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 | ) |
|