Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 04, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OUTFRONT Media Inc. | ||
Entity Central Index Key | 1579877 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 137,098,703 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $741,144,164 |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets, Current [Abstract] | ||
Cash and cash equivalents | $28.50 | $29.80 |
Receivables, less allowances of $14.2 in 2014 and $15.7 in 2013 | 217.5 | 178.8 |
Deferred income tax assets, net | 2.3 | 24.5 |
Prepaid lease and transit franchise costs | 68.2 | 62.7 |
Other prepaid expenses | 26.1 | 15.5 |
Other current assets | 12.7 | 5.9 |
Total current assets | 355.3 | 317.2 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 782.9 | 755.4 |
Goodwill | 2,154.20 | 1,865.70 |
Intangible assets | 633.2 | 364.4 |
Other assets | 98 | 52.8 |
Total assets | 4,023.60 | 3,355.50 |
Liabilities, Current [Abstract] | ||
Accounts payable | 75.2 | 80 |
Accrued compensation | 34.6 | 28.2 |
Accrued interest | 18 | 0.1 |
Accrued lease costs | 34.4 | 17.7 |
Other accrued expenses | 47.4 | 37.7 |
Deferred revenues | 18.6 | 22.9 |
Other current liabilities | 27 | 25.6 |
Total current liabilities | 255.2 | 212.2 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt | 2,198.30 | 0 |
Deferred income tax liabilities, net | 17.2 | 288.5 |
Asset retirement obligation | 36.6 | 31.7 |
Other liabilities | 70.8 | 68.7 |
Liabilities | 2,578.10 | 601.1 |
Commitments and contingencies | ||
Stockholders’ equity/invested equity: | ||
Common stock (2014 - 450.0 shares authorized, and 136.6 shares issued and outstanding; 2013 - no shares authorized, issued or outstanding) | 1.4 | 0 |
Additional paid-in capital | 1,911.20 | 0 |
Distribution in excess of earnings | -377 | 0 |
Invested capital | 0 | 2,829.50 |
Accumulated other comprehensive loss | -90.1 | -75.1 |
Total stockholders’ equity | 1,445.50 | |
Total invested equity | 2,754.40 | |
Total liabilities and stockholders’ equity/invested equity | $4,023.60 | $3,355.50 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Receivables | $14.20 | $15.70 |
Common Stock, Outstanding | 136,624,157 | 0 |
Common Stock, Shares Authorized | 450,000,000 | 0 |
Common Stock, Shares, Issued | 136,624,157 | 0 |
Statement_of_Operations
Statement of Operations (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues [Abstract] | ||||
Billboard | $972.10 | $925.70 | $913.60 | |
Transit and other | 381.7 | 368.3 | 371 | |
Total revenues | 1,353.80 | 1,294 | 1,284.60 | |
Expenses: | ||||
Operating | 726.5 | 686.9 | 700.1 | |
Selling, general and administrative | 224.3 | 199.8 | 181.8 | |
Restructuring charges | 9.8 | [1] | 0 | 2.5 |
Acquisition costs | 10.4 | [1] | 0 | 0 |
Net (gain) loss on dispositions | -2.5 | -27.3 | 2.2 | |
Depreciation | 107.2 | 104.5 | 105.9 | |
Amortization | 95 | 91.3 | 90.9 | |
Total expenses | 1,170.70 | 1,055.20 | 1,083.40 | |
Operating income | 183.1 | 238.8 | 201.2 | |
Interest income (expense), net | -84.8 | 0 | 0 | |
Other income (expense), net | -0.3 | -1.2 | -1 | |
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 98 | 237.6 | 200.2 | |
Benefit (provision) for income taxes | 206 | -96.6 | -89 | |
Equity in earnings of investee companies, net of tax | 2.9 | 2.5 | 2.2 | |
Net income | $306.90 | $143.50 | $113.40 | |
Net income per common share: | ||||
Basic ($ per share) | $2.69 | $1.26 | $0.99 | |
Diluted ($ per share) | $2.67 | $1.25 | $0.99 | |
Weighted average shares outstanding: | ||||
Basic (shares) | 114.3 | 114.3 | 114.3 | |
Diluted (shares) | 114.8 | 114.8 | 114.8 | |
Dividends declared per common share | $5.67 | $0 | $0 | |
[1] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | ||||||||||||
Net income | $27.80 | [1] | $248.30 | $22.40 | $8.40 | $50 | $37.20 | $36.40 | $19.90 | $306.90 | $143.50 | $113.40 |
Other comprehensive income (loss), net of tax: | ||||||||||||
Cumulative translation adjustments | -10.7 | -14.9 | 11 | |||||||||
Net actuarial gain (loss) | -3.1 | 5.8 | -1.4 | |||||||||
Deferred tax rate adjustment | -1.2 | 0 | 0 | |||||||||
Total other comprehensive income (loss), net of tax | -15 | -9.1 | 9.6 | |||||||||
Total comprehensive income | $291.90 | $134.40 | $123 | |||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. |
Statement_of_Invested_EquitySt
Statement of Invested Equity/Stockholders’ Equity (USD $) | Total | Common Stock | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Invested Capital [Member] | Accumulated Other Comprehensive Loss | Treasury Stock [Member] |
In Millions, except Share data | |||||||
Total invested equity at Dec. 31, 2011 | $2,990.60 | $3,066.20 | ($75.60) | ||||
Net income | 113.4 | 113.4 | 0 | ||||
Other comprehensive income (loss) | 9.6 | 9.6 | |||||
Net contribution from (distribution to) CBS | -269.7 | -269.7 | 0 | ||||
Total invested equity, ending balance at Dec. 31, 2012 | 2,843.90 | 2,909.90 | -66 | ||||
Shares of common stock | 0 | ||||||
Net income | 143.5 | 143.5 | |||||
Other comprehensive income (loss) | -9.1 | -9.1 | |||||
Net contribution from (distribution to) CBS | -223.9 | -223.9 | |||||
Total invested equity, ending balance at Dec. 31, 2013 | 2,754.40 | 2,829.50 | -75.1 | ||||
Shares of common stock | 136,624,157 | 136,600,000 | |||||
Net income | 306.9 | 305.8 | 1.1 | ||||
Other comprehensive income (loss) | -15 | -15 | |||||
Initial public offering | 615 | 0.2 | 614.8 | ||||
Initial public offering (shares) | 23,000,000 | ||||||
Stock-based compensation: Amortization | 14.1 | 14.1 | |||||
Shares paid for tax withholding for stock-based payments | -0.1 | -0.1 | |||||
Retirement of treasury stock | 0 | -0.1 | 0.1 | ||||
Conversion to stockholders' equity | 0 | 1 | 2,829.60 | -2,830.60 | |||
Conversion to stockholders' equity (shares) | 97,000,000 | ||||||
Distribution to investee company | 2 | 2 | |||||
Distribution to investee company (shares) | 100,000 | ||||||
Distribution of debt and IPO proceeds to CBS | -2,038.80 | -2,038.80 | |||||
Dividends | -244.6 | 0.2 | 438 | -682.8 | |||
Common Stock Dividends, shares | 16,500,000 | ||||||
Net contribution from (distribution to) CBS | 51.6 | 51.6 | |||||
Total stockholders' equity | $1,445.50 | $1.40 | $1,911.20 | ($377) | $0 | ($90.10) | $0 |
Total invested equity, ending balance at Dec. 31, 2014 |
Statement_of_Invested_EquitySt1
Statement of Invested Equity/Stockholders’ Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Par Value | $0.01 | ||
Dividends declared per common share | $5.67 | $0 | $0 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $306.90 | $143.50 | $113.40 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Depreciation and amortization | 202.2 | 195.8 | 196.8 |
Deferred tax (benefit) liability | -249.5 | -15.5 | -6.6 |
Stock-based compensation | 16 | 7.5 | 5.7 |
Provision for doubtful accounts | 2.9 | 0.4 | 3.1 |
Accretion expense | 2.3 | 2.2 | 2.5 |
Net (gain) loss on dispositions | -2.5 | -27.3 | 2.2 |
Equity in earnings of investee companies, net of tax | -2.9 | -2.5 | -2.2 |
Distributions from investee companies | 7.4 | 4.4 | 6.4 |
Amortization of deferred financing costs and debt discount | 12.1 | 0 | 0 |
Change in assets and liabilities, net of investing and financing activities | |||
(Increase) decrease in receivables | -0.6 | -7.1 | 7.6 |
(Increase) decrease in prepaid expenses and other current assets | -6.4 | 9.5 | 3.9 |
Decrease in accounts payable and accrued expenses | -5.8 | -32.2 | -26.5 |
Increase (decrease) in deferred revenues | -9.8 | 7.1 | 0.9 |
(Decrease) increase in income taxes | -9 | -6.5 | -3.8 |
Other, net | -0.5 | 1.8 | 2.5 |
Net cash provided by operating activities | 262.8 | 281.1 | 305.9 |
Investing Activities: | |||
Capital expenditures | -64.2 | -60.9 | -48.2 |
Acquisitions | -735.7 | -11.5 | -0.4 |
Investments in investee companies | -3 | 0 | 0 |
Proceeds from dispositions | 4.5 | 28.7 | 0.5 |
Net cash used for investing activities | -798.4 | -43.7 | -48.1 |
Financing Activities | |||
Proceeds from IPO | 615 | 0 | 0 |
Proceeds from long-term debt borrowings - term loan and senior notes | 1,598 | 0 | 0 |
Proceeds from long-term debt - new senior notes | 599.3 | 0 | 0 |
Deferred financing fees | -42.7 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 5.8 | 2.9 |
Distribution of net debt and IPO proceeds to CBS | -2,038.80 | 0 | 0 |
Net cash contribution from (distribution to) CBS | 49.3 | -232.6 | -279.7 |
Dividends | -133.2 | 0 | 0 |
Special dividend | -109.5 | 0 | 0 |
Other | -0.8 | -0.2 | -0.2 |
Net cash provided by (used for) financing activities | 536.6 | -227 | -277 |
Effect of exchange rate changes on cash and cash equivalents | -2.3 | -0.8 | 1.8 |
Net increase (decrease) in cash and cash equivalents | -1.3 | 9.6 | -17.4 |
Cash and cash equivalents at beginning of period | 29.8 | 20.2 | 37.6 |
Cash and cash equivalents at end of period | 28.5 | 29.8 | 20.2 |
Supplemental disclosure of cash flow information | |||
Cash paid for income taxes | 53 | 112.8 | 96.5 |
Cash paid for interest | 55.1 | 0 | 0 |
Investments in investee companies | 0 | 13.1 | 0 |
Accrued purchases of property and equipment | 1.4 | 12.8 | 15.5 |
Issuance of stock for purchase of property and equipment | $2 | $0 | $0 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 | |
OUTFRONT Media Inc., formerly known as 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 private letter ruling from the Internal Revenue Service (“IRS”) with respect to certain issues relevant to our ability to qualify 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. | |
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 October 1, 2014, we completed our acquisition of certain outdoor advertising businesses (the “Acquired Business”) of Van Wagner Communications, LLC, for $690.0 million in cash, plus working capital adjustments (the “Acquisition”). The Acquisition was funded with the net proceeds from the issuance and sale of the New Senior Notes (as defined in Note 8. Long-Term Debt) and cash on hand. | |
In order to comply with certain REIT qualification requirements, on October 29, 2014, our board of directors approved a special dividend of approximately $547.7 million, or $4.56 per share, to distribute accumulated earnings and profits as of July 17, 2014, the date we began operating in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes, including any earnings and profits allocated to us by CBS in connection with the Separation (the “E&P Purge”). The special dividend was paid on December 31, 2014, to stockholders of record on November 20, 2014. In connection with the special dividend, we paid approximately $109.5 million in cash, and issued approximately 16.5 million new shares of our common stock based on the volume weighted average price of our common stock for the three trading days commencing on December 16, 2014, or $26.4974 per share. As stated in Note 2. Initial Public Offering, a portion ($100.0 million) of the IPO proceeds was retained by us and was applied to the cash portion of the E&P Purge. CBS transferred the balance of the cash portion of the E&P Purge (approximately $9.5 million) to us prior to the payment of the special dividend to stockholders. | |
On February 26, 2015, we announced that our board of directors approved a special cash dividend of $0.06 per share on our common stock, comprised of a “top-up” of the 2014 annual dividend for REIT distributable income (the “top-up dividend”). The top-up dividend is payable on March 31, 2015, to stockholders of record at the close of business on March 11, 2015. On February 26, 2015, we also announced that our board of directors approved a quarterly cash dividend of $0.34 per share on our common stock, payable on March 31, 2015, to stockholders of record at the close of business on March 11, 2015. | |
Basis of Presentation and Use of Estimates | |
The accompanying 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 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 years presented. Certain previously reported amounts have been reclassified to conform with the current presentation. | |
We have revised the previously reported condensed consolidated Statement of Cash Flows for the years ended December 31, 2013 and 2012. Historically, non-cash purchases of property and equipment were previously included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $2.7 million for the year ended December 31, 2013, and decreased Net cash used in investing activities and decreased Net cash provided by operating activities by $5.4 million for the year ended December 31, 2012. We do not believe that these misclassifications were material to the previously reported annual financial statements. The above adjustments had no effect on previously reported Statements of Operations, Statements of Financial Position or Statements of Invested Equity/Stockholders' Equity. | |
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, such historical financial information is not necessarily indicative of our future results of operations, financial position or cash flows. |
Initial_Public_Offering_Notes
Initial Public Offering (Notes) | 12 Months Ended |
Dec. 31, 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 was applied to the cash portion of the E&P Purge. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |
Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. Prior to January 31, 2014, we carried minimal cash on hand as we had participated in CBS’s centralized cash management system. On January 31, 2014, we incurred $1.6 billion in debt under the Senior Credit Facilities and the Senior Notes (see Note 8. Long-Term Debt), and accordingly, our participation in the CBS centralized cash management system ceased. | ||
Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. | ||
Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | ||
Buildings and improvements | 20 to 40 years | |
Advertising structures | 5 to 20 years | |
Furniture, equipment and other | 3 to 10 years | |
For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. | ||
Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures and permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. | ||
Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. | ||
Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Each of our segments consists of two reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge. | ||
Revenue Recognition—Our revenues are primarily derived from providing space on advertising displays for local, regional and national advertisements. Contracts with customers generally cover periods ranging from four weeks to twelve months and are generally billed every four weeks. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned, which is typically ratably over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross billing revenues, revenues are reported net of agency commissions. | ||
Deferred revenues primarily consist of revenues paid in advance of being earned. | ||
Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. | ||
Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. | ||
Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months. | ||
The fixed component of lease costs is expensed evenly over the contract term, and contingent rent is expensed as it becomes probable, which is consistent with when the related revenues are recognized. | ||
Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. | ||
Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within amortization expense in the accompanying Consolidated Statements of Operations. | ||
Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. The resulting translation gains and losses are included as a component of invested equity in accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in “Other income (expense), net” in the Consolidated Statements of Operations. | ||
Income Taxes—Prior to the Separation, we were a member of CBS’s consolidated tax group, and the provision for income taxes, deferred tax assets and liabilities, and income tax payments were calculated on a separate tax return basis, with us as the taxpayer, even though our U.S. operating results were included in the consolidated federal, and certain state and local income tax returns of CBS. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. | ||
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. We believe we are organized in conformity with the requirements for qualification and taxation as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), and intend to elect REIT status with the filing of the tax return for the above-referenced short taxable year. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. | ||
We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRS”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. | ||
Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. | ||
Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in operating expenses and the capitalized cost is depreciated over the expected useful life of the related asset. | ||
Stock-based Compensation—During 2014, we converted CBS stock options and CBS restricted stock units (“RSUs”) issued by CBS to certain of our employees to stock options and RSUs issued under our equity incentive plan with the same terms and conditions as the CBS awards. We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost was recognized over the vesting period during which an employee was required to provide service in exchange for the award. | ||
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 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 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 | 12 Months Ended | ||||||||
Dec. 31, 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 December 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Land | $ | 88.1 | $ | 88.6 | |||||
Buildings and improvements | 47 | 45 | |||||||
Advertising structures | 1,745.60 | 1,662.30 | |||||||
Furniture, equipment and other | 78.1 | 77.2 | |||||||
Construction in progress | 17.1 | 18.9 | |||||||
1,975.90 | 1,892.00 | ||||||||
Less accumulated depreciation | 1,193.00 | 1,136.60 | |||||||
Property and equipment, net | $ | 782.9 | $ | 755.4 | |||||
Depreciation expense was $107.2 million in 2014, $104.5 million in 2013 and $105.9 million in 2012. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and other intangible assets | Goodwill and Other Intangible Assets | ||||||||||||||||||||
For the years ended December 31, 2014 and 2013, the changes in the book value of goodwill by segment were as follows: | |||||||||||||||||||||
(in millions) | U.S. | International | Total | ||||||||||||||||||
As of December 31, 2012 | $ | 1,758.00 | $ | 119.2 | $ | 1,877.20 | |||||||||||||||
Currency translation adjustments | — | (5.1 | ) | (5.1 | ) | ||||||||||||||||
Dispositions | (6.4 | ) | — | (6.4 | ) | ||||||||||||||||
As of December 31, 2013 | 1,751.60 | 114.1 | 1,865.70 | ||||||||||||||||||
Currency translation adjustments | — | (10.5 | ) | (10.5 | ) | ||||||||||||||||
Additions(a) | 299.2 | — | 299.2 | ||||||||||||||||||
Dispositions | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||
As of December 31, 2014 | $ | 2,050.60 | $ | 103.6 | $ | 2,154.20 | |||||||||||||||
(a) | In 2014, we completed the Acquisition (see Note 12. Acquisition). | ||||||||||||||||||||
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 | Net | ||||||||||||||||||
Amortization | |||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Permits and leasehold agreements | $ | 1,119.20 | $ | (677.2 | ) | $ | 442 | ||||||||||||||
Franchise agreements | 474.7 | (321.1 | ) | 153.6 | |||||||||||||||||
Other intangible assets | 39.9 | (2.3 | ) | 37.6 | |||||||||||||||||
Total intangible assets | $ | 1,633.80 | $ | (1,000.6 | ) | $ | 633.2 | ||||||||||||||
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 $95.0 million in 2014, $91.3 million in 2013 and $90.9 million in 2012, which includes the amortization of direct lease acquisition costs of $33.8 million in 2014, $30.9 million in 2013 and $31.1 million in 2012. 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. | |||||||||||||||||||||
We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2015 through 2019, to be as follows: | |||||||||||||||||||||
(in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Amortization expense | $ | 76.7 | $ | 71.7 | $ | 49.5 | $ | 42.7 | $ | 40.9 | |||||||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | ||||||||
Dec. 31, 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. | |||||||||
For Year Ended December 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Balance, at beginning of period | $ | 31.7 | $ | 30.6 | |||||
Accretion expense | 2.3 | 2.2 | |||||||
Additions | 4.7 | 0.4 | |||||||
Liabilities settled | (1.2 | ) | (0.9 | ) | |||||
Foreign currency translation adjustments | (0.9 | ) | (0.6 | ) | |||||
Balance, at end of period | $ | 36.6 | $ | 31.7 | |||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
CBS Corporation | |
Our financial statements as of and for the year ended December 31, 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 $9.6 million in 2014, $60.9 million in 2013 and $47.7 million in 2012. 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 2014. In addition, during 2014, all services previously provided by CBS have been transitioned to us. | |
As of December 31, 2014, there were no receivables from CBS and payables to CBS were $0.2 million, which were included in Other current liabilities 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 January 16, 2015 or to July 16, 2015, 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. Effective November 20, 2014, we re-branded the Company to “OUTFRONT media,” our common stock began trading on the New York Stock Exchange under the symbol “OUT” and our legal name changed to OUTFRONT Media Inc. | |
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 $18.6 million, of which $7.7 million was before the Separation, for 2014, $14.9 million for 2013 and $16.6 million for 2012. | |
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. On July 16, 2014, CBS completed the Separation and as a result of this transaction, Viacom Inc. ceased to be a related party. Revenues recognized for advertising spending placed by various subsidiaries of Viacom Inc. were $10.4 million, of which $4.3 million was before the Separation, in 2014, $9.3 million in 2013 and $9.4 million in 2012. | |
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 $20.1 million as of December 31, 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 sales and management services to these joint ventures. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-Term Debt | ||||||||
Long-term debt consists of the following: | |||||||||
As of | |||||||||
(in millions, except percentages) | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Term loan, due 2021 | $ | 798.3 | $ | — | |||||
Senior unsecured notes: | |||||||||
5.250% senior unsecured notes, due 2022 | 549.3 | — | |||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||
5.875% senior unsecured notes, due 2025 | 450 | — | |||||||
Total senior unsecured notes | 1,399.30 | — | |||||||
Other(a) | 0.7 | — | |||||||
Total long-term debt | $ | 2,198.30 | $ | — | |||||
Weighted average cost of debt | 4.6 | % | — | % | |||||
(a) | Reflects the outstanding balance as of December 31, 2014, of long-term debt assumed in conjunction with the Acquisition. (See Note 12. Acquisition.) | ||||||||
Term Loan | |||||||||
On January 31, 2014, two of our wholly owned subsidiaries, Outfront Media Capital LLC (“Capital LLC”) and Outfront Media 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 December 31, 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 December 31, 2014, $1.7 million remains unamortized. | |||||||||
Senior Unsecured Notes | |||||||||
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 domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the Senior Notes is payable on May 15 and November 15 of each year. | |||||||||
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. | |||||||||
On October 1, 2014, the Borrowers issued $150.0 million aggregate principal amount of 5.250% Senior Unsecured Notes due 2022 (the “New 2022 Senior Notes”) in a private placement. The New 2022 Senior Notes are of the same class and series as, and otherwise identical to, the 5.250% Senior Unsecured Notes due 2022 that were previously issued by the Borrowers on January 31, 2014, (see—Senior Unsecured Notes above). Interest on the New 2022 Senior Notes is payable on May 15 and November 15 of each year, beginning on November 15, 2014. The New 2022 Senior Notes were issued at a discount of $0.8 million, which we will amortize through Interest expense on the Consolidated Statement of Operations over the life of the New 2022 Senior Notes. | |||||||||
On October 1, 2014, the Borrowers also issued $450.0 million aggregate principal amount of 5.875% Senior Unsecured Notes due 2025 (the “2025 Senior Notes,” together with the “New 2022 Senior Notes,” the “New Senior Notes”) in a private placement. The New 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 2025 Senior Notes is payable on March 15 and September 15 of each year, beginning on March 15, 2015. | |||||||||
On or after February 15, 2017, the Borrowers may redeem at any time, or from time to time, some or all of the New 2022 Senior Notes and on or after September 15, 2019, the Borrowers may redeem at any time, or from time to time, some or all of the 2025 Senior Notes. Prior to such dates, the Borrowers may redeem some or all of the New 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 the New 2022 Senior Notes and prior to September 15, 2017, the Borrowers may redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes with the proceeds of certain equity offerings. | |||||||||
On February 3, 2015, we completed an exchange offer pursuant to which the privately issued Senior Notes and New Senior Notes were exchanged for publicly registered Senior Notes and New Senior Notes having substantially identical terms. | |||||||||
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 2014, was $1.9 million. As of December 31, 2014, there were no outstanding borrowings under the Revolving Credit Facility. As of December 31, 2014, we had issued letters of credit totaling approximately $20.6 million against the Revolving Credit Facility. 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. | |||||||||
Our revenues and operating income may fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and operating income are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. Likewise, several of our municipal transit contracts require annual estimated revenue share or guarantees to be paid at the beginning of the contract period. During January of each year, we have a significant upfront payment (approximately $70.0 million) in connection with calendar-year contracts. We have drawn from the Revolving Credit Facility in January 2015 to make these upfront municipal payments and for seasonal cash management purposes. The amount of outstanding borrowings drawn on the Revolving Credit Facility as of March 6, 2015, was $50.0 million and is expected to be repaid from the cash flows from those transit contracts during 2015. | |||||||||
Debt Covenants | |||||||||
The Credit Agreement and the indentures governing the Senior Notes and the New Senior Notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or Finance LLC’s capital stock or make other restricted payments, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers. | |||||||||
In addition, the terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. As of December 31, 2014, our Consolidated Net Secured Leverage Ratio was 1.7 to 1.0, as adjusted to give pro forma effect to the Acquisition in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2014, our Consolidated Total Leverage Ratio was 4.7 to 1.0, as adjusted to give pro forma effect to the Acquisition in accordance with the Credit Agreement. | |||||||||
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 secure the Senior Credit Facilities. The fee under the letter of credit facility in 2014 was immaterial. As of December 31, 2014, we had issued letters of credit totaling approximately $68.9 million against the letter of credit facility. | |||||||||
Deferred Financing Costs | |||||||||
As of December 31, 2014, we had deferred financing costs of $36.5 million related fees and expenses associated with the Senior Credit Facilities, Senior Notes, New Senior Notes and letter of credit facility, which are included in Other current assets and Other Assets on the Consolidated Statement of Financial Position. We are amortizing the deferred fees through Interest expense on the Consolidated Statement of Operations over the term of each debt facility. | |||||||||
Fair Value | |||||||||
Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.2 billion as of December 31, 2014. The fair value of our debt is classified as Level 2 as of December 31, 2014. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Accumulated Comprehensive Income | Accumulated Other Comprehensive Income | ||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income (loss). | |||||||||||||
(in millions) | Cumulative | Net | Accumulated | ||||||||||
Translation | Actuarial | Other | |||||||||||
Adjustments | Gain | Comprehensive | |||||||||||
(Loss) | Income (Loss) | ||||||||||||
As of December 31, 2011 | $ | (65.3 | ) | $ | (10.3 | ) | $ | (75.6 | ) | ||||
Other comprehensive income (loss) | 11 | (1.4 | ) | 9.6 | |||||||||
As of December 31, 2012 | (54.3 | ) | (11.7 | ) | (66.0 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (14.9 | ) | 5.2 | (9.7 | ) | ||||||||
Amortization of actuarial losses reclassified to net income(a) | — | 0.6 | 0.6 | ||||||||||
Total other comprehensive income (loss), net of tax | (14.9 | ) | 5.8 | (9.1 | ) | ||||||||
As of December 31, 2013 | (69.2 | ) | (5.9 | ) | (75.1 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (10.7 | ) | (3.3 | ) | (14.0 | ) | |||||||
Amortization of actuarial losses reclassified to net income(a) | — | 0.2 | 0.2 | ||||||||||
Deferred tax rate adjustment | — | (1.2 | ) | (1.2 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (10.7 | ) | (4.3 | ) | (15.0 | ) | |||||||
As of December 31, 2014 | $ | (79.9 | ) | $ | (10.2 | ) | $ | (90.1 | ) | ||||
(a) | See Note 14. Retirement Benefits for additional details of items reclassified from accumulated other comprehensive income to net income. | ||||||||||||
Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax expense of $1.3 million in 2014 and $3.3 million in 2013, and net of a tax benefit of $0.3 million in 2012. |
Equity_Notes
Equity (Notes) | 12 Months Ended |
Dec. 31, 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.) | |
On December 1, 2014, we issued 74,129 shares of our common stock to J&M Holding Enterprises, Inc. (“J&M”), an affiliate of Videri Inc. (“Videri”), in connection with licenses and services to be received under a development and license agreement (the “Videri Agreement”) with J&M and Videri. We also invested $3.0 million in Videri for a minority interest, accounted for as a cost-method investment, in connection with the Videri Agreement. | |
On December 31, 2014, we distributed 16,536,001 shares of our common stock as the stock portion of the E&P Purge. | |
As of December 31, 2014, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 136,624,157 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. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges |
In 2014, we recorded restructuring charges of $9.8 million associated with the reorganization of management, resulting in the departures of Wally Kelly, President and Chief Operating Officer, and Raymond Nowak, Executive Vice President, Chief Administrative Officer and U.S. Chief Financial Officer, from the Company. The restructuring charge is comprised of severance charges, including stock-based compensation of $5.6 million. As of December 31, 2014, $3.9 million in restructuring reserves remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. | |
During 2012, to reduce our cost structure, we recorded restructuring charges of $2.5 million, mainly in the United States segment. The charges principally reflected severance costs associated with the elimination of positions. As of December 31, 2013, all of the restructuring reserves related to the 2012 charges were fully utilized. |
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Acquisitions [Abstract] | |||||||||||
Acquisition | Acquisition | ||||||||||
On October 1, 2014, we completed the Acquisition for $690.0 million in cash, plus working capital adjustments. | |||||||||||
Our Consolidated Statement of Operations for 2014 includes $55.2 million of revenue and $10.1 million of operating income related to the results of operations of the Acquired Business from the date of its acquisition on October 1, 2014. | |||||||||||
The allocation of the purchase price of the Acquired Business is based on the fair value of assets acquired and liabilities assumed as of October 1, 2014, the effective date of the Acquisition. The preliminary purchase price allocation related to the Acquisition was not final as of December 31, 2014, and is based upon a preliminary valuation, which is subject to change as we obtain additional information, including information regarding fixed assets, intangible assets and certain liabilities. | |||||||||||
The preliminary allocation of the purchase price presented below represents the effect of recording the preliminary estimates of the fair value of assets acquired and liabilities assumed as of the date of the Acquisition, based on the total transaction consideration of $690.0 million in cash, plus working capital adjustments. These preliminary estimates will be revised in future periods. Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill. | |||||||||||
(in millions) | Purchase Price | ||||||||||
Base purchase price | $ | 690 | |||||||||
Working capital and other adjustments | 24.2 | ||||||||||
Estimated transaction consideration | $ | 714.2 | |||||||||
Current assets | $ | 44.4 | |||||||||
Property, plant and equipment | 83.2 | ||||||||||
Goodwill | 299.2 | ||||||||||
Intangible assets(a) | 316.6 | ||||||||||
Other assets | 11.1 | ||||||||||
Current liabilities | (34.5 | ) | |||||||||
Long-term debt(b) | (1.4 | ) | |||||||||
Other liabilities | (4.4 | ) | |||||||||
Total net assets acquired | $ | 714.2 | |||||||||
(a) | Intangible assets included with the preliminary purchase price allocation are as follows: | ||||||||||
(in millions) | Estimated Useful Life | Intangible Assets Allocation | |||||||||
Permits and leasehold agreements | 12 - 20 years | $ | 244 | ||||||||
Franchise agreements | 4 - 15 years | 34.8 | |||||||||
Advertising relationships | 7 years | 16 | |||||||||
Other | 1 - 5 years | 21.8 | |||||||||
$ | 316.6 | ||||||||||
(b) | In conjunction with the Acquisition, we assumed a total of $1.4 million of long term debt, due to three unrelated third parties. The debt has varying maturities through June 1, 2021. In November 2014, we prepaid one of the debt obligations, leaving a remaining balance of $0.7 million as of December 31, 2014, with varying maturities through January 31, 2017. | ||||||||||
Unaudited Pro Forma Condensed Combined Statements of Operations Information | |||||||||||
The following unaudited pro forma financial information presents our results of operations combined with the Acquired Business as if the Acquisition had occurred as of January 1, 2013. The pro forma information is not necessarily indicative of what the financial position or results of operations actually would have been had the Acquisition been completed as of January 1, 2013. In addition, the unaudited pro forma financial information is not indicative of, nor does it purport to project, our future financial position or operating results. The unaudited pro forma financial information excludes acquisition and integration costs and does not give effect to any estimated and potential cost savings or other operating efficiencies that could result from the Acquisition. | |||||||||||
Year Ended December 31, | |||||||||||
(in millions, except per share amounts) | 2014 | 2013 | |||||||||
Revenues | $ | 1,505.90 | $ | 1,500.30 | |||||||
Operating income | 193.6 | 240.1 | |||||||||
Net income | 293.6 | 117.6 | |||||||||
Net income per common share attributable to shareholders of OUTFRONT Media Inc.: | |||||||||||
Basic | $ | 2.57 | $ | 1.03 | |||||||
Diluted | $ | 2.56 | $ | 1.02 | |||||||
Transaction Costs | |||||||||||
In 2014, we recorded $7.6 million of commitment and other fees in Interest income (expense), net, in the Consolidated Statement of Operations associated with a lender commitment to provide a senior unsecured bridge term loan facility for the purpose of financing the Acquisition in the event we did not complete the offering of the New Senior Notes. In addition we also recorded $10.4 million of other acquisition costs. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 “OUTFRONT 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 “OUTFRONT 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 2014, 2013 and 2012. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
RSUs and PRSUs | $ | 13.1 | $ | 6.8 | $ | 5.2 | |||||||||||
Stock options | 2.9 | 0.7 | 0.5 | ||||||||||||||
Stock-based compensation expense, before income taxes | 16 | 7.5 | 5.7 | ||||||||||||||
Tax benefit | (3.0 | ) | (3.0 | ) | (2.3 | ) | |||||||||||
Stock-based compensation expense, net of tax | $ | 13 | $ | 4.5 | $ | 3.4 | |||||||||||
As of December 31, 2014, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $18.1 million, which is expected to be recognized over a weighted average period of 2.8 years, and total unrecognized compensation cost related to non-vested stock options was $0.6 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 OUTFRONT 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 | OUTFRONT RSUs | ||||||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | Activity | Weighted Average Per Share Grant Date Fair Market Value | ||||||||||||||
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 OUTFRONT RSUs | (256,172 | ) | 37.77 | ||||||||||||||
Non-vested OUTFRONT RSUs converted from CBS RSUs | 561,021 | $ | 17.24 | ||||||||||||||
Non-vested CBS RSUs not converted to OUTFRONT RSUs(a) | 67,561 | 33.16 | |||||||||||||||
Granted: | |||||||||||||||||
RSUs | 488,729 | 26.76 | |||||||||||||||
RSUs issued in connection with special dividend(b) | 161,720 | 26.73 | |||||||||||||||
PRSUs | 182,844 | 29.97 | |||||||||||||||
Dividend equivalents | |||||||||||||||||
Vested: | |||||||||||||||||
RSUs | (67,561 | ) | 33.16 | (33,177 | ) | 16.29 | |||||||||||
PRSUs | (29,458 | ) | 15.28 | ||||||||||||||
Forfeitures: | |||||||||||||||||
RSUs | (37,788 | ) | 24 | ||||||||||||||
PRSUs | (15,289 | ) | 26.39 | ||||||||||||||
Dividend equivalents | |||||||||||||||||
Non-vested as of December 31, 2014 | — | — | 1,278,602 | 21.92 | |||||||||||||
(a) | Reflects CBS RSUs which vested in April 2014. | ||||||||||||||||
(b) | Represents an adjustment to the outstanding awards for the E&P Purge pursuant to the anti-dilution provisions of the Stock Plan. | ||||||||||||||||
The total fair value of CBS RSUs that vested was $15.1 million during 2014, $16.4 million during 2013 and $11.4 million during 2012. The total fair value of OUTFRONT RSUs and PRSUs that vested was $1.6 million during 2014. | |||||||||||||||||
Stock Options | |||||||||||||||||
Stock options vest over a four-year service period and expire eight or ten years from the date of grant. Forfeitures 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 weighted average fair value of stock options as of the grant date was $14.04 in 2013 and $8.83 in 2012, respectively. Compensation expense for stock options is determined based on the grant date fair value of the award using the Black-Scholes options-pricing model with the following weighted average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected dividend yield | N/A | 1.38 | % | 2 | % | ||||||||||||
Expected stock price volatility | N/A | 35 | % | 40.2 | % | ||||||||||||
Risk-free interest rate | N/A | 1.2 | % | 1.01 | % | ||||||||||||
Expected term of options (years) | N/A | 5 | 5.02 | ||||||||||||||
N/A - Not applicable. | |||||||||||||||||
The expected stock price volatility was determined using a weighted average of historical volatility for CBS Class B Common Stock and implied volatility of publicly traded options to purchase CBS Class B Common Stock. Given the existence of an actively traded market for CBS options, we were able to derive implied volatility using publicly traded options to purchase CBS Class B Common Stock that were trading near the grant date of the employee stock options at a similar exercise price and a remaining term of greater than one year. | |||||||||||||||||
The risk-free interest rate was based on a U.S. Treasury rate in effect on the date of grant with a term equal to the expected life. The expected term was determined based on historical employee exercise and post-vesting termination behavior. The expected dividend yield represented the future expectation of the dividend yield based on current rates and historical patterns of dividend changes. | |||||||||||||||||
On July 16, 2014, 219,741 outstanding CBS stock options held by our active employees were converted into 409,207 Outdoor Options. Vested outstanding CBS stock options held by former employees of the Company were not converted into 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. | |||||||||||||||||
The following table summarizes the activity of CBS’s stock options and OUTFRONT stock options issued to our employees. | |||||||||||||||||
CBS | CBS | OUTFRONT | OUTFRONT Weighted Average Exercise Price | ||||||||||||||
Stock Options | Weighted Average Exercise Price | Stock Options | |||||||||||||||
Outstanding as of December 31, 2013 | 399,581 | $ | 29.3 | ||||||||||||||
Exercised | (123,574 | ) | 22.05 | ||||||||||||||
Forfeited or expired | (39,405 | ) | 30.67 | ||||||||||||||
CBS stock options converted to OUTFRONT stock options | (219,741 | ) | 33.27 | ||||||||||||||
Outstanding OUTFRONT stock options converted from CBS stock options | 409,207 | $ | 17.87 | ||||||||||||||
Adjustment in connection with special dividend(a) | 63,898 | N/A | |||||||||||||||
Exercised | (3,519 | ) | 12.73 | ||||||||||||||
Forfeited or expired | (18,696 | ) | 19.96 | ||||||||||||||
Outstanding as of December 31, 2014 | 450,890 | 15.29 | |||||||||||||||
Exercisable as of December 31, 2014 | 16,861 | 27.38 | 191,445 | 10.62 | |||||||||||||
(a) | Represents an adjustment to the outstanding awards for the E&P Purge pursuant to the anti-dilution provisions of the Stock Plan. | ||||||||||||||||
The following table summarizes other information relating to stock option exercises during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Cash paid to CBS by our employees for stock option exercises | $ | 5 | $ | 4 | $ | 6.5 | |||||||||||
Tax benefit of CBS stock option exercises | — | 2.5 | 0.8 | ||||||||||||||
Intrinsic value of CBS stock option exercises | 5.3 | 6.1 | 1.9 | ||||||||||||||
Activity related to exercises by our employees of our stock options was immaterial. | |||||||||||||||||
The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2014. | |||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Range of | Number | Remaining | Weighted | Number of | Weighted | ||||||||||||
Exercise Price | of | Contractual | Average | Options | Average | ||||||||||||
Options | Life (Years) | Exercise | Exercise | ||||||||||||||
Price | Price | ||||||||||||||||
$0 to 4.99 | 64,556 | 2.15 | $ | 2.43 | 64,556 | $ | 2.43 | ||||||||||
$5 to 9.99 | 23,446 | 3.17 | 6.25 | 23,446 | 6.25 | ||||||||||||
$10 to 14.99 | 180,908 | 3.55 | 12.64 | 67,162 | 12.49 | ||||||||||||
$20 to 24.99 | 78,567 | 6.12 | 20.07 | 10,429 | 20.07 | ||||||||||||
$25 to 29.99 | 103,413 | 6.72 | 26.39 | 25,852 | 26.39 | ||||||||||||
450,890 | 191,445 | ||||||||||||||||
Stock options outstanding as of December 31, 2014, have a weighted average remaining contractual life of 4.49 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $26.84, was $5.2 million. Stock options exercisable as of December 31, 2014, have a weighted average remaining contractual life of 2.85 years and the total intrinsic value for “in-the-money” exercisable options was $3.1 million. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Retirement Benefits | Retirement Benefits | ||||||||||||||||
We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S. | |||||||||||||||||
The benefits for the pension plan in Canada are based primarily on an employee’s years of service and average pay near retirement. Participating employees in this plan are vested after two years of service or immediately, depending on the province of their employment. We fund this plan in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Plan assets consist principally of equity securities, corporate bonds and government related securities included in a trust. | |||||||||||||||||
The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. | |||||||||||||||||
We use a December 31 measurement date for all pension plans. | |||||||||||||||||
The following table sets forth the change in benefit obligation for our pension plans. | |||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Benefit obligation, beginning of year | $ | 46 | $ | 52.7 | $ | 46.8 | |||||||||||
Service cost | 1.4 | 1.7 | 1.5 | ||||||||||||||
Interest cost | 2.2 | 2 | 2.2 | ||||||||||||||
Actuarial (gain) loss | 7.2 | (5.1 | ) | 2.7 | |||||||||||||
Benefits paid | (1.8 | ) | (1.6 | ) | (2.2 | ) | |||||||||||
Cumulative translation adjustments | (4.1 | ) | (3.7 | ) | 1.7 | ||||||||||||
Benefit obligation, end of year | $ | 50.9 | $ | 46 | $ | 52.7 | |||||||||||
The following table sets forth the change in plan assets for our pension plans. | |||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Fair value of plan assets, beginning of year | $ | 43.7 | $ | 40.1 | |||||||||||||
Actual return on plan assets | 4.1 | 4.5 | |||||||||||||||
Employer contributions | 1.6 | 3.8 | |||||||||||||||
Benefits paid | (1.8 | ) | (1.6 | ) | |||||||||||||
Cumulative translation adjustments | (3.5 | ) | (3.1 | ) | |||||||||||||
Fair value of plan assets, end of year | $ | 44.1 | $ | 43.7 | |||||||||||||
The funded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Funded status, end of year | $ | (6.8 | ) | $ | (2.3 | ) | |||||||||||
Amounts recognized on the Consolidated Statement of Financial Position: | |||||||||||||||||
Other noncurrent liabilities | (6.8 | ) | (2.3 | ) | |||||||||||||
Net amounts recognized | (6.8 | ) | (2.3 | ) | |||||||||||||
The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. | |||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Net actuarial loss | $ | (14.5 | ) | $ | (10.2 | ) | |||||||||||
Deferred tax rate adjustment | (1.2 | ) | — | ||||||||||||||
Deferred income taxes | 5.5 | 4.3 | |||||||||||||||
Net amount recognized in accumulated other comprehensive loss | (10.2 | ) | (5.9 | ) | |||||||||||||
The accumulated benefit obligation for the defined benefit pension plans was $46.6 million as of December 31, 2014, and $41.6 million as of December 31, 2013. | |||||||||||||||||
The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. | |||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013(a) | |||||||||||||||
Projected benefit obligation | $ | 50.9 | $ | 2 | |||||||||||||
Accumulated benefit obligation (a) | 46.6 | 1.9 | |||||||||||||||
Fair value of plan assets (a) | 44.1 | 1.8 | |||||||||||||||
(a) | As of December 31, 2013, the fair value of plan assets exceeded the accumulated benefit obligation for our pension plan in Canada. | ||||||||||||||||
The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). | |||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 1.4 | $ | 1.7 | $ | 1.5 | |||||||||||
Interest cost | 2.2 | 2 | 2.2 | ||||||||||||||
Expected return on plan assets | (2.5 | ) | (2.4 | ) | (2.1 | ) | |||||||||||
Amortization of actuarial losses | 0.3 | 1 | 0.9 | ||||||||||||||
Net periodic pension cost | $ | 1.4 | $ | 2.3 | $ | 2.5 | |||||||||||
(in millions) | Year Ended December 31, 2014 | ||||||||||||||||
Actuarial losses | $ | (5.7 | ) | ||||||||||||||
Amortization of actuarial losses(a) | 0.3 | ||||||||||||||||
Cumulative translation adjustments | 1 | ||||||||||||||||
Deferred tax rate adjustment | (1.2 | ) | |||||||||||||||
(5.6 | ) | ||||||||||||||||
Deferred income taxes | 1.3 | ||||||||||||||||
Recognized in other comprehensive loss, net of tax | $ | (4.3 | ) | ||||||||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. | ||||||||||||||||
Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.9 million, will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2015. | |||||||||||||||||
As of and for the Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||
Discount rate | 4 | % | 5 | % | |||||||||||||
Rate of compensation increase | 3 | 3 | |||||||||||||||
Weighted average assumptions used to determine net periodic cost: | |||||||||||||||||
Discount rate | 5 | 4 | |||||||||||||||
Expected long-term return on plan assets | 5.6 | 6 | |||||||||||||||
Rate of compensation increase | 3 | 3 | |||||||||||||||
For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. | |||||||||||||||||
Plan Assets | |||||||||||||||||
Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2014, we invested approximately 40% in fixed income instruments, 53% in equity instruments, and the remainder in cash, cash equivalents and other investments. | |||||||||||||||||
The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents(a) | $ | 1.2 | $ | 1.8 | $ | — | $ | 3 | |||||||||
Fixed income securities: | |||||||||||||||||
Government related securities | 1.3 | 3.2 | — | 4.5 | |||||||||||||
Corporate bonds(b) | — | 13.3 | — | 13.3 | |||||||||||||
Equity securities(c): | |||||||||||||||||
U.S. equity | — | 7.7 | — | 7.7 | |||||||||||||
International equity | — | 15.6 | — | 15.6 | |||||||||||||
Other | — | — | — | — | |||||||||||||
Total assets | $ | 2.5 | $ | 41.6 | $ | — | $ | 44.1 | |||||||||
As of December 31, 2013 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents(a) | $ | — | $ | 2.6 | $ | — | $ | 2.6 | |||||||||
Fixed income securities: | |||||||||||||||||
Government related securities | 1.4 | 6.3 | — | 7.7 | |||||||||||||
Corporate bonds(b) | — | 9.6 | — | 9.6 | |||||||||||||
Equity securities(c): | |||||||||||||||||
U.S. equity | 4.9 | 2.6 | — | 7.5 | |||||||||||||
International equity | — | 16.2 | — | 16.2 | |||||||||||||
Other | — | 0.1 | — | 0.1 | |||||||||||||
Total assets | $ | 6.3 | $ | 37.4 | $ | — | $ | 43.7 | |||||||||
(a) | Assets categorized as Level 2 reflect investments in money market funds. | ||||||||||||||||
(b) | Securities of diverse industries, substantially all investment grade. | ||||||||||||||||
(c) | Assets categorized as Level 2 reflect investments in common collective funds. | ||||||||||||||||
Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices. | |||||||||||||||||
Future Benefit Payments | |||||||||||||||||
(in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||
Estimated future benefit payments for pension plans | 1.2 | 1.2 | 1.3 | 1.5 | 1.7 | 12.9 | |||||||||||
We expect to contribute $2.2 million to our pension plans in 2015. | |||||||||||||||||
Multi-Employer Pension and Postretirement Benefit Plans | |||||||||||||||||
We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $2.0 million in 2014, $1.6 million in 2013 and $1.7 million in 2012. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us. | |||||||||||||||||
Defined Contribution Plans | |||||||||||||||||
CBS sponsored defined contribution plans in which substantially all of our employees meeting eligibility requirements were able to participate. Employer contributions to such plans were $3.7 million in 2013 and $3.4 million in 2012. On January 1, 2014, the account balances for our employees were transferred to a defined contribution plan sponsored by us and employer contributions for the plan was $3.8 million in 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
Prior to the Separation, we were a member of CBS’s consolidated tax group and were taxable as a regular domestic C corporation for U.S. federal income tax purposes. Pursuant to the tax matters agreement that we entered into with CBS, we are liable to pay CBS for any taxes imposed on or related to us while we were a member of the CBS consolidated tax group. After the Separation, CBS ceased to own at least 80% of our outstanding common stock, and as a result, we were no longer a member of CBS’s consolidated tax group. | |||||||||||||
As of July 17, 2014, we believe we are organized in conformity with the requirements for qualification and taxation as a REIT under the Code, and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distributed to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as TRSs. As such, we have provided for their federal, state and foreign income taxes. | |||||||||||||
In 2014, as a result of our REIT conversion, substantially all Deferred income tax liabilities, net, was reversed into Net income via a non-cash benefit of approximately $235.6 million. As a result of our REIT conversion, our effective tax rate for the second half of 2014 was substantially lower than previous periods. Prior to the Separation, our income tax provisions were calculated on a separate tax return basis, with us as the taxpayer, even though our U.S. operating results were included in the consolidated federal, and certain state and local income tax returns of CBS. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. However, the consolidated financial statements 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 operating as a REIT during the periods prior to the Separation. | |||||||||||||
Cash paid for income taxes was assumed to be $53.0 million in 2014, $112.8 million in 2013 and $96.5 million in 2012. | |||||||||||||
The U.S. and foreign components of Income before benefit (provision) for income taxes and equity in earnings of investee companies were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
United States | $ | 102.8 | $ | 239.8 | $ | 201.9 | |||||||
Foreign | (4.8 | ) | (2.2 | ) | (1.7 | ) | |||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $ | 98 | $ | 237.6 | $ | 200.2 | |||||||
The following table reconciles Income before benefit (provision) for income taxes and equity in earnings of investee companies to REIT taxable income for the period July 17, 2014, through December 31, 2014. | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | ||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $ | 98 | |||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies for the period January 1, 2014, through July 16, 2014 | (57.9 | ) | |||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies for the period July 17, 2014, through December 31, 2014 | 40.1 | ||||||||||||
Income of TRSs | (1.6 | ) | |||||||||||
Income from REIT operations | 38.5 | ||||||||||||
Book depreciation in excess of tax depreciation | 15 | ||||||||||||
Book amortization in excess of tax amortization | 21.3 | ||||||||||||
Book/tax differences - stock-based compensation | 8.1 | ||||||||||||
Book/tax differences - capitalized costs | 7.4 | ||||||||||||
Book/tax differences - investments in joint ventures | 2.5 | ||||||||||||
Book/tax differences - other | 4.2 | ||||||||||||
REIT taxable income for the period July 17, 2014, through December 31, 2014 (estimated) | $ | 97 | |||||||||||
The components of the Benefit (provision) for income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 29.9 | $ | 85.1 | $ | 71.8 | |||||||
State and local | 9.8 | 21.8 | 18.9 | ||||||||||
Foreign | 3.8 | 5.2 | 4.9 | ||||||||||
43.5 | 112.1 | 95.6 | |||||||||||
Deferred tax (benefit) liability: | |||||||||||||
Federal | (198.0 | ) | (3.6 | ) | (5.1 | ) | |||||||
State and local | (50.3 | ) | (10.0 | ) | 1.7 | ||||||||
Foreign | (1.2 | ) | (1.9 | ) | (3.2 | ) | |||||||
(249.5 | ) | (15.5 | ) | (6.6 | ) | ||||||||
(Benefit) provision for income taxes | $ | (206.0 | ) | $ | 96.6 | $ | 89 | ||||||
Excluding the non-cash benefit recorded as a result of our REIT conversion in 2014, the effective income tax rate was 30.3% in 2014, 40.7% in 2013 and 44.5% in 2012. | |||||||||||||
The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the Benefit (provision) for income taxes is summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Taxes on income at U.S. statutory rate | $ | 34.3 | $ | 83.2 | $ | 70.1 | |||||||
REIT dividends paid deduction | (13.5 | ) | — | — | |||||||||
State and local taxes, net of federal tax benefit | 4.8 | 7.6 | 13.4 | ||||||||||
Effect of foreign operations | 2.9 | 4 | 2.2 | ||||||||||
Deferred tax adjustment due to REIT conversion | (235.6 | ) | — | — | |||||||||
Other, net(a) | 1.1 | 1.8 | 3.3 | ||||||||||
(Benefit) provision for income taxes | $ | (206.0 | ) | $ | 96.6 | $ | 89 | ||||||
(a) | For 2012, other primarily reflects a charge related to our domestic production deduction. | ||||||||||||
The following table is a summary of the components of deferred income tax assets and liabilities. | |||||||||||||
As of December 31, | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Deferred income tax assets: | |||||||||||||
Provision for expenses and losses | $ | 2.8 | $ | 31.3 | |||||||||
Postretirement and other employee benefits | 4.6 | 9.9 | |||||||||||
Tax credit and loss carryforwards | 10.9 | 14.6 | |||||||||||
Other | — | 0.1 | |||||||||||
Total deferred income tax assets | 18.3 | 55.9 | |||||||||||
Valuation allowance | (6.9 | ) | (10.1 | ) | |||||||||
Deferred income tax assets, net | 11.4 | 45.8 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property, equipment and intangible assets | (18.8 | ) | (309.3 | ) | |||||||||
Other | — | (0.5 | ) | ||||||||||
Total deferred income tax liabilities | (18.8 | ) | (309.8 | ) | |||||||||
Deferred income tax liabilities, net | $ | (7.4 | ) | $ | (264.0 | ) | |||||||
As of December 31, 2014, we had net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $33.7 million. Approximately $20.9 million of these losses may be carried forward indefinitely, subject to limitations imposed by local tax laws. The remaining net operating losses expire in various years from 2015 through 2027. | |||||||||||||
Deferred income tax assets were reduced by a valuation allowance of $6.9 million as of December 31, 2014, and $10.1 million as of December 31, 2013, principally relating to income tax benefits from net operating losses which are not expected to be realized. | |||||||||||||
As a result of the Separation, we have been allocated a portion of the CBS’s foreign unremitted earnings as of July 16, 2014. Our share of the undistributed earnings of foreign subsidiaries not included in our consolidated federal income tax return that could be subject to additional income taxes if remitted was approximately $214.4 million as of December 31, 2014. No provision has been recorded for the U.S. or foreign taxes that could result from the remittance of such undistributed earnings since we intend to distribute only the portion of such earnings which would be remitted in tax-free transactions, and intend to reinvest the remainder outside the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practical. | |||||||||||||
The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | |||||||||||||
(in millions) | |||||||||||||
As of January 1, 2012 | $ | 5.4 | |||||||||||
Additions for current year tax positions | 3.8 | ||||||||||||
Reductions for prior year tax positions | (4.3 | ) | |||||||||||
As of December 31, 2012 | 4.9 | ||||||||||||
Additions for current year tax positions | 0.2 | ||||||||||||
Reductions for prior year tax positions | (1.1 | ) | |||||||||||
As of December 31, 2013 | 4 | ||||||||||||
Additions for current year tax positions | 0.1 | ||||||||||||
Reductions for prior year tax positions | (2.9 | ) | |||||||||||
As of December 31, 2014 | $ | 1.2 | |||||||||||
During 2014, 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 year. The reserve for uncertain tax positions of $1.2 million as of December 31, 2014, includes $0.8 million which would affect our effective income tax rate if and when recognized in future years. | |||||||||||||
We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented. |
Earnings_Per_Share_EPS_Notes
Earnings Per Share ("EPS") (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share (“EPSâ€) | Earnings Per Share (“EPS”) | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 306.9 | $ | 143.5 | $ | 113.4 | |||||||
Weighted average shares for basic EPS | 114.3 | 114.3 | 114.3 | ||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | 0.5 | 0.5 | 0.5 | ||||||||||
Weighted average shares for diluted EPS | 114.8 | 114.8 | 114.8 | ||||||||||
(a) | The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options for 2014 was antidilutive. |
Commitment_and_Contingencies
Commitment and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 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. | |||||||||
As of December 31, 2014, minimum rental payments under non-cancellable operating leases with terms in excess of one year and guaranteed minimum franchise payments are as follows: | |||||||||
(in millions) | Operating | Guaranteed | |||||||
Leases | Minimum | ||||||||
Franchise | |||||||||
Payments | |||||||||
2015 | $ | 122.1 | $ | 173.5 | |||||
2016 | 121.7 | 56 | |||||||
2017 | 101.6 | 43.2 | |||||||
2018 | 86.8 | 40.9 | |||||||
2019 | 73.8 | 27.1 | |||||||
2020 and thereafter | 432.5 | 44.6 | |||||||
Total minimum payments | $ | 938.5 | $ | 385.3 | |||||
Rent expense was $317.4 million in 2014, $292.0 million in 2013 and $283.2 million in 2012, including contingent rent amounts of $59.5 million in 2014, $35.7 million in 2013 and $28.6 million in 2012. Rent expense is primarily reflected in operating expenses on the Consolidated Statements of Operations and includes rent on cancellable leases and leases with terms under one year, as well as contingent rent, none of which are included in the operating lease commitments in the table above. | |||||||||
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 $103.3 million as of December 31, 2014, and were not recorded on the Consolidated Statements of Financial Position. | |||||||||
Legal Matters | |||||||||
On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows. | |||||||||
Videri | |||||||||
As of December 31, 2014, pursuant to the Videri Agreement, we agreed to issue 0.9 million additional shares of our common stock to Videri and J&M, as applicable, upon the satisfaction of certain milestones. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 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—United States and International. | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Revenues: | |||||||||||||
United States | $ | 1,198.80 | $ | 1,130.10 | $ | 1,098.60 | |||||||
International | 155 | 163.9 | 186 | ||||||||||
Total revenues | $ | 1,353.80 | $ | 1,294.00 | $ | 1,284.60 | |||||||
We present Operating income (loss) before Depreciation, Amortization, Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges and Acquisition costs (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 306.9 | $ | 143.5 | $ | 113.4 | |||||||
(Benefit) provision for income taxes | (206.0 | ) | 96.6 | 89 | |||||||||
Equity in earnings of investee companies, net of tax | (2.9 | ) | (2.5 | ) | (2.2 | ) | |||||||
Interest expense (income), net | 84.8 | — | — | ||||||||||
Other (income) expense, net | 0.3 | 1.2 | 1 | ||||||||||
Operating income | 183.1 | 238.8 | 201.2 | ||||||||||
Restructuring charges(a) | 9.8 | — | 2.5 | ||||||||||
Acquisition costs(a) | 10.4 | — | — | ||||||||||
Net gain on dispositions | (2.5 | ) | (27.3 | ) | 2.2 | ||||||||
Depreciation and amortization | 202.2 | 195.8 | 196.8 | ||||||||||
Stock-based compensation(a) | 10.4 | 7.5 | 5.7 | ||||||||||
Total Adjusted OIBDA | $ | 413.4 | $ | 414.8 | $ | 408.4 | |||||||
Adjusted OIBDA: | |||||||||||||
United States | $ | 416.2 | $ | 406.4 | $ | 385.4 | |||||||
International | 24.3 | 29.1 | 30.5 | ||||||||||
Corporate | (27.1 | ) | (20.7 | ) | (7.5 | ) | |||||||
Total Adjusted OIBDA | $ | 413.4 | $ | 414.8 | $ | 408.4 | |||||||
(a) | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Operating income (loss): | |||||||||||||
U.S. | $ | 244.3 | $ | 267.1 | $ | 216.4 | |||||||
International | (3.5 | ) | (0.1 | ) | (2.0 | ) | |||||||
Corporate | (57.7 | ) | (28.2 | ) | (13.2 | ) | |||||||
Total operating income | $ | 183.1 | $ | 238.8 | $ | 201.2 | |||||||
Net (gain) loss on dispositions: | |||||||||||||
U.S. | $ | (2.5 | ) | $ | (27.5 | ) | $ | 1.6 | |||||
International | — | 0.2 | 0.6 | ||||||||||
Total gain on dispositions | $ | (2.5 | ) | $ | (27.3 | ) | $ | 2.2 | |||||
Depreciation and amortization: | |||||||||||||
U.S. | $ | 174.4 | $ | 166.8 | $ | 165.6 | |||||||
International | 27.8 | 29 | 31.2 | ||||||||||
Total depreciation and amortization | $ | 202.2 | $ | 195.8 | $ | 196.8 | |||||||
Capital expenditures: | |||||||||||||
U.S. | $ | 56.8 | $ | 54.1 | $ | 42.5 | |||||||
International | 7.4 | 6.8 | 5.7 | ||||||||||
Total capital expenditures | $ | 64.2 | $ | 60.9 | $ | 48.2 | |||||||
As of December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Assets: | |||||||||||||
U.S. | $ | 3,704.20 | $ | 3,027.60 | $ | 3,114.40 | |||||||
International | 270.4 | 327.9 | 350.5 | ||||||||||
Corporate | 49 | — | — | ||||||||||
Total assets | $ | 4,023.60 | $ | 3,355.50 | $ | 3,464.90 | |||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Revenues(a): | |||||||||||||
United States | $ | 1,198.80 | $ | 1,130.10 | $ | 1,098.60 | |||||||
Canada | 82.5 | 84.7 | 99.2 | ||||||||||
Latin America | 72.5 | 79.2 | 86.8 | ||||||||||
Total revenues | $ | 1,353.80 | $ | 1,294.00 | $ | 1,284.60 | |||||||
(a) | Revenues classifications are based on customers’ locations. | ||||||||||||
As of December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Long-lived assets(a): | |||||||||||||
United States | $ | 3,423.60 | $ | 2,768.50 | 2,782.70 | ||||||||
Canada | 112 | 138.1 | 193.7 | ||||||||||
Latin America | 94.5 | 107.6 | 159.3 | ||||||||||
Total long-lived assets | $ | 3,630.10 | $ | 3,014.20 | $ | 3,135.70 | |||||||
(a) | Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information | ||||||||||||||||||||||||
We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except the Borrowers under the Senior Credit Facilities) guarantee the obligations under the Term Loan and the Revolving Credit Facility. The Senior Notes and New Senior Notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Senior Credit Facilities (see Note 8. Long-Term Debt). The Parent Company, OUTFRONT Media Inc., and the Subsidiary Issuer, Outfront Media Capital LLC, were formed in preparation for the split-off. The balances and activity with respect to these entities were minimal prior to our incurrence of indebtedness pursuant to the Senior Credit Facilities and the Senior Notes in January 2014. Outfront Media Capital Corporation, which was also formed in preparation for the split-off, is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below. The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10. | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 11.5 | $ | 8.8 | $ | 8.2 | $ | — | $ | 28.5 | |||||||||||||
Receivables, less allowances | — | — | 186.5 | 31 | — | 217.5 | |||||||||||||||||||
Other current assets | — | 5.3 | 83.5 | 20.5 | — | 109.3 | |||||||||||||||||||
Total current assets | — | 16.8 | 278.8 | 59.7 | — | 355.3 | |||||||||||||||||||
Property and equipment, net | — | — | 683.3 | 99.6 | — | 782.9 | |||||||||||||||||||
Goodwill | — | — | 2,050.60 | 103.6 | — | 2,154.20 | |||||||||||||||||||
Intangible assets | — | — | 633 | 0.2 | — | 633.2 | |||||||||||||||||||
Investment in subsidiaries | 1,445.50 | 3,613.00 | 208.1 | — | (5,266.6 | ) | — | ||||||||||||||||||
Other assets | — | 31.2 | 59.5 | 7.3 | — | 98 | |||||||||||||||||||
Intercompany | — | — | 75.1 | 62.9 | (138.0 | ) | — | ||||||||||||||||||
Total assets | $ | 1,445.50 | $ | 3,661.00 | $ | 3,988.40 | $ | 333.3 | $ | (5,404.6 | ) | $ | 4,023.60 | ||||||||||||
Total current liabilities | $ | — | $ | 17.9 | $ | 219.1 | $ | 18.2 | $ | — | $ | 255.2 | |||||||||||||
Long-term debt | — | 2,197.60 | 0.7 | — | — | 2,198.30 | |||||||||||||||||||
Deferred income tax liabilities, net | — | — | — | 17.2 | — | 17.2 | |||||||||||||||||||
Asset retirement obligation | — | — | 28.3 | 8.3 | — | 36.6 | |||||||||||||||||||
Deficit in excess of investment of subsidiaries | — | — | 2,167.50 | — | (2,167.5 | ) | — | ||||||||||||||||||
Other liabilities | — | — | 64.4 | 6.4 | — | 70.8 | |||||||||||||||||||
Intercompany | — | — | 62.9 | 75.1 | (138.0 | ) | — | ||||||||||||||||||
Total liabilities | — | 2,215.50 | 2,542.90 | 125.2 | (2,305.5 | ) | 2,578.10 | ||||||||||||||||||
Total stockholders’ equity | 1,445.50 | 1,445.50 | 1,445.50 | 208.1 | (3,099.1 | ) | 1,445.50 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,445.50 | $ | 3,661.00 | $ | 3,988.40 | $ | 333.3 | $ | (5,404.6 | ) | $ | 4,023.60 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | |||||||||||||
Receivables, less allowances | — | — | 146 | 32.8 | — | 178.8 | |||||||||||||||||||
Other current assets | — | — | 89.1 | 19.5 | — | 108.6 | |||||||||||||||||||
Total current assets | — | — | 237.2 | 80 | — | 317.2 | |||||||||||||||||||
Property and equipment, net | — | — | 628.1 | 127.3 | — | 755.4 | |||||||||||||||||||
Goodwill | — | — | 1,751.60 | 114.1 | — | 1,865.70 | |||||||||||||||||||
Intangible assets | — | — | 364.2 | 0.2 | — | 364.4 | |||||||||||||||||||
Investment in subsidiaries | — | — | 232.9 | — | (232.9 | ) | — | ||||||||||||||||||
Other assets | — | — | 46.5 | 6.3 | — | 52.8 | |||||||||||||||||||
Intercompany | — | — | 66 | 55.7 | (121.7 | ) | — | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | ||||||||||||
Total current liabilities | $ | — | $ | — | $ | 168.3 | $ | 43.9 | $ | — | $ | 212.2 | |||||||||||||
Deferred income tax liabilities, net | — | — | 259.4 | 29.1 | — | 288.5 | |||||||||||||||||||
Asset retirement obligation | — | — | 23.1 | 8.6 | — | 31.7 | |||||||||||||||||||
Other liabilities | — | — | 65.6 | 3.1 | — | 68.7 | |||||||||||||||||||
Intercompany | — | — | 55.7 | 66 | (121.7 | ) | — | ||||||||||||||||||
Total liabilities | — | — | 572.1 | 150.7 | (121.7 | ) | 601.1 | ||||||||||||||||||
Total invested equity | — | — | 2,754.40 | 232.9 | (232.9 | ) | 2,754.40 | ||||||||||||||||||
Total liabilities and invested equity | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Billboard | $ | — | $ | — | 851 | 121.1 | $ | — | $ | 972.1 | |||||||||||||||
Transit and other | — | — | 347.8 | 33.9 | — | 381.7 | |||||||||||||||||||
Total revenues | — | — | 1,198.80 | 155 | — | 1,353.80 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Operating | — | — | 626.1 | 100.4 | — | 726.5 | |||||||||||||||||||
Selling, general and administrative | 1.3 | — | 192.7 | 30.3 | — | 224.3 | |||||||||||||||||||
Restructuring charges | — | — | 9.8 | — | — | 9.8 | |||||||||||||||||||
Acquisition costs | — | — | 10.4 | — | — | 10.4 | |||||||||||||||||||
Net (gain) loss on dispositions | — | — | (2.5 | ) | — | — | (2.5 | ) | |||||||||||||||||
Depreciation | — | — | 84.5 | 22.7 | — | 107.2 | |||||||||||||||||||
Amortization | — | — | 89.9 | 5.1 | — | 95 | |||||||||||||||||||
Total expenses | 1.3 | — | 1,010.90 | 158.5 | — | 1,170.70 | |||||||||||||||||||
Operating income (loss) | (1.3 | ) | — | 187.9 | (3.5 | ) | — | 183.1 | |||||||||||||||||
Interest income (expense), net | — | (84.8 | ) | (0.2 | ) | 0.2 | — | (84.8 | ) | ||||||||||||||||
Other income (expenses) | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||
Income before income taxes and equity earnings of investee | (1.3 | ) | (84.8 | ) | 187.7 | (3.6 | ) | — | 98 | ||||||||||||||||
Provision for income taxes | — | — | 209.7 | (3.7 | ) | — | 206 | ||||||||||||||||||
Equity in earnings of investee companies, net of tax | 308.2 | 393 | (89.2 | ) | 0.7 | (609.8 | ) | 2.9 | |||||||||||||||||
Net income | $ | 306.9 | $ | 308.2 | $ | 308.2 | $ | (6.6 | ) | $ | (609.8 | ) | $ | 306.9 | |||||||||||
Net income | $ | 306.9 | $ | 308.2 | $ | 308.2 | $ | (6.6 | ) | $ | (609.8 | ) | $ | 306.9 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Cumulative translation adjustments | (10.7 | ) | (10.7 | ) | (10.7 | ) | (10.7 | ) | 32.1 | (10.7 | ) | ||||||||||||||
Net actuarial loss | (3.1 | ) | (3.1 | ) | (3.1 | ) | (2.9 | ) | 9.1 | (3.1 | ) | ||||||||||||||
Deferred tax rate adjustment | (1.2 | ) | (1.2 | ) | (1.2 | ) | (1.2 | ) | 3.6 | (1.2 | ) | ||||||||||||||
Total other comprehensive income (loss), net of tax | (15.0 | ) | (15.0 | ) | (15.0 | ) | (14.8 | ) | 44.8 | (15.0 | ) | ||||||||||||||
Total comprehensive income | $ | 291.9 | $ | 293.2 | $ | 293.2 | $ | (21.4 | ) | $ | (565.0 | ) | $ | 291.9 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 796.6 | $ | 129.1 | $ | — | $ | 925.7 | |||||||||||||
Transit and other | — | — | 333.5 | 34.8 | — | 368.3 | |||||||||||||||||||
Total revenues | — | — | 1,130.10 | 163.9 | — | 1,294.00 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Operating | — | — | 584.2 | 102.7 | — | 686.9 | |||||||||||||||||||
Selling, general and administrative | — | — | 167.7 | 32.1 | — | 199.8 | |||||||||||||||||||
Net (gain) loss on dispositions | — | — | (27.5 | ) | 0.2 | — | (27.3 | ) | |||||||||||||||||
Depreciation | — | — | 80.7 | 23.8 | — | 104.5 | |||||||||||||||||||
Amortization | — | — | 86.1 | 5.2 | — | 91.3 | |||||||||||||||||||
Total expenses | — | — | 891.2 | 164 | — | 1,055.20 | |||||||||||||||||||
Operating income | — | — | 238.9 | (0.1 | ) | — | 238.8 | ||||||||||||||||||
Other income (expenses) | — | — | (0.2 | ) | (1.0 | ) | — | (1.2 | ) | ||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 238.7 | (1.1 | ) | — | 237.6 | ||||||||||||||||||
Provision for income taxes | — | — | (93.3 | ) | (3.3 | ) | — | (96.6 | ) | ||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (1.9 | ) | — | 4.4 | 2.5 | ||||||||||||||||||
Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | ||||||||||||
Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (14.9 | ) | (14.9 | ) | 14.9 | (14.9 | ) | ||||||||||||||||
Net actuarial loss | — | — | 5.8 | 5.6 | (5.6 | ) | 5.8 | ||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (9.1 | ) | (9.3 | ) | 9.3 | (9.1 | ) | ||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 134.4 | $ | (13.7 | ) | $ | 13.7 | $ | 134.4 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 770.7 | $ | 142.9 | $ | — | $ | 913.6 | |||||||||||||
Transit and other | — | — | 327.9 | 43.1 | — | 371 | |||||||||||||||||||
Total revenues | — | — | 1,098.60 | 186 | — | 1,284.60 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Operating | — | — | 577.9 | 122.2 | — | 700.1 | |||||||||||||||||||
Selling, general and administrative | — | — | 148.5 | 33.3 | — | 181.8 | |||||||||||||||||||
Restructuring charges | — | — | 1.8 | 0.7 | — | 2.5 | |||||||||||||||||||
Net (gain) loss on dispositions | — | — | 1.6 | 0.6 | — | 2.2 | |||||||||||||||||||
Depreciation | — | — | 80.4 | 25.5 | — | 105.9 | |||||||||||||||||||
Amortization | — | — | 85.2 | 5.7 | — | 90.9 | |||||||||||||||||||
Total expenses | — | — | 895.4 | 188 | — | 1,083.40 | |||||||||||||||||||
Operating income (loss) | — | — | 203.2 | (2.0 | ) | — | 201.2 | ||||||||||||||||||
Other income (expenses) | — | — | (0.1 | ) | (0.9 | ) | — | (1.0 | ) | ||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 203.1 | (2.9 | ) | — | 200.2 | ||||||||||||||||||
Provision for income taxes | — | — | (87.3 | ) | (1.7 | ) | — | (89.0 | ) | ||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (2.4 | ) | — | 4.6 | 2.2 | ||||||||||||||||||
Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | ||||||||||||
Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Cumulative translation adjustments | — | — | 11 | 11 | (11.0 | ) | 11 | ||||||||||||||||||
Net actuarial loss | — | — | (1.4 | ) | (1.3 | ) | 1.3 | (1.4 | ) | ||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | 9.6 | 9.7 | (9.7 | ) | 9.6 | ||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 123 | $ | 5.1 | $ | (5.1 | ) | $ | 123 | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Cash provided by operating activities | $ | (1.3 | ) | $ | (54.8 | ) | $ | 330.6 | $ | (11.7 | ) | $ | — | $ | 262.8 | ||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (56.8 | ) | (7.4 | ) | — | (64.2 | ) | ||||||||||||||||
Acquisitions | — | — | (735.7 | ) | — | — | (735.7 | ) | |||||||||||||||||
Investments in investee companies | — | — | (3.0 | ) | — | — | (3.0 | ) | |||||||||||||||||
Proceeds from dispositions | — | — | 4.2 | 0.3 | — | 4.5 | |||||||||||||||||||
Cash used in investing activities | — | — | (791.3 | ) | (7.1 | ) | — | (798.4 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Proceeds from IPO | 615 | — | — | — | — | 615 | |||||||||||||||||||
Proceeds from long-term debt borrowings - term loan and senior notes | — | 1,598.00 | — | — | — | 1,598.00 | |||||||||||||||||||
Proceeds from long-term debt borrowings - new senior notes | — | 599.3 | — | — | — | 599.3 | |||||||||||||||||||
Deferred financing costs | — | (42.7 | ) | — | — | — | (42.7 | ) | |||||||||||||||||
Distribution of debt and IPO proceeds to CBS | (515.0 | ) | (1,523.8 | ) | — | — | — | (2,038.8 | ) | ||||||||||||||||
Net cash contribution from (distribution to) CBS | 9.5 | — | 39.8 | — | — | 49.3 | |||||||||||||||||||
Dividends | (133.2 | ) | — | — | — | — | (133.2 | ) | |||||||||||||||||
Special dividend | (109.5 | ) | — | — | — | — | (109.5 | ) | |||||||||||||||||
Intercompany | 134.5 | (564.5 | ) | 428.4 | 1.6 | — | — | ||||||||||||||||||
Other | — | — | (0.8 | ) | — | — | (0.8 | ) | |||||||||||||||||
Cash used in financing activities | 1.3 | 66.3 | 467.4 | 1.6 | — | 536.6 | |||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 11.5 | 6.7 | (19.5 | ) | — | (1.3 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 2.1 | 27.7 | — | 29.8 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 11.5 | $ | 8.8 | $ | 8.2 | $ | — | $ | 28.5 | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 268.2 | $ | 12.9 | $ | — | $ | 281.1 | |||||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (54.1 | ) | (6.8 | ) | — | (60.9 | ) | ||||||||||||||||
Acquisitions | — | — | (11.5 | ) | — | — | (11.5 | ) | |||||||||||||||||
Proceeds from dispositions | — | — | 28.6 | 0.1 | — | 28.7 | |||||||||||||||||||
Cash used in investing activities | — | — | (37.0 | ) | (6.7 | ) | — | (43.7 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 5.8 | — | — | 5.8 | |||||||||||||||||||
Net cash (distribution to)/contribution from CBS | — | — | (244.4 | ) | 11.8 | — | (232.6 | ) | |||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||
Cash used in financing activities | — | — | (238.6 | ) | 11.6 | — | (227.0 | ) | |||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (7.4 | ) | 17 | — | 9.6 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 9.5 | 10.7 | — | 20.2 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 277.3 | $ | 28.6 | $ | — | $ | 305.9 | |||||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (42.5 | ) | (5.7 | ) | — | (48.2 | ) | ||||||||||||||||
Acquisitions | — | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||||||||||
Proceeds from dispositions | — | — | 0.4 | 0.1 | — | 0.5 | |||||||||||||||||||
Cash used in investing activities | — | — | (42.5 | ) | (5.6 | ) | — | (48.1 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 2.9 | — | — | 2.9 | |||||||||||||||||||
Net cash distribution to CBS | — | — | (238.2 | ) | (41.5 | ) | — | (279.7 | ) | ||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||
Cash used in financing activities | — | — | (235.3 | ) | (41.7 | ) | — | (277.0 | ) | ||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | 1.8 | — | 1.8 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (0.5 | ) | (16.9 | ) | — | (17.4 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 10 | 27.6 | — | 37.6 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 9.5 | $ | 10.7 | $ | — | $ | 20.2 | |||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | As of March 6, 2015, we have issued 185,323 shares of our common stock to J&M or Videri, as applicable, in connection with the achievement of milestones under the Videri Agreement. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Quarterly Financial Data | Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||
Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
(in millions) | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 255 | $ | 291.1 | $ | 296.3 | $ | 356.4 | $ | 1,198.80 | |||||||||||||||
International | 32.9 | 43.3 | 40.2 | 38.6 | 155 | ||||||||||||||||||||
Total revenues | $ | 287.9 | $ | 334.4 | $ | 336.5 | $ | 395 | (b) | $ | 1,353.80 | ||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 80.3 | $ | 106.4 | $ | 106.3 | 123.2 | 416.2 | |||||||||||||||||
International | 1.1 | 9.5 | 6.3 | 7.4 | 24.3 | ||||||||||||||||||||
Corporate | (5.8 | ) | (5.6 | ) | (5.7 | ) | (10.0 | ) | (27.1 | ) | |||||||||||||||
Total Adjusted OIBDA | 75.6 | 110.3 | 106.9 | 120.6 | (b) | 413.4 | |||||||||||||||||||
Restructuring charges - severance only | — | — | (2.7 | ) | (1.5 | ) | (4.2 | ) | |||||||||||||||||
Acquisition costs | — | — | (1.4 | ) | (9.0 | ) | (b) | (10.4 | ) | ||||||||||||||||
Net gain (loss) on dispositions | 0.9 | — | 0.5 | 1.1 | 2.5 | ||||||||||||||||||||
Depreciation | (26.1 | ) | (26.5 | ) | (26.7 | ) | (27.9 | ) | (107.2 | ) | |||||||||||||||
Amortization | (21.9 | ) | (22.6 | ) | (22.8 | ) | (27.7 | ) | (95.0 | ) | |||||||||||||||
Stock-based compensation | (1.8 | ) | (2.9 | ) | (6.2 | ) | (5.1 | ) | (16.0 | ) | |||||||||||||||
Total operating income | $ | 26.7 | $ | 58.3 | $ | 47.6 | $ | 50.5 | (b) | $ | 183.1 | ||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 40 | $ | 64.2 | $ | 64.3 | 75.8 | 244.3 | |||||||||||||||||
International | (5.7 | ) | (c) | 2.6 | (c) | (0.7 | ) | (c) | 0.3 | (c) | (3.5 | ) | |||||||||||||
Corporate | (7.6 | ) | (d) | (8.5 | ) | (d) | (16.0 | ) | (d) | (25.6 | ) | (d) | (57.7 | ) | |||||||||||
Total operating income | $ | 26.7 | $ | 58.3 | $ | 47.6 | $ | 50.5 | (b) | $ | 183.1 | ||||||||||||||
Net income | $ | 8.4 | $ | 22.4 | $ | 248.3 | (a) | $ | 27.8 | (b) | $ | 306.9 | |||||||||||||
(a) | During the third quarter of 2014, we recorded a reversal of $232.3 million, representing substantially all Deferred income tax liabilities, net, as a result of our REIT conversion (see Note 15. Income Taxes). | ||||||||||||||||||||||||
(b) | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | ||||||||||||||||||||||||
(c) | We incurred incremental U.S. stand-alone costs of $1.7 million during the first quarter of 2014; $2.1 million during the second quarter of 2014, $2.7 million during the third quarter of 2014 and $2.7 million during the fourth quarter of 2014. | ||||||||||||||||||||||||
(d) | We incurred incremental corporate stand-alone costs of $2.1 million during the first quarter of 2014; $3.1 million during the second quarter of 2014, $2.5 million during the third quarter of 2014 and $2.7 million during the fourth quarter of 2014. | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(in millions) | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 245.2 | $ | 285.9 | $ | 296.5 | $ | 302.5 | $ | 1,130.10 | |||||||||||||||
International | 34 | 46.8 | 41.7 | 41.4 | 163.9 | ||||||||||||||||||||
Total revenues | $ | 279.2 | $ | 332.7 | $ | 338.2 | $ | 343.9 | $ | 1,294.00 | |||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 80.1 | $ | 106.5 | $ | 113.6 | $ | 106.2 | $ | 406.4 | |||||||||||||||
International | 0.6 | 11.5 | 7.9 | 9.1 | 29.1 | ||||||||||||||||||||
Corporate | (5.3 | ) | (4.9 | ) | (5.4 | ) | (5.1 | ) | (20.7 | ) | |||||||||||||||
Total Adjusted OIBDA | 75.4 | 113.1 | 116.1 | 110.2 | 414.8 | ||||||||||||||||||||
Net gain (loss) on dispositions | 9.8 | (a) | (0.1 | ) | 0.1 | 17.5 | (b) | 27.3 | |||||||||||||||||
Depreciation | (26.0 | ) | (25.9 | ) | (26.4 | ) | (26.2 | ) | (104.5 | ) | |||||||||||||||
Amortization | (22.9 | ) | (22.7 | ) | (22.6 | ) | (23.1 | ) | (91.3 | ) | |||||||||||||||
Stock-based compensation | (1.6 | ) | (1.6 | ) | (2.6 | ) | (1.7 | ) | (7.5 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 48.2 | $ | 65.2 | $ | 72 | $ | 81.7 | $ | 267.1 | |||||||||||||||
International | (6.6 | ) | 4.1 | 0.6 | 1.8 | (0.1 | ) | ||||||||||||||||||
Corporate | (6.9 | ) | (6.5 | ) | (8.0 | ) | (6.8 | ) | (28.2 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Net income | $ | 19.9 | $ | 36.4 | $ | 37.2 | $ | 50 | $ | 143.5 | |||||||||||||||
(a) | During the first quarter of 2013, we exchanged most of our billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | ||||||||||||||||||||||||
(b) | During the fourth quarter of 2013, we sold 50% of our transit shelter operations in Los Angeles, and we and the buyer each subsequently contributed our respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. |
II_Valuation_and_Qualifying_Ac
II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
II - Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | |||||||||||||||||||||
Description | Balance at | Balance | Charged to | Charged | Deductions | Balance at | |||||||||||||||||||
Beginning | Acquired through | Costs and | to Other | End of | |||||||||||||||||||||
of Period | Acquisitions | Expenses | Accounts(a) | Period | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 15.7 | $ | — | $ | 2.9 | $ | (0.7 | ) | $ | 3.7 | $ | 14.2 | ||||||||||||
Year ended December 31, 2013 | $ | 19.3 | $ | — | $ | 0.4 | $ | — | $ | 4 | $ | 15.7 | |||||||||||||
Year ended December 31, 2012 | $ | 22.4 | $ | — | $ | 3.1 | $ | 0.2 | $ | 6.4 | $ | 19.3 | |||||||||||||
Valuation allowance on deferred tax assets: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 10.1 | $ | — | $ | 0.5 | $ | — | $ | 3.7 | $ | 6.9 | |||||||||||||
Year ended December 31, 2013 | $ | 8 | $ | — | $ | 3 | $ | — | $ | 0.9 | $ | 10.1 | |||||||||||||
Year ended December 31, 2012 | $ | 7.5 | $ | — | $ | 0.7 | $ | — | $ | 0.2 | $ | 8 | |||||||||||||
(a) | Reflects change in allowance related to foreign currency translation adjustments. |
III_Schedule_of_Real_Estate_an
III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||
III - Schedule of Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Gross Carrying Amount at December 31, 2014 (3) | ||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||
Subsequent | ||||||||||||||||||||||||||||||||||||||
to | ||||||||||||||||||||||||||||||||||||||
Description (1) | Encumbrances | Land | Structures and Improvements | Acquisition | Land | Structures and Improvements | Total | Accumulated | Construction | Acquisition | Useful | |||||||||||||||||||||||||||
Depreciation | Date | Date | Lives | |||||||||||||||||||||||||||||||||||
Structures added prior to January 1, 2014 | ||||||||||||||||||||||||||||||||||||||
United States - 44,235 displays | — | (2) | (2) | (2) | $ | 83.6 | $ | 1,277.50 | $ | 1,361.10 | $ | (832.7 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||
Canada - 5,955 displays | — | (2) | (2) | (2) | 2.5 | 318 | 320.5 | (249.7 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Mexico - 4,397 displays | — | (2) | (2) | (2) | 2 | 28.8 | 30.8 | (18.0 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Argentina - 494 displays | — | (2) | (2) | (2) | — | 1.4 | 1.4 | (0.5 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Brazil - 704 displays | — | (2) | (2) | (2) | — | 5.1 | 5.1 | (1.2 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Uruguay - 149 displays | — | (2) | (2) | (2) | — | 1.8 | 1.8 | (1.4 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Chile - 820 displays | — | (2) | (2) | (2) | — | 3.6 | 3.6 | (3.3 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
$ | 88.1 | $ | 1,636.20 | $ | 1,724.30 | $ | (1,106.8 | ) | ||||||||||||||||||||||||||||||
Structures added subsequent to January 1, 2014 | ||||||||||||||||||||||||||||||||||||||
United States - 1,875 displays (4) | $ | — | $ | 107.7 | $ | — | $ | — | $ | 107.7 | $ | 107.7 | $ | (2.5 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||
Canada - 29 displays | — | 1 | — | — | 1 | 1 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Mexico - 8 displays | — | 0.3 | — | — | 0.3 | 0.3 | (0.1 | ) | Various | Various | 5 to 20 years | |||||||||||||||||||||||||||
Argentina - 23 displays | — | 0.1 | — | — | 0.1 | 0.1 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Brazil - 60 displays | — | 0.2 | — | — | 0.2 | 0.2 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Uruguay - 0 displays | — | — | — | — | — | — | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Chile - 3 displays | — | 0.1 | — | — | 0.1 | 0.1 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
$ | — | $ | 109.4 | $ | — | $ | — | $ | 109.4 | $ | 109.4 | $ | (2.6 | ) | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||
United States - 46,110 displays | $ | 83.6 | $ | 1,385.20 | $ | 1,468.80 | $ | (835.2 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Canada - 5,984 displays | 2.5 | 319 | 321.5 | (249.7 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Mexico - 4,405 displays | 2 | 29.1 | 31.1 | (18.1 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Argentina - 517 displays | — | 1.5 | 1.5 | (0.5 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Brazil - 764 displays | — | 5.3 | 5.3 | (1.2 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Uruguay - 149 displays | — | 1.8 | 1.8 | (1.4 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Chile - 823 displays | — | 3.7 | 3.7 | (3.3 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
$ | 88.1 | $ | 1,745.60 | $ | 1,833.70 | $ | (1,109.4 | ) | ||||||||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||
-1 | No single asset exceeded 5% of the total gross carrying amount as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||
-2 | This information is omitted as it would be impracticable to compile on a site-by-site basis. | |||||||||||||||||||||||||||||||||||||
-3 | Includes sites under construction. | |||||||||||||||||||||||||||||||||||||
-4 | Includes the outstanding balance as of December 31, 2014, of structures added in conjunction with the Acquisition. For additional information regarding the Acquisition, see Part II, Item 8, of this Annual Report on Form 10-K, Notes to Consolidated Financial Statements, Note 12. Acquisition. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Gross real estate assets: | ||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,750.90 | $ | 1,743.70 | $ | 1,714.60 | ||||||||||||||||||||||||||||||||
Additions for construction of / improvements to structures | 136.6 | 51.6 | 47.1 | |||||||||||||||||||||||||||||||||||
Assets sold or written-off | (14.2 | ) | (14.9 | ) | (32.3 | ) | ||||||||||||||||||||||||||||||||
Foreign exchange | (39.6 | ) | (29.5 | ) | 14.3 | |||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 1,833.70 | $ | 1,750.90 | $ | 1,743.70 | ||||||||||||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,052.70 | $ | 990 | $ | 911 | ||||||||||||||||||||||||||||||||
Depreciation | 99.6 | 97.5 | 98.8 | |||||||||||||||||||||||||||||||||||
Foreign exchange | (29.9 | ) | (21.1 | ) | 9.9 | |||||||||||||||||||||||||||||||||
Assets sold or written-off | (13.0 | ) | (13.7 | ) | (29.7 | ) | ||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 1,109.40 | $ | 1,052.70 | $ | 990 | ||||||||||||||||||||||||||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation Accounting (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. Prior to January 31, 2014, we carried minimal cash on hand as we had participated in CBS’s centralized cash management system. On January 31, 2014, we incurred $1.6 billion in debt under the Senior Credit Facilities and the Senior Notes (see Note 8. Long-Term Debt), and accordingly, our participation in the CBS centralized cash management system ceased. | |
Receivables | Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. | |
Property and Equipment | Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |
Buildings and improvements | 20 to 40 years | |
Advertising structures | 5 to 20 years | |
Furniture, equipment and other | 3 to 10 years | |
For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. | ||
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures and permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Each of our segments consists of two reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge. | |
Revenue Recognition | Revenue Recognition—Our revenues are primarily derived from providing space on advertising displays for local, regional and national advertisements. Contracts with customers generally cover periods ranging from four weeks to twelve months and are generally billed every four weeks. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned, which is typically ratably over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross billing revenues, revenues are reported net of agency commissions. | |
Deferred revenues primarily consist of revenues paid in advance of being earned. | ||
Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. | ||
Concentration of Credit Risk | Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. | |
Billboard Property Lease and Transit Franchise Expenses | Billboard Property Lease and Transit Franchise Expenses—Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months. | |
The fixed component of lease costs is expensed evenly over the contract term, and contingent rent is expensed as it becomes probable, which is consistent with when the related revenues are recognized. | ||
Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. | ||
Direct Lease Acquisition Costs | Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within amortization expense in the accompanying Consolidated Statements of Operations. | |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. The resulting translation gains and losses are included as a component of invested equity in accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in “Other income (expense), net” in the Consolidated Statements of Operations. | |
Income Taxes | Income Taxes—Prior to the Separation, we were a member of CBS’s consolidated tax group, and the provision for income taxes, deferred tax assets and liabilities, and income tax payments were calculated on a separate tax return basis, with us as the taxpayer, even though our U.S. operating results were included in the consolidated federal, and certain state and local income tax returns of CBS. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. | |
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. We believe we are organized in conformity with the requirements for qualification and taxation as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), and intend to elect REIT status with the filing of the tax return for the above-referenced short taxable year. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. | ||
We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRS”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. | ||
Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. | ||
We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. | ||
Asset Retirement Obligation | Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in operating expenses and the capitalized cost is depreciated over the expected useful life of the related asset. | |
Stock-based Compensation | Stock-based Compensation—During 2014, we converted CBS stock options and CBS restricted stock units (“RSUs”) issued by CBS to certain of our employees to stock options and RSUs issued under our equity incentive plan with the same terms and conditions as the CBS awards. We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost was recognized over the vesting period during which an employee was required to provide service in exchange for the award. | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 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 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. | ||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: | ||||||||
Buildings and improvements | 20 to 40 years | ||||||||
Advertising structures | 5 to 20 years | ||||||||
Furniture, equipment and other | 3 to 10 years | ||||||||
The table below presents the balances of major classes of assets and accumulated depreciation. | |||||||||
As of December 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Land | $ | 88.1 | $ | 88.6 | |||||
Buildings and improvements | 47 | 45 | |||||||
Advertising structures | 1,745.60 | 1,662.30 | |||||||
Furniture, equipment and other | 78.1 | 77.2 | |||||||
Construction in progress | 17.1 | 18.9 | |||||||
1,975.90 | 1,892.00 | ||||||||
Less accumulated depreciation | 1,193.00 | 1,136.60 | |||||||
Property and equipment, net | $ | 782.9 | $ | 755.4 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: | ||||||||
Buildings and improvements | 20 to 40 years | ||||||||
Advertising structures | 5 to 20 years | ||||||||
Furniture, equipment and other | 3 to 10 years | ||||||||
The table below presents the balances of major classes of assets and accumulated depreciation. | |||||||||
As of December 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Land | $ | 88.1 | $ | 88.6 | |||||
Buildings and improvements | 47 | 45 | |||||||
Advertising structures | 1,745.60 | 1,662.30 | |||||||
Furniture, equipment and other | 78.1 | 77.2 | |||||||
Construction in progress | 17.1 | 18.9 | |||||||
1,975.90 | 1,892.00 | ||||||||
Less accumulated depreciation | 1,193.00 | 1,136.60 | |||||||
Property and equipment, net | $ | 782.9 | $ | 755.4 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Goodwill | For the years ended December 31, 2014 and 2013, the changes in the book value of goodwill by segment were as follows: | ||||||||||||||||||||
(in millions) | U.S. | International | Total | ||||||||||||||||||
As of December 31, 2012 | $ | 1,758.00 | $ | 119.2 | $ | 1,877.20 | |||||||||||||||
Currency translation adjustments | — | (5.1 | ) | (5.1 | ) | ||||||||||||||||
Dispositions | (6.4 | ) | — | (6.4 | ) | ||||||||||||||||
As of December 31, 2013 | 1,751.60 | 114.1 | 1,865.70 | ||||||||||||||||||
Currency translation adjustments | — | (10.5 | ) | (10.5 | ) | ||||||||||||||||
Additions(a) | 299.2 | — | 299.2 | ||||||||||||||||||
Dispositions | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||
As of December 31, 2014 | $ | 2,050.60 | $ | 103.6 | $ | 2,154.20 | |||||||||||||||
(a) | In 2014, we completed the Acquisition (see Note 12. Acquisition). | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | identifiable intangible assets consist of the following: | ||||||||||||||||||||
(in millions) | Gross | Accumulated | Net | ||||||||||||||||||
Amortization | |||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Permits and leasehold agreements | $ | 1,119.20 | $ | (677.2 | ) | $ | 442 | ||||||||||||||
Franchise agreements | 474.7 | (321.1 | ) | 153.6 | |||||||||||||||||
Other intangible assets | 39.9 | (2.3 | ) | 37.6 | |||||||||||||||||
Total intangible assets | $ | 1,633.80 | $ | (1,000.6 | ) | $ | 633.2 | ||||||||||||||
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 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2015 through 2019, to be as follows: | ||||||||||||||||||||
(in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Amortization expense | $ | 76.7 | $ | 71.7 | $ | 49.5 | $ | 42.7 | $ | 40.9 | |||||||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Schedule of Change in Asset Retirement Obligation | |||||||||
For Year Ended December 31, | |||||||||
(in millions) | 2014 | 2013 | |||||||
Balance, at beginning of period | $ | 31.7 | $ | 30.6 | |||||
Accretion expense | 2.3 | 2.2 | |||||||
Additions | 4.7 | 0.4 | |||||||
Liabilities settled | (1.2 | ) | (0.9 | ) | |||||
Foreign currency translation adjustments | (0.9 | ) | (0.6 | ) | |||||
Balance, at end of period | $ | 36.6 | $ | 31.7 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: | ||||||||
As of | |||||||||
(in millions, except percentages) | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Term loan, due 2021 | $ | 798.3 | $ | — | |||||
Senior unsecured notes: | |||||||||
5.250% senior unsecured notes, due 2022 | 549.3 | — | |||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||
5.875% senior unsecured notes, due 2025 | 450 | — | |||||||
Total senior unsecured notes | 1,399.30 | — | |||||||
Other(a) | 0.7 | — | |||||||
Total long-term debt | $ | 2,198.30 | $ | — | |||||
Weighted average cost of debt | 4.6 | % | — | % | |||||
(a) | Reflects the outstanding balance as of December 31, 2014, of long-term debt assumed in conjunction with the Acquisition. (See Note 12. Acquisition.) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the components of accumulated other comprehensive income (loss). | ||||||||||||
(in millions) | Cumulative | Net | Accumulated | ||||||||||
Translation | Actuarial | Other | |||||||||||
Adjustments | Gain | Comprehensive | |||||||||||
(Loss) | Income (Loss) | ||||||||||||
As of December 31, 2011 | $ | (65.3 | ) | $ | (10.3 | ) | $ | (75.6 | ) | ||||
Other comprehensive income (loss) | 11 | (1.4 | ) | 9.6 | |||||||||
As of December 31, 2012 | (54.3 | ) | (11.7 | ) | (66.0 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (14.9 | ) | 5.2 | (9.7 | ) | ||||||||
Amortization of actuarial losses reclassified to net income(a) | — | 0.6 | 0.6 | ||||||||||
Total other comprehensive income (loss), net of tax | (14.9 | ) | 5.8 | (9.1 | ) | ||||||||
As of December 31, 2013 | (69.2 | ) | (5.9 | ) | (75.1 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (10.7 | ) | (3.3 | ) | (14.0 | ) | |||||||
Amortization of actuarial losses reclassified to net income(a) | — | 0.2 | 0.2 | ||||||||||
Deferred tax rate adjustment | — | (1.2 | ) | (1.2 | ) | ||||||||
Total other comprehensive income (loss), net of tax | (10.7 | ) | (4.3 | ) | (15.0 | ) | |||||||
As of December 31, 2014 | $ | (79.9 | ) | $ | (10.2 | ) | $ | (90.1 | ) | ||||
(a) | See Note 14. Retirement Benefits for additional details of items reclassified from accumulated other comprehensive income to net income. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Acquisitions [Abstract] | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | |||||||||||
(in millions) | Purchase Price | ||||||||||
Base purchase price | $ | 690 | |||||||||
Working capital and other adjustments | 24.2 | ||||||||||
Estimated transaction consideration | $ | 714.2 | |||||||||
Current assets | $ | 44.4 | |||||||||
Property, plant and equipment | 83.2 | ||||||||||
Goodwill | 299.2 | ||||||||||
Intangible assets(a) | 316.6 | ||||||||||
Other assets | 11.1 | ||||||||||
Current liabilities | (34.5 | ) | |||||||||
Long-term debt(b) | (1.4 | ) | |||||||||
Other liabilities | (4.4 | ) | |||||||||
Total net assets acquired | $ | 714.2 | |||||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible assets included with the preliminary purchase price allocation are as follows: | ||||||||||
(in millions) | Estimated Useful Life | Intangible Assets Allocation | |||||||||
Permits and leasehold agreements | 12 - 20 years | $ | 244 | ||||||||
Franchise agreements | 4 - 15 years | 34.8 | |||||||||
Advertising relationships | 7 years | 16 | |||||||||
Other | 1 - 5 years | 21.8 | |||||||||
$ | 316.6 | ||||||||||
(b) | In conjunction with the Acquisition, we assumed a total of $1.4 million of long term debt, due to three unrelated third parties. The debt has varying maturities through June 1, 2021. In November 2014, we prepaid one of the debt obligations, leaving a remaining balance of $0.7 million as of December 31, 2014, with varying maturities through January 31, 2017. | ||||||||||
Business Acquisition, Pro Forma Information | Unaudited Pro Forma Condensed Combined Statements of Operations Information | ||||||||||
The following unaudited pro forma financial information presents our results of operations combined with the Acquired Business as if the Acquisition had occurred as of January 1, 2013. The pro forma information is not necessarily indicative of what the financial position or results of operations actually would have been had the Acquisition been completed as of January 1, 2013. In addition, the unaudited pro forma financial information is not indicative of, nor does it purport to project, our future financial position or operating results. The unaudited pro forma financial information excludes acquisition and integration costs and does not give effect to any estimated and potential cost savings or other operating efficiencies that could result from the Acquisition. | |||||||||||
Year Ended December 31, | |||||||||||
(in millions, except per share amounts) | 2014 | 2013 | |||||||||
Revenues | $ | 1,505.90 | $ | 1,500.30 | |||||||
Operating income | 193.6 | 240.1 | |||||||||
Net income | 293.6 | 117.6 | |||||||||
Net income per common share attributable to shareholders of OUTFRONT Media Inc.: | |||||||||||
Basic | $ | 2.57 | $ | 1.03 | |||||||
Diluted | $ | 2.56 | $ | 1.02 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for 2014, 2013 and 2012. | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
RSUs and PRSUs | $ | 13.1 | $ | 6.8 | $ | 5.2 | |||||||||||
Stock options | 2.9 | 0.7 | 0.5 | ||||||||||||||
Stock-based compensation expense, before income taxes | 16 | 7.5 | 5.7 | ||||||||||||||
Tax benefit | (3.0 | ) | (3.0 | ) | (2.3 | ) | |||||||||||
Stock-based compensation expense, net of tax | $ | 13 | $ | 4.5 | $ | 3.4 | |||||||||||
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 | OUTFRONT RSUs | ||||||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | Activity | Weighted Average Per Share Grant Date Fair Market Value | ||||||||||||||
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 OUTFRONT RSUs | (256,172 | ) | 37.77 | ||||||||||||||
Non-vested OUTFRONT RSUs converted from CBS RSUs | 561,021 | $ | 17.24 | ||||||||||||||
Non-vested CBS RSUs not converted to OUTFRONT RSUs(a) | 67,561 | 33.16 | |||||||||||||||
Granted: | |||||||||||||||||
RSUs | 488,729 | 26.76 | |||||||||||||||
RSUs issued in connection with special dividend(b) | 161,720 | 26.73 | |||||||||||||||
PRSUs | 182,844 | 29.97 | |||||||||||||||
Dividend equivalents | |||||||||||||||||
Vested: | |||||||||||||||||
RSUs | (67,561 | ) | 33.16 | (33,177 | ) | 16.29 | |||||||||||
PRSUs | (29,458 | ) | 15.28 | ||||||||||||||
Forfeitures: | |||||||||||||||||
RSUs | (37,788 | ) | 24 | ||||||||||||||
PRSUs | (15,289 | ) | 26.39 | ||||||||||||||
Dividend equivalents | |||||||||||||||||
Non-vested as of December 31, 2014 | — | — | 1,278,602 | 21.92 | |||||||||||||
(a) | Reflects CBS RSUs which vested in April 2014. | ||||||||||||||||
(b) | Represents an adjustment to the outstanding awards for the E&P Purge pursuant to the anti-dilution provisions of the Stock Plan. | ||||||||||||||||
Weighted average assumptions for Black-Scholes pricing model | Compensation expense for stock options is determined based on the grant date fair value of the award using the Black-Scholes options-pricing model with the following weighted average assumptions: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected dividend yield | N/A | 1.38 | % | 2 | % | ||||||||||||
Expected stock price volatility | N/A | 35 | % | 40.2 | % | ||||||||||||
Risk-free interest rate | N/A | 1.2 | % | 1.01 | % | ||||||||||||
Expected term of options (years) | N/A | 5 | 5.02 | ||||||||||||||
Activity of CBS's stock options issued to our employees | The following table summarizes the activity of CBS’s stock options and OUTFRONT stock options issued to our employees. | ||||||||||||||||
CBS | CBS | OUTFRONT | OUTFRONT Weighted Average Exercise Price | ||||||||||||||
Stock Options | Weighted Average Exercise Price | Stock Options | |||||||||||||||
Outstanding as of December 31, 2013 | 399,581 | $ | 29.3 | ||||||||||||||
Exercised | (123,574 | ) | 22.05 | ||||||||||||||
Forfeited or expired | (39,405 | ) | 30.67 | ||||||||||||||
CBS stock options converted to OUTFRONT stock options | (219,741 | ) | 33.27 | ||||||||||||||
Outstanding OUTFRONT stock options converted from CBS stock options | 409,207 | $ | 17.87 | ||||||||||||||
Adjustment in connection with special dividend(a) | 63,898 | N/A | |||||||||||||||
Exercised | (3,519 | ) | 12.73 | ||||||||||||||
Forfeited or expired | (18,696 | ) | 19.96 | ||||||||||||||
Outstanding as of December 31, 2014 | 450,890 | 15.29 | |||||||||||||||
Exercisable as of December 31, 2014 | 16,861 | 27.38 | 191,445 | 10.62 | |||||||||||||
(a) | Represents an adjustment to the outstanding awards for the E&P Purge pursuant to the anti-dilution provisions of the Stock Plan. | ||||||||||||||||
Stock option exercises information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Cash paid to CBS by our employees for stock option exercises | $ | 5 | $ | 4 | $ | 6.5 | |||||||||||
Tax benefit of CBS stock option exercises | — | 2.5 | 0.8 | ||||||||||||||
Intrinsic value of CBS stock option exercises | 5.3 | 6.1 | 1.9 | ||||||||||||||
Stock options outstanding and exercisable by price | The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2014. | ||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||
Range of | Number | Remaining | Weighted | Number of | Weighted | ||||||||||||
Exercise Price | of | Contractual | Average | Options | Average | ||||||||||||
Options | Life (Years) | Exercise | Exercise | ||||||||||||||
Price | Price | ||||||||||||||||
$0 to 4.99 | 64,556 | 2.15 | $ | 2.43 | 64,556 | $ | 2.43 | ||||||||||
$5 to 9.99 | 23,446 | 3.17 | 6.25 | 23,446 | 6.25 | ||||||||||||
$10 to 14.99 | 180,908 | 3.55 | 12.64 | 67,162 | 12.49 | ||||||||||||
$20 to 24.99 | 78,567 | 6.12 | 20.07 | 10,429 | 20.07 | ||||||||||||
$25 to 29.99 | 103,413 | 6.72 | 26.39 | 25,852 | 26.39 | ||||||||||||
450,890 | 191,445 | ||||||||||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Change in benefit obligation | The following table sets forth the change in benefit obligation for our pension plans. | ||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Benefit obligation, beginning of year | $ | 46 | $ | 52.7 | $ | 46.8 | |||||||||||
Service cost | 1.4 | 1.7 | 1.5 | ||||||||||||||
Interest cost | 2.2 | 2 | 2.2 | ||||||||||||||
Actuarial (gain) loss | 7.2 | (5.1 | ) | 2.7 | |||||||||||||
Benefits paid | (1.8 | ) | (1.6 | ) | (2.2 | ) | |||||||||||
Cumulative translation adjustments | (4.1 | ) | (3.7 | ) | 1.7 | ||||||||||||
Benefit obligation, end of year | $ | 50.9 | $ | 46 | $ | 52.7 | |||||||||||
Change in plan assets | The following table sets forth the change in plan assets for our pension plans. | ||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Fair value of plan assets, beginning of year | $ | 43.7 | $ | 40.1 | |||||||||||||
Actual return on plan assets | 4.1 | 4.5 | |||||||||||||||
Employer contributions | 1.6 | 3.8 | |||||||||||||||
Benefits paid | (1.8 | ) | (1.6 | ) | |||||||||||||
Cumulative translation adjustments | (3.5 | ) | (3.1 | ) | |||||||||||||
Fair value of plan assets, end of year | $ | 44.1 | $ | 43.7 | |||||||||||||
Funded status and amounts recognized in consolidated statement of financial position | The funded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: | ||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Funded status, end of year | $ | (6.8 | ) | $ | (2.3 | ) | |||||||||||
Amounts recognized on the Consolidated Statement of Financial Position: | |||||||||||||||||
Other noncurrent liabilities | (6.8 | ) | (2.3 | ) | |||||||||||||
Net amounts recognized | (6.8 | ) | (2.3 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) | The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. | ||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Net actuarial loss | $ | (14.5 | ) | $ | (10.2 | ) | |||||||||||
Deferred tax rate adjustment | (1.2 | ) | — | ||||||||||||||
Deferred income taxes | 5.5 | 4.3 | |||||||||||||||
Net amount recognized in accumulated other comprehensive loss | (10.2 | ) | (5.9 | ) | |||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. | ||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013(a) | |||||||||||||||
Projected benefit obligation | $ | 50.9 | $ | 2 | |||||||||||||
Accumulated benefit obligation (a) | 46.6 | 1.9 | |||||||||||||||
Fair value of plan assets (a) | 44.1 | 1.8 | |||||||||||||||
(a) | As of December 31, 2013, the fair value of plan assets exceeded the accumulated benefit obligation for our pension plan in Canada. | ||||||||||||||||
Schedule of Net Benefit Costs | The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). | ||||||||||||||||
As of December 31, | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 1.4 | $ | 1.7 | $ | 1.5 | |||||||||||
Interest cost | 2.2 | 2 | 2.2 | ||||||||||||||
Expected return on plan assets | (2.5 | ) | (2.4 | ) | (2.1 | ) | |||||||||||
Amortization of actuarial losses | 0.3 | 1 | 0.9 | ||||||||||||||
Net periodic pension cost | $ | 1.4 | $ | 2.3 | $ | 2.5 | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | |||||||||||||||||
(in millions) | Year Ended December 31, 2014 | ||||||||||||||||
Actuarial losses | $ | (5.7 | ) | ||||||||||||||
Amortization of actuarial losses(a) | 0.3 | ||||||||||||||||
Cumulative translation adjustments | 1 | ||||||||||||||||
Deferred tax rate adjustment | (1.2 | ) | |||||||||||||||
(5.6 | ) | ||||||||||||||||
Deferred income taxes | 1.3 | ||||||||||||||||
Recognized in other comprehensive loss, net of tax | $ | (4.3 | ) | ||||||||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. | ||||||||||||||||
Weighted average assumptions used to determine benefit obligations and net periodic cost | Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.9 million, will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2015. | ||||||||||||||||
As of and for the Year Ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||
Discount rate | 4 | % | 5 | % | |||||||||||||
Rate of compensation increase | 3 | 3 | |||||||||||||||
Weighted average assumptions used to determine net periodic cost: | |||||||||||||||||
Discount rate | 5 | 4 | |||||||||||||||
Expected long-term return on plan assets | 5.6 | 6 | |||||||||||||||
Rate of compensation increase | 3 | 3 | |||||||||||||||
Pension plan assets categorized according to the FASB fair value hierarchy | The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents(a) | $ | 1.2 | $ | 1.8 | $ | — | $ | 3 | |||||||||
Fixed income securities: | |||||||||||||||||
Government related securities | 1.3 | 3.2 | — | 4.5 | |||||||||||||
Corporate bonds(b) | — | 13.3 | — | 13.3 | |||||||||||||
Equity securities(c): | |||||||||||||||||
U.S. equity | — | 7.7 | — | 7.7 | |||||||||||||
International equity | — | 15.6 | — | 15.6 | |||||||||||||
Other | — | — | — | — | |||||||||||||
Total assets | $ | 2.5 | $ | 41.6 | $ | — | $ | 44.1 | |||||||||
As of December 31, 2013 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Cash and cash equivalents(a) | $ | — | $ | 2.6 | $ | — | $ | 2.6 | |||||||||
Fixed income securities: | |||||||||||||||||
Government related securities | 1.4 | 6.3 | — | 7.7 | |||||||||||||
Corporate bonds(b) | — | 9.6 | — | 9.6 | |||||||||||||
Equity securities(c): | |||||||||||||||||
U.S. equity | 4.9 | 2.6 | — | 7.5 | |||||||||||||
International equity | — | 16.2 | — | 16.2 | |||||||||||||
Other | — | 0.1 | — | 0.1 | |||||||||||||
Total assets | $ | 6.3 | $ | 37.4 | $ | — | $ | 43.7 | |||||||||
(a) | Assets categorized as Level 2 reflect investments in money market funds. | ||||||||||||||||
(b) | Securities of diverse industries, substantially all investment grade. | ||||||||||||||||
(c) | Assets categorized as Level 2 reflect investments in common collective funds. | ||||||||||||||||
Schedule of Expected Benefit Payments | |||||||||||||||||
(in millions) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||
Estimated future benefit payments for pension plans | 1.2 | 1.2 | 1.3 | 1.5 | 1.7 | 12.9 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The U.S. and foreign components of Income before benefit (provision) for income taxes and equity in earnings of investee companies were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
United States | $ | 102.8 | $ | 239.8 | $ | 201.9 | |||||||
Foreign | (4.8 | ) | (2.2 | ) | (1.7 | ) | |||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $ | 98 | $ | 237.6 | $ | 200.2 | |||||||
Book Income To REIT Taxable Income Reconciliation | The following table reconciles Income before benefit (provision) for income taxes and equity in earnings of investee companies to REIT taxable income for the period July 17, 2014, through December 31, 2014. | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | ||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $ | 98 | |||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies for the period January 1, 2014, through July 16, 2014 | (57.9 | ) | |||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies for the period July 17, 2014, through December 31, 2014 | 40.1 | ||||||||||||
Income of TRSs | (1.6 | ) | |||||||||||
Income from REIT operations | 38.5 | ||||||||||||
Book depreciation in excess of tax depreciation | 15 | ||||||||||||
Book amortization in excess of tax amortization | 21.3 | ||||||||||||
Book/tax differences - stock-based compensation | 8.1 | ||||||||||||
Book/tax differences - capitalized costs | 7.4 | ||||||||||||
Book/tax differences - investments in joint ventures | 2.5 | ||||||||||||
Book/tax differences - other | 4.2 | ||||||||||||
REIT taxable income for the period July 17, 2014, through December 31, 2014 (estimated) | $ | 97 | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of the Benefit (provision) for income taxes are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 29.9 | $ | 85.1 | $ | 71.8 | |||||||
State and local | 9.8 | 21.8 | 18.9 | ||||||||||
Foreign | 3.8 | 5.2 | 4.9 | ||||||||||
43.5 | 112.1 | 95.6 | |||||||||||
Deferred tax (benefit) liability: | |||||||||||||
Federal | (198.0 | ) | (3.6 | ) | (5.1 | ) | |||||||
State and local | (50.3 | ) | (10.0 | ) | 1.7 | ||||||||
Foreign | (1.2 | ) | (1.9 | ) | (3.2 | ) | |||||||
(249.5 | ) | (15.5 | ) | (6.6 | ) | ||||||||
(Benefit) provision for income taxes | $ | (206.0 | ) | $ | 96.6 | $ | 89 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the Benefit (provision) for income taxes is summarized as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Taxes on income at U.S. statutory rate | $ | 34.3 | $ | 83.2 | $ | 70.1 | |||||||
REIT dividends paid deduction | (13.5 | ) | — | — | |||||||||
State and local taxes, net of federal tax benefit | 4.8 | 7.6 | 13.4 | ||||||||||
Effect of foreign operations | 2.9 | 4 | 2.2 | ||||||||||
Deferred tax adjustment due to REIT conversion | (235.6 | ) | — | — | |||||||||
Other, net(a) | 1.1 | 1.8 | 3.3 | ||||||||||
(Benefit) provision for income taxes | $ | (206.0 | ) | $ | 96.6 | $ | 89 | ||||||
(a) | For 2012, other primarily reflects a charge related to our domestic production deduction. | ||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The following table is a summary of the components of deferred income tax assets and liabilities. | ||||||||||||
As of December 31, | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Deferred income tax assets: | |||||||||||||
Provision for expenses and losses | $ | 2.8 | $ | 31.3 | |||||||||
Postretirement and other employee benefits | 4.6 | 9.9 | |||||||||||
Tax credit and loss carryforwards | 10.9 | 14.6 | |||||||||||
Other | — | 0.1 | |||||||||||
Total deferred income tax assets | 18.3 | 55.9 | |||||||||||
Valuation allowance | (6.9 | ) | (10.1 | ) | |||||||||
Deferred income tax assets, net | 11.4 | 45.8 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property, equipment and intangible assets | (18.8 | ) | (309.3 | ) | |||||||||
Other | — | (0.5 | ) | ||||||||||
Total deferred income tax liabilities | (18.8 | ) | (309.8 | ) | |||||||||
Deferred income tax liabilities, net | $ | (7.4 | ) | $ | (264.0 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | ||||||||||||
(in millions) | |||||||||||||
As of January 1, 2012 | $ | 5.4 | |||||||||||
Additions for current year tax positions | 3.8 | ||||||||||||
Reductions for prior year tax positions | (4.3 | ) | |||||||||||
As of December 31, 2012 | 4.9 | ||||||||||||
Additions for current year tax positions | 0.2 | ||||||||||||
Reductions for prior year tax positions | (1.1 | ) | |||||||||||
As of December 31, 2013 | 4 | ||||||||||||
Additions for current year tax positions | 0.1 | ||||||||||||
Reductions for prior year tax positions | (2.9 | ) | |||||||||||
As of December 31, 2014 | $ | 1.2 | |||||||||||
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 306.9 | $ | 143.5 | $ | 113.4 | |||||||
Weighted average shares for basic EPS | 114.3 | 114.3 | 114.3 | ||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | 0.5 | 0.5 | 0.5 | ||||||||||
Weighted average shares for diluted EPS | 114.8 | 114.8 | 114.8 | ||||||||||
(a) | The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options for 2014 was antidilutive. |
Commitment_and_Contingencies_T
Commitment and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2014, minimum rental payments under non-cancellable operating leases with terms in excess of one year and guaranteed minimum franchise payments are as follows: | ||||||||
(in millions) | Operating | Guaranteed | |||||||
Leases | Minimum | ||||||||
Franchise | |||||||||
Payments | |||||||||
2015 | $ | 122.1 | $ | 173.5 | |||||
2016 | 121.7 | 56 | |||||||
2017 | 101.6 | 43.2 | |||||||
2018 | 86.8 | 40.9 | |||||||
2019 | 73.8 | 27.1 | |||||||
2020 and thereafter | 432.5 | 44.6 | |||||||
Total minimum payments | $ | 938.5 | $ | 385.3 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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—United States and International. | ||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Revenues: | |||||||||||||
United States | $ | 1,198.80 | $ | 1,130.10 | $ | 1,098.60 | |||||||
International | 155 | 163.9 | 186 | ||||||||||
Total revenues | $ | 1,353.80 | $ | 1,294.00 | $ | 1,284.60 | |||||||
Adjusted OIBDA by segment and Reconciliation to Consolidated Net Income | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 306.9 | $ | 143.5 | $ | 113.4 | |||||||
(Benefit) provision for income taxes | (206.0 | ) | 96.6 | 89 | |||||||||
Equity in earnings of investee companies, net of tax | (2.9 | ) | (2.5 | ) | (2.2 | ) | |||||||
Interest expense (income), net | 84.8 | — | — | ||||||||||
Other (income) expense, net | 0.3 | 1.2 | 1 | ||||||||||
Operating income | 183.1 | 238.8 | 201.2 | ||||||||||
Restructuring charges(a) | 9.8 | — | 2.5 | ||||||||||
Acquisition costs(a) | 10.4 | — | — | ||||||||||
Net gain on dispositions | (2.5 | ) | (27.3 | ) | 2.2 | ||||||||
Depreciation and amortization | 202.2 | 195.8 | 196.8 | ||||||||||
Stock-based compensation(a) | 10.4 | 7.5 | 5.7 | ||||||||||
Total Adjusted OIBDA | $ | 413.4 | $ | 414.8 | $ | 408.4 | |||||||
Adjusted OIBDA: | |||||||||||||
United States | $ | 416.2 | $ | 406.4 | $ | 385.4 | |||||||
International | 24.3 | 29.1 | 30.5 | ||||||||||
Corporate | (27.1 | ) | (20.7 | ) | (7.5 | ) | |||||||
Total Adjusted OIBDA | $ | 413.4 | $ | 414.8 | $ | 408.4 | |||||||
(a) | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | ||||||||||||
Tabular Disclosure by Reportable Segments | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Operating income (loss): | |||||||||||||
U.S. | $ | 244.3 | $ | 267.1 | $ | 216.4 | |||||||
International | (3.5 | ) | (0.1 | ) | (2.0 | ) | |||||||
Corporate | (57.7 | ) | (28.2 | ) | (13.2 | ) | |||||||
Total operating income | $ | 183.1 | $ | 238.8 | $ | 201.2 | |||||||
Net (gain) loss on dispositions: | |||||||||||||
U.S. | $ | (2.5 | ) | $ | (27.5 | ) | $ | 1.6 | |||||
International | — | 0.2 | 0.6 | ||||||||||
Total gain on dispositions | $ | (2.5 | ) | $ | (27.3 | ) | $ | 2.2 | |||||
Depreciation and amortization: | |||||||||||||
U.S. | $ | 174.4 | $ | 166.8 | $ | 165.6 | |||||||
International | 27.8 | 29 | 31.2 | ||||||||||
Total depreciation and amortization | $ | 202.2 | $ | 195.8 | $ | 196.8 | |||||||
Capital expenditures: | |||||||||||||
U.S. | $ | 56.8 | $ | 54.1 | $ | 42.5 | |||||||
International | 7.4 | 6.8 | 5.7 | ||||||||||
Total capital expenditures | $ | 64.2 | $ | 60.9 | $ | 48.2 | |||||||
Reconciliation of Assets from Segment to Consolidated | |||||||||||||
As of December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Assets: | |||||||||||||
U.S. | $ | 3,704.20 | $ | 3,027.60 | $ | 3,114.40 | |||||||
International | 270.4 | 327.9 | 350.5 | ||||||||||
Corporate | 49 | — | — | ||||||||||
Total assets | $ | 4,023.60 | $ | 3,355.50 | $ | 3,464.90 | |||||||
Schedule of Revenue from External Customers by Geographic Area | |||||||||||||
Year Ended December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Revenues(a): | |||||||||||||
United States | $ | 1,198.80 | $ | 1,130.10 | $ | 1,098.60 | |||||||
Canada | 82.5 | 84.7 | 99.2 | ||||||||||
Latin America | 72.5 | 79.2 | 86.8 | ||||||||||
Total revenues | $ | 1,353.80 | $ | 1,294.00 | $ | 1,284.60 | |||||||
(a) | Revenues classifications are based on customers’ locations. | ||||||||||||
Long-lived Assets by Geographic Areas | |||||||||||||
As of December 31, | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Long-lived assets(a): | |||||||||||||
United States | $ | 3,423.60 | $ | 2,768.50 | 2,782.70 | ||||||||
Canada | 112 | 138.1 | 193.7 | ||||||||||
Latin America | 94.5 | 107.6 | 159.3 | ||||||||||
Total long-lived assets | $ | 3,630.10 | $ | 3,014.20 | $ | 3,135.70 | |||||||
(a) | Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||
Condensed Balance Sheet | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 11.5 | $ | 8.8 | $ | 8.2 | $ | — | $ | 28.5 | |||||||||||||
Receivables, less allowances | — | — | 186.5 | 31 | — | 217.5 | |||||||||||||||||||
Other current assets | — | 5.3 | 83.5 | 20.5 | — | 109.3 | |||||||||||||||||||
Total current assets | — | 16.8 | 278.8 | 59.7 | — | 355.3 | |||||||||||||||||||
Property and equipment, net | — | — | 683.3 | 99.6 | — | 782.9 | |||||||||||||||||||
Goodwill | — | — | 2,050.60 | 103.6 | — | 2,154.20 | |||||||||||||||||||
Intangible assets | — | — | 633 | 0.2 | — | 633.2 | |||||||||||||||||||
Investment in subsidiaries | 1,445.50 | 3,613.00 | 208.1 | — | (5,266.6 | ) | — | ||||||||||||||||||
Other assets | — | 31.2 | 59.5 | 7.3 | — | 98 | |||||||||||||||||||
Intercompany | — | — | 75.1 | 62.9 | (138.0 | ) | — | ||||||||||||||||||
Total assets | $ | 1,445.50 | $ | 3,661.00 | $ | 3,988.40 | $ | 333.3 | $ | (5,404.6 | ) | $ | 4,023.60 | ||||||||||||
Total current liabilities | $ | — | $ | 17.9 | $ | 219.1 | $ | 18.2 | $ | — | $ | 255.2 | |||||||||||||
Long-term debt | — | 2,197.60 | 0.7 | — | — | 2,198.30 | |||||||||||||||||||
Deferred income tax liabilities, net | — | — | — | 17.2 | — | 17.2 | |||||||||||||||||||
Asset retirement obligation | — | — | 28.3 | 8.3 | — | 36.6 | |||||||||||||||||||
Deficit in excess of investment of subsidiaries | — | — | 2,167.50 | — | (2,167.5 | ) | — | ||||||||||||||||||
Other liabilities | — | — | 64.4 | 6.4 | — | 70.8 | |||||||||||||||||||
Intercompany | — | — | 62.9 | 75.1 | (138.0 | ) | — | ||||||||||||||||||
Total liabilities | — | 2,215.50 | 2,542.90 | 125.2 | (2,305.5 | ) | 2,578.10 | ||||||||||||||||||
Total stockholders’ equity | 1,445.50 | 1,445.50 | 1,445.50 | 208.1 | (3,099.1 | ) | 1,445.50 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,445.50 | $ | 3,661.00 | $ | 3,988.40 | $ | 333.3 | $ | (5,404.6 | ) | $ | 4,023.60 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | |||||||||||||
Receivables, less allowances | — | — | 146 | 32.8 | — | 178.8 | |||||||||||||||||||
Other current assets | — | — | 89.1 | 19.5 | — | 108.6 | |||||||||||||||||||
Total current assets | — | — | 237.2 | 80 | — | 317.2 | |||||||||||||||||||
Property and equipment, net | — | — | 628.1 | 127.3 | — | 755.4 | |||||||||||||||||||
Goodwill | — | — | 1,751.60 | 114.1 | — | 1,865.70 | |||||||||||||||||||
Intangible assets | — | — | 364.2 | 0.2 | — | 364.4 | |||||||||||||||||||
Investment in subsidiaries | — | — | 232.9 | — | (232.9 | ) | — | ||||||||||||||||||
Other assets | — | — | 46.5 | 6.3 | — | 52.8 | |||||||||||||||||||
Intercompany | — | — | 66 | 55.7 | (121.7 | ) | — | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | ||||||||||||
Total current liabilities | $ | — | $ | — | $ | 168.3 | $ | 43.9 | $ | — | $ | 212.2 | |||||||||||||
Deferred income tax liabilities, net | — | — | 259.4 | 29.1 | — | 288.5 | |||||||||||||||||||
Asset retirement obligation | — | — | 23.1 | 8.6 | — | 31.7 | |||||||||||||||||||
Other liabilities | — | — | 65.6 | 3.1 | — | 68.7 | |||||||||||||||||||
Intercompany | — | — | 55.7 | 66 | (121.7 | ) | — | ||||||||||||||||||
Total liabilities | — | — | 572.1 | 150.7 | (121.7 | ) | 601.1 | ||||||||||||||||||
Total invested equity | — | — | 2,754.40 | 232.9 | (232.9 | ) | 2,754.40 | ||||||||||||||||||
Total liabilities and invested equity | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | ||||||||||||
Condensed Income Statement | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Billboard | $ | — | $ | — | 851 | 121.1 | $ | — | $ | 972.1 | |||||||||||||||
Transit and other | — | — | 347.8 | 33.9 | — | 381.7 | |||||||||||||||||||
Total revenues | — | — | 1,198.80 | 155 | — | 1,353.80 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Operating | — | — | 626.1 | 100.4 | — | 726.5 | |||||||||||||||||||
Selling, general and administrative | 1.3 | — | 192.7 | 30.3 | — | 224.3 | |||||||||||||||||||
Restructuring charges | — | — | 9.8 | — | — | 9.8 | |||||||||||||||||||
Acquisition costs | — | — | 10.4 | — | — | 10.4 | |||||||||||||||||||
Net (gain) loss on dispositions | — | — | (2.5 | ) | — | — | (2.5 | ) | |||||||||||||||||
Depreciation | — | — | 84.5 | 22.7 | — | 107.2 | |||||||||||||||||||
Amortization | — | — | 89.9 | 5.1 | — | 95 | |||||||||||||||||||
Total expenses | 1.3 | — | 1,010.90 | 158.5 | — | 1,170.70 | |||||||||||||||||||
Operating income (loss) | (1.3 | ) | — | 187.9 | (3.5 | ) | — | 183.1 | |||||||||||||||||
Interest income (expense), net | — | (84.8 | ) | (0.2 | ) | 0.2 | — | (84.8 | ) | ||||||||||||||||
Other income (expenses) | — | — | — | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||
Income before income taxes and equity earnings of investee | (1.3 | ) | (84.8 | ) | 187.7 | (3.6 | ) | — | 98 | ||||||||||||||||
Provision for income taxes | — | — | 209.7 | (3.7 | ) | — | 206 | ||||||||||||||||||
Equity in earnings of investee companies, net of tax | 308.2 | 393 | (89.2 | ) | 0.7 | (609.8 | ) | 2.9 | |||||||||||||||||
Net income | $ | 306.9 | $ | 308.2 | $ | 308.2 | $ | (6.6 | ) | $ | (609.8 | ) | $ | 306.9 | |||||||||||
Net income | $ | 306.9 | $ | 308.2 | $ | 308.2 | $ | (6.6 | ) | $ | (609.8 | ) | $ | 306.9 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Cumulative translation adjustments | (10.7 | ) | (10.7 | ) | (10.7 | ) | (10.7 | ) | 32.1 | (10.7 | ) | ||||||||||||||
Net actuarial loss | (3.1 | ) | (3.1 | ) | (3.1 | ) | (2.9 | ) | 9.1 | (3.1 | ) | ||||||||||||||
Deferred tax rate adjustment | (1.2 | ) | (1.2 | ) | (1.2 | ) | (1.2 | ) | 3.6 | (1.2 | ) | ||||||||||||||
Total other comprehensive income (loss), net of tax | (15.0 | ) | (15.0 | ) | (15.0 | ) | (14.8 | ) | 44.8 | (15.0 | ) | ||||||||||||||
Total comprehensive income | $ | 291.9 | $ | 293.2 | $ | 293.2 | $ | (21.4 | ) | $ | (565.0 | ) | $ | 291.9 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 796.6 | $ | 129.1 | $ | — | $ | 925.7 | |||||||||||||
Transit and other | — | — | 333.5 | 34.8 | — | 368.3 | |||||||||||||||||||
Total revenues | — | — | 1,130.10 | 163.9 | — | 1,294.00 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Operating | — | — | 584.2 | 102.7 | — | 686.9 | |||||||||||||||||||
Selling, general and administrative | — | — | 167.7 | 32.1 | — | 199.8 | |||||||||||||||||||
Net (gain) loss on dispositions | — | — | (27.5 | ) | 0.2 | — | (27.3 | ) | |||||||||||||||||
Depreciation | — | — | 80.7 | 23.8 | — | 104.5 | |||||||||||||||||||
Amortization | — | — | 86.1 | 5.2 | — | 91.3 | |||||||||||||||||||
Total expenses | — | — | 891.2 | 164 | — | 1,055.20 | |||||||||||||||||||
Operating income | — | — | 238.9 | (0.1 | ) | — | 238.8 | ||||||||||||||||||
Other income (expenses) | — | — | (0.2 | ) | (1.0 | ) | — | (1.2 | ) | ||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 238.7 | (1.1 | ) | — | 237.6 | ||||||||||||||||||
Provision for income taxes | — | — | (93.3 | ) | (3.3 | ) | — | (96.6 | ) | ||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (1.9 | ) | — | 4.4 | 2.5 | ||||||||||||||||||
Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | ||||||||||||
Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (14.9 | ) | (14.9 | ) | 14.9 | (14.9 | ) | ||||||||||||||||
Net actuarial loss | — | — | 5.8 | 5.6 | (5.6 | ) | 5.8 | ||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (9.1 | ) | (9.3 | ) | 9.3 | (9.1 | ) | ||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 134.4 | $ | (13.7 | ) | $ | 13.7 | $ | 134.4 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 770.7 | $ | 142.9 | $ | — | $ | 913.6 | |||||||||||||
Transit and other | — | — | 327.9 | 43.1 | — | 371 | |||||||||||||||||||
Total revenues | — | — | 1,098.60 | 186 | — | 1,284.60 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Operating | — | — | 577.9 | 122.2 | — | 700.1 | |||||||||||||||||||
Selling, general and administrative | — | — | 148.5 | 33.3 | — | 181.8 | |||||||||||||||||||
Restructuring charges | — | — | 1.8 | 0.7 | — | 2.5 | |||||||||||||||||||
Net (gain) loss on dispositions | — | — | 1.6 | 0.6 | — | 2.2 | |||||||||||||||||||
Depreciation | — | — | 80.4 | 25.5 | — | 105.9 | |||||||||||||||||||
Amortization | — | — | 85.2 | 5.7 | — | 90.9 | |||||||||||||||||||
Total expenses | — | — | 895.4 | 188 | — | 1,083.40 | |||||||||||||||||||
Operating income (loss) | — | — | 203.2 | (2.0 | ) | — | 201.2 | ||||||||||||||||||
Other income (expenses) | — | — | (0.1 | ) | (0.9 | ) | — | (1.0 | ) | ||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 203.1 | (2.9 | ) | — | 200.2 | ||||||||||||||||||
Provision for income taxes | — | — | (87.3 | ) | (1.7 | ) | — | (89.0 | ) | ||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (2.4 | ) | — | 4.6 | 2.2 | ||||||||||||||||||
Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | ||||||||||||
Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Cumulative translation adjustments | — | — | 11 | 11 | (11.0 | ) | 11 | ||||||||||||||||||
Net actuarial loss | — | — | (1.4 | ) | (1.3 | ) | 1.3 | (1.4 | ) | ||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | 9.6 | 9.7 | (9.7 | ) | 9.6 | ||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 123 | $ | 5.1 | $ | (5.1 | ) | $ | 123 | ||||||||||||
Condensed Cash Flow Statement | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Cash provided by operating activities | $ | (1.3 | ) | $ | (54.8 | ) | $ | 330.6 | $ | (11.7 | ) | $ | — | $ | 262.8 | ||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (56.8 | ) | (7.4 | ) | — | (64.2 | ) | ||||||||||||||||
Acquisitions | — | — | (735.7 | ) | — | — | (735.7 | ) | |||||||||||||||||
Investments in investee companies | — | — | (3.0 | ) | — | — | (3.0 | ) | |||||||||||||||||
Proceeds from dispositions | — | — | 4.2 | 0.3 | — | 4.5 | |||||||||||||||||||
Cash used in investing activities | — | — | (791.3 | ) | (7.1 | ) | — | (798.4 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Proceeds from IPO | 615 | — | — | — | — | 615 | |||||||||||||||||||
Proceeds from long-term debt borrowings - term loan and senior notes | — | 1,598.00 | — | — | — | 1,598.00 | |||||||||||||||||||
Proceeds from long-term debt borrowings - new senior notes | — | 599.3 | — | — | — | 599.3 | |||||||||||||||||||
Deferred financing costs | — | (42.7 | ) | — | — | — | (42.7 | ) | |||||||||||||||||
Distribution of debt and IPO proceeds to CBS | (515.0 | ) | (1,523.8 | ) | — | — | — | (2,038.8 | ) | ||||||||||||||||
Net cash contribution from (distribution to) CBS | 9.5 | — | 39.8 | — | — | 49.3 | |||||||||||||||||||
Dividends | (133.2 | ) | — | — | — | — | (133.2 | ) | |||||||||||||||||
Special dividend | (109.5 | ) | — | — | — | — | (109.5 | ) | |||||||||||||||||
Intercompany | 134.5 | (564.5 | ) | 428.4 | 1.6 | — | — | ||||||||||||||||||
Other | — | — | (0.8 | ) | — | — | (0.8 | ) | |||||||||||||||||
Cash used in financing activities | 1.3 | 66.3 | 467.4 | 1.6 | — | 536.6 | |||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 11.5 | 6.7 | (19.5 | ) | — | (1.3 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 2.1 | 27.7 | — | 29.8 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 11.5 | $ | 8.8 | $ | 8.2 | $ | — | $ | 28.5 | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 268.2 | $ | 12.9 | $ | — | $ | 281.1 | |||||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (54.1 | ) | (6.8 | ) | — | (60.9 | ) | ||||||||||||||||
Acquisitions | — | — | (11.5 | ) | — | — | (11.5 | ) | |||||||||||||||||
Proceeds from dispositions | — | — | 28.6 | 0.1 | — | 28.7 | |||||||||||||||||||
Cash used in investing activities | — | — | (37.0 | ) | (6.7 | ) | — | (43.7 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 5.8 | — | — | 5.8 | |||||||||||||||||||
Net cash (distribution to)/contribution from CBS | — | — | (244.4 | ) | 11.8 | — | (232.6 | ) | |||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||
Cash used in financing activities | — | — | (238.6 | ) | 11.6 | — | (227.0 | ) | |||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (7.4 | ) | 17 | — | 9.6 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 9.5 | 10.7 | — | 20.2 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 277.3 | $ | 28.6 | $ | — | $ | 305.9 | |||||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures | — | — | (42.5 | ) | (5.7 | ) | — | (48.2 | ) | ||||||||||||||||
Acquisitions | — | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||||||||||
Proceeds from dispositions | — | — | 0.4 | 0.1 | — | 0.5 | |||||||||||||||||||
Cash used in investing activities | — | — | (42.5 | ) | (5.6 | ) | — | (48.1 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 2.9 | — | — | 2.9 | |||||||||||||||||||
Net cash distribution to CBS | — | — | (238.2 | ) | (41.5 | ) | — | (279.7 | ) | ||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||
Cash used in financing activities | — | — | (235.3 | ) | (41.7 | ) | — | (277.0 | ) | ||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | 1.8 | — | 1.8 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (0.5 | ) | (16.9 | ) | — | (17.4 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 10 | 27.6 | — | 37.6 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 9.5 | $ | 10.7 | $ | — | $ | 20.2 | |||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(in millions) | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 245.2 | $ | 285.9 | $ | 296.5 | $ | 302.5 | $ | 1,130.10 | |||||||||||||||
International | 34 | 46.8 | 41.7 | 41.4 | 163.9 | ||||||||||||||||||||
Total revenues | $ | 279.2 | $ | 332.7 | $ | 338.2 | $ | 343.9 | $ | 1,294.00 | |||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 80.1 | $ | 106.5 | $ | 113.6 | $ | 106.2 | $ | 406.4 | |||||||||||||||
International | 0.6 | 11.5 | 7.9 | 9.1 | 29.1 | ||||||||||||||||||||
Corporate | (5.3 | ) | (4.9 | ) | (5.4 | ) | (5.1 | ) | (20.7 | ) | |||||||||||||||
Total Adjusted OIBDA | 75.4 | 113.1 | 116.1 | 110.2 | 414.8 | ||||||||||||||||||||
Net gain (loss) on dispositions | 9.8 | (a) | (0.1 | ) | 0.1 | 17.5 | (b) | 27.3 | |||||||||||||||||
Depreciation | (26.0 | ) | (25.9 | ) | (26.4 | ) | (26.2 | ) | (104.5 | ) | |||||||||||||||
Amortization | (22.9 | ) | (22.7 | ) | (22.6 | ) | (23.1 | ) | (91.3 | ) | |||||||||||||||
Stock-based compensation | (1.6 | ) | (1.6 | ) | (2.6 | ) | (1.7 | ) | (7.5 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 48.2 | $ | 65.2 | $ | 72 | $ | 81.7 | $ | 267.1 | |||||||||||||||
International | (6.6 | ) | 4.1 | 0.6 | 1.8 | (0.1 | ) | ||||||||||||||||||
Corporate | (6.9 | ) | (6.5 | ) | (8.0 | ) | (6.8 | ) | (28.2 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Net income | $ | 19.9 | $ | 36.4 | $ | 37.2 | $ | 50 | $ | 143.5 | |||||||||||||||
(a) | During the first quarter of 2013, we exchanged most of our billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | ||||||||||||||||||||||||
(b) | During the fourth quarter of 2013, we sold 50% of our transit shelter operations in Los Angeles, and we and the buyer each subsequently contributed our respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. |
II_Valuation_and_Qualifying_Ac1
II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | |||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | |||||||||||||||||||||
Description | Balance at | Balance | Charged to | Charged | Deductions | Balance at | |||||||||||||||||||
Beginning | Acquired through | Costs and | to Other | End of | |||||||||||||||||||||
of Period | Acquisitions | Expenses | Accounts(a) | Period | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 15.7 | $ | — | $ | 2.9 | $ | (0.7 | ) | $ | 3.7 | $ | 14.2 | ||||||||||||
Year ended December 31, 2013 | $ | 19.3 | $ | — | $ | 0.4 | $ | — | $ | 4 | $ | 15.7 | |||||||||||||
Year ended December 31, 2012 | $ | 22.4 | $ | — | $ | 3.1 | $ | 0.2 | $ | 6.4 | $ | 19.3 | |||||||||||||
Valuation allowance on deferred tax assets: | |||||||||||||||||||||||||
Year ended December 31, 2014 | $ | 10.1 | $ | — | $ | 0.5 | $ | — | $ | 3.7 | $ | 6.9 | |||||||||||||
Year ended December 31, 2013 | $ | 8 | $ | — | $ | 3 | $ | — | $ | 0.9 | $ | 10.1 | |||||||||||||
Year ended December 31, 2012 | $ | 7.5 | $ | — | $ | 0.7 | $ | — | $ | 0.2 | $ | 8 | |||||||||||||
(a) | Reflects change in allowance related to foreign currency translation adjustments. |
III_Schedule_of_Real_Estate_an1
III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Gross Carrying Amount at December 31, 2014 (3) | ||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||
Subsequent | ||||||||||||||||||||||||||||||||||||||
to | ||||||||||||||||||||||||||||||||||||||
Description (1) | Encumbrances | Land | Structures and Improvements | Acquisition | Land | Structures and Improvements | Total | Accumulated | Construction | Acquisition | Useful | |||||||||||||||||||||||||||
Depreciation | Date | Date | Lives | |||||||||||||||||||||||||||||||||||
Structures added prior to January 1, 2014 | ||||||||||||||||||||||||||||||||||||||
United States - 44,235 displays | — | (2) | (2) | (2) | $ | 83.6 | $ | 1,277.50 | $ | 1,361.10 | $ | (832.7 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||
Canada - 5,955 displays | — | (2) | (2) | (2) | 2.5 | 318 | 320.5 | (249.7 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Mexico - 4,397 displays | — | (2) | (2) | (2) | 2 | 28.8 | 30.8 | (18.0 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Argentina - 494 displays | — | (2) | (2) | (2) | — | 1.4 | 1.4 | (0.5 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Brazil - 704 displays | — | (2) | (2) | (2) | — | 5.1 | 5.1 | (1.2 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Uruguay - 149 displays | — | (2) | (2) | (2) | — | 1.8 | 1.8 | (1.4 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Chile - 820 displays | — | (2) | (2) | (2) | — | 3.6 | 3.6 | (3.3 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
$ | 88.1 | $ | 1,636.20 | $ | 1,724.30 | $ | (1,106.8 | ) | ||||||||||||||||||||||||||||||
Structures added subsequent to January 1, 2014 | ||||||||||||||||||||||||||||||||||||||
United States - 1,875 displays (4) | $ | — | $ | 107.7 | $ | — | $ | — | $ | 107.7 | $ | 107.7 | $ | (2.5 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||
Canada - 29 displays | — | 1 | — | — | 1 | 1 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Mexico - 8 displays | — | 0.3 | — | — | 0.3 | 0.3 | (0.1 | ) | Various | Various | 5 to 20 years | |||||||||||||||||||||||||||
Argentina - 23 displays | — | 0.1 | — | — | 0.1 | 0.1 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Brazil - 60 displays | — | 0.2 | — | — | 0.2 | 0.2 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Uruguay - 0 displays | — | — | — | — | — | — | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
Chile - 3 displays | — | 0.1 | — | — | 0.1 | 0.1 | — | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||
$ | — | $ | 109.4 | $ | — | $ | — | $ | 109.4 | $ | 109.4 | $ | (2.6 | ) | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||
United States - 46,110 displays | $ | 83.6 | $ | 1,385.20 | $ | 1,468.80 | $ | (835.2 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||
Canada - 5,984 displays | 2.5 | 319 | 321.5 | (249.7 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Mexico - 4,405 displays | 2 | 29.1 | 31.1 | (18.1 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Argentina - 517 displays | — | 1.5 | 1.5 | (0.5 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Brazil - 764 displays | — | 5.3 | 5.3 | (1.2 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Uruguay - 149 displays | — | 1.8 | 1.8 | (1.4 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
Chile - 823 displays | — | 3.7 | 3.7 | (3.3 | ) | Various | Various | 5 to 20 years | ||||||||||||||||||||||||||||||
$ | 88.1 | $ | 1,745.60 | $ | 1,833.70 | $ | (1,109.4 | ) | ||||||||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||
-1 | No single asset exceeded 5% of the total gross carrying amount as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||
-2 | This information is omitted as it would be impracticable to compile on a site-by-site basis. | |||||||||||||||||||||||||||||||||||||
-3 | Includes sites under construction. | |||||||||||||||||||||||||||||||||||||
-4 | Includes the outstanding balance as of December 31, 2014, of structures added in conjunction with the Acquisition. For additional information regarding the Acquisition, see Part II, Item 8, of this Annual Report on Form 10-K, Notes to Consolidated Financial Statements, Note 12. Acquisition. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Gross real estate assets: | ||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,750.90 | $ | 1,743.70 | $ | 1,714.60 | ||||||||||||||||||||||||||||||||
Additions for construction of / improvements to structures | 136.6 | 51.6 | 47.1 | |||||||||||||||||||||||||||||||||||
Assets sold or written-off | (14.2 | ) | (14.9 | ) | (32.3 | ) | ||||||||||||||||||||||||||||||||
Foreign exchange | (39.6 | ) | (29.5 | ) | 14.3 | |||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 1,833.70 | $ | 1,750.90 | $ | 1,743.70 | ||||||||||||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,052.70 | $ | 990 | $ | 911 | ||||||||||||||||||||||||||||||||
Depreciation | 99.6 | 97.5 | 98.8 | |||||||||||||||||||||||||||||||||||
Foreign exchange | (29.9 | ) | (21.1 | ) | 9.9 | |||||||||||||||||||||||||||||||||
Assets sold or written-off | (13.0 | ) | (13.7 | ) | (29.7 | ) | ||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 1,109.40 | $ | 1,052.70 | $ | 990 | ||||||||||||||||||||||||||||||||
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 18, 2014 | Dec. 01, 2014 | Nov. 20, 2014 | Oct. 29, 2014 | Jul. 16, 2014 | Jan. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2015 | Mar. 31, 2015 | Mar. 11, 2015 | Feb. 26, 2015 | Feb. 26, 2015 | Apr. 02, 2014 | Oct. 01, 2014 | Dec. 29, 2014 |
markets | ||||||||||||||||||
segment | ||||||||||||||||||
Description of Business and Basis of Presentation [Line Items] | ||||||||||||||||||
Number of Largest Markets in Which the Entity Operates, Domestic | 25 | |||||||||||||||||
Number of Markets in Which the Entity Operates | 180 | |||||||||||||||||
Number of Operating Segments | 2 | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 74,129 | 100 | ||||||||||||||||
Shares Exchanged by Parent In Tender Offer | 97,000,000 | |||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $714.20 | $714.20 | $690 | |||||||||||||||
Distributed Earnings | 547.7 | |||||||||||||||||
Payment of Special Dividend | 109.5 | 109.5 | 0 | 0 | ||||||||||||||
Common Stock Dividends, Shares | 16,536,001 | |||||||||||||||||
Volume Weighted Average Price Of Our Common Stock | $26.50 | |||||||||||||||||
Proceeds from Initial Public Offering Held for Payment Upon Election of REIT Status | 100 | |||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared per common share | $5.67 | $0 | $0 | |||||||||||||||
Dividends Payable, Date to be Paid | 31-Dec-14 | |||||||||||||||||
Dividends Payable, Date of Record | 20-Nov-14 | |||||||||||||||||
Subsequent Event | ||||||||||||||||||
Description of Business and Basis of Presentation [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 185,323 | |||||||||||||||||
Special Dividend [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends Payable, Date Declared | 29-Oct-14 | |||||||||||||||||
Dividends declared per common share | $4.56 | |||||||||||||||||
Special Dividend [Member] | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends Payable, Date Declared | 26-Feb-15 | |||||||||||||||||
Dividends declared per common share | $0.06 | |||||||||||||||||
Dividends Payable, Date to be Paid | 31-Mar-15 | |||||||||||||||||
Dividends Payable, Date of Record | 11-Mar-15 | |||||||||||||||||
Ordinary Dividend [Member] | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends Payable, Date Declared | 26-Feb-15 | |||||||||||||||||
Dividends declared per common share | $0.34 | |||||||||||||||||
Dividends Payable, Date to be Paid | 31-Mar-15 | |||||||||||||||||
Dividends Payable, Date of Record | 11-Mar-15 | |||||||||||||||||
CBS Corp. | ||||||||||||||||||
Description of Business and Basis of Presentation [Line Items] | ||||||||||||||||||
Accounts Receivable, Related Parties, Current | 0 | 0 | 0 | 9.5 | ||||||||||||||
Net Cash Used in Operating Activities | ||||||||||||||||||
Description of Business and Basis of Presentation [Line Items] | ||||||||||||||||||
Misclassification correction | $2.70 | $5.40 | ||||||||||||||||
Common Stock | ||||||||||||||||||
Description of Business and Basis of Presentation [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | |||||||||||||||||
Common Stock | Shares Sold to Underwriter as Part of Total IPO | ||||||||||||||||||
Description of Business and Basis of Presentation [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 |
Initial_Public_Offering_Detail
Initial Public Offering (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 01, 2014 | Apr. 02, 2014 | Jan. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Unit [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 74,129 | 100 | ||||
Proceeds from Initial Public Offering | $615 | $615 | $0 | $0 | ||
Distribution of IPO proceeds to CBS | 2,038.80 | 0 | 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 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Advertising Structures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Advertising Structures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 |
Summary of Accounting Policies [Line Items] | |||
Long-term debt, Excluding Current Maturities | $2,198.30 | $1,600 | $0 |
Customer Billing Term | 28 days | ||
Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Customer Contract Term | 1 month | ||
Intangible Asset, Useful Life | 5 years | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 month | ||
Lessee Leasing Arrangements, Prepaid Lease Term | 1 month | ||
Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Customer Contract Term | 12 months | ||
Intangible Asset, Useful Life | 40 years | ||
Lessee Leasing Arrangements, Prepaid Lease Term | 12 months | ||
Direct Lease Acquisition Cost | Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Intangible Asset, Useful Life | 28 days | ||
Direct Lease Acquisition Cost | Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Intangible Asset, Useful Life | 1 year |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 1,975.90 | $1,892 |
Less: accumulated depreciation | 1,193 | 1,136.60 |
Property and equipment, net | 782.9 | 755.4 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 88.1 | 88.6 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 47 | 45 |
Building and Building Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Building and Building Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Advertising Structures | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 1,745.60 | 1,662.30 |
Advertising Structures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Advertising Structures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 78.1 | 77.2 |
Furniture and Fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment | 17.1 | $18.90 |
Property_and_Equipment_Narrati
Property and Equipment - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||||||||||
Depreciation | $27.90 | $26.70 | $26.50 | $26.10 | $26.20 | $26.40 | $25.90 | $26 | $107.20 | $104.50 | $105.90 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $1,865.70 | $1,877.20 | |
Currency translation adjustments | -10.5 | -5.1 | |
Additions | 299.2 | ||
Dispositions | -0.2 | -6.4 | |
Goodwill, Ending Balance | 2,154.20 | 1,865.70 | |
United States | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 1,751.60 | 1,758 | |
Currency translation adjustments | 0 | 0 | |
Additions | 299.2 | [1] | |
Dispositions | -0.2 | -6.4 | |
Goodwill, Ending Balance | 2,050.60 | 1,751.60 | |
International | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 114.1 | 119.2 | |
Currency translation adjustments | -10.5 | -5.1 | |
Additions | 0 | ||
Dispositions | 0 | 0 | |
Goodwill, Ending Balance | $103.60 | $114.10 | |
[1] | In 2014, we completed the Acquisition (see Note 12. Acquisition). |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $1,633.80 | $1,345.10 |
Accumulated Amortization | -1,000.60 | -980.7 |
Net | 633.2 | 364.4 |
Permits and leasehold agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,119.20 | 880.6 |
Accumulated Amortization | -677.2 | -659 |
Net | 442 | 221.6 |
Franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 474.7 | 462.4 |
Accumulated Amortization | -321.1 | -320.7 |
Net | 153.6 | 141.7 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 39.9 | 2.1 |
Accumulated Amortization | -2.3 | -1 |
Net | $37.60 | $1.10 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $76.70 |
2016 | 71.7 |
2017 | 49.5 |
2018 | 42.7 |
2019 | $40.90 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of intangible assets | $27.70 | $22.80 | $22.60 | $21.90 | $23.10 | $22.60 | $22.70 | $22.90 | $95 | $91.30 | $90.90 |
Amortization of direct lease acquisition costs | $33.80 | $30.90 | $31.10 | ||||||||
Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible Asset, Useful Life | 5 years | ||||||||||
Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible Asset, Useful Life | 40 years | ||||||||||
Direct Lease Acquisition Cost | Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible Asset, Useful Life | 28 days | ||||||||||
Direct Lease Acquisition Cost | Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible Asset, Useful Life | 1 year |
Asset_Retirement_Obligation_Na
Asset Retirement Obligation - Narrative (Details) | 12 Months Ended |
Dec. 31, 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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning of period | $31.70 | $30.60 | |
Accretion expense | 2.3 | 2.2 | 2.5 |
Additions | 4.7 | 0.4 | |
Liabilities settled | -1.2 | -0.9 | |
Foreign currency translation adjustments | -0.9 | -0.6 | |
End of period | $36.60 | $31.70 | $30.60 |
Related_Party_Transactions_Nar
Related Party Transactions - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 29, 2014 | |
joint_venture | joint_venture | ||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Revenues | $395 | [1] | $336.50 | $334.40 | $287.90 | $343.90 | $338.20 | $332.70 | $279.20 | $1,353.80 | $1,294 | $1,284.60 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||
Equity Method Investment, Number of Investments | 2 | 2 | 2 | ||||||||||||
Equity Method Investments | 20.1 | 24.1 | 20.1 | 24.1 | 20.1 | ||||||||||
CBS Corp. | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Selling, General and Administrative Expenses from Transactions with Related Party | 9.6 | 60.9 | 47.7 | ||||||||||||
Accounts Receivable, Related Parties, Current | 0 | 0 | 0 | 0 | 0 | 9.5 | |||||||||
Accounts Payable, Related Parties, Current | 0.2 | 0 | 0.2 | 0 | 0.2 | ||||||||||
Licensing Agreement, Corporate Name, Term of Agreement | 31-Dec-14 | ||||||||||||||
Revenues | 18.6 | ||||||||||||||
Revenue from Related Parties | 7.7 | 14.9 | 16.6 | ||||||||||||
Other Related Parties | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Revenues | 10.4 | ||||||||||||||
Revenue from Related Parties | $4.30 | $9.30 | $9.40 | ||||||||||||
Subsequent Event | CBS Corp. | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Licensing Agreement, Mark and Logo, Term of Agreement | 31-Mar-16 | ||||||||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) (USD $) | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term debt, Excluding Current Maturities | $2,198.30 | $1,600 | $0 |
Weighted average cost of debt | 4.60% | 0.00% | |
Secured Debt | Term loan, due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt, Excluding Current Maturities | 798.3 | 0 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, Excluding Current Maturities | 1,399.30 | 0 | |
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt, Excluding Current Maturities | 549.3 | 0 | |
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, Excluding Current Maturities | 400 | 0 | |
Senior Notes | 5.875% senior unsecured notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, Excluding Current Maturities | $450 | $0 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2014 | Mar. 05, 2015 | Jan. 31, 2015 | |||
subsidiary | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Outstanding letters of credit and surety bonds | $103,300,000 | $103,300,000 | |||||||
Covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | ||||||||
Debt Covenant, Consolidated Total Leverage Ratio | 6 | ||||||||
Consolidated Total Leverage Ratio | 4.7 | ||||||||
Debt Instrument [Line Items] | |||||||||
Other Long-term Debt, Noncurrent | 700,000 | [1] | 700,000 | [1] | 0 | ||||
Number of wholly owned subsidiaries | 2 | ||||||||
Deferred finance costs | 36,500,000 | 36,500,000 | |||||||
Secured Debt | Term loan, due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | 800,000,000 | ||||||||
Maturity date | 31-Jan-21 | ||||||||
Stated interest rate | 2.25% | 2.25% | 2.25% | ||||||
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 | 1,700,000 | 1,700,000 | |||||||
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | 400,000,000 | 150,000,000 | |||||||
Maturity date | 31-Jan-22 | ||||||||
Stated interest rate | 5.25% | 5.25% | |||||||
Debt discount | 800,000 | 800,000 | |||||||
Allowable early redemption percentage for senior notes | 35.00% | ||||||||
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | 400,000,000 | ||||||||
Maturity date | 31-Jan-24 | ||||||||
Stated interest rate | 5.63% | ||||||||
Allowable early redemption percentage for senior notes | 35.00% | ||||||||
Senior Notes | 5.875% senior unsecured notes, due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | 450,000,000 | ||||||||
Maturity date | 15-Mar-25 | ||||||||
Stated interest rate | 5.88% | ||||||||
Allowable early redemption percentage for senior notes | 35.00% | ||||||||
Level 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt at fair value | 2,200,000,000 | 2,200,000,000 | |||||||
Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | 425,000,000 | ||||||||
Credit facility, expiration date | 31-Jan-19 | ||||||||
Cash adjustment to debt compliance calculation | 150,000,000 | 150,000,000 | |||||||
Commitment fee for unused commitments | 1,900,000 | ||||||||
Revolving Credit Facility, outstanding amount | 0 | 0 | |||||||
Outstanding letters of credit and surety bonds | 20,600,000 | 20,600,000 | |||||||
Covenant description | In addition, the terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. | ||||||||
Maximum Consolidated Net Secured Leverage Ratio | 1.7 | ||||||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | ||||||||
Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | 80,000,000 | ||||||||
Outstanding letters of credit and surety bonds | 68,900,000 | 68,900,000 | |||||||
Subsequent Event | Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Revolving Credit Facility, outstanding amount | 50,000,000 | ||||||||
Guaranteed Minimum Franchise Payments | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Other Commitment, Due in Next Twelve Months | 173,500,000 | 173,500,000 | |||||||
Guaranteed Minimum Franchise Payments | Subsequent Event | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Other Commitment, Due in Next Twelve Months | $70,000,000 | ||||||||
[1] | Reflects the outstanding balance as of December 31, 2014, of long-term debt assumed in conjunction with the Acquisition. (See Note 12. Acquisition.) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | ($75.10) | ($66) | ($75.60) | |
Other comprehensive income (loss) before reclassifications | -14 | -9.7 | ||
Amortization of actuarial losses reclassified to net income | 0.2 | 0.6 | ||
Deferred tax rate adjustment | -1.2 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | -15 | -9.1 | 9.6 | |
Ending balance | -90.1 | -75.1 | -66 | |
Cumulative Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -69.2 | -54.3 | -65.3 | |
Other comprehensive income (loss) before reclassifications | -10.7 | -14.9 | ||
Amortization of actuarial losses reclassified to net income | 0 | 0 | ||
Deferred tax rate adjustment | 0 | |||
Total other comprehensive income (loss), net of tax | -10.7 | -14.9 | 11 | |
Ending balance | -79.9 | -69.2 | -54.3 | |
Net Actuarial Gain (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | -5.9 | -11.7 | -10.3 | |
Other comprehensive income (loss) before reclassifications | -3.3 | 5.2 | ||
Amortization of actuarial losses reclassified to net income | 0.2 | [1] | 0.6 | |
Deferred tax rate adjustment | -1.2 | |||
Total other comprehensive income (loss), net of tax | -4.3 | 5.8 | -1.4 | |
Ending balance | ($10.20) | ($5.90) | ($11.70) | |
[1] | See Note 14. Retirement Benefits for additional details of items reclassified from accumulated other comprehensive income to net income. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income -Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income [Abstract] | |||
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss) | ($1.30) | ($3.30) | $0.30 |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 01, 2014 | Jan. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2014 | Mar. 14, 2014 | Mar. 13, 2014 |
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 74,129 | 100 | |||||||
Payments to Acquire Other Investments | $3 | $0 | $0 | ||||||
Common Stock, Outstanding | 136,624,157 | 136,624,157 | 0 | 120,000,000 | |||||
Common Stock Dividends, Shares | 16,536,001 | ||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 0 | ||||||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | |||||||
Common Stock, Shares, Issued | 136,624,157 | 136,624,157 | 0 | 120,000,000 | |||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | |||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 970,000 | ||||||||
Common Stock, Outstanding | 97,000,000 | 100 | |||||||
Shares Issued, Price Per Share | $28 | ||||||||
Shares Sold to Underwriter | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 |
Restructuring_Charges_Narrativ
Restructuring Charges - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $9.80 | [1] | $0 | $2.50 |
Restructuring Reserve | 3.9 | 0 | ||
Restructuring Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Share-based compensation, related to restructuring charges | $5.60 | |||
[1] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
Acquisitions_Narrative_Details
Acquisitions Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | |||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $714.20 | $714.20 | $690 | ||||||||||||||
Revenues | 395 | [1] | 336.5 | 334.4 | 287.9 | 343.9 | 338.2 | 332.7 | 279.2 | 1,353.80 | 1,294 | 1,284.60 | |||||
Operating Income (Loss) | 50.5 | [1] | 47.6 | 58.3 | 26.7 | 76.7 | 64.6 | 62.8 | 34.7 | 183.1 | 238.8 | 201.2 | |||||
Other Long-term Debt, Noncurrent | 0.7 | [2] | 0 | 0.7 | [2] | 0 | |||||||||||
Business Combination, Acquisition Related Costs | 9 | [1],[3] | 1.4 | [3] | 0 | [3] | 0 | [3] | 10.4 | [3] | 0 | 0 | |||||
Van Wagner | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Revenues | 55.2 | ||||||||||||||||
Operating Income (Loss) | 10.1 | ||||||||||||||||
Long-term Debt | 1.4 | [4] | 1.4 | [4] | |||||||||||||
Bridge Loan | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||
Line of Credit Facility, Commitment Fee Amount | $7.60 | ||||||||||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | ||||||||||||||||
[2] | Reflects the outstanding balance as of December 31, 2014, of long-term debt assumed in conjunction with the Acquisition. (See Note 12. Acquisition.) | ||||||||||||||||
[3] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | ||||||||||||||||
[4] | In conjunction with the Acquisition, we assumed a total of $1.4 million of long term debt, due to three unrelated third parties. The debt has varying maturities through June 1, 2021. In November 2014, we prepaid one of the debt obligations, leaving a remaining balance of $0.7 million as of December 31, 2014, with varying maturities through January 31, 2017. |
Acquisitions_Allocation_of_ass
Acquisitions Allocation of assets acquired and liabilities assumed (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Acquisitions and Disposals [Line Items] | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $714.20 | $690 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 24.2 | ||||
Assets, Current | 355.3 | 317.2 | |||
Property, Plant and Equipment, Net | 782.9 | 755.4 | |||
Goodwill | 2,154.20 | 1,865.70 | 1,877.20 | ||
Finite-Lived Intangible Assets, Net | 633.2 | 364.4 | |||
Other assets | 98 | 52.8 | |||
Liabilities, Current | -255.2 | -212.2 | |||
Other liabilities | -70.8 | -68.7 | |||
Van Wagner | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Assets, Current | 44.4 | ||||
Property, Plant and Equipment, Net | 83.2 | ||||
Goodwill | 299.2 | ||||
Finite-Lived Intangible Assets, Net | 316.6 | [1] | |||
Other assets | 11.1 | ||||
Liabilities, Current | -34.5 | ||||
Long-term Debt, Excluding Current Maturities | -1.4 | [2] | |||
Other liabilities | -4.4 | ||||
Net Assets | $714.20 | ||||
[1] | Intangible assets included with the preliminary purchase price allocation are as follows: | ||||
[2] | In conjunction with the Acquisition, we assumed a total of $1.4 million of long term debt, due to three unrelated third parties. The debt has varying maturities through June 1, 2021. In November 2014, we prepaid one of the debt obligations, leaving a remaining balance of $0.7 million as of December 31, 2014, with varying maturities through January 31, 2017. |
Acquisitions_Allocation_of_int
Acquisitions Allocation of intangible assets acquired (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 633.2 | $364.40 | |
Van Wagner | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 316.6 | [1] | |
Permits and leasehold agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 442 | 221.6 | |
Permits and leasehold agreements | Van Wagner | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 244 | ||
Franchise agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 153.6 | 141.7 | |
Franchise agreements | Van Wagner | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 34.8 | ||
Customer Relationships | Van Wagner | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 16 | ||
Other intangible assets | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 37.6 | 1.1 | |
Other intangible assets | Van Wagner | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Assets, Net | 21.8 | ||
Minimum | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum | Permits and leasehold agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||
Minimum | Franchise agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Minimum | Customer Relationships | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Minimum | Other intangible assets | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Maximum | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years | ||
Maximum | Permits and leasehold agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Maximum | Franchise agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Maximum | Customer Relationships | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Maximum | Other intangible assets | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
[1] | Intangible assets included with the preliminary purchase price allocation are as follows: |
Acquisitions_Unaudited_pro_for
Acquisitions Unaudited pro forma financial information (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisitions [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $1,505.90 | $1,500.30 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 193.6 | 240.1 |
Business Acquisition, Pro Forma Net Income (Loss) | $293.60 | $117.60 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2.57 | $1.03 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $2.56 | $1.02 |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jul. 16, 2014 | Dec. 31, 2014 | Mar. 27, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation Not yet Recognized, Share-based Awards Other than Options | $18.10 | ||||
Compensation Not yet Recognized, Stock Options | 0.6 | ||||
Share-based Compensation Arrangements, Share-based Payment Awards, Options, Conversion Award Ratio | 1.9 | ||||
Remaining Contractual Life | 4 years 5 months 28 days | ||||
Share Price | $26.84 | ||||
Options Outstanding, Intrinsic Value | 5.2 | ||||
Options Exercisable, Weighted Average Remaining Contractual Term | 2 years 10 months 6 days | ||||
Options Exercisable, Intrinsic Value | 3.1 | ||||
Restricted Stock Units and Performance Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months 7 days | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Conversion of Award, Ratio | 2.2 | ||||
Restricted Stock Units (RSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 3 years | ||||
Restricted Stock Units (RSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 4 years | ||||
Performance Shares (PRSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Condition Period | 1 year 0 months 0 days | ||||
Performance Shares (PRSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
PayoutOnStockBasedCompensationAwards | 0.00% | ||||
Performance Shares (PRSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
PayoutOnStockBasedCompensationAwards | 120.00% | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 0 days | ||||
Omnibus Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,000,000 | ||||
Outstanding OUTFRONT stock options converted from CBS stock options | 409,207 | ||||
Omnibus Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Converted to Awards, Number | 561,021 | ||||
Awards Other than Options, Vested in Period, Fair Value | 1.6 | ||||
Omnibus Stock Incentive Plan [Member] | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding OUTFRONT stock options converted from CBS stock options | 409,207 | ||||
CBS Corp. Equity and Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
CBS RSUs converted to OUTFRONT RSUs | -256,172 | ||||
Awards Other than Options, Vested in Period, Fair Value | $15.10 | $16.40 | $11.40 | ||
CBS Corp. Equity and Incentive Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 4 years | ||||
Weighted Average Grant Date Fair Value, Options | $14.04 | $8.83 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Converted Awards, Number | 219,741 | ||||
CBS Corp. Equity and Incentive Plan | Stock options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Expiration Period | 8 years | ||||
CBS Corp. Equity and Incentive Plan | Stock options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Expiration Period | 10 years |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $16 | $7.50 | $5.70 |
Tax benefit | -3 | -3 | -2.3 |
Stock-based compensation expense, net of tax | 13 | 4.5 | 3.4 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 13.1 | 6.8 | 5.2 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $2.90 | $0.70 | $0.50 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units Roll Forward (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 27, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |||
CBS Corp. Equity and Incentive Plan | Restricted Stock Units (RSUs) | |||||
RSUs and PRSUs, Nonvested, Number of Shares | |||||
Non-vested RSUs, beginning balance | 472,490 | 472,490 | |||
Employee transfers and grants | 11,875 | ||||
Vested | -157,723 | -67,561 | |||
Forfeited | -2,909 | ||||
Non-vested RSUs, ending balance | 323,733 | 0 | |||
CBS RSUs converted to OUTFRONT RSUs | -256,172 | ||||
Non-vested CBS RSUs not converted to OUTFRONT RSUs(a) | 67,561 | [1] | |||
Weighted Average Per Share Grant Date Fair Market Value | |||||
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $32.09 | $32.09 | $33.16 | ||
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $34.66 | ||||
Weighted Average Grant Date Fair Value, Vested (per share) | $22.51 | $33.16 | |||
Weighted Average Grant Date Fair Value, Forfeited (per share) | $37.67 | ||||
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $36.80 | $0 | $33.16 | ||
CBS RSUs converted to OUTFRONT RSUs (per share) | $37.77 | ||||
Omnibus Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) | |||||
RSUs and PRSUs, Nonvested, Number of Shares | |||||
Employee transfers and grants | 488,729 | ||||
Vested | -33,177 | ||||
Forfeited | -37,788 | ||||
Weighted Average Per Share Grant Date Fair Market Value | |||||
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $26.76 | ||||
Weighted Average Grant Date Fair Value, Vested (per share) | $16.29 | ||||
Weighted Average Grant Date Fair Value, Forfeited (per share) | $24 | ||||
CBS RSUs converted to OUTFRONT RSUs (per share) | $17.24 | ||||
Non-vested OUTFRONT RSUs converted from CBS RSUs (per share) | 561,021 | ||||
Omnibus Stock Incentive Plan [Member] | Performance Shares (PRSUs) | |||||
RSUs and PRSUs, Nonvested, Number of Shares | |||||
Employee transfers and grants | 182,844 | ||||
Vested | -29,458 | ||||
Forfeited | -15,289 | ||||
Weighted Average Per Share Grant Date Fair Market Value | |||||
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $29.97 | ||||
Weighted Average Grant Date Fair Value, Vested (per share) | $15.28 | ||||
Weighted Average Grant Date Fair Value, Forfeited (per share) | $26.39 | ||||
Omnibus Stock Incentive Plan [Member] | Restricted Stock Units and Performance Restricted Stock Units | |||||
RSUs and PRSUs, Nonvested, Number of Shares | |||||
Non-vested RSUs, ending balance | 1,278,602 | ||||
Weighted Average Per Share Grant Date Fair Market Value | |||||
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $21.92 | ||||
Dividend Paid | Omnibus Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) | |||||
RSUs and PRSUs, Nonvested, Number of Shares | |||||
Employee transfers and grants | 161,720 | [2] | |||
Weighted Average Per Share Grant Date Fair Market Value | |||||
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $26.73 | ||||
[1] | Reflects CBS RSUs which vested in April 2014. | ||||
[2] | Represents an adjustment to the outstanding awards for the E&P Purge pursuant to the anti-dilution provisions of the Stock Plan. |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Stock Options, Valuation Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 1.38% | 2.00% |
Expected stock price volatility | 35.00% | 40.20% |
Risk-free interest rate | 1.20% | 1.01% |
Expected term of options (years) | 5 years | 5 years 7 days |
StockBased_Compensation_Schedu3
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jul. 16, 2014 | Dec. 31, 2014 | ||
CBS Corp. Equity and Incentive Plan | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options outstanding, beginning balance | 399,581 | ||
CBS stock options converted to OUTFRONT stock options | -219,741 | ||
Exercised | -123,574 | ||
Forfeited or Expired | -39,405 | ||
Number of options exerciseable | 16,861 | ||
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 | $22.05 | ||
Weighted average exercise price, forfeited or expired | $30.67 | ||
Weighted average exercise price, options outstanding, ending balance | $33.27 | ||
Weighted average exercise price, options exerciseable | $27.38 | ||
Omnibus Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding OUTFRONT stock options converted from CBS stock options | 409,207 | ||
Omnibus Stock Incentive Plan [Member] | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding OUTFRONT stock options converted from CBS stock options | 409,207 | ||
Adjustment in connection with special dividend(a) | 63,898 | [1] | |
Exercised | -3,519 | ||
Forfeited or Expired | -18,696 | ||
Number of options outstanding, ending balance | 450,890 | ||
Number of options exerciseable | 191,445 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, exercised | $12.73 | ||
Weighted average exercise price, forfeited or expired | $19.96 | ||
Weighted average exercise price, options outstanding, ending balance | $17.87 | $15.29 | |
Weighted average exercise price, options exerciseable | $10.62 | ||
[1] | Represents an adjustment to the outstanding awards for the E&P Purge pursuant to the anti-dilution provisions of the Stock Plan. |
StockBased_Compensation_Schedu4
Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) (CBS Corp. Equity and Incentive Plan, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit from stock option exercises | $0 | $2.50 | $0.80 |
Intrinsic value of stock option exercises | 5.3 | 6.1 | 1.9 |
CBS Corp. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid to CBS by CBS Outdoor employees for stock option exercises | $5 | $4 | $6.50 |
StockBased_Compensation_Schedu5
Stock-Based Compensation - Schedule of Options by Exercise Price (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
CBS Equity and Incentive Plan [Member] | $0 to 4.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $0 |
Exercise Price Range, Upper Range Limit | $4.99 |
CBS Equity and Incentive Plan [Member] | $5 to 9.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $5 |
Exercise Price Range, Upper Range Limit | $9.99 |
CBS Equity and Incentive Plan [Member] | $10 to 14.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $10 |
Exercise Price Range, Upper Range Limit | $14.99 |
CBS Equity and Incentive Plan [Member] | $20 to 24.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $20 |
Exercise Price Range, Upper Range Limit | $24.99 |
CBS Equity and Incentive Plan [Member] | $25 to 29.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $25 |
Exercise Price Range, Upper Range Limit | $29.99 |
Omnibus Stock Incentive Plan [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 450,890 |
Number of Options, Exercisable | 191,445 |
Omnibus Stock Incentive Plan [Member] | $0 to 4.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 64,556 |
Options Outstanding Remaining Contractual Life (Years) | 2 years 1 month 25 days |
Options Outstanding, Weighted Average Exercise Price | $2.43 |
Number of Options, Exercisable | 64,556 |
Options Exercisable, Weighted Average Exercise Price | $2.43 |
Omnibus Stock Incentive Plan [Member] | $5 to 9.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 23,446 |
Options Outstanding Remaining Contractual Life (Years) | 3 years 2 months 1 day |
Options Outstanding, Weighted Average Exercise Price | $6.25 |
Number of Options, Exercisable | 23,446 |
Options Exercisable, Weighted Average Exercise Price | $6.25 |
Omnibus Stock Incentive Plan [Member] | $10 to 14.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 180,908 |
Options Outstanding Remaining Contractual Life (Years) | 3 years 6 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $12.64 |
Number of Options, Exercisable | 67,162 |
Options Exercisable, Weighted Average Exercise Price | $12.49 |
Omnibus Stock Incentive Plan [Member] | $20 to 24.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 78,567 |
Options Outstanding Remaining Contractual Life (Years) | 6 years 1 month 14 days |
Options Outstanding, Weighted Average Exercise Price | $20.07 |
Number of Options, Exercisable | 10,429 |
Options Exercisable, Weighted Average Exercise Price | $20.07 |
Omnibus Stock Incentive Plan [Member] | $25 to 29.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 103,413 |
Options Outstanding Remaining Contractual Life (Years) | 6 years 8 months 20 days |
Options Outstanding, Weighted Average Exercise Price | $26.39 |
Number of Options, Exercisable | 25,852 |
Options Exercisable, Weighted Average Exercise Price | $26.39 |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $2.20 | ||
Number of Defined Benefit Pension Plans | 2 | ||
Accumulated Benefit Obligation | 46.6 | 41.6 | |
Estimated amortization from AOCI of net actuarial losses | 0.9 | ||
Multiemployer Plan, Period Contributions | 2 | 1.6 | 1.7 |
Defined Contribution Plan, employer contributions | $3.80 | $3.70 | $3.40 |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 40.00% | ||
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 53.00% |
Retirement_Benefits_Schedule_o
Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $46 | $52.70 | $46.80 |
Service cost | 1.4 | 1.7 | 1.5 |
Interest cost | 2.2 | 2 | 2.2 |
Actuarial (gain) loss | 7.2 | -5.1 | 2.7 |
Benefits paid | -1.8 | -1.6 | -2.2 |
Cumulative translation adjustments | -4.1 | -3.7 | 1.7 |
Benefit obligation, end of year | $50.90 | $46 | $52.70 |
Retirement_Benefits_Schedule_o1
Retirement Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | $43.70 | $40.10 | |
Actual return on plan assets | 4.1 | 4.5 | |
Employer contributions | 1.6 | 3.8 | |
Benefits paid | -1.8 | -1.6 | -2.2 |
Cumulative translation adjustments | -3.5 | -3.1 | |
Fair value of plan assets, end of year | $44.10 | $43.70 | $40.10 |
Retirement_Benefits_Schedule_o2
Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Funded status, end of year | ($6.80) | ($2.30) |
Other noncurrent liabilities | -6.8 | -2.3 |
Net amounts recognized | ($6.80) | ($2.30) |
Retirement_Benefits_Schedule_o3
Retirement Benefits - Schedule of Net Period Benefit Cost Not yet Recognized (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Compensation and Retirement Disclosure [Abstract] | ||||
Net actuarial loss | ($14.50) | ($10.20) | ||
Deferred Tax Rate Adjustment, as of date | -1.2 | 0 | ||
Deferred income taxes | 5.5 | 4.3 | ||
Accumulated other comprehensive loss | -90.1 | -75.1 | -66 | -75.6 |
Net amount recognized in accumulated other comprehensive loss | ($5.90) |
Retirement_Benefits_Schedule_o4
Retirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | $50.90 | $2 | |
Accumulated benefit obligation (a) | 46.6 | 1.9 | [1] |
Fair value of plan assets (a) | $44.10 | $1.80 | [1] |
[1] | As of December 31, 2013, the fair value of plan assets exceeded the accumulated benefit obligation for our pension plan in Canada. |
Retirement_Benefits_Schedule_o5
Retirement Benefits - Schedule of Net Benefit Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $1.40 | $1.70 | $1.50 |
Interest cost | 2.2 | 2 | 2.2 |
Expected return on plan assets | -2.5 | -2.4 | -2.1 |
Amortization of actuarial losses | 0.3 | 1 | 0.9 |
Net periodic pension cost | $1.40 | $2.30 | $2.50 |
Retirement_Benefits_Schedule_o6
Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial losses | ($5.70) | ||
Amortization of actuarial losses | 0.3 | ||
Cumulative translation adjustments | 1 | ||
Deferred tax rate adjustment | -1.2 | 0 | 0 |
Recognized in Other Comprehensive (Income) Loss, before Tax | -5.6 | ||
Deferred income taxes | 1.3 | ||
Total other comprehensive income (loss), net of tax | -15 | -9.1 | 9.6 |
Net Actuarial Gain (Loss) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred tax rate adjustment | -1.2 | ||
Total other comprehensive income (loss), net of tax | ($4.30) | $5.80 | ($1.40) |
Retirement_Benefits_Schedule_o7
Retirement Benefits - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.00% | 5.00% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 5.00% | 4.00% |
Expected long-term return on plan assets | 5.60% | 6.00% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement_Benefits_Schedule_o8
Retirement Benefits - Schedule of Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | $44.10 | $43.70 | $40.10 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 2.5 | 6.3 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 41.6 | 37.4 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Cash and cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 3 | 2.6 | [1] | |
Cash and cash equivalents | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 1.2 | 0 | [1] | |
Cash and cash equivalents | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 1.8 | 2.6 | [1] | |
Cash and cash equivalents | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [1] | |
Government related securities | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 4.5 | 7.7 | ||
Government related securities | Level 1 | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 1.3 | 1.4 | ||
Government related securities | Level 2 | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 3.2 | 6.3 | ||
Government related securities | Level 3 | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Corporate bonds | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 13.3 | 9.6 | [2] | |
Corporate bonds | Level 1 | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [2] | |
Corporate bonds | Level 2 | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 13.3 | 9.6 | [2] | |
Corporate bonds | Level 3 | Fixed Income Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [2] | |
U.S. equity | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 7.7 | 7.5 | [3] | |
U.S. equity | Level 1 | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 4.9 | [3] | |
U.S. equity | Level 2 | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 7.7 | 2.6 | [3] | |
U.S. equity | Level 3 | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
International equity | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 15.6 | 16.2 | [3] | |
International equity | Level 1 | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
International equity | Level 2 | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 15.6 | 16.2 | [3] | |
International equity | Level 3 | Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | [3] | |
Other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0.1 | ||
Other | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0 | ||
Other | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | 0 | 0.1 | ||
Other | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Plan Assets | $0 | $0 | ||
[1] | Assets categorized as Level 2 reflect investments in money market funds. | |||
[2] | Securities of diverse industries, substantially all investment grade. | |||
[3] | Assets categorized as Level 2 reflect investments in common collective funds. |
Retirement_Benefits_Schedule_o9
Retirement Benefits - Schedule of Expected Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $1.20 |
2016 | 1.2 |
2017 | 1.3 |
2018 | 1.5 |
2019 | 1.7 |
2020-2024 | $12.90 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 |
Operating Loss Carryforwards [Line Items] | |||||||
Deferred Tax Benefit Due To REIT Conversion | $3.30 | $232.30 | $235.60 | ||||
Cash paid for income taxes | 53 | 112.8 | 96.5 | ||||
Effective Income Tax Rate Reconciliation, Percent, Excluding Non-Cash Benefit Resulting From REIT Conversion | -30.30% | -40.70% | -44.50% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||||
Operating Loss Carryforwards | 33.7 | 33.7 | |||||
Operating Loss Carryfoward, Not Subject to Expiration | 20.9 | 20.9 | |||||
Deferred Tax Assets, Valuation Allowance | 6.9 | 6.9 | 10.1 | ||||
Undistributed Earnings of Foreign Subsidiaries | 214.4 | 214.4 | |||||
Unrecognized Tax Benefits | 1.2 | 1.2 | 4 | 4.9 | 5.4 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0.8 | 0.8 | |||||
Minimum | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Shareholders' Disclosure, Ownership Percentage | 80.00% | ||||||
Operating Loss Carryforwards, Expiration Date | 1-Jan-15 | ||||||
Maximum | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating Loss Carryforwards, Expiration Date | 31-Dec-27 | ||||||
Majority Shareholder [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Unrecognized Tax Benefit Transferred to Parent | $2.10 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||
United States | $102.80 | $239.80 | $201.90 | ||
Foreign | -4.8 | -2.2 | -1.7 | ||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 40.1 | -57.9 | 98 | 237.6 | 200.2 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Federal | 29.9 | 85.1 | 71.8 | ||
State and local | 9.8 | 21.8 | 18.9 | ||
Foreign | 3.8 | 5.2 | 4.9 | ||
Current Income Tax Expense (Benefit) | 43.5 | 112.1 | 95.6 | ||
Federal | -198 | -3.6 | -5.1 | ||
State and local | -50.3 | -10 | 1.7 | ||
Foreign | -1.2 | -1.9 | -3.2 | ||
Deferred tax (benefit) liability | -249.5 | -15.5 | -6.6 | ||
(Benefit) provision for income taxes | ($206) | $96.60 | $89 |
Income_Taxes_Book_Income_to_RE
Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $40.10 | ($57.90) | $98 | $237.60 | $200.20 |
Book depreciation in excess of tax depreciation | 15 | ||||
Book amortization in excess of tax amortization | 21.3 | ||||
Book/tax differences - stock-based compensation | 8.1 | ||||
Book/tax differences - capitalized costs | 7.4 | ||||
Book/tax differences - investments in joint ventures | 2.5 | ||||
Book/tax differences - other | 4.2 | ||||
REIT Taxable Income | 97 | ||||
Taxable REIT Subsidiaries [Member] | |||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | -1.6 | ||||
Qualified REIT Subsidiaries [Member] | |||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | $38.50 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Taxes on income at U.S. statutory rate | $34.30 | $83.20 | $70.10 |
Tax adjustment related to REIT conversion | -13.5 | 0 | 0 |
State and local taxes, net of federal tax benefit | 4.8 | 7.6 | 13.4 |
Effect of foreign operations | 2.9 | 4 | 2.2 |
Deferred tax adjustment due to REIT conversion | -235.6 | 0 | 0 |
Other, net | 1.1 | 1.8 | 3.3 |
(Benefit) provision for income taxes | ($206) | $96.60 | $89 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Income Tax Assets: | ||
Provision for expenses and losses | $2.80 | $31.30 |
Postretirement and other employee benefits | 4.6 | 9.9 |
Tax credit and loss carryforwards | 10.9 | 14.6 |
Other | 0 | 0.1 |
Total deferred income tax assets | 18.3 | 55.9 |
Valuation allowance | -6.9 | -10.1 |
Deferred income tax assets, net | 11.4 | 45.8 |
Deferred Income Tax Liabilities: | ||
Property, equipment and intangible assets | -18.8 | -309.3 |
Other | 0 | -0.5 |
Total deferred income tax liabilities | -18.8 | -309.8 |
Deferred income tax liabilities, net | ($7.40) | ($264) |
Income_Taxes_Schedule_of_Unrec
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning of Period | $4 | $4.90 | $5.40 |
Additions for current year tax positions | 0.1 | 0.2 | 3.8 |
Reductions for prior year tax positions | -2.9 | -1.1 | -4.3 |
Unrecognized Tax Benefits, End of Period | $1.20 | $4 | $4.90 |
Earnings_Per_Share_EPS_Details
Earnings Per Share ("EPS") (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Earnings Per Share [Abstract] | |||||||||||||
Net income | $27.80 | [1] | $248.30 | $22.40 | $8.40 | $50 | $37.20 | $36.40 | $19.90 | $306.90 | $143.50 | $113.40 | |
Weighted Average Number of Shares Outstanding, Basic | 114.3 | 114.3 | 114.3 | ||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0.5 | [2] | 0.5 | 0.5 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted | 114.8 | 114.8 | 114.8 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | ||||||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | ||||||||||||
[2] | The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options for 2014 was antidilutive. |
Commitment_and_Contingencies_N
Commitment and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent Expense | $317.40 | $292 | $283.20 |
Rent Expense, Contingent Rent Amounts | 59.5 | 35.7 | 28.6 |
Outstanding Letters of Credit and Surety Bonds | 103.3 | ||
Shares to be Issued Upon Achievement of Milestones | $0.90 |
Commitment_and_Contingencies_C
Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $122.10 |
2016 | 121.7 |
2017 | 101.6 |
2018 | 86.8 |
2019 | 73.8 |
2020 and thereafter | 432.5 |
Operating Leases, Future Minimum Payments Due | 938.5 |
Guaranteed Minimum Franchise Payments | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2015 | 173.5 |
2016 | 56 |
2017 | 43.2 |
2018 | 40.9 |
2019 | 27.1 |
2020 and thereafter | 44.6 |
Guaranteed minimum franchise payments | $385.30 |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | $395 | [1] | $336.50 | $334.40 | $287.90 | $343.90 | $338.20 | $332.70 | $279.20 | $1,353.80 | $1,294 | $1,284.60 | |
United States | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 356.4 | 296.3 | 291.1 | 255 | 302.5 | 296.5 | 285.9 | 245.2 | 1,198.80 | [2] | 1,130.10 | 1,098.60 | |
Canada | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 82.5 | [2] | 84.7 | 99.2 | |||||||||
Latin America | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 72.5 | [2] | 79.2 | 86.8 | |||||||||
International | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 38.6 | 40.2 | 43.3 | 32.9 | 41.4 | 41.7 | 46.8 | 34 | 155 | 163.9 | 186 | ||
Restructuring Charges [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Share-based compensation, related to restructuring charges | $5.60 | ||||||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | ||||||||||||
[2] | Revenues classifications are based on customers’ locations. |
Segment_Information_Adjusted_O
Segment Information Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income | $27.80 | [1] | $248.30 | $22.40 | $8.40 | $50 | $37.20 | $36.40 | $19.90 | $306.90 | $143.50 | $113.40 | ||||||
Provision for income taxes | -206 | 96.6 | 89 | |||||||||||||||
Equity in earnings of investee companies, net of tax | -2.9 | -2.5 | -2.2 | |||||||||||||||
Interest income (expense), net | 84.8 | 0 | 0 | |||||||||||||||
Other income (expense), net | 0.3 | 1.2 | 1 | |||||||||||||||
Operating income | 50.5 | [1] | 47.6 | 58.3 | 26.7 | 76.7 | 64.6 | 62.8 | 34.7 | 183.1 | 238.8 | 201.2 | ||||||
Restructuring charges | 9.8 | [2] | 0 | 2.5 | ||||||||||||||
Acquisition costs | 9 | [1],[2] | 1.4 | [2] | 0 | [2] | 0 | [2] | 10.4 | [2] | 0 | 0 | ||||||
Net gain (loss) on dispositions | -1.1 | -0.5 | 0 | -0.9 | -17.5 | [3] | -0.1 | 0.1 | -9.8 | [4] | -2.5 | -27.3 | 2.2 | |||||
Depreciation and amortization | 202.2 | 195.8 | 196.8 | |||||||||||||||
Share-Based Compensation, Excluding Compensation-Related Restructuring Charges | 10.4 | [2] | ||||||||||||||||
Share-based Compensation | 5.1 | 6.2 | 2.9 | 1.8 | 1.7 | 2.6 | 1.6 | 1.6 | 16 | 7.5 | 5.7 | |||||||
Adjusted OIBDA | 120.6 | [1] | 106.9 | 110.3 | 75.6 | 110.2 | 116.1 | 113.1 | 75.4 | 413.4 | 414.8 | 408.4 | ||||||
Capital expenditures | 64.2 | 60.9 | 48.2 | |||||||||||||||
United States | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income | 75.8 | [5] | 64.3 | [5] | 64.2 | [5] | 40 | [5] | 81.7 | 72 | 65.2 | 48.2 | 244.3 | 267.1 | 216.4 | |||
Net gain (loss) on dispositions | -2.5 | -27.5 | 1.6 | |||||||||||||||
Depreciation and amortization | 174.4 | 166.8 | 165.6 | |||||||||||||||
Adjusted OIBDA | 123.2 | 106.3 | 106.4 | 80.3 | 106.2 | 113.6 | 106.5 | 80.1 | 416.2 | 406.4 | 385.4 | |||||||
Capital expenditures | 56.8 | 54.1 | 42.5 | |||||||||||||||
International | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income | 0.3 | -0.7 | 2.6 | -5.7 | 1.8 | 0.6 | 4.1 | -6.6 | -3.5 | -0.1 | -2 | |||||||
Net gain (loss) on dispositions | 0 | -0.2 | 0.6 | |||||||||||||||
Depreciation and amortization | 27.8 | 29 | 31.2 | |||||||||||||||
Adjusted OIBDA | 7.4 | 6.3 | 9.5 | 1.1 | 9.1 | 7.9 | 11.5 | 0.6 | 24.3 | 29.1 | 30.5 | |||||||
Capital expenditures | 7.4 | 6.8 | 5.7 | |||||||||||||||
Corporate | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income | -25.6 | [6] | -16 | [6] | -8.5 | [6] | -7.6 | [6] | -6.8 | -8 | -6.5 | -6.9 | -57.7 | -28.2 | -13.2 | |||
Adjusted OIBDA | ($10) | ($5.70) | ($5.60) | ($5.80) | ($5.10) | ($5.40) | ($4.90) | ($5.30) | ($27.10) | ($20.70) | ($7.50) | |||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | |||||||||||||||||
[2] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | |||||||||||||||||
[3] | During the fourth quarter of 2013, we sold 50% of our transit shelter operations in Los Angeles, and we and the buyer each subsequently contributed our respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | |||||||||||||||||
[4] | During the first quarter of 2013, we exchanged most of our billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | |||||||||||||||||
[5] | We incurred incremental U.S. stand-alone costs of $1.7 million during the first quarter of 2014; $2.1 million during the second quarter of 2014, $2.7 million during the third quarter of 2014 and $2.7 million during the fourth quarter of 2014. | |||||||||||||||||
[6] | We incurred incremental corporate stand-alone costs of $2.1 million during the first quarter of 2014; $3.1 million during the second quarter of 2014, $2.5 million during the third quarter of 2014 and $2.7 million during the fourth quarter of 2014. |
Segment_Information_Reconcilia1
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Assets | $4,023.60 | $3,355.50 | $3,464.90 |
United States | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,704.20 | 3,027.60 | 3,114.40 |
International | |||
Segment Reporting Information [Line Items] | |||
Assets | 270.4 | 327.9 | 350.5 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | $49 | $0 | $0 |
Segment_Information_Long_Lived
Segment Information - Long Lived Assets by Geographic Areas (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | $3,630.10 | [1] | $3,014.20 | $3,135.70 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | 3,423.60 | [1] | 2,768.50 | 1,098.60 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | 112 | [1] | 138.1 | 99.2 |
Latin America | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | $94.50 | [1] | $107.60 | $86.80 |
[1] | Reflects total assets less current assets, investments and non-current deferred tax assets. |
Segment_Information_Narrative_
Segment Information - Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
segment | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 2 |
Restructuring Charges [Member] | |
Segment Reporting Information [Line Items] | |
Share-based compensation, related to restructuring charges | 5.6 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information Narrative (Details) | Dec. 31, 2014 |
Subsequent Event [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Parent Company | |
Subsequent Event [Line Items] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $28.50 | $29.80 | $20.20 | $37.60 | |
Receivables, less allowances | 217.5 | 178.8 | |||
Other current assets | 109.3 | 108.6 | |||
Total current assets | 355.3 | 317.2 | |||
Property and equipment, net | 782.9 | 755.4 | |||
Goodwill | 2,154.20 | 1,865.70 | 1,877.20 | ||
Intangible assets | 633.2 | 364.4 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 98 | 52.8 | |||
Intercompany | 0 | 0 | |||
Total assets | 4,023.60 | 3,355.50 | 3,464.90 | ||
Total current liabilities | 255.2 | 212.2 | |||
Long-term debt, Excluding Current Maturities | 2,198.30 | 1,600 | 0 | ||
Deferred income tax liabilities, net | 17.2 | 288.5 | |||
Asset retirement obligation | 36.6 | 31.7 | 30.6 | ||
Deficit In Excess Of Investment In Subsidiaries | 0 | ||||
Other liabilities | 70.8 | 68.7 | |||
Intercompany | 0 | 0 | |||
Liabilities | 2,578.10 | 601.1 | |||
Total invested equity | 2,754.40 | 2,843.90 | 2,990.60 | ||
Total stockholders' equity | 1,445.50 | ||||
Total liabilities and stockholders' equity/invested equity | 4,023.60 | 3,355.50 | |||
Parent Company | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Receivables, less allowances | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | 1,445.50 | 0 | |||
Other assets | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Total assets | 1,445.50 | 0 | |||
Total current liabilities | 0 | 0 | |||
Long-term debt, Excluding Current Maturities | 0 | ||||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | ||||
Other liabilities | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Liabilities | 0 | 0 | |||
Total invested equity | 0 | ||||
Total stockholders' equity | 1,445.50 | ||||
Total liabilities and stockholders' equity/invested equity | 1,445.50 | 0 | |||
Subsidiary Issuer | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 11.5 | 0 | 0 | 0 | |
Receivables, less allowances | 0 | 0 | |||
Other current assets | 5.3 | 0 | |||
Total current assets | 16.8 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | 3,613 | 0 | |||
Other assets | 31.2 | 0 | |||
Intercompany | 0 | 0 | |||
Total assets | 3,661 | 0 | |||
Total current liabilities | 17.9 | 0 | |||
Long-term debt, Excluding Current Maturities | 2,197.60 | ||||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | ||||
Other liabilities | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Liabilities | 2,215.50 | 0 | |||
Total invested equity | 0 | ||||
Total stockholders' equity | 1,445.50 | ||||
Total liabilities and stockholders' equity/invested equity | 3,661 | 0 | |||
Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 8.8 | 2.1 | 9.5 | 10 | |
Receivables, less allowances | 186.5 | 146 | |||
Other current assets | 83.5 | 89.1 | |||
Total current assets | 278.8 | 237.2 | |||
Property and equipment, net | 683.3 | 628.1 | |||
Goodwill | 2,050.60 | 1,751.60 | |||
Intangible assets | 633 | 364.2 | |||
Investments in subsidiaries | 208.1 | 232.9 | |||
Other assets | 59.5 | 46.5 | |||
Intercompany | 75.1 | 66 | |||
Total assets | 3,988.40 | 3,326.50 | |||
Total current liabilities | 219.1 | 168.3 | |||
Long-term debt, Excluding Current Maturities | 0.7 | ||||
Deferred income tax liabilities, net | 0 | 259.4 | |||
Asset retirement obligation | 28.3 | 23.1 | |||
Deficit In Excess Of Investment In Subsidiaries | 2,167.50 | ||||
Other liabilities | 64.4 | 65.6 | |||
Intercompany | 62.9 | 55.7 | |||
Liabilities | 2,542.90 | 572.1 | |||
Total invested equity | 2,754.40 | ||||
Total stockholders' equity | 1,445.50 | ||||
Total liabilities and stockholders' equity/invested equity | 3,988.40 | 3,326.50 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 8.2 | 27.7 | 10.7 | 27.6 | |
Receivables, less allowances | 31 | 32.8 | |||
Other current assets | 20.5 | 19.5 | |||
Total current assets | 59.7 | 80 | |||
Property and equipment, net | 99.6 | 127.3 | |||
Goodwill | 103.6 | 114.1 | |||
Intangible assets | 0.2 | 0.2 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 7.3 | 6.3 | |||
Intercompany | 62.9 | 55.7 | |||
Total assets | 333.3 | 383.6 | |||
Total current liabilities | 18.2 | 43.9 | |||
Long-term debt, Excluding Current Maturities | 0 | ||||
Deferred income tax liabilities, net | 17.2 | 29.1 | |||
Asset retirement obligation | 8.3 | 8.6 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | ||||
Other liabilities | 6.4 | 3.1 | |||
Intercompany | 75.1 | 66 | |||
Liabilities | 125.2 | 150.7 | |||
Total invested equity | 232.9 | ||||
Total stockholders' equity | 208.1 | ||||
Total liabilities and stockholders' equity/invested equity | 333.3 | 383.6 | |||
Eliminations | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Receivables, less allowances | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | -5,266.60 | -232.9 | |||
Other assets | 0 | 0 | |||
Intercompany | -138 | -121.7 | |||
Total assets | -5,404.60 | -354.6 | |||
Total current liabilities | 0 | 0 | |||
Long-term debt, Excluding Current Maturities | 0 | ||||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | |||
Deficit In Excess Of Investment In Subsidiaries | -2,167.50 | ||||
Other liabilities | 0 | 0 | |||
Intercompany | -138 | -121.7 | |||
Liabilities | -2,305.50 | -121.7 | |||
Total invested equity | -232.9 | ||||
Total stockholders' equity | -3,099.10 | ||||
Total liabilities and stockholders' equity/invested equity | ($5,404.60) | ($354.60) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information Condensed Income Statements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | $972.10 | $925.70 | $913.60 | |||||||||||||||||
Transit and other | 381.7 | 368.3 | 371 | |||||||||||||||||
Total revenues | 395 | [1] | 336.5 | 334.4 | 287.9 | 343.9 | 338.2 | 332.7 | 279.2 | 1,353.80 | 1,294 | 1,284.60 | ||||||||
Operating | 726.5 | 686.9 | 700.1 | |||||||||||||||||
Selling, general and administrative | 224.3 | 199.8 | 181.8 | |||||||||||||||||
Restructuring charges | 9.8 | [2] | 0 | 2.5 | ||||||||||||||||
Acquisition costs | 9 | [1],[2] | 1.4 | [2] | 0 | [2] | 0 | [2] | 10.4 | [2] | 0 | 0 | ||||||||
Net (gain) loss on dispositions | -1.1 | -0.5 | 0 | -0.9 | -17.5 | [3] | -0.1 | 0.1 | -9.8 | [4] | -2.5 | -27.3 | 2.2 | |||||||
Depreciation | 27.9 | 26.7 | 26.5 | 26.1 | 26.2 | 26.4 | 25.9 | 26 | 107.2 | 104.5 | 105.9 | |||||||||
Amortization | 27.7 | 22.8 | 22.6 | 21.9 | 23.1 | 22.6 | 22.7 | 22.9 | 95 | 91.3 | 90.9 | |||||||||
Total expenses | 1,170.70 | 1,055.20 | 1,083.40 | |||||||||||||||||
Operating Income (Loss) | 50.5 | [1] | 47.6 | 58.3 | 26.7 | 76.7 | 64.6 | 62.8 | 34.7 | 183.1 | 238.8 | 201.2 | ||||||||
Interest income (expense), net | -84.8 | 0 | 0 | |||||||||||||||||
Other income (expense), net | -0.3 | -1.2 | -1 | |||||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 40.1 | -57.9 | 98 | 237.6 | 200.2 | |||||||||||||||
Benefit (provision) for income taxes | 206 | -96.6 | -89 | |||||||||||||||||
Equity in earnings of investee companies, net of tax | 2.9 | 2.5 | 2.2 | |||||||||||||||||
Net income | 27.8 | [1] | 248.3 | 22.4 | 8.4 | 50 | 37.2 | 36.4 | 19.9 | 306.9 | 143.5 | 113.4 | ||||||||
Cumulative translation adjustments | -10.7 | -14.9 | 11 | |||||||||||||||||
Net actuarial gain (loss) | -3.1 | 5.8 | -1.4 | |||||||||||||||||
Deferred tax rate adjustment | -1.2 | 0 | 0 | |||||||||||||||||
Total other comprehensive income (loss), net of tax | -15 | -9.1 | 9.6 | |||||||||||||||||
Total comprehensive income | 291.9 | 134.4 | 123 | |||||||||||||||||
Parent Company | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 0 | 0 | 0 | |||||||||||||||||
Transit and other | 0 | 0 | 0 | |||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||||||
Operating | 0 | 0 | 0 | |||||||||||||||||
Selling, general and administrative | 1.3 | 0 | 0 | |||||||||||||||||
Restructuring charges | 0 | 0 | ||||||||||||||||||
Acquisition costs | 0 | [2] | ||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | |||||||||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||
Total expenses | 1.3 | 0 | 0 | |||||||||||||||||
Operating Income (Loss) | -1.3 | 0 | 0 | |||||||||||||||||
Interest income (expense), net | 0 | |||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | -1.3 | 0 | 0 | |||||||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||||||||||
Equity in earnings of investee companies, net of tax | 308.2 | 0 | 0 | |||||||||||||||||
Net income | 306.9 | 0 | 0 | |||||||||||||||||
Cumulative translation adjustments | -10.7 | 0 | 0 | |||||||||||||||||
Net actuarial gain (loss) | -3.1 | 0 | 0 | |||||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -15 | 0 | 0 | |||||||||||||||||
Total comprehensive income | 291.9 | 0 | 0 | |||||||||||||||||
Subsidiary Issuer | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 0 | 0 | 0 | |||||||||||||||||
Transit and other | 0 | 0 | 0 | |||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||||||
Operating | 0 | 0 | 0 | |||||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||||||||||
Restructuring charges | 0 | 0 | ||||||||||||||||||
Acquisition costs | 0 | [2] | ||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | |||||||||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||
Total expenses | 0 | 0 | 0 | |||||||||||||||||
Operating Income (Loss) | 0 | 0 | 0 | |||||||||||||||||
Interest income (expense), net | -84.8 | |||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | -84.8 | 0 | 0 | |||||||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||||||||||
Equity in earnings of investee companies, net of tax | 393 | 0 | 0 | |||||||||||||||||
Net income | 308.2 | 0 | 0 | |||||||||||||||||
Cumulative translation adjustments | -10.7 | 0 | 0 | |||||||||||||||||
Net actuarial gain (loss) | -3.1 | 0 | 0 | |||||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -15 | 0 | 0 | |||||||||||||||||
Total comprehensive income | 293.2 | 0 | 0 | |||||||||||||||||
Guarantor Subsidiaries | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 851 | 796.6 | 770.7 | |||||||||||||||||
Transit and other | 347.8 | 333.5 | 327.9 | |||||||||||||||||
Total revenues | 1,130.10 | 1,098.60 | ||||||||||||||||||
Operating | 626.1 | 584.2 | 577.9 | |||||||||||||||||
Selling, general and administrative | 192.7 | 167.7 | 148.5 | |||||||||||||||||
Restructuring charges | 9.8 | 1.8 | ||||||||||||||||||
Acquisition costs | 10.4 | [2] | ||||||||||||||||||
Net (gain) loss on dispositions | -2.5 | -27.5 | 1.6 | |||||||||||||||||
Depreciation | 84.5 | 80.7 | 80.4 | |||||||||||||||||
Amortization | 89.9 | 86.1 | 85.2 | |||||||||||||||||
Total expenses | 1,010.90 | 891.2 | 895.4 | |||||||||||||||||
Operating Income (Loss) | 187.9 | 238.9 | 203.2 | |||||||||||||||||
Interest income (expense), net | -0.2 | |||||||||||||||||||
Other income (expense), net | 0 | -0.2 | -0.1 | |||||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 187.7 | 238.7 | 203.1 | |||||||||||||||||
Benefit (provision) for income taxes | 209.7 | -93.3 | -87.3 | |||||||||||||||||
Equity in earnings of investee companies, net of tax | -89.2 | -1.9 | -2.4 | |||||||||||||||||
Net income | 308.2 | 143.5 | 113.4 | |||||||||||||||||
Cumulative translation adjustments | -10.7 | -14.9 | 11 | |||||||||||||||||
Net actuarial gain (loss) | -3.1 | 5.8 | -1.4 | |||||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -15 | -9.1 | 9.6 | |||||||||||||||||
Total comprehensive income | 293.2 | 134.4 | 123 | |||||||||||||||||
Non-Guarantor Subsidiaries | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 121.1 | 129.1 | 142.9 | |||||||||||||||||
Transit and other | 33.9 | 34.8 | 43.1 | |||||||||||||||||
Total revenues | 155 | 163.9 | 186 | |||||||||||||||||
Operating | 100.4 | 102.7 | 122.2 | |||||||||||||||||
Selling, general and administrative | 30.3 | 32.1 | 33.3 | |||||||||||||||||
Restructuring charges | 0 | 0.7 | ||||||||||||||||||
Acquisition costs | 0 | [2] | ||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0.2 | 0.6 | |||||||||||||||||
Depreciation | 22.7 | 23.8 | 25.5 | |||||||||||||||||
Amortization | 5.1 | 5.2 | 5.7 | |||||||||||||||||
Total expenses | 158.5 | 164 | 188 | |||||||||||||||||
Operating Income (Loss) | -3.5 | -0.1 | -2 | |||||||||||||||||
Interest income (expense), net | 0.2 | |||||||||||||||||||
Other income (expense), net | -0.3 | -1 | -0.9 | |||||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | -3.6 | -1.1 | -2.9 | |||||||||||||||||
Benefit (provision) for income taxes | -3.7 | -3.3 | -1.7 | |||||||||||||||||
Equity in earnings of investee companies, net of tax | 0.7 | 0 | 0 | |||||||||||||||||
Net income | -6.6 | -4.4 | -4.6 | |||||||||||||||||
Cumulative translation adjustments | -10.7 | -14.9 | 11 | |||||||||||||||||
Net actuarial gain (loss) | -2.9 | 5.6 | -1.3 | |||||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -14.8 | -9.3 | 9.7 | |||||||||||||||||
Total comprehensive income | -21.4 | -13.7 | 5.1 | |||||||||||||||||
Eliminations | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 0 | 0 | 0 | |||||||||||||||||
Transit and other | 0 | 0 | 0 | |||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||||||
Operating | 0 | 0 | 0 | |||||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||||||||||
Restructuring charges | 0 | 0 | ||||||||||||||||||
Acquisition costs | 0 | [2] | ||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | |||||||||||||||||
Depreciation | 0 | 0 | 0 | |||||||||||||||||
Amortization | 0 | 0 | 0 | |||||||||||||||||
Total expenses | 0 | 0 | 0 | |||||||||||||||||
Operating Income (Loss) | 0 | 0 | 0 | |||||||||||||||||
Interest income (expense), net | 0 | |||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||||||||||
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | |||||||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||||||||||
Equity in earnings of investee companies, net of tax | -609.8 | 4.4 | 4.6 | |||||||||||||||||
Net income | -609.8 | 4.4 | 4.6 | |||||||||||||||||
Cumulative translation adjustments | 32.1 | 14.9 | -11 | |||||||||||||||||
Net actuarial gain (loss) | 9.1 | -5.6 | 1.3 | |||||||||||||||||
Deferred tax rate adjustment | 3.6 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | 44.8 | 9.3 | -9.7 | |||||||||||||||||
Total comprehensive income | ($565) | $13.70 | ($5.10) | |||||||||||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | |||||||||||||||||||
[2] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | |||||||||||||||||||
[3] | During the fourth quarter of 2013, we sold 50% of our transit shelter operations in Los Angeles, and we and the buyer each subsequently contributed our respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | |||||||||||||||||||
[4] | During the first quarter of 2013, we exchanged most of our billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information Condensed Cash Flow Statement (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $262.80 | $281.10 | $305.90 |
Capital expenditures | -64.2 | -60.9 | -48.2 |
Acquisitions | -735.7 | -11.5 | -0.4 |
Investments in investee companies | -3 | 0 | 0 |
Proceeds from dispositions | 4.5 | 28.7 | 0.5 |
Net cash used for investing activities | -798.4 | -43.7 | -48.1 |
Proceeds from IPO | 615 | 0 | 0 |
Proceeds from long-term debt borrowings - term loan and senior notes | 1,598 | 0 | 0 |
Proceeds from long-term debt - new senior notes | 599.3 | 0 | 0 |
Deferred financing fees | -42.7 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 5.8 | 2.9 |
Distribution of net debt and IPO proceeds to CBS | -2,038.80 | 0 | 0 |
Net cash contribution from (distribution to) CBS | 49.3 | -232.6 | -279.7 |
Payments of Ordinary Dividends | -133.2 | 0 | 0 |
Payment of Special Dividend | -109.5 | 0 | 0 |
Increase Decrease In Intercompany Payables | 0 | ||
Other | -0.8 | -0.2 | -0.2 |
Net cash provided by (used for) financing activities | 536.6 | -227 | -277 |
Effect of exchange rate changes on cash and cash equivalents | -2.3 | -0.8 | 1.8 |
Net increase (decrease) in cash and cash equivalents | -1.3 | 9.6 | -17.4 |
Cash and cash equivalents at beginning of period | 29.8 | 20.2 | 37.6 |
Cash and cash equivalents at end of period | 28.5 | 29.8 | 20.2 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | -1.3 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Investments in investee companies | 0 | ||
Proceeds from dispositions | 0 | 0 | 0 |
Net cash used for investing activities | 0 | 0 | 0 |
Proceeds from IPO | 615 | ||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | ||
Proceeds from long-term debt - new senior notes | 0 | ||
Deferred financing fees | 0 | ||
Excess tax benefit from stock-based compensation | 0 | 0 | |
Distribution of net debt and IPO proceeds to CBS | -515 | ||
Net cash contribution from (distribution to) CBS | 9.5 | 0 | 0 |
Payments of Ordinary Dividends | -133.2 | ||
Payment of Special Dividend | -109.5 | ||
Increase Decrease In Intercompany Payables | 134.5 | ||
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 1.3 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Subsidiary Issuer | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | -54.8 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Investments in investee companies | 0 | ||
Proceeds from dispositions | 0 | 0 | 0 |
Net cash used for investing activities | 0 | 0 | 0 |
Proceeds from IPO | 0 | ||
Proceeds from long-term debt borrowings - term loan and senior notes | 1,598 | ||
Proceeds from long-term debt - new senior notes | 599.3 | ||
Deferred financing fees | -42.7 | ||
Excess tax benefit from stock-based compensation | 0 | 0 | |
Distribution of net debt and IPO proceeds to CBS | -1,523.80 | ||
Net cash contribution from (distribution to) CBS | 0 | 0 | 0 |
Payments of Ordinary Dividends | 0 | ||
Payment of Special Dividend | 0 | ||
Increase Decrease In Intercompany Payables | -564.5 | ||
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 66.3 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 11.5 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 11.5 | 0 | 0 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 330.6 | 268.2 | 277.3 |
Capital expenditures | -56.8 | -54.1 | -42.5 |
Acquisitions | -735.7 | -11.5 | -0.4 |
Investments in investee companies | -3 | ||
Proceeds from dispositions | 4.2 | 28.6 | 0.4 |
Net cash used for investing activities | -791.3 | -37 | -42.5 |
Proceeds from IPO | 0 | ||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | ||
Proceeds from long-term debt - new senior notes | 0 | ||
Deferred financing fees | 0 | ||
Excess tax benefit from stock-based compensation | 5.8 | 2.9 | |
Distribution of net debt and IPO proceeds to CBS | 0 | ||
Net cash contribution from (distribution to) CBS | 39.8 | -244.4 | -238.2 |
Payments of Ordinary Dividends | 0 | ||
Payment of Special Dividend | 0 | ||
Increase Decrease In Intercompany Payables | 428.4 | ||
Other | -0.8 | 0 | 0 |
Net cash provided by (used for) financing activities | 467.4 | -238.6 | -235.3 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 6.7 | -7.4 | -0.5 |
Cash and cash equivalents at beginning of period | 2.1 | 9.5 | 10 |
Cash and cash equivalents at end of period | 8.8 | 2.1 | 9.5 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | -11.7 | 12.9 | 28.6 |
Capital expenditures | -7.4 | -6.8 | -5.7 |
Acquisitions | 0 | 0 | 0 |
Investments in investee companies | 0 | ||
Proceeds from dispositions | 0.3 | 0.1 | 0.1 |
Net cash used for investing activities | -7.1 | -6.7 | -5.6 |
Proceeds from IPO | 0 | ||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | ||
Proceeds from long-term debt - new senior notes | 0 | ||
Deferred financing fees | 0 | ||
Excess tax benefit from stock-based compensation | 0 | 0 | |
Distribution of net debt and IPO proceeds to CBS | 0 | ||
Net cash contribution from (distribution to) CBS | 0 | 11.8 | -41.5 |
Payments of Ordinary Dividends | 0 | ||
Payment of Special Dividend | 0 | ||
Increase Decrease In Intercompany Payables | 1.6 | ||
Other | 0 | -0.2 | -0.2 |
Net cash provided by (used for) financing activities | 1.6 | 11.6 | -41.7 |
Effect of exchange rate changes on cash and cash equivalents | -2.3 | -0.8 | 1.8 |
Net increase (decrease) in cash and cash equivalents | -19.5 | 17 | -16.9 |
Cash and cash equivalents at beginning of period | 27.7 | 10.7 | 27.6 |
Cash and cash equivalents at end of period | 8.2 | 27.7 | 10.7 |
Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Investments in investee companies | 0 | ||
Proceeds from dispositions | 0 | 0 | 0 |
Net cash used for investing activities | 0 | 0 | 0 |
Proceeds from IPO | 0 | ||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | ||
Proceeds from long-term debt - new senior notes | 0 | ||
Deferred financing fees | 0 | ||
Excess tax benefit from stock-based compensation | 0 | 0 | |
Distribution of net debt and IPO proceeds to CBS | 0 | ||
Net cash contribution from (distribution to) CBS | 0 | 0 | 0 |
Payments of Ordinary Dividends | 0 | ||
Payment of Special Dividend | 0 | ||
Increase Decrease In Intercompany Payables | 0 | ||
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Subsequent_Events_Narrative_De
Subsequent Events - Narrative (Details) | 0 Months Ended | 2 Months Ended | |
Dec. 01, 2014 | Jan. 15, 2014 | Mar. 06, 2015 | |
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 74,129 | 100 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 185,323 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | $395 | [1] | $336.50 | $334.40 | $287.90 | $343.90 | $338.20 | $332.70 | $279.20 | $1,353.80 | $1,294 | $1,284.60 | ||||||
Adjusted OIBDA | 120.6 | [1] | 106.9 | 110.3 | 75.6 | 110.2 | 116.1 | 113.1 | 75.4 | 413.4 | 414.8 | 408.4 | ||||||
Restructuring Charges, excluding share-based compensation related charges | -1.5 | [2] | -2.7 | [2] | 0 | [2] | 0 | [2] | -4.2 | [2] | ||||||||
Business Combination, Acquisition Related Costs | -9 | [1],[2] | -1.4 | [2] | 0 | [2] | 0 | [2] | -10.4 | [2] | 0 | 0 | ||||||
Net gain (loss) on dispositions | 1.1 | 0.5 | 0 | 0.9 | 17.5 | [3] | 0.1 | -0.1 | 9.8 | [4] | 2.5 | 27.3 | -2.2 | |||||
Depreciation | -27.9 | -26.7 | -26.5 | -26.1 | -26.2 | -26.4 | -25.9 | -26 | -107.2 | -104.5 | -105.9 | |||||||
Amortization | -27.7 | -22.8 | -22.6 | -21.9 | -23.1 | -22.6 | -22.7 | -22.9 | -95 | -91.3 | -90.9 | |||||||
Stock-based compensation | -5.1 | -6.2 | -2.9 | -1.8 | -1.7 | -2.6 | -1.6 | -1.6 | -16 | -7.5 | -5.7 | |||||||
Operating Income (Loss) | 50.5 | [1] | 47.6 | 58.3 | 26.7 | 76.7 | 64.6 | 62.8 | 34.7 | 183.1 | 238.8 | 201.2 | ||||||
Net income | 27.8 | [1] | 248.3 | 22.4 | 8.4 | 50 | 37.2 | 36.4 | 19.9 | 306.9 | 143.5 | 113.4 | ||||||
Deferred Tax Benefit Due To REIT Conversion | 3.3 | 232.3 | 235.6 | |||||||||||||||
Percentage of Company's ownership in group of assets sold | 50.00% | |||||||||||||||||
Percentage of Company's ownership in group of assets contributed to a joint venture | 50.00% | |||||||||||||||||
United States | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 356.4 | 296.3 | 291.1 | 255 | 302.5 | 296.5 | 285.9 | 245.2 | 1,198.80 | [5] | 1,130.10 | 1,098.60 | ||||||
Adjusted OIBDA | 123.2 | 106.3 | 106.4 | 80.3 | 106.2 | 113.6 | 106.5 | 80.1 | 416.2 | 406.4 | 385.4 | |||||||
Net gain (loss) on dispositions | 2.5 | 27.5 | -1.6 | |||||||||||||||
Operating Income (Loss) | 75.8 | [6] | 64.3 | [6] | 64.2 | [6] | 40 | [6] | 81.7 | 72 | 65.2 | 48.2 | 244.3 | 267.1 | 216.4 | |||
Incremental Standalone Costs | 2.7 | 2.7 | 2.1 | 1.7 | ||||||||||||||
International | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 38.6 | 40.2 | 43.3 | 32.9 | 41.4 | 41.7 | 46.8 | 34 | 155 | 163.9 | 186 | |||||||
Adjusted OIBDA | 7.4 | 6.3 | 9.5 | 1.1 | 9.1 | 7.9 | 11.5 | 0.6 | 24.3 | 29.1 | 30.5 | |||||||
Net gain (loss) on dispositions | 0 | 0.2 | -0.6 | |||||||||||||||
Operating Income (Loss) | 0.3 | -0.7 | 2.6 | -5.7 | 1.8 | 0.6 | 4.1 | -6.6 | -3.5 | -0.1 | -2 | |||||||
Corporate | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Adjusted OIBDA | -10 | -5.7 | -5.6 | -5.8 | -5.1 | -5.4 | -4.9 | -5.3 | -27.1 | -20.7 | -7.5 | |||||||
Operating Income (Loss) | -25.6 | [7] | -16 | [7] | -8.5 | [7] | -7.6 | [7] | -6.8 | -8 | -6.5 | -6.9 | -57.7 | -28.2 | -13.2 | |||
Incremental Standalone Costs | $2.70 | $2.50 | $3.10 | $2.10 | ||||||||||||||
[1] | In the fourth quarter of 2014, we issued the New Senior Notes (see Note 8. Long-Term Debt) and completed the Acquisition (see Note 12. Acquisition) and also reversed an additional $3.3 million of Deferred income tax liabilities, net, related to our REIT conversion. | |||||||||||||||||
[2] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | |||||||||||||||||
[3] | During the fourth quarter of 2013, we sold 50% of our transit shelter operations in Los Angeles, and we and the buyer each subsequently contributed our respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | |||||||||||||||||
[4] | During the first quarter of 2013, we exchanged most of our billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | |||||||||||||||||
[5] | Revenues classifications are based on customers’ locations. | |||||||||||||||||
[6] | We incurred incremental U.S. stand-alone costs of $1.7 million during the first quarter of 2014; $2.1 million during the second quarter of 2014, $2.7 million during the third quarter of 2014 and $2.7 million during the fourth quarter of 2014. | |||||||||||||||||
[7] | We incurred incremental corporate stand-alone costs of $2.1 million during the first quarter of 2014; $3.1 million during the second quarter of 2014, $2.5 million during the third quarter of 2014 and $2.7 million during the fourth quarter of 2014. |
II_Valuation_and_Qualifying_Ac2
II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Allowance for doubtful accounts: | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | $15.70 | $19.30 | $22.40 | ||
Balance Acquired through Acquisitions | 0 | 0 | 0 | ||
Charged to Costs and Expenses | 2.9 | 0.4 | 3.1 | ||
Charged to Other Accounts(a) | -0.7 | [1] | 0 | 0.2 | [1] |
Deductions | 3.7 | 4 | 6.4 | ||
Balance at End of Period | 14.2 | 15.7 | 19.3 | ||
Valuation allowance on deferred tax assets: | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | 10.1 | 8 | 7.5 | ||
Balance Acquired through Acquisitions | 0 | 0 | 0 | ||
Charged to Costs and Expenses | 0.5 | 3 | 0.7 | ||
Charged to Other Accounts(a) | 0 | 0 | 0 | ||
Deductions | 3.7 | 0.9 | 0.2 | ||
Balance at End of Period | $6.90 | $10.10 | $8 | ||
[1] | Reflects change in allowance related to foreign currency translation adjustments. |
III_Schedule_of_Real_Estate_an2
III - Schedule of Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | $1,833.70 | [1],[2] | $1,750.90 | $1,743.70 |
Accumulated Depreciation | -1,109.40 | -1,052.70 | -990 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the beginning of the year | 1,750.90 | 1,743.70 | 1,714.60 | |
Additions for construction of / improvements to structures | 136.6 | 51.6 | 47.1 | |
Assets sold or written-off | -14.2 | -14.9 | -32.3 | |
Foreign exchange | -39.6 | -29.5 | 14.3 | |
Balance at the end of the year | 1,833.70 | [1],[2] | 1,750.90 | 1,743.70 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the beginning of the year | -1,052.70 | -990 | -911 | |
Depreciation | 99.6 | 97.5 | 98.8 | |
Foreign exchange | -29.9 | -21.1 | 9.9 | |
Assets sold or written-off | -13 | -13.7 | -29.7 | |
Balance at the end of the year | -1,109.40 | -1,052.70 | -990 | |
United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 46,110 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 1,468.80 | [1] | ||
Accumulated Depreciation | -835.2 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,468.80 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -835.2 | |||
Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 5,984 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 321.5 | [1] | ||
Accumulated Depreciation | -249.7 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 321.5 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -249.7 | |||
Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 4,405 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 31.1 | [1] | ||
Accumulated Depreciation | -18.1 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 31.1 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -18.1 | |||
Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 517 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 1.5 | [1] | ||
Accumulated Depreciation | -0.5 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.5 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -0.5 | |||
Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 764 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 5.3 | [1] | ||
Accumulated Depreciation | -1.2 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 5.3 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -1.2 | |||
Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 149 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 1.8 | [1] | ||
Accumulated Depreciation | -1.4 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.8 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -1.4 | |||
Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 823 | |||
Encumbrances | 0 | |||
Gross carrying amount at the end of the year | 3.7 | [1] | ||
Accumulated Depreciation | -3.3 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 3.7 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -3.3 | |||
Minimum | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Minimum | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Minimum | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Minimum | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Minimum | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Minimum | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Minimum | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 5 years | |||
Maximum | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Maximum | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Maximum | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Maximum | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Maximum | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Maximum | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Maximum | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life Used for Depreciation | 20 years | |||
Assets | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of assets which exceed concentration risk % | 0 | |||
Concentration Risk, Percentage | 5.00% | |||
Structures Added Prior to 1/1/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1,724.30 | [1] | ||
Accumulated Depreciation | -1,106.80 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,724.30 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -1,106.80 | |||
Structures Added Prior to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 44,235 | |||
Gross carrying amount at the end of the year | 1,361.10 | [1] | ||
Accumulated Depreciation | -832.7 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,361.10 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -832.7 | |||
Structures Added Prior to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 5,955 | |||
Gross carrying amount at the end of the year | 320.5 | [1] | ||
Accumulated Depreciation | -249.7 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 320.5 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -249.7 | |||
Structures Added Prior to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 4,397 | |||
Gross carrying amount at the end of the year | 30.8 | [1] | ||
Accumulated Depreciation | -18 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 30.8 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -18 | |||
Structures Added Prior to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 494 | |||
Gross carrying amount at the end of the year | 1.4 | [1] | ||
Accumulated Depreciation | -0.5 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.4 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -0.5 | |||
Structures Added Prior to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 704 | |||
Gross carrying amount at the end of the year | 5.1 | [1] | ||
Accumulated Depreciation | -1.2 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 5.1 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -1.2 | |||
Structures Added Prior to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 149 | |||
Gross carrying amount at the end of the year | 1.8 | [1] | ||
Accumulated Depreciation | -1.4 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.8 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -1.4 | |||
Structures Added Prior to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 820 | |||
Gross carrying amount at the end of the year | 3.6 | [1] | ||
Accumulated Depreciation | -3.3 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 3.6 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -3.3 | |||
Structures Added Subsequent to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 1,875 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 29 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 8 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 23 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 60 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 0 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Number of Units, as of date | 3 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 109.4 | [1] | ||
Accumulated Depreciation | -2.6 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 109.4 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -2.6 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 107.7 | [1] | ||
Accumulated Depreciation | -2.5 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 107.7 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -2.5 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1 | [1] | ||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | 0 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.3 | [1] | ||
Accumulated Depreciation | -0.1 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.3 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | -0.1 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.1 | [1] | ||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.1 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | 0 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.2 | [1] | ||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.2 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | 0 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | 0 | |||
Structures Added Subsequent to 1/1/2014 [Member] | Real Estate [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.1 | [1] | ||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.1 | [1] | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at the end of the year | 0 | |||
Advertising Structures | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1,745.60 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,745.60 | [1] | ||
Advertising Structures | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1,385.20 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,385.20 | [1] | ||
Advertising Structures | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 319 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 319 | [1] | ||
Advertising Structures | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 29.1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 29.1 | [1] | ||
Advertising Structures | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1.5 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.5 | [1] | ||
Advertising Structures | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 5.3 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 5.3 | [1] | ||
Advertising Structures | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1.8 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.8 | [1] | ||
Advertising Structures | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 3.7 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 3.7 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1,636.20 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,636.20 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1,277.50 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1,277.50 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 318 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 318 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 28.8 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 28.8 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1.4 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.4 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 5.1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 5.1 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1.8 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1.8 | [1] | ||
Advertising Structures | Structures Added Prior to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 3.6 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 3.6 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 109.4 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 109.4 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 107.7 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 107.7 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.3 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.3 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.1 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.2 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.2 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.1 | [1] | ||
Land | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 88.1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 88.1 | [1] | ||
Land | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 83.6 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 83.6 | [1] | ||
Land | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 2.5 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 2.5 | [1] | ||
Land | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 2 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 2 | [1] | ||
Land | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 88.1 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 88.1 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 83.6 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 83.6 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 2.5 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 2.5 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 2 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 2 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Prior to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Land | Structures Added Subsequent to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | [1] | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | [1] | ||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 109.4 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 109.4 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | United States | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 107.7 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 107.7 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Canada | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 1 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 1 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Mexico | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.3 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.3 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Argentina | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.1 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.1 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Brazil | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.2 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0.2 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Uruguay | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | 0 | |||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 [Member] | Chile | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross carrying amount at the end of the year | 0.1 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at the end of the year | $0.10 | |||
[1] | Includes sites under construction. | |||
[2] | single asset exceeded 5% of the total gross carrying amount as of December 31, 2014. |