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Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2017
Condensed Consolidating Financial Information [Abstract]  
Condensed Balance Sheet
 
 
As of December 31, 2017
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
10.2

 
$
3.7

 
$
34.4

 
$

 
$
48.3

Receivables, less allowances
 

 

 
42.1

 
202.7

 
(13.7
)
 
231.1

Other current assets
 

 
1.0

 
89.0

 
20.0

 
(13.4
)
 
96.6

Total current assets
 

 
11.2

 
134.8

 
257.1

 
(27.1
)
 
376.0

Property and equipment, net
 

 

 
609.1

 
53.0

 

 
662.1

Goodwill
 

 

 
2,059.9

 
68.1

 

 
2,128.0

Intangible assets
 

 

 
511.5

 
69.4

 

 
580.9

Investment in subsidiaries
 
1,181.1

 
3,333.6

 
293.4

 

 
(4,808.1
)
 

Other assets
 

 
3.3

 
55.1

 
2.8

 

 
61.2

Intercompany
 

 

 
123.9

 
148.3

 
(272.2
)
 

Total assets
 
$
1,181.1

 
$
3,348.1

 
$
3,787.7

 
$
598.7

 
$
(5,107.4
)
 
$
3,808.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Total current liabilities
 
$

 
$
21.7

 
$
199.4

 
$
105.6

 
$
(27.1
)
 
$
299.6

Long-term debt
 

 
2,145.3

 

 

 

 
2,145.3

Deferred income tax liabilities, net
 

 

 

 
19.6

 

 
19.6

Asset retirement obligation
 

 

 
29.7

 
5.0

 

 
34.7

Deficit in excess of investment of subsidiaries
 

 

 
2,152.5

 

 
(2,152.5
)
 

Other liabilities
 

 

 
76.7

 
5.7

 

 
82.4

Intercompany
 

 

 
148.3

 
123.9

 
(272.2
)
 

Total liabilities
 

 
2,167.0

 
2,606.6

 
259.8

 
(2,451.8
)
 
2,581.6

Total stockholders’ equity
 
1,181.1

 
1,181.1

 
1,181.1

 
293.4

 
(2,655.6
)
 
1,181.1

Non-controlling interests
 

 

 

 
45.5

 

 
45.5

Total equity
 
1,181.1

 
1,181.1

 
1,181.1

 
338.9

 
(2,655.6
)
 
1,226.6

Total liabilities and equity
 
$
1,181.1

 
$
3,348.1

 
$
3,787.7

 
$
598.7

 
$
(5,107.4
)
 
$
3,808.2



 
 
As of December 31, 2016
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
11.4

 
$
35.8

 
$
18.0

 
$

 
$
65.2

Receivables, less allowances
 

 

 
207.9

 
14.1

 

 
222.0

Other current assets
 

 
1.1

 
77.9

 
12.0

 

 
91.0

Total current assets
 

 
12.5

 
321.6

 
44.1

 

 
378.2

Property and equipment, net
 

 

 
621.4

 
43.6

 

 
665.0

Goodwill
 

 

 
2,059.9

 
29.5

 

 
2,089.4

Intangible assets
 

 

 
545.3

 

 

 
545.3

Investment in subsidiaries
 
1,233.0

 
3,371.9

 
114.4

 

 
(4,719.3
)
 

Other assets
 

 
1.1

 
56.9

 
2.6

 

 
60.6

Intercompany
 

 

 
42.7

 
67.0

 
(109.7
)
 

Total assets
 
$
1,233.0

 
$
3,385.5

 
$
3,762.2

 
$
186.8

 
$
(4,829.0
)
 
$
3,738.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Total current liabilities
 
$

 
$
15.7

 
$
223.4

 
$
12.4

 
$

 
$
251.5

Long-term debt
 

 
2,136.8

 

 

 

 
2,136.8

Deferred income tax liabilities, net
 

 

 

 
8.5

 

 
8.5

Asset retirement obligation
 

 

 
29.7

 
4.4

 

 
34.1

Deficit in excess of investment of subsidiaries
 

 

 
2,138.9

 

 
(2,138.9
)
 

Other liabilities
 

 

 
70.2

 
4.4

 

 
74.6

Intercompany
 

 

 
67.0

 
42.7

 
(109.7
)
 

Total liabilities
 

 
2,152.5

 
2,529.2

 
72.4

 
(2,248.6
)
 
2,505.5

Total stockholders’ equity
 
1,232.9

 
1,232.9

 
1,232.9

 
114.4

 
(2,580.2
)
 
1,232.9

Non-controlling interests
 
0.1

 
0.1

 
0.1

 

 
(0.2
)
 
0.1

Total equity
 
1,233.0

 
1,233.0

 
1,233.0

 
114.4

 
(2,580.4
)
 
1,233.0

Total liabilities and stockholders’ equity
 
$
1,233.0

 
$
3,385.5

 
$
3,762.2

 
$
186.8

 
$
(4,829.0
)
 
$
3,738.5




Condensed Income Statement
 
 
Year Ended December 31, 2017
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Billboard
 
$

 
$

 
$
997.5

 
$
61.5

 
$

 
$
1,059.0

Transit and other
 

 

 
449.4

 
12.1

 

 
461.5

Total revenues
 

 

 
1,446.9

 
73.6

 

 
1,520.5

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 

 

 
784.6

 
50.6

 

 
835.2

Selling, general and administrative
 
1.6

 
0.9

 
246.2

 
13.0

 

 
261.7

Restructuring charges
 

 

 
2.5

 
3.9

 

 
6.4

Net gain on dispositions
 

 

 
(14.4
)
 
0.1

 

 
(14.3
)
Depreciation
 

 

 
77.3

 
12.4

 

 
89.7

Amortization
 

 

 
94.0

 
6.1

 

 
100.1

Total expenses
 
1.6

 
0.9

 
1,190.2

 
86.1

 

 
1,278.8

Operating income (loss)
 
(1.6
)
 
(0.9
)
 
256.7

 
(12.5
)
 

 
241.7

Interest expense, net
 

 
(113.9
)
 
(2.3
)
 
(0.7
)
 

 
(116.9
)
Other income, net
 

 

 

 
0.3

 

 
0.3

Income (loss) before income taxes and equity earnings of investee
 
(1.6
)
 
(114.8
)
 
254.4

 
(12.9
)
 

 
125.1

Benefit (provision) for income taxes
 

 

 
(11.3
)
 
7.2

 

 
(4.1
)
Equity in earnings of investee companies, net of tax
 
127.4

 
242.2

 
(115.7
)
 
0.8

 
(249.9
)
 
4.8

Net income (loss)
 
$
125.8

 
$
127.4

 
$
127.4

 
$
(4.9
)
 
$
(249.9
)
 
$
125.8

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
125.8

 
$
127.4

 
$
127.4

 
$
(4.9
)
 
$
(249.9
)
 
$
125.8

Total other comprehensive income, net of tax
 
10.8

 
10.8

 
10.8

 
10.8

 
(32.4
)
 
10.8

Total comprehensive income
 
$
136.6

 
$
138.2

 
$
138.2

 
$
5.9

 
$
(282.3
)
 
$
136.6

 
 
Year Ended December 31, 2016
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Billboard
 
$

 
$

 
$
1,005.6

 
$
65.4

 
$

 
$
1,071.0

Transit and other
 

 

 
429.6

 
13.3

 

 
442.9

Total revenues
 

 

 
1,435.2

 
78.7

 

 
1,513.9

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 

 

 
764.9

 
53.2

 

 
818.1

Selling, general and administrative
 
1.5

 
0.2

 
246.7

 
16.4

 

 
264.8

Restructuring charges
 

 

 
2.5

 

 

 
2.5

Loss on real estate assets held for sale
 

 

 

 
1.3

 

 
1.3

Net loss on dispositions
 

 

 
(1.7
)
 
(0.2
)
 

 
(1.9
)
Depreciation
 

 

 
94.1

 
14.8

 

 
108.9

Amortization
 

 

 
112.3

 
3.0

 

 
115.3

Total expenses
 
1.5

 
0.2

 
1,218.8

 
88.5

 

 
1,309.0

Operating income (loss)
 
(1.5
)
 
(0.2
)
 
216.4

 
(9.8
)
 

 
204.9

Interest expense, net
 

 
(113.6
)
 
(0.2
)
 

 

 
(113.8
)
Other expense, net
 

 

 

 
(0.1
)
 

 
(0.1
)
Income (loss) before income taxes and equity earnings of investee
 
(1.5
)
 
(113.8
)
 
216.2

 
(9.9
)
 

 
91.0

Benefit (provision) for income taxes
 

 

 
(6.4
)
 
1.0

 

 
(5.4
)
Equity in earnings of investee companies, net of tax
 
92.4

 
206.2

 
(117.4
)
 
1.0

 
(176.9
)
 
5.3

Net income (loss)
 
$
90.9

 
$
92.4

 
$
92.4

 
$
(7.9
)
 
$
(176.9
)
 
$
90.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
90.9

 
$
92.4

 
$
92.4

 
$
(7.9
)
 
$
(176.9
)
 
$
90.9

Total other comprehensive income, net of tax
 
102.4

 
102.4

 
102.4

 
102.6

 
(307.4
)
 
102.4

Total comprehensive income
 
$
193.3

 
$
194.8

 
$
194.8

 
$
94.7

 
$
(484.3
)
 
$
193.3

 
 
Year Ended December 31, 2015
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Billboard
 
$

 
$

 
$
969.8

 
$
114.5

 
$

 
$
1,084.3

Transit and other
 

 

 
410.5

 
19.0

 

 
429.5

Total revenues
 

 

 
1,380.3

 
133.5

 

 
1,513.8

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 

 

 
743.9

 
89.2

 

 
833.1

Selling, general and administrative
 
1.5

 
0.3

 
228.0

 
28.5

 

 
258.3

Restructuring charges
 

 

 
2.6

 

 

 
2.6

Loss on real estate assets held for sale
 

 

 

 
103.6

 

 
103.6

Net gain on dispositions
 

 

 
0.6

 
0.1

 

 
0.7

Depreciation
 

 

 
94.0

 
19.7

 

 
113.7

Amortization
 

 

 
111.1

 
4.3

 

 
115.4

Total expenses
 
1.5

 
0.3

 
1,180.2

 
245.4

 

 
1,427.4

Operating income (loss)
 
(1.5
)
 
(0.3
)
 
200.1

 
(111.9
)
 

 
86.4

Interest income (expense), net
 

 
(114.8
)
 
(0.2
)
 
0.2

 

 
(114.8
)
Other expense, net
 

 

 

 
(0.4
)
 

 
(0.4
)
Income (loss) before income taxes and equity earnings of investee
 
(1.5
)
 
(115.1
)
 
199.9

 
(112.1
)
 

 
(28.8
)
Provision for income taxes
 

 

 
(2.0
)
 
(3.4
)
 

 
(5.4
)
Equity in earnings of investee companies, net of tax
 
(27.9
)
 
87.2

 
(225.8
)
 
1.1

 
170.2

 
4.8

Net loss
 
$
(29.4
)
 
$
(27.9
)
 
$
(27.9
)
 
$
(114.4
)
 
$
170.2

 
$
(29.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(29.4
)
 
$
(27.9
)
 
$
(27.9
)
 
$
(114.4
)
 
$
170.2

 
$
(29.4
)
Total other comprehensive loss, net of tax
 
(30.8
)
 
(30.8
)
 
(30.8
)
 
(30.5
)
 
92.1

 
(30.8
)
Total comprehensive loss
 
$
(60.2
)
 
$
(58.7
)
 
$
(58.7
)
 
$
(144.9
)
 
$
262.3

 
$
(60.2
)
Condensed Cash Flow Statement
 
 
Year Ended December 31, 2017
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash provided by (used for) operating activities
 
$
(1.7
)
 
$
(108.5
)
 
$
329.5

 
$
30.0

 
$

 
$
249.3

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(63.6
)
 
(7.2
)
 

 
(70.8
)
Acquisitions
 

 

 
(18.5
)
 
(51.6
)
 

 
(70.1
)
Proceeds from dispositions
 

 

 
5.5

 
0.1

 

 
5.6

Cash used for investing activities
 

 

 
(76.6
)
 
(58.7
)
 

 
(135.3
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt borrowings - term loan
 

 
8.3

 

 

 

 
8.3

Proceeds from borrowings under short-term debt facilities
 

 
90.0

 

 
160.0

 

 
250.0

Repayments of borrowings under short-term debt facilities
 

 
(90.0
)
 

 
(80.0
)
 

 
(170.0
)
Payments of deferred financing costs
 

 
(8.0
)
 

 
(0.5
)
 

 
(8.5
)
Proceeds from stock option exercises
 
1.2

 

 

 

 

 
1.2

Earnout payment related to prior acquisition
 

 

 
(2.0
)
 

 

 
(2.0
)
Taxes withheld for stock-based compensation
 

 

 
(8.5
)
 

 

 
(8.5
)
Dividends
 
(200.4
)
 

 

 
(1.4
)
 

 
(201.8
)
Intercompany
 
200.9

 
107.0

 
(274.3
)
 
(33.6
)
 

 

Other
 

 

 
(0.2
)
 

 

 
(0.2
)
Cash provided by (used for) financing activities
 
1.7

 
107.3

 
(285.0
)
 
44.5

 

 
(131.5
)
Effect of exchange rate on cash and cash equivalents
 

 

 

 
0.6

 

 
0.6

Net increase (decrease) in cash and cash equivalents
 

 
(1.2
)
 
(32.1
)
 
16.4

 

 
(16.9
)
Cash and cash equivalents at beginning of period
 

 
11.4

 
35.8

 
18.0

 

 
65.2

Cash and cash equivalents at end of period
 
$

 
$
10.2

 
$
3.7

 
$
34.4

 
$

 
$
48.3


 
 
Year Ended December 31, 2016
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash provided by (used for) operating activities
 
$
(1.5
)
 
$
(111.3
)
 
$
399.1

 
$
0.8

 
$

 
$
287.1

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(54.8
)
 
(4.6
)
 

 
(59.4
)
Acquisitions
 

 

 
(67.9
)
 

 

 
(67.9
)
Proceeds from dispositions
 

 

 
2.9

 
87.7

 

 
90.6

Cash provided by (used for) investing activities
 

 

 
(119.8
)
 
83.1

 

 
(36.7
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Repayments of long-term debt borrowings - term loan
 

 
(90.0
)
 

 

 

 
(90.0
)
Proceeds from borrowings under short-term debt facilities
 

 
35.0

 

 

 

 
35.0

Repayments of borrowings under short-term debt facilities
 

 
(35.0
)
 

 

 

 
(35.0
)
Payments of deferred financing costs
 

 
(0.4
)
 

 

 

 
(0.4
)
Taxes withheld for stock-based compensation
 

 

 
(7.3
)
 

 

 
(7.3
)
Dividends
 
(188.6
)
 

 

 

 

 
(188.6
)
Intercompany
 
190.1

 
131.5

 
(244.5
)
 
(77.1
)
 

 

Other
 

 

 
(0.2
)
 

 

 
(0.2
)
Cash provided by (used for) financing activities
 
1.5

 
41.1

 
(252.0
)
 
(77.1
)
 

 
(286.5
)
Effect of exchange rate on cash and cash equivalents
 

 

 

 
(0.3
)
 

 
(0.3
)
Net increase (decrease) in cash and cash equivalents
 

 
(70.2
)
 
27.3

 
6.5

 

 
(36.4
)
Cash and cash equivalents at beginning of period
 

 
81.6

 
8.5

 
11.5

 

 
101.6

Cash and cash equivalents at end of period
 
$

 
$
11.4

 
$
35.8

 
$
18.0

 
$

 
$
65.2

 
 
Year Ended December 31, 2015
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash provided by (used for) operating activities
 
$
(1.5
)
 
$
(107.4
)
 
$
378.9

 
$
23.1

 
$

 
$
293.1

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(53.3
)
 
(5.9
)
 

 
(59.2
)
Acquisitions
 

 

 
(12.1
)
 

 

 
(12.1
)
Proceeds from dispositions
 

 

 
8.9

 

 

 
8.9

Cash used for investing activities
 

 

 
(56.5
)
 
(5.9
)
 

 
(62.4
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt borrowings - senior notes
 

 
103.8

 

 

 

 
103.8

Repayments of long-term debt borrowings - term loan
 

 
(50.0
)
 

 

 

 
(50.0
)
Proceeds from borrowings under short-term debt facilities
 

 
105.0

 

 

 

 
105.0

Repayments of borrowings under short-term debt facilities
 

 
(105.0
)
 

 

 

 
(105.0
)
Payments of deferred financing costs
 

 
(3.3
)
 

 

 

 
(3.3
)
Proceeds from stock option exercises
 
2.0

 

 

 

 

 
2.0

Taxes withheld for stock-based compensation
 

 

 
(4.3
)
 

 

 
(4.3
)
Dividends
 
(196.3
)
 

 

 

 

 
(196.3
)
Intercompany
 
195.8

 
127.0

 
(317.9
)
 
(4.9
)
 

 

Other
 

 

 
(0.5
)
 

 

 
(0.5
)
Cash provided by (used for) financing activities
 
1.5

 
177.5

 
(322.7
)
 
(4.9
)
 

 
(148.6
)
Effect of exchange rate on cash and cash equivalents
 

 

 

 
(3.3
)
 

 
(3.3
)
Net increase (decrease) in cash and cash equivalents
 

 
70.1

 
(0.3
)
 
9.0

 

 
78.8

Cash and cash equivalents at beginning of period
 

 
11.5

 
8.8

 
8.2

 

 
28.5

Cash reclassified to assets held for sale
 

 

 

 
(5.7
)
 

 
(5.7
)
Cash and cash equivalents at end of period
 
$

 
$
81.6

 
$
8.5

 
$
11.5

 
$

 
$
101.6