | (209.3 | ) | (50.8 | ) | * | ||||||
Effect of exchange rate changes on cash and cash equivalents | — | (2.4 | ) | (100 | ) | ||||||
Net increase (decrease) to cash and cash equivalents | $ | (28.5 | ) | $ | 77.9 | * | |||||
* | Calculation is not meaningful. |
Nine Months Ended | |||||||||||
September 30, | % | ||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | ||||||||
Growth | $ | 33.1 | $ | 22.5 | 47 | % | |||||
Maintenance | 12.5 | 20.5 | (39 | ) | |||||||
Total capital expenditures | $ | 45.6 | $ | 43.0 | 6 | ||||||
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2016 | 2017-2018 | 2019-2020 | 2021 and thereafter | |||||||||||||||
Guaranteed minimum annual payments(a)(b) | $ | 439.1 | $ | 69.4 | $ | 159.7 | $ | 75.2 | $ | 134.8 | ||||||||||
(a) | We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. Franchise rights are generally paid monthly, or in some cases upfront at the beginning of the year. |
(b) | We also have marketing and multimedia rights agreements with colleges and universities which entitle us to operate on-campus advertising displays, including within the sports venues, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment. |
• | Declines in advertising and general economic conditions; |
• | Competition; |
• | Government regulation; |
• | Our inability to increase the number of digital advertising displays in our portfolio; |
• | Taxes, fees and registration requirements; |
• | Our ability to obtain and renew key municipal contracts on favorable terms; |
• | Decreased government compensation for the removal of lawful billboards; |
• | Content-based restrictions on outdoor advertising; |
• | Environmental, health and safety laws and regulations; |
• | Seasonal variations; |
• | Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; |
• | Dependence on our management team and advertising executives; |
• | The ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; |
• | Certain provisions of Maryland law may limit the ability of a third party to acquire control of us; |
• | Our rights and the rights of our stockholders to take action against our directors and officers are limited; |
• | Our substantial indebtedness; |
• | Restrictions in the agreements governing our indebtedness; |
• | Incurrence of additional debt; |
• | Interest rate risk exposure from our variable-rate indebtedness; |
• | Our ability to generate cash to service our indebtedness; |
• | Cash available for distributions; |
• | Hedging transactions; |
• | Diverse risks in our international business; |
• | A breach of our security measures; |
• | Failure to comply with regulations regarding privacy and data protection; |
• | The financial information included in our filings with the SEC may not be a reliable indicator of our future results; |
• | Asset impairment charges for goodwill; |
• | Our failure to remain qualified to be taxed as a REIT; |
• | REIT distribution requirements; |
• | Availability of external sources of capital; |
• | We may face other tax liabilities even if we remain qualified to be taxed as a REIT; |
• | Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; |
• | Our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); |
• | Our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; |
• | REIT ownership limits; |
• | Complying with REIT requirements may limit our ability to hedge effectively; |
• | Failure to meet the REIT income tests as a result of receiving non-qualifying income; |
• | Even if we remain qualified to be taxed as a REIT, and we sell assets, we could be subject to tax on any unrealized net built-in gains in the assets held before electing to be treated as a REIT; |
• | The Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; |
• | Establishing an operating partnership as part of our REIT structure; and |
• | Our limited operating history as a REIT. |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorizations | ||||||||||
July 1, 2016 through July 31, 2016 | — | $ | — | — | — | ||||||||
August 1, 2016 through August 31, 2016 | — | — | — | — | |||||||||
September 1, 2016 through September 30, 2016 | — | — | — | — | |||||||||
Total | — | — | — | — | |||||||||
OUTFRONT MEDIA INC. | ||||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
(Principal Financial Officer and Principal Accounting Officer) | ||||
Exhibit Number | Description | |
3.1 | Articles of Amendment and Restatement of OUTFRONT Media Inc. effective March 28, 2014, as amended by the Articles of Amendment of OUTFRONT Media Inc. effective November 20, 2014 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on November 20, 2014). | |
3.2 | Amended and Restated Bylaws of OUTFRONT Media Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on February 25, 2016). | |
31.1 | Certification of the Chief Executive Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of the Chief Financial Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of the Chief Executive Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002. | |
32.2 | Certification of the Chief Financial Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Calculation Linkbase | |
101.DEF | XBRL Taxonomy Definition Document | |
101.LAB | XBRL Taxonomy Label Linkbase | |
101.PRE | XBRL Taxonomy Presentation Linkbase | |
1. | I have reviewed this Quarterly Report on Form 10-Q of OUTFRONT Media Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Jeremy J. Male | |||
Name: | Jeremy J. Male | |||
Title: | Chairman and Chief Executive Officer | |||
1. | I have reviewed this Quarterly Report on Form 10-Q of OUTFRONT Media Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
By: | /s/ Jeremy J. Male | |||
Name: | Jeremy J. Male | |||
Title: | Chairman and Chief Executive Officer | |||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
Document and Entity Information Document - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Nov. 04, 2016 |
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | Outfront Media Inc. | |
| Entity Central Index Key | 0001579877 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 30, 2016 | |
| Document Fiscal Year Focus | 2016 | |
| Document Fiscal Period Focus | Q3 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 138,042,204 |
Consolidated Statement of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for receivables | $ 9.2 | $ 8.9 |
| Common Stock, Authorized | 450,000,000 | 450,000,000 |
| Common Stock, Issued | 138,037,327 | 137,583,604 |
| Common Stock, Outstanding | 138,037,327 | 137,583,604 |
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Revenues [Abstract] | ||||
| Billboard | $ 270.5 | $ 278.3 | $ 794.5 | $ 805.3 |
| Transit and other | 112.3 | 108.4 | 322.0 | 310.0 |
| Total revenues | 382.8 | 386.7 | 1,116.5 | 1,115.3 |
| Expenses: | ||||
| Operating | 201.5 | 209.3 | 602.9 | 614.5 |
| Selling, general and administrative | 65.1 | 67.2 | 195.6 | 192.5 |
| Restructuring charges | 0.0 | 0.0 | 0.4 | 2.6 |
| Loss on real estate assets held for sale | 0.0 | 0.0 | 1.3 | 0.0 |
| Net (gain) loss on dispositions | (2.3) | 0.0 | (1.7) | 0.6 |
| Depreciation | 26.7 | 28.4 | 84.3 | 85.1 |
| Amortization | 28.3 | 29.1 | 87.0 | 86.1 |
| Total expenses | 319.3 | 334.0 | 969.8 | 981.4 |
| Operating income | 63.5 | 52.7 | 146.7 | 133.9 |
| Interest expense, net | (28.3) | (28.9) | (85.6) | (85.6) |
| Other expense, net | 0.0 | (0.4) | 0.0 | (0.4) |
| Income before benefit (provision) for income taxes and equity in earnings of investee companies | 35.2 | 23.4 | 61.1 | 47.9 |
| Benefit (provision) for income taxes | (1.5) | 3.9 | 0.6 | 7.0 |
| Equity in earnings of investee companies, net of tax | 1.4 | 1.7 | 3.8 | 3.6 |
| Net income | $ 38.1 | $ 21.2 | $ 64.3 | $ 44.5 |
| Net income per common share: | ||||
| Basic (in dollars per share) | $ 0.28 | $ 0.15 | $ 0.47 | $ 0.32 |
| Diluted (in dollars per share) | $ 0.28 | $ 0.15 | $ 0.46 | $ 0.32 |
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 138.0 | 137.5 | 137.9 | 137.3 |
| Diluted (in shares) | 138.5 | 137.9 | 138.4 | 137.8 |
| Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.34 | $ 1.02 | $ 1.08 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 38.1 | $ 21.2 | $ 64.3 | $ 44.5 |
| Other comprehensive income (loss), net of tax: | ||||
| Cumulative translation adjustments | (1.7) | (15.5) | 104.7 | (27.4) |
| Net actuarial gain (loss) | 0.3 | 0.5 | (0.1) | 1.6 |
| Total other comprehensive income (loss), net of tax | (1.4) | (15.0) | 104.6 | (25.8) |
| Total comprehensive income | $ 36.7 | $ 6.2 | $ 168.9 | $ 18.7 |
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-In Capital |
Distribution in Excess of Earnings |
Accumulated Other Comprehensive Loss |
|---|---|---|---|---|---|
| Stockholders' Equity, Beginning Balance at Dec. 31, 2014 | $ 1,445.5 | $ 1.4 | $ 1,911.2 | $ (377.0) | $ (90.1) |
| Shares of Common Stock at Dec. 31, 2014 | 136,600,000 | ||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Net income | 44.5 | 44.5 | |||
| Other comprehensive income (loss) | (25.8) | (25.8) | |||
| Stock-based payments: Vested (shares) | 500,000 | ||||
| Stock-based payments: Exercise of stock options (shares) | 200,000 | ||||
| Stock-based payments: Exercise of stock options | 2.0 | 2.0 | |||
| Stock-based payments: Amortization | 12.3 | 12.3 | |||
| Shares paid for tax withholding for stock-based payments (shares) | (100,000) | ||||
| Shares paid for tax withholding for stock-based payments | (6.7) | (6.7) | |||
| Issuance of stock for purchases of property and equipment (shares) | 300,000 | ||||
| Issuance of stock for purchase of property and equipment | 10.5 | 10.5 | |||
| Dividends | (148.3) | (148.3) | |||
| Shares of Common Stock at Sep. 30, 2015 | 137,500,000 | ||||
| Stockholders' Equity, Ending Balance at Sep. 30, 2015 | 1,334.0 | $ 1.4 | 1,929.3 | (480.8) | (115.9) |
| Stockholders' Equity, Beginning Balance at Dec. 31, 2015 | $ 1,212.6 | $ 1.4 | 1,934.3 | (602.2) | (120.9) |
| Shares of Common Stock at Dec. 31, 2015 | 137,583,604 | 137,600,000 | |||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Net income | $ 64.3 | 64.3 | |||
| Other comprehensive income (loss) | 104.6 | 104.6 | |||
| Stock-based payments: Vested (shares) | 500,000 | ||||
| Stock-based payments: Amortization | 13.8 | 13.8 | |||
| Shares paid for tax withholding for stock-based payments (shares) | (200,000) | ||||
| Shares paid for tax withholding for stock-based payments | (4.6) | (4.6) | |||
| Issuance of stock for purchases of property and equipment (shares) | 100,000 | ||||
| Issuance of stock for purchase of property and equipment | 1.9 | 1.9 | |||
| Dividends | $ (141.2) | (141.2) | |||
| Shares of Common Stock at Sep. 30, 2016 | 138,037,327 | 138,000,000 | |||
| Stockholders' Equity, Ending Balance at Sep. 30, 2016 | $ 1,251.4 | $ 1.4 | $ 1,945.4 | $ (679.1) | $ (16.3) |
Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Statement of Stockholders' Equity [Abstract] | ||||||
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.34 | $ 1.02 | $ 1.08 | ||
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Operating Activities: | ||
| Net income | $ 64.3 | $ 44.5 |
| Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
| Depreciation and amortization | 171.3 | 171.2 |
| Deferred tax benefit | 0.1 | (0.1) |
| Stock-based compensation | 13.8 | 11.7 |
| Provision for doubtful accounts | 2.8 | 2.1 |
| Accretion expense | 1.8 | 1.9 |
| Loss on real estate assets held for sale | 1.3 | 0.0 |
| Net (gain) loss on dispositions | (1.7) | 0.6 |
| Equity in earnings of investee companies, net of tax | (3.8) | (3.6) |
| Distributions from investee companies | 1.9 | 2.7 |
| Amortization of deferred financing costs and debt discount and premium | 4.8 | 4.4 |
| Change in assets and liabilities, net of investing and financing activities | (55.9) | (59.0) |
| Net cash flow provided by (used for) operating activities | 200.7 | 176.4 |
| Investing Activities: | ||
| Capital expenditures | (45.6) | (43.0) |
| Acquisitions | (64.7) | (11.1) |
| Net proceeds from dispositions | 90.4 | 8.8 |
| Net cash flow provided by (used for) investing activities | (19.9) | (45.3) |
| Financing Activities: | ||
| Proceeds from long-term debt borrowings - senior notes | 0.0 | 103.8 |
| Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 |
| Repayments of borrowings under revolving credit facility | (35.0) | (105.0) |
| Repayments of long-term borrowings - term loan | (60.0) | 0.0 |
| Deferred financing costs | (0.4) | (3.3) |
| Proceeds from stock option exercises | 0.0 | 2.0 |
| Taxes withheld for stock-based compensation | (7.0) | (4.0) |
| Dividends | (141.7) | (148.7) |
| Other | (0.2) | (0.6) |
| Net cash flow provided by (used for) financing activities | (209.3) | (50.8) |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | (2.4) |
| Net increase (decrease) in cash and cash equivalents | (28.5) | 77.9 |
| Cash and cash equivalents at beginning of period | 101.6 | 28.5 |
| Cash and cash equivalents at end of period | 73.1 | 106.4 |
| Supplemental disclosure of cash flow Information: | ||
| Cash paid for income taxes | 0.8 | 4.9 |
| Cash paid for interest | 77.2 | 71.9 |
| Non-cash investing and financing activities: | ||
| Accrued purchases of property and equipment | 5.0 | 5.2 |
| Issuance of stock for purchase of property and equipment | 1.9 | 10.5 |
| Taxes withheld for stock-based compensation | $ 0.0 | $ 2.7 |
Description of Business and Basis of Presentation |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”) which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our portfolio includes billboard displays, which are predominantly located in densely populated major metropolitan areas and along high-traffic expressways and major commuting routes. We also have a number of exclusive multi-year contracts to operate advertising displays in municipal transit systems. We have displays in all of the 25 largest markets in the U.S. and over 150 markets across the U.S. and Canada. We currently manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries (the “Disposition”), which held all of the assets of our outdoor advertising business in Latin America (see Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America through April 1, 2016, are included in our Consolidated Financial Statements for the nine months ended September 30, 2016, and for the three months and nine months ended September 30, 2015. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. We elected to adopt the guidance on a retrospective basis. As a result, $26.0 million of debt issuance costs was recorded as a direct deduction from the carrying amount of our debt liability on the Consolidated Statement of Financial Position as of September 30, 2016, and $4.4 million from Other current assets and $25.3 million from Other assets was reclassified to Long-term debt, net, on the Consolidated Statement of Financial Position as of December 31, 2015. Regarding line-of-credit arrangements, we continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance did not have a material effect on our financial statements. Balance Sheet Classification of Deferred Taxes During the first quarter of 2016, we adopted the FASB’s guidance to simplify the presentation of deferred income taxes. We elected to adopt the guidance on a prospective basis. This guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance did not have a material effect on our financial statements. Recent Pronouncements Statement of Cash Flows In August 2016, the FASB issued guidance which clarifies presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is to be applied on a retrospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact of this guidance on our consolidated financial statements. Stock Compensation In March 2016, the FASB issued guidance which simplifies accounting for share-based compensation. The difference between the deduction for tax purposes and the compensation cost recognized for financial reporting on share-based payment awards (excess tax benefits or tax deficiencies, including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit on the statement of operations. Excess tax benefits should be classified with other income tax cash flows as an operating activity on the statement of cash flows. An entity may choose to either continue to accrue forfeitures based on the number of awards expected to vest or can account for forfeitures as they occur. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in applicable jurisdictions. Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity on the statement of cash flows. Each individual amendment is to be applied using either a prospective, retrospective or modified retrospective basis, as required. This guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We do not expect this guidance to have a material effect on our consolidated financial statements. Leases In February 2016, the FASB issued guidance addressing the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is to be applied on a modified retrospective basis and is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not been previously issued. We are currently evaluating the impact of this guidance on our consolidated financial statements. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016, April 2016 and May 2016), the FASB issued principles-based guidance addressing revenue recognition issues. The guidance will be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. The guidance requires that the amount of revenue a company should recognize reflect the consideration it expects to be entitled to in exchange for goods and services. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation.
Depreciation expense was $26.7 million in the three months ended September 30, 2016, and $28.4 million in the three months ended September 30, 2015. Depreciation expense was $84.3 million in the nine months ended September 30, 2016, and $85.1 million in the nine months ended September 30, 2015. |
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| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following:
All of our identifiable intangible assets, except goodwill, are subject to amortization. Amortization expense was $28.3 million in the three months ended September 30, 2016, and $29.1 million in the three months ended September 30, 2015, which includes the amortization of direct lease acquisition costs of $9.0 million in the three months ended September 30, 2016, and $9.4 million in the three months ended September 30, 2015. Amortization expense was $87.0 million in the nine months ended September 30, 2016, and $86.1 million in the nine months ended September 30, 2015, which includes the amortization of direct lease acquisition costs of $28.0 million in the nine months ended September 30, 2016, and $26.1 million in the nine months ended September 30, 2015. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. |
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Asset Retirement Obligation |
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| Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and three joint ventures which operate a total of 15 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $23.4 million as of September 30, 2016, and $21.3 million as of December 31, 2015, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.9 million in the three months ended September 30, 2016 and $2.0 million in the three months ended September 30, 2015, $5.4 million in the nine months ended September 30, 2016, and $5.3 million in the nine months ended September 30, 2015. |
Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Long-term debt, net, consists of the following:
Term Loan The interest rate on the term loan due in 2021 (the “Term Loan”) was 3.0% per annum as of September 30, 2016. As of September 30, 2016, a discount of $1.1 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. On October 31, 2016, we made an additional discretionary payment of $10.0 million on the Term Loan. Senior Unsecured Notes As of September 30, 2016, a discount of $0.5 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022, remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of September 30, 2016, a premium of $3.1 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility We also have a $425.0 million revolving credit facility, which matures in 2019 (the “Revolving Credit Facility”). As of September 30, 2016, there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in the three months ended September 30, 2016 and $0.5 million in the three months ended September 30, 2015, and $1.4 million in each of the nine months ended September 30, 2016 and 2015. As of September 30, 2016, we had issued letters of credit totaling approximately $31.7 million against the Revolving Credit Facility. Debt Covenants The credit agreement dated January 31, 2014 (the “Credit Agreement”), governing the Term Loan and the Revolving Credit Facility, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers. The terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of September 30, 2016, our Consolidated Net Secured Leverage Ratio was 1.3 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Disposition and to give pro forma effect to acquisitions and dispositions, in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of September 30, 2016, our Consolidated Total Leverage Ratio was 4.8 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Disposition and to give pro forma effect to acquisitions and dispositions, in accordance with the Credit Agreement. As of September 30, 2016, we are in compliance with our debt covenants. Letter of Credit Facility As of September 30, 2016, we issued letters of credit totaling approximately $66.2 million under our $80.0 million letter of credit facility. The fee under the letter of credit facility was immaterial in each of the nine months ended September 30, 2016 and 2015. Effective October 21, 2016, we temporarily reduced our $80.0 million letter of credit facility by $12.0 million to $68.0 million, as we are in the process of bifurcating our letter of credit facility for administrative purposes. Deferred Financing Costs As of September 30, 2016, we had deferred $28.5 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, letter of credit facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on the Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, letter of credit facility and our senior unsecured notes. Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.3 billion as of September 30, 2016. The fair value of our debt is classified as Level 2. |
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Equity |
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Sep. 30, 2016 | |
| Equity [Abstract] | |
| Equity | Equity As of September 30, 2016, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 138,037,327 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. During the three months ended September 30, 2016, we issued 79,690 shares, valued at approximately $1.9 million, of our common stock to Videri Inc. (“Videri”) in connection with licenses and services received under a development and license agreement (the “Videri Agreement”) with Videri and J&M Holding Enterprises, Inc. We have capitalized the payments, which are related to the development of software and equipment to be utilized within digital displays, as construction in progress within Property and equipment, net, on the Consolidated Statement of Financial Position. On October 27, 2016, we announced that our board of directors approved a quarterly cash dividend of $0.34 per share on our common stock, payable on December 30, 2016, to stockholders of record at the close of business on December 9, 2016. |
Accumulated Other Comprehensive Loss |
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Sep. 30, 2016 | |
| Accumulated Other Comprehensive Loss [Abstract] | |
| Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. These losses were previously included in the carrying value of the outdoor advertising business in Latin America, resulting in a Loss on real estate assets held for sale in the fourth quarter of 2015. (See Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) |
Acquisitions and Dispositions |
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In the nine months ended September 30, 2016, we completed several acquisitions for a total purchase price of approximately $64.7 million. Dispositions The Disposition was completed on April 1, 2016, and in connection with the Disposition, we received $82.0 million in cash plus working capital, which is subject to post-closing adjustments. We recorded a loss on real estate assets held for sale of approximately $1.3 million in the nine months ended September 30, 2016, on the Consolidated Statement of Operations. In connection with the Disposition, the assets and liabilities of our outdoor advertising business in Latin America had been classified as Assets held for sale and Liabilities held for sale on the Consolidated Statement of Financial Position as of December 31, 2015. The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Disposition, were as follows:
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Stock-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months and nine months ended September 30, 2016 and 2015.
As of September 30, 2016, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $23.9 million, which is expected to be recognized over a weighted average period of 1.9 years, and total unrecognized compensation cost related to non-vested stock options was $0.2 million, which is expected to be recognized over a weighted average period of 1.0 years. RSUs and PRSUs The following table summarizes activity for the nine months ended September 30, 2016, of RSUs and PRSUs issued to our employees.
Stock Options The following table summarizes activity for the nine months ended September 30, 2016, of stock options issued to our employees.
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Retirement Benefits |
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| Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
In the nine months ended September 30, 2016, we contributed $1.6 million to our pension plans. In 2016, we expect to contribute approximately $2.1 million to our pension plans. |
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Income Taxes |
9 Months Ended |
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Sep. 30, 2016 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distributed to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three months and nine months ended September 30, 2016 and 2015, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations. |
Earnings Per Share ("EPS") |
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| Earnings Per Share (EPS) | Earnings Per Share (“EPS”)
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Commitment and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have long-term operating leases for office space, billboard sites and equipment, which expire at various dates. Certain leases contain renewal and escalation clauses. We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. We also have marketing and multimedia rights agreements with colleges and universities which entitle us to operate on-campus advertising displays, including within the sports venues, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment. On July 22, 2015, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to extend our existing transit contract for providing advertising services throughout the New York City subway system from December 31, 2015, to December 31, 2016, unless earlier terminated by the MTA on or after July 1, 2016. On July 22, 2015, we also entered into an agreement with the MTA to modify our existing bus and commuter rail advertising contract to change the MTA’s right to terminate the contract at any time, to a right to terminate at any time on or after July 1, 2016, and the right to exclude billboards on the MTA’s properties from any termination. The MTA has issued a “Request for Proposals” to prospective operators for the subway, bus and commuter rail (Metro-North and Long Island Railroad) concessions, in any combination, each for a ten-year contract, with an additional five-year renewal period at the MTA’s option. On May 18, 2016, we submitted a response to the MTA. In mid-October, the MTA issued a follow-up request that refined its timeline and bid requirements, particularly relating to digital deployment and the communications platform. We are currently working on this next bid submission. Accordingly, on November 7, 2016, we entered into an agreement with the MTA to extend the expiration of our existing contracts for transit advertising services from December 31, 2016, to June 30, 2017, unless earlier terminated by the MTA on 90 days’ notice. During the nine months ended September 30, 2016, several marketing and multimedia rights contracts were renewed, resulting in additional guaranteed minimum annual payments. As of September 30, 2016, guaranteed minimum annual payments are as follows:
Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. The outstanding letters of credit and surety bonds approximated $119.6 million as of September 30, 2016, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows. |
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Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information Effective April 1, 2016, we changed the segments that we use to review operating results and make decisions regarding segment performance and resource allocation. Given the changes in our portfolio resulting from the Disposition and recent acquisitions, we made this change to better align our segments with our business strategy. We currently manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in other. Our new segment reporting therefore includes U.S. Media and other. The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. Prior to April 1, 2016, our International segment included our advertising businesses in Canada and Latin America (see Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). Historical operating results for our advertising business in Latin America are included in other.
We present Operating income (loss) before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our segments in accordance with the FASB guidance for segment reporting.
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Condensed Consolidating Financial Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | Condensed Consolidating Financial Information We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. Debt). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.
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Description of Business and Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Pronouncements | Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. We elected to adopt the guidance on a retrospective basis. As a result, $26.0 million of debt issuance costs was recorded as a direct deduction from the carrying amount of our debt liability on the Consolidated Statement of Financial Position as of September 30, 2016, and $4.4 million from Other current assets and $25.3 million from Other assets was reclassified to Long-term debt, net, on the Consolidated Statement of Financial Position as of December 31, 2015. Regarding line-of-credit arrangements, we continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance did not have a material effect on our financial statements. Balance Sheet Classification of Deferred Taxes During the first quarter of 2016, we adopted the FASB’s guidance to simplify the presentation of deferred income taxes. We elected to adopt the guidance on a prospective basis. This guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance did not have a material effect on our financial statements. |
Property and Equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation.
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Intangible Assets (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following:
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Asset Retirement Obligation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Long-term debt, net, consists of the following:
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Acquisitions and Dispositions Business Combinations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposal group | The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Disposition, were as follows:
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three months and nine months ended September 30, 2016 and 2015.
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| Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the nine months ended September 30, 2016, of RSUs and PRSUs issued to our employees.
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| Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the nine months ended September 30, 2016, of stock options issued to our employees.
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Retirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted |
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Commitment and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Contractual Obligation, Fiscal Year Maturity Schedule | During the nine months ended September 30, 2016, several marketing and multimedia rights contracts were renewed, resulting in additional guaranteed minimum annual payments. As of September 30, 2016, guaranteed minimum annual payments are as follows:
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. Prior to April 1, 2016, our International segment included our advertising businesses in Canada and Latin America (see Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). Historical operating results for our advertising business in Latin America are included in other.
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| Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income |
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| Tabular Disclosure by Reportable Segments |
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| Reconciliation of Assets from Segment to Consolidated |
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Condensed Consolidating Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheet |
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| Condensed Income Statement |
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| Condensed Cash Flow Statement |
|
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Description of Business and Basis of Presentation - Narrative (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2016
segment
markets
| |
| Description of Business and Basis of Presentation [Line Items] | |
| Number of largest domestic markets in which the entity operates | 25 |
| Number of operating segments | segment | 3 |
| Minimum | |
| Description of Business and Basis of Presentation [Line Items] | |
| Number of markets in which the entity operates | 150 |
New Accounting Standards Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
|---|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Debt issuance costs | [1] | $ (26.0) | $ (29.7) | |
| Adjustments for new accounting pronouncements | Other noncurrent assets | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Debt issuance costs | (25.3) | |||
| Adjustments for new accounting pronouncements | Other current assets | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Debt issuance costs | $ (4.4) | |||
| ||||
Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
| Property and Equipment [Line Items] | ||
| Property and equipment | $ 1,950.5 | $ 1,885.8 |
| Less: accumulated depreciation | 1,280.5 | 1,184.1 |
| Property and equipment, net | 670.0 | 701.7 |
| Land | ||
| Property and Equipment [Line Items] | ||
| Property and equipment | 90.2 | 89.9 |
| Buildings | ||
| Property and Equipment [Line Items] | ||
| Property and equipment | $ 46.5 | 44.1 |
| Buildings | Minimum | ||
| Property and Equipment [Line Items] | ||
| Property and equipment, useful life | 20 years | |
| Buildings | Maximum | ||
| Property and Equipment [Line Items] | ||
| Property and equipment, useful life | 40 years | |
| Advertising structures | ||
| Property and Equipment [Line Items] | ||
| Property and equipment | $ 1,692.8 | 1,643.6 |
| Advertising structures | Minimum | ||
| Property and Equipment [Line Items] | ||
| Property and equipment, useful life | 5 years | |
| Advertising structures | Maximum | ||
| Property and Equipment [Line Items] | ||
| Property and equipment, useful life | 20 years | |
| Furniture, equipment and other | ||
| Property and Equipment [Line Items] | ||
| Property and equipment | $ 84.7 | 79.1 |
| Furniture, equipment and other | Minimum | ||
| Property and Equipment [Line Items] | ||
| Property and equipment, useful life | 3 years | |
| Furniture, equipment and other | Maximum | ||
| Property and Equipment [Line Items] | ||
| Property and equipment, useful life | 10 years | |
| Construction in progress | ||
| Property and Equipment [Line Items] | ||
| Property and equipment | $ 36.3 | $ 29.1 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Property, Plant and Equipment [Abstract] | ||||
| Depreciation | $ 26.7 | $ 28.4 | $ 84.3 | $ 85.1 |
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 1,532.6 | $ 1,483.3 |
| Accumulated amortization | (971.5) | (912.8) |
| Net | 561.1 | 570.5 |
| Permits and leasehold agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 1,036.3 | 996.1 |
| Accumulated amortization | (625.3) | (589.1) |
| Net | 411.0 | 407.0 |
| Franchise agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 450.9 | 447.2 |
| Accumulated amortization | (331.2) | (314.5) |
| Net | 119.7 | 132.7 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 45.4 | 40.0 |
| Accumulated amortization | (15.0) | (9.2) |
| Net | $ 30.4 | $ 30.8 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization of intangible assets | $ 28.3 | $ 29.1 | $ 87.0 | $ 86.1 |
| Amortization of direct lease acquisition costs | $ 9.0 | $ 9.4 | $ 28.0 | $ 26.1 |
| Minimum | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Direct lease acquisition costs, useful life | 28 days | |||
| Maximum | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Direct lease acquisition costs, useful life | 1 year | |||
Asset Retirement Obligation - Narrative (Details) |
9 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Asset Retirement Obligation Disclosure [Abstract] | |
| Asset retirement obligation, expected term | 50 years |
| Asset retirement obligations, description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2016
USD ($)
| |
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
| As of December 31, 2015 | $ 33.2 |
| Accretion expense | 1.8 |
| Additions | 0.1 |
| Liabilities settled | (1.3) |
| Foreign currency translation adjustments | 0.2 |
| As of September 30, 2016 | $ 34.0 |
Related Party Transactions - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
|
Sep. 30, 2016
USD ($)
joint_venture
Displays
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
joint_venture
Displays
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
| Related Party Transaction [Line Items] | |||||
| Equity method investment, ownership percentage | 50.00% | 50.00% | |||
| Equity method investments | $ | $ 23.4 | $ 23.4 | $ 21.3 | ||
| Management fee revenue | $ | $ 1.9 | $ 2.0 | $ 5.4 | $ 5.3 | |
| Transit shelter joint ventures | |||||
| Related Party Transaction [Line Items] | |||||
| Equity method investment, number of investments | joint_venture | 2 | 2 | |||
| Acquired joint ventures | |||||
| Related Party Transaction [Line Items] | |||||
| Equity method investment, number of investments | joint_venture | 3 | 3 | |||
| Equity method investment, number of displays | Displays | 15 | 15 | |||
Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
| Debt Instrument [Line Items] | ||||
| Long-term debt, net | $ 2,165.5 | $ 2,222.0 | ||
| Other long-term debt | 0.0 | 0.3 | ||
| Debt issuance costs | [1] | $ (26.0) | $ (29.7) | |
| Weighted average cost of debt | 4.80% | 4.70% | ||
| Secured debt | Term loan, due 2021 | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Jan. 31, 2021 | Jan. 31, 2021 | ||
| Long-term debt, net | $ 688.9 | $ 748.6 | ||
| Senior unsecured notes | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt, net | $ 1,502.6 | $ 1,502.8 | ||
| Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||
| Long-term debt, net | $ 549.5 | $ 549.4 | ||
| Stated interest rate | 5.25% | 5.25% | ||
| Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | ||
| Long-term debt, net | $ 503.1 | $ 503.4 | ||
| Stated interest rate | 5.625% | 5.625% | ||
| Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||
| Debt Instrument [Line Items] | ||||
| Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||
| Long-term debt, net | $ 450.0 | $ 450.0 | ||
| Stated interest rate | 5.875% | 5.875% | ||
| ||||
Debt - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|---|
|
Oct. 31, 2016
USD ($)
|
Oct. 21, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015 |
|
| Line of Credit Facility [Line Items] | |||||||
| Repayments of borrowings under revolving credit facility | $ 35.0 | $ 105.0 | |||||
| Outstanding letters of credit and surety bonds | $ 119.6 | $ 119.6 | |||||
| Covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | ||||||
| Maximum consolidated total leverage ratio | 6.0 | ||||||
| Consolidated Total Leverage Ratio | 4.8 | ||||||
| Debt Instrument [Line Items] | |||||||
| Repayments of long-term borrowings - term loan | $ 60.0 | 0.0 | |||||
| Deferred financing costs | $ 28.5 | $ 28.5 | |||||
| Secured debt | Term loan, due 2021 | |||||||
| Debt Instrument [Line Items] | |||||||
| Interest rate at period end | 3.00% | 3.00% | |||||
| Unamortized debt discount | $ 1.1 | $ 1.1 | |||||
| Maturity date | Jan. 31, 2021 | Jan. 31, 2021 | |||||
| Secured debt | Term loan, due 2021 | Subsequent Event | |||||||
| Debt Instrument [Line Items] | |||||||
| Repayments of long-term borrowings - term loan | $ 10.0 | ||||||
| Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | |||||||
| Debt Instrument [Line Items] | |||||||
| Unamortized debt discount | 0.5 | $ 0.5 | |||||
| Debt face amount | $ 150.0 | $ 150.0 | |||||
| Stated interest rate | 5.25% | 5.25% | 5.25% | ||||
| Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | |||||
| Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | |||||||
| Debt Instrument [Line Items] | |||||||
| Debt face amount | $ 100.0 | $ 100.0 | |||||
| Stated interest rate | 5.625% | 5.625% | 5.625% | ||||
| Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | |||||
| Unamortized premium | $ 3.1 | $ 3.1 | |||||
| Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | |||||||
| Debt Instrument [Line Items] | |||||||
| Stated interest rate | 5.875% | 5.875% | 5.875% | ||||
| Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | |||||
| Revolving Credit Facility | |||||||
| Line of Credit Facility [Line Items] | |||||||
| Maximum borrowing capacity | $ 425.0 | $ 425.0 | |||||
| Credit facility, expiration date | Jan. 31, 2019 | ||||||
| Commitment fee for unused commitments | 0.4 | $ 0.5 | $ 1.4 | $ 1.4 | |||
| Outstanding letters of credit and surety bonds | 31.7 | $ 31.7 | |||||
| Covenant description | The terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. | ||||||
| Consolidated Net Secured Leverage Ratio | 1.3 | ||||||
| Maximum consolidated net secured coverage ratio | 4.0 | ||||||
| Letter of Credit | |||||||
| Line of Credit Facility [Line Items] | |||||||
| Maximum borrowing capacity | 80.0 | $ 80.0 | |||||
| Outstanding letters of credit and surety bonds | 66.2 | 66.2 | |||||
| Letter of Credit | Subsequent Event | |||||||
| Line of Credit Facility [Line Items] | |||||||
| Maximum borrowing capacity | $ 68.0 | ||||||
| Line of credit facility increase (decrease), net | $ (12.0) | ||||||
| Fair Value, Inputs, Level 2 | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt at fair value | 2,300.0 | 2,300.0 | |||||
| Short-term debt | Revolving Credit Facility | |||||||
| Line of Credit Facility [Line Items] | |||||||
| Revolving credit facility, outstanding amount | 0.0 | 0.0 | |||||
| Maximum | Revolving Credit Facility | |||||||
| Line of Credit Facility [Line Items] | |||||||
| Debt covenant, restricted cash limit | $ 150.0 | $ 150.0 | |||||
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2016 |
Dec. 09, 2016 |
Oct. 27, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Class of Stock [Line Items] | |||||||||
| Common Stock, Authorized | 450,000,000 | 450,000,000 | 450,000,000 | ||||||
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Common Stock, Issued | 138,037,327 | 138,037,327 | 137,583,604 | ||||||
| Common Stock, Outstanding | 138,037,327 | 138,037,327 | 137,583,604 | ||||||
| Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||
| Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||
| Stock Issued During Period, Shares, New Issues | 79,690 | ||||||||
| Issuance of stock for purchase of property and equipment | $ 1.9 | $ 10.5 | |||||||
| Preferred Stock, Shares Issued | 0 | 0 | |||||||
| Preferred Stock, Shares Outstanding | 0 | 0 | |||||||
| Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.34 | $ 1.02 | $ 1.08 | |||||
| Subsequent Event | |||||||||
| Class of Stock [Line Items] | |||||||||
| Dividends Payable, Date Declared | Oct. 27, 2016 | ||||||||
| Dividends declared per common share (in dollars per share) | $ 0.34 | ||||||||
| Dividends Payable, Date to be Paid | Dec. 30, 2016 | ||||||||
| Dividends Payable, Date of Record | Dec. 09, 2016 | ||||||||
| Additional Paid-In Capital | |||||||||
| Class of Stock [Line Items] | |||||||||
| Issuance of stock for purchase of property and equipment | $ 1.9 | $ 1.9 | $ 10.5 | ||||||
Accumulated Other Comprehensive Loss Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Jun. 30, 2016
USD ($)
| |
| Accumulated Other Comprehensive Loss [Abstract] | |
| Recognized unrealized foreign currency translation losses | $ 99.9 |
Acquisitions and Dispositions Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Apr. 01, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Cash and cash equivalents | $ 73.1 | $ 101.6 | $ 106.4 | $ 28.5 | ||||||
| Receivables, less allowance | 216.5 | 209.5 | ||||||||
| Other current assets | 98.6 | 101.1 | [1] | |||||||
| Total current assets | 388.2 | 412.2 | ||||||||
| Property and equipment, net | 670.0 | 701.7 | ||||||||
| Goodwill | 2,090.2 | 2,074.7 | ||||||||
| Intangible assets | 561.1 | 570.5 | ||||||||
| Other assets | 60.8 | 56.4 | ||||||||
| Total assets | 3,770.3 | 3,815.5 | ||||||||
| Loss on real estate assets held for sale | [2] | $ (104.7) | (103.6) | |||||||
| Assets held for sale | 0.0 | 4.8 | 5.2 | |||||||
| Total current liabilities | 236.6 | 265.6 | [1] | |||||||
| Deferred income tax liabilities, net | 9.3 | 10.9 | ||||||||
| Asset retirement obligation | 34.0 | 33.2 | ||||||||
| Liabilities held for sale | $ 0.0 | 21.5 | 25.0 | |||||||
| Disposal Group | ||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
| Cash and cash equivalents | 4.5 | 5.7 | ||||||||
| Receivables, less allowance | 14.0 | 14.5 | ||||||||
| Other current assets | 10.1 | 7.8 | ||||||||
| Total current assets | 28.6 | 28.0 | ||||||||
| Property and equipment, net | 18.0 | 18.3 | ||||||||
| Goodwill | 60.6 | 60.3 | ||||||||
| Intangible assets | 0.1 | 0.1 | ||||||||
| Other assets | 2.2 | 2.1 | ||||||||
| Total assets | 109.5 | 108.8 | ||||||||
| Total current liabilities | 16.9 | 20.9 | ||||||||
| Deferred income tax liabilities, net | 1.9 | 1.4 | ||||||||
| Asset retirement obligation | $ 2.7 | $ 2.7 | ||||||||
| ||||||||||
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Apr. 01, 2016 |
|
| Business Acquisition [Line Items] | |||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 64.7 | $ 11.1 | |||
| Consideration related to disposition | $ 82.0 | ||||
| Loss on real estate assets held for sale | $ 0.0 | $ 0.0 | $ 1.3 | $ 0.0 | |
Stock-Based Compensation - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2016
USD ($)
| |
| Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation not yet recognized, share-based awards other than options | $ 23.9 |
| Compensation cost not yet recognized, period for recognition | 1 year 10 months 21 days |
| Stock options | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation cost not yet recognized, period for recognition | 11 months 13 days |
| Compensation not yet recognized, stock options | $ 0.2 |
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock-based compensation expense, before income taxes | $ 4.5 | $ 3.7 | $ 13.8 | $ 11.7 |
| Tax benefit | (0.5) | (0.3) | (1.5) | (1.0) |
| Stock-based compensation expense, net of tax | 4.0 | 3.4 | 12.3 | 10.7 |
| Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock-based compensation expense, before income taxes | 4.4 | 3.6 | 13.6 | 11.5 |
| Stock options | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock-based compensation expense, before income taxes | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2016
$ / shares
shares
| |
| Restricted Stock Units (RSUs) | |
| RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
| Granted | shares | 638,486 |
| Vested | shares | (446,061) |
| Forfeitures | shares | (25,154) |
| RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
| Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 19.19 |
| Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 23.83 |
| Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.76 |
| Performance Restricted Stock Units (PRSUs) | |
| RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
| Granted | shares | 319,926 |
| Vested | shares | (118,360) |
| Forfeitures | shares | (20,325) |
| RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
| Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 19.01 |
| Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 29.25 |
| Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 29.83 |
| Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
| RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
| Non-vested as of beginning of period | shares | 1,302,932 |
| Non-vested as of end of period | shares | 1,651,444 |
| RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
| Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $ / shares | $ 26.48 |
| Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $ / shares | $ 22.72 |
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options - $ / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
| Outstanding | 294,897 | 294,897 |
| Exercisable as of end of period | 258,611 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
| Weighted average exercise price, options outstanding | $ 15.72 | $ 15.72 |
| Weighted average exercise price, options exercisable | $ 14.47 |
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
| Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
| Service cost | $ 0.4 | $ 0.4 | $ 1.1 | $ 1.1 | ||
| Interest cost | 0.5 | 0.5 | 1.4 | 1.4 | ||
| Expected return on plan assets | (0.5) | (0.5) | (1.6) | (1.6) | ||
| Amortization of net actuarial losses | [1] | 0.2 | 0.1 | 0.5 | 0.5 | |
| Amortization of transitional obligation | (0.1) | (0.1) | (0.1) | (0.1) | ||
| Net periodic pension cost | $ 0.5 | $ 0.4 | $ 1.3 | $ 1.3 | ||
| ||||||
Retirement Benefits - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2016
USD ($)
| |
| Compensation and Retirement Disclosure [Abstract] | |
| Pension contributions | $ 1.6 |
| Estimated future employer contributions in current fiscal year | $ 2.1 |
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
| Earnings Per Share [Abstract] | ||||||
| Net income | $ 38.1 | $ 21.2 | $ 64.3 | $ 44.5 | ||
| Weighted average shares for basic EPS | 138.0 | 137.5 | 137.9 | 137.3 | ||
| Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 0.5 | 0.4 | 0.5 | 0.5 | |
| Weighted average shares for diluted EPS | 138.5 | 137.9 | 138.4 | 137.8 | ||
| Antidilutive securities excluded from computation of earnings per share | 0.2 | 0.6 | 0.5 | 0.1 | ||
| ||||||
Commitment and Contingencies - Narrative (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Outstanding letters of credit and surety bonds | $ 119.6 |
Commitment and Contingencies Contractual Obligations Fiscal Year Schedule (Details) - Guaranteed Minimum Annual Payments $ in Millions |
Sep. 30, 2016
USD ($)
|
|---|---|
| Guaranteed Minimum Annual Payments Fiscal Year Maturity [Abstract] | |
| 2016 | $ 69.4 |
| 2017 | 93.5 |
| 2018 | 66.2 |
| 2019 | 47.3 |
| 2020 | 27.9 |
| 2021 and thereafter | 134.8 |
| Guaranteed minimum annual payments | $ 439.1 |
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 382.8 | $ 386.7 | $ 1,116.5 | $ 1,115.3 |
| Operating segments | U.S. Media | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 356.7 | 346.3 | 1,025.8 | 988.2 |
| Operating segments | Other | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 26.1 | $ 40.4 | $ 90.7 | $ 127.1 |
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Segment Reporting Information [Line Items] | ||||
| Net income | $ 38.1 | $ 21.2 | $ 64.3 | $ 44.5 |
| (Benefit) provision for income taxes | (1.5) | 3.9 | 0.6 | 7.0 |
| Equity in earnings of investee companies, net of tax | (1.4) | (1.7) | (3.8) | (3.6) |
| Interest expense, net | 28.3 | 28.9 | 85.6 | 85.6 |
| Other income (expense), net | 0.0 | 0.4 | 0.0 | 0.4 |
| Operating income (loss) | 63.5 | 52.7 | 146.7 | 133.9 |
| Restructuring charges | 0.0 | 0.0 | 0.4 | 2.6 |
| Loss on real estate assets held for sale | 0.0 | 0.0 | 1.3 | 0.0 |
| Net (gain) loss on dispositions | (2.3) | 0.0 | (1.7) | 0.6 |
| Depreciation and amortization | 55.0 | 57.5 | 171.3 | 171.2 |
| Stock-based compensation | 4.5 | 3.7 | 13.8 | 11.7 |
| Adjusted OIBDA | 120.7 | 113.9 | 331.8 | 320.0 |
| Capital expenditures | 45.6 | 43.0 | ||
| Operating segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Net (gain) loss on dispositions | (2.3) | 0.0 | (1.7) | 0.6 |
| Depreciation and amortization | 55.0 | 57.5 | 171.3 | 171.2 |
| Capital expenditures | 15.6 | 15.3 | 45.6 | 43.0 |
| Operating segments | U.S. Media | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income (loss) | 81.5 | 69.9 | 194.3 | 177.1 |
| Net (gain) loss on dispositions | (2.3) | 0.0 | (1.7) | 0.5 |
| Depreciation and amortization | 50.1 | 51.1 | 154.9 | 151.3 |
| Adjusted OIBDA | 129.3 | 121.0 | 347.9 | 331.5 |
| Capital expenditures | 14.0 | 13.8 | 42.6 | 39.5 |
| Operating segments | Other | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income (loss) | (2.7) | (1.9) | (4.9) | (3.0) |
| Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | 0.1 |
| Depreciation and amortization | 4.9 | 6.4 | 16.4 | 19.9 |
| Adjusted OIBDA | 2.2 | 4.5 | 12.8 | 17.0 |
| Capital expenditures | 1.6 | 1.5 | 3.0 | 3.5 |
| Corporate | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income (loss) | (15.3) | (15.3) | (42.7) | (40.2) |
| Adjusted OIBDA | $ (10.8) | $ (11.6) | $ (28.9) | $ (28.5) |
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
|||
|---|---|---|---|---|---|
| Segment Reporting Information [Line Items] | |||||
| Total assets | $ 3,770.3 | $ 3,815.5 | |||
| Operating segments | U.S. Media | |||||
| Segment Reporting Information [Line Items] | |||||
| Total assets | 3,592.9 | 3,593.0 | |||
| Operating segments | Other | |||||
| Segment Reporting Information [Line Items] | |||||
| Total assets | 153.6 | 134.3 | [1] | ||
| Corporate | |||||
| Segment Reporting Information [Line Items] | |||||
| Total assets | $ 23.8 | $ 88.2 | |||
| |||||
Segment Information - Narrative (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2016
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 3 |
Condensed Consolidating Financial Information - Narrative (Details) |
Sep. 30, 2016 |
|---|---|
| Condensed Financial Statements, Captions [Line Items] | |
| Equity method investment, ownership percentage | 50.00% |
| Parent Company | |
| Condensed Financial Statements, Captions [Line Items] | |
| Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
|||
|---|---|---|---|---|---|---|---|
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
| Cash and cash equivalents | $ 73.1 | $ 101.6 | $ 106.4 | $ 28.5 | |||
| Receivables, less allowance | 216.5 | 209.5 | |||||
| Other current assets | 98.6 | 101.1 | [1] | ||||
| Total current assets | 388.2 | 412.2 | |||||
| Property and equipment, net | 670.0 | 701.7 | |||||
| Goodwill | 2,090.2 | 2,074.7 | |||||
| Intangible assets | 561.1 | 570.5 | |||||
| Investment in subsidiaries | 0.0 | 0.0 | |||||
| Other assets | 60.8 | 56.4 | |||||
| Intercompany | 0.0 | 0.0 | |||||
| Total assets | 3,770.3 | 3,815.5 | |||||
| Total current liabilities | 236.6 | 265.6 | [1] | ||||
| Long-term debt, net | 2,165.5 | 2,222.0 | |||||
| Deferred income tax liabilities, net | 9.3 | 10.9 | |||||
| Asset retirement obligation | 34.0 | 33.2 | |||||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||||
| Other liabilities | 73.5 | 71.2 | |||||
| Intercompany | 0.0 | 0.0 | |||||
| Total liabilities | 2,518.9 | 2,602.9 | |||||
| Total stockholder's equity | 1,251.4 | 1,212.6 | 1,334.0 | 1,445.5 | |||
| Total liabilities and stockholders’ equity | 3,770.3 | 3,815.5 | |||||
| Eliminations | |||||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
| Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Receivables, less allowance | 0.0 | 0.0 | |||||
| Other current assets | 0.0 | (34.0) | |||||
| Total current assets | 0.0 | (34.0) | |||||
| Property and equipment, net | 0.0 | 0.0 | |||||
| Goodwill | 0.0 | 0.0 | |||||
| Intangible assets | 0.0 | 0.0 | |||||
| Investment in subsidiaries | (4,785.5) | (4,606.7) | |||||
| Other assets | 0.0 | 0.0 | |||||
| Intercompany | (267.9) | (129.5) | |||||
| Total assets | (5,053.4) | (4,770.2) | |||||
| Total current liabilities | 0.0 | (34.0) | |||||
| Long-term debt, net | 0.0 | 0.0 | |||||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||||
| Asset retirement obligation | 0.0 | 0.0 | |||||
| Deficit in excess of investment in subsidiaries | (2,165.7) | (2,156.5) | |||||
| Other liabilities | 0.0 | 0.0 | |||||
| Intercompany | (267.9) | (129.5) | |||||
| Total liabilities | (2,433.6) | (2,320.0) | |||||
| Total stockholder's equity | (2,619.8) | (2,450.2) | |||||
| Total liabilities and stockholders’ equity | (5,053.4) | (4,770.2) | |||||
| Parent Company | |||||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
| Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Receivables, less allowance | 0.0 | 0.0 | |||||
| Other current assets | 0.0 | 0.0 | |||||
| Total current assets | 0.0 | 0.0 | |||||
| Property and equipment, net | 0.0 | 0.0 | |||||
| Goodwill | 0.0 | 0.0 | |||||
| Intangible assets | 0.0 | 0.0 | |||||
| Investment in subsidiaries | 1,251.4 | 1,212.6 | |||||
| Other assets | 0.0 | 0.0 | |||||
| Intercompany | 0.0 | 0.0 | |||||
| Total assets | 1,251.4 | 1,212.6 | |||||
| Total current liabilities | 0.0 | 0.0 | |||||
| Long-term debt, net | 0.0 | 0.0 | |||||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||||
| Asset retirement obligation | 0.0 | 0.0 | |||||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||||
| Other liabilities | 0.0 | 0.0 | |||||
| Intercompany | 0.0 | 0.0 | |||||
| Total liabilities | 0.0 | 0.0 | |||||
| Total stockholder's equity | 1,251.4 | 1,212.6 | |||||
| Total liabilities and stockholders’ equity | 1,251.4 | 1,212.6 | |||||
| Subsidiary Issuer | |||||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
| Cash and cash equivalents | 20.5 | 81.6 | 53.6 | 11.5 | |||
| Receivables, less allowance | 0.0 | 0.0 | |||||
| Other current assets | 1.2 | 1.1 | |||||
| Total current assets | 21.7 | 82.7 | |||||
| Property and equipment, net | 0.0 | 0.0 | |||||
| Goodwill | 0.0 | 0.0 | |||||
| Intangible assets | 0.0 | 0.0 | |||||
| Investment in subsidiaries | 3,417.1 | 3,369.1 | |||||
| Other assets | 1.4 | 2.2 | |||||
| Intercompany | 0.0 | 0.0 | |||||
| Total assets | 3,440.2 | 3,454.0 | |||||
| Total current liabilities | 23.3 | 19.7 | |||||
| Long-term debt, net | 2,165.5 | 2,221.7 | |||||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||||
| Asset retirement obligation | 0.0 | 0.0 | |||||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||||
| Other liabilities | 0.0 | 0.0 | |||||
| Intercompany | 0.0 | 0.0 | |||||
| Total liabilities | 2,188.8 | 2,241.4 | |||||
| Total stockholder's equity | 1,251.4 | 1,212.6 | |||||
| Total liabilities and stockholders’ equity | 3,440.2 | 3,454.0 | |||||
| Guarantor Subsidiaries | |||||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
| Cash and cash equivalents | 34.3 | 8.5 | 31.5 | 8.8 | |||
| Receivables, less allowance | 200.7 | 196.5 | |||||
| Other current assets | 85.2 | 118.1 | |||||
| Total current assets | 320.2 | 323.1 | |||||
| Property and equipment, net | 624.0 | 649.4 | |||||
| Goodwill | 2,059.9 | 2,046.0 | |||||
| Intangible assets | 561.1 | 570.5 | |||||
| Investment in subsidiaries | 117.0 | 25.0 | |||||
| Other assets | 56.4 | 51.1 | |||||
| Intercompany | 121.8 | 70.6 | |||||
| Total assets | 3,860.4 | 3,735.7 | |||||
| Total current liabilities | 199.1 | 212.0 | |||||
| Long-term debt, net | 0.0 | 0.3 | |||||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||||
| Asset retirement obligation | 29.5 | 29.1 | |||||
| Deficit in excess of investment in subsidiaries | 2,165.7 | 2,156.5 | |||||
| Other liabilities | 68.6 | 66.3 | |||||
| Intercompany | 146.1 | 58.9 | |||||
| Total liabilities | 2,609.0 | 2,523.1 | |||||
| Total stockholder's equity | 1,251.4 | 1,212.6 | |||||
| Total liabilities and stockholders’ equity | 3,860.4 | 3,735.7 | |||||
| Non-Guarantor Subsidiaries | |||||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
| Cash and cash equivalents | 18.3 | 11.5 | $ 21.3 | $ 8.2 | |||
| Receivables, less allowance | 15.8 | 13.0 | |||||
| Other current assets | 12.2 | 15.9 | [1] | ||||
| Total current assets | 46.3 | 40.4 | |||||
| Property and equipment, net | 46.0 | 52.3 | |||||
| Goodwill | 30.3 | 28.7 | |||||
| Intangible assets | 0.0 | 0.0 | |||||
| Investment in subsidiaries | 0.0 | 0.0 | |||||
| Other assets | 3.0 | 3.1 | |||||
| Intercompany | 146.1 | 58.9 | |||||
| Total assets | 271.7 | 183.4 | |||||
| Total current liabilities | 14.2 | 67.9 | [1] | ||||
| Long-term debt, net | 0.0 | 0.0 | |||||
| Deferred income tax liabilities, net | 9.3 | 10.9 | |||||
| Asset retirement obligation | 4.5 | 4.1 | |||||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||||
| Other liabilities | 4.9 | 4.9 | |||||
| Intercompany | 121.8 | 70.6 | |||||
| Total liabilities | 154.7 | 158.4 | |||||
| Total stockholder's equity | 117.0 | 25.0 | |||||
| Total liabilities and stockholders’ equity | $ 271.7 | $ 183.4 | |||||
| |||||||
Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Condensed Income Statements, Captions [Line Items] | ||||
| Billboard | $ 270.5 | $ 278.3 | $ 794.5 | $ 805.3 |
| Transit and other | 112.3 | 108.4 | 322.0 | 310.0 |
| Total revenues | 382.8 | 386.7 | 1,116.5 | 1,115.3 |
| Operating | 201.5 | 209.3 | 602.9 | 614.5 |
| Selling, general and administrative | 65.1 | 67.2 | 195.6 | 192.5 |
| Restructuring charges | 0.0 | 0.0 | 0.4 | 2.6 |
| Loss on real estate assets held for sale | 0.0 | 0.0 | 1.3 | 0.0 |
| Net (gain) loss on dispositions | (2.3) | 0.0 | (1.7) | 0.6 |
| Depreciation | 26.7 | 28.4 | 84.3 | 85.1 |
| Amortization | 28.3 | 29.1 | 87.0 | 86.1 |
| Total expenses | 319.3 | 334.0 | 969.8 | 981.4 |
| Operating income (loss) | 63.5 | 52.7 | 146.7 | 133.9 |
| Interest expense, net | (28.3) | (28.9) | (85.6) | (85.6) |
| Other expense, net | 0.0 | (0.4) | 0.0 | (0.4) |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 35.2 | 23.4 | 61.1 | 47.9 |
| Benefit (provision) for income taxes | 1.5 | (3.9) | (0.6) | (7.0) |
| Equity in earnings of investee companies, net of tax | 1.4 | 1.7 | 3.8 | 3.6 |
| Net income (loss) | 38.1 | 21.2 | 64.3 | 44.5 |
| Total other comprehensive income (loss), net of tax | (1.4) | (15.0) | 104.6 | (25.8) |
| Total comprehensive income (loss) | 36.7 | 6.2 | 168.9 | 18.7 |
| Eliminations | ||||
| Condensed Income Statements, Captions [Line Items] | ||||
| Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, general and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
| Restructuring charges | 0.0 | 0.0 | ||
| Loss on real estate assets held for sale | 0.0 | |||
| Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | |
| Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
| Total expenses | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating income (loss) | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest expense, net | 0.0 | 0.0 | 0.0 | 0.0 |
| Other expense, net | 0.0 | 0.0 | ||
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0.0 | 0.0 | 0.0 | 0.0 |
| Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | (75.6) | (39.0) | (122.5) | (81.6) |
| Net income (loss) | (75.6) | (39.0) | (122.5) | (81.6) |
| Total other comprehensive income (loss), net of tax | 4.2 | 45.0 | (313.8) | 77.4 |
| Total comprehensive income (loss) | (71.4) | 6.0 | (436.3) | (4.2) |
| Parent Company | ||||
| Condensed Income Statements, Captions [Line Items] | ||||
| Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, general and administrative | 0.4 | 0.3 | 1.1 | 1.1 |
| Restructuring charges | 0.0 | 0.0 | ||
| Loss on real estate assets held for sale | 0.0 | |||
| Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | |
| Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
| Total expenses | 0.4 | 0.3 | 1.1 | 1.1 |
| Operating income (loss) | (0.4) | (0.3) | (1.1) | (1.1) |
| Interest expense, net | 0.0 | 0.0 | 0.0 | 0.0 |
| Other expense, net | 0.0 | 0.0 | ||
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (0.4) | (0.3) | (1.1) | (1.1) |
| Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 38.5 | 21.5 | 65.4 | 45.6 |
| Net income (loss) | 38.1 | 21.2 | 64.3 | 44.5 |
| Total other comprehensive income (loss), net of tax | (1.4) | (15.0) | 104.6 | (25.8) |
| Total comprehensive income (loss) | 36.7 | 6.2 | 168.9 | 18.7 |
| Subsidiary Issuer | ||||
| Condensed Income Statements, Captions [Line Items] | ||||
| Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, general and administrative | 0.1 | 0.0 | 0.2 | 0.1 |
| Restructuring charges | 0.0 | 0.0 | ||
| Loss on real estate assets held for sale | 0.0 | |||
| Net (gain) loss on dispositions | 0.0 | 0.0 | 0.0 | |
| Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
| Total expenses | 0.1 | 0.0 | 0.2 | 0.1 |
| Operating income (loss) | (0.1) | 0.0 | (0.2) | (0.1) |
| Interest expense, net | (28.3) | (28.9) | (85.5) | (85.6) |
| Other expense, net | 0.0 | 0.0 | ||
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (28.4) | (28.9) | (85.7) | (85.7) |
| Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 66.9 | 50.4 | 151.1 | 131.3 |
| Net income (loss) | 38.5 | 21.5 | 65.4 | 45.6 |
| Total other comprehensive income (loss), net of tax | (1.4) | (15.0) | 104.6 | (25.8) |
| Total comprehensive income (loss) | 37.1 | 6.5 | 170.0 | 19.8 |
| Guarantor Subsidiaries | ||||
| Condensed Income Statements, Captions [Line Items] | ||||
| Billboard | 256.4 | 250.3 | 743.4 | 718.3 |
| Transit and other | 109.3 | 103.6 | 312.2 | 295.6 |
| Total revenues | 365.7 | 353.9 | 1,055.6 | 1,013.9 |
| Operating | 189.9 | 187.4 | 561.2 | 546.5 |
| Selling, general and administrative | 61.1 | 59.9 | 181.1 | 169.4 |
| Restructuring charges | 0.4 | 2.6 | ||
| Loss on real estate assets held for sale | 0.0 | |||
| Net (gain) loss on dispositions | (2.3) | (1.7) | 0.5 | |
| Depreciation | 23.2 | 23.7 | 72.3 | 70.1 |
| Amortization | 27.6 | 28.0 | 84.8 | 82.9 |
| Total expenses | 299.5 | 299.0 | 898.1 | 872.0 |
| Operating income (loss) | 66.2 | 54.9 | 157.5 | 141.9 |
| Interest expense, net | 0.0 | 0.0 | (0.1) | (0.1) |
| Other expense, net | 0.0 | 0.0 | ||
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 66.2 | 54.9 | 157.4 | 141.8 |
| Benefit (provision) for income taxes | 1.0 | (1.9) | (1.1) | (3.6) |
| Equity in earnings of investee companies, net of tax | (28.7) | (31.5) | (90.9) | (92.6) |
| Net income (loss) | 38.5 | 21.5 | 65.4 | 45.6 |
| Total other comprehensive income (loss), net of tax | (1.4) | (15.0) | 104.6 | (25.8) |
| Total comprehensive income (loss) | 37.1 | 6.5 | 170.0 | 19.8 |
| Non-Guarantor Subsidiaries | ||||
| Condensed Income Statements, Captions [Line Items] | ||||
| Billboard | 14.1 | 28.0 | 51.1 | 87.0 |
| Transit and other | 3.0 | 4.8 | 9.8 | 14.4 |
| Total revenues | 17.1 | 32.8 | 60.9 | 101.4 |
| Operating | 11.6 | 21.9 | 41.7 | 68.0 |
| Selling, general and administrative | 3.5 | 7.0 | 13.2 | 21.9 |
| Restructuring charges | 0.0 | 0.0 | ||
| Loss on real estate assets held for sale | 1.3 | |||
| Net (gain) loss on dispositions | 0.0 | 0.0 | 0.1 | |
| Depreciation | 3.5 | 4.7 | 12.0 | 15.0 |
| Amortization | 0.7 | 1.1 | 2.2 | 3.2 |
| Total expenses | 19.3 | 34.7 | 70.4 | 108.2 |
| Operating income (loss) | (2.2) | (1.9) | (9.5) | (6.8) |
| Interest expense, net | 0.0 | 0.0 | 0.0 | 0.1 |
| Other expense, net | (0.4) | (0.4) | ||
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (2.2) | (2.3) | (9.5) | (7.1) |
| Benefit (provision) for income taxes | 0.5 | (2.0) | 0.5 | (3.4) |
| Equity in earnings of investee companies, net of tax | 0.3 | 0.3 | 0.7 | 0.9 |
| Net income (loss) | (1.4) | (4.0) | (8.3) | (9.6) |
| Total other comprehensive income (loss), net of tax | (1.4) | (15.0) | 104.6 | (25.8) |
| Total comprehensive income (loss) | $ (2.8) | $ (19.0) | $ 96.3 | $ (35.4) |
Condensed Consolidating Financial Information - Condensed Consolidating Cash Flow Statement (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | $ 200.7 | $ 176.4 |
| Capital expenditures | (45.6) | (43.0) |
| Acquisitions | (64.7) | (11.1) |
| Net proceeds from dispositions | 90.4 | 8.8 |
| Net cash flow provided by (used for) investing activities | (19.9) | (45.3) |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | 103.8 |
| Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 |
| Repayments of borrowings under revolving credit facility | (35.0) | (105.0) |
| Repayments of long-term borrowings - term loan | (60.0) | 0.0 |
| Deferred financing costs | (0.4) | (3.3) |
| Proceeds from stock option exercises | 0.0 | 2.0 |
| Taxes withheld for stock-based compensation | (7.0) | (4.0) |
| Dividends | (141.7) | (148.7) |
| Intercompany | 0.0 | 0.0 |
| Other | (0.2) | (0.6) |
| Net cash flow provided by (used for) financing activities | (209.3) | (50.8) |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | (2.4) |
| Net increase (decrease) in cash and cash equivalents | (28.5) | 77.9 |
| Cash and cash equivalents at beginning of period | 101.6 | 28.5 |
| Cash and cash equivalents at end of period | 73.1 | 106.4 |
| Eliminations | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 0.0 | 0.0 |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | 0.0 | 0.0 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 0.0 | 0.0 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | |
| Net increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
| Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
| Cash and cash equivalents at end of period | 0.0 | 0.0 |
| Parent Company | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (1.1) | (1.1) |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 2.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | (141.7) | (148.7) |
| Intercompany | 142.8 | 147.8 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 1.1 | 1.1 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | |
| Net increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
| Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
| Cash and cash equivalents at end of period | 0.0 | 0.0 |
| Subsidiary Issuer | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (77.2) | (72.0) |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings - senior notes | 103.8 | |
| Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 |
| Repayments of borrowings under revolving credit facility | (35.0) | (105.0) |
| Repayments of long-term borrowings - term loan | (60.0) | |
| Deferred financing costs | (0.4) | (3.3) |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | 76.5 | 13.6 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 16.1 | 114.1 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | |
| Net increase (decrease) in cash and cash equivalents | (61.1) | 42.1 |
| Cash and cash equivalents at beginning of period | 81.6 | 11.5 |
| Cash and cash equivalents at end of period | 20.5 | 53.6 |
| Guarantor Subsidiaries | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 280.7 | 230.9 |
| Capital expenditures | (42.6) | (39.6) |
| Acquisitions | (64.7) | (11.1) |
| Net proceeds from dispositions | 2.9 | 8.8 |
| Net cash flow provided by (used for) investing activities | (104.4) | (41.9) |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | (7.0) | (4.0) |
| Dividends | 0.0 | 0.0 |
| Intercompany | (143.3) | (161.7) |
| Other | (0.2) | (0.6) |
| Net cash flow provided by (used for) financing activities | (150.5) | (166.3) |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | |
| Net increase (decrease) in cash and cash equivalents | 25.8 | 22.7 |
| Cash and cash equivalents at beginning of period | 8.5 | 8.8 |
| Cash and cash equivalents at end of period | 34.3 | 31.5 |
| Non-Guarantor Subsidiaries | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (1.7) | 18.6 |
| Capital expenditures | (3.0) | (3.4) |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 87.5 | 0.0 |
| Net cash flow provided by (used for) investing activities | 84.5 | (3.4) |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | (76.0) | 0.3 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | (76.0) | 0.3 |
| Effect of exchange rate changes on cash and cash equivalents | (2.4) | |
| Net increase (decrease) in cash and cash equivalents | 6.8 | 13.1 |
| Cash and cash equivalents at beginning of period | 11.5 | 8.2 |
| Cash and cash equivalents at end of period | $ 18.3 | $ 21.3 |