Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CBS Outdoor Americas Inc. | ' |
Entity Central Index Key | '0001579877 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 120,000,000 |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets, Current [Abstract] | ' | ' |
Cash and cash equivalents | $223.40 | $29.80 |
Receivables, less allowance ($15.3 in 2014 and $15.7 in 2013) | 169.6 | 178.8 |
Deferred income tax assets, net | 24.6 | 24.5 |
Prepaid lease and transit franchise costs | 96.1 | 62.7 |
Other prepaid expenses | 22.7 | 15.5 |
Other current assets | 14.1 | 5.9 |
Total current assets | 550.5 | 317.2 |
Assets, Noncurrent [Abstract] | ' | ' |
Property and equipment, net | 721.3 | 755.4 |
Goodwill | 1,864.80 | 1,865.70 |
Intangible assets | 335.2 | 364.4 |
Other assets | 72.2 | 52.8 |
Total assets | 3,544 | 3,355.50 |
Liabilities, Current [Abstract] | ' | ' |
Accounts payable | 60.4 | 80 |
Accrued compensation | 16.4 | 28.2 |
Accrued lease costs | 15.7 | 17.7 |
Other accrued expenses | 51.5 | 37.8 |
Deferred revenues | 26.3 | 22.9 |
Other current liabilities | 32.8 | 25.6 |
Total current liabilities | 203.1 | 212.2 |
Liabilities, Noncurrent [Abstract] | ' | ' |
Long-term debt | 1,598.10 | 0 |
Deferred income tax liabilities, net | 275.7 | 288.5 |
Asset retirement obligation | 32.4 | 31.7 |
Other liabilities | 65.6 | 68.7 |
Total liabilities | 2,174.90 | 601.1 |
Commitments and Contingencies | ' | ' |
Stockholders’ equity/invested equity: | ' | ' |
Common Stock (2014 - 450.0 shares authorized, and 120.0 shares issued and outstanding; 2013 - no shares authorized, issued, or outstanding) | 1.2 | 0 |
Additional paid-in capital | 1,452.90 | 0 |
Distribution in excess of earnings | -15.2 | 0 |
Invested capital | 0 | 2,829.50 |
Accumulated other comprehensive loss | -69.8 | -75.1 |
Total stockholders’ equity | 1,369.10 | ' |
Total invested equity | ' | 2,754.40 |
Total liabilities and stockholders’ equity/invested equity | $3,544 | $3,355.50 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $15.30 | $15.70 |
Common Stock, Authorized | 450,000,000 | 0 |
Common Stock, Issued | 120,000,000 | 0 |
Common Stock, Outstanding | 120,000,000 | 0 |
Statement_of_Operations
Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues [Abstract] | ' | ' | ' | ' |
Billboard | $245.30 | $241.40 | $453 | $446.70 |
Transit and other | 89.1 | 91.3 | 169.3 | 165.2 |
Total revenues | 334.4 | 332.7 | 622.3 | 611.9 |
Expenses: | ' | ' | ' | ' |
Operating | 171.6 | 171.4 | 335.1 | 333.6 |
Selling, general and administrative | 55.4 | 49.8 | 106 | 93 |
Net (gain) loss on dispositions | 0 | 0.1 | -0.9 | -9.7 |
Depreciation | 26.5 | 25.9 | 52.6 | 51.9 |
Amortization | 22.6 | 22.7 | 44.5 | 45.6 |
Total expenses | 276.1 | 269.9 | 537.3 | 514.4 |
Operating income | 58.3 | 62.8 | 85 | 97.5 |
Interest expense | -18.5 | 0 | -31 | -0.1 |
Other expense, net | 0 | -0.1 | -0.5 | -0.2 |
Income before provision for income taxes and equity in earnings of investee companies | 39.8 | 62.7 | 53.5 | 97.2 |
Provision for income taxes | -17.6 | -27.1 | -23.5 | -42 |
Equity in earnings of investee companies, net of tax | 0.2 | 0.8 | 0.8 | 1.1 |
Net income | $22.40 | $36.40 | $30.80 | $56.30 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.19 | $0.30 | $0.28 | $0.52 |
Diluted | $0.19 | $0.30 | $0.28 | $0.52 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 119.7 | 119.7 | 108.4 | 108.4 |
Diluted | 119.9 | 119.9 | 108.6 | 108.6 |
Dividends declared per common share | $0.37 | $0 | $0.37 | $0 |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $22.40 | $36.40 | $30.80 | $56.30 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Cumulative translation adjustments | 3.3 | -9.9 | 5.1 | -12.2 |
Amortization of net actuarial loss | 0 | 0.1 | 0.2 | 0.3 |
Total other comprehensive income (loss), net of tax | 3.3 | -9.8 | 5.3 | -11.9 |
Total comprehensive income | $25.70 | $26.60 | $36.10 | $44.40 |
Statement_of_Invested_EquitySh
Statement of Invested Equity/Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Distribution in Excess of Earnings | Invested Capital | Accumulated Other Comprehensive Loss |
In Millions, except Share data | ||||||
Invested Equity, Beginning Balance at Dec. 31, 2012 | $2,843.90 | ' | ' | ' | $2,909.90 | ($66) |
Net income | 56.3 | ' | ' | ' | 56.3 | ' |
Other comprehensive income (loss) | -11.9 | ' | ' | ' | ' | -11.9 |
Net contribution from (distribution to) CBS | -54.2 | ' | ' | ' | -54.2 | ' |
Invested Equity, Ending Balance at Jun. 30, 2013 | 2,834.10 | ' | ' | ' | 2,912 | -77.9 |
Shares of Common Stock at Dec. 31, 2013 | 0 | ' | ' | ' | ' | ' |
Invested Equity, Beginning Balance at Dec. 31, 2013 | 2,754.40 | ' | ' | ' | 2,829.50 | -75.1 |
Net income | 30.8 | ' | ' | 29.7 | 1.1 | ' |
Other comprehensive income (loss) | 5.3 | ' | ' | ' | ' | 5.3 |
Initial Public Offering (shares) | ' | 23,000,000 | ' | ' | ' | ' |
Initial Public Offering | 615 | 0.2 | 614.8 | ' | ' | ' |
Share-based compensation: Amortization | 2.8 | ' | 2.8 | ' | ' | ' |
Conversion to equity (shares) | ' | 97,000,000 | ' | ' | ' | ' |
Conversion to equity | 0 | 1 | 2,829.60 | ' | -2,830.60 | ' |
Distribution of debt and IPO proceeds to CBS | -2,038.80 | ' | -2,038.80 | ' | ' | ' |
Dividends | -44.9 | ' | ' | -44.9 | ' | ' |
Net contribution from (distribution to) CBS | 44.5 | ' | 44.5 | ' | ' | ' |
Stockholders' Equity, Ending Balance at Jun. 30, 2014 | $1,369.10 | $1.20 | $1,452.90 | ($15.20) | $0 | ($69.80) |
Shares of Common Stock at Jun. 30, 2014 | 120,000,000 | 120,000,000 | ' | ' | ' | ' |
Statement_of_Invested_EquitySh1
Statement of Invested Equity/Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Common Stock, Par Value | $0.01 | ' | $0.01 | ' |
Dividends declared per common share | $0.37 | $0 | $0.37 | $0 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Operating Activities: | ' | ' | ||
Net income | $30.80 | $56.30 | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ' | ' | ||
Depreciation and amortization | 97.1 | 97.5 | ||
Deferred tax benefit | -12.9 | -4.8 | ||
Stock-based compensation | 4.7 | [1] | 3.2 | [1] |
Provision for doubtful accounts | 1.6 | -0.3 | ||
Net (gain) loss on dispositions | -0.9 | -9.7 | ||
Equity in earnings of investee companies, net of tax | -0.8 | -1.1 | ||
Distributions from investee companies | 3.2 | 2.2 | ||
Amortization of deferred financing costs and debt discount | 1.9 | 0 | ||
Change in assets and liabilities, net of investing and financing activities | -59.9 | -73.5 | ||
Net Cash Provided by (Used for) Operating Activities | 64.8 | 69.8 | ||
Investing Activities: | ' | ' | ||
Capital expenditures | -19.1 | -14.9 | ||
Acquisitions | 0 | -9.6 | ||
Proceeds from dispositions | 0.5 | 10.9 | ||
Net Cash Provided by (Used for) Investing Activities | -18.6 | -13.6 | ||
Financing Activities: | ' | ' | ||
Proceeds from IPO | 615 | 0 | ||
Proceeds from long-term debt borrowings | 1,598 | 0 | ||
Deferred financing fees | -24.4 | 0 | ||
Excess tax benefit from stock-based compensation | 0 | 5.4 | ||
Distribution of debt and IPO proceeds to CBS | -2,038.80 | 0 | ||
Net cash contribution from (distribution to) CBS | 42.2 | -63.4 | ||
Dividends | -44.4 | 0 | ||
Net Cash Provided by (Used for) Financing Activities | 147.6 | -58 | ||
Effect of exchange rate changes on cash and cash equivalents | -0.2 | -0.2 | ||
Net increase (decrease) in cash and cash equivalents | 193.6 | -2 | ||
Cash and cash equivalents at beginning of period | 29.8 | 20.2 | ||
Cash and cash equivalents at end of period | 223.4 | 18.2 | ||
Supplemental disclosure of cash flow Information: | ' | ' | ||
Cash paid for income taxes | 28.3 | 46.5 | ||
Cash paid for interest | $19 | $0 | ||
[1] | Stock-based compensation is classified as a Corporate expense. |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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 | |
CBS Outdoor Americas Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) was formed as an indirect wholly owned subsidiary of CBS Corporation (“CBS”). We provide advertising space (“displays”) on out-of-home advertising structures and sites in the U.S., Canada and Latin America. 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 180 markets across the U.S., Canada and Latin America. We manage our business through two segments - United States (“U.S.”) and International. | |
On April 2, 2014, we completed an initial public offering (the “IPO”) of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares. (See Note 2. Initial Public Offering.) | |
On April 16, 2014, CBS received a favorable private letter ruling from the Internal Revenue Service (“IRS”) with respect to certain issues relevant to our qualification as a real estate investment trust (“REIT”). On July 16, 2014, we ceased to be a member of the CBS consolidated tax group and on July 17, 2014, we began operating in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes for the tax year commencing July 17, 2014, and ending December 31, 2014. | |
As of June 30, 2014, CBS indirectly owned approximately 81% of the outstanding shares of our common stock. | |
On July 16, 2014, CBS completed a registered offer to exchange 97,000,000 shares of our common stock that were owned by CBS for outstanding shares of CBS Class B common stock (the “Exchange Offer”). In connection with the Exchange Offer, CBS disposed of all of its shares of our common stock and as of July 16, 2014, we were separated from CBS (the “Separation”) and were no longer a subsidiary of CBS. | |
On July 20, 2014, we entered into a definitive agreement to acquire certain outdoor advertising businesses from Van Wagner Communications, LLC (“Van Wagner”), for $690.0 million in cash. (See Note 17. Subsequent Events.) | |
On August 5, 2014, we announced that our board of directors approved a quarterly dividend of $0.37 per share. The dividend is payable on September 30, 2014, to stockholders of record of our common stock on September 9, 2014. | |
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 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 previously reported amounts have been reclassified to conform with the current presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our prospectus, filed with the SEC on July 7, 2014. | |
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 at 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. | |
Our 2013 financial statements were presented on a “carve-out” basis from CBS’s consolidated financial statements based on the historical results of operations, cash flows, assets and liabilities attributable to its Outdoor Americas operating segment. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated financial statements are reasonable. However, the consolidated financial statements herein do not necessarily reflect what our financial position, results of operations or cash flows would have been if we had been a stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of our future results of operations, financial position or cash flows. |
Initial_Public_Offering
Initial Public Offering | 6 Months Ended |
Jun. 30, 2014 | |
Initial Public Offering [Abstract] | ' |
Initial Public Offering | ' |
Initial Public Offering | |
On March 27, 2014, our registration statement on Form S-11 related to our IPO of our common stock was declared effective by the SEC and on March 28, 2014, our common stock began trading on the New York Stock Exchange under the symbol “CBSO.” On April 2, 2014, we completed an IPO of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares, at a price of $28.00 per share for total net proceeds, after underwriting discounts and commissions, of $615.0 million. Of the total net proceeds, $515.0 million was transferred to a wholly owned subsidiary of CBS as partial consideration for the contribution of the entities comprising CBS’s Outdoor Americas operating segment to us. The remaining $100.0 million was retained by us and will be used to pay the cash portion of the distribution to our stockholders of historical earnings and profits, in accordance with REIT tax requirements. Following the final payment of this required earnings and profits distribution, we will pay to CBS, or CBS will pay to us, as applicable, the difference between the actual cash portion of the distribution and the $100.0 million retained by us. |
New_Accounting_Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
Adoption of New Accounting Standards | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
During the six months ended June 30, 2014, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance on the presentation of the reserve for uncertain tax positions when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires the reserve for uncertain tax positions to be presented in the financial statements as a reduction to the deferred tax asset for a tax loss or other tax carryforward that would be applied in the settlement of the uncertain tax position. This guidance did not have a material effect on our consolidated financial statements. | |
Obligations Resulting from Joint and Several Liability Arrangements | |
During the six months ended June 30, 2014, we adopted FASB guidance on the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Under this guidance, we are required to measure our obligations under such arrangements as the sum of the amount we agreed to pay in the arrangement among our co-obligors and any additional amount we expect to pay on behalf of our co-obligors. We are also required to disclose the nature and amount of the obligation. This guidance did not have a material effect on our consolidated financial statements. | |
Recent Pronouncements | |
Service Concession Arrangements | |
In January 2014, the FASB issued guidance on the accounting for service concession arrangements with public sector entities. This guidance specifies that an operating entity should not account for a service concession arrangement as a lease and the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment. This guidance applies when the public sector entity controls the services that the operating entity must provide within the infrastructure and also controls any residual interest in the infrastructure at the end of the term of the arrangement. We are currently evaluating the impact of this guidance, which is effective for reporting periods beginning after December 15, 2014, on our consolidated financial statements. | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued guidance on reporting discontinued operations and disclosures of disposals of components of an entity. The new guidance changes the requirements, including additional disclosures, for reporting discontinued operations which may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance is effective for interim periods and annual periods beginning after December 31, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. This guidance is not expected to have a material effect on our consolidated financial statements. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued principles-based guidance addressing revenue recognition issues. The guidance may be applied to all contracts with customers regardless of industry-specific or transaction specific fact patterns. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
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. | |||||||||||
As of | |||||||||||
(in millions) | Estimated Useful Lives | June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Land | $ | 88.6 | $ | 88.6 | |||||||
Building and improvements | 20 to 40 years | 46.7 | 45 | ||||||||
Advertising structures | 5 to 20 years | 1,677.00 | 1,662.30 | ||||||||
Furniture, equipment and other | 3 to 10 years | 79.7 | 77.2 | ||||||||
Construction in progress | 14.7 | 18.9 | |||||||||
1,906.70 | 1,892.00 | ||||||||||
Less: accumulated depreciation | 1,185.40 | 1,136.60 | |||||||||
Property and equipment, net | $ | 721.3 | $ | 755.4 | |||||||
Depreciation expense was $26.5 million for the three months ended June 30, 2014, and $25.9 million for the three months ended June 30, 2013. Depreciation expense was $52.6 million for the six months ended June 30, 2014, and $51.9 million for the six months ended June 30, 2013. |
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and 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: | |||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | ||||||||||
As of June 30, 2014: | |||||||||||||
Permits and leasehold agreements | $ | 881.9 | $ | (678.0 | ) | $ | 203.9 | ||||||
Franchise agreements | 445.8 | (315.5 | ) | 130.3 | |||||||||
Other intangible assets | 2.1 | (1.1 | ) | 1 | |||||||||
Total intangible assets | $ | 1,329.80 | $ | (994.6 | ) | $ | 335.2 | ||||||
As of December 31, 2013: | |||||||||||||
Permits and leasehold agreements | $ | 880.6 | $ | (659.0 | ) | $ | 221.6 | ||||||
Franchise agreements | 462.4 | (320.7 | ) | 141.7 | |||||||||
Other intangible assets | 2.1 | (1.0 | ) | 1.1 | |||||||||
Total intangible assets | $ | 1,345.10 | $ | (980.7 | ) | $ | 364.4 | ||||||
All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $22.6 million for the three months ended June 30, 2014, and $22.7 million for the three months ended June 30, 2013, which includes the amortization of direct lease acquisition costs of $8.4 million for the three months ended June 30, 2014, and $7.7 million for the three months ended June 30, 2013. Amortization expense was $44.5 million for the six months ended June 30, 2014, and $45.6 million for the six months ended June 30, 2013, which includes the amortization of direct lease acquisition costs of $15.4 million for the six months ended June 30, 2014, and $15.5 million for the six months ended June 30, 2013. 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. |
Asset_Retirement_Obligation
Asset Retirement Obligation | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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. | |||||
(in millions) | |||||
As of December 31, 2013 | $ | 31.7 | |||
Accretion expense | 1.1 | ||||
Additions | 0.2 | ||||
Liabilities settled | (0.5 | ) | |||
Foreign currency translation adjustments | (0.1 | ) | |||
As of June 30, 2014 | $ | 32.4 | |||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
CBS Corporation | |
Our financial statements as of and for the six months ended June 30, 2014, include charges from CBS for services, such as tax, internal audit, cash management, insurance, technology systems and other services. In addition, prior to 2014, CBS provided benefits to our employees, including certain post-employment benefits, medical, dental, life and disability insurance and participation in a 401(k) savings plan. Charges for these services and benefits are reflected in the consolidated financial statements based on the specific identification of costs, assets and liabilities or based on various allocation methods, including factors such as headcount, time and effort spent on matters relating to us, and the number of CBS operating entities benefiting from such services. Charges for these services and benefits have been included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and totaled $2.8 million in the three months ended June 30, 2014, and $13.0 million in the same prior-year period. Charges for these services and benefits totaled $9.2 million in the six months ended June 30, 2014, and $30.7 million in the same prior-year period. Also included in these charges are professional fees associated with our planned election to be taxed as a REIT. Our expenses as a stand-alone company may be different from those reflected in the Consolidated Statements of Operations prior to the IPO. Effective January 1, 2014, our employees began participating in employee benefit plans maintained by us. As a result, there were no benefits provided by CBS in the six months ended June 30, 2014. In addition, during 2014, certain other services previously provided by CBS have been transitioned to us. | |
As of June 30, 2014, receivables from CBS were $2.9 million and payables to CBS were $1.2 million, which were included in Other current assets and Other current liabilities, respectively, on our Consolidated Statement of Financial Position. As of December 31, 2013, there were no receivables or payables from CBS on our Consolidated Statement of Financial Position. | |
On April 2, 2014, we entered into a transition services agreement with CBS, pursuant to which CBS will temporarily provide us with certain services (including legal, finance, information technology, insurance, tax and employment functions), and we will provide certain limited services to CBS. Also on April 2, 2014, we entered into a license agreement with a wholly owned subsidiary of CBS, pursuant to which we have the right to use “CBS” in the corporate names of the Company and our subsidiaries and have the right to use the “CBS” mark and logo on our advertising billboards. On July 16, 2014, we amended the transition services agreement to extend the time periods in which CBS will provide the transition services described above to September 30, 2014, the six months following the Separation or the twelve months following the Separation, as applicable depending on the services being provided. Also on July 16, 2014, we amended the license agreement to extend the time period in which we have the right to use “CBS” in the corporate names of the Company and our subsidiaries to December 31, 2014, and have the right to use the “CBS” mark and logo on our advertising displays to March 31, 2016. | |
Prior to the incurrence of indebtedness on January 31, 2014, intercompany transactions between CBS and us were considered to be effectively settled in cash in the financial statements. The net effect of the settlement of these intercompany transactions, in addition to cash transfers to and from CBS, are reflected in Net cash contribution from (distribution to) CBS on the Condensed Consolidated Statements of Cash Flows and Net contribution from (distribution to) CBS on the Consolidated Statements of Invested Equity/Stockholders’ Equity. The amounts on these financial statement line items differ due to non-cash transactions, such as stock-based compensation expense. | |
For advertising spending placed by CBS and its subsidiaries, we recognized total revenues of $5.1 million for the three months ended June 30, 2014, and $2.5 million for the same prior-year period. For the six months ended June 30, 2014, we recognized total revenues of $7.0 million related to advertising spending placed by CBS and its subsidiaries and $5.0 million for the same prior-year period. | |
On July 16, 2014, CBS completed the Separation and as a result of this transaction, CBS and their affiliates ceased to be related parties. | |
Other Related Parties | |
Viacom Inc. is controlled by National Amusements, Inc., the controlling stockholder of CBS. Revenues recognized for advertising spending placed by various subsidiaries of Viacom Inc. were $2.0 million for the three months ended June 30, 2014, and $2.6 million for the same prior-year period. For the six months ended June 30, 2014, we recognized total revenues of $3.6 million for advertising spending placed by various subsidiaries of Viacom and $5.0 million for the same prior-year period. | |
We have a 50% ownership interest in two joint ventures that operate transit shelters in Los Angeles and Vancouver. These ventures are accounted for as equity investments. These investments totaled $22.0 million as of June 30, 2014, and $24.1 million as of December 31, 2013, and are included in Other assets on the Consolidated Statements of Financial Position. We provide management services to these joint ventures. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt consists of the following: | |||||||||
As of | |||||||||
(in millions, except percentages) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Term loan, due 2021 | $ | 798.1 | $ | — | |||||
Senior unsecured notes: | |||||||||
5.250% senior unsecured notes, due 2022 | 400 | — | |||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||
Total senior unsecured notes | 800 | — | |||||||
Total long-term debt | $ | 1,598.10 | $ | — | |||||
Weighted average cost of debt | 4.2 | % | — | % | |||||
Term Loan | |||||||||
On January 31, 2014, two of our wholly owned subsidiaries, CBS Outdoor Americas Capital LLC (“Capital LLC”) and CBS Outdoor Americas Capital Corporation (“Finance Corp,” and together with Capital LLC, the “Borrowers”), borrowed $800.0 million under a term loan due in 2021 (the “Term Loan,” together with the Revolving Credit Facility (as defined below), the “Senior Credit Facilities”). The Senior Credit Facilities are governed by a credit agreement, dated as of January 31, 2014, (the “Credit Agreement”). The Term Loan is unconditionally guaranteed by us and our material existing and future direct and indirect wholly owned domestic subsidiaries (except the Borrowers), subject to certain exceptions. The Term Loan is secured, subject to certain exceptions, by substantially all of the assets of the Borrowers and the guarantors, including a first-priority pledge of all the capital stock of our subsidiaries directly held by the Borrowers and the guarantors under the Term Loan. | |||||||||
The Term Loan bears interest at a rate per annum equal to 2.25% plus the greater of the London Interbank Offered Rate (“LIBOR”) or 0.75%. The interest rate on the Term Loan was 3.00% per annum as of June 30, 2014. Interest on the term loan is payable at the end of each LIBOR period, but in no event less frequently than quarterly. The Term Loan was issued at a discount which we are amortizing through Interest expense on the Consolidated Statement of Operations over the life of the Term Loan. As of June 30, 2014, $1.9 million remains unamortized. | |||||||||
Senior Unsecured Notes | |||||||||
Also on January 31, 2014, the Borrowers issued $400.0 million aggregate principal amount of 5.250% Senior Unsecured Notes due 2022 and $400.0 million aggregate principal amount of 5.625% Senior Unsecured Notes due 2024 (together, the “Senior Notes”) in a private placement. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the Senior Notes is payable on May 15 and November 15 of each year, beginning on May 15, 2014. | |||||||||
On or after February 15, 2017, the Borrowers may redeem at any time, or from time to time, some or all of the 5.250% Senior Unsecured Notes due 2022, and on or after February 15, 2019, the Borrowers may also redeem at any time, or from time to time, some or all of the 5.625% Senior Unsecured Notes due 2024. Prior to such dates, the Borrowers may redeem some or all of the Senior Notes subject to a customary make-whole premium. In addition, prior to February 15, 2017, the Borrowers may redeem up to 35% of the aggregate principal amount of each series of Senior Notes with the proceeds of certain equity offerings. | |||||||||
Pursuant to a registration rights agreement dated January 31, 2014, we and the Borrowers have agreed to use commercially reasonable efforts to cause a registration statement to become effective with the SEC by January 31, 2015, relating to an offer to exchange the Senior Notes for registered Senior Notes having substantially identical terms, or, in certain cases, to register the Senior Notes for resale. If we and the Borrowers do not register or exchange the Senior Notes pursuant to the terms of the registration rights agreement, the Borrowers will be required to pay additional interest to the holders of the Senior Notes under certain circumstances. | |||||||||
Revolving Credit Facility | |||||||||
On January 31, 2014, the Borrowers also entered into a $425.0 million Revolving Credit Facility, which matures in 2019 (the “Revolving Credit Facility”). Borrowing rates under the Revolving Credit Facility are based on LIBOR plus a margin based on our 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. Interest on the Revolving Credit Facility is payable at the end of each LIBOR period, but in no event less frequently than quarterly. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility in the six months ended June 30, 2014, was $0.9 million. As of June 30, 2014, there were no outstanding borrowings under the Revolving Credit Facility. In June 2014, we issued a letter of credit of approximately $0.1 million against the Revolving Credit Facility and in July 2014, we issued a letter of credit for approximately $19.3 million against the Revolving Credit Facility in connection with the renewal of a transit franchise agreement. The Revolving Credit Facility is unconditionally guaranteed by us and our material existing and future direct and indirect wholly owned domestic subsidiaries (except the Borrowers), subject to certain exceptions. The Revolving Credit Facility is secured, subject to certain exceptions, by substantially all of the assets of the Borrowers and the guarantors, including a first-priority pledge of all the capital stock of our subsidiaries directly held by the Borrowers and the guarantors under the Revolving Credit Facility. | |||||||||
The Credit Agreement contains certain customary affirmative and negative covenants. As of June 30, 2014, the terms of the Revolving Credit Facility require that we maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 3.5 to 1.0. On September 30, 2014, as an entity being taxed as a REIT, we will be required to maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. As of June 30, 2014, our Maximum Consolidated Net Secured Leverage Ratio was 1.6 to 1.0. The Credit Agreement requires, in connection with the incurrence of certain indebtedness, that 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 June 30, 2014, our Consolidated Total Leverage Ratio was 3.9 to 1.0. | |||||||||
Letter of Credit Facility | |||||||||
On January 31, 2014, the Borrowers also entered into a letter of credit facility, pursuant to which we may obtain letters of credit from time to time in an aggregate outstanding face amount of up to $80.0 million. After the first year, the letter of credit facility will automatically extend for successive one-year periods unless either the Borrowers or the issuing bank under it elect not to extend it. The letter of credit facility is unconditionally guaranteed by us and our material existing and future direct and indirect wholly owned domestic subsidiaries (except the Borrowers), subject to certain exceptions, and is secured on an equal and ratable basis by the same collateral that secures the Senior Credit Facilities. The fee under the letter of credit facility in the six months ended June 30, 2014, was immaterial. | |||||||||
Deferred Financing Costs | |||||||||
We deferred $29.2 million in fees and expenses associated with the Senior Credit Facilities, Senior Notes and letter of credit facility. We are amortizing the deferred fees through Interest expense on the Consolidated Statement of Operations over the term of each debt facility. | |||||||||
Use of Proceeds | |||||||||
On January 31, 2014, we transferred approximately $1.5 billion of the combined proceeds from the Term Loan and the Senior Notes to a wholly owned subsidiary of CBS, which is an amount equal to the net proceeds from the total indebtedness less $50.0 million, which remained with us for general corporate purposes. | |||||||||
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 $1.6 billion as of June 30, 2014. The fair value of our debt is classified as Level 2. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Accumulated Comprehensive Income | ' | ||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
(in millions) | Cumulative Translation Adjustments | Net Actuarial Gain (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
As of December 31, 2013 | $ | (69.2 | ) | $ | (5.9 | ) | $ | (75.1 | ) | ||||
Other comprehensive income before reclassifications | 5.1 | — | 5.1 | ||||||||||
Amortization of actuarial losses reclassified to net income | — | 0.2 | 0.2 | ||||||||||
Total other comprehensive income, net of tax | 5.1 | 0.2 | 5.3 | ||||||||||
As of June 30, 2014 | $ | (64.1 | ) | $ | (5.7 | ) | $ | (69.8 | ) | ||||
As of December 31, 2012 | $ | (54.3 | ) | $ | (11.7 | ) | $ | (66.0 | ) | ||||
Other comprehensive income before reclassifications | (12.2 | ) | — | (12.2 | ) | ||||||||
Amortization of actuarial losses reclassified to net income | — | 0.3 | 0.3 | ||||||||||
Total other comprehensive income (loss), net of tax | (12.2 | ) | 0.3 | (11.9 | ) | ||||||||
As of June 30, 2013 | $ | (66.5 | ) | $ | (11.4 | ) | $ | (77.9 | ) |
Equity
Equity | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Equity | ' |
Equity | |
On January 15, 2014, 100 shares of our common stock were issued to CBS. On March 14, 2014, our board of directors declared a 970,000 to 1 stock split. As a result of the stock split, the 100 shares of our common stock then outstanding were converted into 97,000,000 shares of our common stock. The effects of the stock split have been applied retroactively. For purposes of calculating earnings per share, 97,000,000 shares were considered outstanding for all periods presented. | |
On March 25, 2014, our board of directors granted CBS and certain of its affiliates a waiver of the ownership restrictions contained in our charter, subject to certain initial and ongoing conditions designed to protect our status as a REIT. | |
On March 27, 2014, our registration statement on Form S-11 related to our IPO of our common stock was declared effective by the SEC. On April 2, 2014, we completed an IPO of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares, at a price of $28.00 per share. Our total shares issued and outstanding upon completion of the IPO was 120,000,000. (See Note 2. Initial Public Offering.) | |
As of June 30, 2014, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 120,000,000 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. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||
On March 18, 2014, our board of directors approved the Omnibus Stock Incentive Plan (the “Stock Plan”) and reserved 8,000,000 shares of our common stock for stock-based awards. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock (the “Outdoor Options”), stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under our Stock Plan. | ||||||||||||||||||
RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting. | ||||||||||||||||||
The Stock Plan also provides for the treatment of awards held by our employees that were originally granted under various CBS stock plans. Prior to our IPO, certain of our employees were granted awards of RSUs, PRSUs and stock options for CBS Class B common stock under the CBS equity incentive plans. At the time of the IPO, substantially all outstanding RSUs and PRSUs for CBS Class B common stock (the “CBS RSUs”) were converted into RSUs and PRSUs for our common stock (the “Outdoor RSUs”) under the Stock Plan. | ||||||||||||||||||
Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three- to four-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, the board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are estimated on the date of grant based on historical forfeiture rates. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. | ||||||||||||||||||
The following table summarizes our stock-based compensation expense for the three months and six months ended June 30, 2014 and 2013. | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
RSUs and PRSUs | $ | 2.7 | $ | 1.4 | $ | 4.3 | $ | 2.9 | ||||||||||
Stock options | 0.2 | 0.2 | 0.4 | 0.3 | ||||||||||||||
Stock-based compensation expense, before income taxes | 2.9 | 1.6 | 4.7 | 3.2 | ||||||||||||||
Tax benefit | (1.3 | ) | (0.6 | ) | (2.1 | ) | (1.3 | ) | ||||||||||
Stock-based compensation expense, net of tax | $ | 1.6 | $ | 1 | $ | 2.6 | $ | 1.9 | ||||||||||
As of June 30, 2014, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $24.0 million, which is expected to be recognized over a weighted average period of 3.0 years, and total unrecognized compensation cost related to non-vested stock options was $1.4 million, which is expected to be recognized over a weighted average period of 2.6 years. | ||||||||||||||||||
RSUs and PRSUs | ||||||||||||||||||
On March 27, 2014, 256,172 non-vested CBS RSUs held by our employees were converted into 561,021 non-vested Outdoor RSUs. The number of RSUs was converted at a ratio of approximately 2.2 to 1.0 to preserve the fair value of the awards both before and after conversion. | ||||||||||||||||||
The following table summarizes the activity of the RSUs and PRSUs issued to our employees. | ||||||||||||||||||
CBS RSUs | Outdoor RSUs | |||||||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | Activity | Weighted Average Per Share Grant Date Fair Market Value | RSU and PRSU Dividend Equivalents | ||||||||||||||
Non-vested as of December 31, 2013 | 472,490 | $ | 32.09 | |||||||||||||||
Employee transfers and grants | 11,875 | 34.66 | ||||||||||||||||
Vested | (157,723 | ) | 22.51 | |||||||||||||||
Forfeited | (2,909 | ) | 37.67 | |||||||||||||||
Non-vested before conversion | 323,733 | 36.8 | ||||||||||||||||
CBS RSUs converted to Outdoor RSUs | (256,172 | ) | 37.77 | |||||||||||||||
Non-vested Outdoor RSUs converted from CBS RSUs | 561,021 | $ | 17.24 | |||||||||||||||
Non-vested CBS RSUs not converted to Outdoor RSUs(a) | 67,561 | 33.16 | ||||||||||||||||
Granted: | ||||||||||||||||||
RSUs | 466,912 | 29.5 | ||||||||||||||||
PRSUs | 154,967 | 29.39 | ||||||||||||||||
Dividend equivalents | 4,623 | |||||||||||||||||
Vested: | ||||||||||||||||||
RSUs | (67,561 | ) | 33.16 | (52 | ) | 29.5 | ||||||||||||
Forfeitures: | ||||||||||||||||||
RSUs | (10,689 | ) | 21.68 | |||||||||||||||
Non-vested as of June 30, 2014 | — | — | 1,172,159 | 23.67 | 4,623 | |||||||||||||
(a) | Reflects CBS RSUs which vested in April 2014. | |||||||||||||||||
Stock Options | ||||||||||||||||||
The following table summarizes the activity of CBS’ stock options issued to our employees. | ||||||||||||||||||
CBS | CBS | |||||||||||||||||
Stock Options | Weighted Average Exercise Price | |||||||||||||||||
Outstanding as of December 31, 2013 | 399,581 | $ | 29.3 | |||||||||||||||
Exercised | (107,249 | ) | 24.5 | |||||||||||||||
Forfeited | (38,167 | ) | 30.78 | |||||||||||||||
Outstanding as of June 30, 2014 | 254,165 | 31.1 | ||||||||||||||||
Exercisable as of June 30, 2014 | 113,132 | 17.61 | ||||||||||||||||
On July 16, 2014, 219,741 outstanding CBS stock options held by our active employees were converted into 409,207 Outdoor Options. The CBS stock options were converted at a ratio of approximately 1.9 to 1.0 to preserve the intrinsic value of the award at the time of conversion. |
Retirement_Benefits
Retirement Benefits | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 0.4 | $ | 0.5 | $ | 0.7 | $ | 0.9 | |||||||||
Interest cost | 0.5 | 0.5 | 1.1 | 1 | |||||||||||||
Expected return on plan assets | (0.6 | ) | (0.6 | ) | (1.3 | ) | (1.2 | ) | |||||||||
Amortization of actuarial losses(a) | — | 0.2 | 0.2 | 0.5 | |||||||||||||
Net periodic pension cost | $ | 0.3 | $ | 0.6 | $ | 0.7 | $ | 1.2 | |||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. | ||||||||||||||||
In the six months ended June 30, 2014, we contributed $0.8 million to our pension plans. In 2014, we expect to contribute approximately $2.0 million to our pension plans. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
Income Taxes | |||||
As of June 30, 2014, our U.S. operating results have been included in consolidated federal, and certain state and local income tax returns filed by CBS. The income tax expense reflected in the Consolidated Statements of Operations, deferred tax assets and liabilities included in the Consolidated Statements of Financial Position and income tax payments reflected in the Condensed Consolidated Statements of Cash Flows have been prepared as if these amounts were calculated on a separate tax return basis for us. We believe that the assumptions and estimates used to determine these tax amounts are reasonable. However, the consolidated financial statements herein may not necessarily reflect our income tax expense or tax payments, or what our tax amounts would have been if we had been a stand-alone company during the periods presented. | |||||
On April 2, 2014, we entered into a tax matters agreement, which governs the respective rights, responsibilities and obligations of CBS and us with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and other matters regarding taxes for the periods during which we are a member of the CBS consolidated tax group. The tax matters agreement also separately allocates among the parties any tax liability arising as a result of any failure of the Separation to qualify as a tax-free transaction based on actions taken during the two-year period following the Separation. On July 16, 2014, we ceased to be a member of the CBS consolidated tax group and on July 17, 2014, we began operating in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes for the tax year commencing July 17, 2014, and ending December 31, 2014. In the third quarter of 2014, as a result of our REIT conversion, a non-cash charge of substantially all Deferred income tax liabilities, net, will be reversed into Net income. As a result of our REIT conversion, our expected effective tax rate for the second half of 2014 will be substantially lower. | |||||
Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. | |||||
The effective income tax rate was 44.2% in the three months ended June 30, 2014, and 43.9% in the six months ended June 30, 2014. The effective income tax rate was 43.2% in both the three months and six months ended June 30, 2013. | |||||
The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | |||||
(in millions) | |||||
As of December 31, 2013 | $ | 4 | |||
Reductions for prior year tax positions | (2.8 | ) | |||
As of June 30, 2014 | $ | 1.2 | |||
Reductions for prior year tax positions includes $2.1 million of liabilities which were transferred to CBS pursuant to our tax matters agreement. The reduction in this liability did not impact our provision for income taxes during the period. The reserve for uncertain tax positions of $1.2 million as of June 30, 2014, includes $0.8 million which would affect our effective income tax rate if and when recognized in future years. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share (“EPS”) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 22.4 | $ | 36.4 | $ | 30.8 | $ | 56.3 | |||||||||
Weighted average shares for basic EPS | 119.7 | 119.7 | 108.4 | 108.4 | |||||||||||||
Dilutive potential shares from grants of RSUs and PRSUs | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||
Weighted average shares for diluted EPS | 119.9 | 119.9 | 108.6 | 108.6 | |||||||||||||
Commitment_and_Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Off-Balance Sheet Commitments | |
Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum franchise payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. | |
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. | |
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 $80.9 million as of June 30, 2014, of which $1.2 million was indemnified by CBS, and $78.3 million as of December 31, 2013, all of which was indemnified by CBS, and were not recorded on the Consolidated Statements of Financial Position. In July 2014, we entered into new arrangements with respect to our letters of credit and surety bonds and all of our letters of credit and surety bonds are no longer indemnified by CBS. | |
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. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | |||||||||||||||||
U.S. | $ | 291.1 | $ | 285.9 | $ | 546.1 | $ | 531.1 | |||||||||
International | 43.3 | 46.8 | 76.2 | 80.8 | |||||||||||||
Total revenues | $ | 334.4 | $ | 332.7 | $ | 622.3 | $ | 611.9 | |||||||||
We present Operating income (loss) before Depreciation, Amortization, Net gain (loss) on dispositions and Stock-based compensation expense (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 22.4 | $ | 36.4 | $ | 30.8 | $ | 56.3 | |||||||||
Provision for income taxes | 17.6 | 27.1 | 23.5 | 42 | |||||||||||||
Equity in earnings of investee companies, net of tax | (0.2 | ) | (0.8 | ) | (0.8 | ) | (1.1 | ) | |||||||||
Interest expense | 18.5 | — | 31 | 0.1 | |||||||||||||
Other expense, net | — | 0.1 | 0.5 | 0.2 | |||||||||||||
Operating income | 58.3 | 62.8 | 85 | 97.5 | |||||||||||||
Net (gain) loss on dispositions | — | 0.1 | (0.9 | ) | (9.7 | ) | |||||||||||
Depreciation and amortization | 49.1 | 48.6 | 97.1 | 97.5 | |||||||||||||
Stock-based compensation(a) | 2.9 | 1.6 | 4.7 | 3.2 | |||||||||||||
Total Adjusted OIBDA | $ | 110.3 | $ | 113.1 | $ | 185.9 | $ | 188.5 | |||||||||
Adjusted OIBDA: | |||||||||||||||||
U.S. | $ | 106.4 | $ | 106.5 | $ | 186.7 | $ | 186.6 | |||||||||
International | 9.5 | 11.5 | 10.6 | 12.1 | |||||||||||||
Corporate | (5.6 | ) | (4.9 | ) | (11.4 | ) | (10.2 | ) | |||||||||
Total Adjusted OIBDA | $ | 110.3 | $ | 113.1 | $ | 185.9 | $ | 188.5 | |||||||||
(a) | Stock-based compensation is classified as a Corporate expense. | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating income (loss): | |||||||||||||||||
U.S. | $ | 64.2 | $ | 65.2 | $ | 104.2 | $ | 113.4 | |||||||||
International | 2.6 | 4.1 | (3.1 | ) | (2.5 | ) | |||||||||||
Corporate | (8.5 | ) | (6.5 | ) | (16.1 | ) | (13.4 | ) | |||||||||
Total operating income | $ | 58.3 | $ | 62.8 | $ | 85 | $ | 97.5 | |||||||||
Net (gain) loss on dispositions: | |||||||||||||||||
U.S. | $ | — | $ | 0.1 | $ | (0.8 | ) | $ | (9.8 | ) | |||||||
International | — | — | (0.1 | ) | 0.1 | ||||||||||||
Total gain on dispositions | $ | — | $ | 0.1 | $ | (0.9 | ) | $ | (9.7 | ) | |||||||
Depreciation and amortization: | |||||||||||||||||
U.S. | $ | 42.2 | $ | 41.2 | $ | 83.3 | $ | 83 | |||||||||
International | 6.9 | 7.4 | 13.8 | 14.5 | |||||||||||||
Total depreciation and amortization | $ | 49.1 | $ | 48.6 | $ | 97.1 | $ | 97.5 | |||||||||
Capital expenditures: | |||||||||||||||||
U.S. | $ | 9.7 | $ | 8 | $ | 16.7 | $ | 13.3 | |||||||||
International | 1.2 | 0.9 | 2.4 | 1.6 | |||||||||||||
Total capital expenditures | $ | 10.9 | $ | 8.9 | $ | 19.1 | $ | 14.9 | |||||||||
As of | |||||||||||||||||
(in millions) | June 30, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
Assets: | |||||||||||||||||
U.S. | $ | 3,006.30 | $ | 3,027.60 | |||||||||||||
International | 313.3 | 327.9 | |||||||||||||||
Corporate | 224.4 | — | |||||||||||||||
Total assets | $ | 3,544.00 | $ | 3,355.50 | |||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Pending Acquisition | |
On July 20, 2014, we entered into a definitive Membership Interest Purchase Agreement (the “Purchase Agreement”) with Van Wagner, Van Wagner Twelve Holdings, LLC (the “Seller”) and Richard M. Schaps, pursuant to which we will acquire certain outdoor advertising businesses from Van Wagner (the “Acquired Business”) for $690.0 million in cash, subject to working capital and other adjustments (the “Transaction”). The consummation of the Transaction is subject to customary closing conditions, including, among others, regulatory approvals. The Transaction is expected to close following the satisfaction of all closing conditions, including regulatory approvals. In connection with the execution of the Purchase Agreement, on July 20, 2014, we entered into a commitment letter (the “Commitment Letter”) with Wells Fargo Securities, LLC and WF Investment Holdings, LLC (together, the “Lender”), pursuant to which, for a period of 300 days, the Lender committed to provide a senior unsecured bridge term loan facility in an aggregate principal amount of $715.0 million for the purpose of financing all or a portion of the cash consideration for the Transaction and to pay related fees and expenses (the “Bridge Facility”). We currently intend to finance the Transaction and related fees and expenses with cash on hand and the proceeds from the issuance of debt securities. | |
Executive Departure | |
On July 23, 2014, we announced that Wally Kelly, President and Chief Operating Officer, will be leaving the Company. As a result, we expect to record a severance charge of $6.3 million in the third quarter of 2014. |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
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 at 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. |
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation Accounting Policies (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Property and Equipment [Line Items] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
The table below presents the balances of major classes of assets and accumulated depreciation. | |||||||||||
As of | |||||||||||
(in millions) | Estimated Useful Lives | June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Land | $ | 88.6 | $ | 88.6 | |||||||
Building and improvements | 20 to 40 years | 46.7 | 45 | ||||||||
Advertising structures | 5 to 20 years | 1,677.00 | 1,662.30 | ||||||||
Furniture, equipment and other | 3 to 10 years | 79.7 | 77.2 | ||||||||
Construction in progress | 14.7 | 18.9 | |||||||||
1,906.70 | 1,892.00 | ||||||||||
Less: accumulated depreciation | 1,185.40 | 1,136.60 | |||||||||
Property and equipment, net | $ | 721.3 | $ | 755.4 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
The table below presents the balances of major classes of assets and accumulated depreciation. | |||||||||||
As of | |||||||||||
(in millions) | Estimated Useful Lives | June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Land | $ | 88.6 | $ | 88.6 | |||||||
Building and improvements | 20 to 40 years | 46.7 | 45 | ||||||||
Advertising structures | 5 to 20 years | 1,677.00 | 1,662.30 | ||||||||
Furniture, equipment and other | 3 to 10 years | 79.7 | 77.2 | ||||||||
Construction in progress | 14.7 | 18.9 | |||||||||
1,906.70 | 1,892.00 | ||||||||||
Less: accumulated depreciation | 1,185.40 | 1,136.60 | |||||||||
Property and equipment, net | $ | 721.3 | $ | 755.4 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||
Our identifiable intangible assets consist of the following: | |||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | ||||||||||
As of June 30, 2014: | |||||||||||||
Permits and leasehold agreements | $ | 881.9 | $ | (678.0 | ) | $ | 203.9 | ||||||
Franchise agreements | 445.8 | (315.5 | ) | 130.3 | |||||||||
Other intangible assets | 2.1 | (1.1 | ) | 1 | |||||||||
Total intangible assets | $ | 1,329.80 | $ | (994.6 | ) | $ | 335.2 | ||||||
As of December 31, 2013: | |||||||||||||
Permits and leasehold agreements | $ | 880.6 | $ | (659.0 | ) | $ | 221.6 | ||||||
Franchise agreements | 462.4 | (320.7 | ) | 141.7 | |||||||||
Other intangible assets | 2.1 | (1.0 | ) | 1.1 | |||||||||
Total intangible assets | $ | 1,345.10 | $ | (980.7 | ) | $ | 364.4 | ||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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. | |||||
(in millions) | |||||
As of December 31, 2013 | $ | 31.7 | |||
Accretion expense | 1.1 | ||||
Additions | 0.2 | ||||
Liabilities settled | (0.5 | ) | |||
Foreign currency translation adjustments | (0.1 | ) | |||
As of June 30, 2014 | $ | 32.4 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||
Long-term debt consists of the following: | |||||||||
As of | |||||||||
(in millions, except percentages) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Term loan, due 2021 | $ | 798.1 | $ | — | |||||
Senior unsecured notes: | |||||||||
5.250% senior unsecured notes, due 2022 | 400 | — | |||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||
Total senior unsecured notes | 800 | — | |||||||
Total long-term debt | $ | 1,598.10 | $ | — | |||||
Weighted average cost of debt | 4.2 | % | — | % | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
(in millions) | Cumulative Translation Adjustments | Net Actuarial Gain (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
As of December 31, 2013 | $ | (69.2 | ) | $ | (5.9 | ) | $ | (75.1 | ) | ||||
Other comprehensive income before reclassifications | 5.1 | — | 5.1 | ||||||||||
Amortization of actuarial losses reclassified to net income | — | 0.2 | 0.2 | ||||||||||
Total other comprehensive income, net of tax | 5.1 | 0.2 | 5.3 | ||||||||||
As of June 30, 2014 | $ | (64.1 | ) | $ | (5.7 | ) | $ | (69.8 | ) | ||||
As of December 31, 2012 | $ | (54.3 | ) | $ | (11.7 | ) | $ | (66.0 | ) | ||||
Other comprehensive income before reclassifications | (12.2 | ) | — | (12.2 | ) | ||||||||
Amortization of actuarial losses reclassified to net income | — | 0.3 | 0.3 | ||||||||||
Total other comprehensive income (loss), net of tax | (12.2 | ) | 0.3 | (11.9 | ) | ||||||||
As of June 30, 2013 | $ | (66.5 | ) | $ | (11.4 | ) | $ | (77.9 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
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 six months ended June 30, 2014 and 2013. | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
RSUs and PRSUs | $ | 2.7 | $ | 1.4 | $ | 4.3 | $ | 2.9 | ||||||||||
Stock options | 0.2 | 0.2 | 0.4 | 0.3 | ||||||||||||||
Stock-based compensation expense, before income taxes | 2.9 | 1.6 | 4.7 | 3.2 | ||||||||||||||
Tax benefit | (1.3 | ) | (0.6 | ) | (2.1 | ) | (1.3 | ) | ||||||||||
Stock-based compensation expense, net of tax | $ | 1.6 | $ | 1 | $ | 2.6 | $ | 1.9 | ||||||||||
Activity of RSUs and PRSUs Issued to Our Employees | ' | |||||||||||||||||
The following table summarizes the activity of the RSUs and PRSUs issued to our employees. | ||||||||||||||||||
CBS RSUs | Outdoor RSUs | |||||||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | Activity | Weighted Average Per Share Grant Date Fair Market Value | RSU and PRSU Dividend Equivalents | ||||||||||||||
Non-vested as of December 31, 2013 | 472,490 | $ | 32.09 | |||||||||||||||
Employee transfers and grants | 11,875 | 34.66 | ||||||||||||||||
Vested | (157,723 | ) | 22.51 | |||||||||||||||
Forfeited | (2,909 | ) | 37.67 | |||||||||||||||
Non-vested before conversion | 323,733 | 36.8 | ||||||||||||||||
CBS RSUs converted to Outdoor RSUs | (256,172 | ) | 37.77 | |||||||||||||||
Non-vested Outdoor RSUs converted from CBS RSUs | 561,021 | $ | 17.24 | |||||||||||||||
Non-vested CBS RSUs not converted to Outdoor RSUs(a) | 67,561 | 33.16 | ||||||||||||||||
Granted: | ||||||||||||||||||
RSUs | 466,912 | 29.5 | ||||||||||||||||
PRSUs | 154,967 | 29.39 | ||||||||||||||||
Dividend equivalents | 4,623 | |||||||||||||||||
Vested: | ||||||||||||||||||
RSUs | (67,561 | ) | 33.16 | (52 | ) | 29.5 | ||||||||||||
Forfeitures: | ||||||||||||||||||
RSUs | (10,689 | ) | 21.68 | |||||||||||||||
Non-vested as of June 30, 2014 | — | — | 1,172,159 | 23.67 | 4,623 | |||||||||||||
(a) | Reflects CBS RSUs which vested in April 2014. | |||||||||||||||||
Activity of CBS's Stock Options Issued to Our Employees | ' | |||||||||||||||||
The following table summarizes the activity of CBS’ stock options issued to our employees. | ||||||||||||||||||
CBS | CBS | |||||||||||||||||
Stock Options | Weighted Average Exercise Price | |||||||||||||||||
Outstanding as of December 31, 2013 | 399,581 | $ | 29.3 | |||||||||||||||
Exercised | (107,249 | ) | 24.5 | |||||||||||||||
Forfeited | (38,167 | ) | 30.78 | |||||||||||||||
Outstanding as of June 30, 2014 | 254,165 | 31.1 | ||||||||||||||||
Exercisable as of June 30, 2014 | 113,132 | 17.61 | ||||||||||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 0.4 | $ | 0.5 | $ | 0.7 | $ | 0.9 | |||||||||
Interest cost | 0.5 | 0.5 | 1.1 | 1 | |||||||||||||
Expected return on plan assets | (0.6 | ) | (0.6 | ) | (1.3 | ) | (1.2 | ) | |||||||||
Amortization of actuarial losses(a) | — | 0.2 | 0.2 | 0.5 | |||||||||||||
Net periodic pension cost | $ | 0.3 | $ | 0.6 | $ | 0.7 | $ | 1.2 | |||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes Uncertain Tax Positions (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Income Taxes [Abstract] | ' | ||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||
The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | |||||
(in millions) | |||||
As of December 31, 2013 | $ | 4 | |||
Reductions for prior year tax positions | (2.8 | ) | |||
As of June 30, 2014 | $ | 1.2 | |||
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 22.4 | $ | 36.4 | $ | 30.8 | $ | 56.3 | |||||||||
Weighted average shares for basic EPS | 119.7 | 119.7 | 108.4 | 108.4 | |||||||||||||
Dilutive potential shares from grants of RSUs and PRSUs | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||
Weighted average shares for diluted EPS | 119.9 | 119.9 | 108.6 | 108.6 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | ||||||||||||||||
The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | |||||||||||||||||
U.S. | $ | 291.1 | $ | 285.9 | $ | 546.1 | $ | 531.1 | |||||||||
International | 43.3 | 46.8 | 76.2 | 80.8 | |||||||||||||
Total revenues | $ | 334.4 | $ | 332.7 | $ | 622.3 | $ | 611.9 | |||||||||
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 22.4 | $ | 36.4 | $ | 30.8 | $ | 56.3 | |||||||||
Provision for income taxes | 17.6 | 27.1 | 23.5 | 42 | |||||||||||||
Equity in earnings of investee companies, net of tax | (0.2 | ) | (0.8 | ) | (0.8 | ) | (1.1 | ) | |||||||||
Interest expense | 18.5 | — | 31 | 0.1 | |||||||||||||
Other expense, net | — | 0.1 | 0.5 | 0.2 | |||||||||||||
Operating income | 58.3 | 62.8 | 85 | 97.5 | |||||||||||||
Net (gain) loss on dispositions | — | 0.1 | (0.9 | ) | (9.7 | ) | |||||||||||
Depreciation and amortization | 49.1 | 48.6 | 97.1 | 97.5 | |||||||||||||
Stock-based compensation(a) | 2.9 | 1.6 | 4.7 | 3.2 | |||||||||||||
Total Adjusted OIBDA | $ | 110.3 | $ | 113.1 | $ | 185.9 | $ | 188.5 | |||||||||
Adjusted OIBDA: | |||||||||||||||||
U.S. | $ | 106.4 | $ | 106.5 | $ | 186.7 | $ | 186.6 | |||||||||
International | 9.5 | 11.5 | 10.6 | 12.1 | |||||||||||||
Corporate | (5.6 | ) | (4.9 | ) | (11.4 | ) | (10.2 | ) | |||||||||
Total Adjusted OIBDA | $ | 110.3 | $ | 113.1 | $ | 185.9 | $ | 188.5 | |||||||||
(a) | Stock-based compensation is classified as a Corporate expense. | ||||||||||||||||
Tabular Disclosure by Reportable Segments | ' | ||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating income (loss): | |||||||||||||||||
U.S. | $ | 64.2 | $ | 65.2 | $ | 104.2 | $ | 113.4 | |||||||||
International | 2.6 | 4.1 | (3.1 | ) | (2.5 | ) | |||||||||||
Corporate | (8.5 | ) | (6.5 | ) | (16.1 | ) | (13.4 | ) | |||||||||
Total operating income | $ | 58.3 | $ | 62.8 | $ | 85 | $ | 97.5 | |||||||||
Net (gain) loss on dispositions: | |||||||||||||||||
U.S. | $ | — | $ | 0.1 | $ | (0.8 | ) | $ | (9.8 | ) | |||||||
International | — | — | (0.1 | ) | 0.1 | ||||||||||||
Total gain on dispositions | $ | — | $ | 0.1 | $ | (0.9 | ) | $ | (9.7 | ) | |||||||
Depreciation and amortization: | |||||||||||||||||
U.S. | $ | 42.2 | $ | 41.2 | $ | 83.3 | $ | 83 | |||||||||
International | 6.9 | 7.4 | 13.8 | 14.5 | |||||||||||||
Total depreciation and amortization | $ | 49.1 | $ | 48.6 | $ | 97.1 | $ | 97.5 | |||||||||
Capital expenditures: | |||||||||||||||||
U.S. | $ | 9.7 | $ | 8 | $ | 16.7 | $ | 13.3 | |||||||||
International | 1.2 | 0.9 | 2.4 | 1.6 | |||||||||||||
Total capital expenditures | $ | 10.9 | $ | 8.9 | $ | 19.1 | $ | 14.9 | |||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||
As of | |||||||||||||||||
(in millions) | June 30, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
Assets: | |||||||||||||||||
U.S. | $ | 3,006.30 | $ | 3,027.60 | |||||||||||||
International | 313.3 | 327.9 | |||||||||||||||
Corporate | 224.4 | — | |||||||||||||||
Total assets | $ | 3,544.00 | $ | 3,355.50 | |||||||||||||
Description_of_Business_and_Ba3
Description of Business and Basis of Presentation - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Jan. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 05, 2014 | Jul. 16, 2014 | Jul. 20, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
segment | markets | Subsequent Event | Subsequent Event | Subsequent Event | Common Stock | Common Stock | Building and Improvements [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Advertising Structures [Member] | Advertising Structures [Member] | Advertising Structures [Member] | Furniture, Equipment and Other [Member] | Furniture, Equipment and Other [Member] | Furniture, Equipment and Other [Member] | ||||
segment | Shares Sold to Underwriter as Part of Total IPO | Minimum | Maximum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Maximum | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 100 | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Largest Markets in Which the Entity Operates, Domestic | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate Number of Markets in Which the Entity Operates | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '40 years | '40 years | '5 years | '20 years | '20 years | '3 years | '10 years | '10 years |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Exchanged by Parent In Tender Offer | ' | ' | ' | ' | ' | ' | 97,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
% ownership by parent | ' | 81.00% | ' | 81.00% | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost | ' | ' | ' | ' | ' | ' | ' | $690 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date Announced | ' | ' | ' | ' | ' | 5-Aug-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per common share | ' | $0.37 | $0 | $0.37 | $0 | $0.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | ' | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date of Record | ' | ' | ' | ' | ' | 9-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial_Public_Offering_Narrat
Initial Public Offering - Narrative (Details) (USD $) | 0 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 02, 2014 | Jan. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Capital Unit [Line Items] | ' | ' | ' | ' |
Proceeds from IPO | $615 | ' | $615 | $0 |
Stock Issued During Period, Shares, New Issues | ' | 100 | ' | ' |
Distribution of IPO proceeds to CBS | ' | ' | 2,038.80 | 0 |
Proceeds from Initial Public Offering Held for Payment Upon Election of REIT Status | 100 | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 23,000,000 | ' | ' | ' |
Shares Issued, Price Per Share | $28 | ' | ' | ' |
Shares Sold to Underwriter as Part of Total IPO | Common Stock | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 3,000,000 | ' | ' | ' |
IPO Proceeds | ' | ' | ' | ' |
Capital Unit [Line Items] | ' | ' | ' | ' |
Distribution of IPO proceeds to CBS | $515 | ' | ' | ' |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property, Plant and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Land [Member] | Land [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Building and Improvements [Member] | Advertising Structures [Member] | Advertising Structures [Member] | Advertising Structures [Member] | Advertising Structures [Member] | Advertising Structures [Member] | Furniture, Equipment and Other [Member] | Furniture, Equipment and Other [Member] | Furniture, Equipment and Other [Member] | Furniture, Equipment and Other [Member] | Furniture, Equipment and Other [Member] | Construction in progress [Member] | Construction in progress [Member] | ||
Minimum | Maximum | Maximum | Minimum | Maximum | Maximum | Minimum | Maximum | Maximum | |||||||||||||
Property and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and Equipment | $1,906.70 | $1,892 | $88.60 | $88.60 | $46.70 | $45 | ' | ' | ' | $1,677 | $1,662.30 | ' | ' | ' | $79.70 | $77.20 | ' | ' | ' | $14.70 | $18.90 |
Less: accumulated depreciation | 1,185.40 | 1,136.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | $721.30 | $755.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '20 years | '40 years | '40 years | ' | ' | '5 years | '20 years | '20 years | ' | ' | '3 years | '10 years | '10 years | ' | ' |
Property_and_Equipment_Narrati
Property and Equipment - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $26.50 | $25.90 | $52.60 | $51.90 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | $1,329.80 | $1,345.10 |
Accumulated Amortization | -994.6 | -980.7 |
Net | 335.2 | 364.4 |
Permits and leasehold agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 881.9 | 880.6 |
Accumulated Amortization | -678 | -659 |
Net | 203.9 | 221.6 |
Franchise agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 445.8 | 462.4 |
Accumulated Amortization | -315.5 | -320.7 |
Net | 130.3 | 141.7 |
Other intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross | 2.1 | 2.1 |
Accumulated Amortization | -1.1 | -1 |
Net | $1 | $1.10 |
Intangible_Assets_Narrative_De
Intangible Assets - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization of Intangible Assets | $22.60 | $22.70 | $44.50 | $45.60 |
Amortization of direct lease acquisition costs | $8.40 | $7.70 | $15.40 | $15.50 |
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_Na
Asset Retirement Obligation - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
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_Sc
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' |
As of December 31, 2013 | $31.70 |
Accretion expense | 1.1 |
Additions | 0.2 |
Liabilities settled | -0.5 |
Foreign currency translation adjustments | -0.1 |
As of June 30, 2014 | $32.40 |
Related_Party_Transactions_Nar
Related Party Transactions - Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2016 | Dec. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | joint_venture | CBS Corp. | CBS Corp. | CBS Corp. | CBS Corp. | CBS Corp. | Other Related Parties | Other Related Parties | Other Related Parties | Other Related Parties | Subsequent Event | Subsequent Event | Subsequent Event | |
CBS Corp. | CBS Corp. | CBS Corp. | ||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, General and Administrative Expenses from Transactions with Related Party | ' | ' | $2.80 | $13 | $9.20 | $30.70 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts Receivable, Related Parties, Current | ' | ' | 2.9 | ' | 2.9 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Accounts Payable, Related Parties, Current | ' | ' | 1.2 | ' | 1.2 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Transition Services Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-14 |
Licensing Agreement, Corporate Name, Term of Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | ' |
Licensing Agreement, Mark and Logo, Term of Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Mar-16 | ' | ' |
Revenue from Related Parties | ' | ' | 5.1 | 2.5 | 7 | 5 | ' | 2 | 2.6 | 3.6 | 5 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Number of Investments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | $22 | $24.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,598.10 | $0 |
Weighted average cost of debt | 4.20% | 0.00% |
Secured Debt | Term loan, due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 798.1 | 0 |
Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 800 | 0 |
Senior Notes | 5.250% senior unsecured notes, due 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 400 | 0 |
Senior Notes | 5.625% senior unsecured notes, due 2024 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $400 | $0 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | |||||
Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | |
Secured Debt | Secured Debt | Secured Debt | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Long-term Debt [Member] | Fair Value, Inputs, Level 2 | Revolving Credit Facility | Revolving Credit Facility | Letter of Credit | Subsequent Event | Subsequent Event | |||||
Term loan, due 2021 | Term loan, due 2021 | Term loan, due 2021 | 5.250% senior unsecured notes, due 2022 | 5.250% senior unsecured notes, due 2022 | 5.625% senior unsecured notes, due 2024 | 5.625% senior unsecured notes, due 2024 | Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $425,000,000 | ' | $80,000,000 | ' | ' |
Credit facility, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-19 | ' | ' | ' | ' |
Cash adjustment to debt compliance calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Commitment fee for unused commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' |
Outstanding letters of credit and surety bonds | ' | 80,900,000 | ' | 78,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 19,300,000 |
Covenant description | ' | 'The Credit Agreement requires, in connection with the incurrence of certain indebtedness, that 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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Credit Agreement contains certain customary affirmative and negative covenants. As of June 30, 2014, the terms of the Revolving Credit Facility require that we maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 3.5 to 1.0. On September 30, 2014, as an entity being taxed as a REIT, we will be required to maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. | ' | ' | ' |
Maximum Consolidated Net Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' |
Debt Covenant, Maximum Consolidated Net Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' |
Maximum consolidated net secured coverage ratio, REIT election | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Debt Covenant, Consolidated Total Leverage Ratio | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Total Leverage Ratio | ' | 3.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face amount | ' | ' | ' | ' | 800,000,000 | ' | ' | 400,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | 31-Jan-21 | ' | ' | 31-Jan-22 | ' | 31-Jan-24 | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | 2.25% | 2.25% | 5.25% | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to term loan reference rate to arrive at effective rate | ' | ' | ' | ' | ' | 'plus the greater of the London Interbank Offered Rate (“LIBORâ€) or 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount | ' | ' | ' | ' | ' | 1,900,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred finance costs | ' | 29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution of debt proceeds to CBS | ' | 2,038,800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' |
Net proceeds retained from incurrence of debt | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000,000 | ' | ' | ' | ' | ' |
Allowable early redemption percentage for senior notes | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($75.10) | ($66) |
Other comprehensive income before reclassifications | ' | ' | 5.1 | -12.2 |
Amortization of actuarial losses reclassified to net income | ' | ' | 0.2 | 0.3 |
Total other comprehensive income (loss), net of tax | 3.3 | -9.8 | 5.3 | -11.9 |
Ending balance | -69.8 | -77.9 | -69.8 | -77.9 |
Cumulative Translation Adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -69.2 | -54.3 |
Other comprehensive income before reclassifications | ' | ' | 5.1 | -12.2 |
Amortization of actuarial losses reclassified to net income | ' | ' | 0 | 0 |
Total other comprehensive income (loss), net of tax | ' | ' | 5.1 | -12.2 |
Ending balance | -64.1 | -66.5 | -64.1 | -66.5 |
Net Actuarial Gain (Loss) | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -5.9 | -11.7 |
Other comprehensive income before reclassifications | ' | ' | 0 | 0 |
Amortization of actuarial losses reclassified to net income | ' | ' | 0.2 | 0.3 |
Total other comprehensive income (loss), net of tax | ' | ' | 0.2 | 0.3 |
Ending balance | ($5.70) | ($11.40) | ($5.70) | ($11.40) |
Equity_Narrative_Details
Equity - Narrative (Details) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||
Jan. 15, 2014 | Jun. 30, 2014 | Apr. 02, 2014 | Dec. 31, 2013 | Apr. 02, 2014 | Mar. 14, 2014 | Mar. 13, 2014 | Apr. 02, 2014 | |
Common Stock | Common Stock | Common Stock | Shares Sold to Underwriter as Part of Total IPO | |||||
Common Stock | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 100 | ' | ' | ' | 23,000,000 | ' | ' | 3,000,000 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | ' | ' | ' | ' | ' | 970,000 | ' | ' |
Common Stock, Issued | ' | 120,000,000 | 120,000,000 | 0 | ' | ' | ' | ' |
Common Stock, Outstanding | ' | 120,000,000 | 120,000,000 | 0 | ' | 97,000,000 | 100 | ' |
Shares Issued, Price Per Share | ' | ' | ' | ' | $28 | ' | ' | ' |
Common Stock, Authorized | ' | 450,000,000 | ' | 0 | ' | ' | ' | ' |
Common Stock, Par Value | ' | $0.01 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | $0.01 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | 0 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | 0 | ' | ' | ' | ' | ' | ' |
% ownership by parent | ' | 81.00% | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 27, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 18, 2014 | Mar. 27, 2014 | Mar. 27, 2014 | Jul. 16, 2014 | Jul. 16, 2014 | Jul. 09, 2014 |
Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance Restricted Stock Units (PRSUs) | Performance Restricted Stock Units (PRSUs) | Stock options | Omnibus Stock Incentive Plan | Omnibus Stock Incentive Plan | CBS Corp. Equity and Incentive Plan | Subsequent Event | Subsequent Event | Subsequent Event | |
Minimum | Maximum | Minimum | Maximum | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Omnibus Stock Incentive Plan | CBS Corp. Equity and Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Not yet Recognized, Share-based Awards Other than Options | ' | $24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Cost Not yet Recognized, Period for Recognition | ' | '3 years 0 months | ' | ' | ' | ' | '2 years 7 months | ' | ' | ' | ' | ' | ' |
Compensation Not yet Recognized, Stock Options | ' | ' | ' | ' | ' | ' | $1.40 | ' | ' | ' | ' | ' | ' |
Non-vested CBS RSUs converted to Outdoor RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,172 | ' | ' | ' |
Non-vested Outdoor RSUs converted from CBS RSUs | ' | ' | ' | ' | ' | ' | ' | ' | 561,021 | ' | ' | ' | ' |
Conversion of Award Ratio | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payout on Stock-Based Compensation Award (percent) | ' | ' | ' | ' | 0.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Converted Awards, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 219,741 |
Share-based Compensation Arrangements, Share-based Payment Awards, Options, Converted to Awards, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 409,207 | ' |
Share-based Compensation Arrangements, Share-based Payment Awards, Options, Conversion Award Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, before income taxes | $2.90 | $1.60 | $4.70 | $3.20 |
Tax benefit | -1.3 | -0.6 | -2.1 | -1.3 |
Stock-based compensation expense, net of tax | 1.6 | 1 | 2.6 | 1.9 |
RSUs and PRSUs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, before income taxes | 2.7 | 1.4 | 4.3 | 2.9 |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, before income taxes | $0.20 | $0.20 | $0.40 | $0.30 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Restricted Stock Units Award Activity (Details) (USD $) | 3 Months Ended | |||
Jun. 30, 2014 | Mar. 27, 2014 | Mar. 31, 2014 | ||
CBS Corp. Equity and Incentive Plan | Restricted Stock Units (RSUs) | ' | ' | ' | |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | |
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (USD per share) | $36.80 | $32.09 | $33.16 | [1] |
Weighted Average Grant Date Fair Value, Grants in Period (USD per share) | ' | $34.66 | ' | |
Weighted Average Grant Date Fair Value, Vested (USD per share) | $33.16 | $22.51 | ' | |
Weighted Average Grant Date Fair Value, Forfeited (USD per share) | ' | $37.67 | ' | |
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (USD per share) | $0 | $36.80 | $33.16 | [1] |
Weighted Average Grant Date Fair Value, Converted Awards (USD per share) | ' | $37.77 | ' | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |
Non-vested as of beginning of period | 323,733 | 472,490 | ' | |
Employee transfers and grants | ' | 11,875 | ' | |
Vested | -67,561 | -157,723 | ' | |
Forfeited | ' | -2,909 | ' | |
Non-vested of end of period | 0 | 323,733 | ' | |
CBS RSUs converted to Outdoor RSUs | ' | -256,172 | ' | |
CBS RSU's not converted | ' | ' | 67,561 | [1] |
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | ' | ' | ' | |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | |
Weighted Average Grant Date Fair Value, Grants in Period (USD per share) | $29.50 | ' | ' | |
Weighted Average Grant Date Fair Value, Vested (USD per share) | $29.50 | ' | ' | |
Weighted Average Grant Date Fair Value, Forfeited (USD per share) | $21.68 | ' | ' | |
Weighted Average Grant Date Fair Value, Converted Awards (USD per share) | ' | $17.24 | ' | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |
Non-vested Outdoor RSUs converted from CBS RSUs | ' | 561,021 | ' | |
Employee transfers and grants | 466,912 | ' | ' | |
Vested | -52 | ' | ' | |
Forfeited | -10,689 | ' | ' | |
Omnibus Stock Incentive Plan | Performance Restricted Stock Units (PRSUs) | ' | ' | ' | |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | |
Weighted Average Grant Date Fair Value, Grants in Period (USD per share) | $29.39 | ' | ' | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |
Employee transfers and grants | 154,967 | ' | ' | |
Omnibus Stock Incentive Plan | RSUs and PRSUs | ' | ' | ' | |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | |
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (USD per share) | $23.67 | ' | ' | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |
Non-vested of end of period | 1,172,159 | ' | ' | |
RSUs and PRSUs | Omnibus Stock Incentive Plan | ' | ' | ' | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | |
Non-vested of end of period | 4,623 | ' | ' | |
Dividend equivalents | 4,623 | ' | ' | |
[1] | (a)Reflects CBS RSUs which vested in April 2014. |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) (CBS Corp. Equity and Incentive Plan, Stock options, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
CBS Corp. Equity and Incentive Plan | Stock options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding as of December 31, 2013 | 399,581 |
Exercised | -107,249 |
Forfeited | -38,167 |
Outstanding as of June 30, 2014 | 254,165 |
Exercisable as of June 30, 2014 | 113,132 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Weighted average exercise price, options outstanding, beginning balance | $29.30 |
Weighted average exercise price, exercised | $24.50 |
Weighted average exercise price, forfeited | $30.78 |
Weighted average exercise price, options outstanding, ending balance | $31.10 |
Weighted average exercise price, options exercisable | $17.61 |
Retirement_Benefits_Schedule_o
Retirement Benefits - Schedule of Net Benefit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ||||
Service cost | $0.40 | $0.50 | $0.70 | $0.90 | ||||
Interest cost | 0.5 | 0.5 | 1.1 | 1 | ||||
Expected return on plan assets | -0.6 | -0.6 | -1.3 | -1.2 | ||||
Amortization of actuarial losses(a) | 0 | [1] | 0.2 | [1] | 0.2 | [1] | 0.5 | [1] |
Net periodic pension cost | $0.30 | $0.60 | $0.70 | $1.20 | ||||
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension Contributions | $0.80 |
Estimated Future Employer Contributions in Current Fiscal Year | $2 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 44.20% | 43.20% | 43.90% | 43.20% | ' |
Unrecognized Tax Benefits | $1.20 | ' | $1.20 | ' | $4 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0.8 | ' | 0.8 | ' | ' |
CBS Corp. | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Unrecognized Tax Benefit Transferred to Parent | ' | ' | $2.10 | ' | ' |
Income_Taxes_Uncertain_Tax_Pos1
Income Taxes Uncertain Tax Positions (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ' | ' |
Unrecognized Tax Benefits | $1.20 | $4 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | ($2.80) | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income | $22.40 | $36.40 | $30.80 | $56.30 |
Weighted average shares for basic EPS | 119.7 | 119.7 | 108.4 | 108.4 |
Dilutive potential shares from granted RSUs and PRSUs | 0.2 | 0.2 | 0.2 | 0.2 |
Weighted average shares for diluted EPS | 119.9 | 119.9 | 108.6 | 108.6 |
Commitment_and_Contingencies_N
Commitment and Contingencies - Narrative (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Outstanding letters of credit and surety bonds | $80.90 | $78.30 |
CBS Corp. | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Indemnification of Letters of Credit and Surety Bonds | $1.20 | $78.30 |
Segment_Information_Revenues_b
Segment Information - Revenues by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $334.40 | $332.70 | $622.30 | $611.90 |
U.S. | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 291.1 | 285.9 | 546.1 | 531.1 |
International | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $43.30 | $46.80 | $76.20 | $80.80 |
Segment_Information_Adjusted_O
Segment Information Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net income | $22.40 | $36.40 | $30.80 | $56.30 | ||||
Provision for income taxes | 17.6 | 27.1 | 23.5 | 42 | ||||
Equity in earnings of investee companies, net of tax | -0.2 | -0.8 | -0.8 | -1.1 | ||||
Interest expense | 18.5 | 0 | 31 | 0.1 | ||||
Other expense, net | 0 | 0.1 | 0.5 | 0.2 | ||||
Operating income | 58.3 | 62.8 | 85 | 97.5 | ||||
Net (gain) loss on dispositions | 0 | 0.1 | -0.9 | -9.7 | ||||
Depreciation and amortization | 49.1 | 48.6 | 97.1 | 97.5 | ||||
Stock-based compensation | 2.9 | [1] | 1.6 | [1] | 4.7 | [1] | 3.2 | [1] |
Adjusted OIBDA | 110.3 | 113.1 | 185.9 | 188.5 | ||||
Capital expenditures | 10.9 | 8.9 | 19.1 | 14.9 | ||||
U.S. | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 64.2 | 65.2 | 104.2 | 113.4 | ||||
Net (gain) loss on dispositions | 0 | 0.1 | -0.8 | -9.8 | ||||
Depreciation and amortization | 42.2 | 41.2 | 83.3 | 83 | ||||
Adjusted OIBDA | 106.4 | 106.5 | 186.7 | 186.6 | ||||
Capital expenditures | 9.7 | 8 | 16.7 | 13.3 | ||||
International | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 2.6 | 4.1 | -3.1 | -2.5 | ||||
Net (gain) loss on dispositions | 0 | 0 | -0.1 | 0.1 | ||||
Depreciation and amortization | 6.9 | 7.4 | 13.8 | 14.5 | ||||
Adjusted OIBDA | 9.5 | 11.5 | 10.6 | 12.1 | ||||
Capital expenditures | 1.2 | 0.9 | 2.4 | 1.6 | ||||
Corporate | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | -8.5 | -6.5 | -16.1 | -13.4 | ||||
Adjusted OIBDA | ($5.60) | ($4.90) | ($11.40) | ($10.20) | ||||
[1] | Stock-based compensation is classified as a Corporate expense. |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $3,544 | $3,355.50 |
U.S. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 3,006.30 | 3,027.60 |
International | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 313.3 | 327.9 |
Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $224.40 | $0 |
Segment_Information_Narrative_
Segment Information - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
segment | segment | |
Segment Reporting [Abstract] | ' | ' |
Number of Operating Segments | 2 | 2 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jul. 23, 2014 | Jul. 20, 2014 |
Subsequent Event [Line Items] | ' | ' |
Bridge Loan Term | ' | '300 days |
Severance Costs | $6.30 | ' |
Acquisition cost | ' | 690 |
Maximum | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Bridge term loan principal amount | ' | $715 |