Outfront Media (OUT) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		137,574,646

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Assets, Current [Abstract]
Cash and cash equivalents	$ 106.4	$ 28.5
Receivables, less allowance ($12.9 in 2015 and $14.2 in 2014)	227.1	217.5
Deferred income tax assets, net	1.5	2.3
Prepaid lease and transit franchise costs	81.5	68.2
Other prepaid expenses	32.3	26.1
Other current assets	14.5	12.7
Total current assets	463.3	355.3
Assets, Noncurrent [Abstract]
Property and equipment, net	731.2	782.9
Goodwill	2,137.5	2,154.2
Intangible assets	587.6	633.2
Other assets	90.7	98
Total assets	4,010.3	4,023.6
Liabilities, Current [Abstract]
Accounts payable	71.2	75.2
Accrued compensation	37.4	34.6
Accrued interest	27.4	18
Accrued lease costs	23.2	34.4
Other accrued expenses	45.2	47.4
Deferred revenues	26.4	18.6
Other current liabilities	22.5	27
Total current liabilities	253.3	255.2
Liabilities, Noncurrent [Abstract]
Long-term debt	2,301.7	2,198.3
Deferred income tax liabilities, net	15.1	17.2
Asset retirement obligation	36.2	36.6
Other liabilities	70	70.8
Total liabilities	$ 2,676.3	$ 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	1,929.3	1,911.2
Distribution in excess of earnings	(480.8)	(377)
Accumulated other comprehensive loss	(115.9)	(90.1)
Total stockholders’ equity	1,334	1,445.5
Total liabilities and stockholders’ equity	$ 4,010.3	$ 4,023.6

Consolidated Statement of Fina3

Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for receivables	$ 12.9	$ 14.2
Common Stock, Authorized	450,000,000	450,000,000
Common Stock, Issued	137,506,040	136,624,157
Common Stock, Outstanding	137,506,040	136,624,157

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues [Abstract]
Billboard		$ 278.3	$ 239.7	$ 805.3	$ 689
Transit and other		108.4	96.8	310	269.8
Total revenues		386.7	336.5	1,115.3	958.8
Expenses:
Operating		209.3	177.2	614.5	512.3
Selling, general and administrative		67.2	55.1	192.5	161.1
Restructuring charges		0	6.2	2.6	6.2
Acquisition costs	[1]	0	1.4	0	1.4
Net (gain) loss on dispositions		0	(0.5)	0.6	(1.4)
Depreciation		28.4	26.7	85.1	79.3
Amortization		29.1	22.8	86.1	67.3
Total expenses		334	288.9	981.4	826.2
Operating income		52.7	47.6	133.9	132.6
Interest expense, net		(28.9)	(26.3)	(85.6)	(57.3)
Other expense, net		(0.4)	0	(0.4)	(0.5)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		23.4	21.3	47.9	74.8
Benefit (provision) for income taxes		(3.9)	226.4	(7)	202.9
Equity in earnings of investee companies, net of tax		1.7	0.6	3.6	1.4
Net income		$ 21.2	$ 248.3	$ 44.5	$ 279.1
Net income per common share:
Basic (in dollars per share)		$ 0.15	$ 2.07	$ 0.32	$ 2.49
Diluted (in dollars per share)		$ 0.15	$ 2.06	$ 0.32	$ 2.47
Weighted average shares outstanding:
Basic (in shares)		137.5	120	137.3	112.3
Diluted (in shares)		137.9	120.7	137.8	112.8
Dividends declared per common share (in dollars per share)		$ 0.34	$ 0.37	$ 1.08	$ 0.74
[1]	Stock-based compensation and costs related to the Acquisition are classified as Corporate expenses.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 21.2	$ 248.3	$ 44.5	$ 279.1
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(15.1)	(8.2)	(26.2)	(3.1)
Amortization of net actuarial loss	0.1	0	0.4	0.2
Deferred tax rate adjustment	0	(1.2)	0	(1.2)
Total other comprehensive loss, net of tax	(15)	(9.4)	(25.8)	(4.1)
Total comprehensive income	$ 6.2	$ 238.9	$ 18.7	$ 275

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	279.1			$ 278	1.1
Other comprehensive income (loss)	(4.1)					(4.1)
Initial public offering (shares)		23,000,000
Initial public offering	615	$ 0.2	$ 614.8
Stock-based payments: Amortization	9		9
Shares paid for tax withholding for stock-based payments	(0.1)		(0.1)
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)
Dividends	(89.6)			(89.6)
Net contribution from CBS	42.1		42.1
Shares of Common Stock at Sep. 30, 2014		120,000,000
Stockholders' Equity, Ending Balance at Sep. 30, 2014	1,567	$ 1.2	1,456.6	188.4	$ 0	(79.2)
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	$ 44.5			44.5
Other comprehensive income (loss)	(25.8)					(25.8)
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	12.3		12.3
Shares paid for tax withholding for stock-based payments	$ (6.7)		(6.7)
Issuance of stock for purchases of property and equipment (shares)	374,352	300,000
Issuance of stock for purchase of property and equipment	$ 10.5		10.5
Dividends	$ (148.3)			(148.3)
Shares of Common Stock at Sep. 30, 2015	137,506,040	137,500,000
Stockholders' Equity, Ending Balance at Sep. 30, 2015	$ 1,334	$ 1.4	$ 1,929.3	$ (480.8)		$ (115.9)

Consolidated Statements of Inv7

Consolidated Statements of Invested Equity/Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	$ 1.08	$ 0.74

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities:
Net income	$ 44.5	$ 279.1
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	171.2	146.6
Deferred tax benefit	(0.1)	(246.4)
Stock-based compensation	11.7	10.9
Provision for doubtful accounts	2.1	2.3
Accretion expense	1.9	1.7
Net (gain) loss on dispositions	0.6	(1.4)
Equity in earnings of investee companies, net of tax	(3.6)	(1.4)
Distributions from investee companies	2.7	3.2
Amortization of deferred financing costs and debt discount and premium	4.4	10.7
Change in assets and liabilities, net of investing and financing activities	(59)	(20.8)
Net cash flow provided by (used for) operating activities	176.4	184.5
Investing Activities:
Capital expenditures	(43)	(43.6)
Acquisitions	(11.1)	0
Net proceeds from dispositions	8.8	2.3
Net cash flow provided by (used for) investing activities	(45.3)	(41.3)
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)	(24.8)
Distribution of debt and IPO proceeds to CBS	0	(2,038.8)
Net cash contribution from CBS	0	39.8
Proceeds from stock option exercises	2	0
Taxes withheld for stock-based compensation	(4)	0
Dividends	(148.7)	(88.8)
Other	(0.6)	0
Net cash flow provided by (used for) financing activities	(50.8)	100.4
Effect of exchange rate changes on cash and cash equivalents	(2.4)	(1.2)
Net increase in cash and cash equivalents	77.9	242.4
Cash and cash equivalents at beginning of period	28.5	29.8
Cash and cash equivalents at end of period	106.4	272.2
Supplemental disclosure of cash flow Information:
Cash paid for income taxes	4.9	31.4
Cash paid for interest	71.9	25.6
Non-cash investing and financing activities:
Accrued purchases of property and equipment	5.2	3.5
Issuance of stock for purchase of property and equipment	10.5	0
Taxes withheld for stock-based compensation	$ 2.7	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 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 United States (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 - U.S. and International . As of July 17, 2014, we began operating 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 consolidated 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 an increase in “Billboard” revenues of $2.5 million and a corresponding decrease in “Transit and other” revenues of $2.5 million for the three months ended September 30, 2014 . The impact of the reclassification is a reduction in “Billboard” revenues of $1.2 million and a corresponding increase in “Transit and other” revenues of $1.2 million for the nine months ended September 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 . 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	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards Business Combinations During the third quarter of 2015, we early adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, calculated as if the accounting had been completed as of the acquisition date and the amounts disclosed either on the face of the financial statements or the notes. This guidance is to be applied prospectively and is effective for fiscal years beginning after December 15, 2015. This guidance did not have a material effect on our financial statements. Service Concession Arrangements During the first quarter of 2015, we adopted 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 permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 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 September 30, December 31, Land $ 91.6 $ 88.1 Buildings 20 to 40 years 46.2 47.0 Advertising structures 5 to 20 years 1,684.6 1,745.6 Furniture, equipment and other 3 to 10 years 84.9 78.1 Construction in progress 28.5 17.1 1,935.8 1,975.9 Less: accumulated depreciation 1,204.6 1,193.0 Property and equipment, net $ 731.2 $ 782.9 Depreciation expense was $28.4 million for the three months ended September 30, 2015 , $26.7 million for the three months ended September 30, 2014 , $85.1 million for the nine months ended September 30, 2015 , and $79.3 million for the nine months ended September 30, 2014 .

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 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 that 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 in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of September 30, 2015: Permits and leasehold agreements $ 1,112.3 $ (695.4 ) $ 416.9 Franchise agreements 472.0 (333.8 ) 138.2 Other intangible assets 40.0 (7.5 ) 32.5 Total intangible assets $ 1,624.3 $ (1,036.7 ) $ 587.6 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 $29.1 million for the three months ended September 30, 2015 , and $22.8 million for the three months ended September 30, 2014 , which includes the amortization of direct lease acquisition costs of $9.4 million for the three months ended September 30, 2015 , and $8.8 million for the three months ended September 30, 2014 . Amortization expense was $86.1 million for the nine months ended September 30, 2015 , and $67.3 million for the nine months ended September 30, 2014 , which includes the amortization of direct lease acquisition costs of $26.1 million for the nine months ended September 30, 2015 , and $24.2 million for the nine months ended September 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	9 Months Ended
	Sep. 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 1.9 Additions 0.1 Liabilities settled (0.9 ) Foreign currency translation adjustments (1.5 ) As of September 30, 2015 $ 36.2

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 13 billboards in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $24.9 million as of September 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 $2.0 million in the three months ended September 30, 2015 , $1.8 million in the three months ended September 30, 2014 , $5.3 million in the nine months ended September 30, 2015 , and $4.8 million in the nine months ended September 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 and nine months ended September 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 $0.3 million for the three months ended September 30, 2014 , and $9.5 million for the nine months ended September 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 $7.5 million , of which $0.7 million was before the Separation, for the three months ended September 30, 2014 , and $14.5 million , of which $7.7 million was before the Separation, for the nine months ended September 30, 2014 . As of December 31, 2014, in connection with the Separation, 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 $2.4 million , of which $0.7 million was before the Separation, in the three months ended September 30, 2014 , and $6.0 million , of which $4.3 million was before the Separation, in the nine months ended September 30, 2014 .

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following: As of (in millions, except percentages) September 30, December 31, Term loan, due 2021 $ 798.5 $ 798.3 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.3 549.3 5.625% senior unsecured notes, due 2024 503.5 400.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.8 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 September 30, 2015 . As of September 30, 2015 , a discount of $1.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net , on the Consolidated Statement of Operations. On October 30, 2015, we made a payment of $50.0 million on the Term Loan. Senior Unsecured Notes As of September 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 September 30, 2015 , a premium of $3.5 million on the New 2024 Senior Notes remains unamortized. The premium is being amortized through Interest 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 September 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 September 30, 2015 and 2014 . The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.4 million in each of the nine months ended September 30, 2015 and 2014 . As of September 30, 2015 , we had issued letters of credit totaling approximately $31.1 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 September 30, 2015 , our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0. 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 September 30, 2015 , our Consolidated Total Leverage Ratio was 5.1 to 1.0. As of September 30, 2015 , we are in compliance with our debt covenants. Letter of Credit Facility As of September 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 nine months ended September 30, 2015 and 2014 . Deferred Financing Costs As of September 30, 2015 , we had deferred $34.7 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 $2.3 billion as of September 30, 2015 . The fair value of our debt is classified as Level 2.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	Equity As of September 30, 2015 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 137,506,040 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 nine months ended September 30, 2015 , we issued 374,352 shares, valued at approximately $10.5 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 October 27, 2015, we issued an additional 68,570 shares, valued at approximately $1.6 million of our common stock to J&M and Videri, as applicable. On October 28, 2015 , we announced that our board of directors approved a quarterly cash dividend of $0.34 per share on our common stock, payable on December 31, 2015 , to stockholders of record at the close of business on December 10, 2015 .

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 , we recorded a restructuring charge of $2.6 million in our U.S. segment associated with the elimination of management positions, the elimination of positions in connection with the sale of assets and the consolidation of leased locations. As of September 30, 2015 , $2.1 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	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions In the nine months ended September 30, 2015 , we completed several small acquisitions for $11.1 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 September 30, 2015 , includes $50.3 million of revenue from the Acquired Business and for the nine months ended September 30, 2015 , includes $145.3 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 allocation of the purchase price presented below represents the effect of recording the 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. (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 September 30, 2015 , we have prepaid several of the debt obligations, leaving a remaining balance of $0.4 million , with varying maturities through January 31, 2017. Dispositions On October 31, 2015, we entered into an agreement with JCDecaux SA (“JC Decaux”), JCDecaux Latin America Investments Holding SL Unipersonal, a wholly-owned subsidiary of JCDecaux, and Corporacion Americana de Equipamientos Urbanos, S.L., a majority-owned subsidiary of JCDecaux, to sell all of our equity interests in certain of our subsidiaries (the “Transaction”),which hold all of the assets of our outdoor advertising business in Latin America, for $82.0 million in cash, subject to working capital and indebtedness adjustments. The consummation of the Transaction is expected to occur in the first half of 2016, subject to customary closing conditions, including regulatory approval. In the second quarter of 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	9 Months Ended
	Sep. 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 and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 3.6 $ 4.7 $ 11.5 $ 9.0 Stock options 0.1 1.5 0.2 1.9 Stock-based compensation expense, before income taxes 3.7 6.2 11.7 10.9 Tax benefit (0.3 ) (0.7 ) (1.0 ) (2.8 ) Stock-based compensation expense, net of tax $ 3.4 $ 5.5 $ 10.7 $ 8.1 As of September 30, 2015 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $24.1 million , which is expected to be recognized over a weighted average period of 2.2 years , and total unrecognized compensation cost related to non-vested stock options was $0.4 million , which is expected to be recognized over a weighted average period of 1.9 years . RSUs and PRSUs The following table summarizes activity for the nine months ended September 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 (468,765 ) 21.28 PRSUs (75,460 ) 28.61 Forfeitures: RSUs (31,744 ) 25.41 PRSUs (25,751 ) 26.42 Non-vested as of September 30, 2015 1,322,688 26.46 Stock Options The following table summarizes activity for the nine months ended September 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 September 30, 2015 294,897 15.72 Exercisable as of September 30, 2015 208,515 12.77

Retirement Benefits

Retirement Benefits	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Components of net periodic pension cost: Service cost $ 0.4 $ 0.4 $ 1.1 $ 1.1 Interest cost 0.5 0.8 1.4 1.9 Expected return on plan assets (0.5 ) (0.8 ) (1.6 ) (2.1 ) Amortization of net actuarial losses (a) 0.1 0.1 0.5 0.3 Amortization of transitional obligation (0.1 ) — (0.1 ) — Net periodic pension cost $ 0.4 $ 0.5 $ 1.3 $ 1.2 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. In the nine months ended September 30, 2015 , we contributed $1.6 million to our pension plans. In 2015 , we expect to contribute approximately $2.1 million to our pension plans.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	Income Taxes On September 15, 2015, we filed our election to be taxed as a REIT for U.S. federal income tax purposes for the period July 17, 2014, through December 31, 2014, and all future calendar years. As of July 17, 2014, we were 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 and nine months ended September 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 and nine months ended September 30, 2014 , differed from the U.S. federal statutory income tax rate primarily due to a non-cash benefit of $232.3 million recorded as a result of our REIT conversion in 2014, partially offset by the impact of state and local taxes, and the effect of foreign operations.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	Earnings Per Share (“EPS”) Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Net income $ 21.2 $ 248.3 $ 44.5 $ 279.1 Weighted average shares for basic EPS 137.5 120.0 137.3 112.3 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.4 0.7 0.5 0.5 Weighted average shares for diluted EPS 137.9 120.7 137.8 112.8 (a) The potential impact of an aggregate 0.6 million granted RSUs, PRSUs and stock options for the three months ended September 30, 2015 , and an aggregate 0.1 million granted RSUs, PRSUs and stock options for the nine months ended September 30, 2015 , were antidilutive. The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for each of the three and nine months ended September 30, 2014 , were antidilutive.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 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 $111.8 million as of September 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	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Revenues: U.S. $ 353.9 $ 296.3 $ 1,013.9 $ 842.4 International 32.8 40.2 101.4 116.4 Total revenues $ 386.7 $ 336.5 $ 1,115.3 $ 958.8 We present Operating income (loss) before Depreciation , Amortization , Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and Acquisition costs (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Net income $ 21.2 $ 248.3 $ 44.5 $ 279.1 Provision (benefit) for income taxes 3.9 (226.4 ) 7.0 (202.9 ) Equity in earnings of investee companies, net of tax (1.7 ) (0.6 ) (3.6 ) (1.4 ) Interest expense, net 28.9 26.3 85.6 57.3 Other expense, net 0.4 — 0.4 0.5 Operating income 52.7 47.6 133.9 132.6 Restructuring charges — 6.2 2.6 6.2 Acquisition costs (a) — 1.4 — 1.4 Net (gain) loss on dispositions — (0.5 ) 0.6 (1.4 ) Depreciation and amortization 57.5 49.5 171.2 146.6 Stock-based compensation (a) 3.7 2.7 11.7 7.4 Total Adjusted OIBDA $ 113.9 $ 106.9 $ 320.0 $ 292.8 Adjusted OIBDA: U.S. $ 121.6 $ 106.3 $ 337.0 $ 293.0 International 3.9 6.3 11.5 16.9 Corporate (11.6 ) (5.7 ) (28.5 ) (17.1 ) Total Adjusted OIBDA $ 113.9 $ 106.9 $ 320.0 $ 292.8 (a) Stock-based compensation and costs related to the Acquisition are classified as Corporate expenses. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Operating income (loss): U.S. $ 69.9 $ 64.3 $ 180.9 $ 168.5 International (1.9 ) (0.7 ) (6.8 ) (3.8 ) Corporate (15.3 ) (16.0 ) (40.2 ) (32.1 ) Total operating income $ 52.7 $ 47.6 $ 133.9 $ 132.6 Net (gain) loss on dispositions: U.S. $ — $ (0.5 ) $ 0.5 $ (1.3 ) International — — 0.1 (0.1 ) Total (gain) loss on dispositions $ — $ (0.5 ) $ 0.6 $ (1.4 ) Depreciation and amortization: U.S. $ 51.7 $ 42.5 $ 153.0 $ 125.8 International 5.8 7.0 18.2 20.8 Total depreciation and amortization $ 57.5 $ 49.5 $ 171.2 $ 146.6 Capital expenditures: U.S. $ 13.8 $ 12.9 $ 39.5 $ 37.4 International 1.5 1.4 3.5 6.2 Total capital expenditures $ 15.3 $ 14.3 $ 43.0 $ 43.6 As of (in millions) September 30, 2015 December 31, 2014 Assets: U.S. $ 3,675.1 $ 3,704.2 International 244.7 270.4 Corporate 90.5 49.0 Total assets $ 4,010.3 $ 4,023.6

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 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 September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 53.6 $ 31.5 $ 21.3 $ — $ 106.4 Receivables, less allowance — — 197.8 29.3 — 227.1 Other current assets — 5.6 102.1 22.1 — 129.8 Total current assets — 59.2 331.4 72.7 — 463.3 Property and equipment, net — — 656.9 74.3 — 731.2 Goodwill — — 2,046.1 91.4 — 2,137.5 Intangible assets — — 587.5 0.1 — 587.6 Investment in subsidiaries 1,334.0 3,574.4 173.3 — (5,081.7 ) — Other assets — 29.1 55.4 6.2 — 90.7 Intercompany — — 70.6 58.8 (129.4 ) — Total assets $ 1,334.0 $ 3,662.7 $ 3,921.2 $ 303.5 $ (5,211.1 ) $ 4,010.3 Total current liabilities $ — $ 27.4 $ 193.8 $ 32.1 $ — $ 253.3 Long-term debt — 2,301.3 0.4 — — 2,301.7 Deferred income tax liabilities, net — — — 15.1 — 15.1 Asset retirement obligation — — 28.8 7.4 — 36.2 Deficit in excess of investment of subsidiaries — — 2,240.4 — (2,240.4 ) — Other liabilities — — 65.0 5.0 — 70.0 Intercompany — — 58.8 70.6 (129.4 ) — Total liabilities — 2,328.7 2,587.2 130.2 (2,369.8 ) 2,676.3 Total stockholders’ equity 1,334.0 1,334.0 1,334.0 173.3 (2,841.3 ) 1,334.0 Total liabilities and stockholders’ equity $ 1,334.0 $ 3,662.7 $ 3,921.2 $ 303.5 $ (5,211.1 ) $ 4,010.3 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 September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 250.3 $ 28.0 $ — $ 278.3 Transit and other — — 103.6 4.8 — 108.4 Total revenues — — 353.9 32.8 — 386.7 Expenses: Operating — — 187.4 21.9 — 209.3 Selling, general and administrative 0.3 — 59.9 7.0 — 67.2 Depreciation — — 23.7 4.7 — 28.4 Amortization — — 28.0 1.1 — 29.1 Total expenses 0.3 — 299.0 34.7 — 334.0 Operating income (loss) (0.3 ) — 54.9 (1.9 ) — 52.7 Interest expense, net — (28.9 ) — — — (28.9 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.3 ) (28.9 ) 54.9 (2.3 ) — 23.4 Provision for income taxes — — (1.9 ) (2.0 ) — (3.9 ) Equity in earnings of investee companies, net of tax 21.5 50.4 (31.5 ) 0.3 (39.0 ) 1.7 Net income (loss) $ 21.2 $ 21.5 $ 21.5 $ (4.0 ) $ (39.0 ) $ 21.2 Net income (loss) $ 21.2 $ 21.5 $ 21.5 $ (4.0 ) $ (39.0 ) $ 21.2 Total other comprehensive loss, net of tax (15.0 ) (15.0 ) (15.0 ) (15.0 ) 45.0 (15.0 ) Total comprehensive income (loss) $ 6.2 $ 6.5 $ 6.5 $ (19.0 ) $ 6.0 $ 6.2 Three Months Ended September 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 205.1 $ 34.6 $ — $ 239.7 Transit and other — — 91.2 5.6 — 96.8 Total revenues — — 296.3 40.2 — 336.5 Expenses: Operating — — 151.5 25.7 — 177.2 Selling, general and administrative 0.3 — 46.6 8.2 — 55.1 Restructuring charges — — 6.2 — — 6.2 Acquisition costs — — 1.4 — — 1.4 Net gain on dispositions — — (0.5 ) — — (0.5 ) Depreciation — — 21.0 5.7 — 26.7 Amortization — — 21.5 1.3 — 22.8 Total expenses 0.3 — 247.7 40.9 — 288.9 Operating income (loss) (0.3 ) — 48.6 (0.7 ) — 47.6 Interest expense, net — (26.2 ) (0.1 ) — — (26.3 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.3 ) (26.2 ) 48.5 (0.7 ) — 21.3 Benefit (provision) for income taxes — — 227.0 (0.6 ) — 226.4 Equity in earnings of investee companies, net of tax 248.6 274.8 (26.9 ) 0.1 (496.0 ) 0.6 Net income (loss) $ 248.3 $ 248.6 $ 248.6 $ (1.2 ) $ (496.0 ) $ 248.3 Net income (loss) $ 248.3 $ 248.6 $ 248.6 $ (1.2 ) $ (496.0 ) $ 248.3 Total other comprehensive loss, net of tax (21.7 ) (17.6 ) (13.5 ) (9.4 ) 52.8 (9.4 ) Total comprehensive income (loss) $ 226.6 $ 231.0 $ 235.1 $ (10.6 ) $ (443.2 ) $ 238.9 Nine Months Ended September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 718.3 $ 87.0 $ — $ 805.3 Transit and other — — 295.6 14.4 — 310.0 Total revenues — — 1,013.9 101.4 — 1,115.3 Expenses: Operating — — 546.5 68.0 — 614.5 Selling, general and administrative 1.1 0.1 169.4 21.9 — 192.5 Restructuring charges — — 2.6 — — 2.6 Net loss on dispositions — — 0.5 0.1 — 0.6 Depreciation — — 70.1 15.0 — 85.1 Amortization — — 82.9 3.2 — 86.1 Total expenses 1.1 0.1 872.0 108.2 — 981.4 Operating income (loss) (1.1 ) (0.1 ) 141.9 (6.8 ) — 133.9 Interest income (expense), net — (85.6 ) (0.1 ) 0.1 — (85.6 ) Other income (expense), net — — — (0.4 ) — (0.4 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (1.1 ) (85.7 ) 141.8 (7.1 ) — 47.9 Provision for income taxes — — (3.6 ) (3.4 ) — (7.0 ) Equity in earnings of investee companies, net of tax 45.6 131.3 (92.6 ) 0.9 (81.6 ) 3.6 Net income (loss) $ 44.5 $ 45.6 $ 45.6 $ (9.6 ) $ (81.6 ) $ 44.5 Net income (loss) $ 44.5 $ 45.6 $ 45.6 $ (9.6 ) $ (81.6 ) $ 44.5 Total other comprehensive loss, net of tax (25.8 ) (25.8 ) (25.8 ) (25.8 ) 77.4 (25.8 ) Total comprehensive income (loss) $ 18.7 $ 19.8 $ 19.8 $ (35.4 ) $ (4.2 ) $ 18.7 Nine Months Ended September 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 589.2 $ 99.8 $ — $ 689.0 Transit and other — — 253.2 16.6 — 269.8 Total revenues — — 842.4 116.4 — 958.8 Expenses: Operating — — 436.2 76.1 — 512.3 Selling, general and administrative 0.9 — 136.8 23.4 — 161.1 Restructuring charges — — 6.2 — — 6.2 Acquisition costs — — 1.4 — — 1.4 Net gain on dispositions — — (1.3 ) (0.1 ) — (1.4 ) Depreciation — — 62.2 17.1 — 79.3 Amortization — — 63.6 3.7 — 67.3 Total expenses 0.9 — 705.1 120.2 — 826.2 Operating income (loss) (0.9 ) — 137.3 (3.8 ) — 132.6 Interest income (expense), net — (57.3 ) (0.1 ) 0.1 — (57.3 ) Other expense, net — — — (0.5 ) — (0.5 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.9 ) (57.3 ) 137.2 (4.2 ) — 74.8 Benefit (provision) for income taxes — — 205.2 (2.3 ) — 202.9 Equity in earnings of investee companies, net of tax 280.0 337.3 (62.4 ) 0.4 (553.9 ) 1.4 Net income (loss) $ 279.1 $ 280.0 $ 280.0 $ (6.1 ) $ (553.9 ) $ 279.1 Net income (loss) $ 279.1 $ 280.0 $ 280.0 $ (6.1 ) $ (553.9 ) $ 279.1 Total other comprehensive loss, net of tax (4.1 ) (4.1 ) (4.1 ) (4.1 ) 12.3 (4.1 ) Total comprehensive income (loss) $ 275.0 $ 275.9 $ 275.9 $ (10.2 ) $ (541.6 ) $ 275.0 Nine Months Ended September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.1 ) $ (72.0 ) $ 230.9 $ 18.6 $ — $ 176.4 Investing activities: Capital expenditures — — (39.6 ) (3.4 ) — (43.0 ) Acquisitions — — (11.1 ) — — (11.1 ) Net proceeds from dispositions — — 8.8 — — 8.8 Net cash flow used for investing activities — — (41.9 ) (3.4 ) — (45.3 ) 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 — — (4.0 ) — — (4.0 ) Dividends (148.7 ) — — — — (148.7 ) Intercompany 147.8 13.6 (161.7 ) 0.3 — — Other — — (0.6 ) — — (0.6 ) Net cash flow provided by (used for) financing activities 1.1 114.1 (166.3 ) 0.3 — (50.8 ) Effect of exchange rate changes on cash and cash equivalents — — — (2.4 ) — (2.4 ) Net increase in cash and cash equivalents — 42.1 22.7 13.1 — 77.9 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash and cash equivalents at end of period $ — $ 53.6 $ 31.5 $ 21.3 $ — $ 106.4 Nine Months Ended September 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.9 ) $ (25.6 ) $ 213.9 $ (2.9 ) $ — $ 184.5 Investing activities: Capital expenditures — — (37.4 ) (6.2 ) — (43.6 ) Net proceeds from dispositions — — 2.1 0.2 — 2.3 Net cash flow used for investing activities — — (35.3 ) (6.0 ) — (41.3 ) 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 — (24.8 ) — — — (24.8 ) Distribution of debt and IPO proceeds to CBS (515.0 ) (1,523.8 ) — — — (2,038.8 ) Net cash contribution from CBS — — 39.8 — — 39.8 Dividends (88.8 ) — — — — (88.8 ) Intercompany (10.3 ) 206.2 (197.0 ) 1.1 — — Net cash flow provided by (used for) financing activities 0.9 255.6 (157.2 ) 1.1 — 100.4 Effect of exchange rate changes on cash and cash equivalents — — — (1.2 ) — (1.2 ) Net increase (decrease) in cash and cash equivalents — 230.0 21.4 (9.0 ) — 242.4 Cash and cash equivalents at beginning of period — — 2.1 27.7 — 29.8 Cash and cash equivalents at end of period $ — $ 230.0 $ 23.5 $ 18.7 $ — $ 272.2

Description of Business and B26

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities 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)	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	Adoption of New Accounting Standards Business Combinations During the third quarter of 2015, we early adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, calculated as if the accounting had been completed as of the acquisition date and the amounts disclosed either on the face of the financial statements or the notes. This guidance is to be applied prospectively and is effective for fiscal years beginning after December 15, 2015. This guidance did not have a material effect on our financial statements. Service Concession Arrangements During the first quarter of 2015, we adopted 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 permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, Land $ 91.6 $ 88.1 Buildings 20 to 40 years 46.2 47.0 Advertising structures 5 to 20 years 1,684.6 1,745.6 Furniture, equipment and other 3 to 10 years 84.9 78.1 Construction in progress 28.5 17.1 1,935.8 1,975.9 Less: accumulated depreciation 1,204.6 1,193.0 Property and equipment, net $ 731.2 $ 782.9

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 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 September 30, 2015: Permits and leasehold agreements $ 1,112.3 $ (695.4 ) $ 416.9 Franchise agreements 472.0 (333.8 ) 138.2 Other intangible assets 40.0 (7.5 ) 32.5 Total intangible assets $ 1,624.3 $ (1,036.7 ) $ 587.6 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)	9 Months Ended
	Sep. 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 1.9 Additions 0.1 Liabilities settled (0.9 ) Foreign currency translation adjustments (1.5 ) As of September 30, 2015 $ 36.2

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: As of (in millions, except percentages) September 30, December 31, Term loan, due 2021 $ 798.5 $ 798.3 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.3 549.3 5.625% senior unsecured notes, due 2024 503.5 400.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.8 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)	9 Months Ended
	Sep. 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 September 30, 2015 , we have prepaid several of the debt obligations, leaving a remaining balance of $0.4 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)	9 Months Ended
	Sep. 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 and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 3.6 $ 4.7 $ 11.5 $ 9.0 Stock options 0.1 1.5 0.2 1.9 Stock-based compensation expense, before income taxes 3.7 6.2 11.7 10.9 Tax benefit (0.3 ) (0.7 ) (1.0 ) (2.8 ) Stock-based compensation expense, net of tax $ 3.4 $ 5.5 $ 10.7 $ 8.1
Activity of RSUs and PRSUs Issued to Our Employees	The following table summarizes activity for the nine months ended September 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 (468,765 ) 21.28 PRSUs (75,460 ) 28.61 Forfeitures: RSUs (31,744 ) 25.41 PRSUs (25,751 ) 26.42 Non-vested as of September 30, 2015 1,322,688 26.46
Activity of Stock Options Issued to Our Employees	The following table summarizes activity for the nine months ended September 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 September 30, 2015 294,897 15.72 Exercisable as of September 30, 2015 208,515 12.77

Retirement Benefits (Tables)

Retirement Benefits (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Components of net periodic pension cost: Service cost $ 0.4 $ 0.4 $ 1.1 $ 1.1 Interest cost 0.5 0.8 1.4 1.9 Expected return on plan assets (0.5 ) (0.8 ) (1.6 ) (2.1 ) Amortization of net actuarial losses (a) 0.1 0.1 0.5 0.3 Amortization of transitional obligation (0.1 ) — (0.1 ) — Net periodic pension cost $ 0.4 $ 0.5 $ 1.3 $ 1.2 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Net income $ 21.2 $ 248.3 $ 44.5 $ 279.1 Weighted average shares for basic EPS 137.5 120.0 137.3 112.3 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.4 0.7 0.5 0.5 Weighted average shares for diluted EPS 137.9 120.7 137.8 112.8 (a) The potential impact of an aggregate 0.6 million granted RSUs, PRSUs and stock options for the three months ended September 30, 2015 , and an aggregate 0.1 million granted RSUs, PRSUs and stock options for the nine months ended September 30, 2015 , were antidilutive. The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for each of the three and nine months ended September 30, 2014 , were antidilutive.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Revenues: U.S. $ 353.9 $ 296.3 $ 1,013.9 $ 842.4 International 32.8 40.2 101.4 116.4 Total revenues $ 386.7 $ 336.5 $ 1,115.3 $ 958.8
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income	Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Net income $ 21.2 $ 248.3 $ 44.5 $ 279.1 Provision (benefit) for income taxes 3.9 (226.4 ) 7.0 (202.9 ) Equity in earnings of investee companies, net of tax (1.7 ) (0.6 ) (3.6 ) (1.4 ) Interest expense, net 28.9 26.3 85.6 57.3 Other expense, net 0.4 — 0.4 0.5 Operating income 52.7 47.6 133.9 132.6 Restructuring charges — 6.2 2.6 6.2 Acquisition costs (a) — 1.4 — 1.4 Net (gain) loss on dispositions — (0.5 ) 0.6 (1.4 ) Depreciation and amortization 57.5 49.5 171.2 146.6 Stock-based compensation (a) 3.7 2.7 11.7 7.4 Total Adjusted OIBDA $ 113.9 $ 106.9 $ 320.0 $ 292.8 Adjusted OIBDA: U.S. $ 121.6 $ 106.3 $ 337.0 $ 293.0 International 3.9 6.3 11.5 16.9 Corporate (11.6 ) (5.7 ) (28.5 ) (17.1 ) Total Adjusted OIBDA $ 113.9 $ 106.9 $ 320.0 $ 292.8 (a) Stock-based compensation and costs related to the Acquisition are classified as Corporate expenses.
Tabular Disclosure by Reportable Segments	Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2015 2014 2015 2014 Operating income (loss): U.S. $ 69.9 $ 64.3 $ 180.9 $ 168.5 International (1.9 ) (0.7 ) (6.8 ) (3.8 ) Corporate (15.3 ) (16.0 ) (40.2 ) (32.1 ) Total operating income $ 52.7 $ 47.6 $ 133.9 $ 132.6 Net (gain) loss on dispositions: U.S. $ — $ (0.5 ) $ 0.5 $ (1.3 ) International — — 0.1 (0.1 ) Total (gain) loss on dispositions $ — $ (0.5 ) $ 0.6 $ (1.4 ) Depreciation and amortization: U.S. $ 51.7 $ 42.5 $ 153.0 $ 125.8 International 5.8 7.0 18.2 20.8 Total depreciation and amortization $ 57.5 $ 49.5 $ 171.2 $ 146.6 Capital expenditures: U.S. $ 13.8 $ 12.9 $ 39.5 $ 37.4 International 1.5 1.4 3.5 6.2 Total capital expenditures $ 15.3 $ 14.3 $ 43.0 $ 43.6
Reconciliation of Assets from Segment to Consolidated	As of (in millions) September 30, 2015 December 31, 2014 Assets: U.S. $ 3,675.1 $ 3,704.2 International 244.7 270.4 Corporate 90.5 49.0 Total assets $ 4,010.3 $ 4,023.6

Condensed Consolidating Finan37

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed Balance Sheet	As of September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 53.6 $ 31.5 $ 21.3 $ — $ 106.4 Receivables, less allowance — — 197.8 29.3 — 227.1 Other current assets — 5.6 102.1 22.1 — 129.8 Total current assets — 59.2 331.4 72.7 — 463.3 Property and equipment, net — — 656.9 74.3 — 731.2 Goodwill — — 2,046.1 91.4 — 2,137.5 Intangible assets — — 587.5 0.1 — 587.6 Investment in subsidiaries 1,334.0 3,574.4 173.3 — (5,081.7 ) — Other assets — 29.1 55.4 6.2 — 90.7 Intercompany — — 70.6 58.8 (129.4 ) — Total assets $ 1,334.0 $ 3,662.7 $ 3,921.2 $ 303.5 $ (5,211.1 ) $ 4,010.3 Total current liabilities $ — $ 27.4 $ 193.8 $ 32.1 $ — $ 253.3 Long-term debt — 2,301.3 0.4 — — 2,301.7 Deferred income tax liabilities, net — — — 15.1 — 15.1 Asset retirement obligation — — 28.8 7.4 — 36.2 Deficit in excess of investment of subsidiaries — — 2,240.4 — (2,240.4 ) — Other liabilities — — 65.0 5.0 — 70.0 Intercompany — — 58.8 70.6 (129.4 ) — Total liabilities — 2,328.7 2,587.2 130.2 (2,369.8 ) 2,676.3 Total stockholders’ equity 1,334.0 1,334.0 1,334.0 173.3 (2,841.3 ) 1,334.0 Total liabilities and stockholders’ equity $ 1,334.0 $ 3,662.7 $ 3,921.2 $ 303.5 $ (5,211.1 ) $ 4,010.3 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 September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 250.3 $ 28.0 $ — $ 278.3 Transit and other — — 103.6 4.8 — 108.4 Total revenues — — 353.9 32.8 — 386.7 Expenses: Operating — — 187.4 21.9 — 209.3 Selling, general and administrative 0.3 — 59.9 7.0 — 67.2 Depreciation — — 23.7 4.7 — 28.4 Amortization — — 28.0 1.1 — 29.1 Total expenses 0.3 — 299.0 34.7 — 334.0 Operating income (loss) (0.3 ) — 54.9 (1.9 ) — 52.7 Interest expense, net — (28.9 ) — — — (28.9 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.3 ) (28.9 ) 54.9 (2.3 ) — 23.4 Provision for income taxes — — (1.9 ) (2.0 ) — (3.9 ) Equity in earnings of investee companies, net of tax 21.5 50.4 (31.5 ) 0.3 (39.0 ) 1.7 Net income (loss) $ 21.2 $ 21.5 $ 21.5 $ (4.0 ) $ (39.0 ) $ 21.2 Net income (loss) $ 21.2 $ 21.5 $ 21.5 $ (4.0 ) $ (39.0 ) $ 21.2 Total other comprehensive loss, net of tax (15.0 ) (15.0 ) (15.0 ) (15.0 ) 45.0 (15.0 ) Total comprehensive income (loss) $ 6.2 $ 6.5 $ 6.5 $ (19.0 ) $ 6.0 $ 6.2 Three Months Ended September 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 205.1 $ 34.6 $ — $ 239.7 Transit and other — — 91.2 5.6 — 96.8 Total revenues — — 296.3 40.2 — 336.5 Expenses: Operating — — 151.5 25.7 — 177.2 Selling, general and administrative 0.3 — 46.6 8.2 — 55.1 Restructuring charges — — 6.2 — — 6.2 Acquisition costs — — 1.4 — — 1.4 Net gain on dispositions — — (0.5 ) — — (0.5 ) Depreciation — — 21.0 5.7 — 26.7 Amortization — — 21.5 1.3 — 22.8 Total expenses 0.3 — 247.7 40.9 — 288.9 Operating income (loss) (0.3 ) — 48.6 (0.7 ) — 47.6 Interest expense, net — (26.2 ) (0.1 ) — — (26.3 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.3 ) (26.2 ) 48.5 (0.7 ) — 21.3 Benefit (provision) for income taxes — — 227.0 (0.6 ) — 226.4 Equity in earnings of investee companies, net of tax 248.6 274.8 (26.9 ) 0.1 (496.0 ) 0.6 Net income (loss) $ 248.3 $ 248.6 $ 248.6 $ (1.2 ) $ (496.0 ) $ 248.3 Net income (loss) $ 248.3 $ 248.6 $ 248.6 $ (1.2 ) $ (496.0 ) $ 248.3 Total other comprehensive loss, net of tax (21.7 ) (17.6 ) (13.5 ) (9.4 ) 52.8 (9.4 ) Total comprehensive income (loss) $ 226.6 $ 231.0 $ 235.1 $ (10.6 ) $ (443.2 ) $ 238.9 Nine Months Ended September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 718.3 $ 87.0 $ — $ 805.3 Transit and other — — 295.6 14.4 — 310.0 Total revenues — — 1,013.9 101.4 — 1,115.3 Expenses: Operating — — 546.5 68.0 — 614.5 Selling, general and administrative 1.1 0.1 169.4 21.9 — 192.5 Restructuring charges — — 2.6 — — 2.6 Net loss on dispositions — — 0.5 0.1 — 0.6 Depreciation — — 70.1 15.0 — 85.1 Amortization — — 82.9 3.2 — 86.1 Total expenses 1.1 0.1 872.0 108.2 — 981.4 Operating income (loss) (1.1 ) (0.1 ) 141.9 (6.8 ) — 133.9 Interest income (expense), net — (85.6 ) (0.1 ) 0.1 — (85.6 ) Other income (expense), net — — — (0.4 ) — (0.4 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (1.1 ) (85.7 ) 141.8 (7.1 ) — 47.9 Provision for income taxes — — (3.6 ) (3.4 ) — (7.0 ) Equity in earnings of investee companies, net of tax 45.6 131.3 (92.6 ) 0.9 (81.6 ) 3.6 Net income (loss) $ 44.5 $ 45.6 $ 45.6 $ (9.6 ) $ (81.6 ) $ 44.5 Net income (loss) $ 44.5 $ 45.6 $ 45.6 $ (9.6 ) $ (81.6 ) $ 44.5 Total other comprehensive loss, net of tax (25.8 ) (25.8 ) (25.8 ) (25.8 ) 77.4 (25.8 ) Total comprehensive income (loss) $ 18.7 $ 19.8 $ 19.8 $ (35.4 ) $ (4.2 ) $ 18.7 Nine Months Ended September 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 589.2 $ 99.8 $ — $ 689.0 Transit and other — — 253.2 16.6 — 269.8 Total revenues — — 842.4 116.4 — 958.8 Expenses: Operating — — 436.2 76.1 — 512.3 Selling, general and administrative 0.9 — 136.8 23.4 — 161.1 Restructuring charges — — 6.2 — — 6.2 Acquisition costs — — 1.4 — — 1.4 Net gain on dispositions — — (1.3 ) (0.1 ) — (1.4 ) Depreciation — — 62.2 17.1 — 79.3 Amortization — — 63.6 3.7 — 67.3 Total expenses 0.9 — 705.1 120.2 — 826.2 Operating income (loss) (0.9 ) — 137.3 (3.8 ) — 132.6 Interest income (expense), net — (57.3 ) (0.1 ) 0.1 — (57.3 ) Other expense, net — — — (0.5 ) — (0.5 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.9 ) (57.3 ) 137.2 (4.2 ) — 74.8 Benefit (provision) for income taxes — — 205.2 (2.3 ) — 202.9 Equity in earnings of investee companies, net of tax 280.0 337.3 (62.4 ) 0.4 (553.9 ) 1.4 Net income (loss) $ 279.1 $ 280.0 $ 280.0 $ (6.1 ) $ (553.9 ) $ 279.1 Net income (loss) $ 279.1 $ 280.0 $ 280.0 $ (6.1 ) $ (553.9 ) $ 279.1 Total other comprehensive loss, net of tax (4.1 ) (4.1 ) (4.1 ) (4.1 ) 12.3 (4.1 ) Total comprehensive income (loss) $ 275.0 $ 275.9 $ 275.9 $ (10.2 ) $ (541.6 ) $ 275.0
Condensed Cash Flow Statement	Nine Months Ended September 30, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.1 ) $ (72.0 ) $ 230.9 $ 18.6 $ — $ 176.4 Investing activities: Capital expenditures — — (39.6 ) (3.4 ) — (43.0 ) Acquisitions — — (11.1 ) — — (11.1 ) Net proceeds from dispositions — — 8.8 — — 8.8 Net cash flow used for investing activities — — (41.9 ) (3.4 ) — (45.3 ) 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 — — (4.0 ) — — (4.0 ) Dividends (148.7 ) — — — — (148.7 ) Intercompany 147.8 13.6 (161.7 ) 0.3 — — Other — — (0.6 ) — — (0.6 ) Net cash flow provided by (used for) financing activities 1.1 114.1 (166.3 ) 0.3 — (50.8 ) Effect of exchange rate changes on cash and cash equivalents — — — (2.4 ) — (2.4 ) Net increase in cash and cash equivalents — 42.1 22.7 13.1 — 77.9 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash and cash equivalents at end of period $ — $ 53.6 $ 31.5 $ 21.3 $ — $ 106.4 Nine Months Ended September 30, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.9 ) $ (25.6 ) $ 213.9 $ (2.9 ) $ — $ 184.5 Investing activities: Capital expenditures — — (37.4 ) (6.2 ) — (43.6 ) Net proceeds from dispositions — — 2.1 0.2 — 2.3 Net cash flow used for investing activities — — (35.3 ) (6.0 ) — (41.3 ) 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 — (24.8 ) — — — (24.8 ) Distribution of debt and IPO proceeds to CBS (515.0 ) (1,523.8 ) — — — (2,038.8 ) Net cash contribution from CBS — — 39.8 — — 39.8 Dividends (88.8 ) — — — — (88.8 ) Intercompany (10.3 ) 206.2 (197.0 ) 1.1 — — Net cash flow provided by (used for) financing activities 0.9 255.6 (157.2 ) 1.1 — 100.4 Effect of exchange rate changes on cash and cash equivalents — — — (1.2 ) — (1.2 ) Net increase (decrease) in cash and cash equivalents — 230.0 21.4 (9.0 ) — 242.4 Cash and cash equivalents at beginning of period — — 2.1 27.7 — 29.8 Cash and cash equivalents at end of period $ — $ 230.0 $ 23.5 $ 18.7 $ — $ 272.2

Description of Business and B38

Description of Business and Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2014USD ($)	Sep. 30, 2015marketssegment	Sep. 30, 2014USD ($)
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
Billboard Revenue
Description of Business and Basis of Presentation [Line Items]
Reclassification adjustment	$ 2.5		$ 1.2
Transit and Other Revenue
Description of Business and Basis of Presentation [Line Items]
Reclassification adjustment	$ 2.5		$ 1.2
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	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property and Equipment [Line Items]
Property and equipment	$ 1,935.8	$ 1,975.9
Less: accumulated depreciation	1,204.6	1,193
Property and equipment, net	731.2	782.9
Land
Property and Equipment [Line Items]
Property and equipment	91.6	88.1
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 46.2	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	$ 1,684.6	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	$ 84.9	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	$ 28.5	$ 17.1

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation	$ 28.4	$ 26.7	$ 85.1	$ 79.3

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,624.3	$ 1,633.8
Accumulated amortization	(1,036.7)	(1,000.6)
Net	587.6	633.2
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,112.3	1,119.2
Accumulated amortization	(695.4)	(677.2)
Net	416.9	442
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	472	474.7
Accumulated amortization	(333.8)	(321.1)
Net	138.2	153.6
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	40	39.9
Accumulated amortization	(7.5)	(2.3)
Net	$ 32.5	$ 37.6

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 29.1	$ 22.8	$ 86.1	$ 67.3
Amortization of direct lease acquisition costs	$ 9.4	$ 8.8	$ 26.1	$ 24.2
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)	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2015USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2014	$ 36.6
Accretion expense	1.9
Additions	0.1
Liabilities settled	(0.9)
Foreign currency translation adjustments	(1.5)
As of September 30, 2015	$ 36.2

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)joint_ventureDisplays	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)joint_ventureDisplays	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Equity method investments	$ 24.9		$ 24.9		$ 27
Management fee revenue	2	$ 1.8	5.3	$ 4.8
Revenues	$ 386.7	336.5	$ 1,115.3	958.8
CBS Corp.
Related Party Transaction [Line Items]
Selling, general and administrative expenses from transactions with related party		0.3		9.5
Revenues		7.5		14.5
Revenue from related parties		0.7		7.7
Accounts receivable, related parties, current					0
Accounts payable, related parties, current					$ 0.2
Other related parties
Related Party Transaction [Line Items]
Revenues		2.4		6
Revenue from related parties		$ 0.7		$ 4.3
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	13		13

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	Mar. 30, 2015	Jan. 31, 2014	Sep. 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			$ 798.5	$ 798.3
Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt			$ 1,502.8	1,399.3
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Maturity date			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	Feb. 15, 2024	Jan. 31, 2024
Long-term debt			$ 503.5	400
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Maturity date			Mar. 15, 2025
Long-term debt			$ 450	$ 450

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) $ in Millions	Oct. 30, 2015USD ($)	Mar. 30, 2015USD ($)subsidiary	Jan. 31, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Line of Credit Facility [Line Items]
Outstanding letters of credit and surety bonds				$ 111.8		$ 111.8
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				$ 34.7		$ 34.7
Secured debt | Term loan, due 2021
Debt Instrument [Line Items]
Interest rate at period end				3.00%		3.00%
Unamortized debt discount				$ 1.5		$ 1.5
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				$ 150		$ 150
Stated interest rate				5.25%		5.25%
Maturity date						Jan. 31, 2022
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Debt face amount		$ 100
Stated interest rate		5.625%	5.625%	5.625%		5.625%
Maturity date		Feb. 15, 2024	Feb. 15, 2024			Jan. 31, 2024
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Stated interest rate				5.875%		5.875%
Maturity date						Mar. 15, 2025
Unamortized premium				$ 3.5		$ 3.5
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value				2,300		2,300
Subsequent Event | Secured debt | Term loan, due 2021
Debt Instrument [Line Items]
Repayment of debt	$ 50
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	1.4	$ 1.4
Outstanding letters of credit and surety bonds				$ 31.1		$ 31.1
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						1.5
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	Dec. 31, 2015	Dec. 10, 2015	Oct. 28, 2015	Oct. 27, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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					137,506,040		137,506,040		136,624,157
Common Stock, Outstanding					137,506,040		137,506,040		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)							374,352
Issuance of stock for purchase of property and equipment							$ 10.5
Dividends declared per common share (in dollars per share)					$ 0.34	$ 0.37	$ 1.08	$ 0.74
Subsequent Event
Class of Stock [Line Items]
Issuance of stock for purchases of property and equipment (shares)				68,570
Dividends Payable, Date Declared			Oct. 28, 2015
Dividends declared per common share (in dollars per share)			$ 0.34
Dividends Payable, Date to be Paid	Dec. 31, 2015
Dividends Payable, Date of Record		Dec. 10, 2015
Additional Paid-In Capital
Class of Stock [Line Items]
Issuance of stock for purchase of property and equipment							$ 10.5
Additional Paid-In Capital | Subsequent Event
Class of Stock [Line Items]
Issuance of stock for purchase of property and equipment				$ 1.6

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Restructuring Charges [Abstract]
Restructuring charges	$ 0	$ 6.2	$ 2.6	$ 6.2	$ 9.8
Stock-based compensation			11.7	$ 10.9	$ 5.6
Restructuring reserve	$ 2.1		$ 2.1

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions	Oct. 01, 2014	Sep. 30, 2015		Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Oct. 31, 2015
Significant Acquisitions and Disposals [Line Items]
Acquisitions						$ 11.1		$ 0
Revenues		$ 386.7			$ 336.5	1,115.3		958.8
Long-term debt		0.4				0.4
Loss on disposition of assets		0		$ (0.9)	$ 0.5	(0.6)		$ 1.4
Acquired business
Significant Acquisitions and Disposals [Line Items]
Significant acquisitions	$ 690					714.2
Revenues		50.3				145.3
Long-term debt	$ 1.4	$ 1.4	[1]			$ 1.4	[1]
Subsequent Event
Significant Acquisitions and Disposals [Line Items]
Disposal Group, Including Discontinued Operation, Consideration									$ 82
[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 September 30, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.4 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	Sep. 30, 2015		Dec. 31, 2014
Significant Acquisitions and Disposals [Line Items]
Current assets			$ 463.3		$ 355.3
Property and equipment			731.2		782.9
Goodwill			2,137.5		2,154.2
Intangible assets			587.6		633.2
Other assets			90.7		98
Current liabilities			(253.3)		(255.2)
Long-term debt			(0.4)
Other liabilities			(70)		$ (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)
Total net assets acquired			$ 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 September 30, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.4 million, with varying maturities through January 31, 2017.

Acquisitions and Dispositions52

Acquisitions and Dispositions - Allocation of intangible assets acquired (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Significant Acquisitions and Disposals [Line Items]
Intangible assets		$ 587.6	$ 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		416.9	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		138.2	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		32.5	$ 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) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
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	$ 24.1
Compensation cost not yet recognized, period for recognition	2 years 2 months 5 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, period for recognition	1 year 10 months 8 days
Compensation not yet recognized, stock options	$ 0.4

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 3.7	$ 6.2	$ 11.7	$ 10.9
Tax benefit	(0.3)	(0.7)	(1)	(2.8)
Stock-based compensation expense, net of tax	3.4	5.5	10.7	8.1
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	3.6	4.7	11.5	9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 0.1	$ 1.5	$ 0.2	$ 1.9

Stock-Based Compensation - Sc55

Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	419,609
Vested | shares	(468,765)
Forfeitures | shares	(31,744)
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)	21.28
Weighted Average Grant Date Fair Value, Forfeited (per share)	$ 25.41
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	226,197
Vested | shares	(75,460)
Forfeitures | shares	(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)	28.61
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 | shares	1,278,602
Non-vested as of end of period | shares	1,322,688
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)	$ 26.46

Stock-Based Compensation - Sc56

Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of beginning of period | shares	450,890
Exercised | shares	(141,600)
Forfeited or expired | shares	(14,393)
Outstanding as of end of period | shares	294,897
Exercisable as of end of period | shares	208,515
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	$ 12.77

Retirement Benefits - Schedule

Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost		$ 0.4	$ 0.4	$ 1.1	$ 1.1
Interest cost		0.5	0.8	1.4	1.9
Expected return on plan assets		(0.5)	(0.8)	(1.6)	(2.1)
Amortization of net actuarial losses	[1]	0.1	0.1	0.5	0.3
Amortization of transitional obligation		(0.1)	0	(0.1)	0
Net periodic pension cost		$ 0.4	$ 0.5	$ 1.3	$ 1.2
[1]	Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income.

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Compensation and Retirement Disclosure [Abstract]
Pension contributions	$ 1.6
Estimated future employer contributions in current fiscal year	$ 2.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Tax Adjustment Related To REIT Conversion	$ 232.3	$ 232.3

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 21.2		$ 248.3		$ 44.5		$ 279.1
Weighted average shares for basic EPS	137.5		120		137.3		112.3
Dilutive potential shares from grants of RSUs, PRSUs and stock options	0.4	[1]	0.7	[1]	0.5	[1]	0.5
Weighted average shares for diluted EPS	137.9		120.7		137.8		112.8
Antidilutive securities excluded from computation of earnings per share	0.6		0.1		0.1		0.1
[1]	The potential impact of an aggregate 0.6 million granted RSUs, PRSUs and stock options for the three months ended September 30, 2015, and an aggregate 0.1 million granted RSUs, PRSUs and stock options for the nine months ended September 30, 2015, were antidilutive. The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for each of the three and nine months ended September 30, 2014, were antidilutive.

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) $ in Millions	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds	$ 111.8

Segment Information - Reconcili

Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 386.7	$ 336.5	$ 1,115.3	$ 958.8
Operating segments | U.S.
Segment Reporting Information [Line Items]
Revenues	353.9	296.3	1,013.9	842.4
Operating segments | International
Segment Reporting Information [Line Items]
Revenues	$ 32.8	$ 40.2	$ 101.4	$ 116.4

Segment Information - Adjusted

Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended		12 Months Ended
		Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net income		$ 21.2		$ 248.3	$ 44.5	$ 279.1
Provision (benefit) for income taxes		3.9		(226.4)	7	(202.9)
Equity in earnings of investee companies, net of tax		(1.7)		(0.6)	(3.6)	(1.4)
Interest expense, net		28.9		26.3	85.6	57.3
Other expense, net		0.4		0	0.4	0.5
Operating income		52.7		47.6	133.9	132.6
Restructuring charges		0		6.2	2.6	6.2	$ 9.8
Acquisition costs	[1]	0		1.4	0	1.4
Net (gain) loss on dispositions		0	$ 0.9	(0.5)	0.6	(1.4)
Depreciation and amortization		57.5		49.5	171.2	146.6
Stock-based compensation	[1]	3.7		2.7	11.7	7.4
Adjusted OIBDA		113.9		106.9	320	292.8
Capital expenditures					43	43.6
Operating segments
Segment Reporting Information [Line Items]
Net (gain) loss on dispositions		0		(0.5)	0.6	(1.4)
Depreciation and amortization		57.5		49.5	171.2	146.6
Capital expenditures		15.3		14.3	43	43.6
Operating segments | U.S.
Segment Reporting Information [Line Items]
Operating income		69.9		64.3	180.9	168.5
Net (gain) loss on dispositions		0		(0.5)	0.5	(1.3)
Depreciation and amortization		51.7		42.5	153	125.8
Adjusted OIBDA		121.6		106.3	337	293
Capital expenditures		13.8		12.9	39.5	37.4
Operating segments | International
Segment Reporting Information [Line Items]
Operating income		(1.9)		(0.7)	(6.8)	(3.8)
Net (gain) loss on dispositions		0		0	0.1	(0.1)
Depreciation and amortization		5.8		7	18.2	20.8
Adjusted OIBDA		3.9		6.3	11.5	16.9
Capital expenditures		1.5		1.4	3.5	6.2
Corporate
Segment Reporting Information [Line Items]
Operating income		(15.3)		(16)	(40.2)	(32.1)
Adjusted OIBDA		$ (11.6)		$ (5.7)	$ (28.5)	$ (17.1)
[1]	Stock-based compensation and costs related to the Acquisition are classified as Corporate expenses.

Segment Information - Reconci64

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 4,010.3	$ 4,023.6
Operating segments | U.S.
Segment Reporting Information [Line Items]
Total assets	3,675.1	3,704.2
Operating segments | International
Segment Reporting Information [Line Items]
Total assets	244.7	270.4
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 90.5	$ 49

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2015segment
Segment Reporting [Abstract]
Number of reportable segments	2

Condensed Consolidating Finan66

Condensed Consolidating Financial Information - Narrative (Details)	Sep. 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 Finan67

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 106.4	$ 28.5	$ 272.2	$ 29.8
Receivables, less allowance	227.1	217.5
Other current assets	129.8	109.3
Total current assets	463.3	355.3
Property and equipment, net	731.2	782.9
Goodwill	2,137.5	2,154.2
Intangible assets	587.6	633.2
Investments in subsidiaries	0	0
Other assets	90.7	98
Intercompany	0	0
Total assets	4,010.3	4,023.6
Total current liabilities	253.3	255.2
Long-term debt	2,301.7	2,198.3
Deferred income tax liabilities, net	15.1	17.2
Asset retirement obligation	36.2	36.6
Deficit in excess of investment in subsidiaries	0	0
Other liabilities	70	70.8
Intercompany	0	0
Total liabilities	2,676.3	2,578.1
Total stockholder's equity	1,334	1,445.5	1,567
Total liabilities and stockholders’ equity	4,010.3	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	1,334	1,445.5
Other assets	0	0
Intercompany	0	0
Total assets	1,334	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	1,334	1,445.5
Total liabilities and stockholders’ equity	1,334	1,445.5
Subsidiary Issuer
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	53.6	11.5	230	0
Receivables, less allowance	0	0
Other current assets	5.6	5.3
Total current assets	59.2	16.8
Property and equipment, net	0	0
Goodwill	0	0
Intangible assets	0	0
Investments in subsidiaries	3,574.4	3,613
Other assets	29.1	31.2
Intercompany	0	0
Total assets	3,662.7	3,661
Total current liabilities	27.4	17.9
Long-term debt	2,301.3	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	2,328.7	2,215.5
Total stockholder's equity	1,334	1,445.5
Total liabilities and stockholders’ equity	3,662.7	3,661
Guarantor Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	31.5	8.8	23.5	2.1
Receivables, less allowance	197.8	186.5
Other current assets	102.1	83.5
Total current assets	331.4	278.8
Property and equipment, net	656.9	683.3
Goodwill	2,046.1	2,050.6
Intangible assets	587.5	633
Investments in subsidiaries	173.3	208.1
Other assets	55.4	59.5
Intercompany	70.6	75.1
Total assets	3,921.2	3,988.4
Total current liabilities	193.8	219.1
Long-term debt	0.4	0.7
Deferred income tax liabilities, net	0	0
Asset retirement obligation	28.8	28.3
Deficit in excess of investment in subsidiaries	2,240.4	2,167.5
Other liabilities	65	64.4
Intercompany	58.8	62.9
Total liabilities	2,587.2	2,542.9
Total stockholder's equity	1,334	1,445.5
Total liabilities and stockholders’ equity	3,921.2	3,988.4
Non-Guarantor Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	21.3	8.2	18.7	27.7
Receivables, less allowance	29.3	31
Other current assets	22.1	20.5
Total current assets	72.7	59.7
Property and equipment, net	74.3	99.6
Goodwill	91.4	103.6
Intangible assets	0.1	0.2
Investments in subsidiaries	0	0
Other assets	6.2	7.3
Intercompany	58.8	62.9
Total assets	303.5	333.3
Total current liabilities	32.1	18.2
Long-term debt	0	0
Deferred income tax liabilities, net	15.1	17.2
Asset retirement obligation	7.4	8.3
Deficit in excess of investment in subsidiaries	0	0
Other liabilities	5	6.4
Intercompany	70.6	75.1
Total liabilities	130.2	125.2
Total stockholder's equity	173.3	208.1
Total liabilities and stockholders’ equity	303.5	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	(5,081.7)	(5,266.6)
Other assets	0	0
Intercompany	(129.4)	(138)
Total assets	(5,211.1)	(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	(2,240.4)	(2,167.5)
Other liabilities	0	0
Intercompany	(129.4)	(138)
Total liabilities	(2,369.8)	(2,305.5)
Total stockholder's equity	(2,841.3)	(3,099.1)
Total liabilities and stockholders’ equity	$ (5,211.1)	$ (5,404.6)

Condensed Consolidating Finan68

Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended		12 Months Ended
		Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Condensed Income Statements, Captions [Line Items]
Billboard		$ 278.3		$ 239.7	$ 805.3	$ 689
Transit and other		108.4		96.8	310	269.8
Total revenues		386.7		336.5	1,115.3	958.8
Operating		209.3		177.2	614.5	512.3
Selling, general and administrative		67.2		55.1	192.5	161.1
Restructuring charges		0		6.2	2.6	6.2	$ 9.8
Acquisition costs	[1]	0		1.4	0	1.4
Net (gain) loss on dispositions		0	$ 0.9	(0.5)	0.6	(1.4)
Depreciation		28.4		26.7	85.1	79.3
Amortization		29.1		22.8	86.1	67.3
Total expenses		334		288.9	981.4	826.2
Operating income (loss)		52.7		47.6	133.9	132.6
Interest income (expense), net		(28.9)		(26.3)	(85.6)	(57.3)
Other expense, net		(0.4)		0	(0.4)	(0.5)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		23.4		21.3	47.9	74.8
Benefit (provision) for income taxes		(3.9)		226.4	(7)	202.9
Equity in earnings of investee companies, net of tax		1.7		0.6	3.6	1.4
Net income		21.2		248.3	44.5	279.1
Cumulative translation adjustments		(15.1)		(8.2)	(26.2)	(3.1)
Amortization of net actuarial loss		0.1		0	0.4	0.2
Deferred tax rate adjustment		0		(1.2)	0	(1.2)
Total other comprehensive loss, net of tax		(15)		(9.4)	(25.8)	(4.1)
Total comprehensive income		6.2		238.9	18.7	275
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		0.3	1.1	0.9
Restructuring charges				0	0	0
Acquisition costs				0		0
Net (gain) loss on dispositions				0	0	0
Depreciation		0		0	0	0
Amortization		0		0	0	0
Total expenses		0.3		0.3	1.1	0.9
Operating income (loss)		(0.3)		(0.3)	(1.1)	(0.9)
Interest income (expense), net		0		0	0	0
Other expense, net		0			0	0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		(0.3)		(0.3)	(1.1)	(0.9)
Benefit (provision) for income taxes		0		0	0	0
Equity in earnings of investee companies, net of tax		21.5		248.6	45.6	280
Net income		21.2		248.3	44.5	279.1
Total other comprehensive loss, net of tax		(15)		(21.7)	(25.8)	(4.1)
Total comprehensive income		6.2		226.6	18.7	275
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		0	0.1	0
Restructuring charges				0	0	0
Acquisition costs				0		0
Net (gain) loss on dispositions				0	0	0
Depreciation		0		0	0	0
Amortization		0		0	0	0
Total expenses		0		0	0.1	0
Operating income (loss)		0		0	(0.1)	0
Interest income (expense), net		(28.9)		(26.2)	(85.6)	(57.3)
Other expense, net		0			0	0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		(28.9)		(26.2)	(85.7)	(57.3)
Benefit (provision) for income taxes		0		0	0	0
Equity in earnings of investee companies, net of tax		50.4		274.8	131.3	337.3
Net income		21.5		248.6	45.6	280
Total other comprehensive loss, net of tax		(15)		(17.6)	(25.8)	(4.1)
Total comprehensive income		6.5		231	19.8	275.9
Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Billboard		250.3		205.1	718.3	589.2
Transit and other		103.6		91.2	295.6	253.2
Total revenues		353.9		296.3	1,013.9	842.4
Operating		187.4		151.5	546.5	436.2
Selling, general and administrative		59.9		46.6	169.4	136.8
Restructuring charges				6.2	2.6	6.2
Acquisition costs				1.4		1.4
Net (gain) loss on dispositions				(0.5)	0.5	(1.3)
Depreciation		23.7		21	70.1	62.2
Amortization		28		21.5	82.9	63.6
Total expenses		299		247.7	872	705.1
Operating income (loss)		54.9		48.6	141.9	137.3
Interest income (expense), net		0		(0.1)	(0.1)	(0.1)
Other expense, net		0			0	0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		54.9		48.5	141.8	137.2
Benefit (provision) for income taxes		(1.9)		227	(3.6)	205.2
Equity in earnings of investee companies, net of tax		(31.5)		(26.9)	(92.6)	(62.4)
Net income		21.5		248.6	45.6	280
Total other comprehensive loss, net of tax		(15)		(13.5)	(25.8)	(4.1)
Total comprehensive income		6.5		235.1	19.8	275.9
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Billboard		28		34.6	87	99.8
Transit and other		4.8		5.6	14.4	16.6
Total revenues		32.8		40.2	101.4	116.4
Operating		21.9		25.7	68	76.1
Selling, general and administrative		7		8.2	21.9	23.4
Restructuring charges				0	0	0
Acquisition costs				0		0
Net (gain) loss on dispositions				0	0.1	(0.1)
Depreciation		4.7		5.7	15	17.1
Amortization		1.1		1.3	3.2	3.7
Total expenses		34.7		40.9	108.2	120.2
Operating income (loss)		(1.9)		(0.7)	(6.8)	(3.8)
Interest income (expense), net		0		0	0.1	0.1
Other expense, net		(0.4)			(0.4)	(0.5)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		(2.3)		(0.7)	(7.1)	(4.2)
Benefit (provision) for income taxes		(2)		(0.6)	(3.4)	(2.3)
Equity in earnings of investee companies, net of tax		0.3		0.1	0.9	0.4
Net income		(4)		(1.2)	(9.6)	(6.1)
Total other comprehensive loss, net of tax		(15)		(9.4)	(25.8)	(4.1)
Total comprehensive income		(19)		(10.6)	(35.4)	(10.2)
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	0
Acquisition costs				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	0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies		0		0	0	0
Benefit (provision) for income taxes		0		0	0	0
Equity in earnings of investee companies, net of tax		(39)		(496)	(81.6)	(553.9)
Net income		(39)		(496)	(81.6)	(553.9)
Total other comprehensive loss, net of tax		45		52.8	77.4	12.3
Total comprehensive income		$ 6		$ (443.2)	$ (4.2)	$ (541.6)
[1]	Stock-based compensation and costs related to the Acquisition are classified as Corporate expenses.

Condensed Consolidating Finan69

Condensed Consolidating Financial Information - Condensed Consolidating Cash Flow Statement (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	$ 176.4	$ 184.5
Capital expenditures	(43)	(43.6)
Acquisitions	(11.1)	0
Net proceeds from dispositions	8.8	2.3
Net cash flow provided by (used for) investing activities	(45.3)	(41.3)
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)	(24.8)
Proceeds from stock option exercises	2	0
Taxes withheld for stock-based compensation	(4)	0
Distribution of debt and IPO proceeds to CBS	0	(2,038.8)
Net cash contribution from CBS	0	39.8
Dividends	(148.7)	(88.8)
Intercompany	0	0
Other	(0.6)	0
Net cash flow provided by (used for) financing activities	(50.8)	100.4
Effect of exchange rate changes on cash and cash equivalents	(2.4)	(1.2)
Net increase in cash and cash equivalents	77.9	242.4
Cash and cash equivalents at beginning of period	28.5	29.8
Cash and cash equivalents at end of period	106.4	272.2
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	(1.1)	(0.9)
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	(148.7)	(88.8)
Intercompany	147.8	(10.3)
Other	0
Net cash flow provided by (used for) financing activities	1.1	0.9
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	(72)	(25.6)
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		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)	(24.8)
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	13.6	206.2
Other	0
Net cash flow provided by (used for) financing activities	114.1	255.6
Effect of exchange rate changes on cash and cash equivalents	0	0
Net increase in cash and cash equivalents	42.1	230
Cash and cash equivalents at beginning of period	11.5	0
Cash and cash equivalents at end of period	53.6	230
Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	230.9	213.9
Capital expenditures	(39.6)	(37.4)
Acquisitions	(11.1)
Net proceeds from dispositions	8.8	2.1
Net cash flow provided by (used for) investing activities	(41.9)	(35.3)
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	(4)
Distribution of debt and IPO proceeds to CBS		0
Net cash contribution from CBS		39.8
Dividends	0	0
Intercompany	(161.7)	(197)
Other	(0.6)
Net cash flow provided by (used for) financing activities	(166.3)	(157.2)
Effect of exchange rate changes on cash and cash equivalents	0	0
Net increase in cash and cash equivalents	22.7	21.4
Cash and cash equivalents at beginning of period	8.8	2.1
Cash and cash equivalents at end of period	31.5	23.5
Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	18.6	(2.9)
Capital expenditures	(3.4)	(6.2)
Acquisitions	0
Net proceeds from dispositions	0	0.2
Net cash flow provided by (used for) investing activities	(3.4)	(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	0.3	1.1
Other	0
Net cash flow provided by (used for) financing activities	0.3	1.1
Effect of exchange rate changes on cash and cash equivalents	(2.4)	(1.2)
Net increase in cash and cash equivalents	13.1	(9)
Cash and cash equivalents at beginning of period	8.2	27.7
Cash and cash equivalents at end of period	21.3	18.7
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