Outfront Media (OUT) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
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	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		137,914,318

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets, Current [Abstract]
Cash and cash equivalents	$ 43.2	$ 101.6
Receivables, less allowance ($9.0 in 2016 and $8.9 in 2015)	189	209.5
Prepaid lease and transit franchise costs	80.4	61.5
Other prepaid expenses	27.3	21.9
Assets held for sale	4.8	5.2
Other current assets	15.8	12.5
Total current assets	360.5	412.2
Assets, Noncurrent [Abstract]
Property and equipment, net	691.7	701.7
Goodwill	2,101.9	2,074.7
Intangible assets	585.9	570.5
Other assets	59.3	56.4
Total assets	3,799.3	3,815.5
Liabilities, Current [Abstract]
Accounts payable	63.8	83.6
Accrued compensation	24.3	39.4
Accrued interest	27.2	19.5
Accrued lease costs	24.9	28.8
Other accrued expenses	50.5	35.3
Deferred revenues	31	20.7
Liabilities held for sale	21.5	25
Short-term debt	35.3	0
Other current liabilities	13.6	13.3
Total current liabilities	292.1	265.6
Liabilities, Noncurrent [Abstract]
Long-term debt, net	2,222.9	2,222
Deferred income tax liabilities, net	11.1	10.9
Asset retirement obligation	33.7	33.2
Other liabilities	69.3	71.2
Total liabilities	$ 2,629.1	$ 2,602.9
Commitments and Contingencies
Stockholders’ equity:
Common stock (2016 - 450.0 shares authorized, and 137.9 shares issued and outstanding; 2015 - 450.0 shares authorized, and 137.6 issued and outstanding)	$ 1.4	$ 1.4
Additional paid-in capital	1,935	1,934.3
Distribution in excess of earnings	(651.3)	(602.2)
Accumulated other comprehensive loss	(114.9)	(120.9)
Total stockholders’ equity	1,170.2	1,212.6
Total liabilities and stockholders’ equity	$ 3,799.3	$ 3,815.5

Consolidated Statement of Fina3

Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for receivables	$ 9	$ 8.9
Common Stock, Authorized	450,000,000	450,000,000
Common Stock, Issued	137,868,748	137,583,604
Common Stock, Outstanding	137,868,748	137,583,604

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues [Abstract]
Billboard	$ 250.4	$ 246.9
Transit and other	98	97
Total revenues	348.4	343.9
Expenses:
Operating	199.8	198.8
Selling, general and administrative	65.3	61.7
Restructuring charges	0	0.6
Loss on real estate assets held for sale	1.3	0
Net (gain) loss on dispositions	0.4	(0.3)
Depreciation	29.1	28.7
Amortization	28.3	27.8
Total expenses	324.2	317.3
Operating income	24.2	26.6
Interest expense, net	(28.6)	(27.8)
Other income (expense), net	(0.2)	0.1
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(4.6)	(1.1)
Benefit for income taxes	1.3	1.4
Equity in earnings of investee companies, net of tax	1	0.8
Net income (loss)	$ (2.3)	$ 1.1
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.02)	$ 0.01
Diluted (in dollars per share)	$ (0.02)	$ 0.01
Weighted average shares outstanding:
Basic (in shares)	137.6	136.9
Diluted (in shares)	137.6	137.6
Dividends declared per common share (in dollars per share)	$ 0.34	$ 0.40

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (2.3)	$ 1.1
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	6.5	(14.1)
Net actuarial gain (loss)	(0.5)	1
Total other comprehensive income (loss), net of tax	6	(13.1)
Total comprehensive income (loss)	$ 3.7	$ (12)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Distribution in Excess of Earnings	Accumulated Other Comprehensive Loss
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		136,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1.1			1.1
Other comprehensive income (loss)	(13.1)				(13.1)
Stock-based payments: Vested		300,000
Stock-based payments: Exercise of stock options (shares)		200,000
Stock-based payments: Exercise of stock options	2		2
Stock-based payments: Amortization	4.1		4.1
Shares Paid for Tax Withholding for Share Based Compensation		(100,000)
Shares paid for tax withholding for stock-based payments	(3.1)		(3.1)
Issuance of stock for purchases of property and equipment (shares)		200,000
Issuance of stock for purchase of property and equipment	6.4		6.4
Dividends	(54.9)			(54.9)
Shares of Common Stock at Mar. 31, 2015		137,200,000
Stockholders' Equity, Ending Balance at Mar. 31, 2015	1,388	$ 1.4	1,920.6	(430.8)	(103.2)
Stockholders' Equity, Beginning Balance at Dec. 31, 2015	$ 1,212.6	$ 1.4	1,934.3	(602.2)	(120.9)
Shares of Common Stock at Dec. 31, 2015	137,583,604	137,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (2.3)			(2.3)
Other comprehensive income (loss)	6				6
Stock-based payments: Vested		500,000
Stock-based payments: Amortization	4.8		4.8
Shares paid for tax withholding for stock-based payments	(4.1)		(4.1)
Issuance of stock for purchases of property and equipment (shares)		(200,000)
Dividends	$ (46.8)			(46.8)
Shares of Common Stock at Mar. 31, 2016	137,868,748	137,900,000
Stockholders' Equity, Ending Balance at Mar. 31, 2016	$ 1,170.2	$ 1.4	$ 1,935	$ (651.3)	$ (114.9)

Consolidated Statements of Sha7

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common Stock, Par Value	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Dividends declared per common share (in dollars per share)	$ 0.34	$ 0.40

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities:
Net income (loss)	$ (2.3)	$ 1.1
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization	57.4	56.5
Deferred tax benefit	(0.5)	(0.4)
Stock-based compensation	4.8	3.6
Provision for doubtful accounts	0.8	0.8
Accretion expense	0.6	0.6
Loss on real estate assets held for sale	1.3	0
Net (gain) loss on dispositions	0.4	(0.3)
Equity in earnings of investee companies, net of tax	(1)	(0.8)
Distributions from investee companies	0	0.7
Amortization of deferred financing costs and debt discount and premium	1.4	1.5
Change in assets and liabilities, net of investing and financing activities	(29.1)	(57.5)
Net cash flow provided by (used for) operating activities	33.8	5.8
Investing Activities:
Capital expenditures	(14.4)	(13.1)
Acquisitions	(60.5)	(9.9)
Net proceeds from dispositions	0.3	0.7
Net cash flow provided by (used for) investing activities	(74.6)	(22.3)
Financing Activities:
Proceeds from long-term debt borrowings - senior notes	0	103.8
Proceeds from borrowings under revolving credit facility	35	105
Repayments of borrowings under revolving credit facility	0	(105)
Deferred financing costs	(0.4)	(2.2)
Proceeds from stock option exercises	0	2
Taxes withheld for stock-based compensation	(5.1)	(3)
Dividends	(47.1)	(54.9)
Other	(0.2)	(0.4)
Net cash flow provided by (used for) financing activities	(17.8)	45.3
Effect of exchange rate changes on cash and cash equivalents	0.2	(1.3)
Net increase (decrease) in cash and cash equivalents	(58.4)	27.5
Cash and cash equivalents at beginning of period	101.6	28.5
Cash and cash equivalents at end of period	43.2	56
Supplemental disclosure of cash flow Information:
Cash paid for income taxes	2	1.3
Cash paid for interest	19.5	19.2
Non-cash investing and financing activities:
Accrued purchases of property and equipment	5.4	0.5
Issuance of stock for purchase of property and equipment	0	6.4
Taxes withheld for stock-based compensation	$ 1.5	$ 0.1

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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”) is a real estate investment trust (“REIT”) which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. 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 150 markets across the U.S. and Canada. We manage our business through two segments - U.S. and International . On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries which held all of the assets of our outdoor advertising business in Latin America (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America are included in our Consolidated Financial Statements for the three months ended March 31, 2016 and 2015. 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. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. 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, 2015, filed with the SEC on February 29, 2016 . 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	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. We elected to adopt the guidance on a retrospective basis. As a result, $28.5 million of debt issuance costs was recorded as a direct deduction from the carrying amount of our debt liability on the Consolidated Statement of Financial Position as of March 31, 2016, and $4.4 million from Other current assets and $25.3 million from Other assets was reclassified to Long-term debt, net , on the Consolidated Statement of Financial Position as of December 31, 2015. Regarding line-of-credit arrangements, we continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance did not have a material effect on our financial statements. Balance Sheet Classification of Deferred Taxes During the first quarter of 2016, we adopted the FASB’s guidance to simplify the presentation of deferred income taxes. We elected to adopt the guidance on a prospective basis. This guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance did not have a material effect on our financial statements. Recent Pronouncements Stock Compensation In March 2016, the FASB issued guidance which simplifies accounting for share-based compensation. The difference between the deduction for tax purposes and the compensation cost recognized for financial reporting on share-based payment awards (excess tax benefits or tax deficiencies, including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit on the statement of operations. Excess tax benefits should be classified with other income tax cash flows as an operating activity on the statement of cash flows. An entity may choose to either continue to accrue forfeitures based on the number of awards expected to vest or can account for forfeitures as they occur. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in applicable jurisdictions. Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity on the statement of cash flows. Each individual amendment is to be applied using either a prospective, retrospective or modified retrospective basis, as required. This guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We do not expect this guidance to have a material effect on our consolidated financial statements. Leases In February 2016, the FASB issued guidance addressing the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is to be applied on a modified retrospective basis and is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not been previously issued. We are currently evaluating the impact of this guidance on our consolidated financial statements. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016 and April 2016), the FASB issued principles-based guidance addressing revenue recognition issues. The guidance will be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. The guidance requires that the amount of revenue a company should recognize reflect the consideration it expects to be entitled to in exchange for goods and services. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, Land $ 90.1 $ 89.9 Buildings 20 to 40 years 46.7 44.1 Advertising structures 5 to 20 years 1,676.1 1,643.6 Furniture, equipment and other 3 to 10 years 81.0 79.1 Construction in progress 29.4 29.1 1,923.3 1,885.8 Less: accumulated depreciation 1,231.6 1,184.1 Property and equipment, net $ 691.7 $ 701.7 Depreciation expense was $29.1 million for the three months ended March 31, 2016 , and $28.7 million for the three months ended March 31, 2015 .

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2016
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of March 31, 2016: Permits and leasehold agreements $ 1,020.6 $ (601.0 ) $ 419.6 Franchise agreements 451.2 (320.2 ) 131.0 Other intangible assets 46.3 (11.0 ) 35.3 Total intangible assets $ 1,518.1 $ (932.2 ) $ 585.9 As of December 31, 2015: Permits and leasehold agreements $ 996.1 $ (589.1 ) $ 407.0 Franchise agreements 447.2 (314.5 ) 132.7 Other intangible assets 40.0 (9.2 ) 30.8 Total intangible assets $ 1,483.3 $ (912.8 ) $ 570.5 All of our identifiable intangible assets, except goodwill, are subject to amortization. Amortization expense was $28.3 million for the three months ended March 31, 2016 , and $27.8 million for the three months ended March 31, 2015 , which includes the amortization of direct lease acquisition costs of $8.9 million for the three months ended March 31, 2016 , and $7.5 million for the three months ended March 31, 2015 . 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	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 33.2 Accretion expense 0.6 Additions 0.1 Liabilities settled (0.5 ) Foreign currency translation adjustments 0.3 As of March 31, 2016 $ 33.7

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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 three joint ventures which operate a total of 16 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $22.8 million as of March 31, 2016 , and $21.3 million as of December 31, 2015 , and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.7 million in the three months ended March 31, 2016 , and $1.5 million in the three months ended March 31, 2015 .

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Long-term debt, net, consists of the following: As of (in millions, except percentages) March 31, December 31, Term loan, due 2021 $ 748.7 $ 748.6 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.4 549.4 5.625% senior unsecured notes, due 2024 503.3 503.4 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.7 1,502.8 Other — 0.3 Debt issuance costs (a) (28.5 ) (29.7 ) Total long-term debt, net $ 2,222.9 $ 2,222.0 Weighted average cost of debt 4.7 % 4.7 % (a) See Note 2. New Accounting Standards to the Consolidated Financial Statements. Term Loan The interest rate on the term loan due in 2021 (the “Term Loan”) was 3.0% per annum as of March 31, 2016 . As of March 31, 2016 , a discount of $1.3 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net , on the Consolidated Statement of Operations. On April 29, 2016 , we made a payment of $20.0 million on the Term Loan. Senior Unsecured Notes As of March 31, 2016 , a discount of $0.6 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022 , remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of March 31, 2016 , a premium of $3.3 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes due 2024 , remains unamortized. The premium is being amortized through Interest expense, net , on the Consolidated Statement of Operations. Revolving Credit Facility We also have a $425.0 million revolving credit facility, which matures in 2019 (the “Revolving Credit Facility”). As of March 31, 2016 , there were $35.0 million in outstanding borrowings under the Revolving Credit Facility, which is recorded as Short-term debt on the Consolidated Statement of Financial Position. On April 1, 2016, we repaid the outstanding balance of $35.0 million with a portion of the proceeds from the Transaction (as defined in Note 9. Acquisitions and Dispositions ). The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended March 31, 2016 and $0.4 million in the three months ended March 31, 2015 . As of March 31, 2016 , we had issued letters of credit totaling approximately $31.2 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 its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, 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 March 31, 2016 , our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Transaction (as defined in Note 9. Acquisitions and Dispositions) and to give pro forma effect to two acquisitions, in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of March 31, 2016 , our Consolidated Total Leverage Ratio was 5.1 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Transaction and to give pro forma effect to two acquisitions, in accordance with the Credit Agreement. As of March 31, 2016 , we are in compliance with our debt covenants. Letter of Credit Facility As of March 31, 2016 , we issued letters of credit totaling approximately $68.6 million under our $80.0 million letter of credit facility. The fee under the letter of credit facility was immaterial in each of the three months ended March 31, 2016 and 2015 . Deferred Financing Costs As of March 31, 2016 , we had deferred $31.8 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, net, 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 March 31, 2016 . The fair value of our debt is classified as Level 2.

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	Equity As of March 31, 2016 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 137,868,748 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. On April 28, 2016 , we announced that our board of directors approved a quarterly cash dividend of $0.34 per share on our common stock, payable on June 30, 2016 , to stockholders of record at the close of business on June 10, 2016 .

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions In the three months ended March 31, 2016 , we completed several acquisitions for a total purchase price of approximately $60.5 million . Dispositions On October 31, 2015, we entered into an agreement with JCDecaux SA (“JCDecaux”), 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. The Transaction was completed on April 1, 2016 , and in connection with the Transaction, we received $82.0 million in cash plus working capital, which is subject to post-closing adjustments. We recorded a loss on real estate assets held for sale of approximately $1.3 million in the three months ended March 31, 2016, on the Consolidated Statement of Operations. In connection with the Transaction, the assets and liabilities of our outdoor advertising business in Latin America has been classified as Assets held for sale and Liabilities held for sale on the Consolidated Statement of Financial Position. The components of Assets held for sale and Liabilities held for sale were as follows: As of (in millions) March 31, 2016 December 31, 2015 Current assets: Cash and cash equivalents $ 4.5 $ 5.7 Receivables, less allowances 14.0 14.5 Other current assets 10.1 7.8 Total current assets 28.6 28.0 Property and equipment, net 18.0 18.3 Goodwill 60.6 60.3 Intangible assets 0.1 0.1 Other assets 2.2 2.1 Total assets 109.5 108.8 Loss on real estate assets held for sale (a) (104.7 ) (103.6 ) Assets held for sale $ 4.8 $ 5.2 Total current liabilities $ 16.9 $ 20.9 Deferred income tax liabilities, net 1.9 1.4 Asset retirement obligation 2.7 2.7 Liabilities held for sale $ 21.5 $ 25.0 (a) Loss on real estate assets held for sale is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months ended March 31, 2016 and 2015 . Three Months Ended March 31, (in millions) 2016 2015 Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 4.7 $ 3.5 Stock options 0.1 0.1 Stock-based compensation expense, before income taxes 4.8 3.6 Tax benefit (0.5 ) (0.3 ) Stock-based compensation expense, net of tax $ 4.3 $ 3.3 As of March 31, 2016 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $32.1 million , which is expected to be recognized over a weighted average period of 2.3 years , and total unrecognized compensation cost related to non-vested stock options was $0.3 million , which is expected to be recognized over a weighted average period of 1.4 years . RSUs and PRSUs The following table summarizes activity for the three months ended March 31, 2016 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2015 1,302,932 $ 26.48 Granted: RSUs 608,970 19.01 PRSUs 319,926 19.01 Vested: RSUs (344,481 ) 24.45 PRSUs (103,180 ) 29.46 Forfeitures: RSUs (10,166 ) 29.83 PRSUs (20,325 ) 27.68 Non-vested as of March 31, 2016 1,753,676 22.70 Stock Options The following table summarizes activity for the three months ended March 31, 2016 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2015 294,897 $ 15.72 Outstanding as of March 31, 2016 294,897 15.72 Exercisable as of March 31, 2016 232,758 13.15

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2016
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 March 31, (in millions) 2016 2015 Components of net periodic pension cost: Service cost $ 0.4 $ 0.3 Interest cost 0.4 0.4 Expected return on plan assets (0.5 ) (0.5 ) Amortization of net actuarial losses (a) 0.1 0.2 Net periodic pension cost $ 0.4 $ 0.4 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). In the three months ended March 31, 2016 , we contributed $0.5 million to our pension plans. In 2016 , we expect to contribute approximately $2.2 million to our pension plans.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Income Taxes	Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distributed to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three months ended March 31, 2016 and 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.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	Earnings Per Share (“EPS”) Three Months Ended March 31, (in millions) 2016 2015 Net income (loss) $ (2.3 ) $ 1.1 Weighted average shares for basic EPS 137.6 136.9 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) — 0.7 Weighted average shares for diluted EPS 137.6 137.6 (a) The potential impact of an aggregate 1.0 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2016 , and 0.4 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2015 , were antidilutive.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2016
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. The MTA has issued a “Request for Proposals” to prospective operators for the subway, bus and commuter rail (Metro-North and Long Island Railroad) concessions for a ten-year contract, with an additional five-year renewal period at the MTA’s option, to commence January 1, 2017. 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 $113.6 million as of March 31, 2016 , 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	3 Months Ended
	Mar. 31, 2016
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 March 31, (in millions) 2016 2015 Revenues: U.S. $ 322.9 $ 313.9 International 25.5 30.0 Total revenues $ 348.4 $ 343.9 We present Operating income (loss) before Depreciation , Amortization , Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with the FASB guidance for segment reporting. Three Months Ended March 31, (in millions) 2016 2015 Net income (loss) $ (2.3 ) $ 1.1 Benefit for income taxes (1.3 ) (1.4 ) Equity in earnings of investee companies, net of tax (1.0 ) (0.8 ) Interest expense, net 28.6 27.8 Other income (expense), net 0.2 (0.1 ) Operating income 24.2 26.6 Restructuring charges — 0.6 Loss on real estate assets held for sale 1.3 — Net (gain) loss on dispositions 0.4 (0.3 ) Depreciation and amortization 57.4 56.5 Stock-based compensation 4.8 3.6 Total Adjusted OIBDA $ 88.1 $ 87.0 Adjusted OIBDA: U.S. $ 97.7 $ 94.4 International (0.6 ) 0.1 Corporate (9.0 ) (7.5 ) Total Adjusted OIBDA $ 88.1 $ 87.0 Three Months Ended March 31, (in millions) 2016 2015 Operating income (loss): U.S. $ 45.3 $ 43.9 International (7.3 ) (6.2 ) Corporate (13.8 ) (11.1 ) Total operating income $ 24.2 $ 26.6 Net (gain) loss on dispositions: U.S. $ 0.4 $ (0.4 ) International — 0.1 Total (gain) loss on dispositions $ 0.4 $ (0.3 ) Depreciation and amortization: U.S. $ 52.0 $ 50.3 International 5.4 6.2 Total depreciation and amortization $ 57.4 $ 56.5 Capital expenditures: U.S. $ 13.5 $ 12.1 International 0.9 1.0 Total capital expenditures $ 14.4 $ 13.1 As of (in millions) March 31, 2016 December 31, 2015 Assets: U.S. $ 3,647.5 $ 3,602.8 International (a) 128.8 124.5 Corporate 23.0 88.2 Total assets $ 3,799.3 $ 3,815.5 (a) Includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements).

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. 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) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below. As of March 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 9.8 $ 21.9 $ 11.5 $ — $ 43.2 Receivables, less allowance — — 176.8 12.2 — 189.0 Other current assets (a) — 1.5 143.8 18.4 (35.4 ) 128.3 Total current assets — 11.3 342.5 42.1 (35.4 ) 360.5 Property and equipment, net — — 639.0 52.7 — 691.7 Goodwill — — 2,071.2 30.7 — 2,101.9 Intangible assets — — 585.9 — — 585.9 Investment in subsidiaries 1,170.2 3,445.7 22.8 — (4,638.7 ) — Other assets — 1.9 54.1 3.3 — 59.3 Intercompany — — 83.3 66.7 (150.0 ) — Total assets $ 1,170.2 $ 3,458.9 $ 3,798.8 $ 195.5 $ (4,824.1 ) $ 3,799.3 Total current liabilities (a) $ — $ 65.8 $ 193.2 $ 68.5 $ (35.4 ) $ 292.1 Long-term debt, net — 2,222.9 — — — 2,222.9 Deferred income tax liabilities, net — — — 11.1 — 11.1 Asset retirement obligation — — 29.3 4.4 — 33.7 Deficit in excess of investment of subsidiaries — — 2,275.5 — (2,275.5 ) — Other liabilities — — 63.9 5.4 — 69.3 Intercompany — — 66.7 83.3 (150.0 ) — Total liabilities — 2,288.7 2,628.6 172.7 (2,460.9 ) 2,629.1 Total stockholders’ equity 1,170.2 1,170.2 1,170.2 22.8 (2,363.2 ) 1,170.2 Total liabilities and stockholders’ equity $ 1,170.2 $ 3,458.9 $ 3,798.8 $ 195.5 $ (4,824.1 ) $ 3,799.3 (a) Includes amounts reclassified as Assets held for sale and Liabilities held for sale , as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). As of December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 81.6 $ 8.5 $ 11.5 $ — $ 101.6 Receivables, less allowances — — 196.5 13.0 — 209.5 Other current assets (a) — 1.1 118.1 15.9 (34.0 ) 101.1 Total current assets — 82.7 323.1 40.4 (34.0 ) 412.2 Property and equipment, net — — 649.4 52.3 — 701.7 Goodwill — — 2,046.0 28.7 — 2,074.7 Intangible assets — — 570.5 — — 570.5 Investment in subsidiaries 1,212.6 3,369.1 25.0 — (4,606.7 ) — Other assets — 2.2 51.1 3.1 — 56.4 Intercompany — — 70.6 58.9 (129.5 ) — Total assets $ 1,212.6 $ 3,454.0 $ 3,735.7 $ 183.4 $ (4,770.2 ) $ 3,815.5 Total current liabilities (a) $ — $ 19.7 $ 212.0 $ 67.9 $ (34.0 ) $ 265.6 Long-term debt, net — 2,221.7 0.3 — — 2,222.0 Deferred income tax liabilities, net — — — 10.9 — 10.9 Asset retirement obligation — — 29.1 4.1 — 33.2 Deficit in excess of investment of subsidiaries — — 2,156.5 — (2,156.5 ) — Other liabilities — — 66.3 4.9 — 71.2 Intercompany — — 58.9 70.6 (129.5 ) — Total liabilities — 2,241.4 2,523.1 158.4 (2,320.0 ) 2,602.9 Total stockholders’ equity 1,212.6 1,212.6 1,212.6 25.0 (2,450.2 ) 1,212.6 Total liabilities and stockholders’ equity $ 1,212.6 $ 3,454.0 $ 3,735.7 $ 183.4 $ (4,770.2 ) $ 3,815.5 (a) Includes amounts reclassified as Assets held for sale and Liabilities held for sale , as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). Three Months Ended March 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 228.3 $ 22.1 $ — $ 250.4 Transit and other — — 94.6 3.4 — 98.0 Total revenues — — 322.9 25.5 — 348.4 Expenses: Operating — — 180.1 19.7 — 199.8 Selling, general and administrative 0.4 0.1 58.4 6.4 — 65.3 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net loss on dispositions — — 0.4 — — 0.4 Depreciation — — 24.6 4.5 — 29.1 Amortization — — 27.4 0.9 — 28.3 Total expenses 0.4 0.1 290.9 32.8 — 324.2 Operating income (loss) (0.4 ) (0.1 ) 32.0 (7.3 ) — 24.2 Interest expense, net — (28.5 ) (0.1 ) — — (28.6 ) Other expense, net — — — (0.2 ) — (0.2 ) Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.4 ) (28.6 ) 31.9 (7.5 ) — (4.6 ) Benefit for income taxes — — 1.3 — — 1.3 Equity in earnings of investee companies, net of tax (1.9 ) 26.7 (35.1 ) 0.1 11.2 1.0 Net loss $ (2.3 ) $ (1.9 ) $ (1.9 ) $ (7.4 ) $ 11.2 $ (2.3 ) Net loss $ (2.3 ) $ (1.9 ) $ (1.9 ) $ (7.4 ) $ 11.2 $ (2.3 ) Total other comprehensive income, net of tax 6.0 6.0 6.0 6.0 (18.0 ) 6.0 Total comprehensive income (loss) $ 3.7 $ 4.1 $ 4.1 $ (1.4 ) $ (6.8 ) $ 3.7 Three Months Ended March 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 221.1 $ 25.8 $ — $ 246.9 Transit and other — — 92.8 4.2 — 97.0 Total revenues — — 313.9 30.0 — 343.9 Expenses: Operating — — 176.3 22.5 — 198.8 Selling, general and administrative 0.5 — 53.8 7.4 — 61.7 Restructuring charges — — 0.6 — — 0.6 Net gain on dispositions — — (0.4 ) 0.1 — (0.3 ) Depreciation — — 23.5 5.2 — 28.7 Amortization — — 26.8 1.0 — 27.8 Total expenses 0.5 — 280.6 36.2 — 317.3 Operating income (loss) (0.5 ) — 33.3 (6.2 ) — 26.6 Interest expense, net — (27.8 ) — — — (27.8 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.5 ) (27.8 ) 33.3 (6.1 ) — (1.1 ) Benefit for income taxes — — 0.3 1.1 — 1.4 Equity in earnings of investee companies, net of tax 1.6 29.4 (32.0 ) 0.3 1.5 0.8 Net income (loss) $ 1.1 $ 1.6 $ 1.6 $ (4.7 ) $ 1.5 $ 1.1 Net income (loss) $ 1.1 $ 1.6 $ 1.6 $ (4.7 ) $ 1.5 $ 1.1 Total other comprehensive loss, net of tax (13.1 ) (13.1 ) (13.1 ) (13.1 ) 39.3 (13.1 ) Total comprehensive loss $ (12.0 ) $ (11.5 ) $ (11.5 ) $ (17.8 ) $ 40.8 $ (12.0 ) Three Months Ended March 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.4 ) $ (19.6 ) $ 57.2 $ (3.4 ) $ — $ 33.8 Investing activities: Capital expenditures — — (13.5 ) (0.9 ) — (14.4 ) Acquisitions — — (60.5 ) — — (60.5 ) Net proceeds from dispositions — — 0.3 — — 0.3 Net cash flow used for investing activities — — (73.7 ) (0.9 ) — (74.6 ) Financing activities: Proceeds from borrowings under revolving credit facility — 35.0 — — — 35.0 Deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (5.1 ) — — (5.1 ) Dividends (47.1 ) — — — — (47.1 ) Intercompany 47.5 (86.8 ) 35.2 4.1 — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.4 (52.2 ) 29.9 4.1 — (17.8 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.2 — 0.2 Net increase (decrease) in cash and cash equivalents — (71.8 ) 13.4 — — (58.4 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 9.8 $ 21.9 $ 11.5 $ — $ 43.2 Three Months Ended March 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.5 ) $ (17.1 ) $ 9.1 $ 14.3 $ — $ 5.8 Investing activities: Capital expenditures — — (12.1 ) (1.0 ) — (13.1 ) Acquisitions — — (9.9 ) — — (9.9 ) Net proceeds from dispositions — — 0.7 — — 0.7 Net cash flow used for investing activities — — (21.3 ) (1.0 ) — (22.3 ) Financing activities: Proceeds from long-term debt borrowings - 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 — (2.2 ) — — — (2.2 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (3.0 ) — — (3.0 ) Dividends (54.9 ) — — — — (54.9 ) Intercompany 53.4 (75.6 ) 21.9 0.3 — — Other — — (0.4 ) — — (0.4 ) Net cash flow provided by financing activities 0.5 26.0 18.5 0.3 — 45.3 Effect of exchange rate changes on cash and cash equivalents — — — (1.3 ) — (1.3 ) Net increase in cash and cash equivalents — 8.9 6.3 12.3 — 27.5 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash and cash equivalents at end of period $ — $ 20.4 $ 15.1 $ 20.5 $ — $ 56.0

Description of Business and B25

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
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 (Polic

New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. We elected to adopt the guidance on a retrospective basis. As a result, $28.5 million of debt issuance costs was recorded as a direct deduction from the carrying amount of our debt liability on the Consolidated Statement of Financial Position as of March 31, 2016, and $4.4 million from Other current assets and $25.3 million from Other assets was reclassified to Long-term debt, net , on the Consolidated Statement of Financial Position as of December 31, 2015. Regarding line-of-credit arrangements, we continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance did not have a material effect on our financial statements. Balance Sheet Classification of Deferred Taxes During the first quarter of 2016, we adopted the FASB’s guidance to simplify the presentation of deferred income taxes. We elected to adopt the guidance on a prospective basis. This guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance did not have a material effect on our financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives March 31, December 31, Land $ 90.1 $ 89.9 Buildings 20 to 40 years 46.7 44.1 Advertising structures 5 to 20 years 1,676.1 1,643.6 Furniture, equipment and other 3 to 10 years 81.0 79.1 Construction in progress 29.4 29.1 1,923.3 1,885.8 Less: accumulated depreciation 1,231.6 1,184.1 Property and equipment, net $ 691.7 $ 701.7

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Permits and leasehold agreements $ 1,020.6 $ (601.0 ) $ 419.6 Franchise agreements 451.2 (320.2 ) 131.0 Other intangible assets 46.3 (11.0 ) 35.3 Total intangible assets $ 1,518.1 $ (932.2 ) $ 585.9 As of December 31, 2015: Permits and leasehold agreements $ 996.1 $ (589.1 ) $ 407.0 Franchise agreements 447.2 (314.5 ) 132.7 Other intangible assets 40.0 (9.2 ) 30.8 Total intangible assets $ 1,483.3 $ (912.8 ) $ 570.5

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 $ 33.2 Accretion expense 0.6 Additions 0.1 Liabilities settled (0.5 ) Foreign currency translation adjustments 0.3 As of March 31, 2016 $ 33.7

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt, net, consists of the following: As of (in millions, except percentages) March 31, December 31, Term loan, due 2021 $ 748.7 $ 748.6 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.4 549.4 5.625% senior unsecured notes, due 2024 503.3 503.4 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.7 1,502.8 Other — 0.3 Debt issuance costs (a) (28.5 ) (29.7 ) Total long-term debt, net $ 2,222.9 $ 2,222.0 Weighted average cost of debt 4.7 % 4.7 % (a) See Note 2. New Accounting Standards to the Consolidated Financial Statements.

Acquisitions and Dispositions B

Acquisitions and Dispositions Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Disposal group	The components of Assets held for sale and Liabilities held for sale were as follows: As of (in millions) March 31, 2016 December 31, 2015 Current assets: Cash and cash equivalents $ 4.5 $ 5.7 Receivables, less allowances 14.0 14.5 Other current assets 10.1 7.8 Total current assets 28.6 28.0 Property and equipment, net 18.0 18.3 Goodwill 60.6 60.3 Intangible assets 0.1 0.1 Other assets 2.2 2.1 Total assets 109.5 108.8 Loss on real estate assets held for sale (a) (104.7 ) (103.6 ) Assets held for sale $ 4.8 $ 5.2 Total current liabilities $ 16.9 $ 20.9 Deferred income tax liabilities, net 1.9 1.4 Asset retirement obligation 2.7 2.7 Liabilities held for sale $ 21.5 $ 25.0 (a) Loss on real estate assets held for sale is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense	The following table summarizes our stock-based compensation expense for the three months ended March 31, 2016 and 2015 . Three Months Ended March 31, (in millions) 2016 2015 Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 4.7 $ 3.5 Stock options 0.1 0.1 Stock-based compensation expense, before income taxes 4.8 3.6 Tax benefit (0.5 ) (0.3 ) Stock-based compensation expense, net of tax $ 4.3 $ 3.3
Activity of RSUs and PRSUs Issued to Our Employees	The following table summarizes activity for the three months ended March 31, 2016 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2015 1,302,932 $ 26.48 Granted: RSUs 608,970 19.01 PRSUs 319,926 19.01 Vested: RSUs (344,481 ) 24.45 PRSUs (103,180 ) 29.46 Forfeitures: RSUs (10,166 ) 29.83 PRSUs (20,325 ) 27.68 Non-vested as of March 31, 2016 1,753,676 22.70
Activity of Stock Options Issued to Our Employees	The following table summarizes activity for the three months ended March 31, 2016 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2015 294,897 $ 15.72 Outstanding as of March 31, 2016 294,897 15.72 Exercisable as of March 31, 2016 232,758 13.15

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, (in millions) 2016 2015 Components of net periodic pension cost: Service cost $ 0.4 $ 0.3 Interest cost 0.4 0.4 Expected return on plan assets (0.5 ) (0.5 ) Amortization of net actuarial losses (a) 0.1 0.2 Net periodic pension cost $ 0.4 $ 0.4 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, (in millions) 2016 2015 Net income (loss) $ (2.3 ) $ 1.1 Weighted average shares for basic EPS 137.6 136.9 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) — 0.7 Weighted average shares for diluted EPS 137.6 137.6 (a) The potential impact of an aggregate 1.0 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2016 , and 0.4 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2015 , were antidilutive.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, (in millions) 2016 2015 Revenues: U.S. $ 322.9 $ 313.9 International 25.5 30.0 Total revenues $ 348.4 $ 343.9
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income	Three Months Ended March 31, (in millions) 2016 2015 Net income (loss) $ (2.3 ) $ 1.1 Benefit for income taxes (1.3 ) (1.4 ) Equity in earnings of investee companies, net of tax (1.0 ) (0.8 ) Interest expense, net 28.6 27.8 Other income (expense), net 0.2 (0.1 ) Operating income 24.2 26.6 Restructuring charges — 0.6 Loss on real estate assets held for sale 1.3 — Net (gain) loss on dispositions 0.4 (0.3 ) Depreciation and amortization 57.4 56.5 Stock-based compensation 4.8 3.6 Total Adjusted OIBDA $ 88.1 $ 87.0 Adjusted OIBDA: U.S. $ 97.7 $ 94.4 International (0.6 ) 0.1 Corporate (9.0 ) (7.5 ) Total Adjusted OIBDA $ 88.1 $ 87.0
Tabular Disclosure by Reportable Segments	Three Months Ended March 31, (in millions) 2016 2015 Operating income (loss): U.S. $ 45.3 $ 43.9 International (7.3 ) (6.2 ) Corporate (13.8 ) (11.1 ) Total operating income $ 24.2 $ 26.6 Net (gain) loss on dispositions: U.S. $ 0.4 $ (0.4 ) International — 0.1 Total (gain) loss on dispositions $ 0.4 $ (0.3 ) Depreciation and amortization: U.S. $ 52.0 $ 50.3 International 5.4 6.2 Total depreciation and amortization $ 57.4 $ 56.5 Capital expenditures: U.S. $ 13.5 $ 12.1 International 0.9 1.0 Total capital expenditures $ 14.4 $ 13.1
Reconciliation of Assets from Segment to Consolidated	As of (in millions) March 31, 2016 December 31, 2015 Assets: U.S. $ 3,647.5 $ 3,602.8 International (a) 128.8 124.5 Corporate 23.0 88.2 Total assets $ 3,799.3 $ 3,815.5 (a) Includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements).

Condensed Consolidating Finan36

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information [Abstract]
Condensed Balance Sheet	As of March 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 9.8 $ 21.9 $ 11.5 $ — $ 43.2 Receivables, less allowance — — 176.8 12.2 — 189.0 Other current assets (a) — 1.5 143.8 18.4 (35.4 ) 128.3 Total current assets — 11.3 342.5 42.1 (35.4 ) 360.5 Property and equipment, net — — 639.0 52.7 — 691.7 Goodwill — — 2,071.2 30.7 — 2,101.9 Intangible assets — — 585.9 — — 585.9 Investment in subsidiaries 1,170.2 3,445.7 22.8 — (4,638.7 ) — Other assets — 1.9 54.1 3.3 — 59.3 Intercompany — — 83.3 66.7 (150.0 ) — Total assets $ 1,170.2 $ 3,458.9 $ 3,798.8 $ 195.5 $ (4,824.1 ) $ 3,799.3 Total current liabilities (a) $ — $ 65.8 $ 193.2 $ 68.5 $ (35.4 ) $ 292.1 Long-term debt, net — 2,222.9 — — — 2,222.9 Deferred income tax liabilities, net — — — 11.1 — 11.1 Asset retirement obligation — — 29.3 4.4 — 33.7 Deficit in excess of investment of subsidiaries — — 2,275.5 — (2,275.5 ) — Other liabilities — — 63.9 5.4 — 69.3 Intercompany — — 66.7 83.3 (150.0 ) — Total liabilities — 2,288.7 2,628.6 172.7 (2,460.9 ) 2,629.1 Total stockholders’ equity 1,170.2 1,170.2 1,170.2 22.8 (2,363.2 ) 1,170.2 Total liabilities and stockholders’ equity $ 1,170.2 $ 3,458.9 $ 3,798.8 $ 195.5 $ (4,824.1 ) $ 3,799.3 (a) Includes amounts reclassified as Assets held for sale and Liabilities held for sale , as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). As of December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 81.6 $ 8.5 $ 11.5 $ — $ 101.6 Receivables, less allowances — — 196.5 13.0 — 209.5 Other current assets (a) — 1.1 118.1 15.9 (34.0 ) 101.1 Total current assets — 82.7 323.1 40.4 (34.0 ) 412.2 Property and equipment, net — — 649.4 52.3 — 701.7 Goodwill — — 2,046.0 28.7 — 2,074.7 Intangible assets — — 570.5 — — 570.5 Investment in subsidiaries 1,212.6 3,369.1 25.0 — (4,606.7 ) — Other assets — 2.2 51.1 3.1 — 56.4 Intercompany — — 70.6 58.9 (129.5 ) — Total assets $ 1,212.6 $ 3,454.0 $ 3,735.7 $ 183.4 $ (4,770.2 ) $ 3,815.5 Total current liabilities (a) $ — $ 19.7 $ 212.0 $ 67.9 $ (34.0 ) $ 265.6 Long-term debt, net — 2,221.7 0.3 — — 2,222.0 Deferred income tax liabilities, net — — — 10.9 — 10.9 Asset retirement obligation — — 29.1 4.1 — 33.2 Deficit in excess of investment of subsidiaries — — 2,156.5 — (2,156.5 ) — Other liabilities — — 66.3 4.9 — 71.2 Intercompany — — 58.9 70.6 (129.5 ) — Total liabilities — 2,241.4 2,523.1 158.4 (2,320.0 ) 2,602.9 Total stockholders’ equity 1,212.6 1,212.6 1,212.6 25.0 (2,450.2 ) 1,212.6 Total liabilities and stockholders’ equity $ 1,212.6 $ 3,454.0 $ 3,735.7 $ 183.4 $ (4,770.2 ) $ 3,815.5 (a) Includes amounts reclassified as Assets held for sale and Liabilities held for sale , as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements).
Condensed Income Statement	Three Months Ended March 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 228.3 $ 22.1 $ — $ 250.4 Transit and other — — 94.6 3.4 — 98.0 Total revenues — — 322.9 25.5 — 348.4 Expenses: Operating — — 180.1 19.7 — 199.8 Selling, general and administrative 0.4 0.1 58.4 6.4 — 65.3 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net loss on dispositions — — 0.4 — — 0.4 Depreciation — — 24.6 4.5 — 29.1 Amortization — — 27.4 0.9 — 28.3 Total expenses 0.4 0.1 290.9 32.8 — 324.2 Operating income (loss) (0.4 ) (0.1 ) 32.0 (7.3 ) — 24.2 Interest expense, net — (28.5 ) (0.1 ) — — (28.6 ) Other expense, net — — — (0.2 ) — (0.2 ) Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.4 ) (28.6 ) 31.9 (7.5 ) — (4.6 ) Benefit for income taxes — — 1.3 — — 1.3 Equity in earnings of investee companies, net of tax (1.9 ) 26.7 (35.1 ) 0.1 11.2 1.0 Net loss $ (2.3 ) $ (1.9 ) $ (1.9 ) $ (7.4 ) $ 11.2 $ (2.3 ) Net loss $ (2.3 ) $ (1.9 ) $ (1.9 ) $ (7.4 ) $ 11.2 $ (2.3 ) Total other comprehensive income, net of tax 6.0 6.0 6.0 6.0 (18.0 ) 6.0 Total comprehensive income (loss) $ 3.7 $ 4.1 $ 4.1 $ (1.4 ) $ (6.8 ) $ 3.7 Three Months Ended March 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 221.1 $ 25.8 $ — $ 246.9 Transit and other — — 92.8 4.2 — 97.0 Total revenues — — 313.9 30.0 — 343.9 Expenses: Operating — — 176.3 22.5 — 198.8 Selling, general and administrative 0.5 — 53.8 7.4 — 61.7 Restructuring charges — — 0.6 — — 0.6 Net gain on dispositions — — (0.4 ) 0.1 — (0.3 ) Depreciation — — 23.5 5.2 — 28.7 Amortization — — 26.8 1.0 — 27.8 Total expenses 0.5 — 280.6 36.2 — 317.3 Operating income (loss) (0.5 ) — 33.3 (6.2 ) — 26.6 Interest expense, net — (27.8 ) — — — (27.8 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.5 ) (27.8 ) 33.3 (6.1 ) — (1.1 ) Benefit for income taxes — — 0.3 1.1 — 1.4 Equity in earnings of investee companies, net of tax 1.6 29.4 (32.0 ) 0.3 1.5 0.8 Net income (loss) $ 1.1 $ 1.6 $ 1.6 $ (4.7 ) $ 1.5 $ 1.1 Net income (loss) $ 1.1 $ 1.6 $ 1.6 $ (4.7 ) $ 1.5 $ 1.1 Total other comprehensive loss, net of tax (13.1 ) (13.1 ) (13.1 ) (13.1 ) 39.3 (13.1 ) Total comprehensive loss $ (12.0 ) $ (11.5 ) $ (11.5 ) $ (17.8 ) $ 40.8 $ (12.0 )
Condensed Cash Flow Statement	Three Months Ended March 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.4 ) $ (19.6 ) $ 57.2 $ (3.4 ) $ — $ 33.8 Investing activities: Capital expenditures — — (13.5 ) (0.9 ) — (14.4 ) Acquisitions — — (60.5 ) — — (60.5 ) Net proceeds from dispositions — — 0.3 — — 0.3 Net cash flow used for investing activities — — (73.7 ) (0.9 ) — (74.6 ) Financing activities: Proceeds from borrowings under revolving credit facility — 35.0 — — — 35.0 Deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (5.1 ) — — (5.1 ) Dividends (47.1 ) — — — — (47.1 ) Intercompany 47.5 (86.8 ) 35.2 4.1 — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.4 (52.2 ) 29.9 4.1 — (17.8 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.2 — 0.2 Net increase (decrease) in cash and cash equivalents — (71.8 ) 13.4 — — (58.4 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 9.8 $ 21.9 $ 11.5 $ — $ 43.2 Three Months Ended March 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.5 ) $ (17.1 ) $ 9.1 $ 14.3 $ — $ 5.8 Investing activities: Capital expenditures — — (12.1 ) (1.0 ) — (13.1 ) Acquisitions — — (9.9 ) — — (9.9 ) Net proceeds from dispositions — — 0.7 — — 0.7 Net cash flow used for investing activities — — (21.3 ) (1.0 ) — (22.3 ) Financing activities: Proceeds from long-term debt borrowings - 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 — (2.2 ) — — — (2.2 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (3.0 ) — — (3.0 ) Dividends (54.9 ) — — — — (54.9 ) Intercompany 53.4 (75.6 ) 21.9 0.3 — — Other — — (0.4 ) — — (0.4 ) Net cash flow provided by financing activities 0.5 26.0 18.5 0.3 — 45.3 Effect of exchange rate changes on cash and cash equivalents — — — (1.3 ) — (1.3 ) Net increase in cash and cash equivalents — 8.9 6.3 12.3 — 27.5 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash and cash equivalents at end of period $ — $ 20.4 $ 15.1 $ 20.5 $ — $ 56.0

Description of Business and B37

Description of Business and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2016marketssegment
Description of Business and Basis of Presentation [Line Items]
Number of Largest Markets in Which the Entity Operates, Domestic	25
Number of reportable segments | segment	2
Minimum
Description of Business and Basis of Presentation [Line Items]
Number of Markets in Which the Entity Operates	150

New Accounting Standards Narrat

New Accounting Standards Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 28.5	$ 29.7
Adjustments for new accounting pronouncements | Other noncurrent assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs		(25.3)
Adjustments for new accounting pronouncements | Other current assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs		$ (4.4)

Property and Equipment - Summar

Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Property and Equipment [Line Items]
Property and equipment	$ 1,923.3	$ 1,885.8
Less: accumulated depreciation	1,231.6	1,184.1
Property and equipment, net	691.7	701.7
Land
Property and Equipment [Line Items]
Property and equipment	90.1	89.9
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 46.7	44.1
Buildings | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years
Buildings | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	40 years
Advertising structures
Property and Equipment [Line Items]
Property and equipment	$ 1,676.1	1,643.6
Advertising structures | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	5 years
Advertising structures | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years
Furniture, equipment and other
Property and Equipment [Line Items]
Property and equipment	$ 81	79.1
Furniture, equipment and other | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture, equipment and other | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	10 years
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 29.4	$ 29.1

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation	$ 29.1	$ 28.7

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,518.1	$ 1,483.3
Accumulated amortization	(932.2)	(912.8)
Net	585.9	570.5
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,020.6	996.1
Accumulated amortization	(601)	(589.1)
Net	419.6	407
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	451.2	447.2
Accumulated amortization	(320.2)	(314.5)
Net	131	132.7
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	46.3	40
Accumulated amortization	(11)	(9.2)
Net	$ 35.3	$ 30.8

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 28.3	$ 27.8
Amortization of direct lease acquisition costs	$ 8.9	$ 7.5
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)	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2015	$ 33.2
Accretion expense	0.6
Additions	0.1
Liabilities settled	(0.5)
Foreign currency translation adjustments	0.3
As of March 31, 2016	$ 33.7

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)joint_ventureDisplays	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments | $	$ 22.8		$ 21.3
Management fee revenue | $	$ 1.7	$ 1.5
Transit shelter joint ventures
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	2
Acquired joint ventures
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	3
Equity method investment, number of displays | Displays	16

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, net	$ 2,222.9	$ 2,222
Other long-term debt	0	0.3
Debt issuance costs	$ (28.5)	$ (29.7)
Weighted average cost of debt	4.70%	4.70%
Secured debt | Term loan, due 2021
Debt Instrument [Line Items]
Maturity date	Jan. 31, 2021	Jan. 31, 2021
Long-term debt, net	$ 748.7	$ 748.6
Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	$ 1,502.7	$ 1,502.8
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Maturity date	Jan. 31, 2022	Jan. 31, 2022
Long-term debt, net	$ 549.4	$ 549.4
Stated interest rate	5.25%	5.25%
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Maturity date	Jan. 31, 2024	Jan. 31, 2024
Long-term debt, net	$ 503.3	$ 503.4
Stated interest rate	5.625%	5.625%
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Maturity date	Mar. 15, 2025	Mar. 15, 2025
Long-term debt, net	$ 450	$ 450
Stated interest rate	5.875%	5.875%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	Apr. 29, 2016USD ($)	Apr. 01, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015
Line of Credit Facility [Line Items]
Repayments of borrowings under revolving credit facility			$ 0	$ 105
Outstanding letters of credit and surety bonds			$ 113.6
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]
Deferred financing costs			$ 31.8
Secured debt | Term loan, due 2021
Debt Instrument [Line Items]
Interest rate at period end			3.00%
Unamortized debt discount			$ 1.3
Maturity date			Jan. 31, 2021		Jan. 31, 2021
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Unamortized debt discount			$ 0.6
Debt face amount			$ 150
Stated interest rate			5.25%		5.25%
Maturity date			Jan. 31, 2022		Jan. 31, 2022
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Debt face amount			$ 100
Stated interest rate			5.625%		5.625%
Maturity date			Jan. 31, 2024		Jan. 31, 2024
Unamortized premium			$ 3.3
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		Mar. 15, 2025
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 425
Credit facility, expiration date			Jan. 31, 2019
Commitment fee for unused commitments			$ 0.5	$ 0.4
Outstanding letters of credit and surety bonds			$ 31.2
Covenant description			The terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0.
Consolidated Net Secured Leverage Ratio			1.6
Maximum consolidated net secured coverage ratio			4
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 80
Outstanding letters of credit and surety bonds			68.6
Subsequent Event | Term loan, due 2021
Debt Instrument [Line Items]
Repayment of debt	$ 20
Subsequent Event | Revolving Credit Facility
Line of Credit Facility [Line Items]
Repayments of borrowings under revolving credit facility		$ 35
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value			2,300
Short-term debt | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, outstanding amount			$ 35

Equity - Narrative (Details)

Equity - Narrative (Details) - $ / shares	Jun. 30, 2016	Jun. 10, 2016	Apr. 28, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock, Authorized				450,000,000		450,000,000
Common Stock, Par Value				$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Stock, Issued				137,868,748		137,583,604
Common Stock, Outstanding				137,868,748		137,583,604
Preferred Stock, Shares Authorized				50,000,000
Preferred Stock, Par or Stated Value Per Share				$ 0.01
Preferred Stock, Shares Issued				0
Preferred Stock, Shares Outstanding				0
Dividends declared per common share (in dollars per share)				$ 0.34	$ 0.40
Subsequent Event
Class of Stock [Line Items]
Dividends Payable, Date Declared			Apr. 28, 2016
Dividends declared per common share (in dollars per share)			$ 0.34
Dividends Payable, Date to be Paid	Jun. 30, 2016
Dividends Payable, Date of Record		Jun. 10, 2016

Acquisitions and Dispositions A

Acquisitions and Dispositions Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 43.2	$ 101.6	$ 56	$ 28.5
Receivables, less allowances	189	209.5
Other current assets	128.3	101.1
Assets, Current	360.5	412.2
Property and equipment, net	691.7	701.7
Goodwill	2,101.9	2,074.7
Intangible assets	585.9	570.5
Other assets	59.3	56.4
Assets	3,799.3	3,815.5
Loss on real estate assets held for sale	(104.7)	(103.6)
Assets held for sale	4.8	5.2
Total current liabilities	292.1	265.6
Deferred income tax liabilities, net	11.1	10.9
Asset retirement obligation	33.7	33.2
Liabilities held for sale	21.5	25
Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	4.5	5.7
Receivables, less allowances	14	14.5
Other current assets	10.1	7.8
Assets, Current	28.6	28
Property and equipment, net	18	18.3
Goodwill	60.6	60.3
Intangible assets	0.1	0.1
Other assets	2.2	2.1
Assets	109.5	108.8
Total current liabilities	16.9	20.9
Deferred income tax liabilities, net	1.9	1.4
Asset retirement obligation	$ 2.7	$ 2.7

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Apr. 01, 2016
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 60.5	$ 9.9
Loss on real estate assets held for sale	$ 1.3	$ 0
Subsequent Event
Business Acquisition [Line Items]
Consideration related to disposition			$ 82

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
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	$ 32.1
Compensation cost not yet recognized, period for recognition	2 years 3 months 30 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, period for recognition	1 year 5 months 9 days
Compensation not yet recognized, stock options	$ 0.3

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 4.8	$ 3.6
Tax benefit	(0.5)	(0.3)
Stock-based compensation expense, net of tax	4.3	3.3
Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	4.7	3.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before income taxes	$ 0.1	$ 0.1

Stock-Based Compensation - Sc53

Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	608,970
Vested | shares	(344,481)
Forfeitures | shares	(10,166)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares	$ 19.01
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares	24.45
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares	$ 29.83
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	319,926
Vested | shares	(103,180)
Forfeitures | shares	(20,325)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares	$ 19.01
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares	29.46
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares	$ 27.68
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	1,302,932
Non-vested as of end of period | shares	1,753,676
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $ / shares	$ 26.48
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $ / shares	$ 22.70

Stock-Based Compensation - Sc54

Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding	294,897	294,897
Exercisable as of end of period	232,758
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, options outstanding	$ 15.72	$ 15.72
Weighted average exercise price, options exercisable	$ 13.15

Retirement Benefits - Schedule

Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost		$ 0.4	$ 0.3
Interest cost		0.4	0.4
Expected return on plan assets		(0.5)	(0.5)
Amortization of net actuarial losses	[1]	0.1	0.2
Net periodic pension cost		$ 0.4	$ 0.4
[1]	Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss).

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Compensation and Retirement Disclosure [Abstract]
Pension contributions	$ 0.5
Estimated future employer contributions in current fiscal year	$ 2.2

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income (loss)		$ (2.3)	$ 1.1
Weighted average shares for basic EPS		137.6	136.9
Dilutive potential shares from grants of RSUs, PRSUs and stock options	[1]	0	0.7
Weighted average shares for diluted EPS		137.6	137.6
Antidilutive securities excluded from computation of earnings per share		1	0.4
[1]	The potential impact of an aggregate 1.0 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2016, and 0.4 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2015, were antidilutive.

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit and surety bonds	$ 113.6

Segment Information - Reconcili

Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 348.4	$ 343.9
Operating segments | U.S.
Segment Reporting Information [Line Items]
Revenues	322.9	313.9
Operating segments | International
Segment Reporting Information [Line Items]
Revenues	$ 25.5	$ 30

Segment Information - Adjusted

Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Net income (loss)	$ (2.3)	$ 1.1
Benefit for income taxes	(1.3)	(1.4)
Equity in earnings of investee companies, net of tax	(1)	(0.8)
Interest expense, net	28.6	27.8
Other income (expense), net	0.2	(0.1)
Operating income	24.2	26.6
Restructuring charges	0	0.6
Loss on real estate assets held for sale	1.3	0
Net (gain) loss on dispositions	0.4	(0.3)
Depreciation and amortization	57.4	56.5
Stock-based compensation	4.8	3.6
Adjusted OIBDA	88.1	87
Capital expenditures	14.4	13.1
Operating segments
Segment Reporting Information [Line Items]
Net (gain) loss on dispositions	0.4	(0.3)
Depreciation and amortization	57.4	56.5
Capital expenditures	14.4	13.1
Operating segments | U.S.
Segment Reporting Information [Line Items]
Operating income	45.3	43.9
Net (gain) loss on dispositions	0.4	(0.4)
Depreciation and amortization	52	50.3
Adjusted OIBDA	97.7	94.4
Capital expenditures	13.5	12.1
Operating segments | International
Segment Reporting Information [Line Items]
Operating income	(7.3)	(6.2)
Net (gain) loss on dispositions	0	0.1
Depreciation and amortization	5.4	6.2
Adjusted OIBDA	(0.6)	0.1
Capital expenditures	0.9	1
Corporate
Segment Reporting Information [Line Items]
Operating income	(13.8)	(11.1)
Adjusted OIBDA	$ (9)	$ (7.5)

Segment Information - Reconci61

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets		$ 3,799.3	$ 3,815.5
Operating segments | U.S.
Segment Reporting Information [Line Items]
Total assets		3,647.5	3,602.8
Operating segments | International
Segment Reporting Information [Line Items]
Total assets	[1]	128.8	124.5
Corporate
Segment Reporting Information [Line Items]
Total assets		$ 23	$ 88.2
[1]	(a)Includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements).

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	2

Condensed Consolidating Finan63

Condensed Consolidating Financial Information - Narrative (Details)	Mar. 31, 2016
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 Finan64

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		$ 43.2	$ 101.6	$ 56	$ 28.5
Receivables, less allowances		189	209.5
Other current assets		128.3	101.1
Total current assets		360.5	412.2
Property and equipment, net		691.7	701.7
Goodwill		2,101.9	2,074.7
Intangible assets		585.9	570.5
Investments in subsidiaries		0	0
Other assets		59.3	56.4
Intercompany		0	0
Total assets		3,799.3	3,815.5
Total current liabilities		292.1	265.6
Long-term debt, net		2,222.9	2,222
Deferred income tax liabilities, net		11.1	10.9
Asset retirement obligation		33.7	33.2
Deficit in excess of investment in subsidiaries		0	0
Other liabilities		69.3	71.2
Intercompany		0	0
Total liabilities		2,629.1	2,602.9
Total stockholder's equity		1,170.2	1,212.6	1,388	1,445.5
Total liabilities and stockholders’ equity		3,799.3	3,815.5
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		0	0	0	0
Receivables, less allowances		0	0
Other current assets		0	0
Total current assets		0	0
Property and equipment, net		0	0
Goodwill		0	0
Intangible assets		0	0
Investments in subsidiaries		1,170.2	1,212.6
Other assets		0	0
Intercompany		0	0
Total assets		1,170.2	1,212.6
Total current liabilities		0	0
Long-term debt, net		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		1,170.2	1,212.6
Total liabilities and stockholders’ equity		1,170.2	1,212.6
Subsidiary Issuer
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		9.8	81.6	20.4	11.5
Receivables, less allowances		0	0
Other current assets		1.5	1.1
Total current assets		11.3	82.7
Property and equipment, net		0	0
Goodwill		0	0
Intangible assets		0	0
Investments in subsidiaries		3,445.7	3,369.1
Other assets		1.9	2.2
Intercompany		0	0
Total assets		3,458.9	3,454
Total current liabilities		65.8	19.7
Long-term debt, net		2,222.9	2,221.7
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		2,288.7	2,241.4
Total stockholder's equity		1,170.2	1,212.6
Total liabilities and stockholders’ equity		3,458.9	3,454
Guarantor Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		21.9	8.5	15.1	8.8
Receivables, less allowances		176.8	196.5
Other current assets		143.8	118.1
Total current assets		342.5	323.1
Property and equipment, net		639	649.4
Goodwill		2,071.2	2,046
Intangible assets		585.9	570.5
Investments in subsidiaries		22.8	25
Other assets		54.1	51.1
Intercompany		83.3	70.6
Total assets		3,798.8	3,735.7
Total current liabilities		193.2	212
Long-term debt, net		0	0.3
Deferred income tax liabilities, net		0	0
Asset retirement obligation		29.3	29.1
Deficit in excess of investment in subsidiaries		2,275.5	2,156.5
Other liabilities		63.9	66.3
Intercompany		66.7	58.9
Total liabilities		2,628.6	2,523.1
Total stockholder's equity		1,170.2	1,212.6
Total liabilities and stockholders’ equity		3,798.8	3,735.7
Non-Guarantor Subsidiaries
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		11.5	11.5	20.5	8.2
Receivables, less allowances		12.2	13
Other current assets	[1]	18.4	15.9
Total current assets		42.1	40.4
Property and equipment, net		52.7	52.3
Goodwill		30.7	28.7
Intangible assets		0	0
Investments in subsidiaries		0	0
Other assets		3.3	3.1
Intercompany		66.7	58.9
Total assets		195.5	183.4
Total current liabilities	[1]	68.5	67.9
Long-term debt, net		0	0
Deferred income tax liabilities, net		11.1	10.9
Asset retirement obligation		4.4	4.1
Deficit in excess of investment in subsidiaries		0	0
Other liabilities		5.4	4.9
Intercompany		83.3	70.6
Total liabilities		172.7	158.4
Total stockholder's equity		22.8	25
Total liabilities and stockholders’ equity		195.5	183.4
Eliminations
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents		0	0	$ 0	$ 0
Receivables, less allowances		0	0
Other current assets		(35.4)	(34)
Total current assets		(35.4)	(34)
Property and equipment, net		0	0
Goodwill		0	0
Intangible assets		0	0
Investments in subsidiaries		(4,638.7)	(4,606.7)
Other assets		0	0
Intercompany		(150)	(129.5)
Total assets		(4,824.1)	(4,770.2)
Total current liabilities		(35.4)	(34)
Long-term debt, net		0	0
Deferred income tax liabilities, net		0	0
Asset retirement obligation		0	0
Deficit in excess of investment in subsidiaries		(2,275.5)	(2,156.5)
Other liabilities		0	0
Intercompany		(150)	(129.5)
Total liabilities		(2,460.9)	(2,320)
Total stockholder's equity		(2,363.2)	(2,450.2)
Total liabilities and stockholders’ equity		$ (4,824.1)	$ (4,770.2)
[1]	Includes amounts reclassified as Assets held for sale and Liabilities held for sale, as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements).

Condensed Consolidating Finan65

Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Income Statements, Captions [Line Items]
Billboard	$ 250.4	$ 246.9
Transit and other	98	97
Total revenues	348.4	343.9
Operating	199.8	198.8
Selling, general and administrative	65.3	61.7
Restructuring charges	0	0.6
Loss on real estate assets held for sale	1.3	0
Net (gain) loss on dispositions	0.4	(0.3)
Depreciation	29.1	28.7
Amortization	28.3	27.8
Total expenses	324.2	317.3
Operating income (loss)	24.2	26.6
Interest expense, net	(28.6)	(27.8)
Other income (expense), net	(0.2)	0.1
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(4.6)	(1.1)
Benefit for income taxes	1.3	1.4
Equity in earnings of investee companies, net of tax	1	0.8
Net income (loss)	(2.3)	1.1
Cumulative translation adjustments	6.5	(14.1)
Net actuarial gain (loss)	(0.5)	1
Total other comprehensive income (loss), net of tax	6	(13.1)
Total comprehensive income (loss)	3.7	(12)
Parent Company
Condensed Income Statements, Captions [Line Items]
Billboard	0	0
Transit and other	0	0
Total revenues	0	0
Operating	0	0
Selling, general and administrative	0.4	0.5
Restructuring charges		0
Loss on real estate assets held for sale	0
Net (gain) loss on dispositions	0	0
Depreciation	0	0
Amortization	0	0
Total expenses	0.4	0.5
Operating income (loss)	(0.4)	(0.5)
Interest expense, net	0	0
Other income (expense), net	0	0
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(0.4)	(0.5)
Benefit for income taxes	0	0
Equity in earnings of investee companies, net of tax	(1.9)	1.6
Net income (loss)	(2.3)	1.1
Total other comprehensive income (loss), net of tax	6	(13.1)
Total comprehensive income (loss)	3.7	(12)
Subsidiary Issuer
Condensed Income Statements, Captions [Line Items]
Billboard	0	0
Transit and other	0	0
Total revenues	0	0
Operating	0	0
Selling, general and administrative	0.1	0
Restructuring charges		0
Loss on real estate assets held for sale	0
Net (gain) loss on dispositions	0	0
Depreciation	0	0
Amortization	0	0
Total expenses	0.1	0
Operating income (loss)	(0.1)	0
Interest expense, net	(28.5)	(27.8)
Other income (expense), net	0	0
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(28.6)	(27.8)
Benefit for income taxes	0	0
Equity in earnings of investee companies, net of tax	26.7	29.4
Net income (loss)	(1.9)	1.6
Total other comprehensive income (loss), net of tax	6	(13.1)
Total comprehensive income (loss)	4.1	(11.5)
Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Billboard	228.3	221.1
Transit and other	94.6	92.8
Total revenues	322.9	313.9
Operating	180.1	176.3
Selling, general and administrative	58.4	53.8
Restructuring charges		0.6
Loss on real estate assets held for sale	0
Net (gain) loss on dispositions	0.4	(0.4)
Depreciation	24.6	23.5
Amortization	27.4	26.8
Total expenses	290.9	280.6
Operating income (loss)	32	33.3
Interest expense, net	(0.1)	0
Other income (expense), net	0	0
Income (loss) before benefit for income taxes and equity in earnings of investee companies	31.9	33.3
Benefit for income taxes	1.3	0.3
Equity in earnings of investee companies, net of tax	(35.1)	(32)
Net income (loss)	(1.9)	1.6
Total other comprehensive income (loss), net of tax	6	(13.1)
Total comprehensive income (loss)	4.1	(11.5)
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Billboard	22.1	25.8
Transit and other	3.4	4.2
Total revenues	25.5	30
Operating	19.7	22.5
Selling, general and administrative	6.4	7.4
Restructuring charges		0
Loss on real estate assets held for sale	1.3
Net (gain) loss on dispositions	0	0.1
Depreciation	4.5	5.2
Amortization	0.9	1
Total expenses	32.8	36.2
Operating income (loss)	(7.3)	(6.2)
Interest expense, net	0	0
Other income (expense), net	(0.2)	0.1
Income (loss) before benefit for income taxes and equity in earnings of investee companies	(7.5)	(6.1)
Benefit for income taxes	0	1.1
Equity in earnings of investee companies, net of tax	0.1	0.3
Net income (loss)	(7.4)	(4.7)
Total other comprehensive income (loss), net of tax	6	(13.1)
Total comprehensive income (loss)	(1.4)	(17.8)
Eliminations
Condensed Income Statements, Captions [Line Items]
Billboard	0	0
Transit and other	0	0
Total revenues	0	0
Operating	0	0
Selling, general and administrative	0	0
Restructuring charges		0
Loss on real estate assets held for sale	0
Net (gain) loss on dispositions	0	0
Depreciation	0	0
Amortization	0	0
Total expenses	0	0
Operating income (loss)	0	0
Interest expense, net	0	0
Other income (expense), net	0	0
Income (loss) before benefit for income taxes and equity in earnings of investee companies	0	0
Benefit for income taxes	0	0
Equity in earnings of investee companies, net of tax	11.2	1.5
Net income (loss)	11.2	1.5
Total other comprehensive income (loss), net of tax	(18)	39.3
Total comprehensive income (loss)	$ (6.8)	$ 40.8

Condensed Consolidating Finan66

Condensed Consolidating Financial Information - Condensed Consolidating Cash Flow Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	$ 33.8	$ 5.8
Capital expenditures	(14.4)	(13.1)
Acquisitions	(60.5)	(9.9)
Net proceeds from dispositions	0.3	0.7
Net cash flow provided by (used for) investing activities	(74.6)	(22.3)
Proceeds from long-term debt borrowings - senior notes	0	103.8
Proceeds from borrowings under revolving credit facility	35	105
Repayments of borrowings under revolving credit facility	0	(105)
Deferred financing costs	(0.4)	(2.2)
Proceeds from stock option exercises	0	2
Taxes withheld for stock-based compensation	(5.1)	(3)
Dividends	(47.1)	(54.9)
Intercompany	0	0
Other	(0.2)	(0.4)
Net cash flow provided by (used for) financing activities	(17.8)	45.3
Effect of exchange rate changes on cash and cash equivalents	0.2	(1.3)
Net increase (decrease) in cash and cash equivalents	(58.4)	27.5
Cash and cash equivalents at beginning of period	101.6	28.5
Cash and cash equivalents at end of period	43.2	56
Parent Company
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	(0.4)	(0.5)
Capital expenditures	0	0
Acquisitions	0	0
Net proceeds from dispositions	0	0
Net cash flow provided by (used for) investing activities	0	0
Proceeds from long-term debt borrowings - senior notes		0
Proceeds from borrowings under revolving credit facility	0	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	0
Dividends	(47.1)	(54.9)
Intercompany	47.5	53.4
Other	0	0
Net cash flow provided by (used for) financing activities	0.4	0.5
Effect of exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) 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	(19.6)	(17.1)
Capital expenditures	0	0
Acquisitions	0	0
Net proceeds from dispositions	0	0
Net cash flow provided by (used for) investing activities	0	0
Proceeds from long-term debt borrowings - senior notes		103.8
Proceeds from borrowings under revolving credit facility	35	105
Repayments of borrowings under revolving credit facility		(105)
Deferred financing costs	(0.4)	(2.2)
Proceeds from stock option exercises		0
Taxes withheld for stock-based compensation	0	0
Dividends	0	0
Intercompany	(86.8)	(75.6)
Other	0	0
Net cash flow provided by (used for) financing activities	(52.2)	26
Effect of exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash and cash equivalents	(71.8)	8.9
Cash and cash equivalents at beginning of period	81.6	11.5
Cash and cash equivalents at end of period	9.8	20.4
Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	57.2	9.1
Capital expenditures	(13.5)	(12.1)
Acquisitions	(60.5)	(9.9)
Net proceeds from dispositions	0.3	0.7
Net cash flow provided by (used for) investing activities	(73.7)	(21.3)
Proceeds from long-term debt borrowings - senior notes		0
Proceeds from borrowings under revolving credit facility	0	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	(5.1)	(3)
Dividends	0	0
Intercompany	35.2	21.9
Other	(0.2)	(0.4)
Net cash flow provided by (used for) financing activities	29.9	18.5
Effect of exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash and cash equivalents	13.4	6.3
Cash and cash equivalents at beginning of period	8.5	8.8
Cash and cash equivalents at end of period	21.9	15.1
Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Net cash flow provided by (used for) operating activities	(3.4)	14.3
Capital expenditures	(0.9)	(1)
Acquisitions	0	0
Net proceeds from dispositions	0	0
Net cash flow provided by (used for) investing activities	(0.9)	(1)
Proceeds from long-term debt borrowings - senior notes		0
Proceeds from borrowings under revolving credit facility	0	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	0
Dividends	0	0
Intercompany	4.1	0.3
Other	0	0
Net cash flow provided by (used for) financing activities	4.1	0.3
Effect of exchange rate changes on cash and cash equivalents	0.2	(1.3)
Net increase (decrease) in cash and cash equivalents	0	12.3
Cash and cash equivalents at beginning of period	11.5	8.2
Cash and cash equivalents at end of period	11.5	20.5
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	0
Net proceeds from dispositions	0	0
Net cash flow provided by (used for) investing activities	0	0
Proceeds from long-term debt borrowings - senior notes		0
Proceeds from borrowings under revolving credit facility	0	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	0
Dividends	0	0
Intercompany	0	0
Other	0	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 (decrease) 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