Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 139,119,495 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.2 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 48.3 | $ 65.2 |
Receivables, less allowances of $11.5 in 2017 and $9.2 in 2016 | 231.1 | 222 |
Prepaid lease and transit franchise costs | 73.3 | 67.4 |
Other prepaid expenses | 13.5 | 15.8 |
Other current assets | 9.8 | 7.8 |
Total current assets | 376 | 378.2 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 662.1 | 665 |
Goodwill | 2,128 | 2,089.4 |
Intangible assets | 580.9 | 545.3 |
Other assets | 61.2 | 60.6 |
Total assets | 3,808.2 | 3,738.5 |
Liabilities, Current [Abstract] | ||
Accounts payable | 56.1 | 85.6 |
Accrued compensation | 34.6 | 33.9 |
Accrued interest | 16.1 | 15.7 |
Accrued lease costs | 30.5 | 26.7 |
Other accrued expenses | 42.3 | 54.8 |
Deferred revenues | 21.3 | 20.2 |
Short-term debt | 80 | 0 |
Other current liabilities | 18.7 | 14.6 |
Total current liabilities | 299.6 | 251.5 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt, net | 2,145.3 | 2,136.8 |
Deferred income tax liabilities, net | 19.6 | 8.5 |
Asset retirement obligation | 34.7 | 34.1 |
Other liabilities | 82.4 | 74.6 |
Total liabilities | 2,581.6 | 2,505.5 |
Commitments and contingencies | ||
Equity [Abstract] | ||
Common stock (2017 - 450.0 shares authorized, and 138.6 shares issued and outstanding; 2016 - 450.0 shares authorized, and 138.0 shares authorized, issued or outstanding) | 1.4 | 1.4 |
Additional paid-in capital | 1,963 | 1,949.5 |
Distribution in excess of earnings | (775.6) | (699.5) |
Accumulated other comprehensive loss | (7.7) | (18.5) |
Total stockholders’ equity | 1,181.1 | 1,232.9 |
Non-controlling interests | 45.5 | 0.1 |
Total equity | 1,226.6 | 1,233 |
Total liabilities and equity | $ 3,808.2 | $ 3,738.5 |
Consolidated Statement of Fina3
Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for Receivables | $ 11.5 | $ 9.2 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares, Issued | 138,644,917 | 138,044,896 |
Common Stock, Outstanding | 138,644,917 | 138,044,896 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Revenues [Abstract] | |||||
Billboard | $ 1,059 | $ 1,071 | $ 1,084.3 | ||
Transit and other | 461.5 | 442.9 | 429.5 | ||
Total revenues | 1,520.5 | 1,513.9 | 1,513.8 | ||
Expenses: | |||||
Operating | 835.2 | 818.1 | 833.1 | ||
Selling, general and administrative | 261.7 | 264.8 | 258.3 | ||
Restructuring charges | 6.4 | 2.5 | 2.6 | ||
Loss on real estate assets held for sale | 0 | 1.3 | 103.6 | ||
Net (gain) loss on dispositions | (14.3) | (1.9) | 0.7 | ||
Depreciation | 89.7 | 108.9 | 113.7 | ||
Amortization | 100.1 | 115.3 | 115.4 | ||
Total expenses | 1,278.8 | 1,309 | 1,427.4 | ||
Operating income | 241.7 | 204.9 | 86.4 | ||
Interest expense, net | (116.9) | (113.8) | (114.8) | ||
Other income (expense), net | 0.3 | (0.1) | (0.4) | ||
Income (loss) before provision for income taxes and equity in earnings of investee companies | 125.1 | 91 | (28.8) | ||
Provision for income taxes | (4.1) | (5.4) | (5.4) | ||
Equity in earnings of investee companies, net of tax | 4.8 | 5.3 | 4.8 | ||
Net income (loss) | $ 125.8 | $ 90.9 | $ (29.4) | ||
Net income (loss) per common share: | |||||
Basic ($ per share) | $ 0.90 | $ 0.66 | $ (0.21) | ||
Diluted ($ per share) | $ 0.90 | $ 0.66 | $ (0.21) | ||
Weighted average shares outstanding: | |||||
Basic (shares) | 138.5 | 137.9 | 137.3 | ||
Diluted (shares) | [2] | 138.9 | [1] | 138.4 | 137.3 |
Dividends declared per common share | $ 1.44 | $ 1.36 | $ 1.42 | ||
[1] | 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 9. Equity to the Consolidated Financial Statements.) The potential impact of 1.1 million | ||||
[2] | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2017, 0.5 million granted RSUs, PRSUs and stock options for 2016 and 0.7 million |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 125.8 | $ 90.9 | $ (29.4) |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | 11.8 | 102.3 | (32.3) |
Net actuarial gain (loss) | (1) | 0.1 | 1.5 |
Total other comprehensive income (loss), net of tax | 10.8 | 102.4 | (30.8) |
Total comprehensive income (loss) | $ 136.6 | $ 193.3 | $ (60.2) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional paid-in capital | Distribution in excess of earnings | Accumulated Other Comprehensive Loss | Non-controlling interests | Acquired business | Acquired businessNon-controlling interests |
Shares of common stock at Dec. 31, 2014 | 136,600,000 | |||||||
Total stockholders equity at Dec. 31, 2014 | $ 1,445.5 | $ 1.4 | $ 1,911.2 | $ (377) | $ (90.1) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (29.4) | (29.4) | ||||||
Other comprehensive income (loss) | (30.8) | (30.8) | ||||||
Stock-based payments: Vested | 500,000 | |||||||
Stock-based payments: Exercise of stock options (shares) | 2 | 2 | ||||||
Stock-based payments: Exercise of stock options | 200,000 | |||||||
Stock-based payments: Amortization | 15.8 | 15.8 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (100,000) | |||||||
Shares paid for tax withholding for stock-based payments | (6.9) | (6.9) | ||||||
Issuance of stock for purchase of property and equipment (shares) | 400,000 | |||||||
Issuance of stock for purchase of property and equipment | 12.2 | 12.2 | ||||||
Dividends | (195.8) | (195.8) | ||||||
Shares of common stock at Dec. 31, 2015 | 137,600,000 | |||||||
Total stockholders’ equity at Dec. 31, 2015 | 1,212.6 | $ 1.4 | 1,934.3 | (602.2) | (120.9) | |||
Non-controlling interests at Dec. 31, 2015 | $ 0 | |||||||
Total equity at Dec. 31, 2015 | 1,212.6 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 90.9 | 90.9 | ||||||
Net income attributable to non-controlling interests | 0 | |||||||
Other comprehensive income (loss) | 102.4 | 102.4 | ||||||
Other comprehensive income (loss) - total equity | 102.4 | |||||||
Stock-based payments: Vested | 500,000 | |||||||
Stock-based payments: Amortization | 18 | 18 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (200,000) | |||||||
Shares paid for tax withholding for stock-based payments | (4.7) | (4.7) | ||||||
Issuance of stock for purchase of property and equipment (shares) | 100,000 | |||||||
Issuance of stock for purchase of property and equipment | 1.9 | 1.9 | ||||||
Dividends | $ (188.2) | (188.2) | ||||||
Shares of common stock at Dec. 31, 2016 | 138,044,896 | 138,000,000 | ||||||
Total stockholders’ equity at Dec. 31, 2016 | $ 1,232.9 | $ 1.4 | 1,949.5 | (699.5) | (18.5) | |||
Non-controlling interests at Dec. 31, 2016 | 0.1 | 0.1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.1 | 0.1 | ||||||
Total equity at Dec. 31, 2016 | 1,233 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 125.8 | 125.8 | ||||||
Net income attributable to non-controlling interests | 0 | |||||||
Other comprehensive income (loss) | 10.8 | 10.8 | ||||||
Other comprehensive income (loss) - total equity | 10.8 | |||||||
Stock-based payments: Vested | 700,000 | |||||||
Stock-based payments: Exercise of stock options (shares) | 1.2 | 1.2 | ||||||
Stock-based payments: Exercise of stock options | 200,000 | |||||||
Stock-based payments: Amortization | 20.5 | 20.5 | ||||||
Stock-based payments: Amortization | Adjustments for new accounting pronouncement | 0.5 | (0.5) | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||
Shares paid for tax withholding for stock-based payments | (8.7) | (8.7) | ||||||
Dividends | $ (201.4) | (201.4) | ||||||
Shares of common stock at Dec. 31, 2017 | 138,644,917 | 138,600,000 | ||||||
Total stockholders’ equity at Dec. 31, 2017 | $ 1,181.1 | $ 1.4 | $ 1,963 | $ (775.6) | $ (7.7) | |||
Non-controlling interests at Dec. 31, 2017 | 45.5 | 45.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.8 | $ 0.8 | $ 44.6 | $ 44.6 | ||||
Total equity at Dec. 31, 2017 | $ 1,226.6 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share | $ 1.44 | $ 1.36 | $ 1.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Activities: | |||
Net income (loss) | $ 125.8 | $ 90.9 | $ (29.4) |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | |||
Depreciation and amortization | 189.8 | 224.2 | 229.1 |
Deferred tax benefit | (4.9) | (1.8) | (1.7) |
Stock-based compensation | 20.5 | 18 | 15.2 |
Provision for doubtful accounts | 4.4 | 3.6 | 2.7 |
Accretion expense | 2.3 | 2.4 | 2.5 |
Loss on real estate assets held for sale | 0 | 1.3 | 103.6 |
Net (gain) loss on dispositions | (14.3) | (1.9) | 0.7 |
Equity in earnings of investee companies, net of tax | (4.8) | (5.3) | (4.8) |
Distributions from investee companies | 7.3 | 5 | 7.7 |
Amortization of deferred financing costs and debt discount and premium | 6.1 | 6.4 | 6.3 |
Cash paid for direct lease acquisition costs | (39.2) | (37) | (35.9) |
Change in assets and liabilities, net of investing and financing activities | |||
Increase in receivables | (9.5) | (11.7) | (13.3) |
Increase in prepaid expenses and other current assets | (4.5) | (0.5) | (2.7) |
Increase (decrease) in accounts payable and accrued expenses | (31.9) | (6.8) | 10 |
Increase in deferred revenues | 0.8 | 0 | 3 |
Increase in income taxes | 2.1 | 6 | 1.2 |
Other, net | (0.7) | (5.7) | (1.1) |
Net cash provided by operating activities | 249.3 | 287.1 | 293.1 |
Investing Activities: | |||
Capital expenditures | (70.8) | (59.4) | (59.2) |
Acquisitions | (70.1) | (67.9) | (12.1) |
Proceeds from dispositions | 5.6 | 90.6 | 8.9 |
Net cash used for investing activities | (135.3) | (36.7) | (62.4) |
Financing Activities | |||
Proceeds from long-term debt borrowings - senior notes | 0 | 0 | 103.8 |
Proceeds from long-term debt borrowings - term loan | 8.3 | 0 | 0 |
Repayments of long-term debt borrowings - term loan | 0 | (90) | (50) |
Proceeds from borrowings under short-term debt facilities | 250 | 35 | 105 |
Repayments of borrowings under short-term debt facilities | (170) | (35) | (105) |
Payments of deferred financing costs | (8.5) | (0.4) | (3.3) |
Proceeds from stock option exercises | 1.2 | 0 | 2 |
Earnout payment related to prior acquisition | (2) | 0 | 0 |
Taxes withheld for stock-based compensation | (8.5) | (7.3) | (4.3) |
Dividends | (201.8) | (188.6) | (196.3) |
Other | (0.2) | (0.2) | (0.5) |
Net cash used for financing activities | (131.5) | (286.5) | (148.6) |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.3) | (3.3) |
Net increase (decrease) in cash and cash equivalents | (16.9) | (36.4) | 78.8 |
Cash and cash equivalents at beginning of period | 65.2 | 101.6 | 28.5 |
Cash reclassified to assets held for sale | 0 | 0 | (5.7) |
Cash and cash equivalents at end of period | 48.3 | 65.2 | 101.6 |
Supplemental disclosure of cash flow information | |||
Cash paid for income taxes | 6.8 | 1.2 | 5.8 |
Cash paid for interest | 111 | 111.4 | 107 |
Non-cash investing and financing activities | |||
Accrued purchases of property and equipment | 9.5 | 11.2 | 7 |
Issuance of stock for purchase of property and equipment | 0 | 1.9 | 12.2 |
Issuance of shares of a subsidiary for an acquisition | 44.6 | 0 | 0 |
Acquisitions | (13.3) | 0 | 0 |
Dispositions | 13.3 | 0 | 0 |
Taxes withheld for stock-based compensation | $ 0 | $ 0 | $ 2.6 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 140 markets across the U.S. and Canada. We currently manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries (the “Disposition”), which held all of the assets of our outdoor advertising business in Latin America (see Note 11. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America through April 1, 2016, are included in our Consolidated Financial Statements for 2016 and 2015. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented. Certain previously reported amounts have been reclassified to conform with the current 2017 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. Receivables —Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. Construction in progress includes all costs capitalized related to projects which have yet to be placed in service. Business Combinations and Asset Acquisitions —We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years . Goodwill is not amortized but is tested at the reporting-unit level annually for impairment on October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge. Revenue Recognition —We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions. Deferred revenues primarily consist of revenues paid in advance of being earned. Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. Concentration of Credit Risk— In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, in the Consolidated Statements of Operations. Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Asset Retirement Obligation —An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted 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 December 31, 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. Statement of Cash Flows During the third quarter of 2017, we adopted the FASB’s guidance clarifying presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is being applied on a retrospective 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. 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, 2017 , we had approximately 21,500 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 effective for the Company beginning in the first quarter of 2018. Our billboard lease revenues are recognized under the lease standard as described above. The revenue recognition guidance will be primarily applicable to our multi-year transit advertising contracts with municipalities in the U.S. and Canada, and marketing and multimedia rights agreements with colleges, universities and other educational institutions. We have assessed the changes to our accounting policies under the new standard and this |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 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 December 31, (in millions) 2017 2016 Land $ 94.4 $ 90.7 Buildings and improvements 51.3 48.2 Advertising structures (a) 1,750.8 1,696.6 Furniture, equipment and other (b) 120.7 88.5 Construction in progress 27.4 37.2 2,044.6 1,961.2 Less accumulated depreciation 1,382.5 1,296.2 Property and equipment, net $ 662.1 $ 665.0 (a) As of December 31, 2017 , includes $9.3 million associated with the Transaction (as defined below, see Note 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). (b) As of December 31, 2017, includes $22.5 million related to software and equipment that is being utilized within our digital displays and principally consists of software and equipment developed under a license and development agreement in exchange for the issuance of stock (see Note 9. Equity to the Consolidated Financial Statements). Depreciation expense was $89.7 million in 2017 , $108.9 million in 2016 and $113.7 million in 2015 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and Other Intangible Assets For the years ended December 31, 2017 and 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 — 4.3 4.3 Additions (a) — 34.3 34.3 As of December 31, 2017 $ 2,054.0 $ 74.0 $ 2,128.0 (a) Non-deductible addition associated with the Transaction (as defined below, see Note 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of December 31, 2017: Permits and leasehold agreements (a) $ 1,111.3 $ (661.6 ) $ 449.7 Franchise agreements 455.4 (346.2 ) 109.2 Other intangible assets (a) 47.1 (25.1 ) 22.0 Total intangible assets $ 1,613.8 $ (1,032.9 ) $ 580.9 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 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $100.1 million in 2017 , $115.3 million in 2016 and $115.4 million in 2015 , which includes the amortization of direct lease acquisition costs of $40.0 million in 2017 , $38.2 million in 2016 and $36.3 million in 2015 . Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2018 through 2022 , to be as follows: (in millions) 2018 2019 2020 2021 2022 Amortization expense $ 55.0 $ 52.8 $ 48.2 $ 46.6 $ 41.8 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 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. Year Ended December 31, (in millions) 2017 2016 Balance, at beginning of period $ 34.1 $ 33.2 Accretion expense 2.3 2.4 Additions 0.2 0.2 Liabilities settled (2.3 ) (1.8 ) Foreign currency translation adjustments 0.4 0.1 Balance, at end of period $ 34.7 $ 34.1 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Joint Ventures We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four 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 $19.5 million as of December 31, 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 $7.4 million in 2017, $7.3 million in 2016 and $7.2 million |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt, net, consists of the following: As of (in millions, except percentages) December 31, 2017 December 31, Short-term debt: AR Facility $ 80.0 $ — Total short-term debt 80.0 — Long-term debt: Term loan 667.8 659.0 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.6 549.5 5.625% senior unsecured notes, due 2024 502.6 503.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.2 1,502.5 Debt issuance costs (24.7 ) (24.7 ) Total long-term debt, net 2,145.3 2,136.8 Total debt, net $ 2,225.3 $ 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 Borrowers’ 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 Borrowers’ 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. The letter of credit sublimit that is part of the Revolving Credit Facility under the Credit Agreement remains at $100.0 million . On November 17, 2017, the Company, the Borrowers and other guarantor subsidiaries party thereto entered into another amendment to the Credit Agreement to reduce the interest rate margin applicable to the Term Loan from 1.25% to 1.00% , in the case of base rate borrowings, and from 2.25% to 2.00% in the case of London Interbank Offered Rate borrowings. The remaining terms of the Credit Agreement, as amended, 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”). Term Loan The interest rate on the Term Loan was 3.6% per annum as of December 31, 2017 . As of December 31, 2017 , a discount of $2.2 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 December 31, 2017 , there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.5 million in 2017 , $1.8 million in 2016 and $1.9 million in 2015 . As of December 31, 2017 , we had issued letters of credit totaling approximately $88.6 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of December 31, 2017 , we had issued letters of credit totaling approximately $119.5 million under our aggregate $150.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2017, 2016 and 2015, were immaterial. Accounts Receivable Securitization Facility On June 30, 2017, we entered into the AR Facility. The AR Facility provides up to $100.0 million in borrowing capacity, which is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the 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 are 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 December 31, 2017 , there were $80.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.3% , which were primarily used to repay previously outstanding amounts under the Revolving Credit Facility. As of December 31, 2017 , the total borrowing capacity remaining under the AR Facility was approximately $14.9 million , based on approximately $192.2 million of eligible accounts receivable used as collateral for the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial in 2017 . As of February 26, 2018, there were $55.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.4% . Senior Unsecured Notes As of December 31, 2017 , a discount of $0.4 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022 , remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of December 31, 2017 , a premium of $2.6 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 or third-party transfers. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of December 31, 2017 , our Consolidated Net Secured Leverage Ratio was 1.4 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 maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2017 , our Consolidated Total Leverage Ratio was 4.7 to 1.0, as adjusted to give pro forma effect to an acquisition, in accordance with the Credit Agreement. As of December 31, 2017 , we are in compliance with our debt covenants. Deferred Financing Costs As of December 31, 2017 , we had deferred $29.4 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR 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, AR 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 December 31, 2017 , and $2.2 billion as of December 31, 2016 . The fair value of our debt as of both December 31, 2017 and 2016 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Accumulated Other Comprehensive Loss As of December 31, 2014 $ (79.9 ) $ (10.2 ) $ (90.1 ) Other comprehensive income (loss) before reclassifications (32.3 ) 1.0 (31.3 ) Amortization of actuarial losses reclassified to net loss (a) — 0.5 0.5 Total other comprehensive income (loss), net of tax (32.3 ) 1.5 (30.8 ) As of December 31, 2015 (112.2 ) (8.7 ) (120.9 ) Other comprehensive income (loss) before reclassifications (b) 102.3 (0.3 ) 102.0 Amortization of actuarial losses reclassified to net loss (a) — 0.4 0.4 Total other comprehensive income, net of tax 102.3 0.1 102.4 As of December 31, 2016 (9.9 ) (8.6 ) (18.5 ) Other comprehensive income (loss) before reclassifications 11.8 (1.4 ) 10.4 Amortization of actuarial losses reclassified to net loss (a) — 0.4 0.4 Total other comprehensive income (loss), net of tax 11.8 (1.0 ) 10.8 As of December 31, 2017 $ 1.9 $ (9.6 ) $ (7.7 ) (a) See Note 13. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income (loss). (b) On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax benefit of $0.3 million in 2017 and net of a tax expense of $1.0 million |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity In 2016, we issued 79,690 shares, valued at approximately $1.9 million and in 2015, we issued 442,922 shares, valued at approximately $12.2 million to J&M Holding Enterprises, Inc. (“J&M”), an affiliate of Videri Inc. (“Videri”), or Videri, as applicable, in connection with licenses and services received under a development and license agreement (the “Videri Agreement”) with J&M and Videri. We have capitalized the payments, which are related to the development of software and equipment to be utilized within digital displays, within Property and equipment, net , on the Consolidated Statement of Financial Position. 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 11. Acquisitions and Dispositions to the Consolidated Financial Statement s ). 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. During 2017 , we made distributions of $1.4 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of December 31, 2017 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 138,644,917 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 November 21, 2017 , we entered into a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million . We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. As of February 26, 2018 , no shares of our common stock have been sold under the ATM Program, and accordingly, as of February 26, 2018 , $300.0 million remained available to be sold under the sales agreement. On February 27, 2018 , we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on March 30, 2018 , to stockholders of record at the close of business on March 9, 2018 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In 2015, we recorded restructuring charges of $2.6 million in our U.S. Media segment associated with the elimination of management positions and the elimination of positions in connection with the sale of assets and the consolidation of leased locations. In 2016, we recorded restructuring charges of $2.5 million in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. In 2017 , we recorded restructuring charges of $6.4 million , of which $4.1 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of December 31, 2017 , $4.4 million in restructuring reserves remained outstanding and is included in Other current liabilities |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 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 the acquired 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 $68.0 million of identified intangible assets, $34.3 million of goodwill, $17.0 million of deferred tax liabilities and $9.1 million of other assets and liabilities (primarily property and equipment). These preliminary estimates may be revised in future periods as we obtain additional information regarding fixed assets, intangible assets and certain liabilities. 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 $114.7 million in 2017, $67.9 million in 2016 and $12.1 million in 2015. Dispositions On April 1, 2016 , we completed the Disposition and received $82.0 million in cash plus working capital, which was subject to post-closing adjustments. We recorded a loss on real estate assets held for sale of approximately $1.3 million in 2016 and $103.6 million in 2015 on the Consolidated Statement of Operations. In the second quarter of 2015, we disposed of substantially all of our assets in Puerto Rico and recorded a loss of $0.9 million in Net (gain) loss on dispositions on the Consolidated Statement of Operations. Asset Swap On July 1, 2017, in exchange for static billboards in four non-metropolitan market clusters, we acquired digital billboards in the Boston, Massachusetts, DMA and $3.2 million in cash, which resulted in a pre-tax gain of $14.1 million |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”), we have 8,000,000 shares of our common stock reserved for the issuance of stock-based awards. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan. RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three- to four-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are recorded as incurred. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. The following table summarizes our stock-based compensation expense for 2017 , 2016 and 2015 . Year Ended December 31, (in millions) 2017 2016 2015 RSUs and PRSUs $ 20.3 $ 17.8 $ 14.9 Stock options 0.2 0.2 0.3 Stock-based compensation expense, before income taxes 20.5 18.0 15.2 Tax benefit (2.0 ) (1.9 ) (1.3 ) Stock-based compensation expense, net of tax $ 18.5 $ 16.1 $ 13.9 As of December 31, 2017 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $18.3 million , which is expected to be recognized over a weighted average period of 1.8 years . RSUs and PRSUs The following table summarizes the 2017 activity of the RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2016 1,637,141 $ 22.71 Granted: RSUs 569,365 26.70 PRSUs 254,931 27.17 Vested: RSUs (545,828 ) 23.20 PRSUs (213,389 ) 24.36 Forfeitures: RSUs (47,750 ) 24.12 PRSUs (22,350 ) 19.01 Non-vested as of December 31, 2017 1,632,120 24.43 The total fair value of RSUs and PRSUs that vested was $20.0 million during 2017 , $11.6 million during 2016 and $17.3 million during 2015 . Stock Options Stock options vest over a four-year service period and expire eight or ten years from the date of grant. Forfeitures of stock options are recorded as incurred. The following table summarizes the activity 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 December 31, 2017 165,293 20.69 Exercisable as of December 31, 2017 165,293 20.69 The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2017 2016 2015 Cash paid by our employees for stock option exercises $ 1.2 $ — $ 2.0 Tax benefit of stock option exercises 0.1 — 0.1 Intrinsic value of stock option exercises 2.1 — 1.8 The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2017 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $5 to 9.99 23,446 0.16 6.25 23,446 6.25 $10 to 14.99 28,488 1.62 12.12 28,488 12.12 $20 to 24.99 9,946 3.12 20.07 9,946 20.07 $25 to 29.99 103,413 3.72 26.39 103,413 26.39 165,293 165,293 Stock options outstanding as of December 31, 2017 , have a weighted average remaining contractual life of 2.82 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $23.20 , was $0.7 million . Stock options exercisable as of December 31, 2017 , have a weighted average remaining contractual life of 2.82 years and the total intrinsic value for “in-the-money” exercisable options was $0.7 million |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S. The benefits for the pension plan in Canada are based primarily on an employee’s years of service and an average of the employee’s highest five years of earnings. Participating employees in the pension plan in Canada are vested after two years of service or immediately, depending on the province of their employment. We fund the pension plan in Canada in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Canada pension plan assets consist principally of equity securities, corporate and government related securities, and insurance contracts. The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. We use a December 31 measurement date for all pension plans. The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2017 2016 2015 Benefit obligation, beginning of year $ 48.3 $ 44.9 $ 50.9 Service cost 1.6 1.6 1.4 Interest cost 2.0 1.9 1.9 Actuarial (gain) loss 3.7 0.2 (0.2 ) Benefits paid (1.4 ) (1.5 ) (1.1 ) Cumulative translation adjustments 3.6 1.2 (8.0 ) Benefit obligation, end of year $ 57.8 $ 48.3 $ 44.9 The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2017 2016 Fair value of plan assets, beginning of year $ 43.6 $ 39.7 Actual return on plan assets 4.9 2.4 Employer contributions 2.0 2.0 Benefits paid (1.4 ) (1.5 ) Cumulative translation adjustments 3.2 1.0 Fair value of plan assets, end of year $ 52.3 $ 43.6 The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2017 2016 Unfunded status, end of year $ (5.4 ) $ (4.7 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (5.4 ) (4.7 ) Net amounts recognized (5.4 ) (4.7 ) The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2017 2016 Net actuarial loss $ (12.9 ) $ (11.6 ) Deferred income taxes 3.3 3.0 Net amount recognized in accumulated other comprehensive loss $ (9.6 ) $ (8.6 ) The accumulated benefit obligation for the defined benefit pension plans was $53.9 million as of December 31, 2017 , and $43.8 million as of December 31, 2016 . The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2017 2016 Projected benefit obligation $ 57.8 $ 48.3 Accumulated benefit obligation 53.9 43.8 Fair value of plan assets 52.3 43.6 The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2017 2016 2015 Service cost $ 1.6 $ 1.6 $ 1.4 Interest cost 2.0 1.9 1.9 Expected return on plan assets (2.3 ) (2.1 ) (2.2 ) Amortization of actuarial losses (a) 0.6 0.6 0.8 Amortization of transitional obligation (0.1 ) (0.1 ) (0.1 ) Net periodic pension cost $ 1.8 $ 1.9 $ 1.8 (in millions) Year Ended December 31, 2017 Actuarial losses $ (1.1 ) Amortization of actuarial losses (a) 0.6 Cumulative translation adjustments (0.7 ) Amortization of transitional obligation (0.1 ) (1.3 ) Deferred income taxes 0.3 Recognized in other comprehensive loss, net of tax $ (1.0 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.7 million , will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2018 . As of and for the Year Ended December 31, 2017 2016 Weighted average assumptions used to determine benefit obligations: Discount rate 3.5 % 4.0 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 4.0 4.0 Expected long-term return on plan assets 5.1 5.1 Rate of compensation increase 3.0 3.0 For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. Plan Assets Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2017 , we invested approximately 31% in fixed income instruments, 59% in equity instruments, and the remainder in cash, cash equivalents and insurance contracts. The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2017 and 2016 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 1.0 $ — $ 1.0 Fixed income securities: Corporate and government related securities — 15.3 — 15.3 Corporate bonds (b) 0.8 — — 0.8 Equity securities (c) : U.S. equity 1.0 — — 1.0 International equity 0.4 29.4 — 29.8 Insurance contracts — — 4.4 4.4 Total assets $ 2.2 $ 45.7 $ 4.4 $ 52.3 As of December 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 0.9 $ — $ 0.9 Fixed income securities: Corporate and government related securities — 12.3 — 12.3 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.9 — — 0.9 International equity 0.3 23.8 — 24.1 Insurance contracts — — 4.7 4.7 Total assets $ 1.9 $ 37.0 $ 4.7 $ 43.6 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse industries, substantially all investment grade. (c) Assets categorized as Level 2 reflect investments in common collective funds. Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2017 2016 Insurance contracts: Beginning of year $ 4.7 $ 4.9 Payments (0.5 ) (0.5 ) Actuarial loss (0.3 ) — Interest income 0.2 0.2 Cumulative translation adjustments 0.3 0.1 End of year $ 4.4 $ 4.7 Our insurance contracts classified as Level 3 are valued based on a discount rate determined by reference to the market interest rates prevailing on high quality debt instruments with cash flows that match the timing and amount of expected benefit payments under the pension plan in Canada, as well as a mortality assumption based upon the current mortality table, CPM2014 generational projected using mortality improvement scale CPM-B. As a result, the fair value of the insurance contract is equal to the defined benefit obligation in respect of the members covered under the insurance contract. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices. Future Benefit Payments (in millions) 2018 2019 2020 2021 2022 2023-2027 Estimated future benefit payments for pension plans 1.6 1.7 1.8 2.0 2.1 13.3 We expect to contribute $2.5 million to our pension plans in 2018. Multi-Employer Pension and Postretirement Benefit Plans We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $3.3 million in 2017, $2.9 million in 2016 and $2.7 million in 2015. Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us. Defined Contribution Plans Employer contributions for defined contribution plans sponsored by us were $4.8 million in 2017, $4.5 million in 2016 and $4.2 million |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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 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. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act amends the Internal Revenue Code of 1986, as amended, (the “Code”) to reduce tax rates and modify policies, credits and deductions. The Tax Act reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate and transitions from a worldwide tax system to a territorial tax system including a one-time deemed repatriation on corporate earnings held offshore. The Tax Act also adds many new provisions including changes to bonus depreciation, the deduction for executive compensation and interest expense. From an international tax perspective, a tax on global intangible low-taxed income (“GILTI”) and a base erosion anti-abuse tax (“BEAT”) were added. While most of the provisions will not be effective until 2018, two items that are effective for 2017 are the adjustments to our deferred tax assets and liabilities based on the above reduction in the tax rate and the one-time taxable income inclusion of our post-1986 unremitted foreign earnings. The effects of these two items are reported below. Cash paid for income taxes was $6.8 million in 2017 and $1.2 million in 2016 and $5.8 million in 2015 . The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2017 2016 2015 United States $ 139.2 $ 100.9 $ 83.3 Foreign (14.1 ) (9.9 ) (112.1 ) Income (loss) before provision for income taxes and equity in earnings of investee companies $ 125.1 $ 91.0 $ (28.8 ) The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income. Year Ended December 31, (in millions) 2017 2016 2015 Income (loss) before provision for income taxes and equity in earnings of investee companies $ 125.1 $ 91.0 $ (28.8 ) Net (income) loss of TRSs (2.4 ) 5.4 108.7 Income from REIT operations 122.7 96.4 79.9 Book depreciation in excess of tax depreciation 29.5 50.8 51.7 Book amortization in excess of tax amortization (1.8 ) 12.2 7.9 Tax dividend from foreign subsidiary (a) 5.6 41.0 39.0 Book/tax differences - stock-based compensation (2.2 ) 4.2 (3.4 ) Book/tax differences - deferred gain for tax (13.1 ) (3.5 ) (2.7 ) Book/tax differences - capitalized costs 5.7 6.0 5.6 Book/tax differences - other (0.2 ) 6.4 3.1 REIT taxable income (estimated) $ 146.2 $ 213.5 $ 181.1 (a) In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received. The components of the Provision for income taxes are as follows: Year Ended December 31, (in millions) 2017 2016 2015 Current: Federal $ (6.9 ) $ (4.0 ) $ (0.3 ) State and local (2.2 ) (1.5 ) (0.9 ) Foreign 0.1 (1.7 ) (5.9 ) (9.0 ) (7.2 ) (7.1 ) Deferred tax benefit (liability): Federal (2.2 ) (0.7 ) (0.5 ) State and local (0.1 ) (0.2 ) — Foreign 7.2 2.7 2.2 4.9 1.8 1.7 Provision for income taxes $ (4.1 ) $ (5.4 ) $ (5.4 ) Excluding the Loss on real estate assets held for sale of $103.6 million (see Note 11. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements) in 2015, the effective income tax rate was 3.3% in 2017 , 5.9% in 2016 and 7.2% in 2015 . The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the Provision for income taxes is summarized as follows: Year Ended December 31, (in millions) 2017 2016 2015 Benefit (provision) for income taxes on income (loss) at U.S. statutory rate $ (43.8 ) $ (31.9 ) $ 10.1 Loss on real estate assets held for sale — — (36.3 ) REIT dividends paid deduction 42.9 33.8 28.0 State and local taxes, net of federal tax benefit (1.6 ) (1.6 ) (1.8 ) Effect of foreign operations 2.4 (2.4 ) (7.3 ) Resolution of prior year tax — (2.9 ) 2.1 Effect of the Tax Act on net deferred tax assets (a) (2.1 ) — — Gain on dispositions (0.9 ) — — Other, net (1.0 ) (0.4 ) (0.2 ) Provision for income taxes $ (4.1 ) $ (5.4 ) $ (5.4 ) (a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017. The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2017 2016 Deferred income tax assets: Provision for expenses and losses $ 0.9 $ 0.6 Postretirement and other employee benefits 3.8 5.0 Tax credit and loss carryforwards 2.2 1.1 Total deferred income tax assets 6.9 6.7 Deferred income tax liabilities: Property, equipment and intangible assets (22.4 ) (8.8 ) Total deferred income tax liabilities (22.4 ) (8.8 ) Deferred income tax liabilities, net $ (15.5 ) $ (2.1 ) As of December 31, 2017 , we had net operating loss carryforwards for Canadian jurisdictions of $8.3 million , which expire in various years from 2018 through 2037. Our undistributed earnings of foreign subsidiaries not includable in our federal income tax returns that could be subject to additional income taxes if remitted was approximately $4.1 million as of December 31, 2017 , and $25.0 million as of December 31, 2016. No provision was recorded for taxes that could result from the remittance of such undistributed earnings since we intend to declare dividends to our shareholders in an amount sufficient to offset such distributions and intend to reinvest the remainder outside of the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practicable. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. (in millions) As of January 1, 2015 $ 1.2 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.6 ) As of December 31, 2015 0.8 Additions for current year tax positions 0.1 Reductions for prior year tax positions (0.3 ) As of December 31, 2016 0.6 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.2 ) As of December 31, 2017 $ 0.6 The reserve for uncertain tax positions of $0.6 million as of December 31, 2017 , includes $0.3 million which would affect our effective income tax rate if and when recognized in future years. We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented. We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. As of December 31, 2017, tax returns for 2016 , 2015 and 2014 are open to examination by the tax authorities. As of December 31, 2017, we are no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2014 |
Earnings (Loss) Per Share ("EPS
Earnings (Loss) Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share (“EPS”) | Earnings (Loss) Per Share (“EPS”) Year Ended December 31, (in millions) 2017 2016 2015 Net income (loss) available for common stockholders $ 125.8 $ 90.9 $ (29.4 ) Less: Distributions to holders of Class A equity interests of a subsidiary (b) 1.4 — — Net income (loss) available for common stockholders, basic and diluted $ 124.4 $ 90.9 $ (29.4 ) Weighted average shares for basic EPS 138.5 137.9 137.3 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.4 0.5 — Weighted average shares for diluted EPS (a)(b) 138.9 138.4 137.3 (a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2017, 0.5 million granted RSUs, PRSUs and stock options for 2016 and 0.7 million granted RSUs, PRSUs and stock options for 2015 was 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 9. Equity to the Consolidated Financial Statements.) The potential impact of 1.1 million |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 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. On December 8, 2017, we entered into a transit advertising and communications concession agreement with the New York Metropolitan Transportation Authority (the “MTA”) for subway, commuter rail and buses for a 10 -year term, with an additional 5 -year extension at our option. Under the agreement, we are obligated to deploy over 50,000 digital displays for advertising and MTA communications across the transit system over a number of years, commencing in 2018, and the MTA will be entitled to receive the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications screens throughout the transit system. Our currently estimated deployment costs will be approximately $800 million for the full 15 -year term and approximately $600 million for the first eight years of the term, and we anticipate these deployment costs will be recorded as Prepaid lease and transit franchise costs and Intangible assets on our Consolidated Statement of Financial Position. We expect to utilize third party financing to fund deployment costs, and have increased our letters of credit for the benefit of the MTA from approximately $30.0 million to $136.0 million , which is subject to change as equipment installations are completed and revenues are generated. As of December 31, 2017 , minimum rental payments under non-cancellable operating leases with terms in excess of one year and guaranteed minimum annual payments are as follows: (in millions) Operating Leases Guaranteed Minimum Annual Payments 2018 $ 131.0 $ 193.5 2019 129.7 172.3 2020 114.5 153.2 2021 104.7 151.8 2022 93.8 150.6 2023 and thereafter 505.2 704.8 Total minimum payments $ 1,078.9 $ 1,526.2 Rent expense was $377.7 million in 2017, $372.1 million in 2016 and $376.4 million in 2015, including contingent rent amounts of $84.7 million in 2017, $88.1 million in 2016 and $87.5 million in 2015. Rent expense is primarily reflected in operating expenses on the Consolidated Statements of Operations and includes rent on cancellable leases and leases with terms under one year, as well as contingent rent, none of which are included in the operating lease commitments in the table above. Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2017 , outstanding letters of credit were approximately $208.1 million and outstanding surety bonds were approximately $23.9 million , and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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 . Year Ended December 31, (in millions) 2017 2016 2015 Revenues: U.S. Media $ 1,406.5 $ 1,393.8 $ 1,344.3 Other 114.0 120.1 169.5 Total revenues $ 1,520.5 $ 1,513.9 $ 1,513.8 We present Operating income before Depreciation , Amortization , Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Year Ended December 31, (in millions) 2017 2016 2015 Net income (loss) $ 125.8 $ 90.9 $ (29.4 ) Provision for income taxes 4.1 5.4 5.4 Equity in earnings of investee companies, net of tax (4.8 ) (5.3 ) (4.8 ) Interest expense, net 116.9 113.8 114.8 Other (income) expense, net (0.3 ) 0.1 0.4 Operating income 241.7 204.9 86.4 Restructuring charges 6.4 2.5 2.6 Loss on real estate assets held for sale — 1.3 103.6 Net (gain) loss on dispositions (14.3 ) (1.9 ) 0.7 Depreciation and amortization 189.8 224.2 229.1 Stock-based compensation 20.5 18.0 15.2 Total Adjusted OIBDA $ 444.1 $ 449.0 $ 437.6 Adjusted OIBDA: U.S. Media $ 478.1 $ 473.8 $ 451.1 Other 8.4 17.8 24.3 Corporate (42.4 ) (42.6 ) (37.8 ) Total Adjusted OIBDA $ 444.1 $ 449.0 $ 437.6 Year Ended December 31, (in millions) 2017 2016 2015 Operating income (loss): U.S. Media $ 320.6 $ 269.5 $ 245.3 Other (16.0 ) (4.0 ) (105.9 ) Corporate (62.9 ) (60.6 ) (53.0 ) Total operating income $ 241.7 $ 204.9 $ 86.4 Net (gain) loss on dispositions: U.S. Media $ (14.4 ) $ (1.7 ) $ 0.6 Other 0.1 (0.2 ) 0.1 Total (gain) loss on dispositions $ (14.3 ) $ (1.9 ) $ 0.7 Depreciation and amortization: U.S. Media $ 169.6 $ 203.5 $ 202.6 Other 20.2 20.7 26.5 Total depreciation and amortization $ 189.8 $ 224.2 $ 229.1 Capital expenditures: U.S. Media $ 63.9 $ 54.8 $ 53.3 Other 6.9 4.6 5.9 Total capital expenditures $ 70.8 $ 59.4 $ 59.2 As of December 31, (in millions) 2017 2016 2015 Assets: U.S. Media $ 3,528.8 $ 3,578.8 $ 3,593.0 Other (a) 263.8 145.5 134.3 Corporate 15.6 14.2 88.2 Total assets $ 3,808.2 $ 3,738.5 $ 3,815.5 (a) In 2015, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements.) Year Ended December 31, (in millions) 2017 2016 2015 Revenues (a) : United States $ 1,447.3 $ 1,435.2 $ 1,380.3 Canada 73.2 67.3 71.7 Latin America — 11.4 61.8 Total revenues $ 1,520.5 $ 1,513.9 $ 1,513.8 (a) Revenues classifications are based on the geography of the advertising. As of December 31, (in millions) 2017 2016 2015 Long-lived assets (a) : United States $ 3,216.4 $ 3,255.0 3,291.1 Canada 189.1 73.9 82.2 Total long-lived assets $ 3,405.5 $ 3,328.9 $ 3,373.3 (a) |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 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 to the Consolidated Financial Statements). 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 December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Receivables, less allowances — — 42.1 202.7 (13.7 ) 231.1 Other current assets — 1.0 89.0 20.0 (13.4 ) 96.6 Total current assets — 11.2 134.8 257.1 (27.1 ) 376.0 Property and equipment, net — — 609.1 53.0 — 662.1 Goodwill — — 2,059.9 68.1 — 2,128.0 Intangible assets — — 511.5 69.4 — 580.9 Investment in subsidiaries 1,181.1 3,333.6 293.4 — (4,808.1 ) — Other assets — 3.3 55.1 2.8 — 61.2 Intercompany — — 123.9 148.3 (272.2 ) — Total assets $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 Total current liabilities $ — $ 21.7 $ 199.4 $ 105.6 $ (27.1 ) $ 299.6 Long-term debt — 2,145.3 — — — 2,145.3 Deferred income tax liabilities, net — — — 19.6 — 19.6 Asset retirement obligation — — 29.7 5.0 — 34.7 Deficit in excess of investment of subsidiaries — — 2,152.5 — (2,152.5 ) — Other liabilities — — 76.7 5.7 — 82.4 Intercompany — — 148.3 123.9 (272.2 ) — Total liabilities — 2,167.0 2,606.6 259.8 (2,451.8 ) 2,581.6 Total stockholders’ equity 1,181.1 1,181.1 1,181.1 293.4 (2,655.6 ) 1,181.1 Non-controlling interests — — — 45.5 — 45.5 Total equity 1,181.1 1,181.1 1,181.1 338.9 (2,655.6 ) 1,226.6 Total liabilities and equity $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 As of December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Receivables, less allowances — — 207.9 14.1 — 222.0 Other current assets — 1.1 77.9 12.0 — 91.0 Total current assets — 12.5 321.6 44.1 — 378.2 Property and equipment, net — — 621.4 43.6 — 665.0 Goodwill — — 2,059.9 29.5 — 2,089.4 Intangible assets — — 545.3 — — 545.3 Investment in subsidiaries 1,233.0 3,371.9 114.4 — (4,719.3 ) — Other assets — 1.1 56.9 2.6 — 60.6 Intercompany — — 42.7 67.0 (109.7 ) — Total assets $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 Total current liabilities $ — $ 15.7 $ 223.4 $ 12.4 $ — $ 251.5 Long-term debt — 2,136.8 — — — 2,136.8 Deferred income tax liabilities, net — — — 8.5 — 8.5 Asset retirement obligation — — 29.7 4.4 — 34.1 Deficit in excess of investment of subsidiaries — — 2,138.9 — (2,138.9 ) — Other liabilities — — 70.2 4.4 — 74.6 Intercompany — — 67.0 42.7 (109.7 ) — Total liabilities — 2,152.5 2,529.2 72.4 (2,248.6 ) 2,505.5 Total stockholders’ equity 1,232.9 1,232.9 1,232.9 114.4 (2,580.2 ) 1,232.9 Non-controlling interests 0.1 0.1 0.1 — (0.2 ) 0.1 Total equity 1,233.0 1,233.0 1,233.0 114.4 (2,580.4 ) 1,233.0 Total liabilities and stockholders’ equity $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 997.5 $ 61.5 $ — $ 1,059.0 Transit and other — — 449.4 12.1 — 461.5 Total revenues — — 1,446.9 73.6 — 1,520.5 Expenses: Operating — — 784.6 50.6 — 835.2 Selling, general and administrative 1.6 0.9 246.2 13.0 — 261.7 Restructuring charges — — 2.5 3.9 — 6.4 Net gain on dispositions — — (14.4 ) 0.1 — (14.3 ) Depreciation — — 77.3 12.4 — 89.7 Amortization — — 94.0 6.1 — 100.1 Total expenses 1.6 0.9 1,190.2 86.1 — 1,278.8 Operating income (loss) (1.6 ) (0.9 ) 256.7 (12.5 ) — 241.7 Interest expense, net — (113.9 ) (2.3 ) (0.7 ) — (116.9 ) Other income, net — — — 0.3 — 0.3 Income (loss) before income taxes and equity earnings of investee (1.6 ) (114.8 ) 254.4 (12.9 ) — 125.1 Benefit (provision) for income taxes — — (11.3 ) 7.2 — (4.1 ) Equity in earnings of investee companies, net of tax 127.4 242.2 (115.7 ) 0.8 (249.9 ) 4.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Total other comprehensive income, net of tax 10.8 10.8 10.8 10.8 (32.4 ) 10.8 Total comprehensive income $ 136.6 $ 138.2 $ 138.2 $ 5.9 $ (282.3 ) $ 136.6 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,005.6 $ 65.4 $ — $ 1,071.0 Transit and other — — 429.6 13.3 — 442.9 Total revenues — — 1,435.2 78.7 — 1,513.9 Expenses: Operating — — 764.9 53.2 — 818.1 Selling, general and administrative 1.5 0.2 246.7 16.4 — 264.8 Restructuring charges — — 2.5 — — 2.5 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net loss on dispositions — — (1.7 ) (0.2 ) — (1.9 ) Depreciation — — 94.1 14.8 — 108.9 Amortization — — 112.3 3.0 — 115.3 Total expenses 1.5 0.2 1,218.8 88.5 — 1,309.0 Operating income (loss) (1.5 ) (0.2 ) 216.4 (9.8 ) — 204.9 Interest expense, net — (113.6 ) (0.2 ) — — (113.8 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (113.8 ) 216.2 (9.9 ) — 91.0 Benefit (provision) for income taxes — — (6.4 ) 1.0 — (5.4 ) Equity in earnings of investee companies, net of tax 92.4 206.2 (117.4 ) 1.0 (176.9 ) 5.3 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Total other comprehensive income, net of tax 102.4 102.4 102.4 102.6 (307.4 ) 102.4 Total comprehensive income $ 193.3 $ 194.8 $ 194.8 $ 94.7 $ (484.3 ) $ 193.3 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 969.8 $ 114.5 $ — $ 1,084.3 Transit and other — — 410.5 19.0 — 429.5 Total revenues — — 1,380.3 133.5 — 1,513.8 Expenses: Operating — — 743.9 89.2 — 833.1 Selling, general and administrative 1.5 0.3 228.0 28.5 — 258.3 Restructuring charges — — 2.6 — — 2.6 Loss on real estate assets held for sale — — — 103.6 — 103.6 Net gain on dispositions — — 0.6 0.1 — 0.7 Depreciation — — 94.0 19.7 — 113.7 Amortization — — 111.1 4.3 — 115.4 Total expenses 1.5 0.3 1,180.2 245.4 — 1,427.4 Operating income (loss) (1.5 ) (0.3 ) 200.1 (111.9 ) — 86.4 Interest income (expense), net — (114.8 ) (0.2 ) 0.2 — (114.8 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (115.1 ) 199.9 (112.1 ) — (28.8 ) Provision for income taxes — — (2.0 ) (3.4 ) — (5.4 ) Equity in earnings of investee companies, net of tax (27.9 ) 87.2 (225.8 ) 1.1 170.2 4.8 Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Total other comprehensive loss, net of tax (30.8 ) (30.8 ) (30.8 ) (30.5 ) 92.1 (30.8 ) Total comprehensive loss $ (60.2 ) $ (58.7 ) $ (58.7 ) $ (144.9 ) $ 262.3 $ (60.2 ) Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.7 ) $ (108.5 ) $ 329.5 $ 30.0 $ — $ 249.3 Investing activities: Capital expenditures — — (63.6 ) (7.2 ) — (70.8 ) Acquisitions — — (18.5 ) (51.6 ) — (70.1 ) Proceeds from dispositions — — 5.5 0.1 — 5.6 Cash used for investing activities — — (76.6 ) (58.7 ) — (135.3 ) Financing activities: Proceeds from long-term debt borrowings - term loan — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — 160.0 — 250.0 Repayments of borrowings under short-term debt facilities — (90.0 ) — (80.0 ) — (170.0 ) Payments of deferred financing costs — (8.0 ) — (0.5 ) — (8.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Earnout payment related to prior acquisition — — (2.0 ) — — (2.0 ) Taxes withheld for stock-based compensation — — (8.5 ) — — (8.5 ) Dividends (200.4 ) — — (1.4 ) — (201.8 ) Intercompany 200.9 107.0 (274.3 ) (33.6 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.7 107.3 (285.0 ) 44.5 — (131.5 ) Effect of exchange rate on cash and cash equivalents — — — 0.6 — 0.6 Net increase (decrease) in cash and cash equivalents — (1.2 ) (32.1 ) 16.4 — (16.9 ) Cash and cash equivalents at beginning of period — 11.4 35.8 18.0 — 65.2 Cash and cash equivalents at end of period $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (111.3 ) $ 399.1 $ 0.8 $ — $ 287.1 Investing activities: Capital expenditures — — (54.8 ) (4.6 ) — (59.4 ) Acquisitions — — (67.9 ) — — (67.9 ) Proceeds from dispositions — — 2.9 87.7 — 90.6 Cash provided by (used for) investing activities — — (119.8 ) 83.1 — (36.7 ) Financing activities: Repayments of long-term debt borrowings - term loan — (90.0 ) — — — (90.0 ) Proceeds from borrowings under short-term debt facilities — 35.0 — — — 35.0 Repayments of borrowings under short-term debt facilities — (35.0 ) — — — (35.0 ) Payments of deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (7.3 ) — — (7.3 ) Dividends (188.6 ) — — — — (188.6 ) Intercompany 190.1 131.5 (244.5 ) (77.1 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.5 41.1 (252.0 ) (77.1 ) — (286.5 ) Effect of exchange rate on cash and cash equivalents — — — (0.3 ) — (0.3 ) Net increase (decrease) in cash and cash equivalents — (70.2 ) 27.3 6.5 — (36.4 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (107.4 ) $ 378.9 $ 23.1 $ — $ 293.1 Investing activities: Capital expenditures — — (53.3 ) (5.9 ) — (59.2 ) Acquisitions — — (12.1 ) — — (12.1 ) Proceeds from dispositions — — 8.9 — — 8.9 Cash used for investing activities — — (56.5 ) (5.9 ) — (62.4 ) Financing activities: Proceeds from long-term debt borrowings - senior notes — 103.8 — — — 103.8 Repayments of long-term debt borrowings - term loan — (50.0 ) — — — (50.0 ) Proceeds from borrowings under short-term debt facilities — 105.0 — — — 105.0 Repayments of borrowings under short-term debt facilities — (105.0 ) — — — (105.0 ) Payments of deferred financing costs — (3.3 ) — — — (3.3 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (4.3 ) — — (4.3 ) Dividends (196.3 ) — — — — (196.3 ) Intercompany 195.8 127.0 (317.9 ) (4.9 ) — — Other — — (0.5 ) — — (0.5 ) Cash provided by (used for) financing activities 1.5 177.5 (322.7 ) (4.9 ) — (148.6 ) Effect of exchange rate on cash and cash equivalents — — — (3.3 ) — (3.3 ) Net increase (decrease) in cash and cash equivalents — 70.1 (0.3 ) 9.0 — 78.8 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash reclassified to assets held for sale — — — (5.7 ) — (5.7 ) Cash and cash equivalents at end of period $ — $ 81.6 $ 8.5 $ 11.5 $ — $ 101.6 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. Effective April 1, 2016, we changed the segments that we use to review operating results and make decisions regarding segment performance and resource allocation. Historical financial information by reportable segment has been recast to reflect the changes in segment reporting with no impact to previously reported consolidated financial statements. (See Note 17. Segment information to the Consolidated Financial Statements . ) 2017 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 307.1 $ 367.1 $ 363.0 $ 369.3 $ 1,406.5 Other 23.5 29.1 (a) 29.4 (a) 32.0 (a) 114.0 Total revenues $ 330.6 $ 396.2 $ 392.4 $ 401.3 $ 1,520.5 Adjusted OIBDA: U.S. Media $ 92.4 $ 128.3 $ 129.2 $ 128.2 $ 478.1 Other (1.1 ) 4.0 (a) 1.9 (a) 3.6 (a) 8.4 Corporate (11.1 ) (10.3 ) (10.3 ) (10.7 ) (42.4 ) Total Adjusted OIBDA 80.2 122.0 120.8 121.1 444.1 Restructuring charges (1.8 ) (2.9 ) (1.6 ) (0.1 ) (6.4 ) Net gain (loss) on dispositions (0.4 ) (0.1 ) 14.1 0.7 14.3 Depreciation (22.9 ) (23.1 ) (22.3 ) (21.4 ) (89.7 ) Amortization (23.7 ) (25.4 ) (25.5 ) (25.5 ) (100.1 ) Stock-based compensation (5.4 ) (5.5 ) (5.2 ) (4.4 ) (20.5 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Operating income (loss): U.S. Media $ 47.5 $ 83.9 $ 100.7 $ 88.5 $ 320.6 Other (5.0 ) (3.1 ) (a) (4.9 ) (a) (3.0 ) (a) (16.0 ) Corporate (16.5 ) (15.8 ) (15.5 ) (15.1 ) (62.9 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Net income $ 2.5 $ 37.1 $ 50.7 $ 35.5 $ 125.8 (a) On June 13, 2017, we completed the Transaction. (See Note 9. Equity and Note 11. Acquisitions and Dispositions : Acquisitions to the Consolidated Financial Statements.) 2016 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 312.6 $ 356.5 $ 356.7 $ 368.0 $ 1,393.8 Other 35.8 28.8 (a) 26.1 (a) 29.4 (a) 120.1 Total revenues $ 348.4 $ 385.3 $ 382.8 $ 397.4 $ 1,513.9 Adjusted OIBDA: U.S. Media $ 94.9 $ 123.7 $ 129.3 $ 125.9 $ 473.8 Other 2.2 8.4 (a) 2.2 (a) 5.0 (a) 17.8 Corporate (9.0 ) (9.1 ) (10.8 ) (13.7 ) (42.6 ) Total Adjusted OIBDA 88.1 123.0 120.7 117.2 449.0 Restructuring charges — (0.4 ) — (2.1 ) (2.5 ) Loss on real estate assets held for sale (1.3 ) — — — (1.3 ) Net gain (loss) on dispositions (0.4 ) (0.2 ) 2.3 0.2 1.9 Depreciation (29.1 ) (28.5 ) (26.7 ) (24.6 ) (108.9 ) Amortization (28.3 ) (30.4 ) (28.3 ) (28.3 ) (115.3 ) Stock-based compensation (4.8 ) (4.5 ) (4.5 ) (4.2 ) (18.0 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Operating income (loss): U.S. Media $ 43.1 $ 69.7 $ 81.5 $ 75.2 $ 269.5 Other (5.1 ) 2.9 (a) (2.7 ) (a) 0.9 (a) (4.0 ) Corporate (13.8 ) (13.6 ) (15.3 ) (17.9 ) (60.6 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Net income (loss) $ (2.3 ) $ 28.5 $ 38.1 $ 26.6 $ 90.9 (a) On April 1, 2016, we completed the Disposition. (See Note 11. Acquisitions and Dispositions : Dispositions |
II - Valuation and Qualifying A
II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts (a) Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2017 $ 9.2 $ — $ 4.4 $ 0.1 $ 2.2 $ 11.5 Year ended December 31, 2016 8.9 — 3.6 — 3.3 9.2 Year ended December 31, 2015 14.2 — 2.7 (3.7 ) 4.3 8.9 Valuation allowance on deferred tax assets: Year ended December 31, 2017 $ — $ — $ — $ — $ — $ — Year ended December 31, 2016 — — — — — — Year ended December 31, 2015 6.9 — 0.1 (4.7 ) 2.3 — (a) For the year ended December 31, 2015, reflects change in allowance related to foreign currency translation adjustments and amounts reclassified to Assets held for sale |
III - Schedule of Real Estate a
III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2017 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 40,303 displays — (2) (2) (2) $ 82.2 $ 1,333.9 1,416.1 $ (1,015.3 ) Various Various 5 to 20 years Canada - 5,497 displays — (2) (2) (2) 2.3 293.0 295.3 (262.8 ) Various Various 5 to 20 years $ 84.5 $ 1,626.9 $ 1,711.4 $ (1,278.1 ) Structures added subsequent to January 1, 2014 United States - 2,127 displays $ 9.9 $ 121.1 $ (11.9 ) $ 9.9 $ 109.2 $ 119.1 $ (1.6 ) Various Various 5 to 20 years Canada - 190 displays — 14.7 — — 14.7 14.7 (1.0 ) Various Various 5 to 20 years $ 9.9 $ 135.8 $ (11.9 ) $ 9.9 $ 123.9 $ 133.8 $ (2.6 ) Total United States - 42,430 displays $ 92.1 $ 1,443.1 $ 1,535.2 $ (1,016.9 ) Various Various 5 to 20 years Canada - 5,687 displays 2.3 307.7 310.0 (263.8 ) Various Various 5 to 20 years $ 94.4 $ 1,750.8 $ 1,845.2 $ (1,280.7 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2017 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2017 2016 2015 Gross real estate assets: Balance at the beginning of the year $ 1,787.3 $ 1,778.7 $ 1,833.7 New Investments 22.0 9.1 8.0 Redevelopments 23.4 23.7 23.9 Recurring capital expenditures 13.0 14.5 16.4 Purchase price accounting adjustments — 1.0 (13.1 ) Land acquisitions 4.6 0.6 4.8 Additions for construction of / improvements to structures 63.0 48.9 40.0 Assets sold or written-off (28.9 ) (49.4 ) (26.5 ) Foreign exchange 23.8 9.1 (68.5 ) Balance at the end of the year $ 1,845.2 $ 1,787.3 $ 1,778.7 Accumulated depreciation: Balance at the beginning of the year $ 1,208.5 $ 1,137.7 $ 1,109.4 Depreciation 76.2 98.2 104.9 Assets sold or written-off (24.5 ) (34.6 ) (22.5 ) Foreign exchange 20.5 7.2 (54.1 ) Balance at the end of the year $ 1,280.7 $ 1,208.5 $ 1,137.7 |
Description of Business and B30
Description of Business and Basis of Presentation Accounting (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. |
Receivables | Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years |
Revenue Recognition | Revenue Recognition —We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross advertising spending, our Revenues are reported net of agency commissions. Deferred revenues primarily consist of revenues paid in advance of being earned. |
Concentration of Credit Risk | Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. |
Billboard Property Lease and Transit Franchise Expenses | Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs |
Direct Lease Acquisition Costs | Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, |
Income Taxes | Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. |
Asset Retirement Obligation | Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. |
Stock-based Compensation | Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted 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 December 31, 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. Statement of Cash Flows During the third quarter of 2017, we adopted the FASB’s guidance clarifying presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is being applied on a retrospective basis. Adoption of this guidance did not have a material effect on our consolidated financial statements. |
Recent Pronouncements | Recent Pronouncements Goodwill In January 2017, the FASB issued guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have a material effect on our consolidated financial statements. 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, 2017 , we had approximately 21,500 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 effective for the Company beginning in the first quarter of 2018. Our billboard lease revenues are recognized under the lease standard as described above. The revenue recognition guidance will be primarily applicable to our multi-year transit advertising contracts with municipalities in the U.S. and Canada, and marketing and multimedia rights agreements with colleges, universities and other educational institutions. We have assessed the changes to our accounting policies under the new standard and this |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years As of December 31, (in millions) 2017 2016 Land $ 94.4 $ 90.7 Buildings and improvements 51.3 48.2 Advertising structures (a) 1,750.8 1,696.6 Furniture, equipment and other (b) 120.7 88.5 Construction in progress 27.4 37.2 2,044.6 1,961.2 Less accumulated depreciation 1,382.5 1,296.2 Property and equipment, net $ 662.1 $ 665.0 (a) As of December 31, 2017 , includes $9.3 million associated with the Transaction (as defined below, see Note 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). (b) As of December 31, 2017, includes $22.5 million related to software and equipment that is being utilized within our digital displays and principally consists of software and equipment developed under a license and development agreement in exchange for the issuance of stock (see Note 9. Equity to the Consolidated Financial Statements). |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years As of December 31, (in millions) 2017 2016 Land $ 94.4 $ 90.7 Buildings and improvements 51.3 48.2 Advertising structures (a) 1,750.8 1,696.6 Furniture, equipment and other (b) 120.7 88.5 Construction in progress 27.4 37.2 2,044.6 1,961.2 Less accumulated depreciation 1,382.5 1,296.2 Property and equipment, net $ 662.1 $ 665.0 (a) As of December 31, 2017 , includes $9.3 million associated with the Transaction (as defined below, see Note 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). (b) As of December 31, 2017, includes $22.5 million related to software and equipment that is being utilized within our digital displays and principally consists of software and equipment developed under a license and development agreement in exchange for the issuance of stock (see Note 9. Equity to the Consolidated Financial Statements). |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the years ended December 31, 2017 and 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 — 4.3 4.3 Additions (a) — 34.3 34.3 As of December 31, 2017 $ 2,054.0 $ 74.0 $ 2,128.0 (a) Non-deductible addition associated with the Transaction (as defined below, see Note 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of December 31, 2017: Permits and leasehold agreements (a) $ 1,111.3 $ (661.6 ) $ 449.7 Franchise agreements 455.4 (346.2 ) 109.2 Other intangible assets (a) 47.1 (25.1 ) 22.0 Total intangible assets $ 1,613.8 $ (1,032.9 ) $ 580.9 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 9. Equity and Note 11. Acquisitions and Dispositions to the Consolidated Financial Statements). |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2018 through 2022 , to be as follows: (in millions) 2018 2019 2020 2021 2022 Amortization expense $ 55.0 $ 52.8 $ 48.2 $ 46.6 $ 41.8 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | Year Ended December 31, (in millions) 2017 2016 Balance, at beginning of period $ 34.1 $ 33.2 Accretion expense 2.3 2.4 Additions 0.2 0.2 Liabilities settled (2.3 ) (1.8 ) Foreign currency translation adjustments 0.4 0.1 Balance, at end of period $ 34.7 $ 34.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt, net, consists of the following: As of (in millions, except percentages) December 31, 2017 December 31, Short-term debt: AR Facility $ 80.0 $ — Total short-term debt 80.0 — Long-term debt: Term loan 667.8 659.0 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.6 549.5 5.625% senior unsecured notes, due 2024 502.6 503.0 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.2 1,502.5 Debt issuance costs (24.7 ) (24.7 ) Total long-term debt, net 2,145.3 2,136.8 Total debt, net $ 2,225.3 $ 2,136.8 Weighted average cost of debt 4.8 % 4.8 % |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Accumulated Other Comprehensive Loss As of December 31, 2014 $ (79.9 ) $ (10.2 ) $ (90.1 ) Other comprehensive income (loss) before reclassifications (32.3 ) 1.0 (31.3 ) Amortization of actuarial losses reclassified to net loss (a) — 0.5 0.5 Total other comprehensive income (loss), net of tax (32.3 ) 1.5 (30.8 ) As of December 31, 2015 (112.2 ) (8.7 ) (120.9 ) Other comprehensive income (loss) before reclassifications (b) 102.3 (0.3 ) 102.0 Amortization of actuarial losses reclassified to net loss (a) — 0.4 0.4 Total other comprehensive income, net of tax 102.3 0.1 102.4 As of December 31, 2016 (9.9 ) (8.6 ) (18.5 ) Other comprehensive income (loss) before reclassifications 11.8 (1.4 ) 10.4 Amortization of actuarial losses reclassified to net loss (a) — 0.4 0.4 Total other comprehensive income (loss), net of tax 11.8 (1.0 ) 10.8 As of December 31, 2017 $ 1.9 $ (9.6 ) $ (7.7 ) (a) See Note 13. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income (loss). (b) On April 1, 2016, in connection with the Disposition, we recognized $99.9 million |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for 2017 , 2016 and 2015 . Year Ended December 31, (in millions) 2017 2016 2015 RSUs and PRSUs $ 20.3 $ 17.8 $ 14.9 Stock options 0.2 0.2 0.3 Stock-based compensation expense, before income taxes 20.5 18.0 15.2 Tax benefit (2.0 ) (1.9 ) (1.3 ) Stock-based compensation expense, net of tax $ 18.5 $ 16.1 $ 13.9 |
Activity of RSUs and PRSUs issued to our employees | The following table summarizes the 2017 activity of the RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2016 1,637,141 $ 22.71 Granted: RSUs 569,365 26.70 PRSUs 254,931 27.17 Vested: RSUs (545,828 ) 23.20 PRSUs (213,389 ) 24.36 Forfeitures: RSUs (47,750 ) 24.12 PRSUs (22,350 ) 19.01 Non-vested as of December 31, 2017 1,632,120 24.43 |
Activity of stock options issued to our employees | The following table summarizes the activity of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2016 294,897 $ 15.72 Exercised (129,604 ) 9.37 Outstanding as of December 31, 2017 165,293 20.69 Exercisable as of December 31, 2017 165,293 20.69 |
Cash proceeds received and tax benefit from stock option exercises | The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2017 2016 2015 Cash paid by our employees for stock option exercises $ 1.2 $ — $ 2.0 Tax benefit of stock option exercises 0.1 — 0.1 Intrinsic value of stock option exercises 2.1 — 1.8 |
Stock options outstanding and exercisable by price | The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2017 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $5 to 9.99 23,446 0.16 6.25 23,446 6.25 $10 to 14.99 28,488 1.62 12.12 28,488 12.12 $20 to 24.99 9,946 3.12 20.07 9,946 20.07 $25 to 29.99 103,413 3.72 26.39 103,413 26.39 165,293 165,293 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Change in benefit obligation | The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2017 2016 2015 Benefit obligation, beginning of year $ 48.3 $ 44.9 $ 50.9 Service cost 1.6 1.6 1.4 Interest cost 2.0 1.9 1.9 Actuarial (gain) loss 3.7 0.2 (0.2 ) Benefits paid (1.4 ) (1.5 ) (1.1 ) Cumulative translation adjustments 3.6 1.2 (8.0 ) Benefit obligation, end of year $ 57.8 $ 48.3 $ 44.9 |
Change in plan assets | The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2017 2016 Fair value of plan assets, beginning of year $ 43.6 $ 39.7 Actual return on plan assets 4.9 2.4 Employer contributions 2.0 2.0 Benefits paid (1.4 ) (1.5 ) Cumulative translation adjustments 3.2 1.0 Fair value of plan assets, end of year $ 52.3 $ 43.6 |
Funded status and amounts recognized in consolidated statement of financial position | The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2017 2016 Unfunded status, end of year $ (5.4 ) $ (4.7 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (5.4 ) (4.7 ) Net amounts recognized (5.4 ) (4.7 ) |
Amounts recognized in accumulated other comprehensive income (loss) | The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2017 2016 Net actuarial loss $ (12.9 ) $ (11.6 ) Deferred income taxes 3.3 3.0 Net amount recognized in accumulated other comprehensive loss $ (9.6 ) $ (8.6 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2017 2016 Projected benefit obligation $ 57.8 $ 48.3 Accumulated benefit obligation 53.9 43.8 Fair value of plan assets 52.3 43.6 |
Schedule of Net Benefit Costs | The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2017 2016 2015 Service cost $ 1.6 $ 1.6 $ 1.4 Interest cost 2.0 1.9 1.9 Expected return on plan assets (2.3 ) (2.1 ) (2.2 ) Amortization of actuarial losses (a) 0.6 0.6 0.8 Amortization of transitional obligation (0.1 ) (0.1 ) (0.1 ) Net periodic pension cost $ 1.8 $ 1.9 $ 1.8 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | (in millions) Year Ended December 31, 2017 Actuarial losses $ (1.1 ) Amortization of actuarial losses (a) 0.6 Cumulative translation adjustments (0.7 ) Amortization of transitional obligation (0.1 ) (1.3 ) Deferred income taxes 0.3 Recognized in other comprehensive loss, net of tax $ (1.0 ) (a) |
Weighted average assumptions used to determine benefit obligations and net periodic cost | As of and for the Year Ended December 31, 2017 2016 Weighted average assumptions used to determine benefit obligations: Discount rate 3.5 % 4.0 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 4.0 4.0 Expected long-term return on plan assets 5.1 5.1 Rate of compensation increase 3.0 3.0 |
Pension plan assets categorized according to the FASB fair value hierarchy | The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2017 and 2016 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 1.0 $ — $ 1.0 Fixed income securities: Corporate and government related securities — 15.3 — 15.3 Corporate bonds (b) 0.8 — — 0.8 Equity securities (c) : U.S. equity 1.0 — — 1.0 International equity 0.4 29.4 — 29.8 Insurance contracts — — 4.4 4.4 Total assets $ 2.2 $ 45.7 $ 4.4 $ 52.3 As of December 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 0.9 $ — $ 0.9 Fixed income securities: Corporate and government related securities — 12.3 — 12.3 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.9 — — 0.9 International equity 0.3 23.8 — 24.1 Insurance contracts — — 4.7 4.7 Total assets $ 1.9 $ 37.0 $ 4.7 $ 43.6 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse industries, substantially all investment grade. (c) |
Significant changes in Level 3 plan assets | Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2017 2016 Insurance contracts: Beginning of year $ 4.7 $ 4.9 Payments (0.5 ) (0.5 ) Actuarial loss (0.3 ) — Interest income 0.2 0.2 Cumulative translation adjustments 0.3 0.1 End of year $ 4.4 $ 4.7 |
Schedule of Expected Benefit Payments | (in millions) 2018 2019 2020 2021 2022 2023-2027 Estimated future benefit payments for pension plans 1.6 1.7 1.8 2.0 2.1 13.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2017 2016 2015 United States $ 139.2 $ 100.9 $ 83.3 Foreign (14.1 ) (9.9 ) (112.1 ) Income (loss) before provision for income taxes and equity in earnings of investee companies $ 125.1 $ 91.0 $ (28.8 ) |
Book Income (Loss) To REIT Taxable Income Reconciliation | The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income. Year Ended December 31, (in millions) 2017 2016 2015 Income (loss) before provision for income taxes and equity in earnings of investee companies $ 125.1 $ 91.0 $ (28.8 ) Net (income) loss of TRSs (2.4 ) 5.4 108.7 Income from REIT operations 122.7 96.4 79.9 Book depreciation in excess of tax depreciation 29.5 50.8 51.7 Book amortization in excess of tax amortization (1.8 ) 12.2 7.9 Tax dividend from foreign subsidiary (a) 5.6 41.0 39.0 Book/tax differences - stock-based compensation (2.2 ) 4.2 (3.4 ) Book/tax differences - deferred gain for tax (13.1 ) (3.5 ) (2.7 ) Book/tax differences - capitalized costs 5.7 6.0 5.6 Book/tax differences - other (0.2 ) 6.4 3.1 REIT taxable income (estimated) $ 146.2 $ 213.5 $ 181.1 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Provision for income taxes are as follows: Year Ended December 31, (in millions) 2017 2016 2015 Current: Federal $ (6.9 ) $ (4.0 ) $ (0.3 ) State and local (2.2 ) (1.5 ) (0.9 ) Foreign 0.1 (1.7 ) (5.9 ) (9.0 ) (7.2 ) (7.1 ) Deferred tax benefit (liability): Federal (2.2 ) (0.7 ) (0.5 ) State and local (0.1 ) (0.2 ) — Foreign 7.2 2.7 2.2 4.9 1.8 1.7 Provision for income taxes $ (4.1 ) $ (5.4 ) $ (5.4 ) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the Provision for income taxes is summarized as follows: Year Ended December 31, (in millions) 2017 2016 2015 Benefit (provision) for income taxes on income (loss) at U.S. statutory rate $ (43.8 ) $ (31.9 ) $ 10.1 Loss on real estate assets held for sale — — (36.3 ) REIT dividends paid deduction 42.9 33.8 28.0 State and local taxes, net of federal tax benefit (1.6 ) (1.6 ) (1.8 ) Effect of foreign operations 2.4 (2.4 ) (7.3 ) Resolution of prior year tax — (2.9 ) 2.1 Effect of the Tax Act on net deferred tax assets (a) (2.1 ) — — Gain on dispositions (0.9 ) — — Other, net (1.0 ) (0.4 ) (0.2 ) Provision for income taxes $ (4.1 ) $ (5.4 ) $ (5.4 ) (a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% |
Schedule of Deferred Tax Assets and Liabilities | The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2017 2016 Deferred income tax assets: Provision for expenses and losses $ 0.9 $ 0.6 Postretirement and other employee benefits 3.8 5.0 Tax credit and loss carryforwards 2.2 1.1 Total deferred income tax assets 6.9 6.7 Deferred income tax liabilities: Property, equipment and intangible assets (22.4 ) (8.8 ) Total deferred income tax liabilities (22.4 ) (8.8 ) Deferred income tax liabilities, net $ (15.5 ) $ (2.1 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. (in millions) As of January 1, 2015 $ 1.2 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.6 ) As of December 31, 2015 0.8 Additions for current year tax positions 0.1 Reductions for prior year tax positions (0.3 ) As of December 31, 2016 0.6 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.2 ) As of December 31, 2017 $ 0.6 |
Earnings (Loss) Per Share ("E41
Earnings (Loss) Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Year Ended December 31, (in millions) 2017 2016 2015 Net income (loss) available for common stockholders $ 125.8 $ 90.9 $ (29.4 ) Less: Distributions to holders of Class A equity interests of a subsidiary (b) 1.4 — — Net income (loss) available for common stockholders, basic and diluted $ 124.4 $ 90.9 $ (29.4 ) Weighted average shares for basic EPS 138.5 137.9 137.3 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.4 0.5 — Weighted average shares for diluted EPS (a)(b) 138.9 138.4 137.3 (a) The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2017, 0.5 million granted RSUs, PRSUs and stock options for 2016 and 0.7 million granted RSUs, PRSUs and stock options for 2015 was 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 9. Equity to the Consolidated Financial Statements.) The potential impact of 1.1 million |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2017 , minimum rental payments under non-cancellable operating leases with terms in excess of one year and guaranteed minimum annual payments are as follows: (in millions) Operating Leases Guaranteed Minimum Annual Payments 2018 $ 131.0 $ 193.5 2019 129.7 172.3 2020 114.5 153.2 2021 104.7 151.8 2022 93.8 150.6 2023 and thereafter 505.2 704.8 Total minimum payments $ 1,078.9 $ 1,526.2 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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 . Year Ended December 31, (in millions) 2017 2016 2015 Revenues: U.S. Media $ 1,406.5 $ 1,393.8 $ 1,344.3 Other 114.0 120.1 169.5 Total revenues $ 1,520.5 $ 1,513.9 $ 1,513.8 |
Adjusted OIBDA by segment and Reconciliation to Consolidated Net Income | Year Ended December 31, (in millions) 2017 2016 2015 Net income (loss) $ 125.8 $ 90.9 $ (29.4 ) Provision for income taxes 4.1 5.4 5.4 Equity in earnings of investee companies, net of tax (4.8 ) (5.3 ) (4.8 ) Interest expense, net 116.9 113.8 114.8 Other (income) expense, net (0.3 ) 0.1 0.4 Operating income 241.7 204.9 86.4 Restructuring charges 6.4 2.5 2.6 Loss on real estate assets held for sale — 1.3 103.6 Net (gain) loss on dispositions (14.3 ) (1.9 ) 0.7 Depreciation and amortization 189.8 224.2 229.1 Stock-based compensation 20.5 18.0 15.2 Total Adjusted OIBDA $ 444.1 $ 449.0 $ 437.6 Adjusted OIBDA: U.S. Media $ 478.1 $ 473.8 $ 451.1 Other 8.4 17.8 24.3 Corporate (42.4 ) (42.6 ) (37.8 ) Total Adjusted OIBDA $ 444.1 $ 449.0 $ 437.6 |
Tabular Disclosure by Reportable Segments | Year Ended December 31, (in millions) 2017 2016 2015 Operating income (loss): U.S. Media $ 320.6 $ 269.5 $ 245.3 Other (16.0 ) (4.0 ) (105.9 ) Corporate (62.9 ) (60.6 ) (53.0 ) Total operating income $ 241.7 $ 204.9 $ 86.4 Net (gain) loss on dispositions: U.S. Media $ (14.4 ) $ (1.7 ) $ 0.6 Other 0.1 (0.2 ) 0.1 Total (gain) loss on dispositions $ (14.3 ) $ (1.9 ) $ 0.7 Depreciation and amortization: U.S. Media $ 169.6 $ 203.5 $ 202.6 Other 20.2 20.7 26.5 Total depreciation and amortization $ 189.8 $ 224.2 $ 229.1 Capital expenditures: U.S. Media $ 63.9 $ 54.8 $ 53.3 Other 6.9 4.6 5.9 Total capital expenditures $ 70.8 $ 59.4 $ 59.2 |
Reconciliation of Assets from Segment to Consolidated | As of December 31, (in millions) 2017 2016 2015 Assets: U.S. Media $ 3,528.8 $ 3,578.8 $ 3,593.0 Other (a) 263.8 145.5 134.3 Corporate 15.6 14.2 88.2 Total assets $ 3,808.2 $ 3,738.5 $ 3,815.5 (a) In 2015, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions : Dispositions |
Schedule of Revenue from External Customers by Geographic Area | Year Ended December 31, (in millions) 2017 2016 2015 Revenues (a) : United States $ 1,447.3 $ 1,435.2 $ 1,380.3 Canada 73.2 67.3 71.7 Latin America — 11.4 61.8 Total revenues $ 1,520.5 $ 1,513.9 $ 1,513.8 (a) Revenues |
Long-lived Assets by Geographic Areas | As of December 31, (in millions) 2017 2016 2015 Long-lived assets (a) : United States $ 3,216.4 $ 3,255.0 3,291.1 Canada 189.1 73.9 82.2 Total long-lived assets $ 3,405.5 $ 3,328.9 $ 3,373.3 (a) |
Condensed Consolidating Finan44
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet | As of December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Receivables, less allowances — — 42.1 202.7 (13.7 ) 231.1 Other current assets — 1.0 89.0 20.0 (13.4 ) 96.6 Total current assets — 11.2 134.8 257.1 (27.1 ) 376.0 Property and equipment, net — — 609.1 53.0 — 662.1 Goodwill — — 2,059.9 68.1 — 2,128.0 Intangible assets — — 511.5 69.4 — 580.9 Investment in subsidiaries 1,181.1 3,333.6 293.4 — (4,808.1 ) — Other assets — 3.3 55.1 2.8 — 61.2 Intercompany — — 123.9 148.3 (272.2 ) — Total assets $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 Total current liabilities $ — $ 21.7 $ 199.4 $ 105.6 $ (27.1 ) $ 299.6 Long-term debt — 2,145.3 — — — 2,145.3 Deferred income tax liabilities, net — — — 19.6 — 19.6 Asset retirement obligation — — 29.7 5.0 — 34.7 Deficit in excess of investment of subsidiaries — — 2,152.5 — (2,152.5 ) — Other liabilities — — 76.7 5.7 — 82.4 Intercompany — — 148.3 123.9 (272.2 ) — Total liabilities — 2,167.0 2,606.6 259.8 (2,451.8 ) 2,581.6 Total stockholders’ equity 1,181.1 1,181.1 1,181.1 293.4 (2,655.6 ) 1,181.1 Non-controlling interests — — — 45.5 — 45.5 Total equity 1,181.1 1,181.1 1,181.1 338.9 (2,655.6 ) 1,226.6 Total liabilities and equity $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 As of December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Receivables, less allowances — — 207.9 14.1 — 222.0 Other current assets — 1.1 77.9 12.0 — 91.0 Total current assets — 12.5 321.6 44.1 — 378.2 Property and equipment, net — — 621.4 43.6 — 665.0 Goodwill — — 2,059.9 29.5 — 2,089.4 Intangible assets — — 545.3 — — 545.3 Investment in subsidiaries 1,233.0 3,371.9 114.4 — (4,719.3 ) — Other assets — 1.1 56.9 2.6 — 60.6 Intercompany — — 42.7 67.0 (109.7 ) — Total assets $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 Total current liabilities $ — $ 15.7 $ 223.4 $ 12.4 $ — $ 251.5 Long-term debt — 2,136.8 — — — 2,136.8 Deferred income tax liabilities, net — — — 8.5 — 8.5 Asset retirement obligation — — 29.7 4.4 — 34.1 Deficit in excess of investment of subsidiaries — — 2,138.9 — (2,138.9 ) — Other liabilities — — 70.2 4.4 — 74.6 Intercompany — — 67.0 42.7 (109.7 ) — Total liabilities — 2,152.5 2,529.2 72.4 (2,248.6 ) 2,505.5 Total stockholders’ equity 1,232.9 1,232.9 1,232.9 114.4 (2,580.2 ) 1,232.9 Non-controlling interests 0.1 0.1 0.1 — (0.2 ) 0.1 Total equity 1,233.0 1,233.0 1,233.0 114.4 (2,580.4 ) 1,233.0 Total liabilities and stockholders’ equity $ 1,233.0 $ 3,385.5 $ 3,762.2 $ 186.8 $ (4,829.0 ) $ 3,738.5 |
Condensed Income Statement | Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 997.5 $ 61.5 $ — $ 1,059.0 Transit and other — — 449.4 12.1 — 461.5 Total revenues — — 1,446.9 73.6 — 1,520.5 Expenses: Operating — — 784.6 50.6 — 835.2 Selling, general and administrative 1.6 0.9 246.2 13.0 — 261.7 Restructuring charges — — 2.5 3.9 — 6.4 Net gain on dispositions — — (14.4 ) 0.1 — (14.3 ) Depreciation — — 77.3 12.4 — 89.7 Amortization — — 94.0 6.1 — 100.1 Total expenses 1.6 0.9 1,190.2 86.1 — 1,278.8 Operating income (loss) (1.6 ) (0.9 ) 256.7 (12.5 ) — 241.7 Interest expense, net — (113.9 ) (2.3 ) (0.7 ) — (116.9 ) Other income, net — — — 0.3 — 0.3 Income (loss) before income taxes and equity earnings of investee (1.6 ) (114.8 ) 254.4 (12.9 ) — 125.1 Benefit (provision) for income taxes — — (11.3 ) 7.2 — (4.1 ) Equity in earnings of investee companies, net of tax 127.4 242.2 (115.7 ) 0.8 (249.9 ) 4.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Total other comprehensive income, net of tax 10.8 10.8 10.8 10.8 (32.4 ) 10.8 Total comprehensive income $ 136.6 $ 138.2 $ 138.2 $ 5.9 $ (282.3 ) $ 136.6 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,005.6 $ 65.4 $ — $ 1,071.0 Transit and other — — 429.6 13.3 — 442.9 Total revenues — — 1,435.2 78.7 — 1,513.9 Expenses: Operating — — 764.9 53.2 — 818.1 Selling, general and administrative 1.5 0.2 246.7 16.4 — 264.8 Restructuring charges — — 2.5 — — 2.5 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net loss on dispositions — — (1.7 ) (0.2 ) — (1.9 ) Depreciation — — 94.1 14.8 — 108.9 Amortization — — 112.3 3.0 — 115.3 Total expenses 1.5 0.2 1,218.8 88.5 — 1,309.0 Operating income (loss) (1.5 ) (0.2 ) 216.4 (9.8 ) — 204.9 Interest expense, net — (113.6 ) (0.2 ) — — (113.8 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (113.8 ) 216.2 (9.9 ) — 91.0 Benefit (provision) for income taxes — — (6.4 ) 1.0 — (5.4 ) Equity in earnings of investee companies, net of tax 92.4 206.2 (117.4 ) 1.0 (176.9 ) 5.3 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Total other comprehensive income, net of tax 102.4 102.4 102.4 102.6 (307.4 ) 102.4 Total comprehensive income $ 193.3 $ 194.8 $ 194.8 $ 94.7 $ (484.3 ) $ 193.3 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 969.8 $ 114.5 $ — $ 1,084.3 Transit and other — — 410.5 19.0 — 429.5 Total revenues — — 1,380.3 133.5 — 1,513.8 Expenses: Operating — — 743.9 89.2 — 833.1 Selling, general and administrative 1.5 0.3 228.0 28.5 — 258.3 Restructuring charges — — 2.6 — — 2.6 Loss on real estate assets held for sale — — — 103.6 — 103.6 Net gain on dispositions — — 0.6 0.1 — 0.7 Depreciation — — 94.0 19.7 — 113.7 Amortization — — 111.1 4.3 — 115.4 Total expenses 1.5 0.3 1,180.2 245.4 — 1,427.4 Operating income (loss) (1.5 ) (0.3 ) 200.1 (111.9 ) — 86.4 Interest income (expense), net — (114.8 ) (0.2 ) 0.2 — (114.8 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before income taxes and equity earnings of investee (1.5 ) (115.1 ) 199.9 (112.1 ) — (28.8 ) Provision for income taxes — — (2.0 ) (3.4 ) — (5.4 ) Equity in earnings of investee companies, net of tax (27.9 ) 87.2 (225.8 ) 1.1 170.2 4.8 Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Net loss $ (29.4 ) $ (27.9 ) $ (27.9 ) $ (114.4 ) $ 170.2 $ (29.4 ) Total other comprehensive loss, net of tax (30.8 ) (30.8 ) (30.8 ) (30.5 ) 92.1 (30.8 ) Total comprehensive loss $ (60.2 ) $ (58.7 ) $ (58.7 ) $ (144.9 ) $ 262.3 $ (60.2 ) |
Condensed Cash Flow Statement | Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.7 ) $ (108.5 ) $ 329.5 $ 30.0 $ — $ 249.3 Investing activities: Capital expenditures — — (63.6 ) (7.2 ) — (70.8 ) Acquisitions — — (18.5 ) (51.6 ) — (70.1 ) Proceeds from dispositions — — 5.5 0.1 — 5.6 Cash used for investing activities — — (76.6 ) (58.7 ) — (135.3 ) Financing activities: Proceeds from long-term debt borrowings - term loan — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — 160.0 — 250.0 Repayments of borrowings under short-term debt facilities — (90.0 ) — (80.0 ) — (170.0 ) Payments of deferred financing costs — (8.0 ) — (0.5 ) — (8.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Earnout payment related to prior acquisition — — (2.0 ) — — (2.0 ) Taxes withheld for stock-based compensation — — (8.5 ) — — (8.5 ) Dividends (200.4 ) — — (1.4 ) — (201.8 ) Intercompany 200.9 107.0 (274.3 ) (33.6 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.7 107.3 (285.0 ) 44.5 — (131.5 ) Effect of exchange rate on cash and cash equivalents — — — 0.6 — 0.6 Net increase (decrease) in cash and cash equivalents — (1.2 ) (32.1 ) 16.4 — (16.9 ) Cash and cash equivalents at beginning of period — 11.4 35.8 18.0 — 65.2 Cash and cash equivalents at end of period $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (111.3 ) $ 399.1 $ 0.8 $ — $ 287.1 Investing activities: Capital expenditures — — (54.8 ) (4.6 ) — (59.4 ) Acquisitions — — (67.9 ) — — (67.9 ) Proceeds from dispositions — — 2.9 87.7 — 90.6 Cash provided by (used for) investing activities — — (119.8 ) 83.1 — (36.7 ) Financing activities: Repayments of long-term debt borrowings - term loan — (90.0 ) — — — (90.0 ) Proceeds from borrowings under short-term debt facilities — 35.0 — — — 35.0 Repayments of borrowings under short-term debt facilities — (35.0 ) — — — (35.0 ) Payments of deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (7.3 ) — — (7.3 ) Dividends (188.6 ) — — — — (188.6 ) Intercompany 190.1 131.5 (244.5 ) (77.1 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.5 41.1 (252.0 ) (77.1 ) — (286.5 ) Effect of exchange rate on cash and cash equivalents — — — (0.3 ) — (0.3 ) Net increase (decrease) in cash and cash equivalents — (70.2 ) 27.3 6.5 — (36.4 ) Cash and cash equivalents at beginning of period — 81.6 8.5 11.5 — 101.6 Cash and cash equivalents at end of period $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 Year Ended December 31, 2015 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (107.4 ) $ 378.9 $ 23.1 $ — $ 293.1 Investing activities: Capital expenditures — — (53.3 ) (5.9 ) — (59.2 ) Acquisitions — — (12.1 ) — — (12.1 ) Proceeds from dispositions — — 8.9 — — 8.9 Cash used for investing activities — — (56.5 ) (5.9 ) — (62.4 ) Financing activities: Proceeds from long-term debt borrowings - senior notes — 103.8 — — — 103.8 Repayments of long-term debt borrowings - term loan — (50.0 ) — — — (50.0 ) Proceeds from borrowings under short-term debt facilities — 105.0 — — — 105.0 Repayments of borrowings under short-term debt facilities — (105.0 ) — — — (105.0 ) Payments of deferred financing costs — (3.3 ) — — — (3.3 ) Proceeds from stock option exercises 2.0 — — — — 2.0 Taxes withheld for stock-based compensation — — (4.3 ) — — (4.3 ) Dividends (196.3 ) — — — — (196.3 ) Intercompany 195.8 127.0 (317.9 ) (4.9 ) — — Other — — (0.5 ) — — (0.5 ) Cash provided by (used for) financing activities 1.5 177.5 (322.7 ) (4.9 ) — (148.6 ) Effect of exchange rate on cash and cash equivalents — — — (3.3 ) — (3.3 ) Net increase (decrease) in cash and cash equivalents — 70.1 (0.3 ) 9.0 — 78.8 Cash and cash equivalents at beginning of period — 11.5 8.8 8.2 — 28.5 Cash reclassified to assets held for sale — — — (5.7 ) — (5.7 ) Cash and cash equivalents at end of period $ — $ 81.6 $ 8.5 $ 11.5 $ — $ 101.6 |
Quarterly Financial Data (Una45
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | 2017 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 307.1 $ 367.1 $ 363.0 $ 369.3 $ 1,406.5 Other 23.5 29.1 (a) 29.4 (a) 32.0 (a) 114.0 Total revenues $ 330.6 $ 396.2 $ 392.4 $ 401.3 $ 1,520.5 Adjusted OIBDA: U.S. Media $ 92.4 $ 128.3 $ 129.2 $ 128.2 $ 478.1 Other (1.1 ) 4.0 (a) 1.9 (a) 3.6 (a) 8.4 Corporate (11.1 ) (10.3 ) (10.3 ) (10.7 ) (42.4 ) Total Adjusted OIBDA 80.2 122.0 120.8 121.1 444.1 Restructuring charges (1.8 ) (2.9 ) (1.6 ) (0.1 ) (6.4 ) Net gain (loss) on dispositions (0.4 ) (0.1 ) 14.1 0.7 14.3 Depreciation (22.9 ) (23.1 ) (22.3 ) (21.4 ) (89.7 ) Amortization (23.7 ) (25.4 ) (25.5 ) (25.5 ) (100.1 ) Stock-based compensation (5.4 ) (5.5 ) (5.2 ) (4.4 ) (20.5 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Operating income (loss): U.S. Media $ 47.5 $ 83.9 $ 100.7 $ 88.5 $ 320.6 Other (5.0 ) (3.1 ) (a) (4.9 ) (a) (3.0 ) (a) (16.0 ) Corporate (16.5 ) (15.8 ) (15.5 ) (15.1 ) (62.9 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Net income $ 2.5 $ 37.1 $ 50.7 $ 35.5 $ 125.8 (a) On June 13, 2017, we completed the Transaction. (See Note 9. Equity and Note 11. Acquisitions and Dispositions : Acquisitions to the Consolidated Financial Statements.) 2016 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 312.6 $ 356.5 $ 356.7 $ 368.0 $ 1,393.8 Other 35.8 28.8 (a) 26.1 (a) 29.4 (a) 120.1 Total revenues $ 348.4 $ 385.3 $ 382.8 $ 397.4 $ 1,513.9 Adjusted OIBDA: U.S. Media $ 94.9 $ 123.7 $ 129.3 $ 125.9 $ 473.8 Other 2.2 8.4 (a) 2.2 (a) 5.0 (a) 17.8 Corporate (9.0 ) (9.1 ) (10.8 ) (13.7 ) (42.6 ) Total Adjusted OIBDA 88.1 123.0 120.7 117.2 449.0 Restructuring charges — (0.4 ) — (2.1 ) (2.5 ) Loss on real estate assets held for sale (1.3 ) — — — (1.3 ) Net gain (loss) on dispositions (0.4 ) (0.2 ) 2.3 0.2 1.9 Depreciation (29.1 ) (28.5 ) (26.7 ) (24.6 ) (108.9 ) Amortization (28.3 ) (30.4 ) (28.3 ) (28.3 ) (115.3 ) Stock-based compensation (4.8 ) (4.5 ) (4.5 ) (4.2 ) (18.0 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Operating income (loss): U.S. Media $ 43.1 $ 69.7 $ 81.5 $ 75.2 $ 269.5 Other (5.1 ) 2.9 (a) (2.7 ) (a) 0.9 (a) (4.0 ) Corporate (13.8 ) (13.6 ) (15.3 ) (17.9 ) (60.6 ) Total operating income $ 24.2 $ 59.0 $ 63.5 $ 58.2 $ 204.9 Net income (loss) $ (2.3 ) $ 28.5 $ 38.1 $ 26.6 $ 90.9 (a) On April 1, 2016, we completed the Disposition. (See Note 11. Acquisitions and Dispositions : Dispositions |
II - Valuation and Qualifying46
II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts (a) Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2017 $ 9.2 $ — $ 4.4 $ 0.1 $ 2.2 $ 11.5 Year ended December 31, 2016 8.9 — 3.6 — 3.3 9.2 Year ended December 31, 2015 14.2 — 2.7 (3.7 ) 4.3 8.9 Valuation allowance on deferred tax assets: Year ended December 31, 2017 $ — $ — $ — $ — $ — $ — Year ended December 31, 2016 — — — — — — Year ended December 31, 2015 6.9 — 0.1 (4.7 ) 2.3 — (a) For the year ended December 31, 2015, reflects change in allowance related to foreign currency translation adjustments and amounts reclassified to Assets held for sale |
III - Schedule of Real Estate47
III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2017 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 40,303 displays — (2) (2) (2) $ 82.2 $ 1,333.9 1,416.1 $ (1,015.3 ) Various Various 5 to 20 years Canada - 5,497 displays — (2) (2) (2) 2.3 293.0 295.3 (262.8 ) Various Various 5 to 20 years $ 84.5 $ 1,626.9 $ 1,711.4 $ (1,278.1 ) Structures added subsequent to January 1, 2014 United States - 2,127 displays $ 9.9 $ 121.1 $ (11.9 ) $ 9.9 $ 109.2 $ 119.1 $ (1.6 ) Various Various 5 to 20 years Canada - 190 displays — 14.7 — — 14.7 14.7 (1.0 ) Various Various 5 to 20 years $ 9.9 $ 135.8 $ (11.9 ) $ 9.9 $ 123.9 $ 133.8 $ (2.6 ) Total United States - 42,430 displays $ 92.1 $ 1,443.1 $ 1,535.2 $ (1,016.9 ) Various Various 5 to 20 years Canada - 5,687 displays 2.3 307.7 310.0 (263.8 ) Various Various 5 to 20 years $ 94.4 $ 1,750.8 $ 1,845.2 $ (1,280.7 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2017 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2017 2016 2015 Gross real estate assets: Balance at the beginning of the year $ 1,787.3 $ 1,778.7 $ 1,833.7 New Investments 22.0 9.1 8.0 Redevelopments 23.4 23.7 23.9 Recurring capital expenditures 13.0 14.5 16.4 Purchase price accounting adjustments — 1.0 (13.1 ) Land acquisitions 4.6 0.6 4.8 Additions for construction of / improvements to structures 63.0 48.9 40.0 Assets sold or written-off (28.9 ) (49.4 ) (26.5 ) Foreign exchange 23.8 9.1 (68.5 ) Balance at the end of the year $ 1,845.2 $ 1,787.3 $ 1,778.7 Accumulated depreciation: Balance at the beginning of the year $ 1,208.5 $ 1,137.7 $ 1,109.4 Depreciation 76.2 98.2 104.9 Assets sold or written-off (24.5 ) (34.6 ) (22.5 ) Foreign exchange 20.5 7.2 (54.1 ) Balance at the end of the year $ 1,280.7 $ 1,208.5 $ 1,137.7 |
Description of Business and B48
Description of Business and Basis of Presentation - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017marketssegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Largest Markets in Which the Entity Operates, Domestic | 25 |
Number of Markets in Which the Entity Operates | 140 |
Number of Operating Segments | segment | 3 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building and building improvements | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Building and building improvements | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 40 years |
Advertising structures | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Advertising structures | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Furniture, equipment and other | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Furniture, equipment and other | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 10 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)leases | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Summary of Accounting Policies [Line Items] | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | $ 20.5 | $ 18 | $ 15.8 |
Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Customer Contract Term | 28 days | ||
Intangible asset, useful life | 5 years | ||
Lessee, Operating Lease, Term of Contract | 1 month | ||
Lessee Leasing Arrangements, Prepaid Lease Term | 1 month | ||
Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Customer Contract Term | 12 months | ||
Intangible asset, useful life | 40 years | ||
Lessee Leasing Arrangements, Prepaid Lease Term | 12 months | ||
Direct Lease Acquisition Cost | Minimum | |||
Summary of Accounting Policies [Line Items] | |||
Intangible asset, useful life | 28 days | ||
Direct Lease Acquisition Cost | Maximum | |||
Summary of Accounting Policies [Line Items] | |||
Intangible asset, useful life | 1 year | ||
United States | |||
Summary of Accounting Policies [Line Items] | |||
Number of leases | leases | 21,500 | ||
Canada | |||
Summary of Accounting Policies [Line Items] | |||
Number of leases | leases | 3,200 | ||
Additional paid-in capital | |||
Summary of Accounting Policies [Line Items] | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | $ 20.5 | $ 18 | $ 15.8 |
Additional paid-in capital | Adjustments for new accounting pronouncement | |||
Summary of Accounting Policies [Line Items] | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 0.5 | ||
Distribution in excess of earnings | Adjustments for new accounting pronouncement | |||
Summary of Accounting Policies [Line Items] | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | $ (0.5) |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 2,044.6 | $ 1,961.2 |
Less: accumulated depreciation | 1,382.5 | 1,296.2 |
Property and equipment, net | 662.1 | 665 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 94.4 | 90.7 |
Building and building improvements | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 51.3 | 48.2 |
Building and building improvements | Minimum | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Useful Life | 20 years | |
Building and building improvements | Maximum | ||
Property and Equipment [Line Items] | ||
Property and Equipment, Useful Life | 40 years | |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,750.8 | 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 | $ 120.7 | 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 | $ 27.4 | $ 37.2 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property and Equipment [Line Items] | |||||||||||
Property and equipment | $ 2,044.6 | $ 1,961.2 | $ 2,044.6 | $ 1,961.2 | |||||||
Depreciation | 21.4 | $ 22.3 | $ 23.1 | $ 22.9 | 24.6 | $ 26.7 | $ 28.5 | $ 29.1 | 89.7 | 108.9 | $ 113.7 |
Advertising structures | |||||||||||
Property and Equipment [Line Items] | |||||||||||
Property and equipment | 1,750.8 | 1,696.6 | 1,750.8 | 1,696.6 | |||||||
Furniture, equipment and other | |||||||||||
Property and Equipment [Line Items] | |||||||||||
Property and equipment | 120.7 | $ 88.5 | 120.7 | $ 88.5 | |||||||
Acquired business | Advertising structures | |||||||||||
Property and Equipment [Line Items] | |||||||||||
Property and equipment | 9.3 | 9.3 | |||||||||
Software and Software Development Costs | Furniture, equipment and other | |||||||||||
Property and Equipment [Line Items] | |||||||||||
Property and equipment | $ 22.5 | $ 22.5 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 2,089.4 | $ 2,074.7 |
Currency translation adjustments | 4.3 | 1.1 |
Additions | 34.3 | 13.9 |
Dispositions | (0.3) | |
Goodwill, Ending Balance | 2,128 | 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 | 4.3 | 1.1 |
Additions | 34.3 | 0 |
Dispositions | (0.3) | |
Goodwill, Ending Balance | $ 74 | $ 35.4 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,613.8 | $ 1,535 |
Accumulated Amortization | (1,032.9) | (989.7) |
Intangible assets | 580.9 | 545.3 |
Permits and leasehold agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,111.3 | 1,038 |
Accumulated Amortization | (661.6) | (636.1) |
Intangible assets | 449.7 | 401.9 |
Franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 455.4 | 451.6 |
Accumulated Amortization | (346.2) | (336.6) |
Intangible assets | 109.2 | 115 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 47.1 | 45.4 |
Accumulated Amortization | (25.1) | (17) |
Intangible assets | $ 22 | $ 28.4 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 55 |
2,019 | 52.8 |
2,020 | 48.2 |
2,021 | 46.6 |
2,022 | $ 41.8 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of intangible assets | $ 25.5 | $ 25.5 | $ 25.4 | $ 23.7 | $ 28.3 | $ 28.3 | $ 30.4 | $ 28.3 | $ 100.1 | $ 115.3 | $ 115.4 |
Amortization of direct lease acquisition costs | $ 40 | $ 38.2 | $ 36.3 | ||||||||
Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 5 years | ||||||||||
Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 40 years | ||||||||||
Direct Lease Acquisition Cost | Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 28 days | ||||||||||
Direct Lease Acquisition Cost | Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 1 year |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 12 Months Ended |
Dec. 31, 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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning of period | $ 34.1 | $ 33.2 | |
Accretion expense | 2.3 | 2.4 | $ 2.5 |
Additions | 0.2 | 0.2 | |
Liabilities settled | (2.3) | (1.8) | |
Foreign currency translation adjustments | 0.4 | 0.1 | |
End of period | $ 34.7 | $ 34.1 | $ 33.2 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)joint_ventureDisplays | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investments | $ | $ 19.5 | $ 21.7 | |
Management Fees Revenue | $ | $ 7.4 | $ 7.3 | $ 7.2 |
Transit shelter joint ventures | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Number of Investments | joint_venture | 2 | ||
Acquired business | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Number of Investments | joint_venture | 4 | ||
Equity Method Investment, Number Of Displays | Displays | 15 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Short-term debt | $ 80 | $ 0 |
Debt issuance costs | (24.7) | (24.7) |
Long-term debt, net | 2,145.3 | 2,136.8 |
Total debt, net | $ 2,225.3 | $ 2,136.8 |
Weighted average cost of debt | 4.80% | 4.80% |
Secured Debt | Term loan due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 667.8 | |
Secured Debt | Term loan due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 659 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 1,502.2 | 1,502.5 |
Senior Notes | 5.250% senior unsecured notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 549.6 | 549.5 |
Senior Notes | 5.625% senior unsecured notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 502.6 | 503 |
Senior Notes | 5.875% senior unsecured notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 450 | $ 450 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Mar. 16, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 26, 2018USD ($) | Nov. 17, 2017 | Nov. 16, 2017 |
Line of Credit Facility [Line Items] | |||||||
Covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | ||||||
Debt Covenant, Consolidated Total Leverage Ratio | 6 | ||||||
Consolidated Total Leverage Ratio | 4.7 | ||||||
Debt Instrument [Line Items] | |||||||
Deferred finance costs | $ 29.4 | ||||||
Secured Debt | Term loan due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 670 | ||||||
Debt Instrument, Maturity Date | Mar. 16, 2024 | ||||||
Debt Instrument, Increase (Decrease), Net | $ 10 | ||||||
Interest rate at period end | 3.60% | ||||||
Debt discount | $ 2.2 | ||||||
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 150 | ||||||
Debt interest rate percentage | 5.25% | ||||||
Debt discount | $ 0.4 | ||||||
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 100 | ||||||
Debt interest rate percentage | 5.625% | ||||||
Unamortized debt premium | $ 2.6 | ||||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Increase (Decrease), Net | 5 | ||||||
Maximum borrowing capacity | $ 430 | ||||||
Credit facility, expiration date | Mar. 16, 2022 | ||||||
Credit facility borrowings | 0 | ||||||
Commitment fee for unused commitments | $ 1.5 | $ 1.8 | $ 1.9 | ||||
Covenant description | The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. | ||||||
Maximum Consolidated Net Secured Leverage Ratio | 1.4 | ||||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | ||||||
Letter of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 150 | ||||||
Letters of Credit Outstanding, Amount | 119.5 | ||||||
Asset-backed Securities, Securitized Loans and Receivables | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 100 | ||||||
Letter of Credit sublimit to revolving credit facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 100 | ||||||
Letters of Credit Outstanding, Amount | 88.6 | ||||||
Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt at fair value | 2,300 | 2,200 | |||||
Maximum | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt covenant, restricted cash limit | 150 | ||||||
Maximum | Asset-backed Securities, Securitized Loans and Receivables | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Collateral Amount | $ 192.2 | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | ||||||
Minimum | Term loan due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest rate percentage | 1.00% | 1.25% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Term loan due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest rate percentage | 2.00% | 2.25% | |||||
Short-term debt | Asset-backed Securities, Securitized Loans and Receivables | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility borrowings | $ 80 | $ 0 | |||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.30% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14.9 | ||||||
Short-term debt | Subsequent Event | Asset-backed Securities, Securitized Loans and Receivables | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility borrowings | $ 55 | ||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.40% |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ (18.5) | $ (120.9) | $ (90.1) | ||
Other comprehensive income (loss) before reclassifications | 10.4 | 102 | (31.3) | ||
Amortization of actuarial losses reclassified to net income | 0.4 | 0.4 | 0.5 | ||
Total other comprehensive income (loss), net of tax | 10.8 | 102.4 | (30.8) | ||
Ending balance | (7.7) | (18.5) | (120.9) | ||
Cumulative Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (9.9) | (112.2) | (79.9) | ||
Other comprehensive income (loss) before reclassifications | 11.8 | 102.3 | [1] | (32.3) | |
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 11.8 | 102.3 | (32.3) | ||
Ending balance | 1.9 | (9.9) | (112.2) | ||
Net Actuarial Gain (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (8.6) | (8.7) | (10.2) | ||
Other comprehensive income (loss) before reclassifications | (1.4) | (0.3) | 1 | ||
Amortization of actuarial losses reclassified to net income | [2] | 0.4 | 0.4 | 0.5 | |
Total other comprehensive income (loss), net of tax | (1) | 0.1 | 1.5 | ||
Ending balance | $ (9.6) | $ (8.6) | $ (8.7) | ||
[1] | On April 1, 2016, in connection with the Disposition, we recognized $99.9 million | ||||
[2] | See Note 13. Retirement Benefits |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Loss -Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |||
Recognized unrealized foreign currency translation losses | $ 99.9 | ||
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss) | $ (0.3) | $ (1) |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Millions | Mar. 30, 2018 | Mar. 09, 2018 | Feb. 27, 2018$ / shares | Feb. 26, 2018USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Nov. 21, 2017USD ($) |
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. | |||||||
Dividends | $ | $ (201.8) | $ (188.6) | $ (196.3) | |||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | ||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common Stock, Shares, Issued | 138,644,917 | 138,044,896 | ||||||
Preferred Stock, Shares Authorized | 50,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||
Common stock issued during the period (shares) | 79,690 | 442,922 | ||||||
Issuance of stock for purchase of property and equipment | $ | $ 1.9 | $ 12.2 | ||||||
Dividends declared per common share | $ / shares | $ 1.44 | $ 1.36 | $ 1.42 | |||||
Common Stock, Outstanding | 138,644,917 | 138,044,896 | ||||||
Preferred Stock, Shares Issued | 0 | |||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ | $ 300 | |||||||
Preferred Stock, Shares Outstanding | 0 | |||||||
Exchange Ratio Class A Equity Interests For Common Stock | 1 | |||||||
Restriction For Disposition of Assets Acquired | 5 years | |||||||
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends declared per common share | $ / shares | $ 0.36 | |||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ | $ 300 | |||||||
Ordinary dividend | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends Payable, Date to be Paid | Mar. 30, 2018 | |||||||
Dividends Payable, Date of Record | Mar. 9, 2018 | |||||||
At-the-market equity offering program | Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock issued during the period (shares) | 0 | |||||||
Additional paid-in capital | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of stock for purchase of property and equipment | $ | $ 1.9 | $ 12.2 | ||||||
Non-controlling interests | ||||||||
Class of Stock [Line Items] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,953,407 | |||||||
Dividends | $ | $ 1.4 | $ 0 | $ 0 | |||||
Non-controlling interests | Tranche 1 | ||||||||
Class of Stock [Line Items] | ||||||||
Redemption Restriction Period | 1 year | |||||||
Percentage Of Redeemable Equity Interests | 55.00% | |||||||
Non-controlling interests | Tranche 2 | ||||||||
Class of Stock [Line Items] | ||||||||
Redemption Restriction Period | 18 months | |||||||
Percentage Of Redeemable Equity Interests | 45.00% |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 6.4 | $ 2.5 | $ 2.6 |
Restructuring Reserve | 4.4 | ||
Operating segments | U.S. Media | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2.3 | ||
Operating segments | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 4.1 |
Acquisitions and Dispositions -
Acquisitions and Dispositions -Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2016 | |
Business Acquisitions and Dispositions [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | $ 17 | $ 17 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 9.1 | 9.1 | |||||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 114.7 | $ 67.9 | $ 12.1 | ||||||||||
Finite-lived Intangible Assets Acquired | 68 | ||||||||||||
Additions | 34.3 | 13.9 | |||||||||||
Acquisitions | 70.1 | 67.9 | 12.1 | ||||||||||
Issuance of shares of a subsidiary for an acquisition | 44.6 | 0 | 0 | ||||||||||
Net (gain) loss on dispositions | $ (0.7) | $ (14.1) | $ 0.1 | $ 0.4 | $ (0.2) | $ (2.3) | $ 0.2 | $ 0.4 | $ 0.9 | (14.3) | (1.9) | 0.7 | |
Proceeds from exchange of assets | 5.6 | 90.6 | 8.9 | ||||||||||
Proceeds from dispositions | $ 82 | ||||||||||||
Loss on real estate assets held for sale | $ 0 | $ 0 | $ 0 | $ 1.3 | 0 | 1.3 | $ 103.6 | ||||||
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition | 14.1 | ||||||||||||
Acquired business | |||||||||||||
Business Acquisitions and Dispositions [Line Items] | |||||||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 94.4 | ||||||||||||
Acquisitions | 50 | ||||||||||||
Non-controlling interests | |||||||||||||
Business Acquisitions and Dispositions [Line Items] | |||||||||||||
Issuance of shares of a subsidiary for an acquisition | $ 44.4 | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,953,407 | ||||||||||||
Other | |||||||||||||
Business Acquisitions and Dispositions [Line Items] | |||||||||||||
Additions | $ 34.3 | $ 0 | |||||||||||
Exchange of Productive Assets | |||||||||||||
Business Acquisitions and Dispositions [Line Items] | |||||||||||||
Proceeds from exchange of assets | $ 3.2 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Not yet Recognized, RSUs and PSUs | $ 18.3 | ||
Remaining Contractual Life | 2 years 9 months 25 days | ||
Share Price | $ 23.20 | ||
Options Outstanding, Intrinsic Value | $ 0.7 | ||
Options Exercisable, Weighted Average Remaining Contractual Term | 2 years 9 months 25 days | ||
Options Exercisable, Intrinsic Value | $ 0.7 | ||
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Performance Shares (PRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Condition Period | 1 year | ||
Performance Shares (PRSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout on stock-based compensation awards | 0.00% | ||
Performance Shares (PRSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout on stock-based compensation awards | 120.00% | ||
Omnibus Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,000,000 | ||
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs and PSUs, Vested in Period, Fair Value | $ 20 | $ 11.6 | $ 17.3 |
Omnibus Stock Incentive Plan | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Omnibus Stock Incentive Plan | Stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Expiration Period | 8 years | ||
Omnibus Stock Incentive Plan | Stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Expiration Period | 10 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 20.5 | $ 18 | $ 15.2 |
Tax benefit | (2) | (1.9) | (1.3) |
Stock-based compensation expense, net of tax | 18.5 | 16.1 | 13.9 |
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 20.3 | 17.8 | 14.9 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 0.2 | $ 0.2 | $ 0.3 |
Stock-Based Compensation - Sc69
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Share Units Roll Forward (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted Stock Units and Performance Restricted Stock Units | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Non-vested RSUs and PRSUs, beginning balance | shares | 1,637,141 |
Non-vested RSUs and PRSUs, ending balance | shares | 1,632,120 |
Weighted Average Per Share Grant Date Fair Market Value | |
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 | $ 24.43 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Employee transfers and grants | shares | 569,365 |
Vested | shares | (545,828) |
Forfeited | shares | (47,750) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $ / shares | $ 26.70 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 23.20 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.12 |
Performance Shares (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Employee transfers and grants | shares | 254,931 |
Vested | shares | (213,389) |
Forfeited | shares | (22,350) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $ / shares | $ 27.17 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.36 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 19.01 |
Stock-Based Compensation - Sc70
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Omnibus Stock Incentive Plan - Stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding | 165,293 | 294,897 |
Exercise of stock options | (129,604) | |
Number of options exerciseable | 165,293 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price, options outstanding | $ 20.69 | $ 15.72 |
Weighted average exercise price, options exercised | 9.37 | |
Weighted average exercise price, options exerciseable | $ 20.69 |
Stock-Based Compensation - Sc71
Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid by our employees for stock option exercises | $ 1.2 | $ 0 | $ 2 |
Tax benefit of stock option exercises | 0.1 | 0 | 0.1 |
Intrinsic value of stock option exercises | $ 2.1 | $ 0 | $ 1.8 |
Stock-Based Compensation - Sc72
Stock-Based Compensation - Schedule of Options by Exercise Price (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | shares | 165,293 |
Number of Options, Exercisable | shares | 165,293 |
$5 to 9.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 5 |
Exercise Price Range, Upper Range Limit | $ 9.99 |
Number of Options, Outstanding | shares | 23,446 |
Options Outstanding Remaining Contractual Life (Years) | 1 month 28 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.25 |
Number of Options, Exercisable | shares | 23,446 |
Options Exercisable, Weighted Average Exercise Price | $ 6.25 |
$10 to 14.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 10 |
Exercise Price Range, Upper Range Limit | $ 14.99 |
Number of Options, Outstanding | shares | 28,488 |
Options Outstanding Remaining Contractual Life (Years) | 1 year 7 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 12.12 |
Number of Options, Exercisable | shares | 28,488 |
Options Exercisable, Weighted Average Exercise Price | $ 12.12 |
$20 to 24.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 20 |
Exercise Price Range, Upper Range Limit | $ 24.99 |
Number of Options, Outstanding | shares | 9,946 |
Options Outstanding Remaining Contractual Life (Years) | 3 years 1 month 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 20.07 |
Number of Options, Exercisable | shares | 9,946 |
Options Exercisable, Weighted Average Exercise Price | $ 20.07 |
$25 to 29.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 25 |
Exercise Price Range, Upper Range Limit | $ 29.99 |
Number of Options, Outstanding | shares | 103,413 |
Options Outstanding Remaining Contractual Life (Years) | 3 years 8 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $ 26.39 |
Number of Options, Exercisable | shares | 103,413 |
Options Exercisable, Weighted Average Exercise Price | $ 26.39 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)plan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Defined Benefit Pension Plans | plan | 2 | ||
Defined Benefit Plan Benefit Calculation Condition Period | 5 years | ||
Defined Benefit Plan Vesting Condition Period | 2 years | ||
Accumulated benefit obligation | $ 53.9 | $ 43.8 | |
Estimated amortization from AOCI of net actuarial losses | 0.7 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 2.5 | ||
Multiemployer Plan, Contributions by Employer | 3.3 | 2.9 | $ 2.7 |
Defined Contribution Plan, employer contributions | $ 4.8 | $ 4.5 | $ 4.2 |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 31.00% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 59.00% |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 48.3 | $ 44.9 | $ 50.9 |
Service cost | 1.6 | 1.6 | 1.4 |
Interest cost | 2 | 1.9 | 1.9 |
Actuarial (gain) loss | 3.7 | 0.2 | (0.2) |
Benefits paid | (1.4) | (1.5) | (1.1) |
Cumulative translation adjustments | 3.6 | 1.2 | (8) |
Benefit obligation, end of year | $ 57.8 | $ 48.3 | $ 44.9 |
Retirement Benefits - Schedul75
Retirement Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 43.6 | $ 39.7 |
Actual return on plan assets | 4.9 | 2.4 |
Employer contributions | 2 | 2 |
Benefits paid | (1.4) | (1.5) |
Cumulative translation adjustments | 3.2 | 1 |
Fair value of plan assets, end of year | $ 52.3 | $ 43.6 |
Retirement Benefits - Schedul76
Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Unfunded status, end of year | $ (5.4) | $ (4.7) |
Other noncurrent liabilities | (5.4) | (4.7) |
Net amounts recognized | $ (5.4) | $ (4.7) |
Retirement Benefits - Schedul77
Retirement Benefits - Schedule of Net Period Benefit Cost Not yet Recognized (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | $ (12.9) | $ (11.6) | ||
Deferred income taxes | 3.3 | 3 | ||
Accumulated other comprehensive loss | (7.7) | (18.5) | $ (120.9) | $ (90.1) |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated other comprehensive loss | $ (9.6) | $ (8.6) | $ (8.7) | $ (10.2) |
Retirement Benefits - Schedul78
Retirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 57.8 | $ 48.3 |
Accumulated benefit obligation | 53.9 | 43.8 |
Fair value of plan assets | $ 52.3 | $ 43.6 |
Retirement Benefits - Schedul79
Retirement Benefits - Schedule of Components of Net Periodic Pension Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Defined Benefit Plan, Net Periodic Pension Cost [Abstract] | ||||
Service cost | $ 1.6 | $ 1.6 | $ 1.4 | |
Interest cost | 2 | 1.9 | 1.9 | |
Expected return on plan assets | (2.3) | (2.1) | (2.2) | |
Amortization of actuarial losses | [1] | 0.6 | 0.6 | 0.8 |
Amortization of transitional obligation | (0.1) | (0.1) | (0.1) | |
Net periodic pension cost | $ 1.8 | $ 1.9 | $ 1.8 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). |
Retirement Benefits - Schedul80
Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial losses | $ 1.1 | |||
Amortization of actuarial losses | [1] | 0.6 | ||
Cumulative translation adjustments | (0.7) | |||
Amortization of transitional obligation | (0.1) | |||
Total other comprehensive income (loss), before tax | (1.3) | |||
Deferred income taxes | 0.3 | |||
Total other comprehensive income (loss), net of tax | 10.8 | $ 102.4 | $ (30.8) | |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total other comprehensive income (loss), net of tax | $ (1) | $ 0.1 | $ 1.5 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). |
Retirement Benefits - Schedul81
Retirement Benefits - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | ||
Discount rate | 3.50% | 4.00% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.00% | 4.00% |
Expected long-term return on plan assets | 5.10% | 5.10% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Benefits - Schedul82
Retirement Benefits - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 52.3 | $ 43.6 | $ 39.7 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 2.2 | 1.9 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 45.7 | 37 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 4.4 | 4.7 | ||
Cash and cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1 | 0.9 | ||
Cash and cash equivalents | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [1] | 1 | 0.9 | |
Cash and cash equivalents | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and government related securities | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 15.3 | 12.3 | ||
Corporate and government related securities | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and government related securities | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 15.3 | 12.3 | ||
Corporate and government related securities | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [2] | 0.8 | 0.7 | |
Corporate bonds | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [2] | 0.8 | 0.7 | |
Corporate bonds | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1 | 0.9 | ||
U.S. equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1 | 0.9 | ||
U.S. equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 29.8 | 24.1 | ||
International equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.4 | 0.3 | ||
International equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [3] | 29.4 | 23.8 | |
International equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 4.4 | 4.7 | ||
Insurance contracts | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 4.4 | $ 4.7 | $ 4.9 | |
[1] | Assets categorized as Level 2 reflect investments in money market funds. | |||
[2] | Securities of diverse industries, substantially all investment grade. | |||
[3] | Assets categorized as Level 2 reflect investments in common collective funds. |
Retirement Benefits - Schedul83
Retirement Benefits - Schedule of Significant Changes in Level 3 Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | $ 43.6 | $ 39.7 | |
Payments | (1.4) | (1.5) | |
Actuarial (gain) loss | 3.7 | 0.2 | $ (0.2) |
Interest income | 4.9 | 2.4 | |
Cumulative translation adjustments | 3.2 | 1 | |
Fair value of plan assets, end of year | 52.3 | 43.6 | 39.7 |
Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.7 | ||
Fair value of plan assets, end of year | 4.4 | 4.7 | |
Insurance contracts | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.7 | ||
Fair value of plan assets, end of year | 4.4 | 4.7 | |
Insurance contracts | Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.7 | 4.9 | |
Payments | (0.5) | (0.5) | |
Actuarial (gain) loss | (0.3) | 0 | |
Interest income | 0.2 | 0.2 | |
Cumulative translation adjustments | 0.3 | 0.1 | |
Fair value of plan assets, end of year | $ 4.4 | $ 4.7 | $ 4.9 |
Retirement Benefits - Schedul84
Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Retirement Benefits [Abstract] | |
2,018 | $ 1.6 |
2,019 | 1.7 |
2,020 | 1.8 |
2,021 | 2 |
2,022 | 2.1 |
2023-2027 | $ 13.3 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||||||||
Foreign Earnings Repatriated | $ 12.6 | ||||||||
Loss on real estate assets held for sale | $ 0 | $ 0 | $ 0 | $ 1.3 | 0 | $ 1.3 | $ 103.6 | ||
Cash paid for income taxes | $ 6.8 | $ 1.2 | $ 5.8 | ||||||
Effective Income Tax Rate Reconciliation, Percent, Excluding Non-Cash Benefit Resulting From REIT Conversion and Foreign Exchange Loss | (3.30%) | (5.90%) | (7.20%) | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||||
Operating Loss Carryforwards | $ 8.3 | ||||||||
Undistributed Earnings of Foreign Subsidiaries | 25 | 4.1 | $ 25 | ||||||
Unrecognized Tax Benefits | $ 0.6 | 0.6 | $ 0.6 | $ 0.8 | $ 1.2 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0.3 | ||||||||
Minimum | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2018 | ||||||||
Tax years subject to examination | 2,014 | ||||||||
Maximum | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | ||||||||
Tax years subject to examination | 2,016 | ||||||||
Foreign | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Proceeds from Dividends Received | $ 7 | ||||||||
Subsequent Event | Maximum | |||||||||
Operating Loss Carryforwards [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Income Taxes -Schedule of Incom
Income Taxes -Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
United States | $ 139.2 | $ 100.9 | $ 83.3 |
Foreign | (14.1) | (9.9) | (112.1) |
Income (loss) before provision for income taxes and equity in earnings of investee companies | $ 125.1 | $ 91 | $ (28.8) |
Income Taxes - Book Income to R
Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | $ 125.1 | $ 91 | $ (28.8) |
Book depreciation in excess of tax depreciation | 29.5 | 50.8 | 51.7 |
Book amortization in excess of tax amortization | (1.8) | 12.2 | 7.9 |
Tax dividend from foreign subsidiary | 5.6 | 41 | 39 |
Book/tax differences - stock-based compensation | (2.2) | 4.2 | (3.4) |
Book/tax differences - deferred gain for tax | (13.1) | (3.5) | (2.7) |
Book/tax differences - capitalized costs | 5.7 | 6 | 5.6 |
Book/tax differences - other | (0.2) | 6.4 | 3.1 |
REIT taxable income (estimated) | 146.2 | 213.5 | 181.1 |
Taxable REIT Subsidiaries | |||
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (2.4) | 5.4 | 108.7 |
Qualified REIT Subsidiaries | |||
Book Income to REIT Taxable Income Reconciliation [Line Items] | |||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | $ 122.7 | $ 96.4 | $ 79.9 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Income Tax (Expense) Benefit, Continuing Operations [Abstract] | |||
Federal | $ (6.9) | $ (4) | $ (0.3) |
State and local | (2.2) | (1.5) | (0.9) |
Foreign | 0.1 | (1.7) | (5.9) |
Current Income Tax (Expense) Benefit | (9) | (7.2) | (7.1) |
Federal | (2.2) | (0.7) | (0.5) |
State and local | (0.1) | (0.2) | 0 |
Foreign | 7.2 | 2.7 | 2.2 |
Deferred tax benefit (liability) | 4.9 | 1.8 | 1.7 |
Provision for income taxes | $ (4.1) | $ (5.4) | $ (5.4) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Benefit (provision) for income taxes on income (loss) at U.S. statutory rate | $ (43.8) | $ (31.9) | $ 10.1 |
Loss on real estate assets held for sale | 0 | 0 | (36.3) |
REIT dividends paid deduction | 42.9 | 33.8 | 28 |
State and local taxes, net of federal tax benefit | (1.6) | (1.6) | (1.8) |
Effect of foreign operations | 2.4 | (2.4) | (7.3) |
Resolution of prior year tax | 0 | (2.9) | 2.1 |
Effect of the Tax Act on deferred tax assets | (2.1) | 0 | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | (0.9) | 0 | 0 |
Other, net | (1) | (0.4) | (0.2) |
Provision for income taxes | $ (4.1) | $ (5.4) | $ (5.4) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Income Tax Assets: | ||
Provision for expenses and losses | $ 0.9 | $ 0.6 |
Postretirement and other employee benefits | 3.8 | 5 |
Tax credit and loss carryforwards | 2.2 | 1.1 |
Total deferred income tax assets | 6.9 | 6.7 |
Deferred Income Tax Liabilities: | ||
Property, equipment and intangible assets | (22.4) | (8.8) |
Total deferred income tax liabilities | (22.4) | (8.8) |
Deferred income tax liabilities, net | $ (15.5) | $ (2.1) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning of Period | $ 0.6 | $ 0.8 | $ 1.2 |
Additions for current year tax positions | 0.2 | 0.1 | 0.2 |
Reductions for prior year tax positions | (0.2) | (0.3) | (0.6) |
Unrecognized Tax Benefits, End of Period | $ 0.6 | $ 0.6 | $ 0.8 |
Earnings (Loss) Per Share ("E92
Earnings (Loss) Per Share ("EPS") (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Net income (loss) | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 26.6 | $ 38.1 | $ 28.5 | $ (2.3) | $ 125.8 | $ 90.9 | $ (29.4) | |||
Payments of Dividends | (201.8) | (188.6) | (196.3) | |||||||||||
Net income (loss) available for common shareholders, basic and diluted | $ 124.4 | $ 90.9 | $ (29.4) | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 138,500,000 | 137,900,000 | 137,300,000 | |||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | 400,000 | [1] | 500,000 | [1] | 0 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted | [1] | 138,900,000 | [2] | 138,400,000 | 137,300,000 | |||||||||
Non-controlling interests | ||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Payments of Dividends | $ 1.4 | $ 0 | $ 0 | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1,953,407 | |||||||||||||
Stock Compensation Plan | ||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 | 500,000 | 700,000 | |||||||||||
Non-controlling interests | ||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,100,000 | |||||||||||||
[1] | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for 2017, 0.5 million granted RSUs, PRSUs and stock options for 2016 and 0.7 million | |||||||||||||
[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 9. Equity to the Consolidated Financial Statements.) The potential impact of 1.1 million |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Displays | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Other Commitments [Line Items] | |||
Rent Expense | $ 377.7 | $ 372.1 | $ 376.4 |
Rent Expense, Contingent Rent Amounts | 84.7 | $ 88.1 | $ 87.5 |
2,025 | |||
Other Commitments [Line Items] | |||
Other Commitment | 600 | ||
2,032 | |||
Other Commitments [Line Items] | |||
Other Commitment | $ 800 | ||
Transit Franchise Contract | |||
Other Commitments [Line Items] | |||
Franchise Contract Term | 10 years | ||
Franchise Contract Term Extension | 5 years | ||
Number Of Displays | Displays | 50,000 | ||
Minimum | Letter of Credit | |||
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 30 | ||
Maximum | Letter of Credit | |||
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | 136 | ||
Letter of Credit | |||
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | 119.5 | ||
Standalone letters of credit and sublimit to revolving credit facility | |||
Other Commitments [Line Items] | |||
Letters of Credit Outstanding, Amount | 208.1 | ||
Surety Bond | |||
Other Commitments [Line Items] | |||
Surety Bonds Outstanding | $ 23.9 |
Commitment and Contingencies 94
Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) $ in Millions | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 131 |
2,019 | 129.7 |
2,020 | 114.5 |
2,021 | 104.7 |
2,022 | 93.8 |
2023 and thereafter | 505.2 |
Operating Leases, Future Minimum Payments Due | 1,078.9 |
Guaranteed Minimum Annual Payments | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2,018 | 193.5 |
2,019 | 172.3 |
2,020 | 153.2 |
2,021 | 151.8 |
2,022 | 150.6 |
2023 and thereafter | 704.8 |
Guaranteed minimum annual payments | $ 1,526.2 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 1,520.5 | $ 1,513.9 | $ 1,513.8 | ||||||
U.S. Media | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 369.3 | 363 | 367.1 | 307.1 | 368 | 356.7 | 356.5 | 312.6 | 1,406.5 | 1,393.8 | |||||||
Other | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ 32 | [1] | $ 29.4 | [1] | $ 29.1 | [1] | $ 23.5 | $ 29.4 | [2] | $ 26.1 | [2] | $ 28.8 | [2] | $ 35.8 | 114 | 120.1 | |
Operating segments | U.S. Media | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | 1,406.5 | 1,393.8 | 1,344.3 | ||||||||||||||
Operating segments | Other | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenues | $ 114 | $ 120.1 | $ 169.5 | ||||||||||||||
[1] | On June 13, 2017, we completed the Transaction. (See Note 9. Equity and Note 11. Acquisitions and Dispositions : Acquisitions | ||||||||||||||||
[2] | On April 1, 2016, we completed the Disposition. (See Note 11. Acquisitions and Dispositions : Dispositions |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Net income (loss) | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 26.6 | $ 38.1 | $ 28.5 | $ (2.3) | $ 125.8 | $ 90.9 | $ (29.4) | |||||||
Provision for income taxes | 4.1 | 5.4 | 5.4 | |||||||||||||||
Equity in earnings of investee companies, net of tax | (4.8) | (5.3) | (4.8) | |||||||||||||||
Interest expense, net | 116.9 | 113.8 | 114.8 | |||||||||||||||
Other income (expense), net | (0.3) | 0.1 | 0.4 | |||||||||||||||
Operating income (loss) | 70.4 | 80.3 | 65 | 26 | 58.2 | 63.5 | 59 | 24.2 | 241.7 | 204.9 | 86.4 | |||||||
Restructuring charges | 6.4 | 2.5 | 2.6 | |||||||||||||||
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 | 0 | 1.3 | 103.6 | |||||||||||
Net (gain) loss on dispositions | (0.7) | (14.1) | 0.1 | 0.4 | (0.2) | (2.3) | 0.2 | 0.4 | $ 0.9 | (14.3) | (1.9) | 0.7 | ||||||
Depreciation and amortization | 189.8 | 224.2 | 229.1 | |||||||||||||||
Stock-based compensation | 4.4 | 5.2 | 5.5 | 5.4 | 4.2 | 4.5 | 4.5 | 4.8 | 20.5 | 18 | 15.2 | |||||||
Adjusted OIBDA | 121.1 | 120.8 | 122 | 80.2 | 117.2 | 120.7 | 123 | 88.1 | 444.1 | 449 | 437.6 | |||||||
Capital expenditures | 70.8 | 59.4 | 59.2 | |||||||||||||||
U.S. Media | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income (loss) | 88.5 | 100.7 | 83.9 | 47.5 | 75.2 | 81.5 | 69.7 | 43.1 | 320.6 | 269.5 | ||||||||
Adjusted OIBDA | 128.2 | 129.2 | 128.3 | 92.4 | 125.9 | 129.3 | 123.7 | 94.9 | 478.1 | 473.8 | ||||||||
Other | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income (loss) | (3) | [1] | (4.9) | [1] | (3.1) | [1] | (5) | 0.9 | [2] | (2.7) | [2] | 2.9 | [2] | (5.1) | (16) | (4) | ||
Adjusted OIBDA | 3.6 | [1] | 1.9 | [1] | 4 | [1] | (1.1) | 5 | [2] | 2.2 | [2] | 8.4 | [2] | 2.2 | 8.4 | 17.8 | ||
Operating segments | U.S. Media | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income (loss) | 320.6 | 269.5 | 245.3 | |||||||||||||||
Restructuring charges | 2.3 | |||||||||||||||||
Net (gain) loss on dispositions | (14.4) | (1.7) | 0.6 | |||||||||||||||
Depreciation and amortization | 169.6 | 203.5 | 202.6 | |||||||||||||||
Adjusted OIBDA | 478.1 | 473.8 | 451.1 | |||||||||||||||
Capital expenditures | 63.9 | 54.8 | 53.3 | |||||||||||||||
Operating segments | Other | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income (loss) | (16) | (4) | (105.9) | |||||||||||||||
Restructuring charges | 4.1 | |||||||||||||||||
Net (gain) loss on dispositions | 0.1 | (0.2) | 0.1 | |||||||||||||||
Depreciation and amortization | 20.2 | 20.7 | 26.5 | |||||||||||||||
Adjusted OIBDA | 8.4 | 17.8 | 24.3 | |||||||||||||||
Capital expenditures | 6.9 | 4.6 | 5.9 | |||||||||||||||
Corporate | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating income (loss) | (15.1) | (15.5) | (15.8) | (16.5) | (17.9) | (15.3) | (13.6) | (13.8) | (62.9) | (60.6) | (53) | |||||||
Adjusted OIBDA | $ (10.7) | $ (10.3) | $ (10.3) | $ (11.1) | $ (13.7) | $ (10.8) | $ (9.1) | $ (9) | $ (42.4) | $ (42.6) | $ (37.8) | |||||||
[1] | On June 13, 2017, we completed the Transaction. (See Note 9. Equity and Note 11. Acquisitions and Dispositions : Acquisitions | |||||||||||||||||
[2] | On April 1, 2016, we completed the Disposition. (See Note 11. Acquisitions and Dispositions : Dispositions |
Segment Information - Reconci98
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Assets | $ 3,808.2 | $ 3,738.5 | $ 3,815.5 | |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 3,528.8 | 3,578.8 | 3,593 | |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 263.8 | 145.5 | 134.3 | [1] |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ 15.6 | $ 14.2 | $ 88.2 | |
[1] | In 2015, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions : Dispositions |
Segment Information - Schedule
Segment Information - Schedule of Revenue from External Customers by Geographic Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 1,520.5 | $ 1,513.9 | $ 1,513.8 | |
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 1,447.3 | 1,435.2 | 1,380.3 | ||||||||
Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 73.2 | 67.3 | 71.7 | ||||||||
Latin America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | $ 0 | $ 11.4 | $ 61.8 | ||||||||
[1] | Revenues classifications are based on the geography of the advertising. |
Segment Information - Long Live
Segment Information - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | $ 3,405.5 | $ 3,328.9 | $ 3,373.3 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | 3,216.4 | 3,255 | 3,291.1 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | $ 189.1 | $ 73.9 | $ 82.2 |
[1] | Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed Consolidating Fina101
Condensed Consolidating Financial Information -Narrative (Details) | Dec. 31, 2017 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Subsidiary Issuer | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Condensed Consolidating Fina102
Condensed Consolidating Financial Information -Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 48.3 | $ 65.2 | $ 101.6 | $ 28.5 | |
Receivables, less allowances | 231.1 | 222 | |||
Other current assets | 96.6 | 91 | |||
Total current assets | 376 | 378.2 | |||
Property and equipment, net | 662.1 | 665 | |||
Goodwill | 2,128 | 2,089.4 | 2,074.7 | ||
Intangible assets | 580.9 | 545.3 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 61.2 | 60.6 | |||
Intercompany | 0 | 0 | |||
Total assets | 3,808.2 | 3,738.5 | 3,815.5 | ||
Total current liabilities | 299.6 | 251.5 | |||
Long-term debt, net | 2,145.3 | 2,136.8 | |||
Deferred income tax liabilities, net | 19.6 | 8.5 | |||
Asset retirement obligation | 34.7 | 34.1 | 33.2 | ||
Deficit In Excess Of Investment In Subsidiaries | 0 | 0 | |||
Other liabilities | 82.4 | 74.6 | |||
Intercompany | 0 | 0 | |||
Total liabilities | 2,581.6 | 2,505.5 | |||
Total stockholders’ equity | 1,181.1 | 1,232.9 | 1,212.6 | 1,445.5 | |
Non-controlling interests | 45.5 | 0.1 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,226.6 | 1,233 | 1,212.6 | ||
Total liabilities and equity | 3,808.2 | 3,738.5 | |||
Parent Company | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Receivables, less allowances | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | 1,181.1 | 1,233 | |||
Other assets | 0 | 0 | |||
Intercompany | 0 | 0 | |||
Total assets | 1,181.1 | 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 | 1,181.1 | 1,232.9 | |||
Non-controlling interests | 0 | 0.1 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,181.1 | 1,233 | |||
Total liabilities and equity | 1,181.1 | 1,233 | |||
Subsidiary Issuer | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 10.2 | 11.4 | 81.6 | 11.5 | |
Receivables, less allowances | 0 | 0 | |||
Other current assets | 1 | 1.1 | |||
Total current assets | 11.2 | 12.5 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | 3,333.6 | 3,371.9 | |||
Other assets | 3.3 | 1.1 | |||
Intercompany | 0 | 0 | |||
Total assets | 3,348.1 | 3,385.5 | |||
Total current liabilities | 21.7 | 15.7 | |||
Long-term debt, net | 2,145.3 | 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 | 2,167 | 2,152.5 | |||
Total stockholders’ equity | 1,181.1 | 1,232.9 | |||
Non-controlling interests | 0 | 0.1 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,181.1 | 1,233 | |||
Total liabilities and equity | 3,348.1 | 3,385.5 | |||
Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 3.7 | 35.8 | 8.5 | 8.8 | |
Receivables, less allowances | 42.1 | 207.9 | |||
Other current assets | 89 | 77.9 | |||
Total current assets | 134.8 | 321.6 | |||
Property and equipment, net | 609.1 | 621.4 | |||
Goodwill | 2,059.9 | 2,059.9 | |||
Intangible assets | 511.5 | 545.3 | |||
Investments in subsidiaries | 293.4 | 114.4 | |||
Other assets | 55.1 | 56.9 | |||
Intercompany | 123.9 | 42.7 | |||
Total assets | 3,787.7 | 3,762.2 | |||
Total current liabilities | 199.4 | 223.4 | |||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 0 | 0 | |||
Asset retirement obligation | 29.7 | 29.7 | |||
Deficit In Excess Of Investment In Subsidiaries | 2,152.5 | 2,138.9 | |||
Other liabilities | 76.7 | 70.2 | |||
Intercompany | 148.3 | 67 | |||
Total liabilities | 2,606.6 | 2,529.2 | |||
Total stockholders’ equity | 1,181.1 | 1,232.9 | |||
Non-controlling interests | 0 | 0.1 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,181.1 | 1,233 | |||
Total liabilities and equity | 3,787.7 | 3,762.2 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 34.4 | 18 | 11.5 | 8.2 | |
Receivables, less allowances | 202.7 | 14.1 | |||
Other current assets | 20 | 12 | [1] | ||
Total current assets | 257.1 | 44.1 | |||
Property and equipment, net | 53 | 43.6 | |||
Goodwill | 68.1 | 29.5 | |||
Intangible assets | 69.4 | 0 | |||
Investments in subsidiaries | 0 | 0 | |||
Other assets | 2.8 | 2.6 | |||
Intercompany | 148.3 | 67 | |||
Total assets | 598.7 | 186.8 | |||
Total current liabilities | 105.6 | 12.4 | [1] | ||
Long-term debt, net | 0 | 0 | |||
Deferred income tax liabilities, net | 19.6 | 8.5 | |||
Asset retirement obligation | 5 | 4.4 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | 0 | |||
Other liabilities | 5.7 | 4.4 | |||
Intercompany | 123.9 | 42.7 | |||
Total liabilities | 259.8 | 72.4 | |||
Total stockholders’ equity | 293.4 | 114.4 | |||
Non-controlling interests | 45.5 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 338.9 | 114.4 | |||
Total liabilities and equity | 598.7 | 186.8 | |||
Eliminations | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Receivables, less allowances | (13.7) | 0 | |||
Other current assets | (13.4) | 0 | |||
Total current assets | (27.1) | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets | 0 | 0 | |||
Investments in subsidiaries | (4,808.1) | (4,719.3) | |||
Other assets | 0 | 0 | |||
Intercompany | (272.2) | (109.7) | |||
Total assets | (5,107.4) | (4,829) | |||
Total current liabilities | (27.1) | 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 | (2,152.5) | (2,138.9) | |||
Other liabilities | 0 | 0 | |||
Intercompany | (272.2) | (109.7) | |||
Total liabilities | (2,451.8) | (2,248.6) | |||
Total stockholders’ equity | (2,655.6) | (2,580.2) | |||
Non-controlling interests | 0 | (0.2) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,655.6) | (2,580.4) | |||
Total liabilities and equity | $ (5,107.4) | $ (4,829) | |||
[1] |
Condensed Consolidating Fina103
Condensed Consolidating Financial Information -Condensed Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | $ 1,059 | $ 1,071 | $ 1,084.3 | |||||||||
Transit and other | 461.5 | 442.9 | 429.5 | |||||||||
Total revenues | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | 1,520.5 | 1,513.9 | 1,513.8 | |
Operating | 835.2 | 818.1 | 833.1 | |||||||||
Selling, general and administrative | 261.7 | 264.8 | 258.3 | |||||||||
Restructuring charges | 6.4 | 2.5 | 2.6 | |||||||||
Loss on real estate assets held for sale | 0 | 0 | 0 | 1.3 | 0 | 1.3 | 103.6 | |||||
Net (gain) loss on dispositions | (0.7) | (14.1) | 0.1 | 0.4 | (0.2) | (2.3) | 0.2 | 0.4 | $ 0.9 | (14.3) | (1.9) | 0.7 |
Depreciation | 21.4 | 22.3 | 23.1 | 22.9 | 24.6 | 26.7 | 28.5 | 29.1 | 89.7 | 108.9 | 113.7 | |
Amortization | 25.5 | 25.5 | 25.4 | 23.7 | 28.3 | 28.3 | 30.4 | 28.3 | 100.1 | 115.3 | 115.4 | |
Total expenses | 1,278.8 | 1,309 | 1,427.4 | |||||||||
Operating income (loss) | 70.4 | 80.3 | 65 | 26 | 58.2 | 63.5 | 59 | 24.2 | 241.7 | 204.9 | 86.4 | |
Interest income (expense), net | (116.9) | (113.8) | (114.8) | |||||||||
Other expense, net | 0.3 | (0.1) | (0.4) | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 125.1 | 91 | (28.8) | |||||||||
Benefit (provision) for income taxes | (4.1) | (5.4) | (5.4) | |||||||||
Equity in earnings of investee companies, net of tax | 4.8 | 5.3 | 4.8 | |||||||||
Net income (loss) | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 26.6 | $ 38.1 | $ 28.5 | $ (2.3) | 125.8 | 90.9 | (29.4) | |
Total other comprehensive income (loss), net of tax | 10.8 | 102.4 | (30.8) | |||||||||
Total comprehensive income | 136.6 | 193.3 | (60.2) | |||||||||
Parent Company | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 1.6 | 1.5 | 1.5 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 0 | 0 | ||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 1.6 | 1.5 | 1.5 | |||||||||
Operating income (loss) | (1.6) | (1.5) | (1.5) | |||||||||
Interest income (expense), net | 0 | 0 | 0 | |||||||||
Other expense, net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (1.6) | (1.5) | (1.5) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | 127.4 | 92.4 | (27.9) | |||||||||
Net income (loss) | 125.8 | 90.9 | (29.4) | |||||||||
Total other comprehensive income (loss), net of tax | 10.8 | 102.4 | (30.8) | |||||||||
Total comprehensive income | 136.6 | 193.3 | (60.2) | |||||||||
Subsidiary Issuer | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0.9 | 0.2 | 0.3 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 0 | 0 | ||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 0.9 | 0.2 | 0.3 | |||||||||
Operating income (loss) | (0.9) | (0.2) | (0.3) | |||||||||
Interest income (expense), net | (113.9) | (113.6) | (114.8) | |||||||||
Other expense, net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (114.8) | (113.8) | (115.1) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | 242.2 | 206.2 | 87.2 | |||||||||
Net income (loss) | 127.4 | 92.4 | (27.9) | |||||||||
Total other comprehensive income (loss), net of tax | 10.8 | 102.4 | (30.8) | |||||||||
Total comprehensive income | 138.2 | 194.8 | (58.7) | |||||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 997.5 | 1,005.6 | 969.8 | |||||||||
Transit and other | 449.4 | 429.6 | 410.5 | |||||||||
Total revenues | 1,446.9 | 1,435.2 | 1,380.3 | |||||||||
Operating | 784.6 | 764.9 | 743.9 | |||||||||
Selling, general and administrative | 246.2 | 246.7 | 228 | |||||||||
Restructuring charges | 2.5 | 2.5 | 2.6 | |||||||||
Loss on real estate assets held for sale | 0 | 0 | ||||||||||
Net (gain) loss on dispositions | (14.4) | (1.7) | 0.6 | |||||||||
Depreciation | 77.3 | 94.1 | 94 | |||||||||
Amortization | 94 | 112.3 | 111.1 | |||||||||
Total expenses | 1,190.2 | 1,218.8 | 1,180.2 | |||||||||
Operating income (loss) | 256.7 | 216.4 | 200.1 | |||||||||
Interest income (expense), net | (2.3) | (0.2) | (0.2) | |||||||||
Other expense, net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 254.4 | 216.2 | 199.9 | |||||||||
Benefit (provision) for income taxes | (11.3) | (6.4) | (2) | |||||||||
Equity in earnings of investee companies, net of tax | (115.7) | (117.4) | (225.8) | |||||||||
Net income (loss) | 127.4 | 92.4 | (27.9) | |||||||||
Total other comprehensive income (loss), net of tax | 10.8 | 102.4 | (30.8) | |||||||||
Total comprehensive income | 138.2 | 194.8 | (58.7) | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 61.5 | 65.4 | 114.5 | |||||||||
Transit and other | 12.1 | 13.3 | 19 | |||||||||
Total revenues | 73.6 | 78.7 | 133.5 | |||||||||
Operating | 50.6 | 53.2 | 89.2 | |||||||||
Selling, general and administrative | 13 | 16.4 | 28.5 | |||||||||
Restructuring charges | 3.9 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 1.3 | 103.6 | ||||||||||
Net (gain) loss on dispositions | 0.1 | (0.2) | 0.1 | |||||||||
Depreciation | 12.4 | 14.8 | 19.7 | |||||||||
Amortization | 6.1 | 3 | 4.3 | |||||||||
Total expenses | 86.1 | 88.5 | 245.4 | |||||||||
Operating income (loss) | (12.5) | (9.8) | (111.9) | |||||||||
Interest income (expense), net | (0.7) | 0 | 0.2 | |||||||||
Other expense, net | 0.3 | (0.1) | (0.4) | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (12.9) | (9.9) | (112.1) | |||||||||
Benefit (provision) for income taxes | 7.2 | 1 | (3.4) | |||||||||
Equity in earnings of investee companies, net of tax | 0.8 | 1 | 1.1 | |||||||||
Net income (loss) | (4.9) | (7.9) | (114.4) | |||||||||
Total other comprehensive income (loss), net of tax | 10.8 | 102.6 | (30.5) | |||||||||
Total comprehensive income | 5.9 | 94.7 | (144.9) | |||||||||
Eliminations | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 0 | 0 | ||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 0 | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||
Interest income (expense), net | 0 | 0 | 0 | |||||||||
Other expense, net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | (249.9) | (176.9) | 170.2 | |||||||||
Net income (loss) | (249.9) | (176.9) | 170.2 | |||||||||
Total other comprehensive income (loss), net of tax | (32.4) | (307.4) | 92.1 | |||||||||
Total comprehensive income | $ (282.3) | $ (484.3) | $ 262.3 |
Condensed Consolidating Fina104
Condensed Consolidating Financial Information -Condensed Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by ((used for) operating activities | $ 249.3 | $ 287.1 | $ 293.1 |
Capital expenditures | (70.8) | (59.4) | (59.2) |
Acquisitions | (70.1) | (67.9) | (12.1) |
Proceeds from Sale of Property, Plant, and Equipment | 5.6 | ||
Proceeds from dispositions | 5.6 | 90.6 | 8.9 |
Net cash provided by (used for) investing activities | (135.3) | (36.7) | (62.4) |
Proceeds from long-term debt borrowings - senior notes | 0 | 0 | 103.8 |
Proceeds from long-term debt borrowings - term loan | 8.3 | 0 | 0 |
Repayments of long-term debt borrowings - term loan | 0 | (90) | (50) |
Proceeds from borrowings under short-term debt facilities | 250 | 35 | 105 |
Repayments of borrowings under short-term debt facilities | (170) | (35) | (105) |
Payments of deferred financing costs | (8.5) | (0.4) | (3.3) |
Proceeds from stock option exercises | 1.2 | 0 | 2 |
Earnout payment related to prior acquisition | (2) | 0 | 0 |
Taxes withheld for stock-based compensation | (8.5) | (7.3) | (4.3) |
Dividends | (201.8) | (188.6) | (196.3) |
Intercompany | 0 | 0 | 0 |
Other | (0.2) | (0.2) | (0.5) |
Net cash provided by (used for) financing activities | (131.5) | (286.5) | (148.6) |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.3) | (3.3) |
Net increase (decrease) in cash and cash equivalents | (16.9) | (36.4) | 78.8 |
Cash and cash equivalents at beginning of period | 65.2 | 101.6 | 28.5 |
Cash reclassified to assets held for sale | 0 | 0 | (5.7) |
Cash and cash equivalents at end of period | 48.3 | 65.2 | 101.6 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by ((used for) operating activities | (1.7) | (1.5) | (1.5) |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | ||
Proceeds from dispositions | 0 | 0 | |
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings - senior notes | 0 | ||
Proceeds from long-term debt borrowings - term loan | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Proceeds from stock option exercises | 1.2 | 2 | |
Earnout payment related to prior acquisition | 0 | ||
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | (200.4) | (188.6) | (196.3) |
Intercompany | 200.9 | 190.1 | 195.8 |
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 1.7 | 1.5 | 1.5 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash reclassified to assets held for sale | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Subsidiary Issuer | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by ((used for) operating activities | (108.5) | (111.3) | (107.4) |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | ||
Proceeds from dispositions | 0 | 0 | |
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings - senior notes | 103.8 | ||
Proceeds from long-term debt borrowings - term loan | 8.3 | ||
Repayments of long-term debt borrowings - term loan | (90) | (50) | |
Proceeds from borrowings under short-term debt facilities | 90 | 35 | 105 |
Repayments of borrowings under short-term debt facilities | (90) | (35) | (105) |
Payments of deferred financing costs | (8) | (0.4) | (3.3) |
Proceeds from stock option exercises | 0 | 0 | |
Earnout payment related to prior acquisition | 0 | ||
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany | 107 | 131.5 | 127 |
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 107.3 | 41.1 | 177.5 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (1.2) | (70.2) | 70.1 |
Cash and cash equivalents at beginning of period | 11.4 | 81.6 | 11.5 |
Cash reclassified to assets held for sale | 0 | ||
Cash and cash equivalents at end of period | 10.2 | 11.4 | 81.6 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by ((used for) operating activities | 329.5 | 399.1 | 378.9 |
Capital expenditures | (63.6) | (54.8) | (53.3) |
Acquisitions | (18.5) | (67.9) | (12.1) |
Proceeds from Sale of Property, Plant, and Equipment | 5.5 | ||
Proceeds from dispositions | 2.9 | 8.9 | |
Net cash provided by (used for) investing activities | (76.6) | (119.8) | (56.5) |
Proceeds from long-term debt borrowings - senior notes | 0 | ||
Proceeds from long-term debt borrowings - term loan | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | |
Earnout payment related to prior acquisition | (2) | ||
Taxes withheld for stock-based compensation | (8.5) | (7.3) | (4.3) |
Dividends | 0 | 0 | 0 |
Intercompany | (274.3) | (244.5) | (317.9) |
Other | (0.2) | (0.2) | (0.5) |
Net cash provided by (used for) financing activities | (285) | (252) | (322.7) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (32.1) | 27.3 | (0.3) |
Cash and cash equivalents at beginning of period | 35.8 | 8.5 | 8.8 |
Cash reclassified to assets held for sale | 0 | ||
Cash and cash equivalents at end of period | 3.7 | 35.8 | 8.5 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by ((used for) operating activities | 30 | 0.8 | 23.1 |
Capital expenditures | (7.2) | (4.6) | (5.9) |
Acquisitions | (51.6) | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0.1 | ||
Proceeds from dispositions | 87.7 | 0 | |
Net cash provided by (used for) investing activities | (58.7) | 83.1 | (5.9) |
Proceeds from long-term debt borrowings - senior notes | 0 | ||
Proceeds from long-term debt borrowings - term loan | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 160 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | (80) | 0 | 0 |
Payments of deferred financing costs | (0.5) | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | |
Earnout payment related to prior acquisition | 0 | ||
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | (1.4) | 0 | 0 |
Intercompany | (33.6) | (77.1) | (4.9) |
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 44.5 | (77.1) | (4.9) |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.3) | (3.3) |
Net increase (decrease) in cash and cash equivalents | 16.4 | 6.5 | 9 |
Cash and cash equivalents at beginning of period | 18 | 11.5 | 8.2 |
Cash reclassified to assets held for sale | (5.7) | ||
Cash and cash equivalents at end of period | 34.4 | 18 | 11.5 |
Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by ((used for) operating activities | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | ||
Proceeds from dispositions | 0 | 0 | |
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings - senior notes | 0 | ||
Proceeds from long-term debt borrowings - term loan | 0 | ||
Repayments of long-term debt borrowings - term loan | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | |
Earnout payment related to prior acquisition | 0 | ||
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash provided by (used for) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash reclassified to assets held for sale | 0 | ||
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Un105
Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 397.4 | $ 382.8 | $ 385.3 | $ 348.4 | $ 1,520.5 | $ 1,513.9 | $ 1,513.8 | |||||||
Adjusted OIBDA | 121.1 | 120.8 | 122 | 80.2 | 117.2 | 120.7 | 123 | 88.1 | 444.1 | 449 | 437.6 | |||||||
Restructuring charges | (0.1) | (1.6) | (2.9) | (1.8) | (2.1) | 0 | (0.4) | 0 | (6.4) | (2.5) | ||||||||
Loss on real estate assets held for sale | 0 | 0 | 0 | (1.3) | 0 | (1.3) | (103.6) | |||||||||||
Net (gain) loss on dispositions | 0.7 | 14.1 | (0.1) | (0.4) | 0.2 | 2.3 | (0.2) | (0.4) | $ (0.9) | 14.3 | 1.9 | (0.7) | ||||||
Depreciation | (21.4) | (22.3) | (23.1) | (22.9) | (24.6) | (26.7) | (28.5) | (29.1) | (89.7) | (108.9) | (113.7) | |||||||
Amortization | (25.5) | (25.5) | (25.4) | (23.7) | (28.3) | (28.3) | (30.4) | (28.3) | (100.1) | (115.3) | (115.4) | |||||||
Stock-based compensation | (4.4) | (5.2) | (5.5) | (5.4) | (4.2) | (4.5) | (4.5) | (4.8) | (20.5) | (18) | (15.2) | |||||||
Operating income (loss) | 70.4 | 80.3 | 65 | 26 | 58.2 | 63.5 | 59 | 24.2 | 241.7 | 204.9 | 86.4 | |||||||
Net income (loss) | 35.5 | 50.7 | 37.1 | 2.5 | 26.6 | 38.1 | 28.5 | (2.3) | 125.8 | 90.9 | (29.4) | |||||||
U.S. Media | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 369.3 | 363 | 367.1 | 307.1 | 368 | 356.7 | 356.5 | 312.6 | 1,406.5 | 1,393.8 | ||||||||
Adjusted OIBDA | 128.2 | 129.2 | 128.3 | 92.4 | 125.9 | 129.3 | 123.7 | 94.9 | 478.1 | 473.8 | ||||||||
Operating income (loss) | 88.5 | 100.7 | 83.9 | 47.5 | 75.2 | 81.5 | 69.7 | 43.1 | 320.6 | 269.5 | ||||||||
Other | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenues | 32 | [1] | 29.4 | [1] | 29.1 | [1] | 23.5 | 29.4 | [2] | 26.1 | [2] | 28.8 | [2] | 35.8 | 114 | 120.1 | ||
Adjusted OIBDA | 3.6 | [1] | 1.9 | [1] | 4 | [1] | (1.1) | 5 | [2] | 2.2 | [2] | 8.4 | [2] | 2.2 | 8.4 | 17.8 | ||
Operating income (loss) | (3) | [1] | (4.9) | [1] | (3.1) | [1] | (5) | 0.9 | [2] | (2.7) | [2] | 2.9 | [2] | (5.1) | (16) | (4) | ||
Corporate | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Adjusted OIBDA | (10.7) | (10.3) | (10.3) | (11.1) | (13.7) | (10.8) | (9.1) | (9) | (42.4) | (42.6) | (37.8) | |||||||
Operating income (loss) | $ (15.1) | $ (15.5) | $ (15.8) | $ (16.5) | $ (17.9) | $ (15.3) | $ (13.6) | $ (13.8) | $ (62.9) | $ (60.6) | $ (53) | |||||||
[1] | On June 13, 2017, we completed the Transaction. (See Note 9. Equity and Note 11. Acquisitions and Dispositions : Acquisitions | |||||||||||||||||
[2] | On April 1, 2016, we completed the Disposition. (See Note 11. Acquisitions and Dispositions : Dispositions |
II - Valuation and Qualifyin106
II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Allowance for doubtful accounts: | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | $ 9.2 | $ 8.9 | $ 14.2 | ||
Balance Acquired through Acquisitions | 0 | 0 | 0 | ||
Charged to Costs and Expenses | 4.4 | 3.6 | 2.7 | ||
Charged to Other Accounts | 0.1 | 0 | [1] | (3.7) | [1] |
Deductions | 2.2 | 3.3 | 4.3 | ||
Balance at End of Period | 11.5 | 9.2 | 8.9 | ||
Valuation allowance on deferred tax assets: | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | 0 | 0 | 6.9 | ||
Balance Acquired through Acquisitions | 0 | 0 | 0 | ||
Charged to Costs and Expenses | 0 | 0 | 0.1 | ||
Charged to Other Accounts | 0 | 0 | (4.7) | ||
Deductions | 0 | 0 | 2.3 | ||
Balance at End of Period | $ 0 | $ 0 | $ 0 | ||
[1] | For the year ended December 31, 2015, reflects change in allowance related to foreign currency translation adjustments and amounts reclassified to Assets held for sale |
III - Schedule of Real Estat107
III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)assetdisplay | ||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the beginning of the year | $ 1,787.3 | $ 1,778.7 | $ 1,833.7 | ||||
Additions for construction of / improvements to structures | 63 | 48.9 | 40 | ||||
Assets sold or written-off | (28.9) | (49.4) | (26.5) | ||||
Foreign exchange | 23.8 | 9.1 | (68.5) | ||||
Balance at the end of the year | 1,845.2 | [1],[2] | 1,787.3 | 1,778.7 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the beginning of the year | 1,208.5 | 1,137.7 | 1,109.4 | ||||
Depreciation | 76.2 | 98.2 | 104.9 | ||||
Assets sold or written-off | (24.5) | (34.6) | (22.5) | ||||
Foreign exchange | 20.5 | 7.2 | (54.1) | ||||
Balance at the end of the year | 1,280.7 | 1,208.5 | 1,137.7 | ||||
Gross carrying amount at the end of the year | 1,845.2 | [1],[2] | 1,787.3 | 1,833.7 | $ 1,845.2 | [1],[2] | |
Accumulated Depreciation | (1,280.7) | (1,208.5) | (1,137.7) | (1,280.7) | |||
United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,535.2 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,016.9 | ||||||
Encumbrances | 0 | ||||||
Gross carrying amount at the end of the year | [2] | 1,535.2 | 1,535.2 | ||||
Accumulated Depreciation | (1,016.9) | $ (1,016.9) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 42,430 | ||||||
Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 310 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 263.8 | ||||||
Encumbrances | $ 0 | ||||||
Gross carrying amount at the end of the year | [2] | 310 | 310 | ||||
Accumulated Depreciation | $ (263.8) | $ (263.8) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,687 | ||||||
Assets | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Number of assets which exceed concentration risk % | asset | 0 | ||||||
Assets | Maximum | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Concentration Risk, Percentage | 5.00% | ||||||
Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | $ 1,711.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,278.1 | ||||||
Gross carrying amount at the end of the year | [2] | 1,711.4 | $ 1,711.4 | ||||
Accumulated Depreciation | (1,278.1) | (1,278.1) | |||||
Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,416.1 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,015.3 | ||||||
Gross carrying amount at the end of the year | [2] | 1,416.1 | 1,416.1 | ||||
Accumulated Depreciation | (1,015.3) | $ (1,015.3) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 40,303 | ||||||
Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 295.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 262.8 | ||||||
Gross carrying amount at the end of the year | [2] | 295.3 | $ 295.3 | ||||
Accumulated Depreciation | $ (262.8) | $ (262.8) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,497 | ||||||
Structures Added Prior to 1/1/2014 | Maximum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Maximum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 2,127 | ||||||
Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 190 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | $ 133.8 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 2.6 | ||||||
Gross carrying amount at the end of the year | [2] | 133.8 | $ 133.8 | ||||
Accumulated Depreciation | (2.6) | (2.6) | |||||
Structures Added Subsequent to 1/1/2014 | Real estate | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 119.1 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1.6 | ||||||
Gross carrying amount at the end of the year | [2] | 119.1 | 119.1 | ||||
Accumulated Depreciation | (1.6) | (1.6) | |||||
Structures Added Subsequent to 1/1/2014 | Real estate | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 14.7 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1 | ||||||
Gross carrying amount at the end of the year | [2] | 14.7 | 14.7 | ||||
Accumulated Depreciation | (1) | (1) | |||||
Advertising structures | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,750.8 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 1,750.8 | 1,750.8 | ||||
Advertising structures | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,443.1 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 1,443.1 | 1,443.1 | ||||
Advertising structures | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 307.7 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 307.7 | 307.7 | ||||
Advertising structures | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,626.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 1,626.9 | 1,626.9 | ||||
Advertising structures | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,333.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 1,333.9 | 1,333.9 | ||||
Advertising structures | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 293 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 293 | 293 | ||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 123.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 123.9 | 123.9 | ||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 109.2 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 109.2 | 109.2 | ||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 14.7 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 14.7 | 14.7 | ||||
Land | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 94.4 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 94.4 | 94.4 | ||||
Land | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 92.1 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 92.1 | 92.1 | ||||
Land | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 2.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 2.3 | 2.3 | ||||
Land | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 84.5 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 84.5 | 84.5 | ||||
Land | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 82.2 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 82.2 | 82.2 | ||||
Land | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 2.3 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 2.3 | 2.3 | ||||
Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 9.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 9.9 | 9.9 | ||||
Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 9.9 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 9.9 | 9.9 | ||||
Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | [2] | 0 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | [2] | 0 | 0 | ||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 135.8 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 135.8 | 135.8 | |||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 121.1 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 121.1 | 121.1 | |||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 14.7 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 14.7 | 14.7 | |||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 9.9 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 9.9 | 9.9 | |||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 9.9 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 9.9 | 9.9 | |||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 0 | 0 | |||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 11.9 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 11.9 | 11.9 | |||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 11.9 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 11.9 | 11.9 | |||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Gross carrying amount at the end of the year | 0 | $ 0 | |||||
New Investments | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 22 | 9.1 | 8 | ||||
Redevelopments | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 23.4 | 23.7 | 23.9 | ||||
Recurring Capital Expenditures | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 13 | 14.5 | 16.4 | ||||
Purchase price accounting adjustments | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 0 | 1 | (13.1) | ||||
Land Acquisitions | |||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Additions for construction of / improvements to structures | $ 4.6 | $ 0.6 | $ 4.8 | ||||
[1] | No single asset exceeded 5% of the total gross carrying amount as of December 31, 2017 | ||||||
[2] | Includes sites under construction. |