Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Outfront Media Inc. | |
Entity Central Index Key | 1,579,877 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 137,498,883 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 68.4 | $ 28.5 |
Receivables, less allowance ($13.8 in 2015 and $14.2 in 2014) | 224.4 | 217.5 |
Deferred income tax assets, net | 1.7 | 2.3 |
Prepaid lease and transit franchise costs | 102.1 | 68.2 |
Other prepaid expenses | 28.3 | 26.1 |
Other current assets | 14.3 | 12.7 |
Total current assets | 439.2 | 355.3 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 747.8 | 782.9 |
Goodwill | 2,144 | 2,154.2 |
Intangible assets | 606.8 | 633.2 |
Other assets | 91.5 | 98 |
Total assets | 4,029.3 | 4,023.6 |
Liabilities, Current [Abstract] | ||
Accounts payable | 66 | 75.2 |
Accrued compensation | 34.1 | 34.6 |
Accrued interest | 19.8 | 18 |
Accrued lease costs | 22.4 | 34.4 |
Other accrued expenses | 36.7 | 47.4 |
Deferred revenues | 30.5 | 18.6 |
Other current liabilities | 26.8 | 27 |
Total current liabilities | 236.3 | 255.2 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt | 2,301.7 | 2,198.3 |
Deferred income tax liabilities, net | 15.2 | 17.2 |
Asset retirement obligation | 36.6 | 36.6 |
Other liabilities | 69.2 | 70.8 |
Total liabilities | $ 2,659 | $ 2,578.1 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock (2015 - 450.0 shares authorized, and 137.5 shares issued and outstanding; 2014 - 450.0 shares authorized, and 136.6 issued and outstanding) | $ 1.4 | $ 1.4 |
Additional paid-in capital | 1,925.1 | 1,911.2 |
Distribution in excess of earnings | (455.3) | (377) |
Accumulated other comprehensive loss | (100.9) | (90.1) |
Total stockholders’ equity | 1,370.3 | 1,445.5 |
Total liabilities and stockholders’ equity | $ 4,029.3 | $ 4,023.6 |
Consolidated Statement of Fina3
Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 13.8 | $ 14.2 |
Common Stock, Authorized | 450,000,000 | 450,000,000 |
Common Stock, Issued | 137,467,243 | 136,624,157 |
Common Stock, Outstanding | 137,467,243 | 136,624,157 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues [Abstract] | ||||
Billboard | $ 280.1 | $ 244.2 | $ 527 | $ 449.3 |
Transit and other | 104.6 | 90.2 | 201.6 | 173 |
Total revenues | 384.7 | 334.4 | 728.6 | 622.3 |
Expenses: | ||||
Operating | 206.4 | 171.6 | 405.2 | 335.1 |
Selling, general and administrative | 63.6 | 55.4 | 125.3 | 106 |
Restructuring charges | 2 | 0 | 2.6 | 0 |
Net (gain) loss on dispositions | 0.9 | 0 | 0.6 | (0.9) |
Depreciation | 28 | 26.5 | 56.7 | 52.6 |
Amortization | 29.2 | 22.6 | 57 | 44.5 |
Total expenses | 330.1 | 276.1 | 647.4 | 537.3 |
Operating income | 54.6 | 58.3 | 81.2 | 85 |
Interest expense, net | (28.9) | (18.5) | (56.7) | (31) |
Other expense, net | (0.1) | 0 | 0 | (0.5) |
Income (loss) before provision for income taxes and equity in earnings of investee companies | 25.6 | 39.8 | 24.5 | 53.5 |
Provision for income taxes | (4.5) | (17.6) | (3.1) | (23.5) |
Equity in earnings of investee companies, net of tax | 1.1 | 0.2 | 1.9 | 0.8 |
Net income | $ 22.2 | $ 22.4 | $ 23.3 | $ 30.8 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.17 | $ 0.28 |
Diluted (in dollars per share) | $ 0.16 | $ 0.19 | $ 0.17 | $ 0.28 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 137.4 | 119.7 | 137.1 | 108.4 |
Diluted (in shares) | 137.8 | 119.9 | 137.6 | 108.6 |
Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.37 | $ 0.74 | $ 0.37 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 22.2 | $ 22.4 | $ 23.3 | $ 30.8 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | 2.2 | 3.3 | (11.1) | 5.1 |
Amortization of net actuarial loss | 0.1 | 0 | 0.3 | 0.2 |
Total other comprehensive income (loss), net of tax | 2.3 | 3.3 | (10.8) | 5.3 |
Total comprehensive income | $ 24.5 | $ 25.7 | $ 12.5 | $ 36.1 |
Consolidated Statements of Inve
Consolidated Statements of Invested Equity/Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Distribution in Excess of Earnings) | Invested Capital | Accumulated Other Comprehensive Loss |
Invested Equity, Beginning Balance at Dec. 31, 2013 | $ 2,754.4 | $ 2,829.5 | $ (75.1) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 30.8 | $ 29.7 | 1.1 | |||
Other comprehensive income (loss) | 5.3 | 5.3 | ||||
Initial public offering (shares) | 23,000,000 | |||||
Initial public offering | 615 | $ 0.2 | $ 614.8 | |||
Conversion to stockholders' equity (shares) | 97,000,000 | |||||
Conversion to stockholders' equity | 0 | $ 1 | 2,829.6 | (2,830.6) | ||
Distribution of debt and IPO proceeds to CBS Corporation | (2,038.8) | (2,038.8) | ||||
Net contribution from CBS | 44.5 | 44.5 | ||||
Stock-based payments: Amortization | 2.8 | 2.8 | ||||
Dividends | (44.9) | (44.9) | ||||
Shares of Common Stock at Jun. 30, 2014 | 120,000,000 | |||||
Stockholders' Equity, Ending Balance at Jun. 30, 2014 | 1,369.1 | $ 1.2 | 1,452.9 | (15.2) | $ 0 | (69.8) |
Stockholders' Equity, Beginning Balance at Dec. 31, 2014 | $ 1,445.5 | $ 1.4 | 1,911.2 | (377) | (90.1) | |
Shares of Common Stock at Dec. 31, 2014 | 136,624,157 | 136,600,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 23.3 | 23.3 | ||||
Other comprehensive income (loss) | (10.8) | (10.8) | ||||
Stock-based payments: Vesting of RSUs and PRSUs (shares) | 400,000 | |||||
Stock-based payments: Exercise of stock options (shares) | 200,000 | |||||
Stock-based payments: Exercise of stock options | 2 | 2 | ||||
Stock-based payments: Amortization | 8.5 | 8.5 | ||||
Shares paid for tax withholding for stock-based payments | $ (6.4) | (6.4) | ||||
Issuance of stock for purchases of property and equipment (shares) | 346,554 | 300,000 | ||||
Issuance of stock for purchase of property and equipment | $ 9.8 | 9.8 | ||||
Dividends | $ (101.6) | (101.6) | ||||
Shares of Common Stock at Jun. 30, 2015 | 137,467,243 | 137,500,000 | ||||
Stockholders' Equity, Ending Balance at Jun. 30, 2015 | $ 1,370.3 | $ 1.4 | $ 1,925.1 | $ (455.3) | $ (100.9) |
Consolidated Statements of Inv7
Consolidated Statements of Invested Equity/Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.37 | $ 0.74 | $ 0.37 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net income | $ 23.3 | $ 30.8 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 113.7 | 97.1 |
Deferred tax benefit | (0.9) | (12.9) |
Stock-based compensation | 8 | 4.7 |
Provision for doubtful accounts | 1.8 | 1.6 |
Accretion expense | 1.2 | 1.1 |
Net (gain) loss on dispositions | 0.6 | (0.9) |
Equity in earnings of investee companies, net of tax | (1.9) | (0.8) |
Distributions from investee companies | 2.4 | 3.2 |
Amortization of deferred financing costs and debt discount and premium | 2.9 | 1.9 |
Change in assets and liabilities, net of investing and financing activities | (77) | (50.8) |
Net cash flow provided by (used for) operating activities | 74.1 | 75 |
Investing Activities: | ||
Capital expenditures | (27.7) | (29.3) |
Acquisitions | (10.2) | 0 |
Net proceeds from dispositions | 8.8 | 0.5 |
Net cash flow provided by (used for) investing activities | (29.1) | (28.8) |
Financing Activities: | ||
Proceeds from IPO | 0 | 615 |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | 1,598 |
Proceeds from long-term debt borrowings - new senior notes | 103.8 | 0 |
Proceeds from borrowings under revolving credit facility | 105 | 0 |
Repayments of borrowings under revolving credit facility | (105) | 0 |
Deferred financing costs | (3.3) | (24.4) |
Distribution of debt and IPO proceeds to CBS | 0 | (2,038.8) |
Net cash contribution from CBS | 0 | 42.2 |
Proceeds from stock option exercises | 2 | 0 |
Taxes withheld for stock-based compensation | (3.8) | 0 |
Dividends | (102) | (44.4) |
Other | (0.6) | 0 |
Net cash flow provided by (used for) financing activities | (3.9) | 147.6 |
Effect of exchange rate changes on cash and cash equivalents | (1.2) | (0.2) |
Net increase in cash and cash equivalents | 39.9 | 193.6 |
Cash and cash equivalents at beginning of period | 28.5 | 29.8 |
Cash and cash equivalents at end of period | 68.4 | 223.4 |
Supplemental disclosure of cash flow Information: | ||
Cash paid for income taxes | 1.9 | 28.3 |
Cash paid for interest | 52 | 19 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 2.5 | 2.6 |
Issuance of stock for purchase of property and equipment | 9.8 | 0 |
Taxes withheld for stock-based compensation | $ 2.6 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) provides 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 . As of July 17, 2014, we began operating in a manner that will allow us to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented. Consistent with the first quarter 2015, certain previously reported amounts within Revenues have been reclassified to conform with the current presentation. The impact of the reclassification is a reduction in “Billboard” revenues of $1.1 million and a corresponding increase in “Transit and other” revenues of $1.1 million for the three months ended June 30, 2014 . The impact of the reclassification is a reduction in “Billboard” revenues of $3.7 million and a corresponding increase in “Transit and other” revenues of $3.7 million for the six months ended June 30, 2014 . These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 6, 2015 . We have revised the previously reported Condensed Consolidated Statement of Cash Flows for six months ended June 30, 2014 . Historically, non-cash purchases of property and equipment were included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $10.2 million for the six months ended June 30, 2014 . We do not believe that these misclassifications were material to the previously reported interim 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 as of 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. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Service Concession Arrangements During the first quarter of 2015, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) 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. This guidance did not have a material effect on our financial statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity During the first quarter of 2015 , we adopted the FASB 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 did not have a material effect on our consolidated financial statements. Recent Pronouncements Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. We do not expect this guidance to have a material effect on our 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. In July 2015 , the FASB deferred the effective date of the standard by one year. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2017 . Early adoption is not permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, December 31, Land $ 91.6 $ 88.1 Buildings 20 to 40 years 47.0 47.0 Advertising structures 5 to 20 years 1,710.4 1,745.6 Furniture, equipment and other 3 to 10 years 83.1 78.1 Construction in progress 25.1 17.1 1,957.2 1,975.9 Less: accumulated depreciation 1,209.4 1,193.0 Property and equipment, net $ 747.8 $ 782.9 Depreciation expense was $28.0 million for the three months ended June 30, 2015 , $26.5 million for the three months ended June 30, 2014 , $56.7 million for the six months ended June 30, 2015 , and $52.6 million for the six months ended June 30, 2014 . |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of June 30, 2015: Permits and leasehold agreements $ 1,122.4 $ (693.0 ) $ 429.4 Franchise agreements 473.7 (330.5 ) 143.2 Other intangible assets 40.0 (5.8 ) 34.2 Total intangible assets $ 1,636.1 $ (1,029.3 ) $ 606.8 As of December 31, 2014: Permits and leasehold agreements $ 1,119.2 $ (677.2 ) $ 442.0 Franchise agreements 474.7 (321.1 ) 153.6 Other intangible assets 39.9 (2.3 ) 37.6 Total intangible assets $ 1,633.8 $ (1,000.6 ) $ 633.2 All of our identifiable intangible assets, except goodwill, are subject to amortization. Amortization expense was $29.2 million for the three months ended June 30, 2015 , and $22.6 million for the three months ended June 30, 2014 , which includes the amortization of direct lease acquisition costs of $9.2 million for the three months ended June 30, 2015 , and $8.4 million for the three months ended June 30, 2014 . Amortization expense was $57.0 million for the six months ended June 30, 2015 , and $44.5 million for the six months ended June 30, 2014 , which includes the amortization of direct lease acquisition costs of $16.7 million for the six months ended June 30, 2015 , and $15.4 million for the six months ended June 30, 2014 . Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. |
Asset Retirement Obligation
Asset Retirement Obligation | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2014 $ 36.6 Accretion expense 1.2 Additions 0.1 Liabilities settled (0.6 ) Foreign currency translation adjustments (0.7 ) As of June 30, 2015 $ 36.6 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures acquired in connection with the acquisition of certain outdoor advertising businesses (the “Acquired Business”) of Van Wagner Communications, LLC (the “Acquisition”), which operate a total of 17 billboards in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $23.6 million as of June 30, 2015 , and $27.0 million as of December 31, 2014 , and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.8 million in the three months ended June 30, 2015 , $2.1 million in the three months ended June 30, 2014 , $3.3 million in the six months ended June 30, 2015 , and $3.0 million in the six months ended June 30, 2014 . CBS Corporation (“CBS”) On July 16, 2014 , 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 CBS and their affiliates ceased to be related parties. Our Statement of Operations for the three months and six months ended June 30, 2014 , include charges from CBS for services, such as tax, internal audit, cash management, insurance, technology systems and other services. Charges for these services and benefits have been included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and totaled $2.8 million for the three months ended June 30, 2014 , and $9.2 million for the six months ended June 30, 2014 . Also included in these 2014 charges are professional fees associated with our planned election to be taxed as a REIT. As of December 31, 2014, all services previously provided by CBS have been transitioned to us. For advertising spending placed by CBS and its subsidiaries, we recognized total revenues of $5.1 million for the three months ended June 30, 2014 , and $7.0 million for the six months ended June 30, 2014 . 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. Viacom Inc. is controlled by National Amusements, Inc., the controlling stockholder of CBS. On July 16, 2014, as a result of the Separation, Viacom Inc. ceased to be a related party. Revenues recognized for advertising spending placed by various subsidiaries of Viacom Inc. were $2.0 million in the three months ended June 30, 2014 , and $3.6 million in the six months ended June 30, 2014 . |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following: As of (in millions, except percentages) June 30, December 31, Term loan, due 2021 $ 798.4 $ 798.3 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.3 549.3 5.625% senior unsecured notes, due 2024 503.6 400.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.9 1,399.3 Other 0.4 0.7 Total long-term debt $ 2,301.7 $ 2,198.3 Weighted average cost of debt 4.7 % 4.6 % Term Loan The interest rate on the term loan due in 2021 (the “Term Loan”) was 3.0% per annum as of June 30, 2015 . As of June 30, 2015 , a discount of $1.6 million on the Term Loan remains unamortized. The discount is being amortized through Interest income (expense), net , on the Consolidated Statement of Operations. Senior Unsecured Notes On February 3, 2015 , we completed an exchange offer pursuant to which $550.0 million of the privately issued 5.250% Senior Unsecured Notes due 2022 , $400.0 million of the privately issued 5.625% Senior Unsecured Notes due 2024 , and $450.0 million of the privately issued 5.875% Senior Unsecured Notes due 2025 , were exchanged for publicly registered senior unsecured notes having substantially identical terms. As of June 30, 2015 , a discount of $0.7 million on $150.0 million of the 5.250% Senior Unsecured Notes due 2022 , remains unamortized. The discount is being amortized through Interest expense on the Consolidated Statement of Operations. On March 30, 2015 , 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”), issued an additional $100.0 million aggregate principal amount of 5.625% Senior Unsecured Notes due 2024 (the “New 2024 Senior Notes”) in a private placement. The New 2024 Senior Notes are of the same class and series as, and otherwise identical to, the 5.625% Senior Unsecured Notes due 2024 that were previously issued by the Borrowers on January 31, 2014 . Interest on the New 2024 Senior Notes is payable on May 15 and November 15 of each year, beginning on May 15, 2015 and deemed to have accrued from November 15, 2014 . As of June 30, 2015 , a premium of $3.6 million on the New 2024 Senior Notes remains unamortized. The premium is being amortized through Interest income (expense), net , on the Consolidated Statement of Operations over the life of the New 2024 Senior Notes. Pursuant to a registration rights agreement dated March 30, 2015 , we and the Borrowers have agreed to use commercially reasonable efforts to cause a registration statement to become effective with the SEC by March 30, 2016 , related to an offer to exchange the New 2024 Senior Notes for registered New 2024 Senior Notes having substantially identical terms, or, in certain cases, to register the New 2024 Senior Notes for resale. If we and the Borrowers do not register or exchange the New 2024 Senior Notes pursuant to the terms of the registration right agreement, the Borrowers will be required to pay additional interest to the holders of the New 2024 Senior Notes under certain circumstances. Revolving Credit Facility We also have a $425.0 million revolving credit facility, which matures in 2019 (the “Revolving Credit Facility”). As of June 30, 2015 , there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in each of the three months ended June 30, 2015 and 2014 . The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.9 million in each of the six months ended June 30, 2015 and 2014 . As of June 30, 2015 , we had issued letters of credit totaling approximately $30.6 million against the Revolving Credit Facility. Debt Covenants The credit agreement dated January 31, 2014, (the “Credit Agreement”), governing the Term Loan and the Revolving Credit Facility, and the indentures governing our senior unsecured 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 Capital 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. 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, 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, of no greater than 4.0 to 1.0. As of June 30, 2015 , our Consolidated Net Secured Leverage Ratio was 1.6 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 June 30, 2015 , our Consolidated Total Leverage Ratio was 5.1 to 1.0, as adjusted to give pro forma effect to the Acquisition in accordance with the Credit Agreement. As of June 30, 2015 , we are in compliance with our debt covenants. Letter of Credit Facility As of June 30, 2015 , we issued letters of credit totaling approximately $67.6 million under our $80.0 million letter of credit facility. The fee under the letter of credit facility was immaterial in each of the six months ended June 30, 2015 and 2014 . Deferred Financing Costs As of June 30, 2015 , we had deferred $36.1 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, letter of credit facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense on the Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, letter of credit facility and our senior unsecured notes. 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 $2.4 billion as of June 30, 2015 . The fair value of our debt is classified as Level 2. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Equity | Equity As of June 30, 2015 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 137,467,243 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. In the six months ended June 30, 2015 , we issued 346,554 shares, valued at approximately $9.8 million , of our common stock to J&M Holding Enterprises, Inc. (“J&M”), an affiliate of Videri Inc. (“Videri”), or Videri, as applicable, in connection with licenses and services to be received under a development and license agreement (the “Videri Agreement”) with J&M and Videri. We have capitalized the payments, which are related to the development of software and equipment to be utilized within digital displays, as construction in progress within Property and equipment, net , on the Consolidated Statement of Financial Position. On July 30, 2015 , we announced that our board of directors approved a quarterly cash dividend of $0.34 per share on our common stock, payable on September 30, 2015 , to stockholders of record at the close of business on September 10, 2015 . |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges In third and fourth quarters of 2014, we recorded an aggregate restructuring charge of $9.8 million (including stock-based compensation of $5.6 million ) associated with the reorganization of management and in the six months ended June 30, 2015 , we recorded a restructuring charge of $2.6 million in our U.S. segment associated with the elimination of a management position, the elimination of positions in connection with the sale of assets and the consolidation of leased locations. As of June 30, 2015 , $2.8 million in restructuring reserves remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In the six months ended June 30, 2015 , we completed several small acquisitions for $10.2 million . On October 1, 2014, we completed the Acquisition for $690.0 million in cash, plus working capital adjustments. Our Consolidated Statement of Operations for the three months ended June 30, 2015 , includes $48.4 million of revenue from the Acquired Business and for the six months ended June 30, 2015 , includes $95.0 million of revenue from the Acquired Business. 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 was 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. The following allocation of purchase price includes minor revisions to the preliminary allocation that was reported as of December 31, 2014, for property and equipment, goodwill and other assets, primarily due to adjustments for the valuation of property and equipment based upon additional information. However, we have not reclassified our Statement of Financial Position as of December 31, 2014, for these revisions due to their immaterial impact on current and prior periods. These preliminary estimates may 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 $ 690.0 Working capital and other adjustments 24.2 Estimated transaction consideration $ 714.2 Current assets $ 48.4 Property and equipment 73.3 Goodwill 298.9 Intangible assets (a) 325.2 Other assets 10.7 Current liabilities (36.5 ) 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 $ 252.0 Franchise agreements 4 - 15 years 35.3 Advertising relationships 7 years 16.0 Other 1 - 5 years 21.9 $ 325.2 (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 had varying maturities through June 1, 2021. As of June 30, 2015 , we have prepaid several of the debt obligations, leaving a remaining balance of $0.5 million , with varying maturities through January 31, 2017. Dispositions In the three months ended June 30, 2015 , we disposed of substantially all of our assets in Puerto Rico and recorded a loss of $0.9 million in Net (gain) loss on dispositions on the Consolidated Statement of Operations. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months and six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 4.4 $ 2.7 $ 7.9 $ 4.3 Stock options — 0.2 0.1 0.4 Stock-based compensation expense, before income taxes 4.4 2.9 8.0 4.7 Tax benefit (0.4 ) (1.3 ) (0.7 ) (2.1 ) Stock-based compensation expense, net of tax $ 4.0 $ 1.6 $ 7.3 $ 2.6 As of June 30, 2015 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $28.1 million , which is expected to be recognized over a weighted average period of 2.4 years , and total unrecognized compensation cost related to non-vested stock options was $0.5 million , which is expected to be recognized over a weighted average period of 2.1 years . RSUs and PRSUs The following table summarizes activity for the six months ended June 30, 2015 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2014 1,278,602 $ 21.92 Granted: RSUs 419,609 29.64 PRSUs 226,197 29.83 Vested: RSUs (458,074 ) 21.15 PRSUs (65,669 ) 28.89 Forfeitures: RSUs (19,219 ) 25.07 PRSUs (25,751 ) 26.42 Non-vested as of June 30, 2015 1,355,695 26.41 Stock Options The following table summarizes activity for the six months ended June 30, 2015 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2014 450,890 $ 15.29 Exercised (141,600 ) 14.67 Forfeited or expired (14,393 ) 12.73 Outstanding as of June 30, 2015 294,897 15.72 Exercisable as of June 30, 2015 182,661 10.84 |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Components of net periodic pension cost: Service cost $ 0.4 $ 0.4 $ 0.7 $ 0.7 Interest cost 0.5 0.5 0.9 1.1 Expected return on plan assets (0.6 ) (0.6 ) (1.1 ) (1.3 ) Amortization of net actuarial losses (a) 0.2 — 0.4 0.2 Net periodic pension cost $ 0.5 $ 0.3 $ 0.9 $ 0.7 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. In the six months ended June 30, 2015 , we contributed $1.6 million to our pension plans. In 2015 , we expect to contribute approximately $3.3 million to our pension plans. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As of July 17, 2014, we believe we are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (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 taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. As a result of our REIT conversion, our effective tax rate subsequent to the Separation 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 2014 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 period prior to the Separation. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three months and six months ended June 30, 2015 , our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations. Our effective income tax rate in the three months and six months ended June 30, 2014 , differed from the U.S. federal statutory income tax rate primarily due to the impact of state and local taxes, and the effect of foreign operations. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net income $ 22.2 $ 22.4 $ 23.3 $ 30.8 Weighted average shares for basic EPS 137.4 119.7 137.1 108.4 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.4 0.2 0.5 0.2 Weighted average shares for diluted EPS 137.8 119.9 137.6 108.6 (a) The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options for the three months ended June 30, 2015 , and an aggregate 0.1 million granted RSUs, PRSUs and stock options for the six months ended June 30, 2015 , were antidilutive. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
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. On July 22, 2015, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to extend our existing transit contract for providing advertising services throughout the New York City subway system from December 31, 2015, to December 31, 2016, unless earlier terminated by the MTA on or after July 1, 2016. On July 22, 2015, we also entered into an agreement with the MTA to modify our existing bus and commuter rail advertising contract to change the MTA’s right to terminate the contract at any time, to a right to terminate at any time on or after July 1, 2016, and the right to exclude billboards on the MTA’s properties from any termination. The December 31, 2016, expiration date of the bus and commuter rail advertising contract remains unchanged. 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 $115.7 million as of June 30, 2015 , 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Revenues: U.S. $ 346.1 $ 291.1 $ 660.0 $ 546.1 International 38.6 43.3 68.6 76.2 Total revenues $ 384.7 $ 334.4 $ 728.6 $ 622.3 We present Operating income (loss) before Depreciation , Amortization , Net (gain) loss on dispositions, Stock-based compensation and Restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net income $ 22.2 $ 22.4 $ 23.3 $ 30.8 Provision for income taxes 4.5 17.6 3.1 23.5 Equity in earnings of investee companies, net of tax (1.1 ) (0.2 ) (1.9 ) (0.8 ) Interest expense, net 28.9 18.5 56.7 31.0 Other expense, net 0.1 — — 0.5 Operating income 54.6 58.3 81.2 85.0 Restructuring charges 2.0 — 2.6 — Net (gain) loss on dispositions 0.9 — 0.6 (0.9 ) Depreciation and amortization 57.2 49.1 113.7 97.1 Stock-based compensation (a) 4.4 2.9 8.0 4.7 Total Adjusted OIBDA $ 119.1 $ 110.3 $ 206.1 $ 185.9 Adjusted OIBDA: U.S. $ 121.0 $ 106.4 $ 215.4 $ 186.7 International 7.5 9.5 7.6 10.6 Corporate (9.4 ) (5.6 ) (16.9 ) (11.4 ) Total Adjusted OIBDA $ 119.1 $ 110.3 $ 206.1 $ 185.9 (a) Stock-based compensation is classified as Corporate expenses. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Operating income (loss): U.S. $ 67.1 $ 64.2 $ 111.0 $ 104.2 International 1.3 2.6 (4.9 ) (3.1 ) Corporate (13.8 ) (8.5 ) (24.9 ) (16.1 ) Total operating income $ 54.6 $ 58.3 $ 81.2 $ 85.0 Net (gain) loss on dispositions: U.S. $ 0.9 $ — $ 0.5 $ (0.8 ) International — — 0.1 (0.1 ) Total (gain) loss on dispositions $ 0.9 $ — $ 0.6 $ (0.9 ) Depreciation and amortization: U.S. $ 51.0 $ 42.2 $ 101.3 $ 83.3 International 6.2 6.9 12.4 13.8 Total depreciation and amortization $ 57.2 $ 49.1 $ 113.7 $ 97.1 Capital expenditures: U.S. $ 13.6 $ 12.3 $ 25.7 $ 24.5 International 1.0 1.3 2.0 4.8 Total capital expenditures $ 14.6 $ 13.6 $ 27.7 $ 29.3 As of (in millions) June 30, 2015 December 31, 2014 Assets: U.S. $ 3,707.3 $ 3,704.2 International 266.4 270.4 Corporate 55.6 49.0 Total assets $ 4,029.3 $ 4,023.6 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2015 | |
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 Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. Long-Term Debt ). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Capital LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Company with the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Finance Corp. is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below. As of June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 17.8 $ 26.2 $ 24.4 $ — $ 68.4 Receivables, less allowance — — 194.0 30.4 — 224.4 Other current assets — 5.7 119.4 21.3 — 146.4 Total current assets — 23.5 339.6 76.1 — 439.2 Property and equipment, net — — 663.1 84.7 — 747.8 Goodwill — — 2,046.0 98.0 — 2,144.0 Intangible assets — — 606.7 0.1 — 606.8 Investment in subsidiaries 1,370.3 3,637.4 192.6 — (5,200.3 ) — Other assets — 30.5 54.5 6.5 — 91.5 Intercompany — — 70.6 59.0 (129.6 ) — Total assets $ 1,370.3 $ 3,691.4 $ 3,973.1 $ 324.4 $ (5,329.9 ) $ 4,029.3 Total current liabilities $ — $ 19.7 $ 183.0 $ 33.6 $ — $ 236.3 Long-term debt — 2,301.4 0.3 — — 2,301.7 Deferred income tax liabilities, net — — 1.3 13.9 — 15.2 Asset retirement obligation — — 28.5 8.1 — 36.6 Deficit in excess of investment of subsidiaries — — 2,267.1 — (2,267.1 ) — Other liabilities — — 63.6 5.6 — 69.2 Intercompany — — 59.0 70.6 (129.6 ) — Total liabilities — 2,321.1 2,602.8 131.8 (2,396.7 ) 2,659.0 Total stockholders’ equity 1,370.3 1,370.3 1,370.3 192.6 (2,933.2 ) 1,370.3 Total liabilities and stockholders’ equity $ 1,370.3 $ 3,691.4 $ 3,973.1 $ 324.4 $ (5,329.9 ) $ 4,029.3 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 31.0 — 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 — — 2,050.6 103.6 — 2,154.2 Intangible assets — — 633.0 0.2 — 633.2 Investment in subsidiaries 1,445.5 3,613.0 208.1 — (5,266.6 ) — Other assets — 31.2 59.5 7.3 — 98.0 Intercompany — — 75.1 62.9 (138.0 ) — Total assets $ 1,445.5 $ 3,661.0 $ 3,988.4 $ 333.3 $ (5,404.6 ) $ 4,023.6 Total current liabilities $ — $ 17.9 $ 219.1 $ 18.2 $ — $ 255.2 Long-term debt — 2,197.6 0.7 — — 2,198.3 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 — — 2,167.5 — (2,167.5 ) — Other liabilities — — 64.4 6.4 — 70.8 Intercompany — — 62.9 75.1 (138.0 ) — Total liabilities — 2,215.5 2,542.9 125.2 (2,305.5 ) 2,578.1 Total stockholders’ equity 1,445.5 1,445.5 1,445.5 208.1 (3,099.1 ) 1,445.5 Total liabilities and stockholders’ equity $ 1,445.5 $ 3,661.0 $ 3,988.4 $ 333.3 $ (5,404.6 ) $ 4,023.6 Three Months Ended June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 246.9 $ 33.2 $ — $ 280.1 Transit and other — — 99.2 5.4 — 104.6 Total revenues — — 346.1 38.6 — 384.7 Expenses: Operating — — 182.8 23.6 — 206.4 Selling, general and administrative 0.3 0.1 55.7 7.5 — 63.6 Restructuring charges — — 2.0 — — 2.0 Net (gain) loss on dispositions — — 0.9 — — 0.9 Depreciation — — 22.9 5.1 — 28.0 Amortization — — 28.1 1.1 — 29.2 Total expenses 0.3 0.1 292.4 37.3 — 330.1 Operating income (loss) (0.3 ) (0.1 ) 53.7 1.3 — 54.6 Interest income (expense), net — (28.9 ) (0.1 ) 0.1 — (28.9 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.3 ) (29.0 ) 53.6 1.3 — 25.6 Provision for income taxes — — (2.0 ) (2.5 ) — (4.5 ) Equity in earnings of investee companies, net of tax 22.5 51.5 (29.1 ) 0.3 (44.1 ) 1.1 Net income (loss) $ 22.2 $ 22.5 $ 22.5 $ (0.9 ) $ (44.1 ) $ 22.2 Net income $ 22.2 $ 22.5 $ 22.5 $ (0.9 ) $ (44.1 ) $ 22.2 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — 2.2 — 2.2 Amortization of net actuarial loss — — — 0.1 — 0.1 Other comprehensive income (loss), net of tax, recognized from investee companies 2.3 2.3 2.3 — (6.9 ) — Total other comprehensive income (loss), net of tax 2.3 2.3 2.3 2.3 (6.9 ) 2.3 Total comprehensive income (loss) $ 24.5 $ 24.8 $ 24.8 $ 1.4 $ (51.0 ) $ 24.5 Three Months Ended June 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 207.2 $ 37.0 $ — $ 244.2 Transit and other — — 83.9 6.3 — 90.2 Total revenues — — 291.1 43.3 — 334.4 Expenses: Operating — — 145.7 25.9 — 171.6 Selling, general and administrative 0.6 — 46.9 7.9 — 55.4 Depreciation — — 20.8 5.7 — 26.5 Amortization — — 21.4 1.2 — 22.6 Total expenses 0.6 — 234.8 40.7 — 276.1 Operating income (loss) (0.6 ) — 56.3 2.6 — 58.3 Interest income (expense), net — (18.7 ) — 0.2 — (18.5 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.6 ) (18.7 ) 56.3 2.8 — 39.8 Provision for income taxes — — (16.5 ) (1.1 ) — (17.6 ) Equity in earnings of investee companies, net of tax 23.0 41.7 (16.8 ) 0.2 (47.9 ) 0.2 Net income (loss) $ 22.4 $ 23.0 $ 23.0 $ 1.9 $ (47.9 ) $ 22.4 Net income $ 22.4 $ 23.0 $ 23.0 $ 1.9 $ (47.9 ) $ 22.4 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — 3.3 — 3.3 Other comprehensive income (loss), net of tax, recognized from investee companies 3.3 3.3 3.3 — (9.9 ) — Total other comprehensive income (loss), net of tax 3.3 3.3 3.3 3.3 (9.9 ) 3.3 Total comprehensive income (loss) $ 25.7 $ 26.3 $ 26.3 $ 5.2 $ (57.8 ) $ 25.7 Six Months Ended June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 468.0 $ 59.0 $ — $ 527.0 Transit and other — — 192.0 9.6 — 201.6 Total revenues — — 660.0 68.6 — 728.6 Expenses: Operating — — 359.1 46.1 — 405.2 Selling, general and administrative 0.8 0.1 109.5 14.9 — 125.3 Restructuring charges — — 2.6 — — 2.6 Net loss on dispositions — — 0.5 0.1 — 0.6 Depreciation — — 46.4 10.3 — 56.7 Amortization — — 54.9 2.1 — 57.0 Total expenses 0.8 0.1 573.0 73.5 — 647.4 Operating income (loss) (0.8 ) (0.1 ) 87.0 (4.9 ) — 81.2 Interest income (expense), net — (56.7 ) (0.1 ) 0.1 — (56.7 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.8 ) (56.8 ) 86.9 (4.8 ) — 24.5 Provision for income taxes — — (1.7 ) (1.4 ) — (3.1 ) Equity in earnings of investee companies, net of tax 24.1 80.9 (61.1 ) 0.6 (42.6 ) 1.9 Net income (loss) $ 23.3 $ 24.1 $ 24.1 $ (5.6 ) $ (42.6 ) $ 23.3 Net income $ 23.3 $ 24.1 $ 24.1 $ (5.6 ) $ (42.6 ) $ 23.3 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — (11.1 ) — (11.1 ) Amortization of net actuarial loss — — — 0.3 — 0.3 Other comprehensive income (loss), net of tax, recognized from investee companies (10.8 ) (10.8 ) (10.8 ) — 32.4 — Total other comprehensive income (loss), net of tax (10.8 ) (10.8 ) (10.8 ) (10.8 ) 32.4 (10.8 ) Total comprehensive income (loss) $ 12.5 $ 13.3 $ 13.3 $ (16.4 ) $ (10.2 ) $ 12.5 Six Months Ended June 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 384.1 $ 65.2 $ — $ 449.3 Transit and other — — 162.0 11.0 — 173.0 Total revenues — — 546.1 76.2 — 622.3 Expenses: Operating — — 284.7 50.4 — 335.1 Selling, general and administrative 0.6 — 90.2 15.2 — 106.0 Net gain on dispositions — — (0.8 ) (0.1 ) — (0.9 ) Depreciation — — 41.2 11.4 — 52.6 Amortization — — 42.1 2.4 — 44.5 Total expenses 0.6 — 457.4 79.3 — 537.3 Operating income (loss) (0.6 ) — 88.7 (3.1 ) — 85.0 Interest income (expense), net — (31.1 ) — 0.1 — (31.0 ) Other expense, net — — — (0.5 ) — (0.5 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.6 ) (31.1 ) 88.7 (3.5 ) — 53.5 Provision for income taxes — — (21.8 ) (1.7 ) — (23.5 ) Equity in earnings of investee companies, net of tax 31.4 62.5 (35.5 ) 0.3 (57.9 ) 0.8 Net income (loss) $ 30.8 $ 31.4 $ 31.4 $ (4.9 ) $ (57.9 ) $ 30.8 Net income $ 30.8 $ 31.4 $ 31.4 $ (4.9 ) $ (57.9 ) $ 30.8 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — 5.1 — 5.1 Amortization of net actuarial loss — — — 0.2 — 0.2 Other comprehensive income (loss), net of tax, recognized from investee companies 5.3 5.3 5.3 — (15.9 ) — Total other comprehensive income (loss), net of tax 5.3 5.3 5.3 5.3 (15.9 ) 5.3 Total comprehensive income (loss) $ 36.1 $ 36.7 $ 36.7 $ 0.4 $ (73.8 ) $ 36.1 Six Months Ended June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (52.2 ) $ 107.1 $ 20.0 $ — $ 74.1 Investing activities: Capital expenditures — — (25.7 ) (2.0 ) — (27.7 ) Acquisitions — — (10.2 ) — — (10.2 ) Net proceeds from dispositions — — 8.8 — — 8.8 Net cash flow used for investing activities — — (27.1 ) (2.0 ) — (29.1 ) Financing activities: Proceeds from long-term debt borrowings - new senior notes — 103.8 — — — 103.8 Proceeds from borrowings under revolving credit facility — 105.0 — — — 105.0 Repayments of borrowings under revolving credit facility — (105.0 ) — — — (105.0 ) Deferred financing costs — (3.3 ) — — — (3.3 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (3.8 ) — — (3.8 ) Dividends (102.0 ) — — — — (102.0 ) Intercompany 100.8 (42.0 ) (58.2 ) (0.6 ) — — Other — — (0.6 ) — — (0.6 ) Net cash flow provided by (used for) financing activities 0.8 58.5 (62.6 ) (0.6 ) — (3.9 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.2 ) — (1.2 ) Net increase in cash and cash equivalents — 6.3 17.4 16.2 — 39.9 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash and cash equivalents at end of period $ — $ 17.8 $ 26.2 $ 24.4 $ — $ 68.4 Six Months Ended June 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.6 ) $ (18.8 ) $ 102.6 $ (8.2 ) $ — $ 75.0 Investing activities: Capital expenditures — — (24.5 ) (4.8 ) — (29.3 ) Net proceeds from dispositions — — 0.3 0.2 — 0.5 Net cash flow used for investing activities — — (24.2 ) (4.6 ) — (28.8 ) Financing activities: Proceeds from IPO 615.0 — — — — 615.0 Proceeds from long-term debt borrowings - term loan and senior notes — 1,598.0 — — — 1,598.0 Deferred financing costs — (24.4 ) — — — (24.4 ) Distribution of debt and IPO proceeds to CBS (515.0 ) (1,523.8 ) — — — (2,038.8 ) Net cash contribution from CBS — — 42.2 — — 42.2 Dividends (44.4 ) — — — — (44.4 ) Intercompany (55.0 ) 165.1 (114.3 ) 4.2 — — Net cash flow provided by (used for) financing activities 0.6 214.9 (72.1 ) 4.2 — 147.6 Effect of exchange rate changes on cash and cash equivalents — — — (0.2 ) — (0.2 ) Net increase (decrease) in cash and cash equivalents — 196.1 6.3 (8.8 ) — 193.6 Cash and cash equivalents at beginning of period — — 2.1 27.7 — 29.8 Cash and cash equivalents at end of period $ — $ 196.1 $ 8.4 $ 18.9 $ — $ 223.4 |
Description of Business and B26
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Misclassification Correction | We have revised the previously reported Condensed Consolidated Statement of Cash Flows for six months ended June 30, 2014 . Historically, non-cash purchases of property and equipment were included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $10.2 million for the six months ended June 30, 2014 . We do not believe that these misclassifications were material to the previously reported interim 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. |
Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of 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. |
New Accounting Standards Accoun
New Accounting Standards Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | Adoption of New Accounting Standards Service Concession Arrangements During the first quarter of 2015, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) 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. This guidance did not have a material effect on our financial statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity During the first quarter of 2015 , we adopted the FASB 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 did not have a material effect on our consolidated financial statements. Recent Pronouncements Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. We do not expect this guidance to have a material effect on our 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. In July 2015 , the FASB deferred the effective date of the standard by one year. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2017 . Early adoption is not permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, December 31, Land $ 91.6 $ 88.1 Buildings 20 to 40 years 47.0 47.0 Advertising structures 5 to 20 years 1,710.4 1,745.6 Furniture, equipment and other 3 to 10 years 83.1 78.1 Construction in progress 25.1 17.1 1,957.2 1,975.9 Less: accumulated depreciation 1,209.4 1,193.0 Property and equipment, net $ 747.8 $ 782.9 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of June 30, 2015: Permits and leasehold agreements $ 1,122.4 $ (693.0 ) $ 429.4 Franchise agreements 473.7 (330.5 ) 143.2 Other intangible assets 40.0 (5.8 ) 34.2 Total intangible assets $ 1,636.1 $ (1,029.3 ) $ 606.8 As of December 31, 2014: Permits and leasehold agreements $ 1,119.2 $ (677.2 ) $ 442.0 Franchise agreements 474.7 (321.1 ) 153.6 Other intangible assets 39.9 (2.3 ) 37.6 Total intangible assets $ 1,633.8 $ (1,000.6 ) $ 633.2 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2014 $ 36.6 Accretion expense 1.2 Additions 0.1 Liabilities settled (0.6 ) Foreign currency translation adjustments (0.7 ) As of June 30, 2015 $ 36.6 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: As of (in millions, except percentages) June 30, December 31, Term loan, due 2021 $ 798.4 $ 798.3 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.3 549.3 5.625% senior unsecured notes, due 2024 503.6 400.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.9 1,399.3 Other 0.4 0.7 Total long-term debt $ 2,301.7 $ 2,198.3 Weighted average cost of debt 4.7 % 4.6 % |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | (in millions) Purchase Price Base purchase price $ 690.0 Working capital and other adjustments 24.2 Estimated transaction consideration $ 714.2 Current assets $ 48.4 Property and equipment 73.3 Goodwill 298.9 Intangible assets (a) 325.2 Other assets 10.7 Current liabilities (36.5 ) 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 $ 252.0 Franchise agreements 4 - 15 years 35.3 Advertising relationships 7 years 16.0 Other 1 - 5 years 21.9 $ 325.2 (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 had varying maturities through June 1, 2021. As of June 30, 2015 , we have prepaid several of the debt obligations, leaving a remaining balance of $0.5 million , with varying maturities through January 31, 2017. |
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 $ 252.0 Franchise agreements 4 - 15 years 35.3 Advertising relationships 7 years 16.0 Other 1 - 5 years 21.9 $ 325.2 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three months and six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 4.4 $ 2.7 $ 7.9 $ 4.3 Stock options — 0.2 0.1 0.4 Stock-based compensation expense, before income taxes 4.4 2.9 8.0 4.7 Tax benefit (0.4 ) (1.3 ) (0.7 ) (2.1 ) Stock-based compensation expense, net of tax $ 4.0 $ 1.6 $ 7.3 $ 2.6 |
Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2015 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2014 1,278,602 $ 21.92 Granted: RSUs 419,609 29.64 PRSUs 226,197 29.83 Vested: RSUs (458,074 ) 21.15 PRSUs (65,669 ) 28.89 Forfeitures: RSUs (19,219 ) 25.07 PRSUs (25,751 ) 26.42 Non-vested as of June 30, 2015 1,355,695 26.41 |
Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2015 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2014 450,890 $ 15.29 Exercised (141,600 ) 14.67 Forfeited or expired (14,393 ) 12.73 Outstanding as of June 30, 2015 294,897 15.72 Exercisable as of June 30, 2015 182,661 10.84 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Components of net periodic pension cost: Service cost $ 0.4 $ 0.4 $ 0.7 $ 0.7 Interest cost 0.5 0.5 0.9 1.1 Expected return on plan assets (0.6 ) (0.6 ) (1.1 ) (1.3 ) Amortization of net actuarial losses (a) 0.2 — 0.4 0.2 Net periodic pension cost $ 0.5 $ 0.3 $ 0.9 $ 0.7 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net income $ 22.2 $ 22.4 $ 23.3 $ 30.8 Weighted average shares for basic EPS 137.4 119.7 137.1 108.4 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.4 0.2 0.5 0.2 Weighted average shares for diluted EPS 137.8 119.9 137.6 108.6 (a) The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options for the three months ended June 30, 2015 , and an aggregate 0.1 million granted RSUs, PRSUs and stock options for the six months ended June 30, 2015 , were antidilutive. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Revenues: U.S. $ 346.1 $ 291.1 $ 660.0 $ 546.1 International 38.6 43.3 68.6 76.2 Total revenues $ 384.7 $ 334.4 $ 728.6 $ 622.3 |
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Net income $ 22.2 $ 22.4 $ 23.3 $ 30.8 Provision for income taxes 4.5 17.6 3.1 23.5 Equity in earnings of investee companies, net of tax (1.1 ) (0.2 ) (1.9 ) (0.8 ) Interest expense, net 28.9 18.5 56.7 31.0 Other expense, net 0.1 — — 0.5 Operating income 54.6 58.3 81.2 85.0 Restructuring charges 2.0 — 2.6 — Net (gain) loss on dispositions 0.9 — 0.6 (0.9 ) Depreciation and amortization 57.2 49.1 113.7 97.1 Stock-based compensation (a) 4.4 2.9 8.0 4.7 Total Adjusted OIBDA $ 119.1 $ 110.3 $ 206.1 $ 185.9 Adjusted OIBDA: U.S. $ 121.0 $ 106.4 $ 215.4 $ 186.7 International 7.5 9.5 7.6 10.6 Corporate (9.4 ) (5.6 ) (16.9 ) (11.4 ) Total Adjusted OIBDA $ 119.1 $ 110.3 $ 206.1 $ 185.9 (a) Stock-based compensation is classified as Corporate expenses. |
Tabular Disclosure by Reportable Segments | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2015 2014 2015 2014 Operating income (loss): U.S. $ 67.1 $ 64.2 $ 111.0 $ 104.2 International 1.3 2.6 (4.9 ) (3.1 ) Corporate (13.8 ) (8.5 ) (24.9 ) (16.1 ) Total operating income $ 54.6 $ 58.3 $ 81.2 $ 85.0 Net (gain) loss on dispositions: U.S. $ 0.9 $ — $ 0.5 $ (0.8 ) International — — 0.1 (0.1 ) Total (gain) loss on dispositions $ 0.9 $ — $ 0.6 $ (0.9 ) Depreciation and amortization: U.S. $ 51.0 $ 42.2 $ 101.3 $ 83.3 International 6.2 6.9 12.4 13.8 Total depreciation and amortization $ 57.2 $ 49.1 $ 113.7 $ 97.1 Capital expenditures: U.S. $ 13.6 $ 12.3 $ 25.7 $ 24.5 International 1.0 1.3 2.0 4.8 Total capital expenditures $ 14.6 $ 13.6 $ 27.7 $ 29.3 |
Reconciliation of Assets from Segment to Consolidated | As of (in millions) June 30, 2015 December 31, 2014 Assets: U.S. $ 3,707.3 $ 3,704.2 International 266.4 270.4 Corporate 55.6 49.0 Total assets $ 4,029.3 $ 4,023.6 |
Condensed Consolidating Finan37
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet | As of June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 17.8 $ 26.2 $ 24.4 $ — $ 68.4 Receivables, less allowance — — 194.0 30.4 — 224.4 Other current assets — 5.7 119.4 21.3 — 146.4 Total current assets — 23.5 339.6 76.1 — 439.2 Property and equipment, net — — 663.1 84.7 — 747.8 Goodwill — — 2,046.0 98.0 — 2,144.0 Intangible assets — — 606.7 0.1 — 606.8 Investment in subsidiaries 1,370.3 3,637.4 192.6 — (5,200.3 ) — Other assets — 30.5 54.5 6.5 — 91.5 Intercompany — — 70.6 59.0 (129.6 ) — Total assets $ 1,370.3 $ 3,691.4 $ 3,973.1 $ 324.4 $ (5,329.9 ) $ 4,029.3 Total current liabilities $ — $ 19.7 $ 183.0 $ 33.6 $ — $ 236.3 Long-term debt — 2,301.4 0.3 — — 2,301.7 Deferred income tax liabilities, net — — 1.3 13.9 — 15.2 Asset retirement obligation — — 28.5 8.1 — 36.6 Deficit in excess of investment of subsidiaries — — 2,267.1 — (2,267.1 ) — Other liabilities — — 63.6 5.6 — 69.2 Intercompany — — 59.0 70.6 (129.6 ) — Total liabilities — 2,321.1 2,602.8 131.8 (2,396.7 ) 2,659.0 Total stockholders’ equity 1,370.3 1,370.3 1,370.3 192.6 (2,933.2 ) 1,370.3 Total liabilities and stockholders’ equity $ 1,370.3 $ 3,691.4 $ 3,973.1 $ 324.4 $ (5,329.9 ) $ 4,029.3 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 31.0 — 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 — — 2,050.6 103.6 — 2,154.2 Intangible assets — — 633.0 0.2 — 633.2 Investment in subsidiaries 1,445.5 3,613.0 208.1 — (5,266.6 ) — Other assets — 31.2 59.5 7.3 — 98.0 Intercompany — — 75.1 62.9 (138.0 ) — Total assets $ 1,445.5 $ 3,661.0 $ 3,988.4 $ 333.3 $ (5,404.6 ) $ 4,023.6 Total current liabilities $ — $ 17.9 $ 219.1 $ 18.2 $ — $ 255.2 Long-term debt — 2,197.6 0.7 — — 2,198.3 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 — — 2,167.5 — (2,167.5 ) — Other liabilities — — 64.4 6.4 — 70.8 Intercompany — — 62.9 75.1 (138.0 ) — Total liabilities — 2,215.5 2,542.9 125.2 (2,305.5 ) 2,578.1 Total stockholders’ equity 1,445.5 1,445.5 1,445.5 208.1 (3,099.1 ) 1,445.5 Total liabilities and stockholders’ equity $ 1,445.5 $ 3,661.0 $ 3,988.4 $ 333.3 $ (5,404.6 ) $ 4,023.6 |
Condensed Income Statement | Three Months Ended June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 246.9 $ 33.2 $ — $ 280.1 Transit and other — — 99.2 5.4 — 104.6 Total revenues — — 346.1 38.6 — 384.7 Expenses: Operating — — 182.8 23.6 — 206.4 Selling, general and administrative 0.3 0.1 55.7 7.5 — 63.6 Restructuring charges — — 2.0 — — 2.0 Net (gain) loss on dispositions — — 0.9 — — 0.9 Depreciation — — 22.9 5.1 — 28.0 Amortization — — 28.1 1.1 — 29.2 Total expenses 0.3 0.1 292.4 37.3 — 330.1 Operating income (loss) (0.3 ) (0.1 ) 53.7 1.3 — 54.6 Interest income (expense), net — (28.9 ) (0.1 ) 0.1 — (28.9 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.3 ) (29.0 ) 53.6 1.3 — 25.6 Provision for income taxes — — (2.0 ) (2.5 ) — (4.5 ) Equity in earnings of investee companies, net of tax 22.5 51.5 (29.1 ) 0.3 (44.1 ) 1.1 Net income (loss) $ 22.2 $ 22.5 $ 22.5 $ (0.9 ) $ (44.1 ) $ 22.2 Net income $ 22.2 $ 22.5 $ 22.5 $ (0.9 ) $ (44.1 ) $ 22.2 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — 2.2 — 2.2 Amortization of net actuarial loss — — — 0.1 — 0.1 Other comprehensive income (loss), net of tax, recognized from investee companies 2.3 2.3 2.3 — (6.9 ) — Total other comprehensive income (loss), net of tax 2.3 2.3 2.3 2.3 (6.9 ) 2.3 Total comprehensive income (loss) $ 24.5 $ 24.8 $ 24.8 $ 1.4 $ (51.0 ) $ 24.5 Three Months Ended June 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 207.2 $ 37.0 $ — $ 244.2 Transit and other — — 83.9 6.3 — 90.2 Total revenues — — 291.1 43.3 — 334.4 Expenses: Operating — — 145.7 25.9 — 171.6 Selling, general and administrative 0.6 — 46.9 7.9 — 55.4 Depreciation — — 20.8 5.7 — 26.5 Amortization — — 21.4 1.2 — 22.6 Total expenses 0.6 — 234.8 40.7 — 276.1 Operating income (loss) (0.6 ) — 56.3 2.6 — 58.3 Interest income (expense), net — (18.7 ) — 0.2 — (18.5 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.6 ) (18.7 ) 56.3 2.8 — 39.8 Provision for income taxes — — (16.5 ) (1.1 ) — (17.6 ) Equity in earnings of investee companies, net of tax 23.0 41.7 (16.8 ) 0.2 (47.9 ) 0.2 Net income (loss) $ 22.4 $ 23.0 $ 23.0 $ 1.9 $ (47.9 ) $ 22.4 Net income $ 22.4 $ 23.0 $ 23.0 $ 1.9 $ (47.9 ) $ 22.4 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — 3.3 — 3.3 Other comprehensive income (loss), net of tax, recognized from investee companies 3.3 3.3 3.3 — (9.9 ) — Total other comprehensive income (loss), net of tax 3.3 3.3 3.3 3.3 (9.9 ) 3.3 Total comprehensive income (loss) $ 25.7 $ 26.3 $ 26.3 $ 5.2 $ (57.8 ) $ 25.7 Six Months Ended June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 468.0 $ 59.0 $ — $ 527.0 Transit and other — — 192.0 9.6 — 201.6 Total revenues — — 660.0 68.6 — 728.6 Expenses: Operating — — 359.1 46.1 — 405.2 Selling, general and administrative 0.8 0.1 109.5 14.9 — 125.3 Restructuring charges — — 2.6 — — 2.6 Net loss on dispositions — — 0.5 0.1 — 0.6 Depreciation — — 46.4 10.3 — 56.7 Amortization — — 54.9 2.1 — 57.0 Total expenses 0.8 0.1 573.0 73.5 — 647.4 Operating income (loss) (0.8 ) (0.1 ) 87.0 (4.9 ) — 81.2 Interest income (expense), net — (56.7 ) (0.1 ) 0.1 — (56.7 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.8 ) (56.8 ) 86.9 (4.8 ) — 24.5 Provision for income taxes — — (1.7 ) (1.4 ) — (3.1 ) Equity in earnings of investee companies, net of tax 24.1 80.9 (61.1 ) 0.6 (42.6 ) 1.9 Net income (loss) $ 23.3 $ 24.1 $ 24.1 $ (5.6 ) $ (42.6 ) $ 23.3 Net income $ 23.3 $ 24.1 $ 24.1 $ (5.6 ) $ (42.6 ) $ 23.3 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — (11.1 ) — (11.1 ) Amortization of net actuarial loss — — — 0.3 — 0.3 Other comprehensive income (loss), net of tax, recognized from investee companies (10.8 ) (10.8 ) (10.8 ) — 32.4 — Total other comprehensive income (loss), net of tax (10.8 ) (10.8 ) (10.8 ) (10.8 ) 32.4 (10.8 ) Total comprehensive income (loss) $ 12.5 $ 13.3 $ 13.3 $ (16.4 ) $ (10.2 ) $ 12.5 Six Months Ended June 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 384.1 $ 65.2 $ — $ 449.3 Transit and other — — 162.0 11.0 — 173.0 Total revenues — — 546.1 76.2 — 622.3 Expenses: Operating — — 284.7 50.4 — 335.1 Selling, general and administrative 0.6 — 90.2 15.2 — 106.0 Net gain on dispositions — — (0.8 ) (0.1 ) — (0.9 ) Depreciation — — 41.2 11.4 — 52.6 Amortization — — 42.1 2.4 — 44.5 Total expenses 0.6 — 457.4 79.3 — 537.3 Operating income (loss) (0.6 ) — 88.7 (3.1 ) — 85.0 Interest income (expense), net — (31.1 ) — 0.1 — (31.0 ) Other expense, net — — — (0.5 ) — (0.5 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.6 ) (31.1 ) 88.7 (3.5 ) — 53.5 Provision for income taxes — — (21.8 ) (1.7 ) — (23.5 ) Equity in earnings of investee companies, net of tax 31.4 62.5 (35.5 ) 0.3 (57.9 ) 0.8 Net income (loss) $ 30.8 $ 31.4 $ 31.4 $ (4.9 ) $ (57.9 ) $ 30.8 Net income $ 30.8 $ 31.4 $ 31.4 $ (4.9 ) $ (57.9 ) $ 30.8 Other comprehensive income (loss), net of tax: Cumulative translation adjustments — — — 5.1 — 5.1 Amortization of net actuarial loss — — — 0.2 — 0.2 Other comprehensive income (loss), net of tax, recognized from investee companies 5.3 5.3 5.3 — (15.9 ) — Total other comprehensive income (loss), net of tax 5.3 5.3 5.3 5.3 (15.9 ) 5.3 Total comprehensive income (loss) $ 36.1 $ 36.7 $ 36.7 $ 0.4 $ (73.8 ) $ 36.1 |
Condensed Cash Flow Statement | Six Months Ended June 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (52.2 ) $ 107.1 $ 20.0 $ — $ 74.1 Investing activities: Capital expenditures — — (25.7 ) (2.0 ) — (27.7 ) Acquisitions — — (10.2 ) — — (10.2 ) Net proceeds from dispositions — — 8.8 — — 8.8 Net cash flow used for investing activities — — (27.1 ) (2.0 ) — (29.1 ) Financing activities: Proceeds from long-term debt borrowings - new senior notes — 103.8 — — — 103.8 Proceeds from borrowings under revolving credit facility — 105.0 — — — 105.0 Repayments of borrowings under revolving credit facility — (105.0 ) — — — (105.0 ) Deferred financing costs — (3.3 ) — — — (3.3 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (3.8 ) — — (3.8 ) Dividends (102.0 ) — — — — (102.0 ) Intercompany 100.8 (42.0 ) (58.2 ) (0.6 ) — — Other — — (0.6 ) — — (0.6 ) Net cash flow provided by (used for) financing activities 0.8 58.5 (62.6 ) (0.6 ) — (3.9 ) Effect of exchange rate changes on cash and cash equivalents — — — (1.2 ) — (1.2 ) Net increase in cash and cash equivalents — 6.3 17.4 16.2 — 39.9 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash and cash equivalents at end of period $ — $ 17.8 $ 26.2 $ 24.4 $ — $ 68.4 Six Months Ended June 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.6 ) $ (18.8 ) $ 102.6 $ (8.2 ) $ — $ 75.0 Investing activities: Capital expenditures — — (24.5 ) (4.8 ) — (29.3 ) Net proceeds from dispositions — — 0.3 0.2 — 0.5 Net cash flow used for investing activities — — (24.2 ) (4.6 ) — (28.8 ) Financing activities: Proceeds from IPO 615.0 — — — — 615.0 Proceeds from long-term debt borrowings - term loan and senior notes — 1,598.0 — — — 1,598.0 Deferred financing costs — (24.4 ) — — — (24.4 ) Distribution of debt and IPO proceeds to CBS (515.0 ) (1,523.8 ) — — — (2,038.8 ) Net cash contribution from CBS — — 42.2 — — 42.2 Dividends (44.4 ) — — — — (44.4 ) Intercompany (55.0 ) 165.1 (114.3 ) 4.2 — — Net cash flow provided by (used for) financing activities 0.6 214.9 (72.1 ) 4.2 — 147.6 Effect of exchange rate changes on cash and cash equivalents — — — (0.2 ) — (0.2 ) Net increase (decrease) in cash and cash equivalents — 196.1 6.3 (8.8 ) — 193.6 Cash and cash equivalents at beginning of period — — 2.1 27.7 — 29.8 Cash and cash equivalents at end of period $ — $ 196.1 $ 8.4 $ 18.9 $ — $ 223.4 |
Description of Business and B38
Description of Business and Basis of Presentation - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014USD ($) | Jun. 30, 2015marketssegment | Jun. 30, 2014USD ($) | |
Description of Business and Basis of Presentation [Line Items] | |||
Number of Largest Markets in Which the Entity Operates, Domestic | markets | 25 | ||
Number of reportable segments | segment | 2 | ||
Net Cash Used in Operating Activities | |||
Description of Business and Basis of Presentation [Line Items] | |||
Misclassification correction | $ 10.2 | ||
Net Cash Used in Investing Activities | |||
Description of Business and Basis of Presentation [Line Items] | |||
Misclassification correction | 10.2 | ||
Billboard Revenue | |||
Description of Business and Basis of Presentation [Line Items] | |||
Reclassification adjustment | $ 1.1 | 3.7 | |
Transit and Other Revenue | |||
Description of Business and Basis of Presentation [Line Items] | |||
Reclassification adjustment | $ 1.1 | $ 3.7 | |
Minimum | |||
Description of Business and Basis of Presentation [Line Items] | |||
Number of Markets in Which the Entity Operates | markets | 180 |
Property and Equipment - Summar
Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,957.2 | $ 1,975.9 |
Less: accumulated depreciation | 1,209.4 | 1,193 |
Property and equipment, net | 747.8 | 782.9 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 91.6 | 88.1 |
Buildings | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 47 | 47 |
Buildings | Minimum | ||
Property and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Buildings | Maximum | ||
Property and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,710.4 | 1,745.6 |
Advertising structures | Minimum | ||
Property and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Advertising structures | Maximum | ||
Property and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Furniture, equipment and other | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 83.1 | 78.1 |
Furniture, equipment and other | Minimum | ||
Property and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Furniture, equipment and other | Maximum | ||
Property and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 25.1 | $ 17.1 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 28 | $ 26.5 | $ 56.7 | $ 52.6 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,636.1 | $ 1,633.8 |
Accumulated amortization | (1,029.3) | (1,000.6) |
Net | 606.8 | 633.2 |
Permits and leasehold agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,122.4 | 1,119.2 |
Accumulated amortization | (693) | (677.2) |
Net | 429.4 | 442 |
Franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 473.7 | 474.7 |
Accumulated amortization | (330.5) | (321.1) |
Net | 143.2 | 153.6 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 40 | 39.9 |
Accumulated amortization | (5.8) | (2.3) |
Net | $ 34.2 | $ 37.6 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 29.2 | $ 22.6 | $ 57 | $ 44.5 |
Amortization of direct lease acquisition costs | $ 9.2 | $ 8.4 | $ 16.7 | $ 15.4 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Direct lease acquisition costs, useful life | 28 days | |||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Direct lease acquisition costs, useful life | 1 year |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2015 | |
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 - S
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2014 | $ 36.6 |
Accretion expense | 1.2 |
Additions | 0.1 |
Liabilities settled | (0.6) |
Foreign currency translation adjustments | (0.7) |
As of June 30, 2015 | $ 36.6 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)joint_ventureDisplays | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)joint_ventureDisplays | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Equity method investments | $ 23.6 | $ 23.6 | $ 27 | ||
Management fee revenue | 1.8 | $ 2.1 | 3.3 | $ 3 | |
Revenues | 384.7 | 334.4 | 728.6 | 622.3 | |
CBS Corp. | |||||
Related Party Transaction [Line Items] | |||||
Selling, general and administrative expenses from transactions with related party | 2.8 | 9.2 | |||
Revenues | 5.1 | 7 | |||
Accounts receivable, related parties, current | 0 | 0 | 0 | ||
Accounts payable, related parties, current | $ 0 | $ 0 | $ 0.2 | ||
Other related parties | |||||
Related Party Transaction [Line Items] | |||||
Revenues | $ 2 | $ 3.6 | |||
Transit shelter joint ventures | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 2 | 2 | |||
Acquired joint ventures | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 4 | 4 | |||
Equity method investment, number of displays | Displays | 17 | 17 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions | Mar. 30, 2015 | Feb. 03, 2015 | Jan. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,301.7 | $ 2,198.3 | |||
Other long-term debt | $ 0.4 | $ 0.7 | |||
Weighted average cost of debt | 4.70% | 4.60% | |||
Secured debt | Term loan, due 2021 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jan. 31, 2021 | ||||
Long-term debt | $ 798.4 | $ 798.3 | |||
Senior unsecured notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,502.9 | 1,399.3 | |||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | |||
Long-term debt | $ 549.3 | 549.3 | |||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Feb. 15, 2024 | Jan. 31, 2024 | Feb. 15, 2024 | Jan. 31, 2024 | |
Long-term debt | $ 503.6 | 400 | |||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | |||
Long-term debt | $ 450 | $ 450 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) $ in Millions | Mar. 30, 2015USD ($)subsidiary | Feb. 03, 2015USD ($) | Jan. 31, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||
Outstanding letters of credit and surety bonds | $ 115.7 | $ 115.7 | |||||
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. | ||||||
Maximum consolidated total leverage ratio | 6 | ||||||
Consolidated Total Leverage Ratio | 5.1 | ||||||
Debt Instrument [Line Items] | |||||||
Number of wholly owned subsidiaries | subsidiary | 2 | ||||||
Deferred financing costs | $ 36.1 | $ 36.1 | |||||
Secured debt | Term loan, due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate at period end | 3.00% | 3.00% | |||||
Unamortized debt discount | $ 1.6 | $ 1.6 | |||||
Maturity date | Jan. 31, 2021 | ||||||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt discount | 0.7 | $ 0.7 | |||||
Debt face amount | $ 550 | $ 150 | $ 150 | ||||
Stated interest rate | 5.25% | 5.25% | 5.25% | ||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | |||||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 100 | $ 400 | |||||
Stated interest rate | 5.625% | 5.625% | 5.625% | 5.625% | 5.625% | ||
Maturity date | Feb. 15, 2024 | Jan. 31, 2024 | Feb. 15, 2024 | Jan. 31, 2024 | |||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 450 | ||||||
Stated interest rate | 5.875% | 5.875% | 5.875% | ||||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | |||||
Unamortized premium | $ 3.6 | $ 3.6 | |||||
Fair Value, Inputs, Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt at fair value | 2,400 | 2,400 | |||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 425 | $ 425 | |||||
Credit facility, expiration date | Jan. 31, 2019 | ||||||
Revolving credit facility, outstanding amount | 0 | $ 0 | |||||
Commitment fee for unused commitments | 0.5 | $ 0.5 | 0.9 | $ 0.9 | |||
Outstanding letters of credit and surety bonds | $ 30.6 | $ 30.6 | |||||
Covenant description | 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, 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, of no greater than 4.0 to 1.0. | ||||||
Consolidated Net Secured Leverage Ratio | 1.6 | ||||||
Maximum consolidated net secured coverage ratio | 4 | ||||||
Letter of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 80 | $ 80 | |||||
Outstanding letters of credit and surety bonds | $ 67.6 | $ 67.6 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2015 | Sep. 10, 2015 | Jul. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||||
Common Stock, Authorized | 450,000,000 | 450,000,000 | 450,000,000 | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common Stock, Issued | 137,467,243 | 137,467,243 | 136,624,157 | |||||
Common Stock, Outstanding | 137,467,243 | 137,467,243 | 136,624,157 | |||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||
Issuance of stock for purchases of property and equipment (shares) | 346,554 | |||||||
Issuance of stock for purchase of property and equipment | $ 9.8 | |||||||
Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.37 | $ 0.74 | $ 0.37 | ||||
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends Payable, Date Declared | Jul. 30, 2015 | |||||||
Dividends declared per common share (in dollars per share) | $ 0.34 | |||||||
Dividends Payable, Date to be Paid | Sep. 30, 2015 | |||||||
Dividends Payable, Date of Record | Sep. 10, 2015 | |||||||
Additional Paid-In Capital | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of stock for purchase of property and equipment | $ 9.8 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Restructuring Charges [Abstract] | |||||
Restructuring charges | $ 2 | $ 0 | $ 2.6 | $ 0 | $ 9.8 |
Stock-based compensation | 8 | $ 4.7 | $ 5.6 | ||
Restructuring reserve | $ 2.8 | $ 2.8 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions | Oct. 01, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Significant Acquisitions and Disposals [Line Items] | |||||||
Acquisitions | $ 10.2 | $ 0 | |||||
Revenues | $ 384.7 | $ 334.4 | 728.6 | 622.3 | |||
Long-term debt | 0.5 | 0.5 | |||||
Loss on disposition of assets | (0.9) | $ 0 | (0.6) | $ 0.9 | |||
Immaterial business acquisitions | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Acquisitions | 10.2 | ||||||
Acquired business | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Significant acquisitions | $ 690 | 714.2 | |||||
Revenues | 48.4 | 95 | |||||
Long-term debt | $ 1.4 | $ 1.4 | [1] | $ 1.4 | [1] | ||
[1] | 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 had varying maturities through June 1, 2021. As of June 30, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.5 million, with varying maturities through January 31, 2017. |
Acquisitions and Dispositions51
Acquisitions and Dispositions - Allocation of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Oct. 01, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | ||
Significant Acquisitions and Disposals [Line Items] | |||||
Current assets | $ 439.2 | $ 355.3 | |||
Property and equipment | 747.8 | 782.9 | |||
Goodwill | 2,144 | 2,154.2 | |||
Intangible assets | 606.8 | 633.2 | |||
Other assets | 91.5 | 98 | |||
Current liabilities | (236.3) | (255.2) | |||
Long-term debt | (0.5) | ||||
Other liabilities | (69.2) | $ (70.8) | |||
Acquired business | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Significant acquisitions | $ 690 | 714.2 | |||
Working capital and other adjustments | 24.2 | ||||
Current assets | 48.4 | ||||
Property and equipment | 73.3 | ||||
Goodwill | 298.9 | ||||
Intangible assets | [1] | 325.2 | |||
Other assets | 10.7 | ||||
Current liabilities | (36.5) | ||||
Long-term debt | $ (1.4) | (1.4) | [2] | ||
Other liabilities | (4.4) | ||||
Net Assets | $ 714.2 | ||||
[1] | Intangible assets included with the preliminary purchase price allocation are as follows:(in millions) Estimated Useful Life Intangible Assets AllocationPermits and leasehold agreements 12 - 20 years $252.0Franchise agreements 4 - 15 years 35.3Advertising relationships 7 years 16.0Other 1 - 5 years 21.9 $325.2 | ||||
[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 had varying maturities through June 1, 2021. As of June 30, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.5 million, with varying maturities through January 31, 2017. |
Acquisitions and Dispositions52
Acquisitions and Dispositions - Allocation of intangible assets acquired (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | $ 606.8 | $ 633.2 | |
Acquired business | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | [1] | 325.2 | |
Permits and leasehold agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | 429.4 | 442 | |
Permits and leasehold agreements | Acquired business | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | 252 | ||
Franchise agreements | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | 143.2 | 153.6 | |
Franchise agreements | Acquired business | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | 35.3 | ||
Advertising relationships | Acquired business | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | 16 | ||
Other | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | 34.2 | $ 37.6 | |
Other | Acquired business | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible assets | $ 21.9 | ||
Minimum | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-lived intangible asset, useful life | 28 days | ||
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 | Advertising relationships | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-lived intangible asset, useful life | 7 years | ||
Minimum | Other | |||
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 | 1 year | ||
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 | Advertising relationships | |||
Significant Acquisitions and Disposals [Line Items] | |||
Finite-lived intangible asset, useful life | 7 years | ||
Maximum | Other | |||
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:(in millions) Estimated Useful Life Intangible Assets AllocationPermits and leasehold agreements 12 - 20 years $252.0Franchise agreements 4 - 15 years 35.3Advertising relationships 7 years 16.0Other 1 - 5 years 21.9 $325.2 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation not yet recognized, share-based awards other than options | $ 28.1 |
Compensation cost not yet recognized, period for recognition | 2 years 5 months 5 days |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized, period for recognition | 2 years 1 month 24 days |
Compensation not yet recognized, stock options | $ 0.5 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 4.4 | $ 2.9 | $ 8 | $ 4.7 |
Tax benefit | (0.4) | (1.3) | (0.7) | (2.1) |
Stock-based compensation expense, net of tax | 4 | 1.6 | 7.3 | 2.6 |
Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 4.4 | 2.7 | 7.9 | 4.3 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 0 | $ 0.2 | $ 0.1 | $ 0.4 |
Stock-Based Compensation - Sc55
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | 419,609 |
Vested | (458,074) |
Forfeitures | (19,219) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ 29.64 |
Weighted Average Grant Date Fair Value, Vested (per share) | 21.15 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ 25.07 |
Performance Restricted Stock Units (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | 226,197 |
Vested | (65,669) |
Forfeitures | (25,751) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ 29.83 |
Weighted Average Grant Date Fair Value, Vested (per share) | 28.89 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ 26.42 |
Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Non-vested as of beginning of period | 1,278,602 |
Non-vested as of end of period | 1,355,695 |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $ 21.92 |
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $ 26.41 |
Stock-Based Compensation - Sc56
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Jun. 30, 2015 - Stock options - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of beginning of period | 450,890 |
Exercised | (141,600) |
Forfeited or expired | (14,393) |
Outstanding as of end of period | 294,897 |
Exercisable as of end of period | 182,661 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, options outstanding, as of beginning of period | $ 15.29 |
Weighted average exercise price, exercised | 14.67 |
Weighted average exercise price, forfeited | 12.73 |
Weighted average exercise price, options outstanding, as of end of period | 15.72 |
Weighted average exercise price, options exercisable | $ 10.84 |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Service cost | $ 0.4 | $ 0.4 | $ 0.7 | $ 0.7 | |
Interest cost | 0.5 | 0.5 | 0.9 | 1.1 | |
Expected return on plan assets | (0.6) | (0.6) | (1.1) | (1.3) | |
Amortization of net actuarial losses | [1] | 0.2 | 0 | 0.4 | 0.2 |
Net periodic pension cost | $ 0.5 | $ 0.3 | $ 0.9 | $ 0.7 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Pension contributions | $ 1.6 |
Estimated future employer contributions in current fiscal year | $ 3.3 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Earnings Per Share [Abstract] | |||||||
Net income | $ 22.2 | $ 22.4 | $ 23.3 | $ 30.8 | |||
Weighted average shares for basic EPS | 137.4 | 119.7 | 137.1 | 108.4 | |||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | 0.4 | [1] | 0.2 | [1] | 0.5 | [1] | 0.2 |
Weighted average shares for diluted EPS | 137.8 | 119.9 | 137.6 | 108.6 | |||
Antidilutive securities excluded from computation of earnings per share | 0.2 | 0.1 | |||||
[1] | The potential impact of an aggregate 0.2 million granted RSUs, PRSUs and stock options for the three months ended June 30, 2015, and an aggregate 0.1 million granted RSUs, PRSUs and stock options for the six months ended June 30, 2015, were antidilutive. |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit and surety bonds | $ 115.7 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 384.7 | $ 334.4 | $ 728.6 | $ 622.3 |
Operating segments | U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 346.1 | 291.1 | 660 | 546.1 |
Operating segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 38.6 | $ 43.3 | $ 68.6 | $ 76.2 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Net income | $ 22.2 | $ 22.4 | $ 23.3 | $ 30.8 | ||
Provision for income taxes | 4.5 | 17.6 | 3.1 | 23.5 | ||
Equity in earnings of investee companies, net of tax | (1.1) | (0.2) | (1.9) | (0.8) | ||
Interest expense, net | 28.9 | 18.5 | 56.7 | 31 | ||
Other expense, net | 0.1 | 0 | 0 | 0.5 | ||
Operating income | 54.6 | 58.3 | 81.2 | 85 | ||
Restructuring charges | 2 | 0 | 2.6 | 0 | $ 9.8 | |
Net (gain) loss on dispositions | 0.9 | 0 | 0.6 | (0.9) | ||
Depreciation and amortization | 57.2 | 49.1 | 113.7 | 97.1 | ||
Stock-based compensation | [1] | 4.4 | 2.9 | 8 | 4.7 | |
Adjusted OIBDA | 119.1 | 110.3 | 206.1 | 185.9 | ||
Capital expenditures | 27.7 | 29.3 | ||||
Operating segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net (gain) loss on dispositions | 0.9 | 0 | 0.6 | (0.9) | ||
Depreciation and amortization | 57.2 | 49.1 | 113.7 | 97.1 | ||
Capital expenditures | 14.6 | 13.6 | 27.7 | 29.3 | ||
Operating segments | U.S. | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | 67.1 | 64.2 | 111 | 104.2 | ||
Net (gain) loss on dispositions | 0.9 | 0 | 0.5 | (0.8) | ||
Depreciation and amortization | 51 | 42.2 | 101.3 | 83.3 | ||
Adjusted OIBDA | 121 | 106.4 | 215.4 | 186.7 | ||
Capital expenditures | 13.6 | 12.3 | 25.7 | 24.5 | ||
Operating segments | International | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | 1.3 | 2.6 | (4.9) | (3.1) | ||
Net (gain) loss on dispositions | 0 | 0 | 0.1 | (0.1) | ||
Depreciation and amortization | 6.2 | 6.9 | 12.4 | 13.8 | ||
Adjusted OIBDA | 7.5 | 9.5 | 7.6 | 10.6 | ||
Capital expenditures | 1 | 1.3 | 2 | 4.8 | ||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | (13.8) | (8.5) | (24.9) | (16.1) | ||
Adjusted OIBDA | $ (9.4) | $ (5.6) | $ (16.9) | $ (11.4) | ||
[1] | Stock-based compensation is classified as Corporate expenses. |
Segment Information - Reconci63
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,029.3 | $ 4,023.6 |
Operating segments | U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,707.3 | 3,704.2 |
Operating segments | International | ||
Segment Reporting Information [Line Items] | ||
Total assets | 266.4 | 270.4 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 55.6 | $ 49 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information - Narrative (Details) | Jun. 30, 2015 |
Condensed Financial Statements, Captions [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 68.4 | $ 28.5 | $ 223.4 | $ 29.8 |
Receivables, less allowance | 224.4 | 217.5 | ||
Other current assets | 146.4 | 109.3 | ||
Total current assets | 439.2 | 355.3 | ||
Property and equipment, net | 747.8 | 782.9 | ||
Goodwill | 2,144 | 2,154.2 | ||
Intangible assets | 606.8 | 633.2 | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 91.5 | 98 | ||
Intercompany | 0 | 0 | ||
Total assets | 4,029.3 | 4,023.6 | ||
Total current liabilities | 236.3 | 255.2 | ||
Long-term debt | 2,301.7 | 2,198.3 | ||
Deferred income tax liabilities, net | 15.2 | 17.2 | ||
Asset retirement obligation | 36.6 | 36.6 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 69.2 | 70.8 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,659 | 2,578.1 | ||
Total stockholder's equity | 1,370.3 | 1,445.5 | 1,369.1 | |
Total liabilities and stockholders’ equity | 4,029.3 | 4,023.6 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, less allowance | 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 | 1,370.3 | 1,445.5 | ||
Other assets | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,370.3 | 1,445.5 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Deferred income tax liabilities, net | 0 | 0 | ||
Asset retirement obligation | 0 | 0 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total stockholder's equity | 1,370.3 | 1,445.5 | ||
Total liabilities and stockholders’ equity | 1,370.3 | 1,445.5 | ||
Subsidiary Issuer | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 17.8 | 11.5 | 196.1 | 0 |
Receivables, less allowance | 0 | 0 | ||
Other current assets | 5.7 | 5.3 | ||
Total current assets | 23.5 | 16.8 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investments in subsidiaries | 3,637.4 | 3,613 | ||
Other assets | 30.5 | 31.2 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,691.4 | 3,661 | ||
Total current liabilities | 19.7 | 17.9 | ||
Long-term debt | 2,301.4 | 2,197.6 | ||
Deferred income tax liabilities, net | 0 | 0 | ||
Asset retirement obligation | 0 | 0 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,321.1 | 2,215.5 | ||
Total stockholder's equity | 1,370.3 | 1,445.5 | ||
Total liabilities and stockholders’ equity | 3,691.4 | 3,661 | ||
Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 26.2 | 8.8 | 8.4 | 2.1 |
Receivables, less allowance | 194 | 186.5 | ||
Other current assets | 119.4 | 83.5 | ||
Total current assets | 339.6 | 278.8 | ||
Property and equipment, net | 663.1 | 683.3 | ||
Goodwill | 2,046 | 2,050.6 | ||
Intangible assets | 606.7 | 633 | ||
Investments in subsidiaries | 192.6 | 208.1 | ||
Other assets | 54.5 | 59.5 | ||
Intercompany | 70.6 | 75.1 | ||
Total assets | 3,973.1 | 3,988.4 | ||
Total current liabilities | 183 | 219.1 | ||
Long-term debt | 0.3 | 0.7 | ||
Deferred income tax liabilities, net | 1.3 | 0 | ||
Asset retirement obligation | 28.5 | 28.3 | ||
Deficit in excess of investment in subsidiaries | 2,267.1 | 2,167.5 | ||
Other liabilities | 63.6 | 64.4 | ||
Intercompany | 59 | 62.9 | ||
Total liabilities | 2,602.8 | 2,542.9 | ||
Total stockholder's equity | 1,370.3 | 1,445.5 | ||
Total liabilities and stockholders’ equity | 3,973.1 | 3,988.4 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 24.4 | 8.2 | 18.9 | 27.7 |
Receivables, less allowance | 30.4 | 31 | ||
Other current assets | 21.3 | 20.5 | ||
Total current assets | 76.1 | 59.7 | ||
Property and equipment, net | 84.7 | 99.6 | ||
Goodwill | 98 | 103.6 | ||
Intangible assets | 0.1 | 0.2 | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 6.5 | 7.3 | ||
Intercompany | 59 | 62.9 | ||
Total assets | 324.4 | 333.3 | ||
Total current liabilities | 33.6 | 18.2 | ||
Long-term debt | 0 | 0 | ||
Deferred income tax liabilities, net | 13.9 | 17.2 | ||
Asset retirement obligation | 8.1 | 8.3 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 5.6 | 6.4 | ||
Intercompany | 70.6 | 75.1 | ||
Total liabilities | 131.8 | 125.2 | ||
Total stockholder's equity | 192.6 | 208.1 | ||
Total liabilities and stockholders’ equity | 324.4 | 333.3 | ||
Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Receivables, less allowance | 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 | (5,200.3) | (5,266.6) | ||
Other assets | 0 | 0 | ||
Intercompany | (129.6) | (138) | ||
Total assets | (5,329.9) | (5,404.6) | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Deferred income tax liabilities, net | 0 | 0 | ||
Asset retirement obligation | 0 | 0 | ||
Deficit in excess of investment in subsidiaries | (2,267.1) | (2,167.5) | ||
Other liabilities | 0 | 0 | ||
Intercompany | (129.6) | (138) | ||
Total liabilities | (2,396.7) | (2,305.5) | ||
Total stockholder's equity | (2,933.2) | (3,099.1) | ||
Total liabilities and stockholders’ equity | $ (5,329.9) | $ (5,404.6) |
Condensed Consolidating Finan67
Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||
Billboard | $ 280.1 | $ 244.2 | $ 527 | $ 449.3 | |
Transit and other | 104.6 | 90.2 | 201.6 | 173 | |
Total revenues | 384.7 | 334.4 | 728.6 | 622.3 | |
Operating | 206.4 | 171.6 | 405.2 | 335.1 | |
Selling, general and administrative | 63.6 | 55.4 | 125.3 | 106 | |
Restructuring charges | 2 | 0 | 2.6 | 0 | $ 9.8 |
Net (gain) loss on dispositions | 0.9 | 0 | 0.6 | (0.9) | |
Depreciation | 28 | 26.5 | 56.7 | 52.6 | |
Amortization | 29.2 | 22.6 | 57 | 44.5 | |
Total expenses | 330.1 | 276.1 | 647.4 | 537.3 | |
Operating income (loss) | 54.6 | 58.3 | 81.2 | 85 | |
Interest income (expense), net | (28.9) | (18.5) | (56.7) | (31) | |
Other expense, net | (0.1) | 0 | 0 | (0.5) | |
Income (loss) before provision for income taxes and equity in earnings of investee companies | 25.6 | 39.8 | 24.5 | 53.5 | |
Provision for income taxes | (4.5) | (17.6) | (3.1) | (23.5) | |
Equity in earnings of investee companies, net of tax | 1.1 | 0.2 | 1.9 | 0.8 | |
Net income | 22.2 | 22.4 | 23.3 | 30.8 | |
Cumulative translation adjustments | 2.2 | 3.3 | (11.1) | 5.1 | |
Amortization of net actuarial loss | 0.1 | 0 | 0.3 | 0.2 | |
Other comprehensive income (loss), net of tax, recognized from investee companies | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 2.3 | 3.3 | (10.8) | 5.3 | |
Total comprehensive income | 24.5 | 25.7 | 12.5 | 36.1 | |
Parent Company | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Billboard | 0 | 0 | 0 | 0 | |
Transit and other | 0 | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 | |
Operating | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 0.3 | 0.6 | 0.8 | 0.6 | |
Restructuring charges | 0 | 0 | |||
Net (gain) loss on dispositions | 0 | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 | |
Amortization | 0 | 0 | 0 | 0 | |
Total expenses | 0.3 | 0.6 | 0.8 | 0.6 | |
Operating income (loss) | (0.3) | (0.6) | (0.8) | (0.6) | |
Interest income (expense), net | 0 | 0 | 0 | 0 | |
Other expense, net | 0 | 0 | |||
Income (loss) before provision for income taxes and equity in earnings of investee companies | (0.3) | (0.6) | (0.8) | (0.6) | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Equity in earnings of investee companies, net of tax | 22.5 | 23 | 24.1 | 31.4 | |
Net income | 22.2 | 22.4 | 23.3 | 30.8 | |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | |
Amortization of net actuarial loss | 0 | 0 | 0 | ||
Other comprehensive income (loss), net of tax, recognized from investee companies | 2.3 | 3.3 | (10.8) | 5.3 | |
Total other comprehensive income (loss), net of tax | 2.3 | 3.3 | (10.8) | 5.3 | |
Total comprehensive income | 24.5 | 25.7 | 12.5 | 36.1 | |
Subsidiary Issuer | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Billboard | 0 | 0 | 0 | 0 | |
Transit and other | 0 | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 | |
Operating | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 0.1 | 0 | 0.1 | 0 | |
Restructuring charges | 0 | 0 | |||
Net (gain) loss on dispositions | 0 | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 | |
Amortization | 0 | 0 | 0 | 0 | |
Total expenses | 0.1 | 0 | 0.1 | 0 | |
Operating income (loss) | (0.1) | 0 | (0.1) | 0 | |
Interest income (expense), net | (28.9) | (18.7) | (56.7) | (31.1) | |
Other expense, net | 0 | 0 | |||
Income (loss) before provision for income taxes and equity in earnings of investee companies | (29) | (18.7) | (56.8) | (31.1) | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Equity in earnings of investee companies, net of tax | 51.5 | 41.7 | 80.9 | 62.5 | |
Net income | 22.5 | 23 | 24.1 | 31.4 | |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | |
Amortization of net actuarial loss | 0 | 0 | 0 | ||
Other comprehensive income (loss), net of tax, recognized from investee companies | 2.3 | 3.3 | (10.8) | 5.3 | |
Total other comprehensive income (loss), net of tax | 2.3 | 3.3 | (10.8) | 5.3 | |
Total comprehensive income | 24.8 | 26.3 | 13.3 | 36.7 | |
Guarantor Subsidiaries | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Billboard | 246.9 | 207.2 | 468 | 384.1 | |
Transit and other | 99.2 | 83.9 | 192 | 162 | |
Total revenues | 346.1 | 291.1 | 660 | 546.1 | |
Operating | 182.8 | 145.7 | 359.1 | 284.7 | |
Selling, general and administrative | 55.7 | 46.9 | 109.5 | 90.2 | |
Restructuring charges | 2 | 2.6 | |||
Net (gain) loss on dispositions | 0.9 | 0.5 | (0.8) | ||
Depreciation | 22.9 | 20.8 | 46.4 | 41.2 | |
Amortization | 28.1 | 21.4 | 54.9 | 42.1 | |
Total expenses | 292.4 | 234.8 | 573 | 457.4 | |
Operating income (loss) | 53.7 | 56.3 | 87 | 88.7 | |
Interest income (expense), net | (0.1) | 0 | (0.1) | 0 | |
Other expense, net | 0 | 0 | |||
Income (loss) before provision for income taxes and equity in earnings of investee companies | 53.6 | 56.3 | 86.9 | 88.7 | |
Provision for income taxes | (2) | (16.5) | (1.7) | (21.8) | |
Equity in earnings of investee companies, net of tax | (29.1) | (16.8) | (61.1) | (35.5) | |
Net income | 22.5 | 23 | 24.1 | 31.4 | |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | |
Amortization of net actuarial loss | 0 | 0 | 0 | ||
Other comprehensive income (loss), net of tax, recognized from investee companies | 2.3 | 3.3 | (10.8) | 5.3 | |
Total other comprehensive income (loss), net of tax | 2.3 | 3.3 | (10.8) | 5.3 | |
Total comprehensive income | 24.8 | 26.3 | 13.3 | 36.7 | |
Non-Guarantor Subsidiaries | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Billboard | 33.2 | 37 | 59 | 65.2 | |
Transit and other | 5.4 | 6.3 | 9.6 | 11 | |
Total revenues | 38.6 | 43.3 | 68.6 | 76.2 | |
Operating | 23.6 | 25.9 | 46.1 | 50.4 | |
Selling, general and administrative | 7.5 | 7.9 | 14.9 | 15.2 | |
Restructuring charges | 0 | 0 | |||
Net (gain) loss on dispositions | 0 | 0.1 | (0.1) | ||
Depreciation | 5.1 | 5.7 | 10.3 | 11.4 | |
Amortization | 1.1 | 1.2 | 2.1 | 2.4 | |
Total expenses | 37.3 | 40.7 | 73.5 | 79.3 | |
Operating income (loss) | 1.3 | 2.6 | (4.9) | (3.1) | |
Interest income (expense), net | 0.1 | 0.2 | 0.1 | 0.1 | |
Other expense, net | (0.1) | (0.5) | |||
Income (loss) before provision for income taxes and equity in earnings of investee companies | 1.3 | 2.8 | (4.8) | (3.5) | |
Provision for income taxes | (2.5) | (1.1) | (1.4) | (1.7) | |
Equity in earnings of investee companies, net of tax | 0.3 | 0.2 | 0.6 | 0.3 | |
Net income | (0.9) | 1.9 | (5.6) | (4.9) | |
Cumulative translation adjustments | 2.2 | 3.3 | (11.1) | 5.1 | |
Amortization of net actuarial loss | 0.1 | 0.3 | 0.2 | ||
Other comprehensive income (loss), net of tax, recognized from investee companies | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 2.3 | 3.3 | (10.8) | 5.3 | |
Total comprehensive income | 1.4 | 5.2 | (16.4) | 0.4 | |
Eliminations | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Billboard | 0 | 0 | 0 | 0 | |
Transit and other | 0 | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 | |
Operating | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 0 | 0 | 0 | 0 | |
Restructuring charges | 0 | 0 | |||
Net (gain) loss on dispositions | 0 | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 | |
Amortization | 0 | 0 | 0 | 0 | |
Total expenses | 0 | 0 | 0 | 0 | |
Operating income (loss) | 0 | 0 | 0 | 0 | |
Interest income (expense), net | 0 | 0 | 0 | 0 | |
Other expense, net | 0 | 0 | |||
Income (loss) before provision for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | 0 | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Equity in earnings of investee companies, net of tax | (44.1) | (47.9) | (42.6) | (57.9) | |
Net income | (44.1) | (47.9) | (42.6) | (57.9) | |
Cumulative translation adjustments | 0 | 0 | 0 | 0 | |
Amortization of net actuarial loss | 0 | 0 | 0 | ||
Other comprehensive income (loss), net of tax, recognized from investee companies | (6.9) | (9.9) | 32.4 | (15.9) | |
Total other comprehensive income (loss), net of tax | (6.9) | (9.9) | 32.4 | (15.9) | |
Total comprehensive income | $ (51) | $ (57.8) | $ (10.2) | $ (73.8) |
Condensed Consolidating Finan68
Condensed Consolidating Financial Information - Condensed Consolidating Cash Flow Statement (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | $ 74.1 | $ 75 |
Capital expenditures | (27.7) | (29.3) |
Acquisitions | (10.2) | 0 |
Net proceeds from dispositions | 8.8 | 0.5 |
Net cash flow provided by (used for) investing activities | (29.1) | (28.8) |
Proceeds from IPO | 0 | 615 |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | 1,598 |
Proceeds from long-term debt borrowings - new senior notes | 103.8 | 0 |
Proceeds from borrowings under revolving credit facility | 105 | 0 |
Repayments of borrowings under revolving credit facility | (105) | 0 |
Deferred financing costs | (3.3) | (24.4) |
Proceeds from stock option exercises | 2 | 0 |
Taxes withheld for stock-based compensation | (3.8) | 0 |
Distribution of debt and IPO proceeds to CBS | 0 | (2,038.8) |
Net cash contribution from CBS | 0 | 42.2 |
Dividends | (102) | (44.4) |
Intercompany | 0 | 0 |
Other | (0.6) | 0 |
Net cash flow provided by (used for) financing activities | (3.9) | 147.6 |
Effect of exchange rate changes on cash and cash equivalents | (1.2) | (0.2) |
Net increase in cash and cash equivalents | 39.9 | 193.6 |
Cash and cash equivalents at beginning of period | 28.5 | 29.8 |
Cash and cash equivalents at end of period | 68.4 | 223.4 |
Parent Company | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (0.8) | (0.6) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from IPO | 615 | |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |
Proceeds from long-term debt borrowings - new senior notes | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | |
Repayments of borrowings under revolving credit facility | 0 | |
Deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 2 | |
Taxes withheld for stock-based compensation | 0 | |
Distribution of debt and IPO proceeds to CBS | (515) | |
Net cash contribution from CBS | 0 | |
Dividends | (102) | (44.4) |
Intercompany | 100.8 | (55) |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 0.8 | 0.6 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Issuer | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (52.2) | (18.8) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from IPO | 0 | |
Proceeds from long-term debt borrowings - term loan and senior notes | 1,598 | |
Proceeds from long-term debt borrowings - new senior notes | 103.8 | |
Proceeds from borrowings under revolving credit facility | 105 | |
Repayments of borrowings under revolving credit facility | (105) | |
Deferred financing costs | (3.3) | (24.4) |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | |
Distribution of debt and IPO proceeds to CBS | (1,523.8) | |
Net cash contribution from CBS | 0 | |
Dividends | 0 | 0 |
Intercompany | (42) | 165.1 |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 58.5 | 214.9 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 6.3 | 196.1 |
Cash and cash equivalents at beginning of period | 11.5 | 0 |
Cash and cash equivalents at end of period | 17.8 | 196.1 |
Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 107.1 | 102.6 |
Capital expenditures | (25.7) | (24.5) |
Acquisitions | (10.2) | |
Net proceeds from dispositions | 8.8 | 0.3 |
Net cash flow provided by (used for) investing activities | (27.1) | (24.2) |
Proceeds from IPO | 0 | |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |
Proceeds from long-term debt borrowings - new senior notes | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | |
Repayments of borrowings under revolving credit facility | 0 | |
Deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | (3.8) | |
Distribution of debt and IPO proceeds to CBS | 0 | |
Net cash contribution from CBS | 42.2 | |
Dividends | 0 | 0 |
Intercompany | (58.2) | (114.3) |
Other | (0.6) | |
Net cash flow provided by (used for) financing activities | (62.6) | (72.1) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 17.4 | 6.3 |
Cash and cash equivalents at beginning of period | 8.8 | 2.1 |
Cash and cash equivalents at end of period | 26.2 | 8.4 |
Non-Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 20 | (8.2) |
Capital expenditures | (2) | (4.8) |
Acquisitions | 0 | |
Net proceeds from dispositions | 0 | 0.2 |
Net cash flow provided by (used for) investing activities | (2) | (4.6) |
Proceeds from IPO | 0 | |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |
Proceeds from long-term debt borrowings - new senior notes | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | |
Repayments of borrowings under revolving credit facility | 0 | |
Deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | |
Distribution of debt and IPO proceeds to CBS | 0 | |
Net cash contribution from CBS | 0 | |
Dividends | 0 | 0 |
Intercompany | (0.6) | 4.2 |
Other | 0 | |
Net cash flow provided by (used for) financing activities | (0.6) | 4.2 |
Effect of exchange rate changes on cash and cash equivalents | (1.2) | (0.2) |
Net increase in cash and cash equivalents | 16.2 | (8.8) |
Cash and cash equivalents at beginning of period | 8.2 | 27.7 |
Cash and cash equivalents at end of period | 24.4 | 18.9 |
Eliminations | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from IPO | 0 | |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |
Proceeds from long-term debt borrowings - new senior notes | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | |
Repayments of borrowings under revolving credit facility | 0 | |
Deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | |
Distribution of debt and IPO proceeds to CBS | 0 | |
Net cash contribution from CBS | 0 | |
Dividends | 0 | 0 |
Intercompany | 0 | 0 |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |