Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 08, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | OUTFRONT Media Inc. | |
Entity Central Index Key | 1,579,877 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 139,269,843 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 41.7 | $ 48.3 |
Receivables, less allowance ($9.5 in 2018 and $11.5 in 2017) | 239.9 | 231.1 |
Prepaid lease and transit franchise costs | 68 | 68.6 |
Prepaid MTA equipment deployment costs | 11.9 | 4.7 |
Other prepaid expenses | 17.8 | 13.5 |
Other current assets | 8.2 | 9.8 |
Total current assets | 387.5 | 376 |
Noncurrent assets: | ||
Property and equipment, net | 663.3 | 662.1 |
Goodwill | 2,081.6 | 2,128 |
Intangible assets | 557.2 | 580.9 |
Prepaid MTA equipment deployment costs | 24.6 | 0 |
Other assets | 60.9 | 61.2 |
Total assets | 3,775.1 | 3,808.2 |
Current liabilities: | ||
Accounts payable | 55 | 56.1 |
Accrued compensation | 27.2 | 34.6 |
Accrued interest | 16 | 16.1 |
Accrued lease costs | 26.6 | 30.5 |
Other accrued expenses | 31.5 | 42.3 |
Deferred revenues | 28.8 | 21.3 |
Short-term debt | 100 | 80 |
Other current liabilities | 18.3 | 18.7 |
Total current liabilities | 303.4 | 299.6 |
Noncurrent liabilities: | ||
Long-term debt, net | 2,216.5 | 2,145.3 |
Deferred income tax liabilities, net | 19.2 | 19.6 |
Asset retirement obligation | 34.7 | 34.7 |
Other liabilities | 80.8 | 82.4 |
Total liabilities | 2,654.6 | 2,581.6 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock (2018 - 450.0 shares authorized, and 139.3 shares issued and outstanding; 2017 - 450.0 shares authorized, and 138.6 issued and outstanding) | 1.4 | 1.4 |
Additional paid-in capital | 1,965.5 | 1,963 |
Distribution in excess of earnings | (873.5) | (775.6) |
Accumulated other comprehensive loss | (18.6) | (7.7) |
Total stockholders' equity | 1,074.8 | 1,181.1 |
Non-controlling interests | 45.7 | 45.5 |
Total equity | 1,120.5 | 1,226.6 |
Total liabilities and equity | $ 3,775.1 | $ 3,808.2 |
Consolidated Statement of Fina3
Consolidated Statement of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 9.5 | $ 11.5 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares Issued | 139,256,951 | 138,644,917 |
Common Stock, Shares Outstanding | 139,256,951 | 138,644,917 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122 | 219.9 | 216.6 |
Total revenues | 401.7 | 396.2 | 739.6 | 726.8 |
Expenses: | ||||
Operating | 212 | 213.3 | 409.1 | 405.2 |
Selling, general and administrative | 70.1 | 66.4 | 134.7 | 130.3 |
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0 | 42.9 | 0 |
Depreciation | 21.3 | 23.1 | 42.4 | 46 |
Amortization | 25 | 25.4 | 47.5 | 49.1 |
Total expenses | 368.8 | 331.2 | 675 | 635.8 |
Operating income | 32.9 | 65 | 64.6 | 91 |
Interest expense, net | (31) | (28.6) | (61) | (56.7) |
Other income (expense), net | (0.2) | 0.1 | (0.3) | 0.1 |
Income before benefit (provision) for income taxes and equity in earnings of investee companies | 1.7 | 36.5 | 3.3 | 34.4 |
Benefit (provision) for income taxes | (8.1) | (0.9) | (1.4) | 2.8 |
Equity in earnings of investee companies, net of tax | 1.2 | 1.5 | 2 | 2.4 |
Net income (loss) | $ (5.2) | $ 37.1 | $ 3.9 | $ 39.6 |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.04) | $ 0.27 | $ 0.02 | $ 0.29 |
Diluted (in dollars per share) | $ (0.04) | $ 0.27 | $ 0.02 | $ 0.28 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 139.2 | 138.6 | 139 | 138.4 |
Diluted (in shares) | 139.2 | 139.3 | 139.3 | 139.1 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 0.72 | $ 0.72 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (5.2) | $ 37.1 | $ 3.9 | $ 39.6 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | (6.1) | 4.4 | (11.5) | 5.5 |
Net actuarial gain (loss) | 0.3 | (0.1) | 0.6 | (0.1) |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income (loss) | $ (11) | $ 41.4 | $ (7) | $ 45 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Distribution in Excess of Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Acquired businesses | Acquired businessesNoncontrolling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total stockholders' equity | $ 1,232.9 | |||||||
Non-controlling interests | $ 0.1 | |||||||
Total equity, Beginning Balance at Dec. 31, 2016 | 1,233 | $ 1.4 | $ 1,949.5 | $ (699.5) | $ (18.5) | |||
Shares of Common Stock at Dec. 31, 2016 | 138,000,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 39.6 | 39.6 | ||||||
Other comprehensive income (loss) | 5.4 | 5.4 | ||||||
Other comprehensive income (loss) - total equity | 5.4 | |||||||
Stock-based payments: Vested (shares) | 700,000 | |||||||
Share-based payments: Exercise of stock options | 1.2 | 1.2 | ||||||
Share-based payments: Exercise of stock options (shares) | 200,000 | |||||||
Stock-based payments: Amortization | 10.9 | 10.9 | ||||||
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 | (8.2) | (8.2) | ||||||
Dividends | (99.9) | (99.9) | ||||||
Issuance of shares of a subsidiary | $ 44.6 | $ 44.6 | ||||||
Shares of Common Stock at Jun. 30, 2017 | 138,600,000 | |||||||
Total equity, Ending Balance at Jun. 30, 2017 | 1,226.6 | $ 1.4 | 1,953.9 | (760.3) | (13.1) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total stockholders' equity | 1,181.9 | |||||||
Non-controlling interests | 44.7 | |||||||
Total stockholders' equity | 1,181.1 | |||||||
Non-controlling interests | 45.5 | 45.5 | ||||||
Total equity, Beginning Balance at Dec. 31, 2017 | $ 1,226.6 | $ 1.4 | 1,963 | (775.6) | (7.7) | |||
Shares of Common Stock at Dec. 31, 2017 | 138,644,917 | 138,600,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 3.9 | 3.9 | ||||||
Other comprehensive income (loss) | (10.9) | (10.9) | ||||||
Other comprehensive income (loss) - total equity | (10.9) | |||||||
Stock-based payments: Vested (shares) | 1,000,000 | |||||||
Stock-based payments: Amortization | 10.6 | 10.6 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||
Shares paid for tax withholding for stock-based payments | (8.1) | (8.1) | ||||||
Dividends | (101.8) | (101.8) | ||||||
Issuance of shares of a subsidiary | $ 0.2 | 0.2 | ||||||
Shares of Common Stock at Jun. 30, 2018 | 139,256,951 | 139,300,000 | ||||||
Total equity, Ending Balance at Jun. 30, 2018 | $ 1,120.5 | $ 1.4 | $ 1,965.5 | $ (873.5) | $ (18.6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total stockholders' equity | 1,074.8 | |||||||
Non-controlling interests | $ 45.7 | $ 45.7 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities: | ||
Net income | $ 3.9 | $ 39.6 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 89.9 | 95.1 |
Deferred tax benefit | (1.4) | (5.3) |
Stock-based compensation | 10.6 | 10.9 |
Provision for doubtful accounts | (1) | 0.9 |
Accretion expense | 1.2 | 1.2 |
Net (gain) loss on dispositions | (2.9) | 0.5 |
Impairment charge | 42.9 | 0 |
Equity in earnings of investee companies, net of tax | (2) | (2.4) |
Distributions from investee companies | 1.3 | 2 |
Amortization of deferred financing costs and debt discount and premium | 2.8 | 3.2 |
Cash paid for direct lease acquisition costs | (20.5) | (20.3) |
Change in assets and liabilities, net of investing and financing activities: | ||
Increase in receivables | (8.6) | (13.2) |
Increase in prepaid MTA equipment deployment costs | (31.8) | 0 |
(Increase) decrease in prepaid expenses and other current assets | (2.3) | 2.5 |
Decrease in accounts payable and accrued expenses | (19.3) | (46.7) |
Increase in deferred revenues | 7.5 | 7.5 |
Decrease in income taxes | (3) | (0.8) |
Other, net | 0.9 | 4.4 |
Net cash flow provided by (used for) operating activities | 68.2 | 79.1 |
Investing Activities: | ||
Capital expenditures | (46.4) | (42.2) |
Acquisitions | (4.3) | (57.8) |
MTA franchise rights | (6.1) | 0 |
Net proceeds from dispositions | 3.4 | 0.1 |
Net cash flow provided by (used for) investing activities | (53.4) | (99.9) |
Financing Activities: | ||
Proceeds from long-term debt borrowings | 79 | 8.3 |
Repayments of long-term debt borrowings | (10) | 0 |
Proceeds from borrowings under short-term debt facilities | 75 | 90 |
Repayments of borrowings under short-term debt facilities | (55) | (5) |
Payments of deferred financing costs | (0.1) | (7.5) |
Proceeds from stock option exercises | 0 | 1.2 |
Taxes withheld for stock-based compensation | (8.1) | (8.1) |
Dividends | (102) | (100.4) |
Other | 0 | (0.2) |
Net cash flow provided by (used for) financing activities | (21.2) | (21.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.4 |
Net decrease in cash and cash equivalents | (6.6) | (42.1) |
Cash and cash equivalents at beginning of period | 48.3 | 65.2 |
Cash and cash equivalents at end of period | 41.7 | 23.1 |
Supplemental disclosure of cash flow Information: | ||
Cash paid for income taxes | 5.9 | 3.3 |
Cash paid for interest | 58.5 | 53.2 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 6.8 | 7.1 |
Issuance of shares of a subsidiary for an acquisition | $ 0 | $ 44.6 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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 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. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2017 , filed with the SEC on February 28, 2018 . |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Goodwill In the second quarter of 2018, we early adopted the Financial Accounting Standard Board’s (the “FASB’s”) 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 value of that goodwill. Applying the prospective method of adoption, we recognized an impairment charge for the amount by which the carrying value of our Canadian reporting unit exceeded its fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In the second quarter of 2018, we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations and an impairment balance of $42.9 million in Goodwill on the Consolidated Statement of Financial Position related to our Canadian reporting unit. (See Note 4. Goodwill and Other Intangible Assets to the Consolidated Financial Statements.) Revenue from Contracts with Customers In the first quarter of 2018, we adopted the FASB’s principles-based guidance addressing revenue recognition issues, applying the modified retrospective method of adoption. The guidance is being 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. The revenue recognition guidance is 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. Our billboard lease revenues are recognized under the lease accounting standard. The adoption of this guidance did not impact revenues from our multi-year transit advertising contracts, but resulted in the recognition of additional revenues of $2.0 million , additional operating expenses of $1.4 million and additional selling, general and administrative expenses of $0.6 million in our Sports Marketing operating segment in the three months ended June 30, 2018 , and additional revenues of $3.8 million , additional operating expenses of $2.6 million and additional selling, general and administrative expenses of $1.2 million in our Sports Marketing operating segment in the six months ended June 30, 2018 , related to revenues that would have been recognized on a net basis under the old standard. Adoption of this guidance did not have a material effect on our consolidated financial statements. (See Note 9. Revenues to the Consolidated Financial Statements.) Recent Pronouncements Leases In February 2016 (updated in July 2018), 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 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 June 30, 2018 , we had approximately 21,200 lease agreements in the U.S. and approximately 3,000 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, December 31, Land $ 97.1 $ 94.4 Buildings 20 to 40 years 51.2 51.3 Advertising structures 5 to 20 years 1,762.8 1,750.8 Furniture, equipment and other 3 to 10 years 123.0 120.7 Construction in progress 35.2 27.4 2,069.3 2,044.6 Less: accumulated depreciation 1,406.0 1,382.5 Property and equipment, net $ 663.3 $ 662.1 Depreciation expense was $21.3 million in the three months ended June 30, 2018 , and $23.1 million in the three months ended June 30, 2017 . Depreciation expense was $42.4 million in the six months ended June 30, 2018 , and $46.0 million in the six months ended June 30, 2017 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill For the six months ended June 30, 2018 and the year ended December 31, 2017 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total 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 Currency translation adjustments — (3.5 ) (3.5 ) Impairment — (42.9 ) (42.9 ) As of June 30, 2018 $ 2,054.0 $ 27.6 $ 2,081.6 (a) Non-tax deductible addition associated with the Transaction (as defined below, see Note 8. Equity and Note 11. Acquisitions to the Consolidated Financial Statements). On April 1, 2018, we early adopted the FASB’s guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. (See Note 2. New Accounting Standards to the Consolidated Financial Statements.) If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge not to exceed the goodwill balance allocated to that reporting unit. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying value. We compute the estimated fair value of each reporting unit by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. The estimated fair value of the Canadian reporting unit exceeded its carrying value by 2.9% as of December 31, 2017, based on our goodwill impairment assessment in the prior year. In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit. As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million in the Consolidated Statements of Operations. As of June 30, 2018 , goodwill related to our Canadian reporting unit, net of accumulated impairment of $42.9 million , was $21.7 million . As of December 31, 2017, goodwill associated with our Canadian reporting unit was $68.1 million . Other Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of June 30, 2018: Permits and leasehold agreements $ 1,108.3 $ (679.7 ) $ 428.6 Franchise agreements (a) 462.3 (351.5 ) 110.8 Other intangible assets 47.0 (29.2 ) 17.8 Total intangible assets $ 1,617.6 $ (1,060.4 ) $ 557.2 As of December 31, 2017: Permits and leasehold agreements $ 1,111.3 $ (661.6 ) $ 449.7 Franchise agreements (a) 455.4 (346.2 ) 109.2 Other intangible assets 47.1 (25.1 ) 22.0 Total intangible assets $ 1,613.8 $ (1,032.9 ) $ 580.9 (a) As of June 30, 2018 , includes $7.0 million and as of December 31, 2017 , includes $0.9 million related to MTA equipment deployment costs. (See Note 16. Commitments and Contingencies to the Consolidated Financial Statements.) All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $25.0 million in the three months ended June 30, 2018 , and $25.4 million in the three months ended June 30, 2017 , which includes the amortization of direct lease acquisition costs of $11.1 million in the three months ended June 30, 2018 , and $10.2 million in the three months ended June 30, 2017 . Amortization expense was $47.5 million in the six months ended June 30, 2018 , and $49.1 million in the six months ended June 30, 2017 , which includes the amortization of direct lease acquisition costs of $19.8 million in the six months ended June 30, 2018 , and $18.9 million in the six months ended June 30, 2017 |
Asset Retirement Obligation
Asset Retirement Obligation | 6 Months Ended |
Jun. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2017 $ 34.7 Accretion expense 1.2 Additions 0.1 Liabilities settled (1.1 ) Foreign currency translation adjustments (0.2 ) As of June 30, 2018 $ 34.7 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which currently operate a total of 15 billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $20.1 million as of June 30, 2018 , and $19.5 million as of December 31, 2017 , and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.9 million in the three months ended June 30, 2018 , $2.0 million in the three months ended June 30, 2017 , and $3.5 million in each of the six months ended June 30, 2018 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt, net, consists of the following: As of (in millions, except percentages) June 30, December 31, Short-term debt: AR Facility $ 100.0 $ 80.0 Total short-term debt 100.0 80.0 Long-term debt: Revolving credit facility 69.0 — Term loan, due 2024 668.0 667.8 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.6 549.6 5.625% senior unsecured notes, due 2024 502.4 502.6 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.0 1,502.2 Debt issuance costs (22.5 ) (24.7 ) Total long-term debt, net 2,216.5 2,145.3 Total debt, net $ 2,316.5 $ 2,225.3 Weighted average cost of debt 5.0 % 4.8 % Term Loan The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.1% per annum as of June 30, 2018 . As of June 30, 2018 , a discount of $2.0 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 We also have a $430.0 million revolving credit facility, which matures in 2022 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”). As of June 30, 2018 , there were $69.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.3% . The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.3 million in the three months ended June 30, 2018, $0.4 million in the three months ended June 30, 2017 , and $0.6 million in each of the six months ended June 30, 2018 and 2017. As of June 30, 2018 , we had issued letters of credit totaling approximately $65.8 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of June 30, 2018 , we had issued letters of credit totaling approximately $130.1 million under our aggregate $150.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2018 and 2017 . Accounts Receivable Securitization Facility As of June 30, 2018 , there were $100.0 million of outstanding borrowings under our $100.0 million revolving accounts receivable securitization facility (the “AR Facility”), which expires in 2020, at a borrowing rate of approximately 3.1% . As of June 30, 2018 , we had no borrowing capacity remaining under the AR Facility, based on approximately $189.2 million of eligible accounts receivables used as collateral for the AR Facility, in accordance with the agreement governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three and six months ended June 30, 2018 . As of August 8, 2018 , there were $90.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 3.1% . 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 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. Senior Unsecured Notes As of June 30, 2018 , 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 June 30, 2018 , a premium of $2.4 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 Our credit agreement, dated as of January 31, 2014 (as amended, supplemented or otherwise modified, 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, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany 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 June 30, 2018 , our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2018 , our Consolidated Total Leverage Ratio was 4.9 to 1.0 in accordance with the Credit Agreement. As of June 30, 2018 , we are in compliance with our debt covenants. Deferred Financing Costs As of June 30, 2018 , we had deferred $26.8 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 $2.4 billion as of June 30, 2018 , and $2.3 billion as of December 31, 2017 . The fair value of our debt as of both June 30, 2018 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | Equity As of June 30, 2018 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 139,256,951 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 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 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 ). 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 the six months ended June 30, 2018 , 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 June 30, 2018 , no Class A equity interests have been redeemed for shares of the Company’s common stock. 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 August 8, 2018 , no shares of our common stock have been sold under the ATM Program, and accordingly, as of August 8, 2018 , $300.0 million remained available to be sold under the sales agreement. On July 24, 2018 , we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on September 28, 2018 , to stockholders of record at the close of business on September 7, 2018 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Effective January 1, 2018, we adopted the FASB’s principles-based guidance addressing revenue recognition issues, applying the modified retrospective method of adoption. Accordingly, historical financial information has not been affected (see Note 2. New Accounting Standards to the Consolidated Financial Statements). We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other. Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues are recognized under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from 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. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Other revenues are derived primarily from (i) the production of advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from 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. Production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period. Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days of billing. For the majority of our contracts, transaction prices are explicitly stated. Any contracts with transaction prices that contain multiple performance obligations, are allocated primarily based on the residual approach, as we sell our services at a broad range of amounts depending on seasonality, the packaging of various advertising displays within a contract, and other economic factors. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less, which primarily represent the transaction price allocated to the remaining display period for unsatisfied transit franchise contracts. Unsatisfied performance obligations with an original expected term of over one year relate to multi-year marketing and multimedia rights agreements with customers of our Sports Marketing operating segment, the value of which is $59.1 million as of June 30, 2018 , are expected to be satisfied over the next 5 years . For all revenue sources, we evaluate whether we should be considered the principal (i.e., report revenues on a gross basis) or an agent (i.e., report revenues on a net basis). Except for an insignificant number of smaller sports marketing contracts, we are considered the principal in our arrangements and report revenues on a gross basis, wherein the amounts billed to customers are recorded as revenues, and amounts paid to municipalities, transit operators, educational institutions and suppliers are recorded as expenses. We are considered the principal because we control the advertising space and multi-media rights before and after the contract term, are primarily responsible to our customers, have discretion in pricing and typically have inventory risk. 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. The following table summarizes revenues by source: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Billboard: Static displays $ 217.2 $ 218.0 $ 406.7 $ 407.1 Digital displays 53.3 44.0 95.2 77.3 Other 9.9 12.2 17.8 25.8 Billboard revenues 280.4 274.2 519.7 510.2 Transit: Static displays 84.0 90.6 151.8 159.8 Digital displays 14.0 10.8 24.7 19.2 Other 10.3 9.9 17.6 16.5 Total transit revenues 108.3 111.3 194.1 195.5 Sports marketing and other 13.0 10.7 25.8 21.1 Transit and other revenues 121.3 122.0 219.9 216.6 Total revenues $ 401.7 $ 396.2 $ 739.6 $ 726.8 Rental income was $270.5 million in the three months ended June 30, 2018 , $262.0 million in the three months ended June 30, 2017 , $501.9 million in the six months ended June 30, 2018 , and $484.4 million in the six months ended June 30, 2017 , and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 United States: Billboard $ 262.5 $ 259.2 $ 488.8 $ 484.3 Transit and other 104.7 107.9 188.3 189.9 Sports marketing and other 13.0 10.7 25.8 21.1 Total United States revenues 380.2 377.8 702.9 695.3 Canada 21.5 18.4 36.7 31.5 Total revenues $ 401.7 $ 396.2 $ 739.6 $ 726.8 Our revenues are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control. Contract Costs and Balances Variable sales commission costs directly associated with billboard display revenues are considered direct lease acquisition costs in accordance with the lease accounting standard and are capitalized and amortized on a straight-line basis over the related customer lease term (see Note 4. Goodwill and Other Intangible Assets to the Consolidated Financial Statements). Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Variable sales commission costs which are directly associated with transit display and other revenues are included in Selling, general, and administrative expenses on the Consolidated Statement of Operations, and are expensed as incurred since the amortization period of the asset would have been less than one year. Amounts to be collected from customers for revenues recognized in previous periods are included in Receivables, less allowance , on the Consolidated Statement of Financial Position. Amounts collected from customers for revenues to be recognized in future periods are included in Deferred revenues on the Consolidated Statement of Financial Position. We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2017 |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | Restructuring Charges For the three months ended June 30, 2018 , we recorded restructuring charges of $0.2 million , which was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team. For the three months ended June 30, 2017 , we recorded restructuring charges of $2.9 million , of which $2.8 million was recorded in Other for severance charges primarily associated with the Transaction and $0.1 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. For the six months ended June 30, 2018 , we recorded restructuring charges of $1.3 million , of which $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.5 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the six months ended June 30, 2017 , we recorded restructuring charges of $4.7 million , of which $2.8 million was recorded in Other for severance charges primarily associated with the Transaction and $1.9 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of June 30, 2018 , $2.8 million in restructuring reserves remain outstanding and is included in Other current liabilities |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 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 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). We completed several acquisitions for a total purchase price of approximately $4.3 million in the six months ended June 30, 2018 , and including the Transaction, $102.4 million in the six months ended June 30, 2017 . In the second quarter of 2018, we entered into an agreement to acquire 14 digital and 7 static billboard displays in California for a total estimated purchase price of $35.4 million |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2018 and 2017 . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 5.6 $ 5.5 $ 10.6 $ 10.8 Stock options — — — 0.1 Stock-based compensation expense, before income taxes 5.6 5.5 10.6 10.9 Tax benefit (0.4 ) (0.5 ) (0.7 ) (1.0 ) Stock-based compensation expense, net of tax $ 5.2 $ 5.0 $ 9.9 $ 9.9 As of June 30, 2018 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $30.6 million , which is expected to be recognized over a weighted average period of 2.2 years . RSUs and PRSUs The following table summarizes activity for the six months ended June 30, 2018 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2017 1,632,120 $ 24.43 Granted: RSUs 837,517 21.43 PRSUs 383,913 21.52 Vested: RSUs (586,273 ) 24.39 PRSUs (293,109 ) 24.71 Forfeitures: RSUs (74,295 ) 22.88 PRSUs (123,843 ) 24.25 Non-vested as of June 30, 2018 1,776,030 22.43 Stock Options The following table summarizes activity for the six months ended June 30, 2018 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2017 165,293 $ 20.69 Exercised (23,446 ) 6.25 Outstanding as of June 30, 2018 141,847 23.08 Exercisable as of June 30, 2018 141,847 23.08 |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Components of net periodic pension cost: Service cost $ 0.4 $ 0.4 $ 0.8 $ 0.7 Interest cost 0.4 0.4 0.9 0.9 Expected return on plan assets (0.5 ) (0.6 ) (1.1 ) (1.1 ) Amortization of net actuarial losses (a) 0.2 0.2 0.3 0.3 Net periodic pension cost $ 0.5 $ 0.4 $ 0.9 $ 0.8 (a) Reflects amounts reclassified from accumulated other comprehensive income to net income. In the six months ended June 30, 2018 , we contributed $1.1 million to our pension plans. In 2018 , we expect to contribute approximately $2.5 million |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. 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 Code to reduce tax rates and modify policies, credits and deductions. The Tax Act reduced the federal tax rate from a maximum of 35% to a flat 21% rate, as well as added 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 and a base erosion anti-abuse tax were added. Tax years 2014 to present are open for examination by the tax authorities. We are currently under examination by the Internal Revenue Service for the 2016 tax year and by New York State for the 2014 - 2016 tax years. New York City has completed its audit of the 2014 tax year with no changes. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three and six months ended June 30, 2018 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Net income (loss) available for common stockholders $ (5.2 ) $ 37.1 $ 3.9 $ 39.6 Less: Distributions to holders of Class A equity interests of a subsidiary 0.7 — 1.4 — Net income (loss) available for common stockholders, basic and diluted $ (5.9 ) $ 37.1 $ 2.5 $ 39.6 Weighted average shares for basic EPS 139.2 138.6 139.0 138.4 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) — 0.3 0.3 0.5 Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary (b) — 0.4 — 0.2 Weighted average shares for diluted EPS 139.2 139.3 139.3 139.1 (a) The potential impact of an aggregate 1.3 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2018 , 0.6 million in the three months ended June 30, 2017 , 1.0 million in the six months ended June 30, 2018 , and 0.4 million in the six months ended June 30, 2017 , were antidilutive. (b) The potential impact of 2.0 million shares of Class A equity interests of Outfront Canada in each of the three and six months ended June 30, 2018 , was antidilutive. (See Note 8. Equity |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
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 and the MTA is 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 cost is approximately $800 million for the full 15-year term and approximately $600 million for the first eight years of the term, and these deployment costs will be recorded as Prepaid MTA equipment deployment 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. During the six months ended June 30, 2018 , several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of June 30, 2018 , guaranteed minimum annual payments are as follows: (in millions) Guaranteed Minimum Annual Payments 2018 $ 109.3 2019 183.9 2020 164.1 2021 161.7 2022 159.6 2023 and thereafter 827.5 Total minimum payments $ 1,606.1 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 June 30, 2018 , the outstanding letters of credit were approximately $195.9 million and outstanding surety bonds were approximately $25.1 million , and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information 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. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Revenues: U.S. Media $ 367.2 $ 367.1 $ 677.1 $ 674.2 Other 34.5 29.1 62.5 52.6 Total revenues $ 401.7 $ 396.2 $ 739.6 $ 726.8 We present Operating income before Depreciation , Amortization , Net gain (loss) on dispositions, Stock-based compensation and Restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Net income (loss) $ (5.2 ) $ 37.1 $ 3.9 $ 39.6 Benefit (provision) for income taxes 8.1 0.9 1.4 (2.8 ) Equity in earnings of investee companies, net of tax (1.2 ) (1.5 ) (2.0 ) (2.4 ) Interest expense, net 31.0 28.6 61.0 56.7 Other income (expense), net 0.2 (0.1 ) 0.3 (0.1 ) Operating income 32.9 65.0 64.6 91.0 Restructuring charges 0.2 2.9 1.3 4.7 Net (gain) loss on dispositions (2.7 ) 0.1 (2.9 ) 0.5 Impairment charge 42.9 — 42.9 — Depreciation and amortization 46.3 48.5 89.9 95.1 Stock-based compensation 5.6 5.5 10.6 10.9 Total Adjusted OIBDA $ 125.2 $ 122.0 $ 206.4 $ 202.2 Adjusted OIBDA: U.S. Media $ 131.2 $ 128.3 $ 220.1 $ 220.7 Other 4.2 4.0 3.4 2.9 Corporate (10.2 ) (10.3 ) (17.1 ) (21.4 ) Total Adjusted OIBDA $ 125.2 $ 122.0 $ 206.4 $ 202.2 Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Operating income (loss): U.S. Media $ 93.8 $ 83.9 $ 144.4 $ 131.4 Other (45.1 ) (3.1 ) (52.1 ) (8.1 ) Corporate (15.8 ) (15.8 ) (27.7 ) (32.3 ) Total operating income $ 32.9 $ 65.0 $ 64.6 $ 91.0 Net (gain) loss on dispositions: U.S. Media $ (2.7 ) $ 0.1 $ (2.9 ) $ 0.5 Total (gain) loss on dispositions $ (2.7 ) $ 0.1 $ (2.9 ) $ 0.5 Impairment charge: Other $ 42.9 $ — $ 42.9 $ — Total impairment charge $ 42.9 $ — $ 42.9 $ — Depreciation and amortization: U.S. Media $ 40.1 $ 44.2 $ 78.1 $ 86.9 Other 6.2 4.3 11.8 8.2 Total depreciation and amortization $ 46.3 $ 48.5 $ 89.9 $ 95.1 Capital expenditures: U.S. Media $ 25.6 $ 23.7 $ 40.0 $ 39.5 Other 4.0 1.9 6.4 2.7 Total capital expenditures $ 29.6 $ 25.6 $ 46.4 $ 42.2 As of (in millions) June 30, 2018 December 31, 2017 Assets: U.S. Media $ 3,553.2 $ 3,528.8 Other 207.5 263.8 Corporate 14.4 15.6 Total assets $ 3,775.1 $ 3,808.2 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 9.2 $ 5.5 $ 27.0 $ — $ 41.7 Receivables, less allowance — — 45.7 219.8 (25.6 ) 239.9 Other current assets — 1.2 93.5 99.8 (88.6 ) 105.9 Total current assets — 10.4 144.7 346.6 (114.2 ) 387.5 Property and equipment, net — — 613.1 50.2 — 663.3 Goodwill — — 2,059.9 21.7 — 2,081.6 Intangible assets — — 494.0 63.2 — 557.2 Investment in subsidiaries 1,074.8 3,293.5 315.7 — (4,684.0 ) — Prepaid MTA equipment deployment costs — — 24.6 — — 24.6 Other assets — 2.8 55.3 2.8 — 60.9 Intercompany — — 123.8 148.3 (272.1 ) — Total assets $ 1,074.8 $ 3,306.7 $ 3,831.1 $ 632.8 $ (5,070.3 ) $ 3,775.1 Total current liabilities $ — $ 15.4 $ 283.5 $ 118.7 $ (114.2 ) $ 303.4 Long-term debt, net — 2,216.5 — — — 2,216.5 Deferred income tax liabilities, net — — — 19.2 — 19.2 Asset retirement obligation — — 29.9 4.8 — 34.7 Deficit in excess of investment of subsidiaries — — 2,218.7 — (2,218.7 ) — Other liabilities — — 75.9 4.9 — 80.8 Intercompany — — 148.3 123.8 (272.1 ) — Total liabilities — 2,231.9 2,756.3 271.4 (2,605.0 ) 2,654.6 Total stockholders’ equity 1,074.8 1,074.8 1,074.8 315.7 (2,465.3 ) 1,074.8 Non-controlling interests — — — 45.7 — 45.7 Total equity 1,074.8 1,074.8 1,074.8 361.4 (2,465.3 ) 1,120.5 Total liabilities and equity $ 1,074.8 $ 3,306.7 $ 3,831.1 $ 632.8 $ (5,070.3 ) $ 3,775.1 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 allowance — — 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, net — 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 Three Months Ended June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 262.3 $ 18.1 $ — $ 280.4 Transit and other — — 117.7 3.6 — 121.3 Total revenues — — 380.0 21.7 — 401.7 Expenses: Operating — — 198.5 13.5 — 212.0 Selling, general and administrative 0.4 — 68.1 1.6 — 70.1 Restructuring charges — — 0.2 — — 0.2 Net gain on dispositions — — (2.7 ) — — (2.7 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 17.8 3.5 — 21.3 Amortization — — 22.9 2.1 — 25.0 Total expenses 0.4 — 304.8 63.6 — 368.8 Operating income (loss) (0.4 ) — 75.2 (41.9 ) — 32.9 Interest expense, net — (29.4 ) (0.9 ) (0.7 ) — (31.0 ) Other expense, net — — — (0.2 ) — (0.2 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.4 ) (29.4 ) 74.3 (42.8 ) — 1.7 Provision for income taxes — — (3.8 ) (4.3 ) — (8.1 ) Equity in earnings of investee companies, net of tax (4.8 ) 24.6 (75.3 ) 0.3 56.4 1.2 Net loss $ (5.2 ) $ (4.8 ) $ (4.8 ) $ (46.8 ) $ 56.4 $ (5.2 ) Net loss $ (5.2 ) $ (4.8 ) $ (4.8 ) $ (46.8 ) $ 56.4 $ (5.2 ) Total other comprehensive loss, net of tax (5.8 ) (5.8 ) (5.8 ) (5.8 ) 17.4 (5.8 ) Total comprehensive loss $ (11.0 ) $ (10.6 ) $ (10.6 ) $ (52.6 ) $ 73.8 $ (11.0 ) Three Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 259.2 $ 15.0 $ — $ 274.2 Transit and other — — 118.7 3.3 — 122.0 Total revenues — — 377.9 18.3 — 396.2 Expenses: Operating — — 201.5 11.8 — 213.3 Selling, general and administrative 0.4 0.1 62.4 3.5 — 66.4 Restructuring charges — — — 2.9 — 2.9 Net gain on dispositions — — 0.1 — — 0.1 Depreciation — — 20.2 2.9 — 23.1 Amortization — — 24.5 0.9 — 25.4 Total expenses 0.4 0.1 308.7 22.0 — 331.2 Operating income (loss) (0.4 ) (0.1 ) 69.2 (3.7 ) — 65.0 Interest income (expense), net — (28.5 ) (0.2 ) 0.1 — (28.6 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.4 ) (28.6 ) 69.0 (3.5 ) — 36.5 Benefit (provision) for income taxes — — (1.9 ) 1.0 — (0.9 ) Equity in earnings of investee companies, net of tax 37.5 66.1 (29.6 ) 0.3 (72.8 ) 1.5 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Total other comprehensive income, net of tax 4.3 4.3 4.3 4.3 (12.9 ) 4.3 Total comprehensive income $ 41.4 $ 41.8 $ 41.8 $ 2.1 $ (85.7 ) $ 41.4 Six Months Ended June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 488.5 $ 31.2 $ — $ 519.7 Transit and other — — 214.1 5.8 — 219.9 Total revenues — — 702.6 37.0 — 739.6 Expenses: Operating — — 382.7 26.4 — 409.1 Selling, general and administrative 0.8 0.1 131.0 2.8 — 134.7 Restructuring charges — — 1.3 — — 1.3 Net gain on dispositions — — (2.9 ) — — (2.9 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 35.5 6.9 — 42.4 Amortization — — 43.6 3.9 — 47.5 Total expenses 0.8 0.1 591.2 82.9 — 675.0 Operating income (loss) (0.8 ) (0.1 ) 111.4 (45.9 ) — 64.6 Interest expense, net — (58.0 ) (1.8 ) (1.2 ) — (61.0 ) Other expense, net — — — (0.3 ) — (0.3 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.8 ) (58.1 ) 109.6 (47.4 ) — 3.3 Benefit (provision) for income taxes — — (2.5 ) 1.1 — (1.4 ) Equity in earnings of investee companies, net of tax 4.7 62.8 (102.4 ) 0.4 36.5 2.0 Net income (loss) $ 3.9 $ 4.7 $ 4.7 $ (45.9 ) $ 36.5 $ 3.9 Net income (loss) $ 3.9 $ 4.7 $ 4.7 $ (45.9 ) $ 36.5 $ 3.9 Total other comprehensive loss, net of tax (10.9 ) (10.9 ) (10.9 ) (10.9 ) 32.7 (10.9 ) Total comprehensive loss $ (7.0 ) $ (6.2 ) $ (6.2 ) $ (56.8 ) $ 69.2 $ (7.0 ) Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 484.3 $ 25.9 $ — $ 510.2 Transit and other — — 211.0 5.6 — 216.6 Total revenues — — 695.3 31.5 — 726.8 Expenses: Operating — — 381.9 23.3 — 405.2 Selling, general and administrative 0.8 0.8 121.7 7.0 — 130.3 Restructuring charges — — 1.8 2.9 — 4.7 Net loss on dispositions — — 0.5 — — 0.5 Depreciation — — 40.2 5.8 — 46.0 Amortization — — 47.7 1.4 — 49.1 Total expenses 0.8 0.8 593.8 40.4 — 635.8 Operating income (loss) (0.8 ) (0.8 ) 101.5 (8.9 ) — 91.0 Interest income (expense), net — (56.5 ) (0.3 ) 0.1 — (56.7 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.8 ) (57.3 ) 101.2 (8.7 ) — 34.4 Benefit for income taxes — — — 2.8 — 2.8 Equity in earnings of investee companies, net of tax 40.4 97.7 (60.8 ) 0.4 (75.3 ) 2.4 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Total other comprehensive income, net of tax 5.4 5.4 5.4 5.4 (16.2 ) 5.4 Total comprehensive income (loss) $ 45.0 $ 45.8 $ 45.8 $ (0.1 ) $ (91.5 ) $ 45.0 Six Months Ended June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (55.6 ) $ 130.6 $ (6.0 ) $ — $ 68.2 Investing activities: Capital expenditures — — (39.7 ) (6.7 ) — (46.4 ) Acquisitions — — (4.3 ) — — (4.3 ) MTA franchise rights — — (6.1 ) — — (6.1 ) Net proceeds from dispositions — — 3.4 — — 3.4 Net cash flow used for investing activities — — (46.7 ) (6.7 ) — (53.4 ) Financing activities: Proceeds from long-term debt borrowings — 79.0 — — — 79.0 Repayments of long-term debt borrowings — (10.0 ) — — — (10.0 ) Proceeds from borrowings under short-term debt facilities — — — 75.0 — 75.0 Repayments of borrowings under short-term debt facilities — — — (55.0 ) — (55.0 ) Payments of deferred financing costs — (0.1 ) — — — (0.1 ) Taxes withheld for stock-based compensation — — (8.1 ) — — (8.1 ) Dividends (100.6 ) — — (1.4 ) — (102.0 ) Intercompany 101.4 (14.3 ) (74.0 ) (13.1 ) — — Net cash flow provided by (used for) financing activities 0.8 54.6 (82.1 ) 5.5 — (21.2 ) Effect of exchange rate changes on cash and cash equivalents — — — (0.2 ) — (0.2 ) Net increase (decrease) in cash and cash equivalents — (1.0 ) 1.8 (7.4 ) — (6.6 ) Cash and cash equivalents at beginning of period — 10.2 3.7 34.4 — 48.3 Cash and cash equivalents at end of period $ — $ 9.2 $ 5.5 $ 27.0 $ — $ 41.7 Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (53.8 ) $ 132.5 $ 1.2 $ — $ 79.1 Investing activities: Capital expenditures — — (39.5 ) (2.7 ) — (42.2 ) Acquisitions — — (6.2 ) (51.6 ) — (57.8 ) Net proceeds from dispositions — — 0.1 — — 0.1 Net cash flow used for investing activities — — (45.6 ) (54.3 ) — (99.9 ) Financing activities: Proceeds from long-term debt borrowings — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — — — 90.0 Repayments of borrowings under short-term debt facilities — (5.0 ) — — — (5.0 ) Payments of deferred financing costs — (7.5 ) — — — (7.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Taxes withheld for stock-based compensation — — (8.1 ) — — (8.1 ) Dividends (100.4 ) — — — — (100.4 ) Intercompany 100.0 (29.8 ) (111.1 ) 40.9 — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.8 56.0 (119.4 ) 40.9 — (21.7 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.4 — 0.4 Net increase (decrease) in cash and cash equivalents — 2.2 (32.5 ) (11.8 ) — (42.1 ) Cash and cash equivalents at beginning of period — 11.4 35.8 18.0 — 65.2 Cash and cash equivalents at end of period $ — $ 13.6 $ 3.3 $ 6.2 $ — $ 23.1 |
Description of Business and B27
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | Adoption of New Accounting Standards Goodwill In the second quarter of 2018, we early adopted the Financial Accounting Standard Board’s (the “FASB’s”) 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 value of that goodwill. Applying the prospective method of adoption, we recognized an impairment charge for the amount by which the carrying value of our Canadian reporting unit exceeded its fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In the second quarter of 2018, we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations and an impairment balance of $42.9 million in Goodwill on the Consolidated Statement of Financial Position related to our Canadian reporting unit. (See Note 4. Goodwill and Other Intangible Assets to the Consolidated Financial Statements.) Revenue from Contracts with Customers In the first quarter of 2018, we adopted the FASB’s principles-based guidance addressing revenue recognition issues, applying the modified retrospective method of adoption. The guidance is being 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. The revenue recognition guidance is 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. Our billboard lease revenues are recognized under the lease accounting standard. The adoption of this guidance did not impact revenues from our multi-year transit advertising contracts, but resulted in the recognition of additional revenues of $2.0 million , additional operating expenses of $1.4 million and additional selling, general and administrative expenses of $0.6 million in our Sports Marketing operating segment in the three months ended June 30, 2018 , and additional revenues of $3.8 million , additional operating expenses of $2.6 million and additional selling, general and administrative expenses of $1.2 million in our Sports Marketing operating segment in the six months ended June 30, 2018 , related to revenues that would have been recognized on a net basis under the old standard. Adoption of this guidance did not have a material effect on our consolidated financial statements. (See Note 9. Revenues to the Consolidated Financial Statements.) |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | On April 1, 2018, we early adopted the FASB’s guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. (See Note 2. New Accounting Standards to the Consolidated Financial Statements.) If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a non-cash charge not to exceed the goodwill balance allocated to that reporting unit. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying value. We compute the estimated fair value of each reporting unit by adding the present value of the estimated annual cash flows over a discrete projection period to the residual value of the business at the end of the projection period. This technique requires us to use significant estimates and assumptions such as growth rates, operating margins, capital expenditures and discount rates. The estimated growth rates, operating margins and capital expenditures for the projection period are based on our internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rates are determined based on the weighted average cost of capital of comparable entities. There can be no assurance that these estimates and assumptions will prove to be an accurate prediction of the future, and a downward revision of these estimates and/or assumptions would decrease the fair values of our reporting units, which could result in additional impairment charges in the future. |
Revenues Revenue from Contract
Revenues Revenue from Contract with Customers (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | We derive Revenues from the following sources: (i) billboard displays, (ii) transit displays, and (iii) other. Billboard display revenues are derived from providing advertising space to customers on our physical billboards or other outdoor structures. We generally (i) own the physical structures on which we display advertising copy for our customers, (ii) hold the legal permits to display advertising thereon, and (iii) lease the underlying sites. Billboard display revenues are recognized under the lease accounting standard as rental income on a straight-line basis over the customer lease term. Transit display revenues are derived from 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. Transit display contracts typically require the installation and delivery of multiple advertising displays, for which locations are not specifically identified. Installation services are highly interdependent with the provision of advertising space, and therefore the installation and display of advertising is recognized as a single performance obligation. Transit display revenues are recognized based on the level of units displayed in proportion to the total units to be displayed over the contract period. Other revenues are derived primarily from (i) the production of advertisements to be displayed on our billboards or other outdoor sites, or on displays that we operate within transit systems, and (ii) revenues from 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. Production services are not interrelated with the provision of advertising space and are considered a distinct performance obligation. Production revenue is recognized over the production period, which is typically very short in duration. Revenues from our Sports Marketing operating segment are principally derived from advertising and marketing arrangements and are recognized over the contract period. Our billboard display and transit display contracts with customers range from four weeks to one year and billing commences at the beginning of the contract term, with payment generally due within 30 days |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives June 30, December 31, Land $ 97.1 $ 94.4 Buildings 20 to 40 years 51.2 51.3 Advertising structures 5 to 20 years 1,762.8 1,750.8 Furniture, equipment and other 3 to 10 years 123.0 120.7 Construction in progress 35.2 27.4 2,069.3 2,044.6 Less: accumulated depreciation 1,406.0 1,382.5 Property and equipment, net $ 663.3 $ 662.1 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the six months ended June 30, 2018 and the year ended December 31, 2017 , the changes in the book value of goodwill by segment were as follows: (in millions) U.S. Media Other Total 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 Currency translation adjustments — (3.5 ) (3.5 ) Impairment — (42.9 ) (42.9 ) As of June 30, 2018 $ 2,054.0 $ 27.6 $ 2,081.6 (a) Non-tax deductible addition associated with the Transaction (as defined below, see Note 8. Equity and Note 11. Acquisitions |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of June 30, 2018: Permits and leasehold agreements $ 1,108.3 $ (679.7 ) $ 428.6 Franchise agreements (a) 462.3 (351.5 ) 110.8 Other intangible assets 47.0 (29.2 ) 17.8 Total intangible assets $ 1,617.6 $ (1,060.4 ) $ 557.2 As of December 31, 2017: Permits and leasehold agreements $ 1,111.3 $ (661.6 ) $ 449.7 Franchise agreements (a) 455.4 (346.2 ) 109.2 Other intangible assets 47.1 (25.1 ) 22.0 Total intangible assets $ 1,613.8 $ (1,032.9 ) $ 580.9 (a) As of June 30, 2018 , includes $7.0 million and as of December 31, 2017 , includes $0.9 million related to MTA equipment deployment costs. (See Note 16. Commitments and Contingencies |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2017 $ 34.7 Accretion expense 1.2 Additions 0.1 Liabilities settled (1.1 ) Foreign currency translation adjustments (0.2 ) As of June 30, 2018 $ 34.7 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt, net, consists of the following: As of (in millions, except percentages) June 30, December 31, Short-term debt: AR Facility $ 100.0 $ 80.0 Total short-term debt 100.0 80.0 Long-term debt: Revolving credit facility 69.0 — Term loan, due 2024 668.0 667.8 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.6 549.6 5.625% senior unsecured notes, due 2024 502.4 502.6 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,502.0 1,502.2 Debt issuance costs (22.5 ) (24.7 ) Total long-term debt, net 2,216.5 2,145.3 Total debt, net $ 2,316.5 $ 2,225.3 Weighted average cost of debt 5.0 % 4.8 % |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenues by source: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Billboard: Static displays $ 217.2 $ 218.0 $ 406.7 $ 407.1 Digital displays 53.3 44.0 95.2 77.3 Other 9.9 12.2 17.8 25.8 Billboard revenues 280.4 274.2 519.7 510.2 Transit: Static displays 84.0 90.6 151.8 159.8 Digital displays 14.0 10.8 24.7 19.2 Other 10.3 9.9 17.6 16.5 Total transit revenues 108.3 111.3 194.1 195.5 Sports marketing and other 13.0 10.7 25.8 21.1 Transit and other revenues 121.3 122.0 219.9 216.6 Total revenues $ 401.7 $ 396.2 $ 739.6 $ 726.8 |
Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 United States: Billboard $ 262.5 $ 259.2 $ 488.8 $ 484.3 Transit and other 104.7 107.9 188.3 189.9 Sports marketing and other 13.0 10.7 25.8 21.1 Total United States revenues 380.2 377.8 702.9 695.3 Canada 21.5 18.4 36.7 31.5 Total revenues $ 401.7 $ 396.2 $ 739.6 $ 726.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three and six months ended June 30, 2018 and 2017 . Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ 5.6 $ 5.5 $ 10.6 $ 10.8 Stock options — — — 0.1 Stock-based compensation expense, before income taxes 5.6 5.5 10.6 10.9 Tax benefit (0.4 ) (0.5 ) (0.7 ) (1.0 ) Stock-based compensation expense, net of tax $ 5.2 $ 5.0 $ 9.9 $ 9.9 |
Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2018 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2017 1,632,120 $ 24.43 Granted: RSUs 837,517 21.43 PRSUs 383,913 21.52 Vested: RSUs (586,273 ) 24.39 PRSUs (293,109 ) 24.71 Forfeitures: RSUs (74,295 ) 22.88 PRSUs (123,843 ) 24.25 Non-vested as of June 30, 2018 1,776,030 22.43 |
Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2018 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2017 165,293 $ 20.69 Exercised (23,446 ) 6.25 Outstanding as of June 30, 2018 141,847 23.08 Exercisable as of June 30, 2018 141,847 23.08 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Components of net periodic pension cost: Service cost $ 0.4 $ 0.4 $ 0.8 $ 0.7 Interest cost 0.4 0.4 0.9 0.9 Expected return on plan assets (0.5 ) (0.6 ) (1.1 ) (1.1 ) Amortization of net actuarial losses (a) 0.2 0.2 0.3 0.3 Net periodic pension cost $ 0.5 $ 0.4 $ 0.9 $ 0.8 (a) |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Net income (loss) available for common stockholders $ (5.2 ) $ 37.1 $ 3.9 $ 39.6 Less: Distributions to holders of Class A equity interests of a subsidiary 0.7 — 1.4 — Net income (loss) available for common stockholders, basic and diluted $ (5.9 ) $ 37.1 $ 2.5 $ 39.6 Weighted average shares for basic EPS 139.2 138.6 139.0 138.4 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) — 0.3 0.3 0.5 Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary (b) — 0.4 — 0.2 Weighted average shares for diluted EPS 139.2 139.3 139.3 139.1 (a) The potential impact of an aggregate 1.3 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2018 , 0.6 million in the three months ended June 30, 2017 , 1.0 million in the six months ended June 30, 2018 , and 0.4 million in the six months ended June 30, 2017 , were antidilutive. (b) The potential impact of 2.0 million shares of Class A equity interests of Outfront Canada in each of the three and six months ended June 30, 2018 , was antidilutive. (See Note 8. Equity |
Commitment and Contingencies Co
Commitment and Contingencies Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual obligation, fiscal year maturity schedule | During the six months ended June 30, 2018 , several transit franchise contracts were renewed and/or awarded, resulting in additional guaranteed minimum annual payments. As of June 30, 2018 , guaranteed minimum annual payments are as follows: (in millions) Guaranteed Minimum Annual Payments 2018 $ 109.3 2019 183.9 2020 164.1 2021 161.7 2022 159.6 2023 and thereafter 827.5 Total minimum payments $ 1,606.1 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Revenues: U.S. Media $ 367.2 $ 367.1 $ 677.1 $ 674.2 Other 34.5 29.1 62.5 52.6 Total revenues $ 401.7 $ 396.2 $ 739.6 $ 726.8 |
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Net income (loss) $ (5.2 ) $ 37.1 $ 3.9 $ 39.6 Benefit (provision) for income taxes 8.1 0.9 1.4 (2.8 ) Equity in earnings of investee companies, net of tax (1.2 ) (1.5 ) (2.0 ) (2.4 ) Interest expense, net 31.0 28.6 61.0 56.7 Other income (expense), net 0.2 (0.1 ) 0.3 (0.1 ) Operating income 32.9 65.0 64.6 91.0 Restructuring charges 0.2 2.9 1.3 4.7 Net (gain) loss on dispositions (2.7 ) 0.1 (2.9 ) 0.5 Impairment charge 42.9 — 42.9 — Depreciation and amortization 46.3 48.5 89.9 95.1 Stock-based compensation 5.6 5.5 10.6 10.9 Total Adjusted OIBDA $ 125.2 $ 122.0 $ 206.4 $ 202.2 Adjusted OIBDA: U.S. Media $ 131.2 $ 128.3 $ 220.1 $ 220.7 Other 4.2 4.0 3.4 2.9 Corporate (10.2 ) (10.3 ) (17.1 ) (21.4 ) Total Adjusted OIBDA $ 125.2 $ 122.0 $ 206.4 $ 202.2 |
Tabular Disclosure by Reportable Segments | Three Months Ended Six Months Ended June 30, June 30, (in millions) 2018 2017 2018 2017 Operating income (loss): U.S. Media $ 93.8 $ 83.9 $ 144.4 $ 131.4 Other (45.1 ) (3.1 ) (52.1 ) (8.1 ) Corporate (15.8 ) (15.8 ) (27.7 ) (32.3 ) Total operating income $ 32.9 $ 65.0 $ 64.6 $ 91.0 Net (gain) loss on dispositions: U.S. Media $ (2.7 ) $ 0.1 $ (2.9 ) $ 0.5 Total (gain) loss on dispositions $ (2.7 ) $ 0.1 $ (2.9 ) $ 0.5 Impairment charge: Other $ 42.9 $ — $ 42.9 $ — Total impairment charge $ 42.9 $ — $ 42.9 $ — Depreciation and amortization: U.S. Media $ 40.1 $ 44.2 $ 78.1 $ 86.9 Other 6.2 4.3 11.8 8.2 Total depreciation and amortization $ 46.3 $ 48.5 $ 89.9 $ 95.1 Capital expenditures: U.S. Media $ 25.6 $ 23.7 $ 40.0 $ 39.5 Other 4.0 1.9 6.4 2.7 Total capital expenditures $ 29.6 $ 25.6 $ 46.4 $ 42.2 |
Reconciliation of Assets from Segment to Consolidated | As of (in millions) June 30, 2018 December 31, 2017 Assets: U.S. Media $ 3,553.2 $ 3,528.8 Other 207.5 263.8 Corporate 14.4 15.6 Total assets $ 3,775.1 $ 3,808.2 |
Condensed Consolidating Finan41
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Statement of Financial Position | As of June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 9.2 $ 5.5 $ 27.0 $ — $ 41.7 Receivables, less allowance — — 45.7 219.8 (25.6 ) 239.9 Other current assets — 1.2 93.5 99.8 (88.6 ) 105.9 Total current assets — 10.4 144.7 346.6 (114.2 ) 387.5 Property and equipment, net — — 613.1 50.2 — 663.3 Goodwill — — 2,059.9 21.7 — 2,081.6 Intangible assets — — 494.0 63.2 — 557.2 Investment in subsidiaries 1,074.8 3,293.5 315.7 — (4,684.0 ) — Prepaid MTA equipment deployment costs — — 24.6 — — 24.6 Other assets — 2.8 55.3 2.8 — 60.9 Intercompany — — 123.8 148.3 (272.1 ) — Total assets $ 1,074.8 $ 3,306.7 $ 3,831.1 $ 632.8 $ (5,070.3 ) $ 3,775.1 Total current liabilities $ — $ 15.4 $ 283.5 $ 118.7 $ (114.2 ) $ 303.4 Long-term debt, net — 2,216.5 — — — 2,216.5 Deferred income tax liabilities, net — — — 19.2 — 19.2 Asset retirement obligation — — 29.9 4.8 — 34.7 Deficit in excess of investment of subsidiaries — — 2,218.7 — (2,218.7 ) — Other liabilities — — 75.9 4.9 — 80.8 Intercompany — — 148.3 123.8 (272.1 ) — Total liabilities — 2,231.9 2,756.3 271.4 (2,605.0 ) 2,654.6 Total stockholders’ equity 1,074.8 1,074.8 1,074.8 315.7 (2,465.3 ) 1,074.8 Non-controlling interests — — — 45.7 — 45.7 Total equity 1,074.8 1,074.8 1,074.8 361.4 (2,465.3 ) 1,120.5 Total liabilities and equity $ 1,074.8 $ 3,306.7 $ 3,831.1 $ 632.8 $ (5,070.3 ) $ 3,775.1 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 allowance — — 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, net — 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 |
Condensed Statement of Operations | Three Months Ended June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 262.3 $ 18.1 $ — $ 280.4 Transit and other — — 117.7 3.6 — 121.3 Total revenues — — 380.0 21.7 — 401.7 Expenses: Operating — — 198.5 13.5 — 212.0 Selling, general and administrative 0.4 — 68.1 1.6 — 70.1 Restructuring charges — — 0.2 — — 0.2 Net gain on dispositions — — (2.7 ) — — (2.7 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 17.8 3.5 — 21.3 Amortization — — 22.9 2.1 — 25.0 Total expenses 0.4 — 304.8 63.6 — 368.8 Operating income (loss) (0.4 ) — 75.2 (41.9 ) — 32.9 Interest expense, net — (29.4 ) (0.9 ) (0.7 ) — (31.0 ) Other expense, net — — — (0.2 ) — (0.2 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.4 ) (29.4 ) 74.3 (42.8 ) — 1.7 Provision for income taxes — — (3.8 ) (4.3 ) — (8.1 ) Equity in earnings of investee companies, net of tax (4.8 ) 24.6 (75.3 ) 0.3 56.4 1.2 Net loss $ (5.2 ) $ (4.8 ) $ (4.8 ) $ (46.8 ) $ 56.4 $ (5.2 ) Net loss $ (5.2 ) $ (4.8 ) $ (4.8 ) $ (46.8 ) $ 56.4 $ (5.2 ) Total other comprehensive loss, net of tax (5.8 ) (5.8 ) (5.8 ) (5.8 ) 17.4 (5.8 ) Total comprehensive loss $ (11.0 ) $ (10.6 ) $ (10.6 ) $ (52.6 ) $ 73.8 $ (11.0 ) Three Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 259.2 $ 15.0 $ — $ 274.2 Transit and other — — 118.7 3.3 — 122.0 Total revenues — — 377.9 18.3 — 396.2 Expenses: Operating — — 201.5 11.8 — 213.3 Selling, general and administrative 0.4 0.1 62.4 3.5 — 66.4 Restructuring charges — — — 2.9 — 2.9 Net gain on dispositions — — 0.1 — — 0.1 Depreciation — — 20.2 2.9 — 23.1 Amortization — — 24.5 0.9 — 25.4 Total expenses 0.4 0.1 308.7 22.0 — 331.2 Operating income (loss) (0.4 ) (0.1 ) 69.2 (3.7 ) — 65.0 Interest income (expense), net — (28.5 ) (0.2 ) 0.1 — (28.6 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.4 ) (28.6 ) 69.0 (3.5 ) — 36.5 Benefit (provision) for income taxes — — (1.9 ) 1.0 — (0.9 ) Equity in earnings of investee companies, net of tax 37.5 66.1 (29.6 ) 0.3 (72.8 ) 1.5 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Net income (loss) $ 37.1 $ 37.5 $ 37.5 $ (2.2 ) $ (72.8 ) $ 37.1 Total other comprehensive income, net of tax 4.3 4.3 4.3 4.3 (12.9 ) 4.3 Total comprehensive income $ 41.4 $ 41.8 $ 41.8 $ 2.1 $ (85.7 ) $ 41.4 Six Months Ended June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 488.5 $ 31.2 $ — $ 519.7 Transit and other — — 214.1 5.8 — 219.9 Total revenues — — 702.6 37.0 — 739.6 Expenses: Operating — — 382.7 26.4 — 409.1 Selling, general and administrative 0.8 0.1 131.0 2.8 — 134.7 Restructuring charges — — 1.3 — — 1.3 Net gain on dispositions — — (2.9 ) — — (2.9 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 35.5 6.9 — 42.4 Amortization — — 43.6 3.9 — 47.5 Total expenses 0.8 0.1 591.2 82.9 — 675.0 Operating income (loss) (0.8 ) (0.1 ) 111.4 (45.9 ) — 64.6 Interest expense, net — (58.0 ) (1.8 ) (1.2 ) — (61.0 ) Other expense, net — — — (0.3 ) — (0.3 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.8 ) (58.1 ) 109.6 (47.4 ) — 3.3 Benefit (provision) for income taxes — — (2.5 ) 1.1 — (1.4 ) Equity in earnings of investee companies, net of tax 4.7 62.8 (102.4 ) 0.4 36.5 2.0 Net income (loss) $ 3.9 $ 4.7 $ 4.7 $ (45.9 ) $ 36.5 $ 3.9 Net income (loss) $ 3.9 $ 4.7 $ 4.7 $ (45.9 ) $ 36.5 $ 3.9 Total other comprehensive loss, net of tax (10.9 ) (10.9 ) (10.9 ) (10.9 ) 32.7 (10.9 ) Total comprehensive loss $ (7.0 ) $ (6.2 ) $ (6.2 ) $ (56.8 ) $ 69.2 $ (7.0 ) Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 484.3 $ 25.9 $ — $ 510.2 Transit and other — — 211.0 5.6 — 216.6 Total revenues — — 695.3 31.5 — 726.8 Expenses: Operating — — 381.9 23.3 — 405.2 Selling, general and administrative 0.8 0.8 121.7 7.0 — 130.3 Restructuring charges — — 1.8 2.9 — 4.7 Net loss on dispositions — — 0.5 — — 0.5 Depreciation — — 40.2 5.8 — 46.0 Amortization — — 47.7 1.4 — 49.1 Total expenses 0.8 0.8 593.8 40.4 — 635.8 Operating income (loss) (0.8 ) (0.8 ) 101.5 (8.9 ) — 91.0 Interest income (expense), net — (56.5 ) (0.3 ) 0.1 — (56.7 ) Other income, net — — — 0.1 — 0.1 Income (loss) before benefit for income taxes and equity in earnings of investee companies (0.8 ) (57.3 ) 101.2 (8.7 ) — 34.4 Benefit for income taxes — — — 2.8 — 2.8 Equity in earnings of investee companies, net of tax 40.4 97.7 (60.8 ) 0.4 (75.3 ) 2.4 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Net income (loss) $ 39.6 $ 40.4 $ 40.4 $ (5.5 ) $ (75.3 ) $ 39.6 Total other comprehensive income, net of tax 5.4 5.4 5.4 5.4 (16.2 ) 5.4 Total comprehensive income (loss) $ 45.0 $ 45.8 $ 45.8 $ (0.1 ) $ (91.5 ) $ 45.0 |
Condensed Statements of Cash Flows | Six Months Ended June 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (55.6 ) $ 130.6 $ (6.0 ) $ — $ 68.2 Investing activities: Capital expenditures — — (39.7 ) (6.7 ) — (46.4 ) Acquisitions — — (4.3 ) — — (4.3 ) MTA franchise rights — — (6.1 ) — — (6.1 ) Net proceeds from dispositions — — 3.4 — — 3.4 Net cash flow used for investing activities — — (46.7 ) (6.7 ) — (53.4 ) Financing activities: Proceeds from long-term debt borrowings — 79.0 — — — 79.0 Repayments of long-term debt borrowings — (10.0 ) — — — (10.0 ) Proceeds from borrowings under short-term debt facilities — — — 75.0 — 75.0 Repayments of borrowings under short-term debt facilities — — — (55.0 ) — (55.0 ) Payments of deferred financing costs — (0.1 ) — — — (0.1 ) Taxes withheld for stock-based compensation — — (8.1 ) — — (8.1 ) Dividends (100.6 ) — — (1.4 ) — (102.0 ) Intercompany 101.4 (14.3 ) (74.0 ) (13.1 ) — — Net cash flow provided by (used for) financing activities 0.8 54.6 (82.1 ) 5.5 — (21.2 ) Effect of exchange rate changes on cash and cash equivalents — — — (0.2 ) — (0.2 ) Net increase (decrease) in cash and cash equivalents — (1.0 ) 1.8 (7.4 ) — (6.6 ) Cash and cash equivalents at beginning of period — 10.2 3.7 34.4 — 48.3 Cash and cash equivalents at end of period $ — $ 9.2 $ 5.5 $ 27.0 $ — $ 41.7 Six Months Ended June 30, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (0.8 ) $ (53.8 ) $ 132.5 $ 1.2 $ — $ 79.1 Investing activities: Capital expenditures — — (39.5 ) (2.7 ) — (42.2 ) Acquisitions — — (6.2 ) (51.6 ) — (57.8 ) Net proceeds from dispositions — — 0.1 — — 0.1 Net cash flow used for investing activities — — (45.6 ) (54.3 ) — (99.9 ) Financing activities: Proceeds from long-term debt borrowings — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — — — 90.0 Repayments of borrowings under short-term debt facilities — (5.0 ) — — — (5.0 ) Payments of deferred financing costs — (7.5 ) — — — (7.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Taxes withheld for stock-based compensation — — (8.1 ) — — (8.1 ) Dividends (100.4 ) — — — — (100.4 ) Intercompany 100.0 (29.8 ) (111.1 ) 40.9 — — Other — — (0.2 ) — — (0.2 ) Net cash flow provided by (used for) financing activities 0.8 56.0 (119.4 ) 40.9 — (21.7 ) Effect of exchange rate changes on cash and cash equivalents — — — 0.4 — 0.4 Net increase (decrease) in cash and cash equivalents — 2.2 (32.5 ) (11.8 ) — (42.1 ) Cash and cash equivalents at beginning of period — 11.4 35.8 18.0 — 65.2 Cash and cash equivalents at end of period $ — $ 13.6 $ 3.3 $ 6.2 $ — $ 23.1 |
Description of Business and B42
Description of Business and Basis of Presentation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018marketssegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of largest domestic markets in which the entity operates | 25 |
Number of markets in which the entity operates | 140 |
Number of operating segments | segment | 3 |
New Accounting Standards Narrat
New Accounting Standards Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)leases | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)leases | Jun. 30, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Impairment charge | $ 42.9 | $ 0 | $ 42.9 | $ 0 |
Transit and other | 121.3 | 122 | 219.9 | 216.6 |
Operating | 212 | 213.3 | 409.1 | 405.2 |
Selling, general and administrative | $ 70.1 | $ 66.4 | $ 134.7 | $ 130.3 |
UNITED STATES | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of leases | leases | 21,200 | 21,200 | ||
CANADA | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of leases | leases | 3,000 | 3,000 | ||
Adjustments for New Accounting Pronouncement | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Transit and other | $ 2 | $ 3.8 | ||
Operating | 1.4 | 2.6 | ||
Selling, general and administrative | 0.6 | 1.2 | ||
CANADA | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Goodwill, accumulated impairment | $ 42.9 | $ 42.9 |
Property and Equipment - Summar
Property and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 2,069.3 | $ 2,044.6 |
Less: accumulated depreciation | 1,406 | 1,382.5 |
Property and equipment, net | 663.3 | 662.1 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 97.1 | 94.4 |
Buildings | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 51.2 | 51.3 |
Buildings | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 20 years | |
Buildings | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 40 years | |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,762.8 | 1,750.8 |
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 | $ 123 | 120.7 |
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 | $ 35.2 | $ 27.4 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 21.3 | $ 23.1 | $ 42.4 | $ 46 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | $ 2,128 | $ 2,089.4 | $ 2,089.4 | |||
Currency translation adjustments | (3.5) | 4.3 | ||||
Additions | [1] | 34.3 | 34.3 | |||
Impairment | $ (42.9) | $ 0 | (42.9) | 0 | ||
Goodwill, Ending Balance | 2,081.6 | 2,081.6 | 2,128 | |||
U.S. Media | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | 2,054 | 2,054 | 2,054 | |||
Currency translation adjustments | 0 | 0 | ||||
Additions | 0 | |||||
Impairment | 0 | |||||
Goodwill, Ending Balance | 2,054 | 2,054 | 2,054 | |||
Other | ||||||
Goodwill [Roll Forward] | ||||||
Goodwill, Beginning Balance | 74 | $ 35.4 | 35.4 | |||
Currency translation adjustments | (3.5) | 4.3 | ||||
Additions | [1] | 34.3 | ||||
Impairment | (42.9) | |||||
Goodwill, Ending Balance | $ 27.6 | $ 27.6 | $ 74 | |||
[1] | Non-tax deductible addition associated with the Transaction (as defined below, see Note 8. Equity and Note 11. Acquisitions |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets Narrative (Details) - Goodwill - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||||
Impairment charge | $ 42.9 | $ 0 | $ 42.9 | $ 0 | ||
Goodwill | 2,081.6 | 2,081.6 | $ 2,128 | $ 2,089.4 | ||
CANADA | ||||||
Goodwill [Line Items] | ||||||
Fair value in excess of carrying value percentage | 2.90% | |||||
Goodwill, accumulated impairment | 42.9 | 42.9 | ||||
Goodwill | $ 21.7 | $ 21.7 | $ 68.1 |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,617.6 | $ 1,613.8 | |
Accumulated amortization | (1,060.4) | (1,032.9) | |
Intangible assets | 557.2 | 580.9 | |
Permits and leasehold agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,108.3 | 1,111.3 | |
Accumulated amortization | (679.7) | (661.6) | |
Intangible assets | 428.6 | 449.7 | |
Franchise agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | [1] | 462.3 | 455.4 |
Accumulated amortization | (351.5) | (346.2) | |
Intangible assets | 110.8 | 109.2 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 47 | 47.1 | |
Accumulated amortization | (29.2) | (25.1) | |
Intangible assets | $ 17.8 | $ 22 | |
[1] | As of June 30, 2018 , includes $7.0 million and as of December 31, 2017 , includes $0.9 million related to MTA equipment deployment costs. (See Note 16. Commitments and Contingencies to the Consolidated Financial Statements.) |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets Narrative (Details) - Intangible Assets - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross intangible assets | $ 1,617.6 | $ 1,617.6 | $ 1,613.8 | |||
Amortization of intangible assets | 25 | $ 25.4 | 47.5 | $ 49.1 | ||
Amortization of direct lease acquisition costs | 11.1 | $ 10.2 | 19.8 | $ 18.9 | ||
Franchise agreements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross intangible assets | [1] | 462.3 | $ 462.3 | 455.4 | ||
Direct lease acquisition costs | Minimum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset, useful life | 28 days | |||||
Direct lease acquisition costs | Maximum | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset, useful life | 1 year | |||||
MTA equipment deployment costs | Franchise agreements | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross intangible assets | $ 7 | $ 7 | $ 0.9 | |||
[1] | As of June 30, 2018 , includes $7.0 million and as of December 31, 2017 , includes $0.9 million related to MTA equipment deployment costs. (See Note 16. Commitments and Contingencies to the Consolidated Financial Statements.) |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligation, expected term | 50 years |
Asset retirement obligations, description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2017 | $ 34.7 |
Accretion expense | 1.2 |
Additions | 0.1 |
Liabilities settled | (1.1) |
Foreign currency translation adjustments | (0.2) |
As of June 30, 2018 | $ 34.7 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)joint_ventureDisplays | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)joint_ventureDisplays | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Equity method investments | $ | $ 20.1 | $ 20.1 | $ 19.5 | ||
Management fee revenue | $ | $ 1.9 | $ 2 | $ 3.5 | $ 3.5 | |
Transit shelter joint ventures | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 2 | 2 | |||
Acquired businesses | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 4 | 4 | |||
Equity method investment, number of displays | Displays | 15 | 15 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Total short-term debt | $ 100 | $ 80 |
Long-term debt, net | 2,216.5 | 2,145.3 |
Debt issuance costs | (22.5) | (24.7) |
Total debt, net | $ 2,316.5 | $ 2,225.3 |
Weighted average cost of debt | 5.00% | 4.80% |
Secured debt | Term loan, due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 668 | $ 667.8 |
Maturity date | Mar. 16, 2024 | Mar. 16, 2024 |
Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 1,502 | $ 1,502.2 |
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 549.6 | $ 549.6 |
Stated interest rate | 5.25% | 5.25% |
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 |
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 502.4 | $ 502.6 |
Stated interest rate | 5.625% | 5.625% |
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 |
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 450 | $ 450 |
Stated interest rate | 5.875% | 5.875% |
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 |
Short-term debt | AR Facility | ||
Debt Instrument [Line Items] | ||
Credit facility, outstanding amount | $ 100 | $ 80 |
Long-term debt | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Credit facility, outstanding amount | $ 69 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Aug. 08, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Debt instrument, covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | |||||
Maximum consolidated total leverage ratio | 6 | |||||
Consolidated total leverage ratio | 4.9 | |||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs | $ 26.8 | $ 26.8 | ||||
Secured debt | Term loan, due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate at period end | 4.10% | 4.10% | ||||
Unamortized debt discount | $ 2 | $ 2 | ||||
Maturity date | Mar. 16, 2024 | Mar. 16, 2024 | ||||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | 0.4 | $ 0.4 | ||||
Debt face amount | $ 150 | $ 150 | ||||
Stated interest rate | 5.25% | 5.25% | 5.25% | |||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 100 | $ 100 | ||||
Unamortized premium | $ 2.4 | $ 2.4 | ||||
Stated interest rate | 5.625% | 5.625% | 5.625% | |||
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | ||||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.875% | 5.875% | 5.875% | |||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||||
Fair Value, Inputs, Level 2 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt at fair value | $ 2,400 | $ 2,400 | $ 2,300 | |||
Revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 430 | $ 430 | ||||
Credit facility, expiration date | Mar. 16, 2022 | Mar. 16, 2022 | ||||
Commitment fee for unused commitments | 0.3 | $ 0.4 | $ 0.6 | $ 0.6 | ||
Debt instrument, 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 coverage ratio | 4 | |||||
Consolidated net secured leverage ratio | 1.5 | |||||
Revolving credit facility | Long-term debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 69 | $ 69 | $ 0 | |||
Line of Credit Facility, Interest Rate at Period End | 4.30% | 4.30% | ||||
Revolving credit facility | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt covenant, restricted cash limit | $ 150 | $ 150 | ||||
Letter Of Credit Sublimit To Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 65.8 | 65.8 | ||||
AR Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 100 | $ 100 | ||||
Credit facility, expiration date | Jun. 30, 2020 | |||||
AR Facility | Short-term debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 100 | $ 100 | $ 80 | |||
Short-term debt, weighted average interest rate, at point in time | 3.10% | 3.10% | ||||
Remaining borrowing capacity | $ 0 | $ 0 | ||||
AR Facility | Short-term debt | Subsequent Event | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 90 | |||||
Short-term debt, weighted average interest rate, at point in time | 3.10% | |||||
AR Facility | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Collateral Amount | 189.2 | 189.2 | ||||
Letter of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 150 | 150 | ||||
Letters of Credit Outstanding, Amount | $ 130.1 | $ 130.1 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Millions | Sep. 28, 2018 | Sep. 07, 2018 | Aug. 08, 2018USD ($)shares | Jul. 24, 2018$ / shares | Jun. 13, 2017shares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / shares | Dec. 31, 2017$ / sharesshares | Nov. 21, 2017USD ($) | Dec. 31, 2016$ / shares |
Class of Stock [Line Items] | ||||||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | |||||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares Issued | 139,256,951 | 139,256,951 | 138,644,917 | |||||||||
Common Stock, Shares Outstanding | 139,256,951 | 139,256,951 | 138,644,917 | |||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||||||
Preferred stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||||||
Temporary equity, contract terms | The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability | |||||||||||
Exchange ratio Class A Equity Interests for common stock | 1 | |||||||||||
Restriction for disposition of assets acquired | 5 years | |||||||||||
Distributions to holders of Class A equity interests of a subsidiary | $ | $ 102 | $ 100.4 | ||||||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ | $ 300 | |||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | $ 0.36 | $ 0.72 | $ 0.72 | ||||||||
Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ | $ 300 | |||||||||||
Dividends Payable, Date Declared | Jul. 24, 2018 | |||||||||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | |||||||||||
Ordinary dividend | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividends Payable, Date to be Paid | Sep. 28, 2018 | |||||||||||
Dividends Payable, Date of Record | Sep. 7, 2018 | |||||||||||
At-The-Market Equity Offering Program | Subsequent Event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | |||||||||||
Noncontrolling Interest | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||||||||
Distributions to holders of Class A equity interests of a subsidiary | $ | $ 0.7 | $ 0 | $ 1.4 | $ 0 | ||||||||
Equity interests redeemed during the period | 0 | |||||||||||
Noncontrolling Interest | Tranche 1 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption restriction period | 1 year | |||||||||||
Percentage of redeemable equity interests | 55.00% | |||||||||||
Noncontrolling Interest | Tranche 2 | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Redemption restriction period | 18 months | |||||||||||
Percentage of redeemable equity interests | 45.00% |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | ||||
Customer billing term | 30 days | |||
Remaining performance obligation | $ 59.1 | $ 59.1 | ||
Remaining performance obligation, expected timing of satisfaction | 5 years | 5 years | ||
Rental income | $ 270.5 | $ 262 | $ 501.9 | $ 484.4 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122 | 219.9 | 216.6 |
Revenues | 401.7 | 396.2 | 739.6 | 726.8 |
Static displays | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 217.2 | 218 | 406.7 | 407.1 |
Transit and other | 84 | 90.6 | 151.8 | 159.8 |
Digital displays | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 53.3 | 44 | 95.2 | 77.3 |
Transit and other | 14 | 10.8 | 24.7 | 19.2 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 9.9 | 12.2 | 17.8 | 25.8 |
Transit and other | 10.3 | 9.9 | 17.6 | 16.5 |
Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 108.3 | 111.3 | 194.1 | 195.5 |
Sports marketing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | $ 13 | $ 10.7 | $ 25.8 | $ 21.1 |
Revenues Revenue from External
Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122 | 219.9 | 216.6 |
Revenues | 401.7 | 396.2 | 739.6 | 726.8 |
UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 262.5 | 259.2 | 488.8 | 484.3 |
Revenues | 380.2 | 377.8 | 702.9 | 695.3 |
CANADA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21.5 | 18.4 | 36.7 | 31.5 |
Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 108.3 | 111.3 | 194.1 | 195.5 |
Transit | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 104.7 | 107.9 | 188.3 | 189.9 |
Sports marketing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 13 | 10.7 | 25.8 | 21.1 |
Sports marketing and other | UNITED STATES | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | $ 13 | $ 10.7 | $ 25.8 | $ 21.1 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.2 | $ 2.9 | $ 1.3 | $ 4.7 |
Restructuring reserve | 2.8 | 2.8 | ||
Operating segments | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.2 | 2.8 | 0.8 | 2.8 |
Operating segments | U.S. Media | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.1 | $ 0.5 | $ 1.9 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Jun. 13, 2017USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($)Displays | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 4.3 | $ 102.4 | ||||
Payments to acquire businesses, net of cash acquired | (4.3) | (57.8) | ||||
Equity interest of a subsidiary issued for an acquisition (value) | 0 | $ 44.6 | ||||
Acquired intangible assets | 68 | |||||
Acquired goodwill | [1] | 34.3 | $ 34.3 | |||
Acquired deferred tax liabilities | 17 | |||||
Acquired other assets and liabilities | $ 9.1 | |||||
Noncontrolling Interest | ||||||
Business Acquisition [Line Items] | ||||||
Equity interest of a subsidiary issued for an acquisition (value) | $ 44.4 | |||||
Equity interest issued for an acquisition (in shares) | shares | 1,953,407 | 1,953,407 | ||||
Acquired businesses | ||||||
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 94.4 | |||||
Payments to acquire businesses, net of cash acquired | $ (50) | |||||
Acquired businesses | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 35.4 | |||||
Acquired businesses | Digital displays | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Number of displays | Displays | 14 | |||||
Acquired businesses | Static displays | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Number of displays | Displays | 7 | |||||
[1] | Non-tax deductible addition associated with the Transaction (as defined below, see Note 8. Equity and Note 11. Acquisitions |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 5.6 | $ 5.5 | $ 10.6 | $ 10.9 |
Tax benefit | (0.4) | (0.5) | (0.7) | (1) |
Stock-based compensation expense, net of tax | 5.2 | 5 | 9.9 | 9.9 |
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | 5.6 | 5.5 | 10.6 | 10.8 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 0 | $ 0 | $ 0 | $ 0.1 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation not yet recognized, share-based awards other than options | $ 30.6 |
Compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days |
Stock-Based Compensation - Sc63
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Non-vested as of December 31, 2017 | shares | 1,632,120 |
Non-vested as of June 30, 2018 | shares | 1,776,030 |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2017 (per share) | $ / shares | $ 24.43 |
Weighted Average Grant Date Fair Value, Non-Vested, as of June 30, 2018 (per share) | $ / shares | $ 22.43 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 837,517 |
Vested | shares | (586,273) |
Forfeitures | shares | (74,295) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 21.43 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.39 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 22.88 |
Performance Restricted Stock Units (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 383,913 |
Vested | shares | (293,109) |
Forfeitures | shares | (123,843) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 21.52 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.71 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.25 |
Stock-Based Compensation - Sc64
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of December 31, 2017 | shares | 165,293 |
Exercised | shares | (23,446) |
Outstanding as of June 30, 2018 | shares | 141,847 |
Exercisable as of June 30, 2018 | shares | 141,847 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, options outstanding, as of December 31, 2017 | $ / shares | $ 20.69 |
Weighted average exercise price, options exercised | $ / shares | 6.25 |
Weighted average exercise price, options outstanding, as of June 30, 2018 | $ / shares | 23.08 |
Weighted average exercise price, options exercisable, as of June 30, 2018 | $ / shares | $ 23.08 |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | $ 0.4 | $ 0.4 | $ 0.8 | $ 0.7 | |
Interest cost | 0.4 | 0.4 | 0.9 | 0.9 | |
Expected return on plan assets | (0.5) | (0.6) | (1.1) | (1.1) | |
Amortization of net actuarial losses | [1] | 0.2 | 0.2 | 0.3 | 0.3 |
Net periodic pension cost | $ 0.5 | $ 0.4 | $ 0.9 | $ 0.8 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income to net income. |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Retirement Benefits [Abstract] | |
Pension contributions | $ 1.1 |
Estimated future employer contributions in current fiscal year | $ 2.5 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Federal statutory income tax rate | 21.00% | 35.00% |
Minimum | ||
Operating Loss Carryforwards [Line Items] | ||
Open Tax Year | 2,014 | |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,016 | |
New York State Division of Taxation and Finance | Maximum | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,016 | |
New York State Division of Taxation and Finance | Minimum | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,014 | |
New York City Department of Finance | ||
Operating Loss Carryforwards [Line Items] | ||
Income Tax Examination, Year under Examination | 2,014 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Net income (loss) available to common stockholders, diluted | $ 37.1 | $ 39.6 | |||
Net income (loss) | $ (5.2) | 37.1 | $ 3.9 | 39.6 | |
Less: Distributions to holders of Class A equity interests of a subsidiary | 102 | 100.4 | |||
Net income (loss) available to common stockholders, basic | $ 37.1 | $ 39.6 | |||
Net income available for common shareholders, basic and diluted | $ (5.9) | $ 2.5 | |||
Weighted average shares for basic EPS | 139.2 | 138.6 | 139 | 138.4 | |
Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 0 | 0.3 | 0.3 | 0.5 |
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary | [2] | 0 | 0.4 | 0 | 0.2 |
Weighted average shares for diluted EPS | 139.2 | 139.3 | 139.3 | 139.1 | |
Noncontrolling Interest | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Less: Distributions to holders of Class A equity interests of a subsidiary | $ 0.7 | $ 0 | $ 1.4 | $ 0 | |
Noncontrolling Interest | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 2 | 2 | |||
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, number of shares | 1.3 | 0.6 | 1 | 0.4 | |
[1] | The potential impact of an aggregate 1.3 million granted RSUs, PRSUs and stock options in the three months ended June 30, 2018 , 0.6 million in the three months ended June 30, 2017 , 1.0 million in the six months ended June 30, 2018 , and 0.4 million in the six months ended June 30, 2017 | ||||
[2] | The potential impact of 2.0 million shares of Class A equity interests of Outfront Canada in each of the three and six months ended June 30, 2018 , was antidilutive. (See Note 8. Equity |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)Displays | |
Standalone letters of credit and sublimit to revolving credit facility [Member] | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | $ 195.9 |
Surety Bond | |
Other Commitments [Line Items] | |
Surety Bonds Outstanding | $ 25.1 |
Transit Franchise Contract | |
Other Commitments [Line Items] | |
Franchise Contract Term | 10 years |
Franchise Contract Term Extension | 5 years |
Transit Franchise Contract | Digital displays | |
Other Commitments [Line Items] | |
Number of displays | Displays | 50,000 |
Letter of Credit | Minimum | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | $ 30 |
Letter of Credit | Maximum | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | 136 |
2,025 | |
Other Commitments [Line Items] | |
Deployment costs | 600 |
2,032 | |
Other Commitments [Line Items] | |
Deployment costs | $ 800 |
Commitment and Contingencies 70
Commitment and Contingencies Contractual Obligation, Fiscal Year Maturity Schedule (Details) - Guaranteed Minimum Contractual Payments $ in Millions | Jun. 30, 2018USD ($) |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2,018 | $ 109.3 |
2,019 | 183.9 |
2,020 | 164.1 |
2,021 | 161.7 |
2,022 | 159.6 |
2023 and thereafter | 827.5 |
Guaranteed minimum annual payments | $ 1,606.1 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 401.7 | $ 396.2 | $ 739.6 | $ 726.8 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 367.2 | 367.1 | 677.1 | 674.2 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 34.5 | $ 29.1 | $ 62.5 | $ 52.6 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net income (loss) | $ (5.2) | $ 37.1 | $ 3.9 | $ 39.6 |
Benefit (provision) for income taxes | 8.1 | 0.9 | 1.4 | (2.8) |
Equity in earnings of investee companies, net of tax | (1.2) | (1.5) | (2) | (2.4) |
Interest expense, net | 31 | 28.6 | 61 | 56.7 |
Other income (expense), net | 0.2 | (0.1) | 0.3 | (0.1) |
Operating income (loss) | 32.9 | 65 | 64.6 | 91 |
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0 | 42.9 | 0 |
Depreciation and amortization | 46.3 | 48.5 | 89.9 | 95.1 |
Stock-based compensation | 5.6 | 5.5 | 10.6 | 10.9 |
Adjusted OIBDA | 125.2 | 122 | 206.4 | 202.2 |
Capital expenditures | 46.4 | 42.2 | ||
U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charge | 0 | |||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charge | 42.9 | |||
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 32.9 | 65 | 64.6 | 91 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0 | 42.9 | 0 |
Depreciation and amortization | 46.3 | 48.5 | 89.9 | 95.1 |
Capital expenditures | 29.6 | 25.6 | 46.4 | 42.2 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 93.8 | 83.9 | 144.4 | 131.4 |
Restructuring charges | 0.1 | 0.5 | 1.9 | |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Depreciation and amortization | 40.1 | 44.2 | 78.1 | 86.9 |
Adjusted OIBDA | 131.2 | 128.3 | 220.1 | 220.7 |
Capital expenditures | 25.6 | 23.7 | 40 | 39.5 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (45.1) | (3.1) | (52.1) | (8.1) |
Restructuring charges | 0.2 | 2.8 | 0.8 | 2.8 |
Impairment charge | 42.9 | 0 | 42.9 | 0 |
Depreciation and amortization | 6.2 | 4.3 | 11.8 | 8.2 |
Adjusted OIBDA | 4.2 | 4 | 3.4 | 2.9 |
Capital expenditures | 4 | 1.9 | 6.4 | 2.7 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (15.8) | (15.8) | (27.7) | (32.3) |
Adjusted OIBDA | $ (10.2) | $ (10.3) | $ (17.1) | $ (21.4) |
Segment Information - Reconci74
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,775.1 | $ 3,808.2 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,553.2 | 3,528.8 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 207.5 | 263.8 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 14.4 | $ 15.6 |
Condensed Consolidating Finan75
Condensed Consolidating Financial Information - Narrative (Details) | Jun. 30, 2018 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Parent Company | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Finan76
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | $ 41.7 | $ 48.3 | $ 23.1 | $ 65.2 |
Receivables, less allowance | 239.9 | 231.1 | ||
Other current assets | 105.9 | 96.6 | ||
Total current assets | 387.5 | 376 | ||
Property and equipment, net | 663.3 | 662.1 | ||
Goodwill | 2,081.6 | 2,128 | 2,089.4 | |
Intangible assets | 557.2 | 580.9 | ||
Investment in subsidiaries | 0 | 0 | ||
Prepaid MTA equipment deployment costs | 24.6 | 0 | ||
Other assets | 60.9 | 61.2 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,775.1 | 3,808.2 | ||
Total current liabilities | 303.4 | 299.6 | ||
Long-term debt, net | 2,216.5 | 2,145.3 | ||
Deferred income tax liabilities, net | 19.2 | 19.6 | ||
Asset retirement obligation | 34.7 | 34.7 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 80.8 | 82.4 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,654.6 | 2,581.6 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | 1,181.9 | 1,232.9 |
Non-controlling interests | 45.7 | 45.5 | ||
Total equity | 1,120.5 | 1,226.6 | 1,226.6 | 1,233 |
Total liabilities and equity | 3,775.1 | 3,808.2 | ||
Eliminations | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, less allowance | (25.6) | (13.7) | ||
Other current assets | (88.6) | (13.4) | ||
Total current assets | (114.2) | (27.1) | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in subsidiaries | (4,684) | (4,808.1) | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 0 | 0 | ||
Intercompany | (272.1) | (272.2) | ||
Total assets | (5,070.3) | (5,107.4) | ||
Total current liabilities | (114.2) | (27.1) | ||
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 | (2,218.7) | (2,152.5) | ||
Other liabilities | 0 | 0 | ||
Intercompany | (272.1) | (272.2) | ||
Total liabilities | (2,605) | (2,451.8) | ||
Total stockholders' equity | (2,465.3) | (2,655.6) | ||
Non-controlling interests | 0 | 0 | ||
Total equity | (2,465.3) | (2,655.6) | ||
Total liabilities and equity | (5,070.3) | (5,107.4) | ||
Parent Company | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, less allowance | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in subsidiaries | 1,074.8 | 1,181.1 | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,074.8 | 1,181.1 | ||
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 | 1,074.8 | 1,181.1 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 1,074.8 | 1,181.1 | ||
Total liabilities and equity | 1,074.8 | 1,181.1 | ||
Subsidiary Issuer | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 9.2 | 10.2 | 13.6 | 11.4 |
Receivables, less allowance | 0 | 0 | ||
Other current assets | 1.2 | 1 | ||
Total current assets | 10.4 | 11.2 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investment in subsidiaries | 3,293.5 | 3,333.6 | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 2.8 | 3.3 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,306.7 | 3,348.1 | ||
Total current liabilities | 15.4 | 21.7 | ||
Long-term debt, net | 2,216.5 | 2,145.3 | ||
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 | 2,231.9 | 2,167 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 1,074.8 | 1,181.1 | ||
Total liabilities and equity | 3,306.7 | 3,348.1 | ||
Guarantor Subsidiaries | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 5.5 | 3.7 | 3.3 | 35.8 |
Receivables, less allowance | 45.7 | 42.1 | ||
Other current assets | 93.5 | 89 | ||
Total current assets | 144.7 | 134.8 | ||
Property and equipment, net | 613.1 | 609.1 | ||
Goodwill | 2,059.9 | 2,059.9 | ||
Intangible assets | 494 | 511.5 | ||
Investment in subsidiaries | 315.7 | 293.4 | ||
Prepaid MTA equipment deployment costs | 24.6 | |||
Other assets | 55.3 | 55.1 | ||
Intercompany | 123.8 | 123.9 | ||
Total assets | 3,831.1 | 3,787.7 | ||
Total current liabilities | 283.5 | 199.4 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities, net | 0 | 0 | ||
Asset retirement obligation | 29.9 | 29.7 | ||
Deficit in excess of investment in subsidiaries | 2,218.7 | 2,152.5 | ||
Other liabilities | 75.9 | 76.7 | ||
Intercompany | 148.3 | 148.3 | ||
Total liabilities | 2,756.3 | 2,606.6 | ||
Total stockholders' equity | 1,074.8 | 1,181.1 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 1,074.8 | 1,181.1 | ||
Total liabilities and equity | 3,831.1 | 3,787.7 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Financial Position, Captions [Line Items] | ||||
Cash and cash equivalents | 27 | 34.4 | $ 6.2 | $ 18 |
Receivables, less allowance | 219.8 | 202.7 | ||
Other current assets | 99.8 | 20 | ||
Total current assets | 346.6 | 257.1 | ||
Property and equipment, net | 50.2 | 53 | ||
Goodwill | 21.7 | 68.1 | ||
Intangible assets | 63.2 | 69.4 | ||
Investment in subsidiaries | 0 | 0 | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 2.8 | 2.8 | ||
Intercompany | 148.3 | 148.3 | ||
Total assets | 632.8 | 598.7 | ||
Total current liabilities | 118.7 | 105.6 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities, net | 19.2 | 19.6 | ||
Asset retirement obligation | 4.8 | 5 | ||
Deficit in excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 4.9 | 5.7 | ||
Intercompany | 123.8 | 123.9 | ||
Total liabilities | 271.4 | 259.8 | ||
Total stockholders' equity | 315.7 | 293.4 | ||
Non-controlling interests | 45.7 | 45.5 | ||
Total equity | 361.4 | 338.9 | ||
Total liabilities and equity | $ 632.8 | $ 598.7 |
Condensed Consolidating Finan77
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | $ 280.4 | $ 274.2 | $ 519.7 | $ 510.2 |
Transit and other | 121.3 | 122 | 219.9 | 216.6 |
Total revenues | 401.7 | 396.2 | 739.6 | 726.8 |
Operating | 212 | 213.3 | 409.1 | 405.2 |
Selling, general and administrative | 70.1 | 66.4 | 134.7 | 130.3 |
Restructuring charges | 0.2 | 2.9 | 1.3 | 4.7 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 42.9 | 0 | 42.9 | 0 |
Depreciation | 21.3 | 23.1 | 42.4 | 46 |
Amortization | 25 | 25.4 | 47.5 | 49.1 |
Total expenses | 368.8 | 331.2 | 675 | 635.8 |
Operating income (loss) | 32.9 | 65 | 64.6 | 91 |
Interest income (expense), net | (31) | (28.6) | (61) | (56.7) |
Other income (expense), net | (0.2) | 0.1 | (0.3) | 0.1 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | 1.7 | 36.5 | 3.3 | 34.4 |
Benefit (provision) for income taxes | (8.1) | (0.9) | (1.4) | 2.8 |
Equity in earnings of investee companies, net of tax | 1.2 | 1.5 | 2 | 2.4 |
Net income (loss) | (5.2) | 37.1 | 3.9 | 39.6 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (11) | 41.4 | (7) | 45 |
Eliminations | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 |
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | 0 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | 56.4 | (72.8) | 36.5 | (75.3) |
Net income (loss) | 56.4 | (72.8) | 36.5 | (75.3) |
Total other comprehensive income (loss), net of tax | 17.4 | (12.9) | 32.7 | (16.2) |
Total comprehensive income | 73.8 | (85.7) | 69.2 | (91.5) |
Parent Company | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0.4 | 0.4 | 0.8 | 0.8 |
Restructuring charges | 0 | 0 | 0 | 0 |
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0.4 | 0.4 | 0.8 | 0.8 |
Operating income (loss) | (0.4) | (0.4) | (0.8) | (0.8) |
Interest income (expense), net | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (0.4) | (0.4) | (0.8) | (0.8) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | (4.8) | 37.5 | 4.7 | 40.4 |
Net income (loss) | (5.2) | 37.1 | 3.9 | 39.6 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (11) | 41.4 | (7) | 45 |
Subsidiary Issuer | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0.1 | 0.1 | 0.8 |
Restructuring charges | 0 | 0 | 0 | 0 |
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0.1 | 0.1 | 0.8 |
Operating income (loss) | 0 | (0.1) | (0.1) | (0.8) |
Interest income (expense), net | (29.4) | (28.5) | (58) | (56.5) |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (29.4) | (28.6) | (58.1) | (57.3) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | 24.6 | 66.1 | 62.8 | 97.7 |
Net income (loss) | (4.8) | 37.5 | 4.7 | 40.4 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (10.6) | 41.8 | (6.2) | 45.8 |
Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 262.3 | 259.2 | 488.5 | 484.3 |
Transit and other | 117.7 | 118.7 | 214.1 | 211 |
Total revenues | 380 | 377.9 | 702.6 | 695.3 |
Operating | 198.5 | 201.5 | 382.7 | 381.9 |
Selling, general and administrative | 68.1 | 62.4 | 131 | 121.7 |
Restructuring charges | 0.2 | 0 | 1.3 | 1.8 |
Net (gain) loss on dispositions | (2.7) | 0.1 | (2.9) | 0.5 |
Impairment charge | 0 | 0 | ||
Depreciation | 17.8 | 20.2 | 35.5 | 40.2 |
Amortization | 22.9 | 24.5 | 43.6 | 47.7 |
Total expenses | 304.8 | 308.7 | 591.2 | 593.8 |
Operating income (loss) | 75.2 | 69.2 | 111.4 | 101.5 |
Interest income (expense), net | (0.9) | (0.2) | (1.8) | (0.3) |
Other income (expense), net | 0 | 0 | 0 | 0 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | 74.3 | 69 | 109.6 | 101.2 |
Benefit (provision) for income taxes | (3.8) | (1.9) | (2.5) | 0 |
Equity in earnings of investee companies, net of tax | (75.3) | (29.6) | (102.4) | (60.8) |
Net income (loss) | (4.8) | 37.5 | 4.7 | 40.4 |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | (10.6) | 41.8 | (6.2) | 45.8 |
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 18.1 | 15 | 31.2 | 25.9 |
Transit and other | 3.6 | 3.3 | 5.8 | 5.6 |
Total revenues | 21.7 | 18.3 | 37 | 31.5 |
Operating | 13.5 | 11.8 | 26.4 | 23.3 |
Selling, general and administrative | 1.6 | 3.5 | 2.8 | 7 |
Restructuring charges | 0 | 2.9 | 0 | 2.9 |
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 42.9 | 42.9 | ||
Depreciation | 3.5 | 2.9 | 6.9 | 5.8 |
Amortization | 2.1 | 0.9 | 3.9 | 1.4 |
Total expenses | 63.6 | 22 | 82.9 | 40.4 |
Operating income (loss) | (41.9) | (3.7) | (45.9) | (8.9) |
Interest income (expense), net | (0.7) | 0.1 | (1.2) | 0.1 |
Other income (expense), net | (0.2) | 0.1 | (0.3) | 0.1 |
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (42.8) | (3.5) | (47.4) | (8.7) |
Benefit (provision) for income taxes | (4.3) | 1 | 1.1 | 2.8 |
Equity in earnings of investee companies, net of tax | 0.3 | 0.3 | 0.4 | 0.4 |
Net income (loss) | (46.8) | (2.2) | (45.9) | (5.5) |
Total other comprehensive income (loss), net of tax | (5.8) | 4.3 | (10.9) | 5.4 |
Total comprehensive income | $ (52.6) | $ 2.1 | $ (56.8) | $ (0.1) |
Condensed Consolidating Finan78
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | $ 68.2 | $ 79.1 |
Capital expenditures | (46.4) | (42.2) |
Acquisitions | (4.3) | (57.8) |
MTA franchise rights | (6.1) | 0 |
Net proceeds from dispositions | 3.4 | 0.1 |
Net cash flow provided by (used for) investing activities | (53.4) | (99.9) |
Proceeds from long-term debt borrowings | 79 | 8.3 |
Repayments of long-term debt borrowings | (10) | 0 |
Proceeds from borrowings under short-term debt facilities | 75 | 90 |
Repayments of borrowings under short-term debt facilities | (55) | (5) |
Payments of deferred financing costs | (0.1) | (7.5) |
Proceeds from stock option exercises | 0 | 1.2 |
Taxes withheld for stock-based compensation | (8.1) | (8.1) |
Dividends | (102) | (100.4) |
Intercompany | 0 | 0 |
Other | 0 | (0.2) |
Net cash flow provided by (used for) financing activities | (21.2) | (21.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.4 |
Net increase (decrease) in cash and cash equivalents | (6.6) | (42.1) |
Cash and cash equivalents at beginning of period | 48.3 | 65.2 |
Cash and cash equivalents at end of period | 41.7 | 23.1 |
Eliminations | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | 0 | 0 |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent Company | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (0.8) | (0.8) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 1.2 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | (100.6) | (100.4) |
Intercompany | 101.4 | 100 |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 0.8 | 0.8 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Subsidiary Issuer | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (55.6) | (53.8) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term debt borrowings | 79 | 8.3 |
Repayments of long-term debt borrowings | (10) | |
Proceeds from borrowings under short-term debt facilities | 0 | 90 |
Repayments of borrowings under short-term debt facilities | 0 | (5) |
Payments of deferred financing costs | (0.1) | (7.5) |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | (14.3) | (29.8) |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 54.6 | 56 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (1) | 2.2 |
Cash and cash equivalents at beginning of period | 10.2 | 11.4 |
Cash and cash equivalents at end of period | 9.2 | 13.6 |
Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 130.6 | 132.5 |
Capital expenditures | (39.7) | (39.5) |
Acquisitions | (4.3) | (6.2) |
MTA franchise rights | (6.1) | |
Net proceeds from dispositions | 3.4 | 0.1 |
Net cash flow provided by (used for) investing activities | (46.7) | (45.6) |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | (8.1) | (8.1) |
Dividends | 0 | 0 |
Intercompany | (74) | (111.1) |
Other | (0.2) | |
Net cash flow provided by (used for) financing activities | (82.1) | (119.4) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1.8 | (32.5) |
Cash and cash equivalents at beginning of period | 3.7 | 35.8 |
Cash and cash equivalents at end of period | 5.5 | 3.3 |
Non-Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (6) | 1.2 |
Capital expenditures | (6.7) | (2.7) |
Acquisitions | 0 | (51.6) |
MTA franchise rights | 0 | |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | (6.7) | (54.3) |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | |
Proceeds from borrowings under short-term debt facilities | 75 | 0 |
Repayments of borrowings under short-term debt facilities | (55) | 0 |
Payments of deferred financing costs | 0 | 0 |
Proceeds from stock option exercises | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | (1.4) | 0 |
Intercompany | (13.1) | 40.9 |
Other | 0 | |
Net cash flow provided by (used for) financing activities | 5.5 | 40.9 |
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.4 |
Net increase (decrease) in cash and cash equivalents | (7.4) | (11.8) |
Cash and cash equivalents at beginning of period | 34.4 | 18 |
Cash and cash equivalents at end of period | $ 27 | $ 6.2 |