Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 138,464,048 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.3 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets, Current [Abstract] | |||
Cash and cash equivalents | $ 65.2 | $ 101.6 | |
Receivables, less allowances of $9.2 in 2016 and $8.9 in 2015 | 222 | 209.5 | |
Prepaid lease and transit franchise costs | 67.4 | 61.5 | |
Other prepaid expenses | 15.8 | 21.9 | |
Assets held for sale | 0 | 5.2 | |
Other current assets | 7.8 | 12.5 | |
Total current assets | 378.2 | 412.2 | |
Assets, Noncurrent [Abstract] | |||
Property and equipment, net | 665 | 701.7 | [1] |
Goodwill | 2,089.4 | 2,074.7 | |
Intangible assets | 545.3 | 570.5 | [2] |
Other assets | 60.6 | 56.4 | |
Total assets | 3,738.5 | 3,815.5 | |
Liabilities, Current [Abstract] | |||
Accounts payable | 85.6 | 83.6 | |
Accrued compensation | 33.9 | 39.4 | |
Accrued interest | 15.7 | 19.5 | |
Accrued lease costs | 26.7 | 28.8 | |
Other accrued expenses | 54.8 | 35.3 | |
Deferred revenues | 20.2 | 20.7 | |
Liabilities held for sale | 0 | 25 | |
Other current liabilities | 14.6 | 13.3 | |
Total current liabilities | 251.5 | 265.6 | |
Liabilities, Noncurrent [Abstract] | |||
Long-term debt, net | 2,136.8 | 2,222 | |
Deferred income tax liabilities, net | 8.5 | 10.9 | |
Asset retirement obligation | 34.1 | 33.2 | |
Other liabilities | 74.6 | 71.2 | |
Total liabilities | 2,505.5 | 2,602.9 | |
Commitments and contingencies | |||
Equity [Abstract] | |||
Common stock (2016 - 450.0 shares authorized, and 138.0 shares issued and outstanding; 2015 - 450.0 shares authorized, and 137.6 shares authorized, issued or outstanding) | 1.4 | 1.4 | |
Additional paid-in capital | 1,949.5 | 1,934.3 | |
Distribution in excess of earnings | (699.5) | (602.2) | |
Accumulated other comprehensive loss | (18.5) | (120.9) | |
Total stockholders’ equity | 1,232.9 | 1,212.6 | |
Non-controlling interests | 0.1 | 0 | |
Total equity | 1,233 | 1,212.6 | |
Total liabilities and equity | $ 3,738.5 | $ 3,815.5 | |
[1] | In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions: Dispositions, Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) | ||
[2] | In 2015, in connection with the Disposition, Intangible assets, net, was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) |
Consolidated Statement of Fina3
Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for Receivables | $ 9.2 | $ 8.9 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares, Issued | 138,044,896 | 137,583,604 |
Common Stock, Outstanding | 138,044,896 | 137,583,604 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues [Abstract] | ||||
Billboard | $ 1,071 | $ 1,084.3 | $ 971.5 | |
Transit and other | 442.9 | 429.5 | 382.3 | |
Total revenues | 1,513.9 | 1,513.8 | 1,353.8 | |
Expenses: | ||||
Operating | 818.1 | 833.1 | 726.5 | |
Selling, general and administrative | 264.8 | 258.3 | 224.3 | |
Restructuring charges | 2.5 | 2.6 | 9.8 | [1] |
Loss on real estate assets held for sale | 1.3 | 103.6 | 0 | |
Acquisition costs | 0 | 0 | 10.4 | |
Net (gain) loss on dispositions | (1.9) | 0.7 | (2.5) | |
Depreciation | 108.9 | 113.7 | 107.2 | |
Amortization | 115.3 | 115.4 | 95 | |
Total expenses | 1,309 | 1,427.4 | 1,170.7 | |
Operating income | 204.9 | 86.4 | 183.1 | |
Interest expense, net | (113.8) | (114.8) | (84.8) | |
Other expense, net | (0.1) | (0.4) | (0.3) | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 91 | (28.8) | 98 | |
Benefit (provision) for income taxes | (5.4) | (5.4) | 206 | |
Equity in earnings of investee companies, net of tax | 5.3 | 4.8 | 2.9 | |
Net income (loss) | $ 90.9 | $ (29.4) | $ 306.9 | |
Net income (loss) per common share: | ||||
Basic ($ per share) | $ 0.66 | $ (0.21) | $ 2.69 | |
Diluted ($ per share) | $ 0.66 | $ (0.21) | $ 2.67 | |
Weighted average shares outstanding: | ||||
Basic (shares) | 137.9 | 137.3 | 114.3 | |
Diluted (shares) | 138.4 | 137.3 | 114.8 | |
Dividends declared per common share | $ 1.36 | $ 1.42 | $ 5.67 | |
[1] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 90.9 | $ (29.4) | $ 306.9 |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | 102.3 | (32.3) | (10.7) |
Net actuarial gain (loss) | 0.1 | 1.5 | (3.1) |
Deferred tax rate adjustment | 0 | 0 | (1.2) |
Total other comprehensive income (loss), net of tax | 102.4 | (30.8) | (15) |
Total comprehensive income (loss) | $ 193.3 | $ (60.2) | $ 291.9 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Distribution in Excess of Earnings | Invested Capital | Accumulated Other Comprehensive Loss | Treasury Stock, at Cost | Non-Controlling Interests |
Total invested equity at Dec. 31, 2013 | $ 2,754.4 | $ 2,829.5 | $ (75.1) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 306.9 | $ 305.8 | 1.1 | |||||
Other comprehensive income (loss) | $ (15) | (15) | ||||||
Initial public offering (shares) | 74,129 | 23,000,000 | ||||||
Initial public offering | $ 615 | $ 0.2 | $ 614.8 | |||||
Stock-based payments: Amortization | 14.1 | 14.1 | ||||||
Shares paid for tax withholding for stock-based payments | (0.1) | $ (0.1) | ||||||
Retirement of treasury stock | 0 | (0.1) | 0.1 | |||||
Conversion to stockholders' equity (shares) | 97,000,000 | |||||||
Conversion to stockholders' equity | 0 | $ 1 | 2,829.6 | (2,830.6) | ||||
Issuance of stock for purchase of property and equipment (shares) | 100,000 | |||||||
Issuance of stock for purchase of property and equipment | 2 | 2 | ||||||
Distribution of debt and IPO proceeds to CBS | (2,038.8) | (2,038.8) | ||||||
Dividends, shares | 16,500,000 | |||||||
Dividends | (244.6) | $ 0.2 | 438 | (682.8) | ||||
Net contribution from (distribution to) CBS | 51.6 | 51.6 | ||||||
Shares of common stock at Dec. 31, 2014 | 136,600,000 | |||||||
Total stockholders’ equity at Dec. 31, 2014 | 1,445.5 | $ 1.4 | 1,911.2 | (377) | (90.1) | $ 0 | ||
Total invested equity at Dec. 31, 2014 | $ 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (29.4) | (29.4) | ||||||
Other comprehensive income (loss) | $ (30.8) | (30.8) | ||||||
Initial public offering (shares) | 442,922 | |||||||
Stock-based payments: Vested | 500,000 | |||||||
Stock-based payments: Exercise of stock options (shares) | $ 2 | 2 | ||||||
Stock-based payments: Exercise of stock options | 200,000 | |||||||
Stock-based payments: Amortization | 15.8 | 15.8 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (100,000) | |||||||
Shares paid for tax withholding for stock-based payments | (6.9) | (6.9) | ||||||
Issuance of stock for purchase of property and equipment (shares) | 400,000 | |||||||
Issuance of stock for purchase of property and equipment | 12.2 | 12.2 | ||||||
Dividends | $ (195.8) | (195.8) | ||||||
Shares of common stock at Dec. 31, 2015 | 137,583,604 | 137,600,000 | ||||||
Total stockholders’ equity at Dec. 31, 2015 | $ 1,212.6 | $ 1.4 | 1,934.3 | (602.2) | (120.9) | |||
Non-controlling interests at Dec. 31, 2015 | 0 | $ 0 | ||||||
Total equity at Dec. 31, 2015 | 1,212.6 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 90.9 | 90.9 | ||||||
Net income attributable to non-controlling interests | 0 | |||||||
Other comprehensive income (loss) | 102.4 | 102.4 | ||||||
Other comprehensive income (loss) - total equity | $ 102.4 | |||||||
Initial public offering (shares) | 79,690 | |||||||
Stock-based payments: Vested | 500,000 | |||||||
Stock-based payments: Amortization | $ 18 | 18 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (200,000) | |||||||
Shares paid for tax withholding for stock-based payments | (4.7) | (4.7) | ||||||
Issuance of stock for purchase of property and equipment (shares) | 100,000 | |||||||
Issuance of stock for purchase of property and equipment | 1.9 | 1.9 | ||||||
Dividends | $ (188.2) | (188.2) | ||||||
Shares of common stock at Dec. 31, 2016 | 138,044,896 | 138,000,000 | ||||||
Total stockholders’ equity at Dec. 31, 2016 | $ 1,232.9 | $ 1.4 | $ 1,949.5 | $ (699.5) | $ (18.5) | |||
Non-controlling interests at Dec. 31, 2016 | 0.1 | 0.1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.1 | $ 0.1 | ||||||
Total equity at Dec. 31, 2016 | $ 1,233 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share | $ 1.36 | $ 1.42 | $ 5.67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Activities: | |||
Net income (loss) | $ 90.9 | $ (29.4) | $ 306.9 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Depreciation and amortization | 224.2 | 229.1 | 202.2 |
Deferred tax benefit | (1.8) | (1.7) | (249.5) |
Stock-based compensation | 18 | 15.2 | 16 |
Provision for doubtful accounts | 3.6 | 2.7 | 2.9 |
Accretion expense | 2.4 | 2.5 | 2.3 |
Loss on real estate assets held for sale | 1.3 | 103.6 | 0 |
Net (gain) loss on dispositions | (1.9) | 0.7 | (2.5) |
Equity in earnings of investee companies, net of tax | (5.3) | (4.8) | (2.9) |
Distributions from investee companies | 5 | 7.7 | 7.4 |
Amortization of deferred financing costs and debt discount and premium | 6.4 | 6.3 | 12.1 |
Change in assets and liabilities, net of investing and financing activities | |||
Increase in receivables | (11.7) | (13.3) | (0.6) |
Increase in prepaid expenses and other current assets | (0.5) | (2.7) | (6.4) |
Decrease in accounts payable and accrued expenses | (43.8) | (25.9) | (5.8) |
Increase (decrease) in deferred revenues | 0 | 3 | (9.8) |
Increase (decrease) in income taxes | 6 | 1.2 | (9) |
Other, net | (5.7) | (1.1) | (0.5) |
Net cash provided by operating activities | 287.1 | 293.1 | 262.8 |
Investing Activities: | |||
Capital expenditures | (59.4) | (59.2) | (64.2) |
Acquisitions | (67.9) | (12.1) | (735.7) |
Investments in investee companies | 0 | 0 | (3) |
Proceeds from dispositions | 90.6 | 8.9 | 4.5 |
Net cash used for investing activities | (36.7) | (62.4) | (798.4) |
Financing Activities | |||
Proceeds from IPO | 0 | 0 | 615 |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | 0 | 1,598 |
Proceeds from long-term debt - senior notes | 0 | 103.8 | 599.3 |
Proceeds from borrowings under revolving credit facility | 35 | 105 | 0 |
Repayments of borrowings under revolving credit facility | (35) | (105) | 0 |
Repayments of long-term debt borrowings - term loan | (90) | (50) | 0 |
Deferred financing costs | (0.4) | (3.3) | (42.7) |
Distribution of debt and IPO proceeds to CBS | 0 | 0 | (2,038.8) |
Net cash contribution from CBS | 0 | 0 | 49.3 |
Proceeds from stock option exercises | 0 | 2 | 0 |
Taxes withheld for stock-based compensation | (7.3) | (4.3) | 0 |
Dividends | (188.6) | (196.3) | (242.7) |
Other | (0.2) | (0.5) | (0.8) |
Net cash provided by (used for) financing activities | (286.5) | (148.6) | 536.6 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (3.3) | (2.3) |
Net increase (decrease) in cash and cash equivalents | (36.4) | 78.8 | (1.3) |
Cash and cash equivalents at beginning of period | 101.6 | 28.5 | 29.8 |
Cash reclassified to assets held for sale | 0 | 5.7 | 0 |
Cash and cash equivalents at end of period | 65.2 | 101.6 | 28.5 |
Supplemental disclosure of cash flow information | |||
Cash paid for income taxes | 1.2 | 5.8 | 53 |
Cash paid for interest | 111.4 | 107 | 55.1 |
Non-cash investing and financing activities | |||
Accrued purchases of property and equipment | 11.2 | 7 | 1.4 |
Issuance of stock for purchase of property and equipment | 1.9 | 12.2 | 2 |
Taxes withheld for stock-based compensation | $ 0 | $ 2.6 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 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 inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. In total, 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 currently manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries (the “Disposition”), which held all of the assets of our outdoor advertising business in Latin America (see Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America through April 1, 2016, are included in our Consolidated Financial Statements for 2016, 2015 and 2014. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented. Certain previously reported amounts have been reclassified to conform with the current 2016 presentation. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2016 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Initial Public Offering (“IPO”) On April 2, 2014 , we completed an IPO of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares, at a price of $28.00 per share for total net proceeds, after underwriting discounts and commissions, of $615.0 million . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. Receivables —Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. Construction in progress includes all costs capitalized related to projects which have yet to be placed in service. Business Combinations and Asset Acquisitions —We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years . Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge. Revenue Recognition —We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions. Deferred revenues primarily consist of revenues paid in advance of being earned. Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. Concentration of Credit Risk— In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, in the Consolidated Statements of Operations. Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Prior to July 17, 2014, we were a member of CBS Corporation’s (“CBS”) consolidated tax group, and the provision for income taxes, deferred tax assets and liabilities, and income tax payments were calculated on a separate tax return basis, with us as the taxpayer, even though our U.S. operating results were included in the consolidated federal, and certain state and local income tax returns of CBS. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Asset Retirement Obligation —An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted 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, $24.7 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 December 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 Goodwill In January 2017, the FASB issued guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have a material effect on our consolidated financial statements. Business Combinations In January 2017, the FASB issued guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for acquisitions and dispositions, and for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized, that have not been reported in financial statements that have been issued or made available for issuance. Statement of Cash Flows In August 2016, the FASB issued guidance which clarifies presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is to be applied on a retrospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact of this guidance on our consolidated financial statements. Stock Compensation In March 2016, the FASB issued guidance which simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. This guidance is effective for interim and annual periods beginning after December 15, 2016. 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 lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating 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. Lessors will 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. As of December 31, 2016 , we had approximately 22,600 lease agreements in the U.S., the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and exploring software solutions. This standard will require us to recognize a right-of-use asset and lease liability for the present value of minimum lease payments for operating leases with a term greater than 12 months and will have a significant impact on our consolidated financial statements. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016, April 2016 and May 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. Our billboard lease revenues will be recognized under the lease standard discussed above. The revenue recognition guidance will be primarily applicable to our multi-year transit advertising contracts with municipalities in the U.S. and Canada, and marketing and multimedia rights agreements with colleges, universities and other educational institutions. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 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 December 31, (in millions) 2016 2015 (a) Land $ 90.7 $ 89.9 Buildings and improvements 48.2 44.1 Advertising structures 1,696.6 1,643.6 Furniture, equipment and other 88.5 79.1 Construction in progress 37.2 29.1 1,961.2 1,885.8 Less accumulated depreciation 1,296.2 1,184.1 Property and equipment, net $ 665.0 $ 701.7 (a) In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions : Dispositions , Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) Included in Construction in Progress as of December 31, 2016, is $21.8 million related to the development of software to be utilized within our digital displays. This balance principally consists of stock issued under a license and development agreement. See Note 10. Equity . Depreciation expense was $108.9 million in 2016 , $113.7 million in 2015 and $107.2 million in 2014 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and Other Intangible Assets Effective April 1, 2016, we changed the segments that we use to review operating results and make decisions regarding segment performance and resource allocation (see Note 18. Segment Information to the Consolidated Financial Statements). Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. For the years ended December 31, 2016 and 2015 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total As of December 31, 2014 $ 2,044.7 $ 109.5 $ 2,154.2 Currency translation adjustments — (14.6 ) (14.6 ) Additions 1.4 — 1.4 Dispositions (a) (6.0 ) (60.3 ) (66.3 ) As of December 31, 2015 2,040.1 34.6 $ 2,074.7 Currency translation adjustments — 1.1 1.1 Additions 13.9 — 13.9 Dispositions — (0.3 ) (0.3 ) As of December 31, 2016 $ 2,054.0 $ 35.4 $ 2,089.4 (a) In 2015, in the U.S. Media segment, we disposed of substantially all of our assets in Puerto Rico and in connection with the Disposition, Goodwill in Other was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) 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 December 31, 2016: Permits and leasehold agreements $ 1,038.0 $ (636.1 ) $ 401.9 Franchise agreements 451.6 (336.6 ) 115.0 Other intangible assets 45.4 (17.0 ) 28.4 Total intangible assets $ 1,535.0 $ (989.7 ) $ 545.3 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 (a) $ 1,483.3 $ (912.8 ) $ 570.5 (a) In 2015, in connection with the Disposition, Intangible assets, net, was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $115.3 million in 2016 , $115.4 million in 2015 and $95.0 million in 2014 , which includes the amortization of direct lease acquisition costs of $38.2 million in 2016 , $36.3 million in 2015 and $33.8 million in 2014 . Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2017 through 2021 , to be as follows: (in millions) 2017 2018 2019 2020 2021 Amortization expense $ 55.7 $ 47.2 $ 45.3 $ 41.0 $ 39.4 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 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. Year Ended December 31, (in millions) 2016 2015 Balance, at beginning of period $ 33.2 $ 36.6 Accretion expense 2.4 2.5 Additions 0.2 0.1 Liabilities settled (a) (1.8 ) (4.3 ) Foreign currency translation adjustments 0.1 (1.7 ) Balance, at end of period $ 34.1 $ 33.2 (a) In 2015, includes liabilities reclassified to Liabilities held for sale on the Consolidated Statement of Financial Position in connection with the Disposition. (See Note 12. Acquisitions and Dispositions : Dispositions .) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Joint Ventures 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 15 billboards in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $21.7 million as of December 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 $7.3 million in 2016, $7.2 million in 2015 and $6.5 million in 2014. CBS Corporation On July 16, 2014, CBS disposed of all of its shares of our common stock and as of July 16, 2014, we were separated from CBS (the “Separation”) and CBS and their affiliates ceased to be related parties. Our Statement of Operations for the year ended December 31, 2014, include charges from CBS for services, such as tax, internal audit, cash management, insurance, technology systems and other services. Charges for these services and benefits have been included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and totaled $9.6 million in 2014. Also included in these charges are professional fees associated with our planned election to be taxed as a REIT. As of December 31, 2014, all services previously provided by CBS have been transitioned to us. For advertising spending placed by CBS and its subsidiaries, we recognized total revenues of $18.6 million , of which $7.7 million was before the Separation, for 2014. Viacom Inc. is controlled by National Amusements, Inc., the controlling stockholder of CBS. On July 16, 2014, as a result of the Separation, Viacom Inc. ceased to be a related party. Revenues recognized for advertising spending placed by various subsidiaries of Viacom Inc. were $10.4 million , of which $4.3 million was before the Separation, in 2014. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt, net, consists of the following: As of (in millions, except percentages) December 31, 2016 December 31, Term loan, due 2021 $ 659.0 $ 748.6 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.5 549.4 5.625% senior unsecured notes, due 2024 503.0 503.4 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.5 1,502.8 Other — 0.3 Debt issuance costs (a) (24.7 ) (29.7 ) Total long-term debt, net $ 2,136.8 $ 2,222.0 Weighted average cost of debt 4.8 % 4.7 % (a) See Note 3. Summary of Significant Accounting Policies : Adoption of New Accounting Standards . Term Loan The interest rate on the term loan due in 2021 (the “Term Loan”) was 3.0% per annum as of December 31, 2016 . As of December 31, 2016 , a discount of $1.0 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Senior Unsecured Notes As of December 31, 2016 , a discount of $0.5 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 December 31, 2016 , a premium of $3.0 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 have a $425.0 million Revolving Credit Facility, which matures in 2019 (the “Revolving Credit Facility”). As of December 31, 2016 , there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.8 million in 2016 and $1.9 million in each of 2015 and 2014. As of December 31, 2016 , we had issued letters of credit totaling approximately $31.7 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 December 31, 2016 , our Consolidated Net Secured Leverage Ratio was 1.3 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Disposition and to give pro forma effect to acquisitions and dispositions, in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2016 , our Consolidated Total Leverage Ratio was 4.7 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Disposition and to give pro forma effect to acquisitions and dispositions, in accordance with the Credit Agreement. As of December 31, 2016 , we are in compliance with our debt covenants. Letter of Credit Facility Effective January 31, 2017, we completed the bifurcation process of our letter of credit facility between two institutions for administrative purposes. As of February 23, 2017 , our letter of credit facilities totaled $80.0 million . As of December 31, 2016 , we issued letters of credit totaling approximately $68.0 million under our aggregate letter of credit facilities. The fees under the letter of credit facility in 2016 , 2015 and 2014 were immaterial. Deferred Financing Costs As of December 31, 2016 , we had deferred $26.9 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 $2.2 billion as of December 31, 2016 , and $2.3 billion as of December 31, 2015 . The fair value of our debt as of both December 31, 2016 and 2015 is classified as Level 2. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Accumulated Other Comprehensive Loss As of December 31, 2013 $ (69.2 ) $ (5.9 ) $ (75.1 ) Other comprehensive loss before reclassifications (10.7 ) (3.3 ) (14.0 ) Amortization of actuarial losses reclassified to net income (a) — 0.2 0.2 Deferred tax rate adjustment — (1.2 ) (1.2 ) Total other comprehensive loss, net of tax (10.7 ) (4.3 ) (15.0 ) As of December 31, 2014 (79.9 ) (10.2 ) (90.1 ) Other comprehensive income (loss) before reclassifications (32.3 ) 1.0 (31.3 ) Amortization of actuarial losses reclassified to net loss (a) — 0.5 0.5 Total other comprehensive income (loss), net of tax (32.3 ) 1.5 (30.8 ) As of December 31, 2015 (112.2 ) (8.7 ) (120.9 ) Other comprehensive income (loss) before reclassifications (b) 102.3 (0.3 ) 102.0 Amortization of actuarial losses reclassified to net loss (a) — 0.4 0.4 Total other comprehensive income (loss), net of tax 102.3 0.1 102.4 As of December 31, 2016 $ (9.9 ) $ (8.6 ) $ (18.5 ) (a) See Note 14. Retirement Benefits for additional details of items reclassified from accumulated other comprehensive loss to net income (loss). (b) On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax expense of $1.0 million in 2015 and a tax benefit of $1.3 million in 2014 . The tax impact for net actuarial gain included in other comprehensive income (loss) in 2016 was not material. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | Equity As of December 31, 2016 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 138,044,896 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. In 2016, we issued 79,690 shares, valued at approximately $1.9 million , in 2015, we issued 442,922 shares, valued at approximately $12.2 million , and in 2014, we issued 74,129 shares, valued at approximately $2.0 million , of our common stock to J&M Holding Enterprises, Inc. (“J&M”), an affiliate of Videri Inc. (“Videri”), or Videri, as applicable, in connection with licenses and services received under a development and license agreement (the “Videri Agreement”) with J&M and Videri. We have capitalized the payments, which are related to the development of software and equipment to be utilized within digital displays, as construction in progress within Property and equipment, net , on the Consolidated Statement of Financial Position. On February 22, 2017 , we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on March 31, 2017 , to stockholders of record at the close of business on March 10, 2017 . |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In 2014, we recorded restructuring charges of $9.8 million , including stock-based compensation of $5.6 million associated with the reorganization of management. In 2015, we recorded restructuring charges of $2.6 million in our U.S. Media segment associated with the elimination of management positions and the elimination of positions in connection with the sale of assets and the consolidation of leased locations. In 2016, we recorded restructuring charges of $2.5 million in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of December 31, 2016 , $2.4 million in restructuring reserves remained outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions We completed several acquisitions for a total purchase price of approximately $67.9 million in 2016, $12.1 million in 2015 and $735.7 million in 2014. On October 1, 2014, we completed the acquisition of certain outdoor advertising businesses (the “Acquired Business”) of Van Wagner Communications, LLC, for a total purchase price of approximately $690.0 million in cash, plus working capital adjustments (the “Acquisition”). The results of operations related to the Acquired Business is included in our U.S. Media segment for the years ending December 31, 2016, 2015 and 2014. Unaudited Pro Forma Condensed Combined Statements of Operations Information The following unaudited pro forma financial information presents our results of operations combined with the Acquired Business as if the Acquisition had occurred as of January 1, 2014. The pro forma information is not necessarily indicative of what the financial position or results of operations actually would have been had the Acquisition been completed as of January 1, 2014. In addition, the unaudited pro forma financial information is not indicative of, nor does it purport to project, our future financial position or operating results. The unaudited pro forma financial information excludes acquisition and integration costs and does not give effect to any estimated and potential cost savings or other operating efficiencies that could result from the Acquisition. Year Ended December 31, (in millions, except per share amounts) 2014 Revenues $ 1,505.9 Operating income 193.6 Net income 293.6 Net income per common share attributable to shareholders of OUTFRONT Media Inc.: Basic $ 2.57 Diluted $ 2.56 Transaction Costs In 2014, we recorded $7.6 million of commitment and other fees in Interest expense, net , in the Consolidated Statement of Operations associated with a lender commitment to provide a senior unsecured bridge term loan facility for the purpose of financing the Acquisition in the event we did not complete an offering of senior notes. In addition we also recorded $10.4 million of other acquisition costs. Dispositions On April 1, 2016 , we completed the Disposition and received $82.0 million in cash plus working capital, which was subject to post-closing adjustments. We recorded a loss on real estate assets held for sale of approximately $1.3 million in 2016 and $103.6 million in 2015 on the Consolidated Statement of Operations. In connection with the Disposition, the assets and liabilities of our outdoor advertising business in Latin America had been classified as Assets held for sale and Liabilities held for sale on the Consolidated Statement of Financial Position as of December 31, 2015. The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Disposition, were as follows: As of (in millions) April 1, 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. In the second quarter of 2015, we disposed of substantially all of our assets in Puerto Rico and recorded a loss of $0.9 million in Net (gain) loss on dispositions on the Consolidated Statement of Operations. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”), we have 8,000,000 shares of our common stock reserved for the issuance of stock-based awards. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan. RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three - to four -year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are estimated on the date of grant based on historical forfeiture rates. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. The following table summarizes our stock-based compensation expense for 2016 , 2015 and 2014 . Year Ended December 31, (in millions) 2016 2015 2014 RSUs and PRSUs $ 17.8 $ 14.9 $ 13.1 Stock options 0.2 0.3 2.9 Stock-based compensation expense, before income taxes 18.0 15.2 16.0 Tax benefit (1.9 ) (1.3 ) (3.0 ) Stock-based compensation expense, net of tax $ 16.1 $ 13.9 $ 13.0 As of December 31, 2016 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $19.2 million , which is expected to be recognized over a weighted average period of 1.7 years , and total unrecognized compensation cost related to non-vested stock options was $0.1 million , which is expected to be recognized over a weighted average period of 0.7 years . RSUs and PRSUs The following table summarizes the activity in 2016 of the 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 640,592 19.20 PRSUs 319,926 19.01 Vested: RSUs (455,749 ) 23.80 PRSUs (121,379 ) 29.30 Forfeitures: RSUs (28,856 ) 24.43 PRSUs (20,325 ) 29.83 Non-vested as of December 31, 2016 1,637,141 22.71 The total fair value of RSUs and PRSUs that vested was $11.6 million during 2016, $17.3 million during 2015 and $1.6 million during 2014. Stock Options Stock options vest over a four -year service period and expire eight or ten years from the date of grant. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. The following table summarizes the activity 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 December 31, 2016 294,897 15.72 Exercisable as of December 31, 2016 258,611 14.47 The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2016 2015 Cash paid by our employees for stock option exercises $ — $ 2.1 Tax benefit of stock option exercises — 0.1 Intrinsic value of stock option exercises — 1.8 In 2014, stock options granted by CBS and held by our active employees were converted into options under the Stock Plan. Cash paid to CBS by our employees for stock option exercises was $5.0 million in 2014. There was no tax benefit related to CBS stock option exercises in 2014. The intrinsic value of CBS stock option exercises was $5.3 million in 2014. The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2016 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $0 to 4.99 64,556 0.15 $ 2.43 64,556 $ 2.43 $5 to 9.99 23,446 1.16 6.25 23,446 6.25 $10 to 14.99 61,758 2.71 12.39 61,758 12.39 $20 to 24.99 41,724 4.12 20.07 31,292 20.07 $25 to 29.99 103,413 4.72 26.39 77,559 26.39 294,897 258,611 Stock options outstanding as of December 31, 2016 , have a weighted average remaining contractual life of 2.93 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $24.87 , was $2.9 million . Stock options exercisable as of December 31, 2016 , have a weighted average remaining contractual life of 2.70 years and the total intrinsic value for “in-the-money” exercisable options was $2.8 million . |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Benefits | Retirement Benefits We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S. The benefits for the pension plan in Canada are based primarily on an employee’s years of service and an average of the employee’s highest five years of earnings. Participating employees in the pension plan in Canada are vested after two years of service or immediately, depending on the province of their employment. We fund the pension plan in Canada in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Canada pension plan assets consist principally of equity securities, corporate and government related securities, and insurance contracts. The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. We use a December 31 measurement date for all pension plans. The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2016 2015 2014 Benefit obligation, beginning of year $ 44.9 $ 50.9 $ 46.0 Service cost 1.6 1.4 1.4 Interest cost 1.9 1.9 2.2 Actuarial (gain) loss 0.2 (0.2 ) 7.2 Benefits paid (1.5 ) (1.1 ) (1.8 ) Cumulative translation adjustments 1.2 (8.0 ) (4.1 ) Benefit obligation, end of year $ 48.3 $ 44.9 $ 50.9 The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2016 2015 Fair value of plan assets, beginning of year $ 39.7 $ 44.1 Actual return on plan assets 2.4 1.8 Employer contributions 2.0 2.0 Benefits paid (1.5 ) (1.1 ) Cumulative translation adjustments 1.0 (7.1 ) Fair value of plan assets, end of year $ 43.6 $ 39.7 The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2016 2015 Unfunded status, end of year $ (4.7 ) $ (5.2 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (4.7 ) (5.2 ) Net amounts recognized (4.7 ) (5.2 ) The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2016 2015 Net actuarial loss $ (11.6 ) $ (11.7 ) Deferred income taxes 3.0 3.0 Net amount recognized in accumulated other comprehensive loss $ (8.6 ) $ (8.7 ) The accumulated benefit obligation for the defined benefit pension plans was $43.8 million as of December 31, 2016 , and $40.8 million as of December 31, 2015 . The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2016 2015 Projected benefit obligation $ 48.3 $ 44.9 Accumulated benefit obligation 43.8 40.8 Fair value of plan assets 43.6 39.7 The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2016 2015 2014 Service cost $ 1.6 $ 1.4 $ 1.4 Interest cost 1.9 1.9 2.2 Expected return on plan assets (2.1 ) (2.2 ) (2.5 ) Amortization of actuarial losses (a) 0.6 0.8 0.3 Amortization of transitional obligation (0.1 ) (0.1 ) — Net periodic pension cost $ 1.9 $ 1.8 $ 1.4 (in millions) Year Ended December 31, 2016 Amortization of actuarial losses (a) $ 0.6 Cumulative translation adjustments (0.4 ) Amortization of transitional obligation (0.1 ) 0.1 Deferred income taxes — Recognized in other comprehensive loss, net of tax 0.1 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.5 million , will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2017. As of and for the Year Ended December 31, 2016 2015 Weighted average assumptions used to determine benefit obligations: Discount rate 4.0 % 4.0 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 4.0 4.0 Expected long-term return on plan assets 5.1 5.3 Rate of compensation increase 3.0 3.0 For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. Plan Assets Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2016 , we invested approximately 30% in fixed income instruments, 57% in equity instruments, and the remainder in cash, cash equivalents and insurance contracts. The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 0.9 $ — $ 0.9 Fixed income securities: Corporate and government related securities — 12.3 — 12.3 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.9 — — 0.9 International equity 0.3 23.8 — 24.1 Insurance contracts — — 4.7 4.7 Total assets $ 1.9 $ 37.0 $ 4.7 $ 43.6 As of December 31, 2015 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 0.7 $ — $ 0.7 Fixed income securities: Corporate and government related securities — 11.2 — 11.2 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.8 — — 0.8 International equity 0.3 21.1 — 21.4 Insurance contracts — — 4.9 4.9 Total assets $ 1.8 $ 33.0 $ 4.9 $ 39.7 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse industries, substantially all investment grade. (c) Assets categorized as Level 2 reflect investments in common collective funds. Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2016 2015 Insurance contracts: Beginning of year $ 4.9 $ — Purchases — 5.2 Payments (0.5 ) (0.1 ) Actuarial loss — (0.2 ) Interest income 0.2 — Cumulative translation adjustments 0.1 — End of year $ 4.7 $ 4.9 Our insurance contracts classified as Level 3 are valued based on a discount rate determined by reference to the market interest rates prevailing on high quality debt instruments with cash flows that match the timing and amount of expected benefit payments under the pension plan in Canada, as well as a mortality assumption based upon the current mortality table, CPM2014 generational projected using mortality improvement scale CPM-B. As a result, the fair value of the insurance contract is equal to the defined benefit obligation in respect of the members covered under the insurance contract. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices. Future Benefit Payments (in millions) 2017 2018 2019 2020 2021 2022-2026 Estimated future benefit payments for pension plans 1.2 1.3 1.4 1.6 2.0 13.5 We expect to contribute $2.0 million to our pension plans in 2017. Multi-Employer Pension and Postretirement Benefit Plans We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $2.9 million in 2016, $2.7 million in 2015 and $2.0 million in 2014. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us. Defined Contribution Plans Employer contributions for defined contribution plans sponsored by us were $4.4 million in 2016, $4.2 million in 2015 and $3.8 million in 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On July 17, 2014, we began operating as a REIT for U.S. federal income tax purposes 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 TRSs. As such, we have provided for their federal, state and foreign income taxes. As a result of our REIT conversion in 2014, our effective tax rate subsequent to the Separation was substantially lower than previous periods. Prior to July 17, 2014, we were a member of CBS’s consolidated tax group, and the provision for income taxes, deferred tax assets and liabilities, and income tax payments were calculated on a separate tax return basis. These amounts may not necessarily reflect the income tax expense or tax payments that would have been reported if we had been operating as a stand-alone company, and would not reflect what our income tax expense or tax payments would have been as a REIT during the periods prior to the Separation. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. In 2014, as a result of our REIT conversion, substantially all Deferred income tax liabilities, net, was reversed into Net income via a non-cash benefit of approximately $235.6 million . Cash paid for income taxes was $1.2 million in 2016 and $5.8 million in 2015 and assumed to be $53.0 million in 2014 . The U.S. and foreign components of Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2016 2015 2014 United States $ 100.9 $ 83.3 $ 102.8 Foreign (9.9 ) (112.1 ) (4.8 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies $ 91.0 $ (28.8 ) $ 98.0 The following table reconciles Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies to REIT taxable income for the years ended December 31, 2016 and 2015, and the period July 17, 2014, through December 31, 2014. Year Ended December 31, (in millions) 2016 2015 2014 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies $ 91.0 $ (28.8 ) $ 98.0 Income before provision for income taxes and equity in earnings of investee companies for the period January 1, 2014, through July 16, 2014 (57.9 ) Income before benefit (provision) for income taxes and equity in earnings for the period July 17, 2014, through December 31, 2014 40.1 Net (income) loss of TRSs 5.4 108.7 (1.6 ) Income from REIT operations 96.4 79.9 38.5 Book depreciation in excess of tax depreciation 50.8 51.7 15.0 Book amortization in excess of tax amortization 12.2 7.9 21.3 Tax dividend from foreign subsidiary 41.0 39.0 — Book/tax differences - stock-based compensation 4.2 (3.4 ) 8.1 Book/tax differences - deferred gain for tax (3.5 ) (2.7 ) — Book/tax differences - capitalized costs — — 7.4 Book/tax differences - investments in joint ventures 6.0 5.6 2.5 Book/tax differences - other 6.4 3.1 4.2 REIT taxable income (estimated) $ 213.5 $ 181.1 $ 97.0 The components of the Benefit (provision) for income taxes are as follows: Year Ended December 31, (in millions) 2016 2015 2014 Current: Federal $ (4.0 ) $ (0.3 ) $ (29.9 ) State and local (1.5 ) (0.9 ) (9.8 ) Foreign (1.7 ) (5.9 ) (3.8 ) (7.2 ) (7.1 ) (43.5 ) Deferred tax benefit (liability): Federal (0.7 ) (0.5 ) 198.0 State and local (0.2 ) — 50.3 Foreign 2.7 2.2 1.2 1.8 1.7 249.5 Benefit (provision) for income taxes $ (5.4 ) $ (5.4 ) $ 206.0 Excluding the Loss on real estate assets held for sale of $103.6 million (see Note 12. Acquisitions and Dispositions : Dispositions ) in 2015 and the non-cash benefit recorded as a result of our REIT conversion in 2014 of $235.6 million , the effective income tax rate was 5.9% in 2016 , 7.2% in 2015 and 30.3% in 2014 . The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the Benefit (provision) for income taxes is summarized as follows: Year Ended December 31, (in millions) 2016 2015 2014 Benefit (provision) for income taxes on income (loss) at U.S. statutory rate $ (31.9 ) $ 10.1 $ (34.3 ) Loss on real estate assets held for sale — (36.3 ) — REIT dividends paid deduction 33.8 28.0 13.5 State and local taxes, net of federal tax benefit (1.6 ) (1.8 ) (4.8 ) Effect of foreign operations (2.4 ) (7.3 ) (2.9 ) Deferred tax adjustment due to REIT conversion — — 235.6 Resolution of prior year tax (2.9 ) 2.1 — Other, net (0.4 ) (0.2 ) (1.1 ) Benefit (provision) for income taxes $ (5.4 ) $ (5.4 ) $ 206.0 The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2016 2015 Deferred income tax assets: Provision for expenses and losses $ 0.6 $ 0.7 Postretirement and other employee benefits 5.0 5.0 Tax credit and loss carryforwards 1.1 1.7 Total deferred income tax assets 6.7 7.4 Deferred income tax liabilities: Property, equipment and intangible assets (8.8 ) (11.1 ) Total deferred income tax liabilities (8.8 ) (11.1 ) Deferred income tax liabilities, net $ (2.1 ) $ (3.7 ) As of December 31, 2016 , we had net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $2.8 million , which expire in various years from 2017 through 2023 . Our undistributed earnings of foreign subsidiaries not included in our consolidated federal income tax return that could be subject to additional income taxes if remitted was approximately $25.0 million as of December 31, 2016 . No provision was recorded for taxes that could result from the remittance of such undistributed earnings since we intend to declare dividends to our shareholders in an amount sufficient to offset such distributions and to reinvest the remainder outside the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practical. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. (in millions) As of January 1, 2014 $ 4.0 Additions for current year tax positions 0.1 Reductions for prior year tax positions (2.9 ) As of December 31, 2014 1.2 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.6 ) As of December 31, 2015 0.8 Additions for current year tax positions 0.1 Reductions for prior year tax positions (0.3 ) As of December 31, 2016 $ 0.6 The reserve for uncertain tax positions of $0.6 million as of December 31, 2016 , includes $0.4 million which would affect our effective income tax rate if and when recognized in future years. During 2014, reductions for prior year tax positions included $2.1 million of liabilities which were transferred to CBS pursuant to our tax matters agreement. The reduction in this liability did not impact our provision for income taxes during 2014. We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented. We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. As of December 31, 2016, tax years for 2015 , 2014, and 2013 are subject to examination by the tax authorities. As of December 31, 2016, we are no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2013. The IRS and a local tax jurisdiction are currently auditing one of our TRSs for the period July 17, 2014, through December 31, 2014 . |
Earnings (Loss) Per Share ("EPS
Earnings (Loss) Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share (“EPS”) | Earnings (Loss) Per Share (“EPS”) Year Ended December 31, (in millions) 2016 2015 2014 Net income (loss) $ 90.9 $ (29.4 ) $ 306.9 Weighted average shares for basic EPS 137.9 137.3 114.3 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.5 — 0.5 Weighted average shares for diluted EPS 138.4 137.3 114.8 (a) The potential impact of an aggregate 0.5 million granted RSUs, PRSUs and stock options for 2016, 0.7 million granted RSUs, PRSUs and stock options for 2015 and 0.2 million granted RSUs, PRSUs and stock options for 2014 was antidilutive. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations 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. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment. The Metropolitan Transportation Authority (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, in any combination, each for a ten-year contract, with an additional potential five-year renewal period. On May 18, 2016, we submitted a response to the MTA. In mid-October, the MTA issued a follow-up request that refined its timeline and bid requirements, particularly relating to digital deployment and the communications platform and we submitted our response on December 12, 2016. On November 7, 2016, we entered into an agreement with the MTA to extend the expiration of our existing contracts for transit advertising services from December 31, 2016, to June 30, 2017, unless earlier terminated by the MTA on 90 days’ notice. As of December 31, 2016 , minimum rental payments under non-cancellable operating leases with terms in excess of one year and guaranteed minimum annual payments are as follows: (in millions) Operating Leases Guaranteed Minimum Annual Payments 2017 $ 119.3 $ 158.4 2018 119.4 66.3 2019 107.4 47.5 2020 93.4 28.0 2021 83.8 26.1 2022 and thereafter 471.7 109.3 Total minimum payments $ 995.0 $ 435.6 Rent expense was $372.1 million in 2016, $376.4 million in 2015 and $317.4 million in 2014, including contingent rent amounts of $88.1 million in 2016, $87.5 million in 2015 and $59.5 million in 2014. Rent expense is primarily reflected in operating expenses on the Consolidated Statements of Operations and includes rent on cancellable leases and leases with terms under one year, as well as contingent rent, none of which are included in the operating lease commitments in the table above. Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. The outstanding letters of credit and surety bonds approximated $127.2 million as of December 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 | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Effective April 1, 2016, we changed the segments that we use to review operating results and make decisions regarding segment performance and resource allocation. Given the changes in our portfolio resulting from the Disposition and recent acquisitions, we made this change to better align our segments with our business strategy. We currently manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other . Our new segment reporting therefore includes U.S. Media and Other . The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. Prior to April 1, 2016, our International segment included our advertising businesses in Canada and Latin America (see Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). Historical operating results for our advertising business in Latin America are included in Other . Year Ended December 31, (in millions) 2016 2015 2014 Revenues: U.S. Media $ 1,393.8 $ 1,344.3 $ 1,162.5 Other 120.1 169.5 191.3 Total revenues $ 1,513.9 $ 1,513.8 $ 1,353.8 We present Operating income before Depreciation , Amortization , Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges, Loss on real estate assets held for sale and Acquisition costs (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Year Ended December 31, (in millions) 2016 2015 2014 Net income (loss) $ 90.9 $ (29.4 ) $ 306.9 (Benefit) provision for income taxes 5.4 5.4 (206.0 ) Equity in earnings of investee companies, net of tax (5.3 ) (4.8 ) (2.9 ) Interest expense (income), net 113.8 114.8 84.8 Other expense, net 0.1 0.4 0.3 Operating income 204.9 86.4 183.1 Restructuring charges (a) 2.5 2.6 9.8 Acquisition costs — — 10.4 Loss on real estate assets held for sale 1.3 103.6 — Net (gain) loss on dispositions (1.9 ) 0.7 (2.5 ) Depreciation and amortization 224.2 229.1 202.2 Stock-based compensation (a) 18.0 15.2 10.4 Total Adjusted OIBDA $ 449.0 $ 437.6 $ 413.4 Adjusted OIBDA: U.S. Media $ 473.8 $ 451.1 $ 409.2 Other 17.8 24.3 31.3 Corporate (42.6 ) (37.8 ) (27.1 ) Total Adjusted OIBDA $ 449.0 $ 437.6 $ 413.4 (a) In 2014, restructuring charges (including stock-based compensation of $5.6 million ), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. Year Ended December 31, (in millions) 2016 2015 2014 Operating income (loss): U.S. Media $ 269.5 $ 245.3 $ 240.2 Other (4.0 ) (105.9 ) 0.6 Corporate (60.6 ) (53.0 ) (57.7 ) Total operating income $ 204.9 $ 86.4 $ 183.1 Net (gain) loss on dispositions: U.S. Media $ (1.7 ) $ 0.6 $ (2.5 ) Other (0.2 ) 0.1 — Total (gain) loss on dispositions $ (1.9 ) $ 0.7 $ (2.5 ) Depreciation and amortization: U.S. Media $ 203.5 $ 202.6 $ 171.5 Other 20.7 26.5 30.7 Total depreciation and amortization $ 224.2 $ 229.1 $ 202.2 Capital expenditures: U.S. Media $ 54.8 $ 53.3 $ 56.8 Other 4.6 5.9 7.4 Total capital expenditures $ 59.4 $ 59.2 $ 64.2 As of December 31, (in millions) 2016 2015 2014 Assets: U.S. Media $ 3,578.8 $ 3,593.0 $ 3,690.8 Other (a) 145.5 134.3 283.8 Corporate 14.2 88.2 16.8 Total assets $ 3,738.5 $ 3,815.5 $ 3,991.4 (a) In 2015, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) Year Ended December 31, (in millions) 2016 2015 2014 Revenues (a) : United States $ 1,435.2 $ 1,380.3 $ 1,198.8 Canada 67.3 71.7 82.5 Latin America 11.4 61.8 72.5 Total revenues $ 1,513.9 $ 1,513.8 $ 1,353.8 (a) Revenues classifications are based on the geography of the advertising. As of December 31, (in millions) 2016 2015 2014 Long-lived assets (a) : United States $ 3,255.0 $ 3,291.1 3,395.6 Canada 73.9 82.2 112.0 Latin America (b) — — 94.5 Total long-lived assets $ 3,328.9 $ 3,373.3 $ 3,602.1 (a) Reflects total assets less current assets, investments and non-current deferred tax assets. (b) In 2015, in connection with the Disposition, we reclassified long-lived assets to Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 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 8. 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 December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Receivables, less allowances — — 207.9 14.1 — 222.0 Other current assets — 1.1 77.9 12.0 — 91.0 Total current assets — 12.5 321.6 44.1 — 378.2 Property and equipment, net — — 621.4 43.6 — 665.0 Goodwill — — 2,059.9 29.5 — 2,089.4 Intangible assets — — 545.3 — — 545.3 Investment in subsidiaries 1,233.0 3,371.9 114.4 — (4,719.3 ) — Other assets — 1.1 56.9 2.6 — 60.6 Intercompany — — 42.7 67.0 (109.7 ) — Total assets $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 Total current liabilities $ — $ 15.7 $ 223.4 $ 12.4 $ — $ 251.5 Long-term debt — 2,136.8 — — — 2,136.8 Deferred income tax liabilities, net — — — 8.5 — 8.5 Asset retirement obligation — — 29.7 4.4 — 34.1 Deficit in excess of investment of subsidiaries — — 2,138.9 — (2,138.9 ) — Other liabilities — — 70.2 4.4 — 74.6 Intercompany — — 67.0 42.7 (109.7 ) — Total liabilities — 2,152.5 2,529.2 72.4 (2,248.6 ) 2,505.5 Total stockholders’ equity 1,232.9 1,232.9 1,232.9 114.4 (2,580.2 ) 1,232.9 Non-controlling interests 0.1 0.1 0.1 — (0.2 ) 0.1 Total equity 1,233.0 1,233.0 1,233.0 114.4 (2,580.4 ) 1,233.0 Total liabilities and equity $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 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 — 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 classified as Assets held for sale and Liabilities held for sale , as applicable, on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,005.6 $ 65.4 $ — $ 1,071.0 Transit and other — — 429.6 13.3 — 442.9 Total revenues — — 1,435.2 78.7 — 1,513.9 Expenses: Operating — — 764.9 53.2 — 818.1 Selling, general and administrative 1.5 0.2 246.7 16.4 — 264.8 Restructuring charges — — 2.5 — — 2.5 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net gain on dispositions — — (1.7 ) (0.2 ) — (1.9 ) Depreciation — — 94.1 14.8 — 108.9 Amortization — — 112.3 3.0 — 115.3 Total expenses 1.5 0.2 1,218.8 88.5 — 1,309.0 Operating income (loss) (1.5 ) (0.2 ) 216.4 (9.8 ) — 204.9 Interest expense, net — (113.6 ) (0.2 ) — — (113.8 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (113.8 ) 216.2 (9.9 ) — 91.0 Benefit (provision) for income taxes — — (6.4 ) 1.0 — (5.4 ) Equity in earnings of investee companies, net of tax 92.4 206.2 (117.4 ) 1.0 (176.9 ) 5.3 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Total other comprehensive income (loss), net of tax 102.4 102.4 102.4 102.6 (307.4 ) 102.4 Total comprehensive income $ 193.3 $ 194.8 $ 194.8 $ 94.7 $ (484.3 ) $ 193.3 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 969.8 $ 114.5 $ — $ 1,084.3 Transit and other — — 410.5 19.0 — 429.5 Total revenues — — 1,380.3 133.5 — 1,513.8 Expenses: Operating — — 743.9 89.2 — 833.1 Selling, general and administrative 1.5 0.3 228.0 28.5 — 258.3 Restructuring charges — — 2.6 — — 2.6 Loss on real estate assets held for sale — — — 103.6 — 103.6 Net loss on dispositions — — 0.6 0.1 — 0.7 Depreciation — — 94.0 19.7 — 113.7 Amortization — — 111.1 4.3 — 115.4 Total expenses 1.5 0.3 1,180.2 245.4 — 1,427.4 Operating income (loss) (1.5 ) (0.3 ) 200.1 (111.9 ) — 86.4 Interest income (expense), net — (114.8 ) (0.2 ) 0.2 — (114.8 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (115.1 ) 199.9 (112.1 ) — (28.8 ) Provision for income taxes — — (2.0 ) (3.4 ) — (5.4 ) Equity in earnings of investee companies, net of tax (27.9 ) 87.2 (225.8 ) 1.1 170.2 4.8 Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Total other comprehensive loss, net of tax (30.8 ) (30.8 ) (30.8 ) (30.5 ) 92.1 (30.8 ) Total comprehensive loss $ (60.2 ) $ (58.7 ) $ (58.7 ) $ (144.9 ) $ 262.3 $ (60.2 ) Year Ended December 31, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 838.4 $ 133.1 $ — $ 971.5 Transit and other — — 360.4 21.9 — 382.3 Total revenues — — 1,198.8 155.0 — 1,353.8 Expenses: Operating — — 626.1 100.4 — 726.5 Selling, general and administrative 1.3 — 192.7 30.3 — 224.3 Restructuring charges — — 9.8 — — 9.8 Acquisition costs — — 10.4 — — 10.4 Net gain on dispositions — — (2.5 ) — (2.5 ) Depreciation — — 84.5 22.7 — 107.2 Amortization — — 89.9 5.1 — 95.0 Total expenses 1.3 — 1,010.9 158.5 — 1,170.7 Operating income (loss) (1.3 ) — 187.9 (3.5 ) — 183.1 Interest income (expense), net — (84.8 ) (0.2 ) 0.2 — (84.8 ) Other expense, net — — — (0.3 ) — (0.3 ) Income (loss) before income taxes and equity earnings of investee (1.3 ) (84.8 ) 187.7 (3.6 ) — 98.0 Benefit (provision) for income taxes — — 209.7 (3.7 ) — 206.0 Equity in earnings of investee companies, net of tax 308.2 393.0 (89.2 ) 0.7 (609.8 ) 2.9 Net income (loss) $ 306.9 $ 308.2 $ 308.2 $ (6.6 ) $ (609.8 ) $ 306.9 Net income (loss) $ 306.9 $ 308.2 $ 308.2 $ (6.6 ) $ (609.8 ) $ 306.9 Total other comprehensive income (loss), net of tax (15.0 ) (15.0 ) (15.0 ) (14.8 ) 44.8 (15.0 ) Total comprehensive income (loss) $ 291.9 $ 293.2 $ 293.2 $ (21.4 ) $ (565.0 ) $ 291.9 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (111.3 ) $ 399.1 $ 0.8 $ — $ 287.1 Investing activities: Capital expenditures — — (54.8 ) (4.6 ) — (59.4 ) Acquisitions — — (67.9 ) — — (67.9 ) Proceeds from dispositions — — 2.9 87.7 — 90.6 Cash provided by (used for) investing activities — — (119.8 ) 83.1 — (36.7 ) Financing activities: Proceeds from borrowings under revolving credit facility — 35.0 — — — 35.0 Repayments of borrowings under revolving credit facility — (35.0 ) — — — (35.0 ) Repayments of long-term debt borrowings - term loan — (90.0 ) — — — (90.0 ) Deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (7.3 ) — — (7.3 ) Dividends (188.6 ) — — — — (188.6 ) Intercompany 190.1 131.5 (244.5 ) (77.1 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.5 41.1 (252.0 ) (77.1 ) — (286.5 ) Effect of exchange rate on cash and cash equivalents — — — (0.3 ) — (0.3 ) Net increase (decrease) in cash and cash equivalents — (70.2 ) 27.3 6.5 — (36.4 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (107.4 ) $ 378.9 $ 23.1 $ — $ 293.1 Investing activities: Capital expenditures — — (53.3 ) (5.9 ) — (59.2 ) Acquisitions — — (12.1 ) — — (12.1 ) Proceeds from dispositions — — 8.9 — — 8.9 Cash used for investing activities — — (56.5 ) (5.9 ) — (62.4 ) 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 ) Repayments of long-term borrowings - term loan — (50.0 ) — — — (50.0 ) Deferred financing costs — (3.3 ) — — — (3.3 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (4.3 ) — — (4.3 ) Dividends (196.3 ) — — — — (196.3 ) Intercompany 195.8 127.0 (317.9 ) (4.9 ) — — Other — — (0.5 ) — — (0.5 ) Cash provided by (used for) financing activities 1.5 177.5 (322.7 ) (4.9 ) — (148.6 ) Effect of exchange rate on cash and cash equivalents — — — (3.3 ) — (3.3 ) Net increase (decrease) in cash and cash equivalents — 70.1 (0.3 ) 9.0 — 78.8 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash reclassified to assets held for sale — — — (5.7 ) — (5.7 ) Cash and cash equivalents at end of period $ — $ 81.6 $ 8.5 $ 11.5 $ — $ 101.6 Year Ended December 31, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.3 ) $ (54.8 ) $ 330.6 $ (11.7 ) $ — $ 262.8 Investing activities: Capital expenditures — — (56.8 ) (7.4 ) — (64.2 ) Acquisitions — — (735.7 ) — — (735.7 ) Investments in investee companies — — (3.0 ) — — (3.0 ) Proceeds from dispositions — — 4.2 0.3 — 4.5 Cash used for investing activities — — (791.3 ) (7.1 ) — (798.4 ) Financing activities: Proceeds from IPO 615.0 — — — — 615.0 Proceeds from long-term debt borrowings - term loan and senior notes — 1,598.0 — — — 1,598.0 Proceeds from long-term debt borrowings - senior notes — 599.3 — — — 599.3 Deferred financing costs — (42.7 ) — — — (42.7 ) Distribution of debt and IPO proceeds to CBS (515.0 ) (1,523.8 ) — — — (2,038.8 ) Net cash contribution from CBS 9.5 — 39.8 — — 49.3 Dividends (242.7 ) — — — — (242.7 ) Intercompany 134.5 (564.5 ) 428.4 1.6 — — Other — — (0.8 ) — — (0.8 ) Cash provided by financing activities 1.3 66.3 467.4 1.6 — 536.6 Effect of exchange rate on cash and cash equivalents — — — (2.3 ) — (2.3 ) Net increase (decrease) in cash and cash equivalents — 11.5 6.7 (19.5 ) — (1.3 ) Cash and cash equivalents at beginning of period — — 2.1 27.7 — 29.8 Cash and cash equivalents at end of period $ — $ 11.5 $ 8.8 $ 8.2 $ — $ 28.5 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. Effective April 1, 2016, we changed the segments that we use to review operating results and make decisions regarding segment performance and resource allocation. Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. (See Note 18. Segment information to the Consolidated Financial Statements . ) 2016 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 312.6 $ 356.5 $ 356.7 $ 368.0 $ 1,393.8 Other 35.8 28.8 (a) 26.1 (a) 29.4 (a) 120.1 Total revenues $ 348.4 $ 385.3 $ 382.8 $ 397.4 $ 1,513.9 Adjusted OIBDA: U.S. Media $ 94.9 $ 123.7 $ 129.3 $ 125.9 $ 473.8 Other 2.2 8.4 (a) 2.2 (a) 5.0 (a) 17.8 Corporate (9.0 ) (9.1 ) (10.8 ) (13.7 ) (42.6 ) Total Adjusted OIBDA 88.1 123.0 120.7 117.2 449.0 Restructuring charges — (0.4 ) — (2.1 ) (2.5 ) Loss on real estate assets held for sale (1.3 ) — — — (1.3 ) Net gain (loss) on dispositions (0.4 ) (0.2 ) 2.3 0.2 1.9 Depreciation (29.1 ) (28.5 ) (26.7 ) (24.6 ) (108.9 ) Amortization (28.3 ) (30.4 ) (28.3 ) (28.3 ) (115.3 ) Stock-based compensation (4.8 ) (4.5 ) (4.5 ) (4.2 ) (18.0 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Operating income (loss): U.S. Media $ 43.1 $ 69.7 $ 81.5 $ 75.2 $ 269.5 Other (5.1 ) 2.9 (a) (2.7 ) (a) 0.9 (a) (4.0 ) Corporate (13.8 ) (13.6 ) (15.3 ) (17.9 ) (60.6 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Net income (loss) $ (2.3 ) $ 28.5 $ 38.1 $ 26.6 $ 90.9 (a) On April 1, 2016, we completed the Disposition. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) 2015 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 305.0 $ 336.9 $ 346.3 $ 356.1 $ 1,344.3 Other 38.9 47.8 40.4 42.4 169.5 Total revenues $ 343.9 $ 384.7 $ 386.7 $ 398.5 $ 1,513.8 Adjusted OIBDA: U.S. Media $ 92.0 $ 118.5 $ 121.0 $ 119.6 $ 451.1 Other 2.5 10.0 4.5 7.3 24.3 Corporate (7.5 ) (9.4 ) (11.6 ) (9.3 ) (37.8 ) Total Adjusted OIBDA 87.0 119.1 113.9 117.6 437.6 Restructuring charges (0.6 ) (2.0 ) — — (2.6 ) Loss on real estate assets held for sale — — — (103.6 ) (a) (103.6 ) Net gain (loss) on dispositions 0.3 (0.9 ) — (0.1 ) (0.7 ) Depreciation (28.7 ) (28.0 ) (28.4 ) (28.6 ) (113.7 ) Amortization (27.8 ) (29.2 ) (29.1 ) (29.3 ) (115.4 ) Stock-based compensation (3.6 ) (4.4 ) (3.7 ) (3.5 ) (15.2 ) Total operating income (loss) $ 26.6 $ 54.6 $ 52.7 $ (47.5 ) $ 86.4 Operating income (loss): U.S. Media $ 42.0 $ 65.2 $ 69.9 $ 68.2 $ 245.3 Other (4.3 ) 3.2 (1.9 ) (102.9 ) (105.9 ) Corporate (11.1 ) (b) (13.8 ) (b) (15.3 ) (b) (12.8 ) (b) (53.0 ) Total operating income (loss) $ 26.6 $ 54.6 $ 52.7 $ (47.5 ) $ 86.4 Net income (loss) $ 1.1 $ 22.2 $ 21.2 $ (73.9 ) $ (29.4 ) (a) In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). (b) We incurred incremental corporate stand-alone costs of $2.9 million during the first quarter of 2015; $1.5 million during the second quarter of 2015, $1.4 million during the third quarter of 2015 and $0.5 million during the fourth quarter of 2015. |
II - Valuation and Qualifying A
II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts (a) Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2016 $ 8.9 $ — $ 3.6 $ — $ 3.3 $ 9.2 Year ended December 31, 2015 14.2 — 2.7 (3.7 ) 4.3 8.9 Year ended December 31, 2014 15.7 — 2.9 (0.7 ) 3.7 14.2 Valuation allowance on deferred tax assets: Year ended December 31, 2016 $ — $ — $ — $ — $ — $ — Year ended December 31, 2015 6.9 — 0.1 (4.7 ) 2.3 — Year ended December 31, 2014 10.1 — 0.5 — 3.7 6.9 (a) Reflects change in allowance related to foreign currency translation adjustments and amounts reclassified to Assets held for sale on our Consolidated Statement of Financial Position. |
III - Schedule of Real Estate a
III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2016 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 42,114 displays — (2) (2) (2) $ 83.2 $ 1,328.0 1,411.2 $ (974.7 ) Various Various 5 to 20 years Canada - 5,656 displays — (2) (2) (2) 2.1 268.3 270.4 (232.1 ) Various Various 5 to 20 years $ 85.3 $ 1,596.3 $ 1,681.6 $ (1,206.8 ) Structures added subsequent to January 1, 2014 United States - 2,090 displays $ 5.4 $ 110.6 $ (12.7 ) $ 5.4 $ 97.9 $ 103.3 $ (1.4 ) Various Various 5 to 20 years Canada - 105 displays — 2.4 — — 2.4 2.4 (0.3 ) Various Various 5 to 20 years $ 5.4 $ 113.0 $ (12.7 ) $ 5.4 $ 100.3 $ 105.7 $ (1.7 ) Total United States - 44,204 displays $ 88.6 $ 1,425.9 $ 1,514.5 $ (976.1 ) Various Various 5 to 20 years Canada - 5,761 displays 2.1 270.7 272.8 (232.4 ) Various Various 5 to 20 years $ 90.7 $ 1,696.6 $ 1,787.3 $ (1,208.5 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2016 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2016 2015 2014 Gross real estate assets: Balance at the beginning of the year $ 1,778.7 $ 1,833.7 $ 1,750.9 New Investments 9.1 8.0 98.0 Redevelopments 23.7 23.9 21.6 Recurring capital expenditures 14.5 16.4 17.0 Purchase price accounting adjustments 1.0 (13.1 ) — Land acquisitions 0.6 4.8 — Additions for construction of / improvements to structures 48.9 40.0 136.6 Assets sold or written-off (49.4 ) (26.5 ) (14.2 ) Foreign exchange 9.1 (68.5 ) (39.6 ) Balance at the end of the year $ 1,787.3 $ 1,778.7 $ 1,833.7 Accumulated depreciation: Balance at the beginning of the year $ 1,137.7 $ 1,109.4 $ 1,052.7 Depreciation 98.2 104.9 99.6 Assets sold or written-off (34.6 ) (22.5 ) (13.0 ) Foreign exchange 7.2 (54.1 ) (29.9 ) Balance at the end of the year $ 1,208.5 $ 1,137.7 $ 1,109.4 |
Description of Business and B31
Description of Business and Basis of Presentation Accounting (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. |
Receivables | Receivables —Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. Construction in progress includes all costs capitalized related to projects which have yet to be placed in service. |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions —We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years . Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge. |
Revenue Recognition | Revenue Recognition —We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions. Deferred revenues primarily consist of revenues paid in advance of being earned. Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. |
Concentration of Credit Risk | Concentration of Credit Risk— In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. |
Billboard Property Lease and Transit Franchise Expenses | Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. |
Direct Lease Acquisition Costs | Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, in the Consolidated Statements of Operations. |
Income Taxes | Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Prior to July 17, 2014, we were a member of CBS Corporation’s (“CBS”) consolidated tax group, and the provision for income taxes, deferred tax assets and liabilities, and income tax payments were calculated on a separate tax return basis, with us as the taxpayer, even though our U.S. operating results were included in the consolidated federal, and certain state and local income tax returns of CBS. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. |
Asset Retirement Obligation | Asset Retirement Obligation —An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. |
Stock-based Compensation | Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted 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, $24.7 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 December 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 | Recent Pronouncements Goodwill In January 2017, the FASB issued guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have a material effect on our consolidated financial statements. Business Combinations In January 2017, the FASB issued guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for acquisitions and dispositions, and for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized, that have not been reported in financial statements that have been issued or made available for issuance. Statement of Cash Flows In August 2016, the FASB issued guidance which clarifies presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is to be applied on a retrospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact of this guidance on our consolidated financial statements. Stock Compensation In March 2016, the FASB issued guidance which simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. This guidance is effective for interim and annual periods beginning after December 15, 2016. 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 lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating 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. Lessors will 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. As of December 31, 2016 , we had approximately 22,600 lease agreements in the U.S., the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and exploring software solutions. This standard will require us to recognize a right-of-use asset and lease liability for the present value of minimum lease payments for operating leases with a term greater than 12 months and will have a significant impact on our consolidated financial statements. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016, April 2016 and May 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. Our billboard lease revenues will be recognized under the lease standard discussed above. The revenue recognition guidance will be primarily applicable to our multi-year transit advertising contracts with municipalities in the U.S. and Canada, and marketing and multimedia rights agreements with colleges, universities and other educational institutions. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years The table below presents the balances of major classes of assets and accumulated depreciation. As of December 31, (in millions) 2016 2015 (a) Land $ 90.7 $ 89.9 Buildings and improvements 48.2 44.1 Advertising structures 1,696.6 1,643.6 Furniture, equipment and other 88.5 79.1 Construction in progress 37.2 29.1 1,961.2 1,885.8 Less accumulated depreciation 1,296.2 1,184.1 Property and equipment, net $ 665.0 $ 701.7 (a) In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions : Dispositions , Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years The table below presents the balances of major classes of assets and accumulated depreciation. As of December 31, (in millions) 2016 2015 (a) Land $ 90.7 $ 89.9 Buildings and improvements 48.2 44.1 Advertising structures 1,696.6 1,643.6 Furniture, equipment and other 88.5 79.1 Construction in progress 37.2 29.1 1,961.2 1,885.8 Less accumulated depreciation 1,296.2 1,184.1 Property and equipment, net $ 665.0 $ 701.7 (a) In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions : Dispositions , Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the years ended December 31, 2016 and 2015 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total As of December 31, 2014 $ 2,044.7 $ 109.5 $ 2,154.2 Currency translation adjustments — (14.6 ) (14.6 ) Additions 1.4 — 1.4 Dispositions (a) (6.0 ) (60.3 ) (66.3 ) As of December 31, 2015 2,040.1 34.6 $ 2,074.7 Currency translation adjustments — 1.1 1.1 Additions 13.9 — 13.9 Dispositions — (0.3 ) (0.3 ) As of December 31, 2016 $ 2,054.0 $ 35.4 $ 2,089.4 (a) In 2015, in the U.S. Media segment, we disposed of substantially all of our assets in Puerto Rico and in connection with the Disposition, Goodwill in Other was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of December 31, 2016: Permits and leasehold agreements $ 1,038.0 $ (636.1 ) $ 401.9 Franchise agreements 451.6 (336.6 ) 115.0 Other intangible assets 45.4 (17.0 ) 28.4 Total intangible assets $ 1,535.0 $ (989.7 ) $ 545.3 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 (a) $ 1,483.3 $ (912.8 ) $ 570.5 (a) In 2015, in connection with the Disposition, Intangible assets, net, was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions .) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2017 through 2021 , to be as follows: (in millions) 2017 2018 2019 2020 2021 Amortization expense $ 55.7 $ 47.2 $ 45.3 $ 41.0 $ 39.4 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | Year Ended December 31, (in millions) 2016 2015 Balance, at beginning of period $ 33.2 $ 36.6 Accretion expense 2.4 2.5 Additions 0.2 0.1 Liabilities settled (a) (1.8 ) (4.3 ) Foreign currency translation adjustments 0.1 (1.7 ) Balance, at end of period $ 34.1 $ 33.2 (a) In 2015, includes liabilities reclassified to Liabilities held for sale on the Consolidated Statement of Financial Position in connection with the Disposition. (See Note 12. Acquisitions and Dispositions : Dispositions .) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 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) December 31, 2016 December 31, Term loan, due 2021 $ 659.0 $ 748.6 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.5 549.4 5.625% senior unsecured notes, due 2024 503.0 503.4 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.5 1,502.8 Other — 0.3 Debt issuance costs (a) (24.7 ) (29.7 ) Total long-term debt, net $ 2,136.8 $ 2,222.0 Weighted average cost of debt 4.8 % 4.7 % (a) See Note 3. Summary of Significant Accounting Policies : Adoption of New Accounting Standards . |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Accumulated Other Comprehensive Loss As of December 31, 2013 $ (69.2 ) $ (5.9 ) $ (75.1 ) Other comprehensive loss before reclassifications (10.7 ) (3.3 ) (14.0 ) Amortization of actuarial losses reclassified to net income (a) — 0.2 0.2 Deferred tax rate adjustment — (1.2 ) (1.2 ) Total other comprehensive loss, net of tax (10.7 ) (4.3 ) (15.0 ) As of December 31, 2014 (79.9 ) (10.2 ) (90.1 ) Other comprehensive income (loss) before reclassifications (32.3 ) 1.0 (31.3 ) Amortization of actuarial losses reclassified to net loss (a) — 0.5 0.5 Total other comprehensive income (loss), net of tax (32.3 ) 1.5 (30.8 ) As of December 31, 2015 (112.2 ) (8.7 ) (120.9 ) Other comprehensive income (loss) before reclassifications (b) 102.3 (0.3 ) 102.0 Amortization of actuarial losses reclassified to net loss (a) — 0.4 0.4 Total other comprehensive income (loss), net of tax 102.3 0.1 102.4 As of December 31, 2016 $ (9.9 ) $ (8.6 ) $ (18.5 ) (a) See Note 14. Retirement Benefits for additional details of items reclassified from accumulated other comprehensive loss to net income (loss). (b) On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information (Unaudited) | Year Ended December 31, (in millions, except per share amounts) 2014 Revenues $ 1,505.9 Operating income 193.6 Net income 293.6 Net income per common share attributable to shareholders of OUTFRONT Media Inc.: Basic $ 2.57 Diluted $ 2.56 |
Disposal Group | The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Disposition, were as follows: As of (in millions) April 1, 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) | 12 Months Ended |
Dec. 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 2016 , 2015 and 2014 . Year Ended December 31, (in millions) 2016 2015 2014 RSUs and PRSUs $ 17.8 $ 14.9 $ 13.1 Stock options 0.2 0.3 2.9 Stock-based compensation expense, before income taxes 18.0 15.2 16.0 Tax benefit (1.9 ) (1.3 ) (3.0 ) Stock-based compensation expense, net of tax $ 16.1 $ 13.9 $ 13.0 |
Activity of RSUs and PRSUs issued to our employees | The following table summarizes the activity in 2016 of the 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 640,592 19.20 PRSUs 319,926 19.01 Vested: RSUs (455,749 ) 23.80 PRSUs (121,379 ) 29.30 Forfeitures: RSUs (28,856 ) 24.43 PRSUs (20,325 ) 29.83 Non-vested as of December 31, 2016 1,637,141 22.71 |
Activity of CBS's stock options issued to our employees | The following table summarizes the activity 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 December 31, 2016 294,897 15.72 Exercisable as of December 31, 2016 258,611 14.47 |
Stock option exercises information | The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2016 2015 Cash paid by our employees for stock option exercises $ — $ 2.1 Tax benefit of stock option exercises — 0.1 Intrinsic value of stock option exercises — 1.8 |
Stock options outstanding and exercisable by price | The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2016 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $0 to 4.99 64,556 0.15 $ 2.43 64,556 $ 2.43 $5 to 9.99 23,446 1.16 6.25 23,446 6.25 $10 to 14.99 61,758 2.71 12.39 61,758 12.39 $20 to 24.99 41,724 4.12 20.07 31,292 20.07 $25 to 29.99 103,413 4.72 26.39 77,559 26.39 294,897 258,611 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Change in benefit obligation | The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2016 2015 2014 Benefit obligation, beginning of year $ 44.9 $ 50.9 $ 46.0 Service cost 1.6 1.4 1.4 Interest cost 1.9 1.9 2.2 Actuarial (gain) loss 0.2 (0.2 ) 7.2 Benefits paid (1.5 ) (1.1 ) (1.8 ) Cumulative translation adjustments 1.2 (8.0 ) (4.1 ) Benefit obligation, end of year $ 48.3 $ 44.9 $ 50.9 |
Change in plan assets | The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2016 2015 Fair value of plan assets, beginning of year $ 39.7 $ 44.1 Actual return on plan assets 2.4 1.8 Employer contributions 2.0 2.0 Benefits paid (1.5 ) (1.1 ) Cumulative translation adjustments 1.0 (7.1 ) Fair value of plan assets, end of year $ 43.6 $ 39.7 |
Funded status and amounts recognized in consolidated statement of financial position | The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2016 2015 Unfunded status, end of year $ (4.7 ) $ (5.2 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (4.7 ) (5.2 ) Net amounts recognized (4.7 ) (5.2 ) |
Amounts recognized in accumulated other comprehensive income (loss) | The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2016 2015 Net actuarial loss $ (11.6 ) $ (11.7 ) Deferred income taxes 3.0 3.0 Net amount recognized in accumulated other comprehensive loss $ (8.6 ) $ (8.7 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2016 2015 Projected benefit obligation $ 48.3 $ 44.9 Accumulated benefit obligation 43.8 40.8 Fair value of plan assets 43.6 39.7 |
Schedule of Net Benefit Costs | The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2016 2015 2014 Service cost $ 1.6 $ 1.4 $ 1.4 Interest cost 1.9 1.9 2.2 Expected return on plan assets (2.1 ) (2.2 ) (2.5 ) Amortization of actuarial losses (a) 0.6 0.8 0.3 Amortization of transitional obligation (0.1 ) (0.1 ) — Net periodic pension cost $ 1.9 $ 1.8 $ 1.4 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | (in millions) Year Ended December 31, 2016 Amortization of actuarial losses (a) $ 0.6 Cumulative translation adjustments (0.4 ) Amortization of transitional obligation (0.1 ) 0.1 Deferred income taxes — Recognized in other comprehensive loss, net of tax 0.1 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). |
Weighted average assumptions used to determine benefit obligations and net periodic cost | As of and for the Year Ended December 31, 2016 2015 Weighted average assumptions used to determine benefit obligations: Discount rate 4.0 % 4.0 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 4.0 4.0 Expected long-term return on plan assets 5.1 5.3 Rate of compensation increase 3.0 3.0 |
Pension plan assets categorized according to the FASB fair value hierarchy | The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 0.9 $ — $ 0.9 Fixed income securities: Corporate and government related securities — 12.3 — 12.3 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.9 — — 0.9 International equity 0.3 23.8 — 24.1 Insurance contracts — — 4.7 4.7 Total assets $ 1.9 $ 37.0 $ 4.7 $ 43.6 As of December 31, 2015 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 0.7 $ — $ 0.7 Fixed income securities: Corporate and government related securities — 11.2 — 11.2 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.8 — — 0.8 International equity 0.3 21.1 — 21.4 Insurance contracts — — 4.9 4.9 Total assets $ 1.8 $ 33.0 $ 4.9 $ 39.7 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse industries, substantially all investment grade. (c) Assets categorized as Level 2 reflect investments in common collective funds. |
Significant changes in Level 3 plan assets | Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2016 2015 Insurance contracts: Beginning of year $ 4.9 $ — Purchases — 5.2 Payments (0.5 ) (0.1 ) Actuarial loss — (0.2 ) Interest income 0.2 — Cumulative translation adjustments 0.1 — End of year $ 4.7 $ 4.9 |
Schedule of Expected Benefit Payments | (in millions) 2017 2018 2019 2020 2021 2022-2026 Estimated future benefit payments for pension plans 1.2 1.3 1.4 1.6 2.0 13.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The U.S. and foreign components of Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2016 2015 2014 United States $ 100.9 $ 83.3 $ 102.8 Foreign (9.9 ) (112.1 ) (4.8 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies $ 91.0 $ (28.8 ) $ 98.0 |
Book Income (Loss) To REIT Taxable Income Reconciliation | The following table reconciles Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies to REIT taxable income for the years ended December 31, 2016 and 2015, and the period July 17, 2014, through December 31, 2014. Year Ended December 31, (in millions) 2016 2015 2014 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies $ 91.0 $ (28.8 ) $ 98.0 Income before provision for income taxes and equity in earnings of investee companies for the period January 1, 2014, through July 16, 2014 (57.9 ) Income before benefit (provision) for income taxes and equity in earnings for the period July 17, 2014, through December 31, 2014 40.1 Net (income) loss of TRSs 5.4 108.7 (1.6 ) Income from REIT operations 96.4 79.9 38.5 Book depreciation in excess of tax depreciation 50.8 51.7 15.0 Book amortization in excess of tax amortization 12.2 7.9 21.3 Tax dividend from foreign subsidiary 41.0 39.0 — Book/tax differences - stock-based compensation 4.2 (3.4 ) 8.1 Book/tax differences - deferred gain for tax (3.5 ) (2.7 ) — Book/tax differences - capitalized costs — — 7.4 Book/tax differences - investments in joint ventures 6.0 5.6 2.5 Book/tax differences - other 6.4 3.1 4.2 REIT taxable income (estimated) $ 213.5 $ 181.1 $ 97.0 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Benefit (provision) for income taxes are as follows: Year Ended December 31, (in millions) 2016 2015 2014 Current: Federal $ (4.0 ) $ (0.3 ) $ (29.9 ) State and local (1.5 ) (0.9 ) (9.8 ) Foreign (1.7 ) (5.9 ) (3.8 ) (7.2 ) (7.1 ) (43.5 ) Deferred tax benefit (liability): Federal (0.7 ) (0.5 ) 198.0 State and local (0.2 ) — 50.3 Foreign 2.7 2.2 1.2 1.8 1.7 249.5 Benefit (provision) for income taxes $ (5.4 ) $ (5.4 ) $ 206.0 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the Benefit (provision) for income taxes is summarized as follows: Year Ended December 31, (in millions) 2016 2015 2014 Benefit (provision) for income taxes on income (loss) at U.S. statutory rate $ (31.9 ) $ 10.1 $ (34.3 ) Loss on real estate assets held for sale — (36.3 ) — REIT dividends paid deduction 33.8 28.0 13.5 State and local taxes, net of federal tax benefit (1.6 ) (1.8 ) (4.8 ) Effect of foreign operations (2.4 ) (7.3 ) (2.9 ) Deferred tax adjustment due to REIT conversion — — 235.6 Resolution of prior year tax (2.9 ) 2.1 — Other, net (0.4 ) (0.2 ) (1.1 ) Benefit (provision) for income taxes $ (5.4 ) $ (5.4 ) $ 206.0 |
Schedule of Deferred Tax Assets and Liabilities | The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2016 2015 Deferred income tax assets: Provision for expenses and losses $ 0.6 $ 0.7 Postretirement and other employee benefits 5.0 5.0 Tax credit and loss carryforwards 1.1 1.7 Total deferred income tax assets 6.7 7.4 Deferred income tax liabilities: Property, equipment and intangible assets (8.8 ) (11.1 ) Total deferred income tax liabilities (8.8 ) (11.1 ) Deferred income tax liabilities, net $ (2.1 ) $ (3.7 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. (in millions) As of January 1, 2014 $ 4.0 Additions for current year tax positions 0.1 Reductions for prior year tax positions (2.9 ) As of December 31, 2014 1.2 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.6 ) As of December 31, 2015 0.8 Additions for current year tax positions 0.1 Reductions for prior year tax positions (0.3 ) As of December 31, 2016 $ 0.6 |
Earnings (Loss) Per Share ("E43
Earnings (Loss) Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Year Ended December 31, (in millions) 2016 2015 2014 Net income (loss) $ 90.9 $ (29.4 ) $ 306.9 Weighted average shares for basic EPS 137.9 137.3 114.3 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.5 — 0.5 Weighted average shares for diluted EPS 138.4 137.3 114.8 (a) The potential impact of an aggregate 0.5 million granted RSUs, PRSUs and stock options for 2016, 0.7 million granted RSUs, PRSUs and stock options for 2015 and 0.2 million granted RSUs, PRSUs and stock options for 2014 was antidilutive. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2016 , minimum rental payments under non-cancellable operating leases with terms in excess of one year and guaranteed minimum annual payments are as follows: (in millions) Operating Leases Guaranteed Minimum Annual Payments 2017 $ 119.3 $ 158.4 2018 119.4 66.3 2019 107.4 47.5 2020 93.4 28.0 2021 83.8 26.1 2022 and thereafter 471.7 109.3 Total minimum payments $ 995.0 $ 435.6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. Prior to April 1, 2016, our International segment included our advertising businesses in Canada and Latin America (see Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). Historical operating results for our advertising business in Latin America are included in Other . Year Ended December 31, (in millions) 2016 2015 2014 Revenues: U.S. Media $ 1,393.8 $ 1,344.3 $ 1,162.5 Other 120.1 169.5 191.3 Total revenues $ 1,513.9 $ 1,513.8 $ 1,353.8 |
Adjusted OIBDA by segment and Reconciliation to Consolidated Net Income | Year Ended December 31, (in millions) 2016 2015 2014 Net income (loss) $ 90.9 $ (29.4 ) $ 306.9 (Benefit) provision for income taxes 5.4 5.4 (206.0 ) Equity in earnings of investee companies, net of tax (5.3 ) (4.8 ) (2.9 ) Interest expense (income), net 113.8 114.8 84.8 Other expense, net 0.1 0.4 0.3 Operating income 204.9 86.4 183.1 Restructuring charges (a) 2.5 2.6 9.8 Acquisition costs — — 10.4 Loss on real estate assets held for sale 1.3 103.6 — Net (gain) loss on dispositions (1.9 ) 0.7 (2.5 ) Depreciation and amortization 224.2 229.1 202.2 Stock-based compensation (a) 18.0 15.2 10.4 Total Adjusted OIBDA $ 449.0 $ 437.6 $ 413.4 Adjusted OIBDA: U.S. Media $ 473.8 $ 451.1 $ 409.2 Other 17.8 24.3 31.3 Corporate (42.6 ) (37.8 ) (27.1 ) Total Adjusted OIBDA $ 449.0 $ 437.6 $ 413.4 (a) In 2014, restructuring charges (including stock-based compensation of $5.6 million ), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
Tabular Disclosure by Reportable Segments | Year Ended December 31, (in millions) 2016 2015 2014 Operating income (loss): U.S. Media $ 269.5 $ 245.3 $ 240.2 Other (4.0 ) (105.9 ) 0.6 Corporate (60.6 ) (53.0 ) (57.7 ) Total operating income $ 204.9 $ 86.4 $ 183.1 Net (gain) loss on dispositions: U.S. Media $ (1.7 ) $ 0.6 $ (2.5 ) Other (0.2 ) 0.1 — Total (gain) loss on dispositions $ (1.9 ) $ 0.7 $ (2.5 ) Depreciation and amortization: U.S. Media $ 203.5 $ 202.6 $ 171.5 Other 20.7 26.5 30.7 Total depreciation and amortization $ 224.2 $ 229.1 $ 202.2 Capital expenditures: U.S. Media $ 54.8 $ 53.3 $ 56.8 Other 4.6 5.9 7.4 Total capital expenditures $ 59.4 $ 59.2 $ 64.2 |
Reconciliation of Assets from Segment to Consolidated | As of December 31, (in millions) 2016 2015 2014 Assets: U.S. Media $ 3,578.8 $ 3,593.0 $ 3,690.8 Other (a) 145.5 134.3 283.8 Corporate 14.2 88.2 16.8 Total assets $ 3,738.5 $ 3,815.5 $ 3,991.4 (a) In 2015, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) |
Schedule of Revenue from External Customers by Geographic Area | Year Ended December 31, (in millions) 2016 2015 2014 Revenues (a) : United States $ 1,435.2 $ 1,380.3 $ 1,198.8 Canada 67.3 71.7 82.5 Latin America 11.4 61.8 72.5 Total revenues $ 1,513.9 $ 1,513.8 $ 1,353.8 (a) Revenues classifications are based on the geography of the advertising. |
Long-lived Assets by Geographic Areas | As of December 31, (in millions) 2016 2015 2014 Long-lived assets (a) : United States $ 3,255.0 $ 3,291.1 3,395.6 Canada 73.9 82.2 112.0 Latin America (b) — — 94.5 Total long-lived assets $ 3,328.9 $ 3,373.3 $ 3,602.1 (a) Reflects total assets less current assets, investments and non-current deferred tax assets. (b) In 2015, in connection with the Disposition, we reclassified long-lived assets to Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) |
Condensed Consolidating Finan46
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet | As of December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Receivables, less allowances — — 207.9 14.1 — 222.0 Other current assets — 1.1 77.9 12.0 — 91.0 Total current assets — 12.5 321.6 44.1 — 378.2 Property and equipment, net — — 621.4 43.6 — 665.0 Goodwill — — 2,059.9 29.5 — 2,089.4 Intangible assets — — 545.3 — — 545.3 Investment in subsidiaries 1,233.0 3,371.9 114.4 — (4,719.3 ) — Other assets — 1.1 56.9 2.6 — 60.6 Intercompany — — 42.7 67.0 (109.7 ) — Total assets $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 Total current liabilities $ — $ 15.7 $ 223.4 $ 12.4 $ — $ 251.5 Long-term debt — 2,136.8 — — — 2,136.8 Deferred income tax liabilities, net — — — 8.5 — 8.5 Asset retirement obligation — — 29.7 4.4 — 34.1 Deficit in excess of investment of subsidiaries — — 2,138.9 — (2,138.9 ) — Other liabilities — — 70.2 4.4 — 74.6 Intercompany — — 67.0 42.7 (109.7 ) — Total liabilities — 2,152.5 2,529.2 72.4 (2,248.6 ) 2,505.5 Total stockholders’ equity 1,232.9 1,232.9 1,232.9 114.4 (2,580.2 ) 1,232.9 Non-controlling interests 0.1 0.1 0.1 — (0.2 ) 0.1 Total equity 1,233.0 1,233.0 1,233.0 114.4 (2,580.4 ) 1,233.0 Total liabilities and equity $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 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 — 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 classified as Assets held for sale and Liabilities held for sale , as applicable, on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) |
Condensed Income Statement | Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,005.6 $ 65.4 $ — $ 1,071.0 Transit and other — — 429.6 13.3 — 442.9 Total revenues — — 1,435.2 78.7 — 1,513.9 Expenses: Operating — — 764.9 53.2 — 818.1 Selling, general and administrative 1.5 0.2 246.7 16.4 — 264.8 Restructuring charges — — 2.5 — — 2.5 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net gain on dispositions — — (1.7 ) (0.2 ) — (1.9 ) Depreciation — — 94.1 14.8 — 108.9 Amortization — — 112.3 3.0 — 115.3 Total expenses 1.5 0.2 1,218.8 88.5 — 1,309.0 Operating income (loss) (1.5 ) (0.2 ) 216.4 (9.8 ) — 204.9 Interest expense, net — (113.6 ) (0.2 ) — — (113.8 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (113.8 ) 216.2 (9.9 ) — 91.0 Benefit (provision) for income taxes — — (6.4 ) 1.0 — (5.4 ) Equity in earnings of investee companies, net of tax 92.4 206.2 (117.4 ) 1.0 (176.9 ) 5.3 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Total other comprehensive income (loss), net of tax 102.4 102.4 102.4 102.6 (307.4 ) 102.4 Total comprehensive income $ 193.3 $ 194.8 $ 194.8 $ 94.7 $ (484.3 ) $ 193.3 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 969.8 $ 114.5 $ — $ 1,084.3 Transit and other — — 410.5 19.0 — 429.5 Total revenues — — 1,380.3 133.5 — 1,513.8 Expenses: Operating — — 743.9 89.2 — 833.1 Selling, general and administrative 1.5 0.3 228.0 28.5 — 258.3 Restructuring charges — — 2.6 — — 2.6 Loss on real estate assets held for sale — — — 103.6 — 103.6 Net loss on dispositions — — 0.6 0.1 — 0.7 Depreciation — — 94.0 19.7 — 113.7 Amortization — — 111.1 4.3 — 115.4 Total expenses 1.5 0.3 1,180.2 245.4 — 1,427.4 Operating income (loss) (1.5 ) (0.3 ) 200.1 (111.9 ) — 86.4 Interest income (expense), net — (114.8 ) (0.2 ) 0.2 — (114.8 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (115.1 ) 199.9 (112.1 ) — (28.8 ) Provision for income taxes — — (2.0 ) (3.4 ) — (5.4 ) Equity in earnings of investee companies, net of tax (27.9 ) 87.2 (225.8 ) 1.1 170.2 4.8 Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Total other comprehensive loss, net of tax (30.8 ) (30.8 ) (30.8 ) (30.5 ) 92.1 (30.8 ) Total comprehensive loss $ (60.2 ) $ (58.7 ) $ (58.7 ) $ (144.9 ) $ 262.3 $ (60.2 ) Year Ended December 31, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 838.4 $ 133.1 $ — $ 971.5 Transit and other — — 360.4 21.9 — 382.3 Total revenues — — 1,198.8 155.0 — 1,353.8 Expenses: Operating — — 626.1 100.4 — 726.5 Selling, general and administrative 1.3 — 192.7 30.3 — 224.3 Restructuring charges — — 9.8 — — 9.8 Acquisition costs — — 10.4 — — 10.4 Net gain on dispositions — — (2.5 ) — (2.5 ) Depreciation — — 84.5 22.7 — 107.2 Amortization — — 89.9 5.1 — 95.0 Total expenses 1.3 — 1,010.9 158.5 — 1,170.7 Operating income (loss) (1.3 ) — 187.9 (3.5 ) — 183.1 Interest income (expense), net — (84.8 ) (0.2 ) 0.2 — (84.8 ) Other expense, net — — — (0.3 ) — (0.3 ) Income (loss) before income taxes and equity earnings of investee (1.3 ) (84.8 ) 187.7 (3.6 ) — 98.0 Benefit (provision) for income taxes — — 209.7 (3.7 ) — 206.0 Equity in earnings of investee companies, net of tax 308.2 393.0 (89.2 ) 0.7 (609.8 ) 2.9 Net income (loss) $ 306.9 $ 308.2 $ 308.2 $ (6.6 ) $ (609.8 ) $ 306.9 Net income (loss) $ 306.9 $ 308.2 $ 308.2 $ (6.6 ) $ (609.8 ) $ 306.9 Total other comprehensive income (loss), net of tax (15.0 ) (15.0 ) (15.0 ) (14.8 ) 44.8 (15.0 ) Total comprehensive income (loss) $ 291.9 $ 293.2 $ 293.2 $ (21.4 ) $ (565.0 ) $ 291.9 |
Condensed Cash Flow Statement | Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (111.3 ) $ 399.1 $ 0.8 $ — $ 287.1 Investing activities: Capital expenditures — — (54.8 ) (4.6 ) — (59.4 ) Acquisitions — — (67.9 ) — — (67.9 ) Proceeds from dispositions — — 2.9 87.7 — 90.6 Cash provided by (used for) investing activities — — (119.8 ) 83.1 — (36.7 ) Financing activities: Proceeds from borrowings under revolving credit facility — 35.0 — — — 35.0 Repayments of borrowings under revolving credit facility — (35.0 ) — — — (35.0 ) Repayments of long-term debt borrowings - term loan — (90.0 ) — — — (90.0 ) Deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (7.3 ) — — (7.3 ) Dividends (188.6 ) — — — — (188.6 ) Intercompany 190.1 131.5 (244.5 ) (77.1 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.5 41.1 (252.0 ) (77.1 ) — (286.5 ) Effect of exchange rate on cash and cash equivalents — — — (0.3 ) — (0.3 ) Net increase (decrease) in cash and cash equivalents — (70.2 ) 27.3 6.5 — (36.4 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (107.4 ) $ 378.9 $ 23.1 $ — $ 293.1 Investing activities: Capital expenditures — — (53.3 ) (5.9 ) — (59.2 ) Acquisitions — — (12.1 ) — — (12.1 ) Proceeds from dispositions — — 8.9 — — 8.9 Cash used for investing activities — — (56.5 ) (5.9 ) — (62.4 ) 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 ) Repayments of long-term borrowings - term loan — (50.0 ) — — — (50.0 ) Deferred financing costs — (3.3 ) — — — (3.3 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (4.3 ) — — (4.3 ) Dividends (196.3 ) — — — — (196.3 ) Intercompany 195.8 127.0 (317.9 ) (4.9 ) — — Other — — (0.5 ) — — (0.5 ) Cash provided by (used for) financing activities 1.5 177.5 (322.7 ) (4.9 ) — (148.6 ) Effect of exchange rate on cash and cash equivalents — — — (3.3 ) — (3.3 ) Net increase (decrease) in cash and cash equivalents — 70.1 (0.3 ) 9.0 — 78.8 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash reclassified to assets held for sale — — — (5.7 ) — (5.7 ) Cash and cash equivalents at end of period $ — $ 81.6 $ 8.5 $ 11.5 $ — $ 101.6 Year Ended December 31, 2014 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.3 ) $ (54.8 ) $ 330.6 $ (11.7 ) $ — $ 262.8 Investing activities: Capital expenditures — — (56.8 ) (7.4 ) — (64.2 ) Acquisitions — — (735.7 ) — — (735.7 ) Investments in investee companies — — (3.0 ) — — (3.0 ) Proceeds from dispositions — — 4.2 0.3 — 4.5 Cash used for investing activities — — (791.3 ) (7.1 ) — (798.4 ) Financing activities: Proceeds from IPO 615.0 — — — — 615.0 Proceeds from long-term debt borrowings - term loan and senior notes — 1,598.0 — — — 1,598.0 Proceeds from long-term debt borrowings - senior notes — 599.3 — — — 599.3 Deferred financing costs — (42.7 ) — — — (42.7 ) Distribution of debt and IPO proceeds to CBS (515.0 ) (1,523.8 ) — — — (2,038.8 ) Net cash contribution from CBS 9.5 — 39.8 — — 49.3 Dividends (242.7 ) — — — — (242.7 ) Intercompany 134.5 (564.5 ) 428.4 1.6 — — Other — — (0.8 ) — — (0.8 ) Cash provided by financing activities 1.3 66.3 467.4 1.6 — 536.6 Effect of exchange rate on cash and cash equivalents — — — (2.3 ) — (2.3 ) Net increase (decrease) in cash and cash equivalents — 11.5 6.7 (19.5 ) — (1.3 ) Cash and cash equivalents at beginning of period — — 2.1 27.7 — 29.8 Cash and cash equivalents at end of period $ — $ 11.5 $ 8.8 $ 8.2 $ — $ 28.5 |
Quarterly Financial Data (Una47
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | 2016 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 312.6 $ 356.5 $ 356.7 $ 368.0 $ 1,393.8 Other 35.8 28.8 (a) 26.1 (a) 29.4 (a) 120.1 Total revenues $ 348.4 $ 385.3 $ 382.8 $ 397.4 $ 1,513.9 Adjusted OIBDA: U.S. Media $ 94.9 $ 123.7 $ 129.3 $ 125.9 $ 473.8 Other 2.2 8.4 (a) 2.2 (a) 5.0 (a) 17.8 Corporate (9.0 ) (9.1 ) (10.8 ) (13.7 ) (42.6 ) Total Adjusted OIBDA 88.1 123.0 120.7 117.2 449.0 Restructuring charges — (0.4 ) — (2.1 ) (2.5 ) Loss on real estate assets held for sale (1.3 ) — — — (1.3 ) Net gain (loss) on dispositions (0.4 ) (0.2 ) 2.3 0.2 1.9 Depreciation (29.1 ) (28.5 ) (26.7 ) (24.6 ) (108.9 ) Amortization (28.3 ) (30.4 ) (28.3 ) (28.3 ) (115.3 ) Stock-based compensation (4.8 ) (4.5 ) (4.5 ) (4.2 ) (18.0 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Operating income (loss): U.S. Media $ 43.1 $ 69.7 $ 81.5 $ 75.2 $ 269.5 Other (5.1 ) 2.9 (a) (2.7 ) (a) 0.9 (a) (4.0 ) Corporate (13.8 ) (13.6 ) (15.3 ) (17.9 ) (60.6 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Net income (loss) $ (2.3 ) $ 28.5 $ 38.1 $ 26.6 $ 90.9 (a) On April 1, 2016, we completed the Disposition. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) 2015 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 305.0 $ 336.9 $ 346.3 $ 356.1 $ 1,344.3 Other 38.9 47.8 40.4 42.4 169.5 Total revenues $ 343.9 $ 384.7 $ 386.7 $ 398.5 $ 1,513.8 Adjusted OIBDA: U.S. Media $ 92.0 $ 118.5 $ 121.0 $ 119.6 $ 451.1 Other 2.5 10.0 4.5 7.3 24.3 Corporate (7.5 ) (9.4 ) (11.6 ) (9.3 ) (37.8 ) Total Adjusted OIBDA 87.0 119.1 113.9 117.6 437.6 Restructuring charges (0.6 ) (2.0 ) — — (2.6 ) Loss on real estate assets held for sale — — — (103.6 ) (a) (103.6 ) Net gain (loss) on dispositions 0.3 (0.9 ) — (0.1 ) (0.7 ) Depreciation (28.7 ) (28.0 ) (28.4 ) (28.6 ) (113.7 ) Amortization (27.8 ) (29.2 ) (29.1 ) (29.3 ) (115.4 ) Stock-based compensation (3.6 ) (4.4 ) (3.7 ) (3.5 ) (15.2 ) Total operating income (loss) $ 26.6 $ 54.6 $ 52.7 $ (47.5 ) $ 86.4 Operating income (loss): U.S. Media $ 42.0 $ 65.2 $ 69.9 $ 68.2 $ 245.3 Other (4.3 ) 3.2 (1.9 ) (102.9 ) (105.9 ) Corporate (11.1 ) (b) (13.8 ) (b) (15.3 ) (b) (12.8 ) (b) (53.0 ) Total operating income (loss) $ 26.6 $ 54.6 $ 52.7 $ (47.5 ) $ 86.4 Net income (loss) $ 1.1 $ 22.2 $ 21.2 $ (73.9 ) $ (29.4 ) (a) In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). (b) We incurred incremental corporate stand-alone costs of $2.9 million during the first quarter of 2015; $1.5 million during the second quarter of 2015, $1.4 million during the third quarter of 2015 and $0.5 million during the fourth quarter of 2015. |
II - Valuation and Qualifying48
II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts (a) Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2016 $ 8.9 $ — $ 3.6 $ — $ 3.3 $ 9.2 Year ended December 31, 2015 14.2 — 2.7 (3.7 ) 4.3 8.9 Year ended December 31, 2014 15.7 — 2.9 (0.7 ) 3.7 14.2 Valuation allowance on deferred tax assets: Year ended December 31, 2016 $ — $ — $ — $ — $ — $ — Year ended December 31, 2015 6.9 — 0.1 (4.7 ) 2.3 — Year ended December 31, 2014 10.1 — 0.5 — 3.7 6.9 (a) Reflects change in allowance related to foreign currency translation adjustments and amounts reclassified to Assets held for sale on our Consolidated Statement of Financial Position. |
III - Schedule of Real Estate49
III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2016 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 42,114 displays — (2) (2) (2) $ 83.2 $ 1,328.0 1,411.2 $ (974.7 ) Various Various 5 to 20 years Canada - 5,656 displays — (2) (2) (2) 2.1 268.3 270.4 (232.1 ) Various Various 5 to 20 years $ 85.3 $ 1,596.3 $ 1,681.6 $ (1,206.8 ) Structures added subsequent to January 1, 2014 United States - 2,090 displays $ 5.4 $ 110.6 $ (12.7 ) $ 5.4 $ 97.9 $ 103.3 $ (1.4 ) Various Various 5 to 20 years Canada - 105 displays — 2.4 — — 2.4 2.4 (0.3 ) Various Various 5 to 20 years $ 5.4 $ 113.0 $ (12.7 ) $ 5.4 $ 100.3 $ 105.7 $ (1.7 ) Total United States - 44,204 displays $ 88.6 $ 1,425.9 $ 1,514.5 $ (976.1 ) Various Various 5 to 20 years Canada - 5,761 displays 2.1 270.7 272.8 (232.4 ) Various Various 5 to 20 years $ 90.7 $ 1,696.6 $ 1,787.3 $ (1,208.5 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2016 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2016 2015 2014 Gross real estate assets: Balance at the beginning of the year $ 1,778.7 $ 1,833.7 $ 1,750.9 New Investments 9.1 8.0 98.0 Redevelopments 23.7 23.9 21.6 Recurring capital expenditures 14.5 16.4 17.0 Purchase price accounting adjustments 1.0 (13.1 ) — Land acquisitions 0.6 4.8 — Additions for construction of / improvements to structures 48.9 40.0 136.6 Assets sold or written-off (49.4 ) (26.5 ) (14.2 ) Foreign exchange 9.1 (68.5 ) (39.6 ) Balance at the end of the year $ 1,787.3 $ 1,778.7 $ 1,833.7 Accumulated depreciation: Balance at the beginning of the year $ 1,137.7 $ 1,109.4 $ 1,052.7 Depreciation 98.2 104.9 99.6 Assets sold or written-off (34.6 ) (22.5 ) (13.0 ) Foreign exchange 7.2 (54.1 ) (29.9 ) Balance at the end of the year $ 1,208.5 $ 1,137.7 $ 1,109.4 |
Description of Business and B50
Description of Business and Basis of Presentation - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016marketssegment | |
Description of Business and Basis of Presentation [Line Items] | |
Number of Largest Markets in Which the Entity Operates, Domestic | 25 |
Number of Operating Segments | segment | 3 |
Minimum | |
Description of Business and Basis of Presentation [Line Items] | |
Number of Markets in Which the Entity Operates | 150 |
Initial Public Offering (Detail
Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 02, 2014 | Apr. 02, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Unit [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 79,690 | 442,922 | 74,129 | ||
Proceeds from Initial Public Offering | $ 615 | $ 0 | $ 0 | $ 615 | |
Common Stock | |||||
Capital Unit [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | ||||
Shares Issued, Price Per Share | $ 28 | $ 28 | |||
Shares Sold to Underwriter as Part of Total IPO | Common Stock | |||||
Capital Unit [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 3,000,000 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building and Building Improvements | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Building and Building Improvements | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 40 years |
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 | 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 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)leases | Dec. 31, 2015USD ($) | ||
Summary of Accounting Policies [Line Items] | |||
Debt issuance costs | [1] | $ (24.7) | $ (29.7) |
Customer Billing Term | 28 days | ||
Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Customer Contract Term | 28 days | ||
Intangible asset, useful life | 5 years | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 month | ||
Lessee Leasing Arrangements, Prepaid Lease Term | 1 month | ||
Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Customer Contract Term | 12 months | ||
Intangible asset, useful life | 40 years | ||
Lessee Leasing Arrangements, Prepaid Lease Term | 12 months | ||
Direct Lease Acquisition Cost | Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Intangible asset, useful life | 28 days | ||
Direct Lease Acquisition Cost | Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Intangible asset, useful life | 1 year | ||
Other Current Assets [Member] | Adjustments for New Accounting Pronouncement [Member] | |||
Summary of Accounting Policies [Line Items] | |||
Debt issuance costs | (4.4) | ||
Other Noncurrent Assets [Member] | Adjustments for New Accounting Pronouncement [Member] | |||
Summary of Accounting Policies [Line Items] | |||
Debt issuance costs | $ (25.3) | ||
United States | |||
Summary of Accounting Policies [Line Items] | |||
Number of leases | leases | 22,600 | ||
[1] | See Note 3. Summary of Significant Accounting Policies: Adoption of New Accounting Standards |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | |
Property and Equipment [Line Items] | |||
Property and equipment | $ 1,961.2 | $ 1,885.8 | |
Less: accumulated depreciation | 1,296.2 | 1,184.1 | |
Property and equipment, net | 665 | 701.7 | |
Land | |||
Property and Equipment [Line Items] | |||
Property and equipment | 90.7 | 89.9 | |
Building and Building Improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 48.2 | 44.1 | |
Building and Building Improvements | Minimum | |||
Property and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 20 years | ||
Building and Building Improvements | Maximum | |||
Property and Equipment [Line Items] | |||
Property and Equipment, Useful Life | 40 years | ||
Advertising Structures | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 1,696.6 | 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 | $ 88.5 | 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 | $ 37.2 | $ 29.1 | |
[1] | In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions: Dispositions, Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Property and Equipment [Line Items] | |||||||||||||
Property and equipment | $ 1,961.2 | $ 1,885.8 | [1] | $ 1,961.2 | $ 1,885.8 | [1] | |||||||
Depreciation | 24.6 | $ 26.7 | $ 28.5 | $ 29.1 | 28.6 | $ 28.4 | $ 28 | $ 28.7 | 108.9 | 113.7 | $ 107.2 | ||
Construction in progress | |||||||||||||
Property and Equipment [Line Items] | |||||||||||||
Property and equipment | 37.2 | $ 29.1 | [1] | 37.2 | $ 29.1 | [1] | |||||||
Software and Software Development Costs [Member] | Construction in progress | |||||||||||||
Property and Equipment [Line Items] | |||||||||||||
Property and equipment | $ 21.8 | $ 21.8 | |||||||||||
[1] | In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions: Dispositions, Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 2,074.7 | $ 2,154.2 | |
Currency translation adjustments | 1.1 | (14.6) | |
Additions | 13.9 | 1.4 | |
Dispositions | (0.3) | (66.3) | [1] |
Goodwill, Ending Balance | 2,089.4 | 2,074.7 | |
U.S. Media | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 2,040.1 | 2,044.7 | |
Currency translation adjustments | 0 | 0 | |
Additions | 13.9 | 1.4 | |
Dispositions | 0 | (6) | [1] |
Goodwill, Ending Balance | 2,054 | 2,040.1 | |
Other | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 34.6 | 109.5 | |
Currency translation adjustments | 1.1 | (14.6) | |
Additions | 0 | 0 | |
Dispositions | (0.3) | (60.3) | [1] |
Goodwill, Ending Balance | $ 35.4 | $ 34.6 | |
[1] | In 2015, in the U.S. Media segment, we disposed of substantially all of our assets in Puerto Rico and in connection with the Disposition, Goodwill in Other was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,535 | $ 1,483.3 | [1] |
Accumulated Amortization | (989.7) | (912.8) | [1] |
Intangible assets | 545.3 | 570.5 | [1] |
Permits and leasehold agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,038 | 996.1 | |
Accumulated Amortization | (636.1) | (589.1) | |
Intangible assets | 401.9 | 407 | |
Franchise agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 451.6 | 447.2 | |
Accumulated Amortization | (336.6) | (314.5) | |
Intangible assets | 115 | 132.7 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 45.4 | 40 | |
Accumulated Amortization | (17) | (9.2) | |
Intangible assets | $ 28.4 | $ 30.8 | |
[1] | In 2015, in connection with the Disposition, Intangible assets, net, was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 55.7 |
2,018 | 47.2 |
2,019 | 45.3 |
2,020 | 41 |
2,021 | $ 39.4 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of intangible assets | $ 28.3 | $ 28.3 | $ 30.4 | $ 28.3 | $ 29.3 | $ 29.1 | $ 29.2 | $ 27.8 | $ 115.3 | $ 115.4 | $ 95 |
Amortization of direct lease acquisition costs | $ 38.2 | $ 36.3 | $ 33.8 | ||||||||
Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 5 years | ||||||||||
Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 40 years | ||||||||||
Direct Lease Acquisition Cost | Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 28 days | ||||||||||
Direct Lease Acquisition Cost | Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 1 year |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 12 Months Ended |
Dec. 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) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning of period | $ 33.2 | $ 36.6 | ||
Accretion expense | 2.4 | 2.5 | $ 2.3 | |
Additions | 0.2 | 0.1 | ||
Liabilities settled | (1.8) | (4.3) | [1] | |
Foreign currency translation adjustments | 0.1 | (1.7) | ||
End of period | $ 34.1 | $ 33.2 | $ 36.6 | |
[1] | In 2015, includes liabilities reclassified to Liabilities held for sale on the Consolidated Statement of Financial Position in connection with the Disposition. (See Note 12. Acquisitions and Dispositions: Dispositions.) |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)joint_ventureDisplays | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)joint_ventureDisplays | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||
Equity Method Investments | $ 21.7 | $ 21.3 | $ 21.7 | $ 21.3 | |||||||
Management Fees Revenue | 7.3 | 7.2 | $ 6.5 | ||||||||
Revenues | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 398.5 | $ 386.7 | $ 384.7 | $ 343.9 | $ 1,513.9 | $ 1,513.8 | 1,353.8 |
CBS Corp. | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, General and Administrative Expenses from Transactions with Related Party | 9.6 | ||||||||||
Revenues | 18.6 | ||||||||||
Revenue from Related Parties | 7.7 | ||||||||||
Other Related Parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenues | 10.4 | ||||||||||
Revenue from Related Parties | $ 4.3 | ||||||||||
Acquired business | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity Method Investment, Number of Investments | joint_venture | 3 | 3 | |||||||||
Equity Method Investment, Number Of Displays | Displays | 15 | 15 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Other long-term debt, noncurrent | $ 0 | $ 0.3 | |
Debt issuance costs | [1] | (24.7) | (29.7) |
Long-term debt, net | $ 2,136.8 | $ 2,222 | |
Weighted average cost of debt | 4.80% | 4.70% | |
Secured Debt | Term loan, due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt, net | $ 659 | $ 748.6 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, net | 1,502.5 | 1,502.8 | |
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt, net | 549.5 | 549.4 | |
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, net | 503 | 503.4 | |
Senior Notes | 5.875% senior unsecured notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, net | $ 450 | $ 450 | |
[1] | See Note 3. Summary of Significant Accounting Policies: Adoption of New Accounting Standards |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 23, 2017USD ($) | Jan. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||
Outstanding letters of credit and surety bonds | $ 127.2 | ||||
Covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | ||||
Debt Covenant, Consolidated Total Leverage Ratio | 6 | ||||
Consolidated Total Leverage Ratio | 4.7 | ||||
Debt Instrument [Line Items] | |||||
Deferred finance costs | $ 26.9 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 425 | ||||
Credit facility, expiration date | Jan. 31, 2019 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | ||||
Commitment fee for unused commitments | 1.8 | $ 1.9 | $ 1.9 | ||
Outstanding letters of credit and surety bonds | $ 31.7 | ||||
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. | ||||
Maximum Consolidated Net Secured Leverage Ratio | 1.3 | ||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | ||||
Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding letters of credit and surety bonds | $ 68 | ||||
Subsequent Event | Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 80 | ||||
Secured Debt | Term loan, due 2021 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jan. 31, 2021 | ||||
Interest rate at period end | 3.00% | ||||
Debt discount | $ 1 | ||||
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 150 | ||||
Debt interest rate percentage | 5.25% | ||||
Maturity date | Jan. 31, 2022 | ||||
Debt discount | $ 0.5 | ||||
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 100 | ||||
Debt interest rate percentage | 5.625% | ||||
Maturity date | Jan. 31, 2024 | ||||
Unamortized debt premium | $ 3 | ||||
Maximum | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt covenant, restricted cash limit | 150 | ||||
Level 2 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt at fair value | $ 2,200 | $ 2,300 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ (120.9) | $ (90.1) | $ (75.1) | ||
Other comprehensive income (loss) before reclassifications | 102 | (31.3) | (14) | ||
Amortization of actuarial losses reclassified to net income | 0.4 | 0.5 | 0.2 | ||
Deferred tax rate adjustment | 0 | 0 | (1.2) | ||
Total other comprehensive income (loss), net of tax | 102.4 | (30.8) | (15) | ||
Ending balance | (18.5) | (120.9) | (90.1) | ||
Cumulative Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (112.2) | (79.9) | (69.2) | ||
Other comprehensive income (loss) before reclassifications | 102.3 | [1] | (32.3) | (10.7) | |
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | ||
Deferred tax rate adjustment | 0 | ||||
Total other comprehensive income (loss), net of tax | 102.3 | (32.3) | (10.7) | ||
Ending balance | (9.9) | (112.2) | (79.9) | ||
Net Actuarial Gain (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (8.7) | (10.2) | (5.9) | ||
Other comprehensive income (loss) before reclassifications | (0.3) | 1 | (3.3) | ||
Amortization of actuarial losses reclassified to net income | [2] | 0.4 | 0.5 | 0.2 | |
Deferred tax rate adjustment | (1.2) | ||||
Total other comprehensive income (loss), net of tax | 0.1 | 1.5 | (4.3) | ||
Ending balance | $ (8.6) | $ (8.7) | $ (10.2) | ||
[1] | On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. | ||||
[2] | See Note 14. Retirement Benefits for additional details of items reclassified from accumulated other comprehensive loss to net income (loss). |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Loss -Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income [Abstract] | |||
Recognized unrealized foreign currency translation losses | $ 99.9 | ||
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss) | $ (1) | $ 1.3 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2017 | Mar. 10, 2017 | Feb. 22, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | ||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Issued | 138,044,896 | 137,583,604 | ||||
Preferred Stock, Shares Authorized | 50,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Stock Issued During Period, Shares, New Issues | 79,690 | 442,922 | 74,129 | |||
Issuance of stock for purchase of property and equipment | $ 1.9 | $ 12.2 | $ 2 | |||
Dividends declared per common share | $ 1.36 | $ 1.42 | $ 5.67 | |||
Common Stock, Outstanding | 138,044,896 | 137,583,604 | ||||
Preferred Stock, Shares Issued | 0 | |||||
Preferred Stock, Shares Outstanding | 0 | |||||
Additional Paid-in Capital | ||||||
Class of Stock [Line Items] | ||||||
Issuance of stock for purchase of property and equipment | $ 1.9 | $ 12.2 | $ 2 | |||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Dividends declared per common share | $ 0.36 | |||||
Ordinary dividend | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Dividends Payable, Date to be Paid | Mar. 31, 2017 | |||||
Dividends Payable, Date of Record | Mar. 10, 2017 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 2.5 | $ 2.6 | $ 9.8 | [1] |
Restructuring Reserve | $ 2.4 | |||
Restructuring charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Share-based compensation, related to restructuring charges | $ 5.6 | |||
[1] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
Acquisitions and Dispositions -
Acquisitions and Dispositions -Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 01, 2016 | Oct. 01, 2014 | ||
Business Acquisitions and Dispositions [Line Items] | ||||||||||||||
Acquisitions | $ 67.9 | $ 12.1 | $ 735.7 | |||||||||||
Business acquisition purchase price | $ 690 | |||||||||||||
Acquisition costs | 0 | 0 | 10.4 | |||||||||||
Net (gain) loss on dispositions | $ (0.2) | $ (2.3) | $ 0.2 | $ 0.4 | $ 0.1 | $ 0 | $ 0.9 | $ (0.3) | (1.9) | 0.7 | (2.5) | |||
Proceeds from dispositions | $ 82 | |||||||||||||
Loss on real estate assets held for sale | $ 0 | $ 0 | $ 0 | $ 1.3 | $ 103.6 | [1] | $ 0 | $ 0 | $ 0 | $ 1.3 | $ 103.6 | 0 | ||
Bridge Loan | ||||||||||||||
Business Acquisitions and Dispositions [Line Items] | ||||||||||||||
Commitment fee for unused commitments | $ 7.6 | |||||||||||||
[1] | In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
Acquisitions and Dispositions70
Acquisitions and Dispositions -Unaudited Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($)$ / shares | |
Business Combinations [Abstract] | |
Revenues | $ 1,505.9 |
Operating income | 193.6 |
Net income | $ 293.6 |
Basic | $ / shares | $ 2.57 |
Diluted | $ / shares | $ 2.56 |
Acquisitions and Dispositions71
Acquisitions and Dispositions -Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Apr. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Assets and liabilities held for sale [Line Items] | |||||||
Cash and cash equivalents | $ 65.2 | $ 101.6 | $ 28.5 | $ 29.8 | |||
Receivables, less allowances | 222 | 209.5 | |||||
Other current assets | 91 | 101.1 | |||||
Current assets | 378.2 | 412.2 | |||||
Property and equipment, net | 665 | 701.7 | [1] | ||||
Goodwill | 2,089.4 | 2,074.7 | 2,154.2 | ||||
Intangible assets | 545.3 | 570.5 | [2] | ||||
Other assets | 60.6 | 56.4 | |||||
Assets | 3,738.5 | 3,815.5 | 3,991.4 | ||||
Loss on real estate assets held for sale | [3] | $ (104.7) | (103.6) | ||||
Assets held for sale | 0 | 4.8 | 5.2 | ||||
Current liabilities | 251.5 | 265.6 | |||||
Deferred income tax liabilities, net | 8.5 | 10.9 | |||||
Asset retirement obligation | 34.1 | 33.2 | $ 36.6 | ||||
Liabilities held for sale | $ 0 | 21.5 | 25 | ||||
Disposal group, assets and liabilities held for sale | |||||||
Assets and liabilities held for sale [Line Items] | |||||||
Cash and cash equivalents | 4.5 | 5.7 | |||||
Receivables, less allowances | 14 | 14.5 | |||||
Other current assets | 10.1 | 7.8 | |||||
Current assets | 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 | |||||
Current liabilities | 16.9 | 20.9 | |||||
Deferred income tax liabilities, net | 1.9 | 1.4 | |||||
Asset retirement obligation | $ 2.7 | $ 2.7 | |||||
[1] | In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions: Dispositions, Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) | ||||||
[2] | In 2015, in connection with the Disposition, Intangible assets, net, was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) | ||||||
[3] | 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 - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid by employees for stock options | $ 0 | $ 2,100,000 | |
Compensation Not yet Recognized, RSUs and PSUs | 19,200,000 | ||
Compensation Not yet Recognized, Stock Options | $ 100,000 | ||
Remaining Contractual Life | 2 years 11 months 5 days | ||
Share Price | $ 24.87 | ||
Options Outstanding, Intrinsic Value | $ 2,900,000 | ||
Options Exercisable, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days | ||
Options Exercisable, Intrinsic Value | $ 2,800,000 | ||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 0 | 100,000 | |
Intrinsic value of stock option exercises | $ 0 | 1,800,000 | |
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 5 days | ||
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Performance Shares (PRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Condition Period | 1 year | ||
Performance Shares (PRSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout on stock-based compensation awards | 0.00% | ||
Performance Shares (PRSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout on stock-based compensation awards | 120.00% | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Cost Not yet Recognized, Period for Recognition | 8 months 16 days | ||
Omnibus Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,000,000 | ||
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs and PSUs, Vested in Period, Fair Value | $ 11,600,000 | $ 17,300,000 | $ 1,600,000 |
CBS Corp. Equity and Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 0 | ||
Intrinsic value of stock option exercises | 5,300,000 | ||
CBS Corp. Equity and Incentive Plan | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
CBS Corp. Equity and Incentive Plan | Stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Expiration Period | 8 years | ||
CBS Corp. Equity and Incentive Plan | Stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Expiration Period | 10 years | ||
CBS Corp. | CBS Corp. Equity and Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid by employees for stock options | $ 5,000,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 18 | $ 15.2 | $ 16 |
Tax benefit | (1.9) | (1.3) | (3) |
Stock-based compensation expense, net of tax | 16.1 | 13.9 | 13 |
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 17.8 | 14.9 | 13.1 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 0.2 | $ 0.3 | $ 2.9 |
Stock-Based Compensation - Sc74
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Share Units Roll Forward (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Restricted Stock Units and Performance Restricted Stock Units | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Non-vested RSUs and PRSUs, beginning balance | shares | 1,302,932 |
Non-vested RSUs and PRSUs, ending balance | shares | 1,637,141 |
Weighted Average Per Share Grant Date Fair Market Value | |
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 | $ 22.71 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Employee transfers and grants | shares | 640,592 |
Vested | shares | (455,749) |
Forfeited | shares | (28,856) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $ / shares | $ 19.20 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 23.80 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.43 |
Performance Shares (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Employee transfers and grants | shares | 319,926 |
Vested | shares | (121,379) |
Forfeited | shares | (20,325) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $ / shares | $ 19.01 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 29.30 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 29.83 |
Stock-Based Compensation - Sc75
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Omnibus Stock Incentive Plan - Stock options - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding | 294,897 | 294,897 |
Number of options exerciseable | 258,611 | |
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 exerciseable | $ 14.47 |
Stock-Based Compensation - Sc76
Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash paid by employees for stock options | $ 0 | $ 2.1 |
Tax benefit from stock option exercises | 0 | 0.1 |
Intrinsic value of stock option exercises | $ 0 | $ 1.8 |
Stock-Based Compensation - Sc77
Stock-Based Compensation - Schedule of Options by Exercise Price (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | shares | 294,897 |
Number of Options, Exercisable | shares | 258,611 |
$0 to 4.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 0 |
Exercise Price Range, Upper Range Limit | $ 4.99 |
Number of Options, Outstanding | shares | 64,556 |
Options Outstanding Remaining Contractual Life (Years) | 1 month 25 days |
Options Outstanding, Weighted Average Exercise Price | $ 2.43 |
Number of Options, Exercisable | shares | 64,556 |
Options Exercisable, Weighted Average Exercise Price | $ 2.43 |
$5 to 9.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 5 |
Exercise Price Range, Upper Range Limit | $ 9.99 |
Number of Options, Outstanding | shares | 23,446 |
Options Outstanding Remaining Contractual Life (Years) | 1 year 1 month 29 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.25 |
Number of Options, Exercisable | shares | 23,446 |
Options Exercisable, Weighted Average Exercise Price | $ 6.25 |
$10 to 14.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 10 |
Exercise Price Range, Upper Range Limit | $ 14.99 |
Number of Options, Outstanding | shares | 61,758 |
Options Outstanding Remaining Contractual Life (Years) | 2 years 8 months 16 days |
Options Outstanding, Weighted Average Exercise Price | $ 12.39 |
Number of Options, Exercisable | shares | 61,758 |
Options Exercisable, Weighted Average Exercise Price | $ 12.39 |
$20 to 24.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 20 |
Exercise Price Range, Upper Range Limit | $ 24.99 |
Number of Options, Outstanding | shares | 41,724 |
Options Outstanding Remaining Contractual Life (Years) | 4 years 1 month 14 days |
Options Outstanding, Weighted Average Exercise Price | $ 20.07 |
Number of Options, Exercisable | shares | 31,292 |
Options Exercisable, Weighted Average Exercise Price | $ 20.07 |
$25 to 29.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 25 |
Exercise Price Range, Upper Range Limit | $ 29.99 |
Number of Options, Outstanding | shares | 103,413 |
Options Outstanding Remaining Contractual Life (Years) | 4 years 8 months 20 days |
Options Outstanding, Weighted Average Exercise Price | $ 26.39 |
Number of Options, Exercisable | shares | 77,559 |
Options Exercisable, Weighted Average Exercise Price | $ 26.39 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)plan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Defined Benefit Pension Plans | plan | 2 | ||
Defined Benefit Plan Benefit Calculation Condition Period | 5 years | ||
Defined Benefit Plan Vesting Condition Period | 2 years | ||
Accumulated benefit obligation | $ 43.8 | $ 40.8 | |
Estimated amortization from AOCI of net actuarial losses | 0.5 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 2 | ||
Multiemployer Plan, Period Contributions | 2.9 | 2.7 | $ 2 |
Defined Contribution Plan, employer contributions | $ 4.4 | $ 4.2 | $ 3.8 |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 30.00% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 57.00% |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 44.9 | $ 50.9 | $ 46 |
Service cost | 1.6 | 1.4 | 1.4 |
Interest cost | 1.9 | 1.9 | 2.2 |
Actuarial (gain) loss | 0.2 | (0.2) | 7.2 |
Benefits paid | (1.5) | (1.1) | (1.8) |
Cumulative translation adjustments | 1.2 | (8) | (4.1) |
Benefit obligation, end of year | $ 48.3 | $ 44.9 | $ 50.9 |
Retirement Benefits - Schedul80
Retirement Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | $ 39.7 | $ 44.1 | |
Actual return on plan assets | 2.4 | 1.8 | |
Employer contributions | 2 | 2 | |
Benefits paid | (1.5) | (1.1) | $ (1.8) |
Cumulative translation adjustments | 1 | (7.1) | |
Fair value of plan assets, end of year | $ 43.6 | $ 39.7 | $ 44.1 |
Retirement Benefits - Schedul81
Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Unfunded status, end of year | $ (4.7) | $ (5.2) |
Other noncurrent liabilities | (4.7) | (5.2) |
Net amounts recognized | $ (4.7) | $ (5.2) |
Retirement Benefits - Schedul82
Retirement Benefits - Schedule of Net Period Benefit Cost Not yet Recognized (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | $ (11.6) | $ (11.7) | ||
Deferred income taxes | 3 | 3 | ||
Accumulated other comprehensive loss | (18.5) | (120.9) | $ (90.1) | $ (75.1) |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated other comprehensive loss | $ (8.6) | $ (8.7) | $ (10.2) | $ (5.9) |
Retirement Benefits - Schedul83
Retirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 48.3 | $ 44.9 |
Accumulated benefit obligation | 43.8 | 40.8 |
Fair value of plan assets | $ 43.6 | $ 39.7 |
Retirement Benefits - Schedul84
Retirement Benefits - Schedule of Components of Net Periodic Pension Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan, Net Periodic Pension Cost [Abstract] | ||||
Service cost | $ 1.6 | $ 1.4 | $ 1.4 | |
Interest cost | 1.9 | 1.9 | 2.2 | |
Expected return on plan assets | (2.1) | (2.2) | (2.5) | |
Amortization of actuarial losses | [1] | 0.6 | 0.8 | 0.3 |
Amortization of transitional obligation | (0.1) | (0.1) | 0 | |
Net periodic pension cost | $ 1.9 | $ 1.8 | $ 1.4 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). |
Retirement Benefits - Schedul85
Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of actuarial losses | [1] | $ 0.6 | ||
Cumulative translation adjustments | (0.4) | |||
Amortization of transitional obligation | (0.1) | |||
Total other comprehensive income (loss), before tax | 0.1 | |||
Deferred income taxes | 0 | |||
Total other comprehensive income (loss), net of tax | 102.4 | $ (30.8) | $ (15) | |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total other comprehensive income (loss), net of tax | $ 0.1 | $ 1.5 | $ (4.3) | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). |
Retirement Benefits - Schedul86
Retirement Benefits - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | ||
Discount rate | 4.00% | 4.00% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.00% | 4.00% |
Expected long-term return on plan assets | 5.10% | 5.30% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Benefits - Schedul87
Retirement Benefits - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 43.6 | $ 39.7 | $ 44.1 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1.9 | 1.8 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 37 | 33 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 4.7 | 4.9 | ||
Cash and cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.9 | 0.7 | ||
Cash and cash equivalents | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [1] | 0.9 | 0.7 | |
Cash and cash equivalents | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and government related securities | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 12.3 | 11.2 | ||
Corporate and government related securities | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and government related securities | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 12.3 | 11.2 | ||
Corporate and government related securities | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [2] | 0.7 | 0.7 | |
Corporate bonds | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.7 | 0.7 | ||
Corporate bonds | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Corporate bonds | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.9 | 0.8 | ||
U.S. equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.9 | 0.8 | ||
U.S. equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
U.S. equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 24.1 | 21.4 | ||
International equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.3 | 0.3 | ||
International equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [3] | 23.8 | 21.1 | |
International equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 4.7 | 4.9 | ||
Insurance contracts | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 4.7 | $ 4.9 | $ 0 | |
[1] | Assets categorized as Level 2 reflect investments in money market funds. | |||
[2] | Securities of diverse industries, substantially all investment grade. | |||
[3] | Assets categorized as Level 2 reflect investments in common collective funds. |
Retirement Benefits - Schedul88
Retirement Benefits - Schedule of Significant Changes in Level 3 Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | $ 39.7 | $ 44.1 | |
Payments | (1.5) | (1.1) | $ (1.8) |
Actuarial (gain) loss | 0.2 | (0.2) | 7.2 |
Interest income | 2.4 | 1.8 | |
Cumulative translation adjustments | 1 | (7.1) | |
Fair value of plan assets, end of year | 43.6 | 39.7 | 44.1 |
Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.9 | ||
Fair value of plan assets, end of year | 4.7 | 4.9 | |
Insurance contracts | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.9 | ||
Fair value of plan assets, end of year | 4.7 | 4.9 | |
Insurance contracts | Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.9 | 0 | |
Purchases | 0 | 5.2 | |
Payments | (0.5) | (0.1) | |
Actuarial (gain) loss | 0 | (0.2) | |
Interest income | 0.2 | ||
Cumulative translation adjustments | 0.1 | ||
Fair value of plan assets, end of year | $ 4.7 | $ 4.9 | $ 0 |
Retirement Benefits - Schedul89
Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,017 | $ 1.2 |
2,018 | 1.3 |
2,019 | 1.4 |
2,020 | 1.6 |
2,021 | 2 |
2022-2026 | $ 13.5 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Loss on real estate assets held for sale | $ 0 | $ 0 | $ 0 | $ 1.3 | $ 103.6 | [1] | $ 0 | $ 0 | $ 0 | $ 1.3 | $ 103.6 | $ 0 | |
Tax adjustment related to REIT conversion | 235.6 | ||||||||||||
Deferred Tax Benefit Due To REIT Conversion | 235.6 | ||||||||||||
Cash paid for income taxes | $ 1.2 | $ 5.8 | $ 53 | ||||||||||
Effective Income Tax Rate Reconciliation, Percent, Excluding Non-Cash Benefit Resulting From REIT Conversion and Foreign Exchange Loss | (5.90%) | (7.20%) | (30.30%) | ||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||||||||||
Operating Loss Carryforwards | 2.8 | $ 2.8 | |||||||||||
Undistributed Earnings of Foreign Subsidiaries | 25 | 25 | |||||||||||
Unrecognized Tax Benefits | 0.6 | $ 0.8 | 0.6 | $ 0.8 | $ 1.2 | $ 4 | |||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0.4 | $ 0.4 | |||||||||||
Income Tax Examination, Year under Examination | 2,014 | ||||||||||||
Minimum | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2017 | ||||||||||||
Tax years subject to examination | 2,013 | ||||||||||||
Maximum | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2023 | ||||||||||||
Tax years subject to examination | 2,015 | ||||||||||||
CBS Corp. | |||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||
Unrecognized Tax Benefit Transferred to Parent | $ 2.1 | ||||||||||||
[1] | In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
Income Taxes -Schedule of Incom
Income Taxes -Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||||
United States | $ 100.9 | $ 83.3 | $ 102.8 | ||
Foreign | (9.9) | (112.1) | (4.8) | ||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | $ 40.1 | $ (57.9) | $ 91 | $ (28.8) | $ 98 |
Income Taxes - Book Income to R
Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) - USD ($) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | $ 40.1 | $ (57.9) | $ 91 | $ (28.8) | $ 98 |
Book depreciation in excess of tax depreciation | 50.8 | 51.7 | 15 | ||
Book amortization in excess of tax amortization | 12.2 | 7.9 | 21.3 | ||
Tax dividend from foreign subsidiary | 41 | 39 | |||
Book/tax differences - stock-based compensation | 4.2 | (3.4) | 8.1 | ||
Book/tax differences - deferred gain for tax | (3.5) | (2.7) | |||
Book/tax differences - capitalized costs | 7.4 | ||||
Book/tax differences - investments in joint ventures | 6 | 5.6 | 2.5 | ||
Book/tax differences - other | 6.4 | 3.1 | 4.2 | ||
REIT taxable income (estimated) | 213.5 | 181.1 | 97 | ||
Taxable REIT Subsidiaries | |||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 5.4 | 108.7 | (1.6) | ||
Qualified REIT Subsidiaries | |||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | $ 96.4 | $ 79.9 | $ 38.5 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Income Tax (Expense) Benefit, Continuing Operations [Abstract] | |||
Federal | $ (4) | $ (0.3) | $ (29.9) |
State and local | (1.5) | (0.9) | (9.8) |
Foreign | (1.7) | (5.9) | (3.8) |
Current Income Tax (Expense) Benefit | (7.2) | (7.1) | (43.5) |
Federal | (0.7) | (0.5) | 198 |
State and local | (0.2) | 0 | 50.3 |
Foreign | 2.7 | 2.2 | 1.2 |
Deferred tax benefit (liability) | 1.8 | 1.7 | 249.5 |
Benefit (provision) for income taxes | $ (5.4) | $ (5.4) | $ 206 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Benefit (provision) for income taxes on income (loss) at U.S. statutory rate | $ (31.9) | $ 10.1 | $ (34.3) |
Loss on real estate assets held for sale | (36.3) | ||
REIT dividends paid deduction | 33.8 | 28 | 13.5 |
State and local taxes, net of federal tax benefit | (1.6) | (1.8) | (4.8) |
Effect of foreign operations | (2.4) | (7.3) | (2.9) |
Deferred tax adjustment due to REIT conversion | 235.6 | ||
Resolution of prior year tax | (2.9) | 2.1 | |
Other, net | (0.4) | (0.2) | (1.1) |
Benefit (provision) for income taxes | $ (5.4) | $ (5.4) | $ 206 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Income Tax Assets: | ||
Provision for expenses and losses | $ 0.6 | $ 0.7 |
Postretirement and other employee benefits | 5 | 5 |
Tax credit and loss carryforwards | 1.1 | 1.7 |
Total deferred income tax assets | 6.7 | 7.4 |
Deferred Income Tax Liabilities: | ||
Property, equipment and intangible assets | (8.8) | (11.1) |
Total deferred income tax liabilities | (8.8) | (11.1) |
Deferred income tax liabilities, net | $ (2.1) | $ (3.7) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning of Period | $ 0.8 | $ 1.2 | $ 4 |
Additions for current year tax positions | 0.1 | 0.2 | 0.1 |
Reductions for prior year tax positions | (0.3) | (0.6) | (2.9) |
Unrecognized Tax Benefits, End of Period | $ 0.6 | $ 0.8 | $ 1.2 |
Earnings (Loss) Per Share ("E97
Earnings (Loss) Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Earnings Per Share [Abstract] | |||||||||||||
Net income (loss) | $ 26.6 | $ 38.1 | $ 28.5 | $ (2.3) | $ (73.9) | $ 21.2 | $ 22.2 | $ 1.1 | $ 90.9 | $ (29.4) | $ 306.9 | ||
Weighted Average Number of Shares Outstanding, Basic | 137.9 | 137.3 | 114.3 | ||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | 0.5 | [1] | 0 | [1] | 0.5 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 138.4 | 137.3 | 114.8 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.5 | 0.7 | 0.2 | ||||||||||
[1] | The potential impact of an aggregate 0.5 million granted RSUs, PRSUs and stock options for 2016, 0.7 million granted RSUs, PRSUs and stock options for 2015 and 0.2 million granted RSUs, PRSUs and stock options for 2014 was antidilutive. |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent Expense | $ 372.1 | $ 376.4 | $ 317.4 |
Rent Expense, Contingent Rent Amounts | 88.1 | $ 87.5 | $ 59.5 |
Outstanding Letters of Credit and Surety Bonds | $ 127.2 |
Commitment and Contingencies 99
Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 119.3 |
2,018 | 119.4 |
2,019 | 107.4 |
2,020 | 93.4 |
2,021 | 83.8 |
2022 and thereafter | 471.7 |
Operating Leases, Future Minimum Payments Due | 995 |
Guaranteed Minimum Annual Payments | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2,017 | 158.4 |
2,018 | 66.3 |
2,019 | 47.5 |
2,020 | 28 |
2,021 | 26.1 |
2022 and thereafter | 109.3 |
Guaranteed minimum annual payments | $ 435.6 |
Segment Information - Narrative
Segment Information - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016segment | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Operating Segments | segment | 3 | |
Restructuring charges | ||
Segment Reporting Information [Line Items] | ||
Share-based compensation, related to restructuring charges | $ | $ 5.6 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 398.5 | $ 386.7 | $ 384.7 | $ 343.9 | $ 1,513.9 | $ 1,513.8 | $ 1,353.8 | |||
U.S. Media | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 368 | 356.7 | 356.5 | 312.6 | 356.1 | 346.3 | 336.9 | 305 | 1,393.8 | 1,344.3 | ||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 29.4 | [1] | $ 26.1 | [1] | $ 28.8 | [1] | $ 35.8 | $ 42.4 | $ 40.4 | $ 47.8 | $ 38.9 | 120.1 | 169.5 | |
Operating segments | U.S. Media | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,393.8 | 1,344.3 | 1,162.5 | |||||||||||
Operating segments | Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 120.1 | $ 169.5 | $ 191.3 | |||||||||||
[1] | On April 1, 2016, we completed the Disposition. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Net income (loss) | $ 26.6 | $ 38.1 | $ 28.5 | $ (2.3) | $ (73.9) | $ 21.2 | $ 22.2 | $ 1.1 | $ 90.9 | $ (29.4) | $ 306.9 | ||||||||
(Benefit) provision for income taxes | 5.4 | 5.4 | (206) | ||||||||||||||||
Equity in earnings of investee companies, net of tax | (5.3) | (4.8) | (2.9) | ||||||||||||||||
Interest expense (income), net | 113.8 | 114.8 | 84.8 | ||||||||||||||||
Other expense, net | 0.1 | 0.4 | 0.3 | ||||||||||||||||
Operating income (loss) | 58.2 | 63.5 | 59 | 24.2 | (47.5) | 52.7 | 54.6 | 26.6 | 204.9 | 86.4 | 183.1 | ||||||||
Restructuring charges | 2.5 | 2.6 | 9.8 | [1] | |||||||||||||||
Acquisition costs | 0 | 0 | 10.4 | ||||||||||||||||
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 | 103.6 | [2] | 0 | 0 | 0 | 1.3 | 103.6 | 0 | |||||||
Net (gain) loss on dispositions | (0.2) | (2.3) | 0.2 | 0.4 | 0.1 | 0 | 0.9 | (0.3) | (1.9) | 0.7 | (2.5) | ||||||||
Depreciation and amortization | 224.2 | 229.1 | 202.2 | ||||||||||||||||
Stock-based compensation | 4.2 | 4.5 | 4.5 | 4.8 | 3.5 | 3.7 | 4.4 | 3.6 | 18 | 15.2 | 16 | ||||||||
Share-Based Compensation, Excluding Compensation-Related Restructuring Charges | [1] | 10.4 | |||||||||||||||||
Adjusted OIBDA | 117.2 | 120.7 | 123 | 88.1 | 117.6 | 113.9 | 119.1 | 87 | 449 | 437.6 | 413.4 | ||||||||
Capital expenditures | 59.4 | 59.2 | 64.2 | ||||||||||||||||
U.S. Media | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating income (loss) | 75.2 | 81.5 | 69.7 | 43.1 | 68.2 | 69.9 | 65.2 | 42 | 269.5 | 245.3 | |||||||||
Adjusted OIBDA | 125.9 | 129.3 | 123.7 | 94.9 | 119.6 | 121 | 118.5 | 92 | 473.8 | 451.1 | |||||||||
Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating income (loss) | 0.9 | [3] | (2.7) | [3] | 2.9 | [3] | (5.1) | (102.9) | (1.9) | 3.2 | (4.3) | (4) | (105.9) | ||||||
Adjusted OIBDA | 5 | [3] | 2.2 | [3] | 8.4 | [3] | 2.2 | 7.3 | 4.5 | 10 | 2.5 | 17.8 | 24.3 | ||||||
Operating segments | U.S. Media | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating income (loss) | 269.5 | 245.3 | 240.2 | ||||||||||||||||
Net (gain) loss on dispositions | (1.7) | 0.6 | (2.5) | ||||||||||||||||
Depreciation and amortization | 203.5 | 202.6 | 171.5 | ||||||||||||||||
Adjusted OIBDA | 473.8 | 451.1 | 409.2 | ||||||||||||||||
Capital expenditures | 54.8 | 53.3 | 56.8 | ||||||||||||||||
Operating segments | Other | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating income (loss) | (4) | (105.9) | 0.6 | ||||||||||||||||
Net (gain) loss on dispositions | (0.2) | 0.1 | 0 | ||||||||||||||||
Depreciation and amortization | 20.7 | 26.5 | 30.7 | ||||||||||||||||
Adjusted OIBDA | 17.8 | 24.3 | 31.3 | ||||||||||||||||
Capital expenditures | 4.6 | 5.9 | 7.4 | ||||||||||||||||
Corporate | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Operating income (loss) | (17.9) | (15.3) | (13.6) | (13.8) | (12.8) | [4] | (15.3) | [4] | (13.8) | [4] | (11.1) | (60.6) | (53) | (57.7) | |||||
Adjusted OIBDA | $ (13.7) | $ (10.8) | $ (9.1) | $ (9) | $ (9.3) | $ (11.6) | $ (9.4) | $ (7.5) | $ (42.6) | $ (37.8) | $ (27.1) | ||||||||
[1] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | ||||||||||||||||||
[2] | In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). | ||||||||||||||||||
[3] | On April 1, 2016, we completed the Disposition. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) | ||||||||||||||||||
[4] | We incurred incremental corporate stand-alone costs of $2.9 million during the first quarter of 2015; $1.5 million during the second quarter of 2015, $1.4 million during the third quarter of 2015 and $0.5 million during the fourth quarter of 2015. |
Segment Information - Reconc103
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Assets | $ 3,738.5 | $ 3,815.5 | $ 3,991.4 | |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,578.8 | 3,593 | 3,690.8 | |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 145.5 | 134.3 | [1] | 283.8 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ 14.2 | $ 88.2 | $ 16.8 | |
[1] | In 2015, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) |
Segment Information - Schedule
Segment Information - Schedule of Revenue from External Customers by Geographic Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 398.5 | $ 386.7 | $ 384.7 | $ 343.9 | $ 1,513.9 | $ 1,513.8 | $ 1,353.8 | |
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,435.2 | 1,380.3 | 1,198.8 | |||||||||
Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 67.3 | 71.7 | 82.5 | ||||||||
Latin America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | $ 11.4 | $ 61.8 | $ 72.5 | ||||||||
[1] | Revenues classifications are based on the geography of the advertising. |
Segment Information - Long Live
Segment Information - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | [1] | $ 3,328.9 | $ 3,373.3 | $ 3,602.1 | |
United States | |||||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | [1] | 3,255 | 3,291.1 | 3,395.6 | |
Canada | |||||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | [1] | 73.9 | 82.2 | 112 | |
Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | [1] | $ 0 | $ 0 | [2] | $ 94.5 |
[1] | Reflects total assets less current assets, investments and non-current deferred tax assets. | ||||
[2] | In 2015, in connection with the Disposition, we reclassified long-lived assets to Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) |
Condensed Consolidating Fina106
Condensed Consolidating Financial Information -Narrative (Details) | Dec. 31, 2016 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Subsidiary Issuer | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Condensed Consolidating Fina107
Condensed Consolidating Financial Information -Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 65.2 | $ 101.6 | $ 28.5 | $ 29.8 | |
Receivables, less allowances | 222 | 209.5 | |||
Other current assets | 91 | 101.1 | |||
Total current assets | 378.2 | 412.2 | |||
Property and equipment, net | 665 | 701.7 | [1] | ||
Goodwill | 2,089.4 | 2,074.7 | 2,154.2 | ||
Intangible assets | 545.3 | 570.5 | [2] | ||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 60.6 | 56.4 | |||
Intercompany | 0 | 0 | |||
Total assets | 3,738.5 | 3,815.5 | 3,991.4 | ||
Total current liabilities | 251.5 | 265.6 | |||
Long-term debt, net | 2,136.8 | 2,222 | |||
Deferred income tax liabilities, net | 8.5 | 10.9 | |||
Asset retirement obligation | 34.1 | 33.2 | 36.6 | ||
Deficit In Excess Of Investment In Subsidiaries | 0 | 0 | |||
Other liabilities | 74.6 | 71.2 | |||
Intercompany | 0 | 0 | |||
Total liabilities | 2,505.5 | 2,602.9 | |||
Total stockholders’ equity | 1,232.9 | 1,212.6 | 1,445.5 | ||
Non-controlling interests | 0.1 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,233 | 1,212.6 | |||
Total liabilities and equity | 3,738.5 | 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 | 1,233 | 1,212.6 | |||
Other assets | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Total assets | 1,233 | 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 stockholders’ equity | 1,232.9 | 1,212.6 | |||
Non-controlling interests | 0.1 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,233 | ||||
Total liabilities and equity | 1,233 | 1,212.6 | |||
Subsidiary Issuer | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 11.4 | 81.6 | 11.5 | 0 | |
Receivables, less allowances | 0 | 0 | |||
Other current assets | 1.1 | 1.1 | |||
Total current assets | 12.5 | 82.7 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | 3,371.9 | 3,369.1 | |||
Other assets | 1.1 | 2.2 | |||
Intercompany | 0 | 0 | |||
Total assets | 3,385.5 | 3,454 | |||
Total current liabilities | 15.7 | 19.7 | |||
Long-term debt, net | 2,136.8 | 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 | 2,152.5 | 2,241.4 | |||
Total stockholders’ equity | 1,232.9 | 1,212.6 | |||
Non-controlling interests | 0.1 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,233 | ||||
Total liabilities and equity | 3,385.5 | 3,454 | |||
Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 35.8 | 8.5 | 8.8 | 2.1 | |
Receivables, less allowances | 207.9 | 196.5 | |||
Other current assets | 77.9 | 118.1 | |||
Total current assets | 321.6 | 323.1 | |||
Property and equipment, net | 621.4 | 649.4 | |||
Goodwill | 2,059.9 | 2,046 | |||
Intangible assets | 545.3 | 570.5 | |||
Investments in subsidiaries | 114.4 | 25 | |||
Other assets | 56.9 | 51.1 | |||
Intercompany | 42.7 | 70.6 | |||
Total assets | 3,762.2 | 3,735.7 | |||
Total current liabilities | 223.4 | 212 | |||
Long-term debt, net | 0 | 0.3 | |||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 29.7 | 29.1 | |||
Deficit In Excess Of Investment In Subsidiaries | 2,138.9 | 2,156.5 | |||
Other liabilities | 70.2 | 66.3 | |||
Intercompany | 67 | 58.9 | |||
Total liabilities | 2,529.2 | 2,523.1 | |||
Total stockholders’ equity | 1,232.9 | 1,212.6 | |||
Non-controlling interests | 0.1 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,233 | ||||
Total liabilities and equity | 3,762.2 | 3,735.7 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 18 | 11.5 | 8.2 | 27.7 | |
Receivables, less allowances | 14.1 | 13 | |||
Other current assets | 12 | 15.9 | [3] | ||
Total current assets | 44.1 | 40.4 | |||
Property and equipment, net | 43.6 | 52.3 | |||
Goodwill | 29.5 | 28.7 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 2.6 | 3.1 | |||
Intercompany | 67 | 58.9 | |||
Total assets | 186.8 | 183.4 | |||
Total current liabilities | 12.4 | 67.9 | [3] | ||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 8.5 | 10.9 | |||
Asset retirement obligation | 4.4 | 4.1 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | 0 | |||
Other liabilities | 4.4 | 4.9 | |||
Intercompany | 42.7 | 70.6 | |||
Total liabilities | 72.4 | 158.4 | |||
Total stockholders’ equity | 114.4 | 25 | |||
Non-controlling interests | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 114.4 | ||||
Total liabilities and equity | 186.8 | 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 | 0 | (34) | |||
Total current assets | 0 | (34) | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | (4,719.3) | (4,606.7) | |||
Other assets | 0 | 0 | |||
Intercompany | (109.7) | (129.5) | |||
Total assets | (4,829) | (4,770.2) | |||
Total current liabilities | 0 | (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 | (2,138.9) | (2,156.5) | |||
Other liabilities | 0 | 0 | |||
Intercompany | (109.7) | (129.5) | |||
Total liabilities | (2,248.6) | (2,320) | |||
Total stockholders’ equity | (2,580.2) | (2,450.2) | |||
Non-controlling interests | (0.2) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,580.4) | ||||
Total liabilities and equity | $ (4,829) | $ (4,770.2) | |||
[1] | In 2015, in connection with the Disposition, as defined in Note 12. Acquisitions and Dispositions: Dispositions, Property, plant and equipment was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) | ||||
[2] | In 2015, in connection with the Disposition, Intangible assets, net, was reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions.) | ||||
[3] | Includes amounts classified as Assets held for sale and Liabilities held for sale, as applicable, on the Consolidated Statement of Financial Position. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) |
Condensed Consolidating Fina108
Condensed Consolidating Financial Information -Condensed Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Billboard | $ 1,071 | $ 1,084.3 | $ 971.5 | ||||||||||||
Transit and other | 442.9 | 429.5 | 382.3 | ||||||||||||
Total revenues | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 398.5 | $ 386.7 | $ 384.7 | $ 343.9 | 1,513.9 | 1,513.8 | 1,353.8 | ||||
Operating | 818.1 | 833.1 | 726.5 | ||||||||||||
Selling, general and administrative | 264.8 | 258.3 | 224.3 | ||||||||||||
Restructuring charges | 2.5 | 2.6 | 9.8 | [1] | |||||||||||
Acquisition costs | 0 | 0 | 10.4 | ||||||||||||
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 | 103.6 | [2] | 0 | 0 | 0 | 1.3 | 103.6 | 0 | |||
Net (gain) loss on dispositions | (0.2) | (2.3) | 0.2 | 0.4 | 0.1 | 0 | 0.9 | (0.3) | (1.9) | 0.7 | (2.5) | ||||
Depreciation | 24.6 | 26.7 | 28.5 | 29.1 | 28.6 | 28.4 | 28 | 28.7 | 108.9 | 113.7 | 107.2 | ||||
Amortization | 28.3 | 28.3 | 30.4 | 28.3 | 29.3 | 29.1 | 29.2 | 27.8 | 115.3 | 115.4 | 95 | ||||
Total expenses | 1,309 | 1,427.4 | 1,170.7 | ||||||||||||
Operating income (loss) | 58.2 | 63.5 | 59 | 24.2 | (47.5) | 52.7 | 54.6 | 26.6 | 204.9 | 86.4 | 183.1 | ||||
Interest income (expense), net | (113.8) | (114.8) | (84.8) | ||||||||||||
Other expense, net | (0.1) | (0.4) | (0.3) | ||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | $ 40.1 | $ (57.9) | 91 | (28.8) | 98 | ||||||||||
Benefit (provision) for income taxes | (5.4) | (5.4) | 206 | ||||||||||||
Equity in earnings of investee companies, net of tax | 5.3 | 4.8 | 2.9 | ||||||||||||
Net income (loss) | $ 26.6 | $ 38.1 | $ 28.5 | $ (2.3) | $ (73.9) | $ 21.2 | $ 22.2 | $ 1.1 | 90.9 | (29.4) | 306.9 | ||||
Total other comprehensive income (loss), net of tax | 102.4 | (30.8) | (15) | ||||||||||||
Total comprehensive income | 193.3 | (60.2) | 291.9 | ||||||||||||
Parent Company | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Billboard | 0 | 0 | 0 | ||||||||||||
Transit and other | 0 | 0 | 0 | ||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||||
Operating | 0 | 0 | 0 | ||||||||||||
Selling, general and administrative | 1.5 | 1.5 | 1.3 | ||||||||||||
Restructuring charges | 0 | 0 | 0 | ||||||||||||
Acquisition costs | 0 | ||||||||||||||
Loss on real estate assets held for sale | 0 | 0 | |||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | ||||||||||||
Depreciation | 0 | 0 | 0 | ||||||||||||
Amortization | 0 | 0 | 0 | ||||||||||||
Total expenses | 1.5 | 1.5 | 1.3 | ||||||||||||
Operating income (loss) | (1.5) | (1.5) | (1.3) | ||||||||||||
Interest income (expense), net | 0 | 0 | 0 | ||||||||||||
Other expense, net | 0 | 0 | 0 | ||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (1.5) | (1.5) | (1.3) | ||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||||||
Equity in earnings of investee companies, net of tax | 92.4 | (27.9) | 308.2 | ||||||||||||
Net income (loss) | 90.9 | (29.4) | 306.9 | ||||||||||||
Total other comprehensive income (loss), net of tax | 102.4 | (30.8) | (15) | ||||||||||||
Total comprehensive income | 193.3 | (60.2) | 291.9 | ||||||||||||
Subsidiary Issuer | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Billboard | 0 | 0 | 0 | ||||||||||||
Transit and other | 0 | 0 | 0 | ||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||||
Operating | 0 | 0 | 0 | ||||||||||||
Selling, general and administrative | 0.2 | 0.3 | 0 | ||||||||||||
Restructuring charges | 0 | 0 | 0 | ||||||||||||
Acquisition costs | 0 | ||||||||||||||
Loss on real estate assets held for sale | 0 | 0 | |||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | ||||||||||||
Depreciation | 0 | 0 | 0 | ||||||||||||
Amortization | 0 | 0 | 0 | ||||||||||||
Total expenses | 0.2 | 0.3 | 0 | ||||||||||||
Operating income (loss) | (0.2) | (0.3) | 0 | ||||||||||||
Interest income (expense), net | (113.6) | (114.8) | (84.8) | ||||||||||||
Other expense, net | 0 | 0 | 0 | ||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (113.8) | (115.1) | (84.8) | ||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||||||
Equity in earnings of investee companies, net of tax | 206.2 | 87.2 | 393 | ||||||||||||
Net income (loss) | 92.4 | (27.9) | 308.2 | ||||||||||||
Total other comprehensive income (loss), net of tax | 102.4 | (30.8) | (15) | ||||||||||||
Total comprehensive income | 194.8 | (58.7) | 293.2 | ||||||||||||
Guarantor Subsidiaries | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Billboard | 1,005.6 | 969.8 | 838.4 | ||||||||||||
Transit and other | 429.6 | 410.5 | 360.4 | ||||||||||||
Total revenues | 1,435.2 | 1,380.3 | 1,198.8 | ||||||||||||
Operating | 764.9 | 743.9 | 626.1 | ||||||||||||
Selling, general and administrative | 246.7 | 228 | 192.7 | ||||||||||||
Restructuring charges | 2.5 | 2.6 | 9.8 | ||||||||||||
Acquisition costs | 10.4 | ||||||||||||||
Loss on real estate assets held for sale | 0 | 0 | |||||||||||||
Net (gain) loss on dispositions | (1.7) | 0.6 | (2.5) | ||||||||||||
Depreciation | 94.1 | 94 | 84.5 | ||||||||||||
Amortization | 112.3 | 111.1 | 89.9 | ||||||||||||
Total expenses | 1,218.8 | 1,180.2 | 1,010.9 | ||||||||||||
Operating income (loss) | 216.4 | 200.1 | 187.9 | ||||||||||||
Interest income (expense), net | (0.2) | (0.2) | (0.2) | ||||||||||||
Other expense, net | 0 | 0 | 0 | ||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 216.2 | 199.9 | 187.7 | ||||||||||||
Benefit (provision) for income taxes | (6.4) | (2) | 209.7 | ||||||||||||
Equity in earnings of investee companies, net of tax | (117.4) | (225.8) | (89.2) | ||||||||||||
Net income (loss) | 92.4 | (27.9) | 308.2 | ||||||||||||
Total other comprehensive income (loss), net of tax | 102.4 | (30.8) | (15) | ||||||||||||
Total comprehensive income | 194.8 | (58.7) | 293.2 | ||||||||||||
Non-Guarantor Subsidiaries | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Billboard | 65.4 | 114.5 | 133.1 | ||||||||||||
Transit and other | 13.3 | 19 | 21.9 | ||||||||||||
Total revenues | 78.7 | 133.5 | 155 | ||||||||||||
Operating | 53.2 | 89.2 | 100.4 | ||||||||||||
Selling, general and administrative | 16.4 | 28.5 | 30.3 | ||||||||||||
Restructuring charges | 0 | 0 | 0 | ||||||||||||
Acquisition costs | 0 | ||||||||||||||
Loss on real estate assets held for sale | 1.3 | 103.6 | |||||||||||||
Net (gain) loss on dispositions | (0.2) | 0.1 | |||||||||||||
Depreciation | 14.8 | 19.7 | 22.7 | ||||||||||||
Amortization | 3 | 4.3 | 5.1 | ||||||||||||
Total expenses | 88.5 | 245.4 | 158.5 | ||||||||||||
Operating income (loss) | (9.8) | (111.9) | (3.5) | ||||||||||||
Interest income (expense), net | 0 | 0.2 | 0.2 | ||||||||||||
Other expense, net | (0.1) | (0.4) | (0.3) | ||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (9.9) | (112.1) | (3.6) | ||||||||||||
Benefit (provision) for income taxes | 1 | (3.4) | (3.7) | ||||||||||||
Equity in earnings of investee companies, net of tax | 1 | 1.1 | 0.7 | ||||||||||||
Net income (loss) | (7.9) | (114.4) | (6.6) | ||||||||||||
Total other comprehensive income (loss), net of tax | 102.6 | (30.5) | (14.8) | ||||||||||||
Total comprehensive income | 94.7 | (144.9) | (21.4) | ||||||||||||
Eliminations | |||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||
Billboard | 0 | 0 | 0 | ||||||||||||
Transit and other | 0 | 0 | 0 | ||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||||
Operating | 0 | 0 | 0 | ||||||||||||
Selling, general and administrative | 0 | 0 | 0 | ||||||||||||
Restructuring charges | 0 | 0 | 0 | ||||||||||||
Acquisition costs | 0 | ||||||||||||||
Loss on real estate assets held for sale | 0 | 0 | |||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | ||||||||||||
Depreciation | 0 | 0 | 0 | ||||||||||||
Amortization | 0 | 0 | 0 | ||||||||||||
Total expenses | 0 | 0 | 0 | ||||||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||||||
Interest income (expense), net | 0 | 0 | 0 | ||||||||||||
Other expense, net | 0 | 0 | 0 | ||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | ||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||||||
Equity in earnings of investee companies, net of tax | (176.9) | 170.2 | (609.8) | ||||||||||||
Net income (loss) | (176.9) | 170.2 | (609.8) | ||||||||||||
Total other comprehensive income (loss), net of tax | (307.4) | 92.1 | 44.8 | ||||||||||||
Total comprehensive income | $ (484.3) | $ 262.3 | $ (565) | ||||||||||||
[1] | In 2014, restructuring charges (including stock-based compensation of $5.6 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | ||||||||||||||
[2] | In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
Condensed Consolidating Fina109
Condensed Consolidating Financial Information -Condensed Cash Flow Statement (Details) - USD ($) $ in Millions | Apr. 02, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by ((used for) operating activities | $ 287.1 | $ 293.1 | $ 262.8 | |
Capital expenditures | (59.4) | (59.2) | (64.2) | |
Acquisitions | (67.9) | (12.1) | (735.7) | |
Investments in investee companies | 0 | 0 | (3) | |
Proceeds from dispositions | 90.6 | 8.9 | 4.5 | |
Net cash provided by (used for) investing activities | (36.7) | (62.4) | (798.4) | |
Proceeds from IPO | $ 615 | 0 | 0 | 615 |
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | 0 | 1,598 | |
Proceeds from long-term debt - senior notes | 0 | 103.8 | 599.3 | |
Proceeds from borrowings under revolving credit facility | 35 | 105 | 0 | |
Repayments of borrowings under revolving credit facility | (35) | (105) | 0 | |
Repayments of long-term debt borrowings - term loan | (90) | (50) | 0 | |
Deferred financing costs | (0.4) | (3.3) | (42.7) | |
Distribution of debt and IPO proceeds to CBS | 0 | 0 | (2,038.8) | |
Net cash contribution from CBS | 0 | 0 | 49.3 | |
Proceeds from stock option exercises | 0 | 2 | 0 | |
Taxes withheld for stock-based compensation | (7.3) | (4.3) | 0 | |
Dividends | (188.6) | (196.3) | (242.7) | |
Intercompany | 0 | 0 | 0 | |
Other | (0.2) | (0.5) | (0.8) | |
Net cash provided by (used for) financing activities | (286.5) | (148.6) | 536.6 | |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (3.3) | (2.3) | |
Net increase (decrease) in cash and cash equivalents | (36.4) | 78.8 | (1.3) | |
Cash and cash equivalents at beginning of period | 101.6 | 28.5 | 29.8 | |
Cash reclassified to assets held for sale | 0 | (5.7) | 0 | |
Cash and cash equivalents at end of period | 65.2 | 101.6 | 28.5 | |
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by ((used for) operating activities | (1.5) | (1.5) | (1.3) | |
Capital expenditures | 0 | 0 | 0 | |
Acquisitions | 0 | 0 | 0 | |
Investments in investee companies | 0 | |||
Proceeds from dispositions | 0 | 0 | 0 | |
Net cash provided by (used for) investing activities | 0 | 0 | 0 | |
Proceeds from IPO | 615 | |||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |||
Proceeds from long-term debt - senior notes | 0 | 0 | ||
Proceeds from borrowings under revolving credit facility | 0 | 0 | ||
Repayments of borrowings under revolving credit facility | 0 | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | ||
Deferred financing costs | 0 | 0 | 0 | |
Distribution of debt and IPO proceeds to CBS | (515) | |||
Net cash contribution from CBS | 9.5 | |||
Proceeds from stock option exercises | 2 | |||
Taxes withheld for stock-based compensation | 0 | 0 | ||
Dividends | (188.6) | (196.3) | (242.7) | |
Intercompany | 190.1 | 195.8 | 134.5 | |
Other | 0 | 0 | 0 | |
Net cash provided by (used for) financing activities | 1.5 | 1.5 | 1.3 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash reclassified to assets held for sale | 0 | |||
Cash and cash equivalents at end of period | 0 | 0 | 0 | |
Subsidiary Issuer | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by ((used for) operating activities | (111.3) | (107.4) | (54.8) | |
Capital expenditures | 0 | 0 | 0 | |
Acquisitions | 0 | 0 | 0 | |
Investments in investee companies | 0 | |||
Proceeds from dispositions | 0 | 0 | 0 | |
Net cash provided by (used for) investing activities | 0 | 0 | 0 | |
Proceeds from IPO | 0 | |||
Proceeds from long-term debt borrowings - term loan and senior notes | 1,598 | |||
Proceeds from long-term debt - senior notes | 103.8 | 599.3 | ||
Proceeds from borrowings under revolving credit facility | 35 | 105 | ||
Repayments of borrowings under revolving credit facility | (35) | (105) | ||
Repayments of long-term debt borrowings - term loan | (90) | (50) | ||
Deferred financing costs | (0.4) | (3.3) | (42.7) | |
Distribution of debt and IPO proceeds to CBS | (1,523.8) | |||
Net cash contribution from CBS | 0 | |||
Proceeds from stock option exercises | 0 | |||
Taxes withheld for stock-based compensation | 0 | 0 | ||
Dividends | 0 | 0 | 0 | |
Intercompany | 131.5 | 127 | (564.5) | |
Other | 0 | 0 | 0 | |
Net cash provided by (used for) financing activities | 41.1 | 177.5 | 66.3 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | (70.2) | 70.1 | 11.5 | |
Cash and cash equivalents at beginning of period | 81.6 | 11.5 | 0 | |
Cash reclassified to assets held for sale | 0 | |||
Cash and cash equivalents at end of period | 11.4 | 81.6 | 11.5 | |
Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by ((used for) operating activities | 399.1 | 378.9 | 330.6 | |
Capital expenditures | (54.8) | (53.3) | (56.8) | |
Acquisitions | (67.9) | (12.1) | (735.7) | |
Investments in investee companies | (3) | |||
Proceeds from dispositions | 2.9 | 8.9 | 4.2 | |
Net cash provided by (used for) investing activities | (119.8) | (56.5) | (791.3) | |
Proceeds from IPO | 0 | |||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |||
Proceeds from long-term debt - senior notes | 0 | 0 | ||
Proceeds from borrowings under revolving credit facility | 0 | 0 | ||
Repayments of borrowings under revolving credit facility | 0 | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | ||
Deferred financing costs | 0 | 0 | 0 | |
Distribution of debt and IPO proceeds to CBS | 0 | |||
Net cash contribution from CBS | 39.8 | |||
Proceeds from stock option exercises | 0 | |||
Taxes withheld for stock-based compensation | (7.3) | (4.3) | ||
Dividends | 0 | 0 | 0 | |
Intercompany | (244.5) | (317.9) | 428.4 | |
Other | (0.2) | (0.5) | (0.8) | |
Net cash provided by (used for) financing activities | (252) | (322.7) | 467.4 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 27.3 | (0.3) | 6.7 | |
Cash and cash equivalents at beginning of period | 8.5 | 8.8 | 2.1 | |
Cash reclassified to assets held for sale | 0 | |||
Cash and cash equivalents at end of period | 35.8 | 8.5 | 8.8 | |
Non-Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by ((used for) operating activities | 0.8 | 23.1 | (11.7) | |
Capital expenditures | (4.6) | (5.9) | (7.4) | |
Acquisitions | 0 | 0 | 0 | |
Investments in investee companies | 0 | |||
Proceeds from dispositions | 87.7 | 0 | 0.3 | |
Net cash provided by (used for) investing activities | 83.1 | (5.9) | (7.1) | |
Proceeds from IPO | 0 | |||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |||
Proceeds from long-term debt - senior notes | 0 | 0 | ||
Proceeds from borrowings under revolving credit facility | 0 | 0 | ||
Repayments of borrowings under revolving credit facility | 0 | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | ||
Deferred financing costs | 0 | 0 | 0 | |
Distribution of debt and IPO proceeds to CBS | 0 | |||
Net cash contribution from CBS | 0 | |||
Proceeds from stock option exercises | 0 | |||
Taxes withheld for stock-based compensation | 0 | 0 | ||
Dividends | 0 | 0 | 0 | |
Intercompany | (77.1) | (4.9) | 1.6 | |
Other | 0 | 0 | 0 | |
Net cash provided by (used for) financing activities | (77.1) | (4.9) | 1.6 | |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (3.3) | (2.3) | |
Net increase (decrease) in cash and cash equivalents | 6.5 | 9 | (19.5) | |
Cash and cash equivalents at beginning of period | 11.5 | 8.2 | 27.7 | |
Cash reclassified to assets held for sale | (5.7) | |||
Cash and cash equivalents at end of period | 18 | 11.5 | 8.2 | |
Eliminations | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by ((used for) operating activities | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | |
Acquisitions | 0 | 0 | 0 | |
Investments in investee companies | 0 | |||
Proceeds from dispositions | 0 | 0 | 0 | |
Net cash provided by (used for) investing activities | 0 | 0 | 0 | |
Proceeds from IPO | 0 | |||
Proceeds from long-term debt borrowings - term loan and senior notes | 0 | |||
Proceeds from long-term debt - senior notes | 0 | 0 | ||
Proceeds from borrowings under revolving credit facility | 0 | 0 | ||
Repayments of borrowings under revolving credit facility | 0 | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | ||
Deferred financing costs | 0 | 0 | 0 | |
Distribution of debt and IPO proceeds to CBS | 0 | |||
Net cash contribution from CBS | 0 | |||
Proceeds from stock option exercises | 0 | |||
Taxes withheld for stock-based compensation | 0 | 0 | ||
Dividends | 0 | 0 | 0 | |
Intercompany | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net cash provided by (used for) financing activities | 0 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash reclassified to assets held for sale | 0 | |||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Un110
Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||
Revenues | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 398.5 | $ 386.7 | $ 384.7 | $ 343.9 | $ 1,513.9 | $ 1,513.8 | $ 1,353.8 | ||||||
Adjusted OIBDA | 117.2 | 120.7 | 123 | 88.1 | 117.6 | 113.9 | 119.1 | 87 | 449 | 437.6 | 413.4 | ||||||
Restructuring charges | (2.1) | 0 | (0.4) | 0 | 0 | 0 | (2) | (0.6) | (2.5) | (2.6) | |||||||
Loss on real estate assets held for sale | 0 | 0 | 0 | (1.3) | (103.6) | [1] | 0 | 0 | 0 | (1.3) | (103.6) | 0 | |||||
Net (gain) loss on dispositions | 0.2 | 2.3 | (0.2) | (0.4) | (0.1) | 0 | (0.9) | 0.3 | 1.9 | (0.7) | 2.5 | ||||||
Depreciation | (24.6) | (26.7) | (28.5) | (29.1) | (28.6) | (28.4) | (28) | (28.7) | (108.9) | (113.7) | (107.2) | ||||||
Amortization | (28.3) | (28.3) | (30.4) | (28.3) | (29.3) | (29.1) | (29.2) | (27.8) | (115.3) | (115.4) | (95) | ||||||
Stock-based compensation | (4.2) | (4.5) | (4.5) | (4.8) | (3.5) | (3.7) | (4.4) | (3.6) | (18) | (15.2) | (16) | ||||||
Operating income (loss) | 58.2 | 63.5 | 59 | 24.2 | (47.5) | 52.7 | 54.6 | 26.6 | 204.9 | 86.4 | 183.1 | ||||||
Net income (loss) | 26.6 | 38.1 | 28.5 | (2.3) | (73.9) | 21.2 | 22.2 | 1.1 | 90.9 | (29.4) | 306.9 | ||||||
U.S. Media | |||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||
Revenues | 368 | 356.7 | 356.5 | 312.6 | 356.1 | 346.3 | 336.9 | 305 | 1,393.8 | 1,344.3 | |||||||
Adjusted OIBDA | 125.9 | 129.3 | 123.7 | 94.9 | 119.6 | 121 | 118.5 | 92 | 473.8 | 451.1 | |||||||
Operating income (loss) | 75.2 | 81.5 | 69.7 | 43.1 | 68.2 | 69.9 | 65.2 | 42 | 269.5 | 245.3 | |||||||
Other | |||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||
Revenues | 29.4 | [2] | 26.1 | [2] | 28.8 | [2] | 35.8 | 42.4 | 40.4 | 47.8 | 38.9 | 120.1 | 169.5 | ||||
Adjusted OIBDA | 5 | [2] | 2.2 | [2] | 8.4 | [2] | 2.2 | 7.3 | 4.5 | 10 | 2.5 | 17.8 | 24.3 | ||||
Operating income (loss) | 0.9 | [2] | (2.7) | [2] | 2.9 | [2] | (5.1) | (102.9) | (1.9) | 3.2 | (4.3) | (4) | (105.9) | ||||
Corporate | |||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||
Adjusted OIBDA | (13.7) | (10.8) | (9.1) | (9) | (9.3) | (11.6) | (9.4) | (7.5) | (42.6) | (37.8) | (27.1) | ||||||
Operating income (loss) | $ (17.9) | $ (15.3) | $ (13.6) | $ (13.8) | (12.8) | [3] | (15.3) | [3] | (13.8) | [3] | (11.1) | $ (60.6) | $ (53) | $ (57.7) | |||
Incremental Standalone Costs | $ 0.5 | $ 1.4 | $ 1.5 | $ 2.9 | |||||||||||||
[1] | In the fourth quarter of 2015, we recorded a non-cash loss on real estate assets held for sale. This non-cash loss is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). | ||||||||||||||||
[2] | On April 1, 2016, we completed the Disposition. (See Note 12. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements.) | ||||||||||||||||
[3] | We incurred incremental corporate stand-alone costs of $2.9 million during the first quarter of 2015; $1.5 million during the second quarter of 2015, $1.4 million during the third quarter of 2015 and $0.5 million during the fourth quarter of 2015. |
II - Valuation and Qualifyin111
II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Allowance for doubtful accounts: | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | $ 8.9 | $ 14.2 | $ 15.7 | ||
Balance Acquired through Acquisitions | 0 | 0 | 0 | ||
Charged to Costs and Expenses | 3.6 | 2.7 | 2.9 | ||
Charged to Other Accounts | 0 | (3.7) | [1] | (0.7) | [1] |
Deductions | 3.3 | 4.3 | 3.7 | ||
Balance at End of Period | 9.2 | 8.9 | 14.2 | ||
Valuation allowance on deferred tax assets: | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | 0 | 6.9 | 10.1 | ||
Balance Acquired through Acquisitions | 0 | 0 | 0 | ||
Charged to Costs and Expenses | 0 | 0.1 | 0.5 | ||
Charged to Other Accounts | 0 | (4.7) | 0 | ||
Deductions | 0 | 2.3 | 3.7 | ||
Balance at End of Period | $ 0 | $ 0 | $ 6.9 | ||
[1] | Reflects change in allowance related to foreign currency translation adjustments and amounts reclassified to Assets held for sale on our Consolidated Statement of Financial Position. |
III - Schedule of Real Estat112
III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)assetdisplay | ||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the beginning of the year | $ 1,778.7 | $ 1,833.7 | $ 1,750.9 | ||||
Additions for construction of / improvements to structures | 48.9 | 40 | 136.6 | ||||
Assets sold or written-off | (49.4) | (26.5) | (14.2) | ||||
Foreign exchange | 9.1 | (68.5) | (39.6) | ||||
Balance at the end of the year | 1,787.3 | [1],[2] | 1,778.7 | 1,833.7 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the beginning of the year | 1,137.7 | 1,109.4 | 1,052.7 | ||||
Depreciation | 98.2 | 104.9 | 99.6 | ||||
Assets sold or written-off | (34.6) | (22.5) | (13) | ||||
Foreign exchange | 7.2 | (54.1) | (29.9) | ||||
Balance at the end of the year | 1,208.5 | 1,137.7 | 1,109.4 | ||||
Gross carrying amount at the end of the year | 1,778.7 | 1,833.7 | 1,750.9 | $ 1,787.3 | [1],[2] | ||
Accumulated Depreciation | (1,137.7) | (1,109.4) | (1,052.7) | (1,208.5) | |||
United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 1,514.5 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 976.1 | ||||||
Encumbrances | 0 | ||||||
Gross carrying amount at the end of the year | [1] | 1,514.5 | 1,514.5 | ||||
Accumulated Depreciation | (976.1) | $ (976.1) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 44,204 | ||||||
Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 272.8 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 232.4 | ||||||
Encumbrances | $ 0 | ||||||
Gross carrying amount at the end of the year | [1] | 272.8 | 272.8 | ||||
Accumulated Depreciation | $ (232.4) | $ (232.4) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,761 | ||||||
Maximum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Maximum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Minimum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Minimum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Assets | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Number of assets which exceed concentration risk % | asset | 0 | ||||||
Assets | Maximum | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Concentration Risk, Percentage | 5.00% | ||||||
Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | $ 1,681.6 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,206.8 | ||||||
Gross carrying amount at the end of the year | [1] | 1,681.6 | $ 1,681.6 | ||||
Accumulated Depreciation | (1,206.8) | (1,206.8) | |||||
Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 1,411.2 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 974.7 | ||||||
Gross carrying amount at the end of the year | [1] | 1,411.2 | 1,411.2 | ||||
Accumulated Depreciation | (974.7) | $ (974.7) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 42,114 | ||||||
Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 270.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 232.1 | ||||||
Gross carrying amount at the end of the year | [1] | 270.4 | $ 270.4 | ||||
Accumulated Depreciation | $ (232.1) | $ (232.1) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,656 | ||||||
Structures Added Prior to 1/1/2014 | Maximum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Maximum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 2,090 | ||||||
Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 105 | ||||||
Structures Added Subsequent to 1/1/2014 | Maximum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Subsequent to 1/1/2014 | Maximum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Subsequent to 1/1/2014 | Minimum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Subsequent to 1/1/2014 | Minimum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | $ 105.7 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1.7 | ||||||
Gross carrying amount at the end of the year | [1] | 105.7 | $ 105.7 | ||||
Accumulated Depreciation | (1.7) | (1.7) | |||||
Structures Added Subsequent to 1/1/2014 | Real estate | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 103.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1.4 | ||||||
Gross carrying amount at the end of the year | [1] | 103.3 | 103.3 | ||||
Accumulated Depreciation | (1.4) | (1.4) | |||||
Structures Added Subsequent to 1/1/2014 | Real estate | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 2.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 0.3 | ||||||
Gross carrying amount at the end of the year | [1] | 2.4 | 2.4 | ||||
Accumulated Depreciation | (0.3) | (0.3) | |||||
Advertising Structures | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 1,696.6 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 1,696.6 | 1,696.6 | ||||
Advertising Structures | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 1,425.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 1,425.9 | 1,425.9 | ||||
Advertising Structures | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 270.7 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 270.7 | 270.7 | ||||
Advertising Structures | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 1,596.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 1,596.3 | 1,596.3 | ||||
Advertising Structures | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 1,328 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 1,328 | 1,328 | ||||
Advertising Structures | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 268.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 268.3 | 268.3 | ||||
Advertising Structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 100.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 100.3 | 100.3 | ||||
Advertising Structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 97.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 97.9 | 97.9 | ||||
Advertising Structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 2.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 2.4 | 2.4 | ||||
Land | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 90.7 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 90.7 | 90.7 | ||||
Land | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 88.6 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 88.6 | 88.6 | ||||
Land | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 2.1 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 2.1 | 2.1 | ||||
Land | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 85.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 85.3 | 85.3 | ||||
Land | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 83.2 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 83.2 | 83.2 | ||||
Land | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 2.1 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 2.1 | 2.1 | ||||
Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 5.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 5.4 | 5.4 | ||||
Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 5.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 5.4 | 5.4 | ||||
Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [1] | 0 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [1] | 0 | 0 | ||||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 113 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 113 | 113 | |||||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 110.6 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 110.6 | 110.6 | |||||
Initial Acquisition Cost [Member] | Advertising Structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 2.4 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 2.4 | 2.4 | |||||
Initial Acquisition Cost [Member] | Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 5.4 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 5.4 | 5.4 | |||||
Initial Acquisition Cost [Member] | Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 5.4 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 5.4 | 5.4 | |||||
Initial Acquisition Cost [Member] | Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 0 | 0 | |||||
Costs Capitalized Subsequent to Acquisition [Member] | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 12.7 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 12.7 | 12.7 | |||||
Costs Capitalized Subsequent to Acquisition [Member] | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 12.7 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 12.7 | 12.7 | |||||
Costs Capitalized Subsequent to Acquisition [Member] | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 0 | $ 0 | |||||
New Investments | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 9.1 | 8 | 98 | ||||
Redevelopments | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 23.7 | 23.9 | 21.6 | ||||
Recurring Capital Expenditures | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 14.5 | 16.4 | 17 | ||||
Purchase price accounting adjustments | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 1 | (13.1) | 0 | ||||
Land Acquisitions | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | $ 0.6 | $ 4.8 | $ 0 | ||||
[1] | Includes sites under construction. | ||||||
[2] | single asset exceeded 5% of the total gross carrying amount as of December 31, 2016. |