Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 03, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | OUTFRONT Media Inc. | |
Entity Central Index Key | 1,579,877 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 138,624,217 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 23.1 | $ 65.2 |
Receivables, less allowance ($9.4 in 2017 and $9.2 in 2016) | 237.7 | 222 |
Prepaid lease and transit franchise costs | 66.5 | 67.4 |
Other prepaid expenses | 13.7 | 15.8 |
Other current assets | 9.2 | 7.8 |
Total current assets | 350.2 | 378.2 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 677.1 | 665 |
Goodwill | 2,135.7 | 2,089.4 |
Intangible assets | 572.9 | 545.3 |
Other assets | 64.8 | 60.6 |
Total assets | 3,800.7 | 3,738.5 |
Liabilities, Current [Abstract] | ||
Accounts payable | 55.6 | 85.6 |
Accrued compensation | 23 | 33.9 |
Accrued interest | 16 | 15.7 |
Accrued lease costs | 26.8 | 26.7 |
Other accrued expenses | 45.3 | 54.8 |
Deferred revenues | 27.7 | 20.2 |
Short-term debt | 85 | 0 |
Other current liabilities | 18 | 14.6 |
Total current liabilities | 297.4 | 251.5 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt, net | 2,143.6 | 2,136.8 |
Deferred income tax liabilities, net | 20.5 | 8.5 |
Asset retirement obligation | 34.8 | 34.1 |
Other liabilities | 77.8 | 74.6 |
Total liabilities | 2,574.1 | 2,505.5 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock (2017 - 450.0 shares authorized, and 138.6 shares issued and outstanding; 2016 - 450.0 shares authorized, and 138.0 issued and outstanding) | 1.4 | 1.4 |
Additional paid-in capital | 1,953.9 | 1,949.5 |
Distribution in excess of earnings | (760.3) | (699.5) |
Accumulated other comprehensive loss | (13.1) | (18.5) |
Total stockholders' equity | 1,181.9 | 1,232.9 |
Non-controlling interests | 44.7 | 0.1 |
Total equity | 1,226.6 | 1,233 |
Total liabilities and equity | $ 3,800.7 | $ 3,738.5 |
Consolidated Statement of Fina3
Consolidated Statement of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 9.4 | $ 9.2 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares Issued | 138,617,908 | 138,044,896 |
Common Stock, Shares Outstanding | 138,617,908 | 138,044,896 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues [Abstract] | ||||
Billboard | $ 274.2 | $ 273.6 | $ 510.2 | $ 524 |
Transit and other | 122 | 111.7 | 216.6 | 209.7 |
Total revenues | 396.2 | 385.3 | 726.8 | 733.7 |
Expenses: | ||||
Operating | 213.3 | 201.6 | 405.2 | 401.4 |
Selling, general and administrative | 66.4 | 65.2 | 130.3 | 130.5 |
Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 |
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 |
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
Depreciation | 23.1 | 28.5 | 46 | 57.6 |
Amortization | 25.4 | 30.4 | 49.1 | 58.7 |
Total expenses | 331.2 | 326.3 | 635.8 | 650.5 |
Operating income | 65 | 59 | 91 | 83.2 |
Interest expense, net | (28.6) | (28.7) | (56.7) | (57.3) |
Other income, net | 0.1 | 0.2 | 0.1 | 0 |
Income before benefit for income taxes and equity in earnings of investee companies | 36.5 | 30.5 | 34.4 | 25.9 |
Benefit (provision) for income taxes | (0.9) | (3.4) | 2.8 | (2.1) |
Equity in earnings of investee companies, net of tax | 1.5 | 1.4 | 2.4 | 2.4 |
Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.27 | $ 0.21 | $ 0.29 | $ 0.19 |
Diluted (in dollars per share) | $ 0.27 | $ 0.21 | $ 0.28 | $ 0.19 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 138.6 | 137.9 | 138.4 | 137.8 |
Diluted (in shares) | 139.3 | 138.3 | 139.1 | 138.2 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 |
Other comprehensive income, net of tax: | ||||
Cumulative translation adjustments | 4.4 | 99.9 | 5.5 | 106.4 |
Net actuarial gain (loss) | (0.1) | 0.1 | (0.1) | (0.4) |
Total other comprehensive income, net of tax | 4.3 | 100 | 5.4 | 106 |
Total comprehensive income | $ 41.4 | $ 128.5 | $ 45 | $ 132.2 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Distribution in Excess of Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total stockholders' equity | $ 1,212.6 | |||||
Total equity, Beginning Balance at Dec. 31, 2015 | 1,212.6 | $ 1.4 | $ 1,934.3 | $ (602.2) | $ (120.9) | |
Shares of Common Stock at Dec. 31, 2015 | 137,600,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 26.2 | 26.2 | ||||
Other comprehensive income (loss) | 106 | 106 | ||||
Other Comprehensive Income (Loss), Net of Tax | 106 | |||||
Stock-based payments: Vested (shares) | 500,000 | |||||
Stock-based payments: Amortization | 9.3 | 9.3 | ||||
Shares paid for tax withholding for stock-based payments (shares) | (200,000) | |||||
Shares paid for tax withholding for stock-based payments | (4.3) | (4.3) | ||||
Dividends | (94.2) | (94.2) | ||||
Shares of Common Stock at Jun. 30, 2016 | 137,900,000 | |||||
Total equity, Ending Balance at Jun. 30, 2016 | 1,255.6 | $ 1.4 | 1,939.3 | (670.2) | (14.9) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total stockholders' equity | 1,255.6 | |||||
Non-controlling interests | $ 0 | |||||
Total stockholders' equity | 1,232.9 | |||||
Non-controlling interests | 0.1 | 0.1 | ||||
Total equity, Beginning Balance at Dec. 31, 2016 | $ 1,233 | $ 1.4 | 1,949.5 | (699.5) | (18.5) | |
Shares of Common Stock at Dec. 31, 2016 | 138,044,896 | 138,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 39.6 | 39.6 | ||||
Other comprehensive income (loss) | 5.4 | 5.4 | ||||
Other Comprehensive Income (Loss), Net of Tax | 5.4 | |||||
Stock-based payments: Vested (shares) | 700,000 | |||||
Stock-based payments: Amortization | 10.9 | 10.9 | ||||
Stock-based payments: Amortization | Adjustments for New Accounting Pronouncement | 0 | 0.5 | (0.5) | |||
Share-based payments: Exercise of stock options | 1.2 | 1.2 | ||||
Share-based payments: Exercise of stock options (shares) | 200,000 | |||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||
Shares paid for tax withholding for stock-based payments | (8.2) | (8.2) | ||||
Dividends | (99.9) | (99.9) | ||||
Issuance of shares of a subsidiary | $ 44.6 | 44.6 | ||||
Shares of Common Stock at Jun. 30, 2017 | 138,617,908 | 138,600,000 | ||||
Total equity, Ending Balance at Jun. 30, 2017 | $ 1,226.6 | $ 1.4 | $ 1,953.9 | $ (760.3) | $ (13.1) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total stockholders' equity | 1,181.9 | |||||
Non-controlling interests | $ 44.7 | $ 44.7 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities: | ||
Net income | $ 39.6 | $ 26.2 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 95.1 | 116.3 |
Deferred tax benefit | (5.3) | (1.8) |
Stock-based compensation | 10.9 | 9.3 |
Provision for doubtful accounts | 0.9 | 2.3 |
Accretion expense | 1.2 | 1.2 |
Loss on real estate assets held for sale | 0 | 1.3 |
Net loss on dispositions | 0.5 | 0.6 |
Equity in earnings of investee companies, net of tax | (2.4) | (2.4) |
Distributions from investee companies | 2 | 1.6 |
Amortization of deferred financing costs and debt discount and premium | 3.2 | 3.2 |
Cash paid for direct lease acquisition costs | (20.3) | (19.3) |
Change in assets and liabilities, net of investing and financing activities | (46.3) | (33.8) |
Net cash flow provided by (used for) operating activities | 79.1 | 104.7 |
Investing Activities: | ||
Capital expenditures | (42.2) | (30) |
Acquisitions | (57.8) | (61.3) |
Net proceeds from dispositions | 0.1 | 87.9 |
Net cash flow provided by (used for) investing activities | (99.9) | (3.4) |
Financing Activities: | ||
Proceeds from long-term borrowings - term loan | 8.3 | 0 |
Repayments of long-term borrowings - term loan | 0 | (40) |
Proceeds from borrowings under revolving credit facility | 90 | 35 |
Repayments of borrowings under revolving credit facility | (5) | (35) |
Payments of deferred financing costs | (7.5) | (0.4) |
Proceeds from stock option exercises | 1.2 | 0 |
Taxes withheld for stock-based compensation | (8.1) | (6.8) |
Dividends | (100.4) | (94.7) |
Other | (0.2) | (0.2) |
Net cash flow provided by (used for) financing activities | (21.7) | (142.1) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.2 |
Net decrease in cash and cash equivalents | (42.1) | (40.6) |
Cash and cash equivalents at beginning of period | 65.2 | 101.6 |
Cash and cash equivalents at end of period | 23.1 | 61 |
Supplemental disclosure of cash flow Information: | ||
Cash paid for income taxes | 3.3 | 0.7 |
Cash paid for interest | 53.2 | 57.9 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 7.1 | 6.6 |
Equity interest of a subsidiary issued for an acquisition (value) | $ 44.6 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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 to 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 approximately 150 markets across the U.S. and Canada. We 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 10. 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 the three months ended March 31, 2016. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC on February 23, 2017 . |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance that 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. We have elected to account for forfeitures as they occur, which we adopted on a modified retrospective basis and resulted in an increase of $0.5 million to Additional paid in capital , offset by a decrease of $0.5 million to Distribution in excess of earnings on our Consolidated Statement of Financial Position and Consolidated Statement of Equity as of June 30, 2017 . Business Combinations During the first quarter of 2017, we adopted the FASB’s guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is being applied on a prospective basis. Adoption of this guidance did not have a material effect on our consolidated 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. 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. 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. and approximately 3,200 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and planning for the implementation of this standard. 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 new lease standard. 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 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, December 31, Land $ 94.2 $ 90.7 Buildings 20 to 40 years 50.4 48.2 Advertising structures (a) 5 to 20 years 1,744.8 1,696.6 Furniture, equipment and other 3 to 10 years 95.7 88.5 Construction in progress 43.8 37.2 2,028.9 1,961.2 Less: accumulated depreciation 1,351.8 1,296.2 Property and equipment, net $ 677.1 $ 665.0 (a) As of June 30, 2017 , includes $14.2 million associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions ). Depreciation expense was $23.1 million in the three months ended June 30, 2017 , $28.5 million in the three months ended June 30, 2016 , $46.0 million in the six months ended June 30, 2017 , and $57.6 million in the six months ended June 30, 2016 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets For the six months ended June 30, 2017 and the year ended December 31, 2016 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total 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 Currency translation adjustments — 2.2 2.2 Additions (a) — 44.1 44.1 As of June 30, 2017 $ 2,054.0 $ 81.7 $ 2,135.7 (a) Non-tax deductible addition associated with the Transaction (as defined below, see Note 10. Acquisitions and 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 June 30, 2017: Permits and leasehold agreements (a) $ 1,088.4 $ (657.6 ) $ 430.8 Franchise agreements 452.5 (341.3 ) 111.2 Other intangible assets (a) 52.0 (21.1 ) 30.9 Total intangible assets $ 1,592.9 $ (1,020.0 ) $ 572.9 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 (a) Includes additions associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions ). All of our identifiable intangible assets, except goodwill, are subject to amortization. Amortization expense was $25.4 million in the three months ended June 30, 2017 , $30.4 million in the three months ended June 30, 2016 , $49.1 million in the six months ended June 30, 2017 , and $58.7 million in the six months ended June 30, 2016 , which includes the amortization of direct lease acquisition costs of $10.2 million in the three months ended June 30, 2017 , $10.1 million in the three months ended June 30, 2016 , $18.9 million in the six months ended June 30, 2017 , and $19.0 million in the six months ended June 30, 2016 |
Asset Retirement Obligation
Asset Retirement Obligation | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2016 $ 34.1 Accretion expense 1.2 Additions 0.1 Liabilities settled (0.7 ) Foreign currency translation adjustments 0.1 As of June 30, 2017 $ 34.8 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and three joint ventures which operate a total of 15 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $22.6 million as of June 30, 2017 , and $21.7 million as of December 31, 2016 , and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $2.0 million in the three months ended June 30, 2017 , $1.8 million in the three months ended June 30, 2016 , and $3.5 million in each of the six months ended June 30, 2017 and 2016 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt, net, consists of the following: As of (in millions, except percentages) June 30, December 31, Term loan $ 667.6 $ 659.0 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.5 549.5 5.625% senior unsecured notes, due 2024 502.8 503.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.3 1,502.5 Debt issuance costs (26.3 ) (24.7 ) Total long-term debt, net $ 2,143.6 $ 2,136.8 Weighted average cost of debt 4.8 % 4.8 % On March 16, 2017, the Company, along with its wholly owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for (i) the extension of the maturity date of the Borrower’s existing revolving credit facility (the “Revolving Credit Facility”) from January 31, 2019, to March 16, 2022, (ii) the extension of the maturity date of the Borrower’s existing term loan (the “Term Loan” and together with the Revolving Credit Facility, the “Senior Credit Facilities”) from January 31, 2021, to March 16, 2024, (iii) an increase to the Revolving Credit Facility by $5.0 million to $430.0 million , (iv) the incurrence of a $10.0 million incremental term loan primarily to cover transaction fees and expenses, which increases the outstanding principal balance of the Term Loan to $670.0 million , and (v) revisions to certain provisions of the Credit Agreement to, among other things, lower the interest rate floor for all loans to 0.0% and update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness), as well as include other ministerial changes to the Credit Agreement. The remaining terms of the Credit Agreement, as amended by the Amendment, are substantially the same as the terms under the existing Credit Agreement, including with respect to events of default and loan acceleration. On June 30, 2017, certain subsidiaries of the Company entered into a three-year $100.0 million revolving accounts receivable securitization facility (the “AR Facility”) with The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as a committed purchaser, group agent and administrative agent (“BTMU”). Term Loan The interest rate on the Term Loan was 3.5% per annum as of June 30, 2017 . As of June 30, 2017 , a discount of $2.4 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net , on the Consolidated Statement of Operations. Revolving Credit Facility As of June 30, 2017 , there were $85.0 million of outstanding borrowings under the Revolving Credit Facility at a weighted average borrowing rate of approximately 3.1% . The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in the three months ended June 30, 2017 , $0.5 million in the three months ended June 30, 2016 , $0.6 million in the six months ended June 30, 2017 , and $1.0 million in the six months ended June 30, 2016 . As of June 30, 2017 , we had issued letters of credit totaling approximately $1.5 million against the Revolving Credit Facility. As of August 4, 2017 , there were no outstanding borrowings under the Revolving Credit Facility. Accounts Receivable Securitization Facility On June 30, 2017, we entered into a three-year, $100.0 million AR Facility. In connection with the AR Facility, Outfront Media LLC, a wholly-owned subsidiary of the Company, will sell and/or contribute its existing and future accounts receivable and certain related assets to Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company (the “SPV”). The SPV will transfer an undivided interest in the accounts receivable to certain purchasers from time to time (the “Purchasers”). Outfront Media LLC will service the accounts receivables on behalf of the SPV for a fee. The SPV has granted the Purchasers a security interest in all of its assets, which primarily consist of the accounts receivable relating to the Company’s qualified REIT subsidiaries, in order to secure its obligations under the agreements governing the AR Facility. The Company has agreed to guarantee the performance of Outfront Media LLC, in its capacity as originator and servicer, of its obligations under the agreements governing the AR Facility. Neither Outfront Media LLC nor the SPV guarantees the collectability of the receivables under the AR Facility. In addition, the SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV’s assets before the assets become available to the Company. Accordingly, the SPV’s assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPV may be remitted to the Company. The AR Facility is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings will be presented as liabilities on our Consolidated Statements of Financial Position, (ii) our Consolidated Statements of Operations reflect the associated charges for bad debt expense related to pledged accounts receivable (a component of selling, general and administrative expenses) and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows. As of June 30, 2017, there were no outstanding borrowings under the AR Facility. The total fees under the AR Facility were immaterial for each of the three and six months ended June 30, 2017 . As of August 4, 2017 , there were $70.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.1% , which were used to repay amounts under the Revolving Credit Facility. Senior Unsecured Notes As of June 30, 2017 , 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 June 30, 2017 , a premium of $2.8 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. Debt Covenants The Credit Agreement governing the Senior Credit Facilities, the agreements governing the AR 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, 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 third party transfers. The terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of June 30, 2017 , our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted to give pro forma effect to an acquisition, in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2017 , our Consolidated Total Leverage Ratio was 5.0 to 1.0, as adjusted to give pro forma effect to an acquisition, in accordance with the Credit Agreement. As of June 30, 2017 , we are in compliance with our debt covenants. Letter of Credit Facilities In May 2017, we increased our aggregate letter of credit facilities from $80.0 million to $111.8 million . As of June 30, 2017 , we had issued letters of credit totaling approximately $96.0 million under our aggregate $111.8 million letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2017 and 2016 . Deferred Financing Costs As of June 30, 2017 , we had deferred $31.2 million in fees and expenses associated with the Term Loan, Revolving 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 and our senior unsecured notes. Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.3 billion as of June 30, 2017 , and $2.2 billion as of December 31, 2016 . The fair value of our debt as of both June 30, 2017 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Equity | Equity On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s existing outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”) (see Note 10. Acquisitions and Dispositions ). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”). The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability . As of June 30, 2017 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 138,617,908 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. On July 25, 2017 , we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on September 29, 2017 , to stockholders of record at the close of business on September 8, 2017 |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | Restructuring Charges For the three months ended June 30, 2017 , we recorded restructuring charges of $2.9 million , of which $2.8 million was recorded in Other for severance charges associated with the Transaction and $0.1 million was recorded in our U.S. Media segment. For the six months ended June 30, 2017 , we recorded restructuring charges of $4.7 million , of which $2.8 million was recorded in Other for severance charges associated with the Transaction and $1.9 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. For each of the three and six months ended June 30, 2016 , we recorded restructuring charges of $0.4 million in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of June 30, 2017 , $4.2 million in restructuring reserves remained outstanding and is included in Other current liabilities |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In connection with the Transaction, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million , or 1,953,407 shares, of Class A equity interests of Outfront Canada, subject to post-closing adjustments (upward or downward) for closing date working capital and indebtedness, and for the achievement of certain operating income before depreciation and amortization targets relating to All Vision’s assets in 2017 and 2018. The issued Class A equity interests of Outfront Canada are redeemable non-controlling interests and are included in Non-controlling interests on our Consolidated Statement of Financial Position based on actual foreign currency exchange rates on the closing date of the Transaction compared to the negotiated foreign currency exchange rate used in the valuation described above. The preliminary allocation of the purchase price of approximately $94.4 million is based on management’s estimate of the fair value of the assets acquired and liabilities assumed on the closing date of the Transaction, which was $50.3 million of identified intangible assets, $44.1 million of goodwill, $14.6 million of deferred tax liabilities and $14.6 million of other assets and liabilities (primarily property and equipment). These preliminary estimates may be revised in future periods. Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill. Including the Transaction, we completed several acquisitions for a total purchase price of approximately $102.4 million in the six months ended June 30, 2017 , and $61.3 million in the six months ended June 30, 2016 . Dispositions On April 1, 2016, we completed the Disposition and received $82.0 million |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2017 and 2016 . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 5.5 $ 4.5 $ 10.8 $ 9.2 Stock options — — 0.1 0.1 Stock-based compensation expense, before income taxes 5.5 4.5 10.9 9.3 Tax benefit (0.5 ) (0.5 ) (1.0 ) (1.0 ) Stock-based compensation expense, net of tax $ 5.0 $ 4.0 $ 9.9 $ 8.3 As of June 30, 2017 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $28.0 million , which is expected to be recognized over a weighted average period of 2.1 years , and total unrecognized compensation cost related to non-vested stock options was immaterial. RSUs and PRSUs The following table summarizes activity for the six months ended June 30, 2017 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2016 1,637,141 $ 22.71 Granted: RSUs 522,064 26.92 PRSUs 254,931 27.17 Vested: RSUs (521,920 ) 23.26 PRSUs (197,341 ) 24.18 Forfeitures: RSUs (22,897 ) 24.05 PRSUs (22,350 ) 19.01 Non-vested as of June 30, 2017 1,649,628 24.41 Stock Options The following table summarizes activity for the six months ended June 30, 2017 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2016 294,897 $ 15.72 Exercised (129,604 ) 9.37 Outstanding as of June 30, 2017 165,293 20.69 Exercisable as of June 30, 2017 139,439 19.64 |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Components of net periodic pension cost: Service cost $ 0.4 $ 0.3 $ 0.7 $ 0.7 Interest cost 0.4 0.5 0.9 0.9 Expected return on plan assets (0.6 ) (0.6 ) (1.1 ) (1.1 ) Amortization of net actuarial losses (a) 0.2 0.2 0.3 0.3 Net periodic pension cost $ 0.4 $ 0.4 $ 0.8 $ 0.8 (a) Reflects amounts reclassified from accumulated other comprehensive income to net income. In the six months ended June 30, 2017 , we contributed $1.1 million to our pension plans. In 2017 , we expect to contribute approximately $2.2 million |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we 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, we have provided for their federal, state and foreign income taxes. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three and six months ended June 30, 2017 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Net income $ 37.1 $ 28.5 $ 39.6 $ 26.2 Weighted average shares for basic EPS 138.6 137.9 138.4 137.8 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.3 0.4 0.5 0.4 Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary (b) 0.4 — 0.2 — Weighted average shares for diluted EPS 139.3 138.3 139.1 138.2 (a) The potential impact of an aggregate 0.6 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2017 , 0.5 million in the three months ended June 30, 2016 , 0.4 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2017 , and 0.5 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2016 , were antidilutive. (b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 8. Equity |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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 New York 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 May 26, 2017, we entered into an agreement with the MTA to extend the expiration of our existing contracts for transit advertising services to September 30, 2017, unless earlier terminated by the MTA on 30 days’ notice. 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 $125.1 million as of June 30, 2017 , and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As of April 1, 2016, we 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 . The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Revenues: U.S. Media $ 367.1 $ 356.5 $ 674.2 $ 669.1 Other 29.1 28.8 52.6 64.6 Total revenues $ 396.2 $ 385.3 $ 726.8 $ 733.7 We present Operating income before Depreciation , Amortization , Net loss on dispositions, Stock-based compensation, Restructuring charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with the FASB guidance for segment reporting. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Net income $ 37.1 $ 28.5 $ 39.6 $ 26.2 (Benefit) provision for income taxes 0.9 3.4 (2.8 ) 2.1 Equity in earnings of investee companies, net of tax (1.5 ) (1.4 ) (2.4 ) (2.4 ) Interest expense, net 28.6 28.7 56.7 57.3 Other expense, net (0.1 ) (0.2 ) (0.1 ) — Operating income 65.0 59.0 91.0 83.2 Restructuring charges 2.9 0.4 4.7 0.4 Loss on real estate assets held for sale — — — 1.3 Net loss on dispositions 0.1 0.2 0.5 0.6 Depreciation and amortization 48.5 58.9 95.1 116.3 Stock-based compensation 5.5 4.5 10.9 9.3 Total Adjusted OIBDA $ 122.0 $ 123.0 $ 202.2 $ 211.1 Adjusted OIBDA: U.S. Media $ 128.3 $ 123.7 $ 220.7 $ 218.6 Other 4.0 8.4 2.9 10.6 Corporate (10.3 ) (9.1 ) (21.4 ) (18.1 ) Total Adjusted OIBDA $ 122.0 $ 123.0 $ 202.2 $ 211.1 Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Operating income (loss): U.S. Media $ 83.9 $ 69.7 $ 131.4 $ 112.8 Other (3.1 ) 2.9 (8.1 ) (2.2 ) Corporate (15.8 ) (13.6 ) (32.3 ) (27.4 ) Total operating income $ 65.0 $ 59.0 $ 91.0 $ 83.2 Net loss on dispositions: U.S. Media $ 0.1 $ 0.2 $ 0.5 $ 0.6 Total loss on dispositions $ 0.1 $ 0.2 $ 0.5 $ 0.6 Depreciation and amortization: U.S. Media $ 44.2 $ 53.4 $ 86.9 $ 104.8 Other 4.3 5.5 8.2 11.5 Total depreciation and amortization $ 48.5 $ 58.9 $ 95.1 $ 116.3 Capital expenditures: U.S. Media $ 23.7 $ 15.1 $ 39.5 $ 28.6 Other 1.9 0.5 2.7 1.4 Total capital expenditures $ 25.6 $ 15.6 $ 42.2 $ 30.0 As of (in millions) June 30, 2017 December 31, 2016 Assets: U.S. Media $ 3,534.0 $ 3,578.8 Other 247.6 145.5 Corporate 19.1 14.2 Total assets $ 3,800.7 $ 3,738.5 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. Debt ). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries, including the SPV; (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 June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 13.6 $ 3.3 $ 6.2 $ — $ 23.1 Receivables, less allowance — — 46.3 220.8 (29.4 ) 237.7 Other current assets — 1.2 76.9 21.3 (10.0 ) 89.4 Total current assets — 14.8 126.5 248.3 (39.4 ) 350.2 Property and equipment, net — — 620.0 57.1 — 677.1 Goodwill — — 2,059.9 75.8 — 2,135.7 Intangible assets — — 521.0 51.9 — 572.9 Investment in subsidiaries 1,226.6 3,462.6 411.7 — (5,100.9 ) — Other assets — 3.8 58.7 2.3 — 64.8 Intercompany — — 123.8 148.3 (272.1 ) — Total assets $ 1,226.6 $ 3,481.2 $ 3,921.6 $ 583.7 $ (5,412.4 ) $ 3,800.7 Total current liabilities $ — $ 111.0 $ 206.4 $ 19.4 $ (39.4 ) $ 297.4 Long-term debt, net — 2,143.6 — — — 2,143.6 Deferred income tax liabilities, net — — 0.8 19.7 — 20.5 Asset retirement obligation — — 30.1 4.7 — 34.8 Deficit in excess of investment of subsidiaries — — 2,236.0 — (2,236.0 ) — Other liabilities — — 73.4 4.4 — 77.8 Intercompany — — 148.3 123.8 (272.1 ) — Total liabilities — 2,254.6 2,695.0 172.0 (2,547.5 ) 2,574.1 Total stockholders’ equity 1,181.9 1,181.9 1,181.9 411.7 (2,775.5 ) 1,181.9 Non-controlling interests 44.7 44.7 44.7 — (89.4 ) 44.7 Total equity 1,226.6 1,226.6 1,226.6 411.7 (2,864.9 ) 1,226.6 Total liabilities and equity $ 1,226.6 $ 3,481.2 $ 3,921.6 $ 583.7 $ (5,412.4 ) $ 3,800.7 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, net — 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 Three Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 259.2 $ 15.0 $ — $ 274.2 Transit and other — — 118.7 3.3 — 122.0 Total revenues — — 377.9 18.3 — 396.2 Expenses: Operating — — 201.5 11.8 — 213.3 Selling, general and administrative 0.4 0.1 62.4 3.5 — 66.4 Restructuring charges — — — 2.9 — 2.9 Net gain on dispositions — — 0.1 — — 0.1 Depreciation — — 20.2 2.9 — 23.1 Amortization — — 24.5 0.9 — 25.4 Total expenses 0.4 0.1 308.7 22.0 — 331.2 Operating income (loss) (0.4 ) (0.1 ) 69.2 (3.7 ) — 65.0 Interest income (expense), net — (28.5 ) (0.2 ) 0.1 — (28.6 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.4 ) (28.6 ) 69.0 (3.5 ) — 36.5 Benefit (provision) for income taxes — — (1.9 ) 1.0 — (0.9 ) Equity in earnings of investee companies, net of tax 37.5 66.1 (29.6 ) 0.3 (72.8 ) 1.5 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Total other comprehensive income, net of tax 4.3 4.3 4.3 4.3 (12.9 ) 4.3 Total comprehensive income $ 41.4 $ 41.8 $ 41.8 $ 2.1 $ (85.7 ) $ 41.4 Three Months Ended June 30, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 258.7 $ 14.9 $ — $ 273.6 Transit and other — — 108.3 3.4 — 111.7 Total revenues — — 367.0 18.3 — 385.3 Expenses: Operating — — 191.2 10.4 — 201.6 Selling, general and administrative 0.3 — 61.6 3.3 — 65.2 Restructuring charges — — 0.4 — — 0.4 Net gain on dispositions — — 0.2 — — 0.2 Depreciation — — 24.5 4.0 — 28.5 Amortization — — 29.8 0.6 — 30.4 Total expenses 0.3 — 307.7 18.3 — 326.3 Operating income (loss) (0.3 ) — 59.3 — — 59.0 Interest expense, net — (28.7 ) — — — (28.7 ) Other income, net — — — 0.2 — 0.2 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.3 ) (28.7 ) 59.3 0.2 — 30.5 Provision for income taxes — — (3.4 ) — — (3.4 ) Equity in earnings of investee companies, net of tax 28.8 57.5 (27.1 ) 0.3 (58.1 ) 1.4 Net income $ 28.5 $ 28.8 $ 28.8 $ 0.5 $ (58.1 ) $ 28.5 Net income $ 28.5 $ 28.8 $ 28.8 $ 0.5 $ (58.1 ) $ 28.5 Total other comprehensive income, net of tax 100.0 100.0 100.0 100.0 (300.0 ) 100.0 Total comprehensive income $ 128.5 $ 128.8 $ 128.8 $ 100.5 $ (358.1 ) $ 128.5 Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 484.3 $ 25.9 $ — $ 510.2 Transit and other — — 211.0 5.6 — 216.6 Total revenues — — 695.3 31.5 — 726.8 Expenses: Operating — — 381.9 23.3 — 405.2 Selling, general and administrative 0.8 0.8 121.7 7.0 — 130.3 Restructuring charges — — 1.8 2.9 — 4.7 Net gain on dispositions — — 0.5 — — 0.5 Depreciation — — 40.2 5.8 — 46.0 Amortization — — 47.7 1.4 — 49.1 Total expenses 0.8 0.8 593.8 40.4 — 635.8 Operating income (loss) (0.8 ) (0.8 ) 101.5 (8.9 ) — 91.0 Interest income (expense), net — (56.5 ) (0.3 ) 0.1 — (56.7 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.8 ) (57.3 ) 101.2 (8.7 ) — 34.4 Benefit for income taxes — — — 2.8 — 2.8 Equity in earnings of investee companies, net of tax 40.4 97.7 (60.8 ) 0.4 (75.3 ) 2.4 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Total other comprehensive income, net of tax 5.4 5.4 5.4 5.4 (16.2 ) 5.4 Total comprehensive income (loss) $ 45.0 $ 45.8 $ 45.8 $ (0.1 ) $ (91.5 ) $ 45.0 Six Months Ended June 30, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 487.0 $ 37.0 $ — $ 524.0 Transit and other — — 202.9 6.8 — 209.7 Total revenues — — 689.9 43.8 — 733.7 Expenses: Operating — — 371.3 30.1 — 401.4 Selling, general and administrative 0.7 0.1 120.0 9.7 — 130.5 Restructuring charges — — 0.4 — — 0.4 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net loss on dispositions — — 0.6 — — 0.6 Depreciation — — 49.1 8.5 — 57.6 Amortization — — 57.2 1.5 — 58.7 Total expenses 0.7 0.1 598.6 51.1 — 650.5 Operating income (loss) (0.7 ) (0.1 ) 91.3 (7.3 ) — 83.2 Interest expense, net — (57.2 ) (0.1 ) — — (57.3 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.7 ) (57.3 ) 91.2 (7.3 ) — 25.9 Provision for income taxes — — (2.1 ) — — (2.1 ) Equity in earnings of investee companies, net of tax 26.9 84.2 (62.2 ) 0.4 (46.9 ) 2.4 Net income (loss) $ 26.2 $ 26.9 $ 26.9 $ (6.9 ) $ (46.9 ) $ 26.2 Net income (loss) $ 26.2 $ 26.9 $ 26.9 $ (6.9 ) $ (46.9 ) $ 26.2 Total other comprehensive income, net of tax 106.0 106.0 106.0 106.0 (318.0 ) 106.0 Total comprehensive income $ 132.2 $ 132.9 $ 132.9 $ 99.1 $ (364.9 ) $ 132.2 Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (53.8 ) $ 132.5 $ 1.2 $ — $ 79.1 Investing activities: Capital expenditures — — (39.5 ) (2.7 ) — (42.2 ) Acquisitions — — (6.2 ) (51.6 ) — (57.8 ) Net proceeds from dispositions — — 0.1 — — 0.1 Net cash flow used for investing activities — — (45.6 ) (54.3 ) — (99.9 ) Financing activities: Proceeds from long-term borrowings - term loan — 8.3 — — — 8.3 Proceeds from borrowings under revolving credit facility — 90.0 — — — 90.0 Repayments of borrowings under revolving credit facility — (5.0 ) — — — (5.0 ) Payments of deferred financing costs — (7.5 ) — — — (7.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Taxes withheld for stock-based compensation — — (8.1 ) — — (8.1 ) Dividends (100.4 ) — — — — (100.4 ) Intercompany 100.0 (29.8 ) (111.1 ) 40.9 — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.8 56.0 (119.4 ) 40.9 — (21.7 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.4 — 0.4 Net increase (decrease) in cash and cash equivalents — 2.2 (32.5 ) (11.8 ) — (42.1 ) Cash and cash equivalents at beginning of period — 11.4 35.8 18.0 — 65.2 Cash and cash equivalents at end of period $ — $ 13.6 $ 3.3 $ 6.2 $ — $ 23.1 Six Months Ended June 30, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (58.1 ) $ 161.3 $ 2.3 $ — $ 104.7 Investing activities: Capital expenditures — — (28.6 ) (1.4 ) — (30.0 ) Acquisitions — — (61.3 ) — — (61.3 ) Net proceeds from dispositions — — 0.4 87.5 — 87.9 Net cash flow provided by (used for) investing activities — — (89.5 ) 86.1 — (3.4 ) Financing activities: Repayments of long-term borrowings -term loan — (40.0 ) — — — (40.0 ) Proceeds from borrowings under revolving credit facility — 35.0 — — — 35.0 Repayments of borrowings under revolving credit facility — (35.0 ) — — — (35.0 ) Payments of deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (6.8 ) — — (6.8 ) Dividends (94.7 ) — — — — (94.7 ) Intercompany 95.5 39.6 (58.9 ) (76.2 ) — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.8 (0.8 ) (65.9 ) (76.2 ) — (142.1 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.2 — 0.2 Net increase (decrease) in cash and cash equivalents — (58.9 ) 5.9 12.4 — (40.6 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 22.7 $ 14.4 $ 23.9 $ — $ 61.0 |
Description of Business and B26
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance that 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. We have elected to account for forfeitures as they occur, which we adopted on a modified retrospective basis and resulted in an increase of $0.5 million to Additional paid in capital , offset by a decrease of $0.5 million to Distribution in excess of earnings on our Consolidated Statement of Financial Position and Consolidated Statement of Equity as of June 30, 2017 . Business Combinations During the first quarter of 2017, we adopted the FASB’s guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is being applied on a prospective basis. Adoption of this guidance did not have a material effect on our consolidated financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, December 31, Land $ 94.2 $ 90.7 Buildings 20 to 40 years 50.4 48.2 Advertising structures (a) 5 to 20 years 1,744.8 1,696.6 Furniture, equipment and other 3 to 10 years 95.7 88.5 Construction in progress 43.8 37.2 2,028.9 1,961.2 Less: accumulated depreciation 1,351.8 1,296.2 Property and equipment, net $ 677.1 $ 665.0 (a) As of June 30, 2017 , includes $14.2 million associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the six months ended June 30, 2017 and the year ended December 31, 2016 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total 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 Currency translation adjustments — 2.2 2.2 Additions (a) — 44.1 44.1 As of June 30, 2017 $ 2,054.0 $ 81.7 $ 2,135.7 (a) Non-tax deductible addition associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of June 30, 2017: Permits and leasehold agreements (a) $ 1,088.4 $ (657.6 ) $ 430.8 Franchise agreements 452.5 (341.3 ) 111.2 Other intangible assets (a) 52.0 (21.1 ) 30.9 Total intangible assets $ 1,592.9 $ (1,020.0 ) $ 572.9 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 (a) Includes additions associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2016 $ 34.1 Accretion expense 1.2 Additions 0.1 Liabilities settled (0.7 ) Foreign currency translation adjustments 0.1 As of June 30, 2017 $ 34.8 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt, net, consists of the following: As of (in millions, except percentages) June 30, December 31, Term loan $ 667.6 $ 659.0 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.5 549.5 5.625% senior unsecured notes, due 2024 502.8 503.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.3 1,502.5 Debt issuance costs (26.3 ) (24.7 ) Total long-term debt, net $ 2,143.6 $ 2,136.8 Weighted average cost of debt 4.8 % 4.8 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2017 and 2016 . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 5.5 $ 4.5 $ 10.8 $ 9.2 Stock options — — 0.1 0.1 Stock-based compensation expense, before income taxes 5.5 4.5 10.9 9.3 Tax benefit (0.5 ) (0.5 ) (1.0 ) (1.0 ) Stock-based compensation expense, net of tax $ 5.0 $ 4.0 $ 9.9 $ 8.3 |
Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2017 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2016 1,637,141 $ 22.71 Granted: RSUs 522,064 26.92 PRSUs 254,931 27.17 Vested: RSUs (521,920 ) 23.26 PRSUs (197,341 ) 24.18 Forfeitures: RSUs (22,897 ) 24.05 PRSUs (22,350 ) 19.01 Non-vested as of June 30, 2017 1,649,628 24.41 |
Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2017 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2016 294,897 $ 15.72 Exercised (129,604 ) 9.37 Outstanding as of June 30, 2017 165,293 20.69 Exercisable as of June 30, 2017 139,439 19.64 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Components of net periodic pension cost: Service cost $ 0.4 $ 0.3 $ 0.7 $ 0.7 Interest cost 0.4 0.5 0.9 0.9 Expected return on plan assets (0.6 ) (0.6 ) (1.1 ) (1.1 ) Amortization of net actuarial losses (a) 0.2 0.2 0.3 0.3 Net periodic pension cost $ 0.4 $ 0.4 $ 0.8 $ 0.8 (a) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Net income $ 37.1 $ 28.5 $ 39.6 $ 26.2 Weighted average shares for basic EPS 138.6 137.9 138.4 137.8 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.3 0.4 0.5 0.4 Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary (b) 0.4 — 0.2 — Weighted average shares for diluted EPS 139.3 138.3 139.1 138.2 (a) The potential impact of an aggregate 0.6 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2017 , 0.5 million in the three months ended June 30, 2016 , 0.4 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2017 , and 0.5 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2016 , were antidilutive. (b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 8. Equity |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Revenues: U.S. Media $ 367.1 $ 356.5 $ 674.2 $ 669.1 Other 29.1 28.8 52.6 64.6 Total revenues $ 396.2 $ 385.3 $ 726.8 $ 733.7 |
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Net income $ 37.1 $ 28.5 $ 39.6 $ 26.2 (Benefit) provision for income taxes 0.9 3.4 (2.8 ) 2.1 Equity in earnings of investee companies, net of tax (1.5 ) (1.4 ) (2.4 ) (2.4 ) Interest expense, net 28.6 28.7 56.7 57.3 Other expense, net (0.1 ) (0.2 ) (0.1 ) — Operating income 65.0 59.0 91.0 83.2 Restructuring charges 2.9 0.4 4.7 0.4 Loss on real estate assets held for sale — — — 1.3 Net loss on dispositions 0.1 0.2 0.5 0.6 Depreciation and amortization 48.5 58.9 95.1 116.3 Stock-based compensation 5.5 4.5 10.9 9.3 Total Adjusted OIBDA $ 122.0 $ 123.0 $ 202.2 $ 211.1 Adjusted OIBDA: U.S. Media $ 128.3 $ 123.7 $ 220.7 $ 218.6 Other 4.0 8.4 2.9 10.6 Corporate (10.3 ) (9.1 ) (21.4 ) (18.1 ) Total Adjusted OIBDA $ 122.0 $ 123.0 $ 202.2 $ 211.1 |
Tabular Disclosure by Reportable Segments | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2017 2016 2017 2016 Operating income (loss): U.S. Media $ 83.9 $ 69.7 $ 131.4 $ 112.8 Other (3.1 ) 2.9 (8.1 ) (2.2 ) Corporate (15.8 ) (13.6 ) (32.3 ) (27.4 ) Total operating income $ 65.0 $ 59.0 $ 91.0 $ 83.2 Net loss on dispositions: U.S. Media $ 0.1 $ 0.2 $ 0.5 $ 0.6 Total loss on dispositions $ 0.1 $ 0.2 $ 0.5 $ 0.6 Depreciation and amortization: U.S. Media $ 44.2 $ 53.4 $ 86.9 $ 104.8 Other 4.3 5.5 8.2 11.5 Total depreciation and amortization $ 48.5 $ 58.9 $ 95.1 $ 116.3 Capital expenditures: U.S. Media $ 23.7 $ 15.1 $ 39.5 $ 28.6 Other 1.9 0.5 2.7 1.4 Total capital expenditures $ 25.6 $ 15.6 $ 42.2 $ 30.0 |
Reconciliation of Assets from Segment to Consolidated | As of (in millions) June 30, 2017 December 31, 2016 Assets: U.S. Media $ 3,534.0 $ 3,578.8 Other 247.6 145.5 Corporate 19.1 14.2 Total assets $ 3,800.7 $ 3,738.5 |
Condensed Consolidating Finan36
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Statement of Financial Position | As of June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 13.6 $ 3.3 $ 6.2 $ — $ 23.1 Receivables, less allowance — — 46.3 220.8 (29.4 ) 237.7 Other current assets — 1.2 76.9 21.3 (10.0 ) 89.4 Total current assets — 14.8 126.5 248.3 (39.4 ) 350.2 Property and equipment, net — — 620.0 57.1 — 677.1 Goodwill — — 2,059.9 75.8 — 2,135.7 Intangible assets — — 521.0 51.9 — 572.9 Investment in subsidiaries 1,226.6 3,462.6 411.7 — (5,100.9 ) — Other assets — 3.8 58.7 2.3 — 64.8 Intercompany — — 123.8 148.3 (272.1 ) — Total assets $ 1,226.6 $ 3,481.2 $ 3,921.6 $ 583.7 $ (5,412.4 ) $ 3,800.7 Total current liabilities $ — $ 111.0 $ 206.4 $ 19.4 $ (39.4 ) $ 297.4 Long-term debt, net — 2,143.6 — — — 2,143.6 Deferred income tax liabilities, net — — 0.8 19.7 — 20.5 Asset retirement obligation — — 30.1 4.7 — 34.8 Deficit in excess of investment of subsidiaries — — 2,236.0 — (2,236.0 ) — Other liabilities — — 73.4 4.4 — 77.8 Intercompany — — 148.3 123.8 (272.1 ) — Total liabilities — 2,254.6 2,695.0 172.0 (2,547.5 ) 2,574.1 Total stockholders’ equity 1,181.9 1,181.9 1,181.9 411.7 (2,775.5 ) 1,181.9 Non-controlling interests 44.7 44.7 44.7 — (89.4 ) 44.7 Total equity 1,226.6 1,226.6 1,226.6 411.7 (2,864.9 ) 1,226.6 Total liabilities and equity $ 1,226.6 $ 3,481.2 $ 3,921.6 $ 583.7 $ (5,412.4 ) $ 3,800.7 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, net — 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 |
Condensed Statement of Operations | Three Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 259.2 $ 15.0 $ — $ 274.2 Transit and other — — 118.7 3.3 — 122.0 Total revenues — — 377.9 18.3 — 396.2 Expenses: Operating — — 201.5 11.8 — 213.3 Selling, general and administrative 0.4 0.1 62.4 3.5 — 66.4 Restructuring charges — — — 2.9 — 2.9 Net gain on dispositions — — 0.1 — — 0.1 Depreciation — — 20.2 2.9 — 23.1 Amortization — — 24.5 0.9 — 25.4 Total expenses 0.4 0.1 308.7 22.0 — 331.2 Operating income (loss) (0.4 ) (0.1 ) 69.2 (3.7 ) — 65.0 Interest income (expense), net — (28.5 ) (0.2 ) 0.1 — (28.6 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.4 ) (28.6 ) 69.0 (3.5 ) — 36.5 Benefit (provision) for income taxes — — (1.9 ) 1.0 — (0.9 ) Equity in earnings of investee companies, net of tax 37.5 66.1 (29.6 ) 0.3 (72.8 ) 1.5 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Total other comprehensive income, net of tax 4.3 4.3 4.3 4.3 (12.9 ) 4.3 Total comprehensive income $ 41.4 $ 41.8 $ 41.8 $ 2.1 $ (85.7 ) $ 41.4 Three Months Ended June 30, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 258.7 $ 14.9 $ — $ 273.6 Transit and other — — 108.3 3.4 — 111.7 Total revenues — — 367.0 18.3 — 385.3 Expenses: Operating — — 191.2 10.4 — 201.6 Selling, general and administrative 0.3 — 61.6 3.3 — 65.2 Restructuring charges — — 0.4 — — 0.4 Net gain on dispositions — — 0.2 — — 0.2 Depreciation — — 24.5 4.0 — 28.5 Amortization — — 29.8 0.6 — 30.4 Total expenses 0.3 — 307.7 18.3 — 326.3 Operating income (loss) (0.3 ) — 59.3 — — 59.0 Interest expense, net — (28.7 ) — — — (28.7 ) Other income, net — — — 0.2 — 0.2 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.3 ) (28.7 ) 59.3 0.2 — 30.5 Provision for income taxes — — (3.4 ) — — (3.4 ) Equity in earnings of investee companies, net of tax 28.8 57.5 (27.1 ) 0.3 (58.1 ) 1.4 Net income $ 28.5 $ 28.8 $ 28.8 $ 0.5 $ (58.1 ) $ 28.5 Net income $ 28.5 $ 28.8 $ 28.8 $ 0.5 $ (58.1 ) $ 28.5 Total other comprehensive income, net of tax 100.0 100.0 100.0 100.0 (300.0 ) 100.0 Total comprehensive income $ 128.5 $ 128.8 $ 128.8 $ 100.5 $ (358.1 ) $ 128.5 Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 484.3 $ 25.9 $ — $ 510.2 Transit and other — — 211.0 5.6 — 216.6 Total revenues — — 695.3 31.5 — 726.8 Expenses: Operating — — 381.9 23.3 — 405.2 Selling, general and administrative 0.8 0.8 121.7 7.0 — 130.3 Restructuring charges — — 1.8 2.9 — 4.7 Net gain on dispositions — — 0.5 — — 0.5 Depreciation — — 40.2 5.8 — 46.0 Amortization — — 47.7 1.4 — 49.1 Total expenses 0.8 0.8 593.8 40.4 — 635.8 Operating income (loss) (0.8 ) (0.8 ) 101.5 (8.9 ) — 91.0 Interest income (expense), net — (56.5 ) (0.3 ) 0.1 — (56.7 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.8 ) (57.3 ) 101.2 (8.7 ) — 34.4 Benefit for income taxes — — — 2.8 — 2.8 Equity in earnings of investee companies, net of tax 40.4 97.7 (60.8 ) 0.4 (75.3 ) 2.4 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Total other comprehensive income, net of tax 5.4 5.4 5.4 5.4 (16.2 ) 5.4 Total comprehensive income (loss) $ 45.0 $ 45.8 $ 45.8 $ (0.1 ) $ (91.5 ) $ 45.0 Six Months Ended June 30, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 487.0 $ 37.0 $ — $ 524.0 Transit and other — — 202.9 6.8 — 209.7 Total revenues — — 689.9 43.8 — 733.7 Expenses: Operating — — 371.3 30.1 — 401.4 Selling, general and administrative 0.7 0.1 120.0 9.7 — 130.5 Restructuring charges — — 0.4 — — 0.4 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net loss on dispositions — — 0.6 — — 0.6 Depreciation — — 49.1 8.5 — 57.6 Amortization — — 57.2 1.5 — 58.7 Total expenses 0.7 0.1 598.6 51.1 — 650.5 Operating income (loss) (0.7 ) (0.1 ) 91.3 (7.3 ) — 83.2 Interest expense, net — (57.2 ) (0.1 ) — — (57.3 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.7 ) (57.3 ) 91.2 (7.3 ) — 25.9 Provision for income taxes — — (2.1 ) — — (2.1 ) Equity in earnings of investee companies, net of tax 26.9 84.2 (62.2 ) 0.4 (46.9 ) 2.4 Net income (loss) $ 26.2 $ 26.9 $ 26.9 $ (6.9 ) $ (46.9 ) $ 26.2 Net income (loss) $ 26.2 $ 26.9 $ 26.9 $ (6.9 ) $ (46.9 ) $ 26.2 Total other comprehensive income, net of tax 106.0 106.0 106.0 106.0 (318.0 ) 106.0 Total comprehensive income $ 132.2 $ 132.9 $ 132.9 $ 99.1 $ (364.9 ) $ 132.2 |
Condensed Statements of Cash Flows | Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (53.8 ) $ 132.5 $ 1.2 $ — $ 79.1 Investing activities: Capital expenditures — — (39.5 ) (2.7 ) — (42.2 ) Acquisitions — — (6.2 ) (51.6 ) — (57.8 ) Net proceeds from dispositions — — 0.1 — — 0.1 Net cash flow used for investing activities — — (45.6 ) (54.3 ) — (99.9 ) Financing activities: Proceeds from long-term borrowings - term loan — 8.3 — — — 8.3 Proceeds from borrowings under revolving credit facility — 90.0 — — — 90.0 Repayments of borrowings under revolving credit facility — (5.0 ) — — — (5.0 ) Payments of deferred financing costs — (7.5 ) — — — (7.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Taxes withheld for stock-based compensation — — (8.1 ) — — (8.1 ) Dividends (100.4 ) — — — — (100.4 ) Intercompany 100.0 (29.8 ) (111.1 ) 40.9 — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.8 56.0 (119.4 ) 40.9 — (21.7 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.4 — 0.4 Net increase (decrease) in cash and cash equivalents — 2.2 (32.5 ) (11.8 ) — (42.1 ) Cash and cash equivalents at beginning of period — 11.4 35.8 18.0 — 65.2 Cash and cash equivalents at end of period $ — $ 13.6 $ 3.3 $ 6.2 $ — $ 23.1 Six Months Ended June 30, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (58.1 ) $ 161.3 $ 2.3 $ — $ 104.7 Investing activities: Capital expenditures — — (28.6 ) (1.4 ) — (30.0 ) Acquisitions — — (61.3 ) — — (61.3 ) Net proceeds from dispositions — — 0.4 87.5 — 87.9 Net cash flow provided by (used for) investing activities — — (89.5 ) 86.1 — (3.4 ) Financing activities: Repayments of long-term borrowings -term loan — (40.0 ) — — — (40.0 ) Proceeds from borrowings under revolving credit facility — 35.0 — — — 35.0 Repayments of borrowings under revolving credit facility — (35.0 ) — — — (35.0 ) Payments of deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (6.8 ) — — (6.8 ) Dividends (94.7 ) — — — — (94.7 ) Intercompany 95.5 39.6 (58.9 ) (76.2 ) — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.8 (0.8 ) (65.9 ) (76.2 ) — (142.1 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.2 — 0.2 Net increase (decrease) in cash and cash equivalents — (58.9 ) 5.9 12.4 — (40.6 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 22.7 $ 14.4 $ 23.9 $ — $ 61.0 |
Description of Business and B37
Description of Business and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2017marketssegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of largest domestic markets in which the entity operates | 25 |
Approximate number of markets in which the entity operates | 150 |
Number of operating segments | segment | 3 |
New Accounting Standards Narrat
New Accounting Standards Narrative (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016leases | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based payments: Amortization | $ 10.9 | $ 9.3 | |
Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based payments: Amortization | 0 | ||
UNITED STATES | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of leases | leases | 22,600 | ||
CANADA | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of leases | leases | 3,200 | ||
Additional Paid-In Capital | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based payments: Amortization | 10.9 | $ 9.3 | |
Additional Paid-In Capital | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based payments: Amortization | 0.5 | ||
Distribution in Excess of Earnings | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based payments: Amortization | $ (0.5) |
Property and Equipment - Summar
Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
Property and Equipment [Line Items] | |||
Property and equipment | $ 2,028.9 | $ 1,961.2 | |
Less: accumulated depreciation | 1,351.8 | 1,296.2 | |
Property and equipment, net | 677.1 | 665 | |
Land | |||
Property and Equipment [Line Items] | |||
Property and equipment | 94.2 | 90.7 | |
Buildings | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 50.4 | 48.2 | |
Buildings | Minimum | |||
Property and Equipment [Line Items] | |||
Property and equipment, useful life | 20 years | ||
Buildings | Maximum | |||
Property and Equipment [Line Items] | |||
Property and equipment, useful life | 40 years | ||
Advertising structures | |||
Property and Equipment [Line Items] | |||
Property and equipment | $ 1,744.8 | [1] | 1,696.6 |
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 | $ 95.7 | 88.5 | |
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 | $ 43.8 | $ 37.2 | |
[1] | As of June 30, 2017 , includes $14.2 million associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||||
Property and Equipment [Line Items] | ||||||||
Property and equipment | $ 2,028.9 | $ 2,028.9 | $ 1,961.2 | |||||
Depreciation | 23.1 | $ 28.5 | 46 | $ 57.6 | ||||
Advertising structures | ||||||||
Property and Equipment [Line Items] | ||||||||
Property and equipment | 1,744.8 | [1] | 1,744.8 | [1] | $ 1,696.6 | |||
Acquired businesses | Advertising structures | ||||||||
Property and Equipment [Line Items] | ||||||||
Property and equipment | [1] | $ 14.2 | $ 14.2 | |||||
[1] | As of June 30, 2017 , includes $14.2 million associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 2,089.4 | $ 2,074.7 | |
Currency translation adjustments | 2.2 | 1.1 | |
Additions | 44.1 | [1] | 13.9 |
Dispositions | (0.3) | ||
Goodwill, Ending Balance | 2,135.7 | 2,089.4 | |
U.S. Media | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 2,054 | 2,040.1 | |
Currency translation adjustments | 0 | 0 | |
Additions | 0 | 13.9 | |
Dispositions | 0 | ||
Goodwill, Ending Balance | 2,054 | 2,054 | |
Other | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 35.4 | 34.6 | |
Currency translation adjustments | 2.2 | 1.1 | |
Additions | 44.1 | [1] | 0 |
Dispositions | (0.3) | ||
Goodwill, Ending Balance | $ 81.7 | $ 35.4 | |
[1] | Non-tax deductible addition associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,592.9 | $ 1,535 |
Accumulated amortization | (1,020) | (989.7) |
Intangible assets | 572.9 | 545.3 |
Permits and leasehold agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,088.4 | 1,038 |
Accumulated amortization | (657.6) | (636.1) |
Intangible assets | 430.8 | 401.9 |
Franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 452.5 | 451.6 |
Accumulated amortization | (341.3) | (336.6) |
Intangible assets | 111.2 | 115 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 52 | 45.4 |
Accumulated amortization | (21.1) | (17) |
Intangible assets | $ 30.9 | $ 28.4 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 25.4 | $ 30.4 | $ 49.1 | $ 58.7 |
Amortization of direct lease acquisition costs | $ 10.2 | $ 10.1 | $ 18.9 | $ 19 |
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 1 year | |||
Direct lease acquisition costs | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 28 days |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligation, expected term | 50 years |
Asset retirement obligations, description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2016 | $ 34.1 |
Accretion expense | 1.2 |
Additions | 0.1 |
Liabilities settled | (0.7) |
Foreign currency translation adjustments | 0.1 |
As of June 30, 2017 | $ 34.8 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)joint_ventureDisplays | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)joint_ventureDisplays | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Equity method investments | $ | $ 22.6 | $ 22.6 | $ 21.7 | ||
Management fee revenue | $ | $ 2 | $ 1.8 | $ 3.5 | $ 3.5 | |
Transit shelter joint ventures | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 2 | 2 | |||
Acquired businesses | |||||
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 Long-Term De
Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 2,143.6 | $ 2,136.8 |
Debt issuance costs | $ (26.3) | $ (24.7) |
Weighted average cost of debt | 4.80% | 4.80% |
Secured debt | Term loan, due 2024 | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 16, 2024 | |
Long-term debt, net | $ 667.6 | |
Secured debt | Term loan, due 2021 | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 31, 2021 | |
Long-term debt, net | $ 659 | |
Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 1,502.3 | $ 1,502.5 |
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 |
Long-term debt, net | $ 549.5 | $ 549.5 |
Stated interest rate | 5.25% | 5.25% |
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 |
Long-term debt, net | $ 502.8 | $ 503 |
Stated interest rate | 5.625% | 5.625% |
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 |
Long-term debt, net | $ 450 | $ 450 |
Stated interest rate | 5.875% | 5.875% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 16, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Aug. 04, 2017USD ($) | May 18, 2017USD ($) | May 17, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Outstanding letters of credit and surety bonds | $ 125.1 | $ 125.1 | $ 125.1 | |||||||
Debt Instrument, Covenant Description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | |||||||||
Maximum consolidated total leverage ratio | 6 | |||||||||
Consolidated Total Leverage Ratio | 5 | |||||||||
Debt Instrument [Line Items] | ||||||||||
Document Period End Date | Jun. 30, 2017 | |||||||||
Deferred financing costs | $ 31.2 | $ 31.2 | $ 31.2 | |||||||
Secured debt | Term loan, due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Jan. 31, 2021 | |||||||||
Secured debt | Term loan, due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Incremental increase of term loan | $ 10 | |||||||||
Term Loan principal balance | 670 | |||||||||
Interest rate at period end | 3.50% | 3.50% | 3.50% | |||||||
Unamortized debt discount | $ 2.4 | $ 2.4 | $ 2.4 | |||||||
Maturity date | Mar. 16, 2024 | |||||||||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt discount | 0.5 | 0.5 | $ 0.5 | |||||||
Debt face amount | $ 150 | $ 150 | $ 150 | |||||||
Stated interest rate | 5.25% | 5.25% | 5.25% | 5.25% | ||||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||||||||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt face amount | $ 100 | $ 100 | $ 100 | |||||||
Stated interest rate | 5.625% | 5.625% | 5.625% | 5.625% | ||||||
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | ||||||||
Unamortized premium | $ 2.8 | $ 2.8 | $ 2.8 | |||||||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.875% | 5.875% | 5.875% | 5.875% | ||||||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate floor | 0.00% | 0.00% | 0.00% | |||||||
Fair Value, Inputs, Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt at fair value | $ 2,300 | $ 2,300 | $ 2,300 | $ 2,200 | ||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Revolving credit facility increase | 5 | |||||||||
Maximum borrowing capacity | $ 430 | |||||||||
Credit facility, expiration date | Mar. 16, 2022 | Jan. 31, 2019 | ||||||||
Line of Credit Facility, Interest Rate During Period | 3.10% | 3.10% | 3.10% | |||||||
Commitment fee for unused commitments | $ 0.4 | $ 0.5 | $ 0.6 | $ 1 | ||||||
Outstanding letters of credit and surety bonds | $ 1.5 | 1.5 | $ 1.5 | |||||||
Consolidated Net Secured Leverage Ratio | 1.6 | |||||||||
Debt Instrument, 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 coverage ratio | 4 | |||||||||
Revolving Credit Facility | Short-term debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Revolving credit facility, outstanding amount | 85 | 85 | $ 85 | |||||||
Revolving Credit Facility | Short-term debt | Subsequent Event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Revolving credit facility, outstanding amount | $ 0 | |||||||||
Revolving Credit Facility | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt covenant, restricted cash limit | 150 | 150 | 150 | |||||||
Accounts Receivable Securitization Program | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 100 | 100 | 100 | |||||||
Line of Credit Facility, Expiration Period | 3 years | |||||||||
Accounts Receivable Securitization Program | Short-term debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Revolving credit facility, outstanding amount | $ 0 | 0 | 0 | |||||||
Accounts Receivable Securitization Program | Short-term debt | Subsequent Event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Revolving credit facility, outstanding amount | $ 70 | |||||||||
Line of Credit Facility, Interest Rate During Period | 2.10% | |||||||||
Letter of Credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | 111.8 | 111.8 | 111.8 | $ 111.8 | $ 80 | |||||
Outstanding letters of credit and surety bonds | $ 96 | $ 96 | $ 96 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Sep. 29, 2017 | Sep. 08, 2017 | Jul. 25, 2017$ / shares | Jun. 13, 2017shares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016$ / shares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2016$ / shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / shares |
Class of Stock [Line Items] | ||||||||||
Temporary Equity, Contract Terms | The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability | |||||||||
Exchange Ratio Class A Equity Interests For Common Stock | 1 | |||||||||
Restriction For Disposition of Assets Acquired | 5 years | |||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | |||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Common Stock, Shares Issued | 138,617,908 | 138,617,908 | 138,044,896 | |||||||
Common Stock, Shares Outstanding | 138,617,908 | 138,617,908 | 138,044,896 | |||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||||
Preferred stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends Payable, Date Declared | Jul. 25, 2017 | |||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | |||||||||
Dividends Payable, Date to be Paid | Sep. 29, 2017 | |||||||||
Dividends Payable, Date of Record | Sep. 8, 2017 | |||||||||
Noncontrolling Interest | ||||||||||
Class of Stock [Line Items] | ||||||||||
Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||||||
Noncontrolling Interest | Tranche 1 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption Restriction Period | 1 year | |||||||||
Percentage Of Redeemable Equity Interests | 55.00% | |||||||||
Noncontrolling Interest | Tranche 2 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption Restriction Period | 18 months | |||||||||
Percentage Of Redeemable Equity Interests | 45.00% |
Restructuring Charges Narrative
Restructuring Charges Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 4.2 | $ 4.2 | ||
Restructuring charges | 2.9 | $ 0.4 | 4.7 | $ 0.4 |
Operating segments | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 2.8 | 2.8 | ||
Operating segments | U.S. Media | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.1 | $ 0.4 | $ 1.9 | $ 0.4 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions | Jun. 13, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Apr. 01, 2016 | |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 57.8 | $ 61.3 | ||||
Equity interest of a subsidiary issued for an acquisition (value) | 44.6 | 0 | ||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 102.4 | $ 61.3 | ||||
Finite-lived Intangible Assets Acquired | 50.3 | |||||
Goodwill, Acquired During Period | 44.1 | [1] | $ 13.9 | |||
Acquired deferred tax liabilities | 14.6 | |||||
Acquired other assets and liabilities | 14.6 | |||||
Proceeds from dispositions | $ 82 | |||||
Other | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill, Acquired During Period | $ 44.1 | [1] | $ 0 | |||
Noncontrolling Interest | ||||||
Business Acquisition [Line Items] | ||||||
Equity interest of a subsidiary issued for an acquisition (value) | $ 44.4 | |||||
Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||
Acquired businesses | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ (50) | |||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 94.4 | |||||
[1] | Non-tax deductible addition associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation not yet recognized, share-based awards other than options | $ 28 |
Compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 5.5 | $ 4.5 | $ 10.9 | $ 9.3 |
Tax benefit | (0.5) | (0.5) | (1) | (1) |
Stock-based compensation expense, net of tax | 5 | 4 | 9.9 | 8.3 |
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 5.5 | 4.5 | 10.8 | 9.2 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 0 | $ 0 | $ 0.1 | $ 0.1 |
Stock-Based Compensation - Sc54
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Non-vested as of beginning of period | shares | 1,637,141 |
Non-vested as of end of period | shares | 1,649,628 |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $ / shares | $ 22.71 |
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $ / shares | $ 24.41 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 522,064 |
Vested | shares | (521,920) |
Forfeitures | shares | (22,897) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 26.92 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 23.26 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.05 |
Performance Restricted Stock Units (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 254,931 |
Vested | shares | (197,341) |
Forfeitures | shares | (22,350) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 27.17 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.18 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 19.01 |
Stock-Based Compensation - Sc55
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of December 31, 2016 | shares | 294,897 |
Exercised | shares | (129,604) |
Outstanding as of June 30, 2017 | shares | 165,293 |
Exercisable as of June 30, 2017 | shares | 139,439 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, options outstanding, as of December 31, 2016 | $ / shares | $ 15.72 |
Weighted average exercise price, options exercised | $ / shares | 9.37 |
Weighted average exercise price, options outstanding, as of June 30, 2017 | $ / shares | 20.69 |
Weighted average exercise price, options exercisable | $ / shares | $ 19.64 |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | $ 0.4 | $ 0.3 | $ 0.7 | $ 0.7 | |
Interest cost | 0.4 | 0.5 | 0.9 | 0.9 | |
Expected return on plan assets | (0.6) | (0.6) | (1.1) | (1.1) | |
Amortization of net actuarial losses | [1] | 0.2 | 0.2 | 0.3 | 0.3 |
Net periodic pension cost | $ 0.4 | $ 0.4 | $ 0.8 | $ 0.8 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income to net income. |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Retirement Benefits [Abstract] | |
Pension contributions | $ 1.1 |
Estimated future employer contributions in current fiscal year | $ 2.2 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ in Millions | Jun. 13, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 | ||
Weighted average shares for basic EPS | 138,600,000 | 137,900,000 | 138,400,000 | 137,800,000 | ||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 300,000 | 400,000 | 500,000 | 400,000 | |
Incremental Dilutive Impact Of Redeemable Equity Interests | [2] | 400,000 | 0 | 200,000 | 0 | |
Weighted average shares for diluted EPS | 139,300,000 | 138,300,000 | 139,100,000 | 138,200,000 | ||
Antidilutive securities excluded from computation of earnings per share | 600,000 | 500,000 | 400,000 | 500,000 | ||
Noncontrolling Interest | ||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||
[1] | The potential impact of an aggregate 0.6 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2017 , 0.5 million in the three months ended June 30, 2016 , 0.4 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2017 , and 0.5 million granted RSUs, PRSUs and stock options in the six months ended June 30, 2016 | |||||
[2] | On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 8. Equity |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding letters of credit and surety bonds | $ 125.1 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2017segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 396.2 | $ 385.3 | $ 726.8 | $ 733.7 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 367.1 | 356.5 | 674.2 | 669.1 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 29.1 | $ 28.8 | $ 52.6 | $ 64.6 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 |
(Benefit) provision for income taxes | 0.9 | 3.4 | (2.8) | 2.1 |
Equity in earnings of investee companies, net of tax | (1.5) | (1.4) | (2.4) | (2.4) |
Interest expense, net | 28.6 | 28.7 | 56.7 | 57.3 |
Other expense, net | (0.1) | (0.2) | (0.1) | 0 |
Operating income | 65 | 59 | 91 | 83.2 |
Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 |
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 |
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
Depreciation and amortization | 48.5 | 58.9 | 95.1 | 116.3 |
Stock-based compensation | 5.5 | 4.5 | 10.9 | 9.3 |
Adjusted OIBDA | 122 | 123 | 202.2 | 211.1 |
Capital expenditures | 42.2 | 30 | ||
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
Depreciation and amortization | 48.5 | 58.9 | 95.1 | 116.3 |
Capital expenditures | 25.6 | 15.6 | 42.2 | 30 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 83.9 | 69.7 | 131.4 | 112.8 |
Restructuring charges | 0.1 | 0.4 | 1.9 | 0.4 |
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
Depreciation and amortization | 44.2 | 53.4 | 86.9 | 104.8 |
Adjusted OIBDA | 128.3 | 123.7 | 220.7 | 218.6 |
Capital expenditures | 23.7 | 15.1 | 39.5 | 28.6 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | (3.1) | 2.9 | (8.1) | (2.2) |
Restructuring charges | 2.8 | 2.8 | ||
Depreciation and amortization | 4.3 | 5.5 | 8.2 | 11.5 |
Adjusted OIBDA | 4 | 8.4 | 2.9 | 10.6 |
Capital expenditures | 1.9 | 0.5 | 2.7 | 1.4 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | (15.8) | (13.6) | (32.3) | (27.4) |
Adjusted OIBDA | $ (10.3) | $ (9.1) | $ (21.4) | $ (18.1) |
Segment Information - Reconci63
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,800.7 | $ 3,738.5 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,534 | 3,578.8 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 247.6 | 145.5 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 19.1 | $ 14.2 |
Condensed Consolidating Finan64
Condensed Consolidating Financial Information - Narrative (Details) | Jun. 30, 2017 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Parent Company | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | $ 23.1 | $ 65.2 | $ 61 | $ 101.6 |
Receivables, less allowance | 237.7 | 222 | ||
Other current assets | 89.4 | 91 | ||
Total current assets | 350.2 | 378.2 | ||
Property and equipment, net | 677.1 | 665 | ||
Goodwill | 2,135.7 | 2,089.4 | 2,074.7 | |
Intangible assets | 572.9 | 545.3 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 64.8 | 60.6 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,800.7 | 3,738.5 | ||
Total current liabilities | 297.4 | 251.5 | ||
Long-term debt, net | 2,143.6 | 2,136.8 | ||
Deferred income tax liabilities, net | 20.5 | 8.5 | ||
Asset retirement obligation | 34.8 | 34.1 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 77.8 | 74.6 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,574.1 | 2,505.5 | ||
Total stockholders' equity | 1,181.9 | 1,232.9 | 1,255.6 | 1,212.6 |
Non-controlling interests | 44.7 | 0.1 | ||
Total equity | 1,226.6 | 1,233 | 1,255.6 | 1,212.6 |
Total liabilities and equity | 3,800.7 | 3,738.5 | ||
Eliminations | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, less allowance | (29.4) | 0 | ||
Other current assets | (10) | 0 | ||
Total current assets | (39.4) | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in subsidiaries | (5,100.9) | (4,719.3) | ||
Other assets | 0 | 0 | ||
Intercompany | (272.1) | (109.7) | ||
Total assets | (5,412.4) | (4,829) | ||
Total current liabilities | (39.4) | 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 | (2,236) | (2,138.9) | ||
Other liabilities | 0 | 0 | ||
Intercompany | (272.1) | (109.7) | ||
Total liabilities | (2,547.5) | (2,248.6) | ||
Total stockholders' equity | (2,775.5) | (2,580.2) | ||
Non-controlling interests | (89.4) | (0.2) | ||
Total equity | (2,864.9) | (2,580.4) | ||
Total liabilities and equity | (5,412.4) | (4,829) | ||
Parent Company | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, less allowance | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in subsidiaries | 1,226.6 | 1,233 | ||
Other assets | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,226.6 | 1,233 | ||
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 | 1,181.9 | 1,232.9 | ||
Non-controlling interests | 44.7 | 0.1 | ||
Total equity | 1,226.6 | 1,233 | ||
Total liabilities and equity | 1,226.6 | 1,233 | ||
Subsidiary Issuer | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 13.6 | 11.4 | 22.7 | 81.6 |
Receivables, less allowance | 0 | 0 | ||
Other current assets | 1.2 | 1.1 | ||
Total current assets | 14.8 | 12.5 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in subsidiaries | 3,462.6 | 3,371.9 | ||
Other assets | 3.8 | 1.1 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,481.2 | 3,385.5 | ||
Total current liabilities | 111 | 15.7 | ||
Long-term debt, net | 2,143.6 | 2,136.8 | ||
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 | 2,254.6 | 2,152.5 | ||
Total stockholders' equity | 1,181.9 | 1,232.9 | ||
Non-controlling interests | 44.7 | 0.1 | ||
Total equity | 1,226.6 | 1,233 | ||
Total liabilities and equity | 3,481.2 | 3,385.5 | ||
Guarantor Subsidiaries | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 3.3 | 35.8 | 14.4 | 8.5 |
Receivables, less allowance | 46.3 | 207.9 | ||
Other current assets | 76.9 | 77.9 | ||
Total current assets | 126.5 | 321.6 | ||
Property and equipment, net | 620 | 621.4 | ||
Goodwill | 2,059.9 | 2,059.9 | ||
Intangible assets | 521 | 545.3 | ||
Investment in subsidiaries | 411.7 | 114.4 | ||
Other assets | 58.7 | 56.9 | ||
Intercompany | 123.8 | 42.7 | ||
Total assets | 3,921.6 | 3,762.2 | ||
Total current liabilities | 206.4 | 223.4 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities, net | 0.8 | 0 | ||
Asset retirement obligation | 30.1 | 29.7 | ||
Deficit in excess of investment in subsidiaries | 2,236 | 2,138.9 | ||
Other liabilities | 73.4 | 70.2 | ||
Intercompany | 148.3 | 67 | ||
Total liabilities | 2,695 | 2,529.2 | ||
Total stockholders' equity | 1,181.9 | 1,232.9 | ||
Non-controlling interests | 44.7 | 0.1 | ||
Total equity | 1,226.6 | 1,233 | ||
Total liabilities and equity | 3,921.6 | 3,762.2 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 6.2 | 18 | $ 23.9 | $ 11.5 |
Receivables, less allowance | 220.8 | 14.1 | ||
Other current assets | 21.3 | 12 | ||
Total current assets | 248.3 | 44.1 | ||
Property and equipment, net | 57.1 | 43.6 | ||
Goodwill | 75.8 | 29.5 | ||
Intangible assets | 51.9 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 2.3 | 2.6 | ||
Intercompany | 148.3 | 67 | ||
Total assets | 583.7 | 186.8 | ||
Total current liabilities | 19.4 | 12.4 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities, net | 19.7 | 8.5 | ||
Asset retirement obligation | 4.7 | 4.4 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 4.4 | 4.4 | ||
Intercompany | 123.8 | 42.7 | ||
Total liabilities | 172 | 72.4 | ||
Total stockholders' equity | 411.7 | 114.4 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 411.7 | 114.4 | ||
Total liabilities and equity | $ 583.7 | $ 186.8 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | $ 274.2 | $ 273.6 | $ 510.2 | $ 524 |
Transit and other | 122 | 111.7 | 216.6 | 209.7 |
Total revenues | 396.2 | 385.3 | 726.8 | 733.7 |
Operating | 213.3 | 201.6 | 405.2 | 401.4 |
Selling, general and administrative | 66.4 | 65.2 | 130.3 | 130.5 |
Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 |
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 |
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
Depreciation | 23.1 | 28.5 | 46 | 57.6 |
Amortization | 25.4 | 30.4 | 49.1 | 58.7 |
Total expenses | 331.2 | 326.3 | 635.8 | 650.5 |
Operating income (loss) | 65 | 59 | 91 | 83.2 |
Interest income (expense), net | (28.6) | (28.7) | (56.7) | (57.3) |
Other income, net | 0.1 | 0.2 | 0.1 | 0 |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 36.5 | 30.5 | 34.4 | 25.9 |
Benefit (provision) for income taxes | (0.9) | (3.4) | 2.8 | (2.1) |
Equity in earnings of investee companies, net of tax | 1.5 | 1.4 | 2.4 | 2.4 |
Net income (loss) | 37.1 | 28.5 | 39.6 | 26.2 |
Total other comprehensive income (loss), net of tax | 4.3 | 100 | 5.4 | 106 |
Total comprehensive income | 41.4 | 128.5 | 45 | 132.2 |
Eliminations | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Loss on real estate assets held for sale | 0 | |||
Net loss on dispositions | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | 0 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | (72.8) | (58.1) | (75.3) | (46.9) |
Net income (loss) | (72.8) | (58.1) | (75.3) | (46.9) |
Total other comprehensive income (loss), net of tax | (12.9) | (300) | (16.2) | (318) |
Total comprehensive income | (85.7) | (358.1) | (91.5) | (364.9) |
Parent Company | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0.4 | 0.3 | 0.8 | 0.7 |
Restructuring charges | 0 | 0 | 0 | 0 |
Loss on real estate assets held for sale | 0 | |||
Net loss on dispositions | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0.4 | 0.3 | 0.8 | 0.7 |
Operating income (loss) | (0.4) | (0.3) | (0.8) | (0.7) |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (0.4) | (0.3) | (0.8) | (0.7) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | 37.5 | 28.8 | 40.4 | 26.9 |
Net income (loss) | 37.1 | 28.5 | 39.6 | 26.2 |
Total other comprehensive income (loss), net of tax | 4.3 | 100 | 5.4 | 106 |
Total comprehensive income | 41.4 | 128.5 | 45 | 132.2 |
Subsidiary Issuer | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0.1 | 0 | 0.8 | 0.1 |
Restructuring charges | 0 | 0 | 0 | 0 |
Loss on real estate assets held for sale | 0 | |||
Net loss on dispositions | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0.1 | 0 | 0.8 | 0.1 |
Operating income (loss) | (0.1) | 0 | (0.8) | (0.1) |
Interest income (expense), net | (28.5) | (28.7) | (56.5) | (57.2) |
Other income, net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (28.6) | (28.7) | (57.3) | (57.3) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | 66.1 | 57.5 | 97.7 | 84.2 |
Net income (loss) | 37.5 | 28.8 | 40.4 | 26.9 |
Total other comprehensive income (loss), net of tax | 4.3 | 100 | 5.4 | 106 |
Total comprehensive income | 41.8 | 128.8 | 45.8 | 132.9 |
Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 259.2 | 258.7 | 484.3 | 487 |
Transit and other | 118.7 | 108.3 | 211 | 202.9 |
Total revenues | 377.9 | 367 | 695.3 | 689.9 |
Operating | 201.5 | 191.2 | 381.9 | 371.3 |
Selling, general and administrative | 62.4 | 61.6 | 121.7 | 120 |
Restructuring charges | 0 | 0.4 | 1.8 | 0.4 |
Loss on real estate assets held for sale | 0 | |||
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
Depreciation | 20.2 | 24.5 | 40.2 | 49.1 |
Amortization | 24.5 | 29.8 | 47.7 | 57.2 |
Total expenses | 308.7 | 307.7 | 593.8 | 598.6 |
Operating income (loss) | 69.2 | 59.3 | 101.5 | 91.3 |
Interest income (expense), net | (0.2) | 0 | (0.3) | (0.1) |
Other income, net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 69 | 59.3 | 101.2 | 91.2 |
Benefit (provision) for income taxes | (1.9) | (3.4) | 0 | (2.1) |
Equity in earnings of investee companies, net of tax | (29.6) | (27.1) | (60.8) | (62.2) |
Net income (loss) | 37.5 | 28.8 | 40.4 | 26.9 |
Total other comprehensive income (loss), net of tax | 4.3 | 100 | 5.4 | 106 |
Total comprehensive income | 41.8 | 128.8 | 45.8 | 132.9 |
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 15 | 14.9 | 25.9 | 37 |
Transit and other | 3.3 | 3.4 | 5.6 | 6.8 |
Total revenues | 18.3 | 18.3 | 31.5 | 43.8 |
Operating | 11.8 | 10.4 | 23.3 | 30.1 |
Selling, general and administrative | 3.5 | 3.3 | 7 | 9.7 |
Restructuring charges | 2.9 | 0 | 2.9 | 0 |
Loss on real estate assets held for sale | 1.3 | |||
Net loss on dispositions | 0 | 0 | 0 | 0 |
Depreciation | 2.9 | 4 | 5.8 | 8.5 |
Amortization | 0.9 | 0.6 | 1.4 | 1.5 |
Total expenses | 22 | 18.3 | 40.4 | 51.1 |
Operating income (loss) | (3.7) | 0 | (8.9) | (7.3) |
Interest income (expense), net | 0.1 | 0 | 0.1 | 0 |
Other income, net | 0.1 | 0.2 | 0.1 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (3.5) | 0.2 | (8.7) | (7.3) |
Benefit (provision) for income taxes | 1 | 0 | 2.8 | 0 |
Equity in earnings of investee companies, net of tax | 0.3 | 0.3 | 0.4 | 0.4 |
Net income (loss) | (2.2) | 0.5 | (5.5) | (6.9) |
Total other comprehensive income (loss), net of tax | 4.3 | 100 | 5.4 | 106 |
Total comprehensive income | $ 2.1 | $ 100.5 | $ (0.1) | $ 99.1 |
Condensed Consolidating Finan67
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | $ 79.1 | $ 104.7 |
Capital expenditures | (42.2) | (30) |
Acquisitions | (57.8) | (61.3) |
Net proceeds from dispositions | 0.1 | 87.9 |
Net cash flow provided by (used for) investing activities | (99.9) | (3.4) |
Proceeds from long-term borrowings - term loan | 8.3 | 0 |
Repayments of long-term borrowings - term loan | 0 | (40) |
Proceeds from borrowings under revolving credit facility | 90 | 35 |
Repayments of borrowings under revolving credit facility | (5) | (35) |
Payments of deferred financing costs | (7.5) | (0.4) |
Proceeds from stock option exercises | 1.2 | 0 |
Taxes withheld for stock-based compensation | (8.1) | (6.8) |
Dividends | (100.4) | (94.7) |
Intercompany | 0 | 0 |
Other | (0.2) | (0.2) |
Net cash flow provided by (used for) financing activities | (21.7) | (142.1) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.2 |
Net decrease in cash and cash equivalents | (42.1) | (40.6) |
Cash and cash equivalents at beginning of period | 65.2 | 101.6 |
Cash and cash equivalents at end of period | 23.1 | 61 |
Eliminations | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term borrowings - term loan | 0 | |
Repayments of long-term borrowings - term loan | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | 0 | 0 |
Other | 0 | 0 |
Net cash flow provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent Company | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (0.8) | (0.8) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term borrowings - term loan | 0 | |
Repayments of long-term borrowings - term loan | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 1.2 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | (100.4) | (94.7) |
Intercompany | 100 | 95.5 |
Other | 0 | 0 |
Net cash flow provided by (used for) financing activities | 0.8 | 0.8 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Issuer | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (53.8) | (58.1) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term borrowings - term loan | 8.3 | |
Repayments of long-term borrowings - term loan | (40) | |
Proceeds from borrowings under revolving credit facility | 90 | 35 |
Repayments of borrowings under revolving credit facility | (5) | (35) |
Payments of deferred financing costs | (7.5) | (0.4) |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | (29.8) | 39.6 |
Other | 0 | 0 |
Net cash flow provided by (used for) financing activities | 56 | (0.8) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | 2.2 | (58.9) |
Cash and cash equivalents at beginning of period | 11.4 | 81.6 |
Cash and cash equivalents at end of period | 13.6 | 22.7 |
Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 132.5 | 161.3 |
Capital expenditures | (39.5) | (28.6) |
Acquisitions | (6.2) | (61.3) |
Net proceeds from dispositions | 0.1 | 0.4 |
Net cash flow provided by (used for) investing activities | (45.6) | (89.5) |
Proceeds from long-term borrowings - term loan | 0 | |
Repayments of long-term borrowings - term loan | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | (8.1) | (6.8) |
Dividends | 0 | 0 |
Intercompany | (111.1) | (58.9) |
Other | (0.2) | (0.2) |
Net cash flow provided by (used for) financing activities | (119.4) | (65.9) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net decrease in cash and cash equivalents | (32.5) | 5.9 |
Cash and cash equivalents at beginning of period | 35.8 | 8.5 |
Cash and cash equivalents at end of period | 3.3 | 14.4 |
Non-Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 1.2 | 2.3 |
Capital expenditures | (2.7) | (1.4) |
Acquisitions | (51.6) | 0 |
Net proceeds from dispositions | 0 | 87.5 |
Net cash flow provided by (used for) investing activities | (54.3) | 86.1 |
Proceeds from long-term borrowings - term loan | 0 | |
Repayments of long-term borrowings - term loan | 0 | |
Proceeds from borrowings under revolving credit facility | 0 | 0 |
Repayments of borrowings under revolving credit facility | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | 40.9 | (76.2) |
Other | 0 | 0 |
Net cash flow provided by (used for) financing activities | 40.9 | (76.2) |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.2 |
Net decrease in cash and cash equivalents | (11.8) | 12.4 |
Cash and cash equivalents at beginning of period | 18 | 11.5 |
Cash and cash equivalents at end of period | $ 6.2 | $ 23.9 |