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Condensed Consolidating Financial Information
12 Months Ended
Dec. 31, 2019
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 8. Debt to the Consolidated Financial Statements). 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, including the SPVs; (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.
 
 
As of December 31, 2019
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
12.7

 
$
1.1

 
$
45.3

 
$

 
$
59.1

Receivables, less allowances
 

 

 

 
320.8

 
(30.8
)
 
290.0

Other current assets
 

 
1.0

 
169.7

 
76.9

 
(160.9
)
 
86.7

Total current assets
 

 
13.7

 
170.8

 
443.0

 
(191.7
)
 
435.8

Property and equipment, net
 

 

 
618.2

 
48.0

 

 
666.2

Goodwill
 

 

 
2,059.9

 
23.2

 

 
2,083.1

Intangible assets
 

 

 
479.5

 
71.4

 

 
550.9

Operating lease assets
 

 

 
1,344.3

 
112.7

 

 
1,457.0

Investment in subsidiaries
 
1,093.8

 
3,330.0

 
331.6

 

 
(4,755.4
)
 

Prepaid MTA equipment deployment costs
 

 

 
116.1

 

 

 
116.1

Other assets
 

 
3.5

 
65.8

 
3.9

 

 
73.2

Intercompany
 

 

 
77.5

 
87.6

 
(165.1
)
 

Total assets
 
$
1,093.8

 
$
3,347.2

 
$
5,263.7

 
$
789.8

 
$
(5,112.2
)
 
$
5,382.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Total current liabilities
 
$

 
$
26.7

 
$
590.5

 
$
224.5

 
$
(191.7
)
 
$
650.0

Long-term debt, net
 

 
2,222.1

 

 

 

 
2,222.1

Deferred income tax liabilities, net
 

 

 

 
18.0

 

 
18.0

Asset retirement obligation
 

 

 
30.6

 
4.5

 

 
35.1

Operating lease liabilities
 

 

 
1,188.0

 
97.1

 

 
1,285.1

Deficit in excess of investment of subsidiaries
 

 

 
2,236.2

 

 
(2,236.2
)
 

Other liabilities
 

 
4.6

 
37.0

 
4.0

 

 
45.6

Intercompany
 

 

 
87.6

 
77.5

 
(165.1
)
 

Total liabilities
 

 
2,253.4

 
4,169.9

 
425.6

 
(2,593.0
)
 
4,255.9

Total stockholders’ equity
 
1,093.8

 
1,093.8

 
1,093.8

 
331.6

 
(2,519.2
)
 
1,093.8

Non-controlling interests
 

 

 

 
32.6

 

 
32.6

Total equity
 
1,093.8

 
1,093.8

 
1,093.8

 
364.2

 
(2,519.2
)
 
1,126.4

Total liabilities and equity
 
$
1,093.8

 
$
3,347.2

 
$
5,263.7

 
$
789.8

 
$
(5,112.2
)
 
$
5,382.3



 
 
As of December 31, 2018
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$
12.0

 
$

 
$
40.7

 
$

 
$
52.7

Receivables, less allowances
 

 

 
52.7

 
232.1

 
(19.9
)
 
264.9

Other current assets
 

 
1.0

 
176.3

 
81.5

 
(146.9
)
 
111.9

Total current assets
 

 
13.0

 
229.0

 
354.3

 
(166.8
)
 
429.5

Property and equipment, net
 

 

 
604.3

 
48.6

 

 
652.9

Goodwill
 

 

 
2,059.9

 
19.8

 

 
2,079.7

Intangible assets
 

 

 
478.4

 
58.8

 

 
537.2

Investment in subsidiaries
 
1,102.8

 
3,257.5

 
261.9

 

 
(4,622.2
)
 

Prepaid MTA equipment deployment costs
 

 

 
60.6

 

 

 
60.6

Other assets
 

 
2.3

 
63.4

 
3.1

 

 
68.8

Intercompany
 

 

 
81.0

 
100.7

 
(181.7
)
 

Total assets
 
$
1,102.8

 
$
3,272.8

 
$
3,838.5

 
$
585.3

 
$
(4,970.7
)
 
$
3,828.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Total current liabilities
 
$

 
$
18.0

 
$
375.5

 
$
175.9

 
$
(166.8
)
 
$
402.6

Long-term debt, net
 

 
2,149.6

 

 

 

 
2,149.6

Deferred income tax liabilities, net
 

 

 

 
17.0

 

 
17.0

Asset retirement obligation
 

 

 
29.9

 
4.3

 

 
34.2

Deficit in excess of investment of subsidiaries
 

 

 
2,154.7

 

 
(2,154.7
)
 

Other liabilities
 

 
2.4

 
74.9

 
2.7

 

 
80.0

Intercompany
 

 

 
100.7

 
81.0

 
(181.7
)
 

Total liabilities
 

 
2,170.0

 
2,735.7

 
280.9

 
(2,503.2
)
 
2,683.4

Total stockholders’ equity
 
1,102.8

 
1,102.8

 
1,102.8

 
261.9

 
(2,467.5
)
 
1,102.8

Non-controlling interests
 

 

 

 
42.5

 

 
42.5

Total equity
 
1,102.8

 
1,102.8

 
1,102.8

 
304.4

 
(2,467.5
)
 
1,145.3

Total liabilities and stockholders’ equity
 
$
1,102.8

 
$
3,272.8

 
$
3,838.5

 
$
585.3

 
$
(4,970.7
)
 
$
3,828.7




 
 
Year Ended December 31, 2019
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Billboard
 
$

 
$

 
$
1,109.9

 
$
80.0

 
$

 
$
1,189.9

Transit and other
 

 

 
579.5

 
12.8

 

 
592.3

Total revenues
 

 

 
1,689.4

 
92.8

 

 
1,782.2

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 

 

 
906.3

 
52.3

 

 
958.6

Selling, general and administrative
 
1.6

 
0.5

 
311.2

 
10.2

 

 
323.5

Restructuring charges
 

 

 
0.3

 

 

 
0.3

Net gain on dispositions
 

 

 
(3.8
)
 

 

 
(3.8
)
Depreciation
 

 

 
76.8

 
10.5

 

 
87.3

Amortization
 

 

 
97.8

 
9.4

 

 
107.2

Total expenses
 
1.6

 
0.5

 
1,388.6

 
82.4

 

 
1,473.1

Operating income (loss)
 
(1.6
)
 
(0.5
)
 
300.8

 
10.4

 

 
309.1

Interest expense, net
 

 
(127.1
)
 
(2.5
)
 
(5.3
)
 

 
(134.9
)
Loss on extinguishment of debt
 

 
(28.5
)
 

 

 

 
(28.5
)
Other income, net
 

 

 

 
0.1

 

 
0.1

Income (loss) before provision for income taxes and equity in earnings of investee companies
 
(1.6
)
 
(156.1
)
 
298.3

 
5.2

 

 
145.8

Provision for income taxes
 

 

 
(8.8
)
 
(2.1
)
 

 
(10.9
)
Equity in earnings of investee companies, net of tax
 
141.7

 
297.8

 
(147.8
)
 
1.1

 
(287.1
)
 
5.7

Net income before allocation to non-controlling interests
 
$
140.1

 
$
141.7

 
$
141.7

 
$
4.2

 
$
(287.1
)
 
$
140.6

Net income attributable to non-controlling interests
 

 

 

 
0.5

 

 
0.5

Net income attributable to Outfront Media Inc.
 
140.1

 
141.7

 
141.7

 
3.7

 
(287.1
)
 
140.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Outfront Media Inc.
 
$
140.1

 
$
141.7

 
$
141.7

 
$
3.7

 
$
(287.1
)
 
$
140.1

Total other comprehensive income, net of tax
 
4.3

 
4.3

 
4.3

 
6.5

 
(15.1
)
 
4.3

Total comprehensive income
 
$
144.4

 
$
146.0

 
$
146.0

 
$
10.2

 
$
(302.2
)
 
$
144.4

 
 
Year Ended December 31, 2018
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Billboard
 
$

 
$

 
$
1,040.1

 
$
72.3

 
$

 
$
1,112.4

Transit and other
 

 

 
480.8

 
13.0

 

 
493.8

Total revenues
 

 

 
1,520.9

 
85.3

 

 
1,606.2

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Operating
 

 

 
808.3

 
51.6

 

 
859.9

Selling, general and administrative
 
1.6

 
0.2

 
276.6

 
8.6

 

 
287.0

Restructuring charges
 

 

 
2.1

 

 

 
2.1

Net gain on dispositions
 

 

 
(5.3
)
 
(0.2
)
 

 
(5.5
)
Impairment charge
 

 

 

 
42.9

 

 
42.9

Depreciation
 

 

 
73.3

 
12.6

 

 
85.9

Amortization
 

 

 
90.2

 
8.9

 

 
99.1

Total expenses
 
1.6

 
0.2

 
1,245.2

 
124.4

 

 
1,371.4

Operating income (loss)
 
(1.6
)
 
(0.2
)
 
275.7

 
(39.1
)
 

 
234.8

Interest expense, net
 

 
(118.4
)
 
(3.8
)
 
(3.5
)
 

 
(125.7
)
Other expenses, net
 

 

 

 
(0.4
)
 

 
(0.4
)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies
 
(1.6
)
 
(118.6
)
 
271.9

 
(43.0
)
 

 
108.7

Benefit (provision) for income taxes
 

 

 
(6.1
)
 
1.2

 

 
(4.9
)
Equity in earnings of investee companies, net of tax
 
109.5

 
228.1

 
(156.3
)
 
1.1

 
(178.3
)
 
4.1

Net income (loss) attributable to OUTFRONT Media Inc.
 
$
107.9

 
$
109.5

 
$
109.5

 
$
(40.7
)
 
$
(178.3
)
 
$
107.9

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to OUTFRONT Media Inc.
 
$
107.9

 
$
109.5

 
$
109.5

 
$
(40.7
)
 
$
(178.3
)
 
$
107.9

Total other comprehensive loss, net of tax
 
(14.3
)
 
(14.3
)
 
(14.3
)
 
(12.1
)
 
40.7

 
(14.3
)
Total comprehensive income (loss)
 
$
93.6

 
$
95.2

 
$
95.2

 
$
(52.8
)
 
$
(137.6
)
 
$
93.6

 
 
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) loss 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 benefit (provision) for income taxes and equity in earnings of investee companies
 
(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) attributable to OUTFRONT Media Inc.
 
$
125.8

 
$
127.4

 
$
127.4

 
$
(4.9
)
 
$
(249.9
)
 
$
125.8

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to OUTFRONT Media Inc.
 
$
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, 2019
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash flow provided by (used for) operating activities
 
$
(1.6
)
 
$
(111.8
)
 
$
375.7

 
$
14.6

 
$

 
$
276.9

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(87.0
)
 
(2.9
)
 

 
(89.9
)
Acquisitions
 

 

 
(69.7
)
 

 

 
(69.7
)
MTA franchise rights
 

 

 
(24.0
)
 

 

 
(24.0
)
Proceeds from dispositions
 

 

 
5.8

 

 

 
5.8

Return of investment in investee companies
 

 

 
1.5

 

 

 
1.5

Net cash flow used for investing activities
 

 

 
(173.4
)
 
(2.9
)
 

 
(176.3
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt borrowings
 

 
1,270.0

 

 

 

 
1,270.0

Repayments of long-term debt borrowings
 

 
(1,191.5
)
 

 

 

 
(1,191.5
)
Proceeds from borrowings under short-term debt facilities
 

 

 
180.0

 
325.0

 

 
505.0

Repayments of borrowings under short-term debt facilities
 

 

 
(165.0
)
 
(305.0
)
 

 
(470.0
)
Payments of deferred financing costs
 

 
(21.9
)
 
(0.2
)
 

 

 
(22.1
)
Payments of debt extinguishment charges
 

 
(20.6
)
 

 

 

 
(20.6
)
Proceeds from shares issued under the ATM Program
 
50.9

 

 

 

 

 
50.9

Taxes withheld for stock-based compensation
 

 

 
(7.9
)
 

 

 
(7.9
)
Dividends
 
(206.2
)
 

 

 
(1.9
)
 

 
(208.1
)
Intercompany
 
156.9

 
76.5

 
(207.7
)
 
(25.7
)
 

 

Net cash flow provided by (used for) financing activities
 
1.6

 
112.5

 
(200.8
)
 
(7.6
)
 

 
(94.3
)
Effect of exchange rate on cash, cash equivalents and restricted cash
 

 

 

 
0.5

 

 
0.5

Net increase in cash, cash equivalents and restricted cash
 

 
0.7

 
1.5

 
4.6

 

 
6.8

Cash, cash equivalents and restricted cash at beginning of period
 

 
12.0

 
1.4

 
40.7

 

 
54.1

Cash, cash equivalents and restricted cash at end of period
 
$

 
$
12.7

 
$
2.9

 
$
45.3

 
$

 
$
60.9


 
 
Year Ended December 31, 2018
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash flow provided by (used for) operating activities
 
$
(1.6
)
 
$
(110.6
)
 
$
331.8

 
$
(5.3
)
 
$

 
$
214.3

Investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 

 
(70.0
)
 
(12.3
)
 

 
(82.3
)
Acquisitions
 

 

 
(7.0
)
 

 

 
(7.0
)
MTA franchise rights
 

 

 
(13.3
)
 

 

 
(13.3
)
Proceeds from dispositions
 

 

 
7.6

 
0.3

 

 
7.9

Return of investment in investee companies
 

 

 
4.3

 

 

 
4.3

Net cash flow used for investing activities
 

 

 
(78.4
)
 
(12.0
)
 

 
(90.4
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt borrowings
 

 
104.0

 

 

 

 
104.0

Repayments of long-term debt borrowings
 

 
(104.0
)
 

 

 

 
(104.0
)
Proceeds from borrowings under short-term debt facilities
 

 

 
75.0

 
170.0

 

 
245.0

Repayments of borrowings under short-term debt facilities
 

 

 

 
(165.0
)
 

 
(165.0
)
Payments of deferred financing costs
 

 
(0.2
)
 

 
(0.1
)
 

 
(0.3
)
Proceeds from shares issued under the ATM Program
 
15.3

 

 

 

 

 
15.3

Earnout payment related to prior acquisition
 

 

 
(0.4
)
 

 

 
(0.4
)
Taxes withheld for stock-based compensation
 

 

 
(8.4
)
 

 

 
(8.4
)
Dividends
 
(201.2
)
 

 

 
(2.7
)
 

 
(203.9
)
Intercompany
 
187.5

 
112.6

 
(321.9
)
 
21.8

 

 

Net cash flow provided by (used for) financing activities
 
1.6

 
112.4

 
(255.7
)
 
24.0

 

 
(117.7
)
Effect of exchange rate on cash, cash equivalents and restricted cash
 

 

 

 
(0.4
)
 

 
(0.4
)
Net increase (decrease) in cash, cash equivalents and restricted cash
 

 
1.8

 
(2.3
)
 
6.3

 

 
5.8

Cash, cash equivalents and restricted cash at beginning of period
 

 
10.2

 
3.7

 
34.4

 

 
48.3

Cash, cash equivalents and restricted cash at end of period
 
$

 
$
12.0

 
$
1.4

 
$
40.7

 
$

 
$
54.1

 
 
Year Ended December 31, 2017
(in millions)
 
Parent Company
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash flow 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
 

 

 
(17.6
)
 
(51.6
)
 

 
(69.2
)
MTA franchise rights
 

 

 
(0.9
)
 

 

 
(0.9
)
Proceeds from dispositions
 

 

 
5.5

 
0.1

 

 
5.6

Net cash flow used for investing activities
 

 

 
(76.6
)
 
(58.7
)
 

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

 
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
)
Net cash flow provided by (used for) financing activities
 
1.7

 
107.3

 
(285.0
)
 
44.5

 

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

 

 

 
0.6

 

 
0.6

Net increase (decrease) in cash, cash equivalents and restricted cash
 

 
(1.2
)
 
(32.1
)
 
16.4

 

 
(16.9
)
Cash, cash equivalents and restricted cash at beginning of period
 

 
11.4

 
35.8

 
18.0

 

 
65.2

Cash, cash equivalents and restricted cash at end of period
 
$

 
$
10.2

 
$
3.7

 
$
34.4

 
$

 
$
48.3