Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 26, 2019 | Jun. 30, 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 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 140,757,756 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.7 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 52.7 | $ 48.3 |
Restricted cash | 1.4 | 0 |
Receivables, less allowances of $10.7 in 2018 and $11.5 in 2017 | 264.9 | 231.1 |
Prepaid lease and transit franchise costs | 69.3 | 68.6 |
Prepaid MTA equipment deployment costs | 18.9 | 4.7 |
Other prepaid expenses | 13.9 | 13.5 |
Other current assets | 8.4 | 9.8 |
Total current assets | 429.5 | 376 |
Assets, Noncurrent [Abstract] | ||
Property and equipment, net | 652.9 | 662.1 |
Goodwill | 2,079.7 | 2,128 |
Intangible assets | 537.2 | 580.9 |
Prepaid MTA equipment deployment costs | 60.6 | 0 |
Other assets | 68.8 | 61.2 |
Total assets | 3,828.7 | 3,808.2 |
Liabilities, Current [Abstract] | ||
Accounts payable | 68.4 | 56.1 |
Accrued compensation | 47.1 | 34.6 |
Accrued interest | 19.1 | 16.1 |
Accrued lease costs | 32.3 | 30.5 |
Other accrued expenses | 31.2 | 42.3 |
Deferred revenues | 29.8 | 21.3 |
Short-term debt | 160 | 80 |
Other current liabilities | 14.7 | 18.7 |
Total current liabilities | 402.6 | 299.6 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt, net | 2,149.6 | 2,145.3 |
Deferred income tax liabilities, net | 17 | 19.6 |
Asset retirement obligation | 34.2 | 34.7 |
Other liabilities | 80 | 82.4 |
Total liabilities | 2,683.4 | 2,581.6 |
Commitments and contingencies | ||
Equity [Abstract] | ||
Common stock (2018 - 450.0 shares authorized, and 140.2 shares issued and outstanding; 2017 - 450.0 shares authorized, and 138.6 shares authorized, issued or outstanding) | 1.4 | 1.4 |
Additional paid-in capital | 1,995 | 1,963 |
Distribution in excess of earnings | (871.6) | (775.6) |
Accumulated other comprehensive loss | (22) | (7.7) |
Total stockholders’ equity | 1,102.8 | 1,181.1 |
Non-controlling interests | 42.5 | 45.5 |
Total equity | 1,145.3 | 1,226.6 |
Total liabilities and equity | $ 3,828.7 | $ 3,808.2 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for Receivables | $ 10.7 | $ 11.5 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares, Issued | 140,239,977 | 138,644,917 |
Common Stock, Outstanding | 140,239,977 | 138,644,917 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Revenues [Abstract] | ||||||||||||||
Billboard | $ 1,112.4 | $ 1,059 | $ 1,071 | |||||||||||
Transit and other | 493.8 | 461.5 | 442.9 | |||||||||||
Total revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | 1,606.2 | 1,520.5 | 1,513.9 | |||
Expenses: | ||||||||||||||
Operating | 859.9 | 835.2 | 818.1 | |||||||||||
Selling, general and administrative | 287 | 261.7 | 264.8 | |||||||||||
Restructuring charges | 2.1 | 6.4 | 2.5 | |||||||||||
Loss on real estate assets held for sale | 0 | 0 | 1.3 | |||||||||||
Net gain on dispositions | (1.3) | (1.3) | (2.7) | (0.2) | (0.7) | (14.1) | 0.1 | 0.4 | (5.5) | (14.3) | (1.9) | |||
Impairment charge | 0 | 0 | 42.9 | [1] | 0 | 42.9 | 0 | 0 | ||||||
Depreciation | 22.5 | 21 | 21.3 | 21.1 | 21.4 | 22.3 | 23.1 | 22.9 | 85.9 | 89.7 | 108.9 | |||
Amortization | 25.8 | 25.8 | 25 | 22.5 | 25.5 | 25.5 | 25.4 | 23.7 | 99.1 | 100.1 | 115.3 | |||
Total expenses | 1,371.4 | 1,278.8 | 1,309 | |||||||||||
Operating income | 91.3 | 78.9 | 32.9 | 31.7 | 70.4 | 80.3 | 65 | 26 | 234.8 | 241.7 | 204.9 | |||
Interest expense, net | (125.7) | (116.9) | (113.8) | |||||||||||
Other income (expense), net | (0.4) | 0.3 | (0.1) | |||||||||||
Income before provision for income taxes and equity in earnings of investee companies | 108.7 | 125.1 | 91 | |||||||||||
Provision for income taxes | (4.9) | (4.1) | (5.4) | |||||||||||
Equity in earnings of investee companies, net of tax | 4.1 | 4.8 | 5.3 | |||||||||||
Net income | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 107.9 | $ 125.8 | $ 90.9 | |||
Net income per common share: | ||||||||||||||
Basic ($ per share) | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.25 | $ 0.36 | $ 0.27 | $ 0.02 | $ 0.76 | $ 0.90 | $ 0.66 | |||
Diluted ($ per share) | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.25 | $ 0.36 | $ 0.27 | $ 0.02 | $ 0.75 | $ 0.90 | $ 0.66 | |||
Weighted average shares outstanding: | ||||||||||||||
Basic (shares) | 139.3 | 138.5 | 137.9 | |||||||||||
Diluted (shares) | [3] | 139.6 | [2] | 138.9 | 138.4 | |||||||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill | |||||||||||||
[2] | On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 10. Equity to the Consolidated Financial Statements.) The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 | |||||||||||||
[3] | The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options for 2018, 0.1 million granted RSUs, PRSUs and stock options for 2017 and 0.5 million |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 107.9 | $ 125.8 | $ 90.9 |
Other comprehensive income (loss), net of tax: | |||
Cumulative translation adjustments | (14.5) | 11.8 | 102.3 |
Net actuarial gain (loss) | 2.6 | (1) | 0.1 |
Change in fair value of interest rate swap agreements | (2.4) | 0 | 0 |
Total other comprehensive income (loss), net of tax | (14.3) | 10.8 | 102.4 |
Total comprehensive income | $ 93.6 | $ 136.6 | $ 193.3 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional paid-in capital | Distribution in excess of earnings | Accumulated Other Comprehensive Loss | Non-controlling interests | Acquired business | Acquired businessNon-controlling interests | At-the-market equity offering program | At-the-market equity offering programAdditional paid-in capital |
Shares of common stock at Dec. 31, 2015 | 137,600,000 | |||||||||
Total stockholders equity at Dec. 31, 2015 | $ 1,212.6 | $ 1.4 | $ 1,934.3 | $ (602.2) | $ (120.9) | |||||
Non-controlling interests at Dec. 31, 2015 | $ 0 | |||||||||
Total equity at Dec. 31, 2015 | 1,212.6 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 90.9 | 90.9 | ||||||||
Other comprehensive income (loss) | 102.4 | 102.4 | ||||||||
Other comprehensive income (loss) - total equity | 102.4 | |||||||||
Stock-based payments: Vested | 500,000 | |||||||||
Stock-based payments: Amortization | 18 | 18 | ||||||||
Shares paid for tax withholding for stock-based payments (shares) | (200,000) | |||||||||
Shares paid for tax withholding for stock-based payments (dollars) | (4.7) | (4.7) | ||||||||
Issuance of stock for purchase of property and equipment (shares) | 100,000 | |||||||||
Issuance of stock for purchase of property and equipment (dollars) | 1.9 | 1.9 | ||||||||
Dividends | (188.2) | (188.2) | ||||||||
Shares of common stock at Dec. 31, 2016 | 138,000,000 | |||||||||
Total stockholders’ equity at Dec. 31, 2016 | 1,232.9 | $ 1.4 | 1,949.5 | (699.5) | (18.5) | |||||
Non-controlling interests at Dec. 31, 2016 | 0.1 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.1 | 0.1 | ||||||||
Total equity at Dec. 31, 2016 | 1,233 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 125.8 | 125.8 | ||||||||
Other comprehensive income (loss) | 10.8 | 10.8 | ||||||||
Other comprehensive income (loss) - total equity | 10.8 | |||||||||
Stock-based payments: Vested | 700,000 | |||||||||
Exercise of stock options (dollars) | 1.2 | 1.2 | ||||||||
Exercise of stock options (shares) | 200,000 | |||||||||
Stock-based payments: Amortization | 20.5 | 20.5 | ||||||||
Stock-based payments: Amortization | Adjustments for new accounting pronouncement | 0.5 | (0.5) | ||||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||||
Shares paid for tax withholding for stock-based payments (dollars) | $ (8.7) | (8.7) | ||||||||
Shares issued under the ATM Program (shares) | 79,690 | |||||||||
Dividends | $ (201.4) | (201.4) | ||||||||
Shares of common stock at Dec. 31, 2017 | 138,644,917 | 138,600,000 | ||||||||
Total stockholders’ equity at Dec. 31, 2017 | $ 1,181.1 | $ 1.4 | 1,963 | (775.6) | (7.7) | |||||
Non-controlling interests at Dec. 31, 2017 | 45.5 | 45.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.8 | 0.8 | $ 44.6 | $ 44.6 | ||||||
Total equity at Dec. 31, 2017 | 1,226.6 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 107.9 | 107.9 | ||||||||
Other comprehensive income (loss) | (14.3) | (14.3) | ||||||||
Other comprehensive income (loss) - total equity | (14.3) | |||||||||
Stock-based payments: Vested | 1,000,000 | |||||||||
Stock-based payments: Amortization | 20.2 | 20.2 | ||||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||||
Shares paid for tax withholding for stock-based payments (dollars) | (8.4) | (8.4) | ||||||||
Class A equity interest redemptions (shares) | 200,000 | |||||||||
Class A equity interest redemptions (dollars) | 4.8 | 4.8 | ||||||||
Non-controlling interests: Class A equity interest redemptions (dollars) | (4.8) | |||||||||
Shares issued under the ATM Program (shares) | 700,000 | |||||||||
Shares issued under the ATM Program (dollars) | $ 15.3 | $ 15.3 | ||||||||
Dividends | (203.9) | (203.9) | ||||||||
Other | $ 0.1 | 0.1 | ||||||||
Shares of common stock at Dec. 31, 2018 | 140,239,977 | 140,200,000 | ||||||||
Total stockholders’ equity at Dec. 31, 2018 | $ 1,102.8 | $ 1.4 | $ 1,995 | $ (871.6) | $ (22) | |||||
Non-controlling interests at Dec. 31, 2018 | 42.5 | 42.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | $ 1.8 | |||||||||
Total equity at Dec. 31, 2018 | 1,145.3 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Other | $ 1.9 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share | $ 1.44 | $ 1.44 | $ 1.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net income | $ 107.9 | $ 125.8 | $ 90.9 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Depreciation and amortization | 185 | 189.8 | 224.2 |
Deferred tax benefit | (0.4) | (4.9) | (1.8) |
Stock-based compensation | 20.2 | 20.5 | 18 |
Provision for doubtful accounts | 1.9 | 4.4 | 3.6 |
Accretion expense | 2.4 | 2.3 | 2.4 |
Loss on real estate assets held for sale | 0 | 0 | 1.3 |
Net gain on dispositions | (5.5) | (14.3) | (1.9) |
Impairment charge | 42.9 | 0 | 0 |
Equity in earnings of investee companies, net of tax | (4.1) | (4.8) | (5.3) |
Distributions from investee companies | 3 | 7.3 | 5 |
Amortization of deferred financing costs and debt discount and premium | 5.7 | 6.1 | 6.4 |
Cash paid for direct lease acquisition costs | (41.3) | (39.2) | (37) |
Change in assets and liabilities, net of investing and financing activities | |||
Increase in receivables | (37.2) | (9.5) | (11.7) |
Increase in prepaid MTA equipment deployment costs | (74.8) | (4.7) | 0 |
(Increase) decrease in prepaid expenses and other current assets | (0.2) | 0.2 | (0.5) |
Increase (decrease) in accounts payable and accrued expenses | 21.7 | (31.9) | (6.8) |
Increase in deferred revenues | 8.5 | 0.8 | 0 |
Increase (decrease) in income taxes | (3.1) | 2.1 | 6 |
Other, net | (18.3) | (0.7) | (5.7) |
Net cash provided by operating activities | 214.3 | 249.3 | 287.1 |
Investing Activities: | |||
Capital expenditures | (82.3) | (70.8) | (59.4) |
Acquisitions | (7) | (69.2) | (67.9) |
MTA franchise rights | (13.3) | (0.9) | 0 |
Proceeds from dispositions | 7.9 | 5.6 | 90.6 |
Return of investment in investee companies | 4.3 | 0 | 0 |
Net cash used for investing activities | (90.4) | (135.3) | (36.7) |
Financing Activities | |||
Proceeds from long-term debt borrowings | 104 | 8.3 | 0 |
Repayments of long-term debt borrowings | (104) | 0 | (90) |
Proceeds from borrowings under short-term debt facilities | 245 | 250 | 35 |
Repayments of borrowings under short-term debt facilities | (165) | (170) | (35) |
Payments of deferred financing costs | (0.3) | (8.5) | (0.4) |
Proceeds from shares issued under the ATM Program | 15.3 | 0 | 0 |
Proceeds from stock option exercises | 0 | 1.2 | 0 |
Earnout payment related to prior acquisition | (0.4) | (2) | 0 |
Taxes withheld for stock-based compensation | (8.4) | (8.5) | (7.3) |
Dividends | (203.9) | (201.8) | (188.6) |
Other | 0 | (0.2) | (0.2) |
Net cash used for financing activities | (117.7) | (131.5) | (286.5) |
Effect of exchange rate on cash, cash equivalents and restricted cash | (0.4) | 0.6 | (0.3) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5.8 | (16.9) | (36.4) |
Cash, cash equivalents and restricted cash at beginning of year | 48.3 | 65.2 | 101.6 |
Cash, cash equivalents and restricted cash at end of year | 54.1 | 48.3 | 65.2 |
Supplemental disclosure of cash flow information | |||
Cash paid for income taxes | 8.4 | 6.8 | 1.2 |
Cash paid for interest | 117.5 | 111 | 111.4 |
Non-cash investing and financing activities | |||
Accrued purchases of property and equipment | 5.8 | 9.5 | 11.2 |
MTA franchise rights | 1.4 | 0 | 0 |
Issuance of stock for purchase of property and equipment | 0 | 0 | 1.9 |
Issuance of shares of a subsidiary for an acquisition | 0 | 44.6 | 0 |
Acquisitions | 0 | (13.3) | 0 |
Dispositions | $ 0 | $ 13.3 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 approximately 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. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries (the “Disposition”), which held all of the assets of our outdoor advertising business in Latin America (see Note 13. Acquisitions and Dispositions : Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America through April 1, 2016, are included in our Consolidated Financial Statements for 2016. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the years presented. Certain previously reported amounts have been reclassified to conform with the current 2018 presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation— The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50% , without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which we have no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any. Intercompany transactions have been eliminated. Cash and Cash Equivalents and Restricted Cash —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash. Receivables —Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. New York Metropolitan Transportation Authority (the “MTA”) Agreement— Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period. Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. Construction in progress includes all costs capitalized related to projects, primarily related to in-process digital conversion and development, which have yet to be placed in service. Business Combinations and Asset Acquisitions —We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment on October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment 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. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years . Hedging Activities —As of December 31, 2018, we utilized interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. These interest rate swaps have been designated and qualify as cash flow hedges and, as a result, changes in the fair value of these swaps are recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income. Revenue Recognition —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) providing print production services for 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. Print 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 a relative standalone selling price basis. Deferred revenues primarily consist of revenues paid in advance of being earned. Concentration of Credit Risk— In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that we generate under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization expense in the accompanying Consolidated Statements of Operations. Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, on the Consolidated Statements of Operations. Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. We have applied the FASB’s guidance relating to uncertainty in income taxes recognized. Under this guidance we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. Asset Retirement Obligation —An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. Stock-based Compensation —We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Adoption of New Accounting Standards Goodwill In the second quarter of 2018, we early adopted 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. Under that new guidance, which is applied prospectively, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. 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 against Goodwill on the Consolidated Statement of Financial Position related to our Canadian reporting unit. (See Note 5. 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 impact of the adoption of the new 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 $7.0 million , additional operating expenses of $4.8 million and additional selling, general and administrative expenses of $2.2 million in our Sports Marketing operating segment in 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 11. Revenues to the Consolidated Financial Statements.) Recent Pronouncements Leases In February 2016 (updated in July 2018 and December 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. The update in July 2018 provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. We plan to utilize the updated transition method beginning January 1, 2019. The updated practical expedient for lessors will not have a material effect on our consolidated financial statements. As of December 31, 2018 , we had approximately 20,800 lease agreements in the U.S. and approximately 2,800 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently finalizing our implementation of a new lease software system which will enable us to comply with the on-going requirements of this standard, as well as finalizing the impact of adoption on January 1, 2019. This standard will have a significant impact on our consolidated financial statements, as we expect to recognize right-of-use asset and lease liability in excess of $1.0 billion |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash [Abstract] | |
Restricted Cash | Restricted Cash In the third quarter of 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract. As of December 31, 2018 , we have $1.4 million of restricted cash deposited in the escrow account. As of (in millions) December 31, 2018 December 31, 2017 December 31, 2016 Cash and cash equivalents $ 52.7 $ 48.3 $ 65.2 Restricted cash 1.4 — — Cash, cash equivalents and restricted cash $ 54.1 $ 48.3 $ 65.2 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 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 December 31, (in millions) 2018 2017 Land $ 97.5 $ 94.4 Buildings and improvements 48.7 51.3 Advertising structures 1,789.4 1,750.8 Furniture, equipment and other 134.3 120.7 Construction in progress 19.3 27.4 2,089.2 2,044.6 Less accumulated depreciation 1,436.3 1,382.5 Property and equipment, net $ 652.9 $ 662.1 Depreciation expense was $85.9 million in 2018 , $89.7 million in 2017 and $108.9 million in 2016 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and Other Intangible Assets Goodwill For the years ended December 31, 2018 and 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 — (5.4 ) (5.4 ) Impairment — (42.9 ) (42.9 ) As of December 31, 2018 $ 2,054.0 $ 25.7 $ 2,079.7 (a) Non-deductible addition associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions to the Consolidated Financial Statements). In the fourth quarter of 2018, we performed a qualitative and/or a quantitative assessment of our reporting units for possible goodwill impairment. Upon assessment, no goodwill impairment was identified. 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 on the Consolidated Statements of Operations. As of December 31, 2018 , goodwill related to our Canadian reporting unit, net of accumulated impairment of $42.9 million , was $19.8 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 December 31, 2018: Permits and leasehold agreements (a) $ 1,107.4 $ (697.6 ) $ 409.8 Franchise agreements 470.7 (357.1 ) 113.6 Other intangible assets (a) 46.9 (33.1 ) 13.8 Total intangible assets $ 1,625.0 $ (1,087.8 ) $ 537.2 As of December 31, 2017: Permits and leasehold agreements $ 1,111.3 $ (661.6 ) $ 449.7 Franchise agreements 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) Includes additions associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions to the Consolidated Financial Statements). All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $99.1 million in 2018 , $100.1 million in 2017 and $115.3 million in 2016 , which includes the amortization of direct lease acquisition costs of $43.2 million in 2018 , $40.0 million in 2017 and $38.2 million in 2016 . Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2019 through 2023 , to be as follows: (in millions) 2019 2020 2021 2022 2023 Amortization expense $ 55.5 $ 50.9 $ 49.3 $ 44.5 $ 43.7 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 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. Year Ended December 31, (in millions) 2018 2017 Balance, at beginning of period $ 34.7 $ 34.1 Accretion expense 2.4 2.3 Additions 0.2 0.2 Liabilities settled (2.7 ) (2.3 ) Foreign currency translation adjustments (0.4 ) 0.4 Balance, at end of period $ 34.2 $ 34.7 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Joint Ventures We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which operate a total of 13 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $16.1 million as of December 31, 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 $7.8 million in 2018, $7.4 million in 2017 and $7.3 million |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt, net, consists of the following: As of (in millions, except percentages) December 31, 2018 December 31, Short-term debt: AR Facility $ 85.0 $ 80.0 Repurchase Facility 75.0 — Total short-term debt 160.0 80.0 Long-term debt: Term loan, due 2024 668.1 667.8 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.7 549.6 5.625% senior unsecured notes, due 2024 502.2 502.6 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,501.9 1,502.2 Debt issuance costs (20.4 ) (24.7 ) Total long-term debt, net 2,149.6 2,145.3 Total debt, net $ 2,309.6 $ 2,225.3 Weighted average cost of debt 5.1 % 4.8 % Term Loan The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.3% per annum as of December 31, 2018 . As of December 31, 2018 , a discount of $1.9 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 December 31, 2018 , there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $1.4 million in 2018 , $1.5 million in 2017 and $1.8 million in 2016 . As of December 31, 2018 , we had issued letters of credit totaling approximately $66.0 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of December 31, 2018 , we had issued letters of credit totaling approximately $142.9 million under our aggregate $150.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities in 2018 , 2017 and 2016 , were immaterial. Accounts Receivable Securitization Facilities On September 6, 2018, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (“MUFG”) entered into amendments to the agreements governing the Company’s $100.0 million three-year revolving accounts receivable securitization facility (the “AR Facility”), along with other agreements with MUFG, pursuant to which the Company (i) extended the term of the AR Facility for one year so that it will now terminate on June 30, 2021, unless further extended, and (ii) entered into a 364-day $75.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”). In connection with the AR Securitization Facilities, Outfront Media LLC, a wholly-owned subsidiary of the Company (the “Originator”), will sell and/or contribute its existing and future accounts receivable and certain related assets to Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company (the “SPV”). The SPV will transfer an undivided interest in the accounts receivable assets to certain purchasers from time to time (the “Purchasers”). 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. In connection with the Repurchase Facility, the Originator may borrow up to $75.0 million , collateralized by a subordinated note (the “Subordinated Note”) issued by the SPV in favor of the Originator and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originator to the SPV under the AR Facility. The Subordinated Note will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the Originator on termination of the Repurchase Facility. The Originator has granted MUFG a security interest in the Subordinated Note to secure its obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originator’s obligations under the agreements governing the Repurchase Facility. As of December 31, 2018 , there were $85.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 3.5% , and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing of approximately 3.7% . As of December 31, 2018 , borrowing capacity remaining under the AR Facility was approximately $15.0 million , based on approximately $216.0 million of accounts receivable used as collateral for the AR Securitization Facilities, and there was no borrowing capacity remaining under the Repurchase Facility, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial in 2018 and 2017 . As of February 26, 2019 , there were $65.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 3.6% and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.7% . Senior Unsecured Notes As of December 31, 2018 , a discount of $0.3 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022 , remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of December 31, 2018 , a premium of $2.2 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 Securitization Facilities, 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 or third-party transfers. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of December 31, 2018 , our Consolidated Net Secured Leverage Ratio was 1.4 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of December 31, 2018 , our Consolidated Total Leverage Ratio was 4.6 to 1.0 in accordance with the Credit Agreement. As of December 31, 2018 , we are in compliance with our debt covenants. Deferred Financing Costs As of December 31, 2018 , we had deferred $24.1 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. Interest Rate Swap Agreements During the year ended December 31, 2018, we entered into several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. The fair value of these swap positions was a net liability of approximately $2.4 million as of December 31, 2018, and is included in Other liabilities on our Consolidated Statement of Financial Position. As of December 31, 2018, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $150.0 million , under a weighted-average fixed interest rate of 3.0% , with a receive rate of one-month LIBOR and maturing on December 29, 2021 . The one-month LIBOR rate was approximately 2.5% as of December 31, 2018. Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.3 billion as of both December 31, 2018 and 2017 . The fair value of our debt as of both December 31, 2018 and 2017 is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $2.4 million as of December 31, 2018 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Loss on Interest Rate Cash Flow Swaps Accumulated Other Comprehensive Loss As of December 31, 2015 $ (112.2 ) $ (8.7 ) $ — $ (120.9 ) Other comprehensive income (loss) before reclassifications (a) 102.3 (0.3 ) — 102.0 Amortization of actuarial losses reclassified to net income (b) — 0.4 — 0.4 Total other comprehensive income (loss), net of tax 102.3 0.1 — 102.4 As of December 31, 2016 (9.9 ) (8.6 ) — (18.5 ) Other comprehensive income (loss) before reclassifications 11.8 (1.4 ) — 10.4 Amortization of actuarial losses reclassified to net income (b) — 0.4 — 0.4 Total other comprehensive income, net of tax 11.8 (1.0 ) — 10.8 As of December 31, 2017 1.9 (9.6 ) — (7.7 ) Other comprehensive income (loss) before reclassifications (14.5 ) 1.9 (2.4 ) (15.0 ) Amortization of actuarial losses reclassified to net income (b) — 0.7 — 0.7 Total other comprehensive income (loss), net of tax (14.5 ) 2.6 (2.4 ) (14.3 ) As of December 31, 2018 $ (12.6 ) $ (7.0 ) $ (2.4 ) $ (22.0 ) (a) On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. (b) See Note 15. Retirement Benefits to the Consolidated Financial Statements for additional details of items reclassified from accumulated other comprehensive loss to net income. Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax provision of $1.0 million in 2018 and a tax benefit of $0.3 million |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | Equity As of December 31, 2018 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 140,239,977 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 13. Acquisitions and Dispositions to the Consolidated Financial Statement s ). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”). The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. During 2018 , we made distributions of $2.7 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of December 31, 2018 , 207,354 Class A equity interests have been redeemed for shares of the Company’s common stock. In the third quarter of 2018, we issued 7,442 shares of our common stock under the Outfront Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.1 million , to a consultant for services rendered. We have 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. In the fourth quarter of 2018 , 750,000 shares of our common stock were sold under the ATM Program for gross proceeds of $15.5 million with commissions of $0.2 million , for total net proceeds of $15.3 million . As of December 31, 2018 , we had $284.5 million of capacity remaining under the ATM Program. In 2016, we issued 79,690 shares, valued at approximately $1.9 million to J&M Holding Enterprises, Inc. (“J&M”), an affiliate of Videri Inc. (“Videri”), or Videri, as applicable, in connection with licenses and services received under a development and license agreement (the “Videri Agreement”) with J&M and Videri. We have capitalized the payments, which are related to the development of software and equipment to be utilized within digital displays, within Property and equipment, net , on the Consolidated Statement of Financial Position. On February 26, 2019 , we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on March 29, 2019 , to stockholders of record at the close of business on March 8, 2019 |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues 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 $80.2 million as of December 31, 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: Years Ended December 31, (in millions) 2018 2017 2016 Billboard: Static displays $ 858.1 $ 839.7 $ 880.3 Digital displays 216.1 173.7 155.9 Other 38.2 45.6 34.8 Billboard revenues 1,112.4 1,059.0 1,071.0 Transit: Static displays 339.9 339.5 331.7 Digital displays 59.6 45.3 39.8 Other 39.5 35.9 30.0 Total transit revenues 439.0 420.7 401.5 Sports marketing and other 54.8 40.8 41.4 Transit and other revenues 493.8 461.5 442.9 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 Rental income was $1,074.2 million in 2018, $1,013.4 million in 2017 and $1,036.2 million in 2016, and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography: Years Ended December 31, (in millions) 2018 2017 2016 United States: Billboard $ 1,040.8 $ 997.9 $ 1,005.6 Transit and other 426.0 408.6 388.2 Sports marketing and other 54.8 40.8 41.4 Total United States revenues 1,521.6 1,447.3 1,435.2 Canada 84.6 73.2 67.3 Latin America — — 11.4 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 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 5. 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 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In 2018 , we recorded restructuring charges of $2.1 million , of which $0.9 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments, $0.8 million was recorded in Other for severance charges associated with the reorganization of our Sports Marketing operating segment management team and $0.4 million was recorded in Corporate for severance charges associated with the elimination of a corporate management position. In 2017, we recorded restructuring charges of $6.4 million , of which $4.1 million was recorded in Other for severance charges primarily associated with the Transaction and $2.3 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. In 2016, we recorded restructuring charges of $2.5 million in our U.S. Media segment for severance charges associated with the reorganization of our sales management and administrative functions. As of December 31, 2018 , $1.9 million in restructuring reserves remained outstanding and is included in Other current liabilities |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In connection with the Transaction, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million , or 1,953,407 shares, of Class A equity interests of Outfront Canada, subject to post-closing adjustments (upward or downward) for the achievement of certain operating income before depreciation and amortization targets relating to the acquired assets in 2018, which is not expected to be material. 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 $7.0 million in 2018 , $113.8 million in 2017 (including the Transaction) and $67.9 million in 2016 . 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 , subject to post-closing adjustments for the achievement of operating income before depreciation and amortization targets relating to the acquired displays. The transaction is expected to close in 2019, subject to customary closing conditions and the timing of site development. Dispositions On April 1, 2016 , we completed the Disposition and received $82.0 million in cash plus working capital, which was subject to post-closing adjustments. We recorded a loss on real estate assets held for sale of approximately $1.3 million in 2016 on the Consolidated Statement of Operations. Asset Swap On July 1, 2017, in exchange for static billboards in four non-metropolitan market clusters, we acquired digital billboards in the Boston, Massachusetts, DMA and $3.2 million in cash, which resulted in a pre-tax gain of $14.1 million |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”), we have 8,000,000 shares of our common stock reserved for the issuance of stock-based awards. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock, stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under the Stock Plan. RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three- to four-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, our board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are recorded as incurred. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. The following table summarizes our stock-based compensation expense for 2018 , 2017 and 2016 . Year Ended December 31, (in millions) 2018 2017 2016 RSUs and PRSUs $ 20.2 $ 20.3 $ 17.8 Stock options — 0.2 0.2 Stock-based compensation expense, before income taxes 20.2 20.5 18.0 Tax benefit (1.3 ) (2.0 ) (1.9 ) Stock-based compensation expense, net of tax $ 18.9 $ 18.5 $ 16.1 As of December 31, 2018 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $16.4 million , which is expected to be recognized over a weighted average period of 1.8 years . RSUs and PRSUs The following table summarizes the 2018 activity of the RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2017 1,632,120 $ 24.43 Granted: RSUs 837,517 21.43 PRSUs 383,913 21.52 Vested: RSUs (608,090 ) 24.36 PRSUs (298,964 ) 24.81 Forfeitures: RSUs (98,673 ) 22.75 PRSUs (123,843 ) 24.25 Non-vested as of December 31, 2018 1,723,980 22.39 The total fair value of RSUs and PRSUs that vested was $19.2 million during 2018 , $20.0 million during 2017 and $11.6 million during 2016 . Stock Options Stock options vest over a four-year service period and expire eight or ten years from the date of grant. Forfeitures of stock options are recorded as incurred. The following table summarizes the activity of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2017 165,293 $ 20.69 Exercised (23,446 ) 6.25 Outstanding as of December 31, 2018 141,847 23.08 Exercisable as of December 31, 2018 141,847 23.08 The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2018 2017 2016 Tax benefit of stock option exercises $ — $ 0.1 $ — Intrinsic value of stock option exercises 0.4 2.1 — The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2018 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $10 to 14.99 28,488 0.62 $ 12.12 28,488 $ 12.12 $20 to 24.99 9,946 2.12 20.07 9,946 20.07 $25 to 29.99 103,413 2.72 26.39 103,413 26.39 141,847 141,847 Stock options outstanding as of December 31, 2018 , have a weighted average remaining contractual life of 2.25 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of our common stock of $18.12 , was $0.2 million . Stock options exercisable as of December 31, 2018 , have a weighted average remaining contractual life of 2.25 years and the total intrinsic value for “in-the-money” exercisable options was $0.2 million |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits We sponsor two defined benefit pension plans covering specific groups of employees in Canada and the U.S. The benefits for the pension plan in Canada are based primarily on an employee’s years of service and an average of the employee’s highest five years of earnings. Participating employees in the pension plan in Canada are vested after two years of service or immediately, depending on the province of their employment. We fund the pension plan in Canada in accordance with the rules and regulations of the Pension Benefits Act of the Province of Ontario, Canada. Canada pension plan assets consist principally of equity securities, corporate and government related securities, and insurance contracts. The pension plan in the U.S. covers a small number of hourly employees. The investments of the pension plan in the U.S. consist entirely of the plan’s interest in a trust, which invests the assets of this plan. The pension plan in the U.S. is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. We use a December 31 measurement date for all pension plans. The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2018 2017 2016 Benefit obligation, beginning of year $ 57.8 $ 48.3 $ 44.9 Service cost 1.8 1.6 1.6 Interest cost 2.0 2.0 1.9 Actuarial (gain) loss (5.6 ) 3.7 0.2 Benefits paid (2.0 ) (1.4 ) (1.5 ) Cumulative translation adjustments (4.1 ) 3.6 1.2 Benefit obligation, end of year $ 49.9 $ 57.8 $ 48.3 The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2018 2017 Fair value of plan assets, beginning of year $ 52.3 $ 43.6 Actual return on plan assets (0.9 ) 4.9 Employer contributions 2.0 2.0 Benefits paid (2.0 ) (1.4 ) Cumulative translation adjustments (3.9 ) 3.2 Fair value of plan assets, end of year $ 47.5 $ 52.3 The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2018 2017 Unfunded status, end of year $ (2.4 ) $ (5.4 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (2.4 ) (5.4 ) Net amounts recognized (2.4 ) (5.4 ) The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2018 2017 Net actuarial loss $ (9.3 ) $ (12.9 ) Deferred income taxes 2.3 3.3 Net amount recognized in accumulated other comprehensive loss $ (7.0 ) $ (9.6 ) The accumulated benefit obligation for the defined benefit pension plans was $46.9 million as of December 31, 2018 , and $53.9 million as of December 31, 2017 . The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2018 2017 Projected benefit obligation $ 49.9 $ 57.8 Accumulated benefit obligation 46.9 53.9 Fair value of plan assets 47.5 52.3 The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2018 2017 2016 Service cost $ 1.8 $ 1.6 $ 1.6 Interest cost 2.0 2.0 1.9 Expected return on plan assets (2.6 ) (2.3 ) (2.1 ) Amortization of actuarial losses (a) 0.7 0.6 0.6 Amortization of transitional obligation — (0.1 ) (0.1 ) Settlement cost 0.1 — — Net periodic pension cost $ 2.0 $ 1.8 $ 1.9 (in millions) Year Ended December 31, 2018 Actuarial gains $ 2.1 Amortization of actuarial losses (a) 0.6 Cumulative translation adjustments 0.8 Settlement cost 0.1 3.6 Deferred income taxes (1.0 ) Recognized in other comprehensive income, net of tax $ 2.6 (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. Estimated net actuarial losses related to the defined benefit pension plans of approximately $0.4 million , will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2019 . As of and for the Year Ended December 31, 2018 2017 Weighted average assumptions used to determine benefit obligations: Discount rate 4.0 % 3.5 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 3.5 4.0 Expected long-term return on plan assets 5.1 5.1 Rate of compensation increase 3.0 3.0 For each pension plan, the discount rate is determined based on the yield on portfolios of high quality bonds, constructed to provide cash flows necessary to meet the expected future benefit payments, as determined for the projected benefit obligation. The expected return on plan assets assumption was derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. Plan Assets Our plan assets are included in a trust in Canada and a trust in the U.S. The asset allocations of these trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. As of December 31, 2018 , we invested approximately 31% in fixed income instruments, 59% in equity instruments, and the remainder in cash, cash equivalents and insurance contracts. The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2018 and 2017 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 1.0 $ — $ 1.0 Fixed income securities: Corporate and government related securities — 14.2 — 14.2 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.6 — — 0.6 International equity 0.3 27.1 — 27.4 Insurance contracts — — 3.6 3.6 Total assets $ 1.6 $ 42.3 $ 3.6 $ 47.5 As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 1.0 $ — $ 1.0 Fixed income securities: Corporate and government related securities — 15.3 — 15.3 Corporate bonds (b) 0.8 — — 0.8 Equity securities (c) : U.S. equity 1.0 — — 1.0 International equity 0.4 29.4 — 29.8 Insurance contracts — — 4.4 4.4 Total assets $ 2.2 $ 45.7 $ 4.4 $ 52.3 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse industries, substantially all investment grade. (c) Assets categorized as Level 2 reflect investments in common collective funds. Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2018 2017 Insurance contracts: Beginning of year $ 4.4 $ 4.7 Payments (0.5 ) (0.5 ) Actuarial loss (0.1 ) (0.3 ) Interest income 0.1 0.2 Cumulative translation adjustments (0.3 ) 0.3 End of year $ 3.6 $ 4.4 Our insurance contracts classified as Level 3 are valued based on a discount rate determined by reference to the market interest rates prevailing on high quality debt instruments with cash flows that match the timing and amount of expected benefit payments under the pension plan in Canada, as well as a mortality assumption based upon the current mortality table, CPM2014 generational projected using mortality improvement scale CPM-B. As a result, the fair value of the insurance contract is equal to the defined benefit obligation in respect of the members covered under the insurance contract. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker-quoted prices. Future Benefit Payments (in millions) 2019 2020 2021 2022 2023 2024-2028 Estimated future benefit payments for pension plans 1.7 1.7 1.9 2.0 2.1 12.8 We expect to contribute $1.0 million to our pension plans in 2019 . Multi-Employer Pension and Postretirement Benefit Plans We contribute to multi-employer plans that provide pension and other postretirement benefits to certain employees under collective bargaining agreements. Contributions to these plans were $3.8 million in 2018 , $3.3 million in 2017 and $2.9 million in 2016 . Based on our contributions to each individual multi-employer plan relative to the total contributions of all participating employers in such plan, no multi-employer plan was deemed to be individually significant to us. Defined Contribution Plans Employer contributions for defined contribution plans sponsored by us were $5.5 million in 2018 , $4.8 million in 2017 and $4.5 million in 2016 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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’s most significant change was the reduction of the federal tax rate from a maximum of 35% to a flat rate of 21% . Cash paid for income taxes was $8.4 million in 2018 and $6.8 million in 2017 and $1.2 million in 2016 . The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2018 2017 2016 United States $ 157.3 $ 139.2 $ 100.9 Foreign (48.6 ) (14.1 ) (9.9 ) Income before provision for income taxes and equity in earnings of investee companies $ 108.7 $ 125.1 $ 91.0 The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income. Year Ended December 31, (in millions) 2018 2017 2016 Income (loss) before provision for income taxes and equity in earnings of investee companies $ 108.7 $ 125.1 $ 91.0 Net (income) loss of TRSs 38.4 (2.4 ) 5.4 Income from REIT operations 147.1 122.7 96.4 Book depreciation in excess of tax depreciation 24.4 29.5 50.8 Book amortization in excess of tax amortization (10.6 ) (1.8 ) 12.2 Tax dividend from foreign subsidiary (a) 2.1 5.6 41.0 Book/tax differences - stock-based compensation (1.4 ) (2.2 ) 4.2 Book/tax differences - deferred gain for tax (1.4 ) (13.1 ) (3.5 ) Book/tax differences - capitalized costs 6.4 5.7 6.0 Book/tax differences - other 11.1 (0.2 ) 6.4 REIT taxable income (estimated) $ 177.7 $ 146.2 $ 213.5 (a) In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million deduction for dividends received. The components of the Provision for income taxes are as follows: Year Ended December 31, (in millions) 2018 2017 2016 Current: Federal $ (2.4 ) $ (6.9 ) $ (4.0 ) State and local (2.3 ) (2.2 ) (1.5 ) Foreign (0.6 ) 0.1 (1.7 ) (5.3 ) (9.0 ) (7.2 ) Deferred tax benefit (liability): Federal (1.0 ) (2.2 ) (0.7 ) State and local (0.4 ) (0.1 ) (0.2 ) Foreign 1.8 7.2 2.7 0.4 4.9 1.8 Provision for income taxes $ (4.9 ) $ (4.1 ) $ (5.4 ) The effective income tax rate was 4.7% in 2018 , 3.3% in 2017 and 5.9% in 2016 . The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2018 and 35% in 2017 and 2016, and the Provision for income taxes is summarized as follows: Year Ended December 31, (in millions) 2018 2017 2016 Provision for income taxes on income at U.S. statutory rate $ (22.8 ) $ (43.8 ) $ (31.9 ) REIT dividends paid deduction 30.9 42.9 33.8 State and local taxes, net of federal tax benefit (2.3 ) (1.6 ) (1.6 ) Effect of foreign operations (9.3 ) 2.4 (2.4 ) Resolution of prior year tax — — (2.9 ) Effect of the Tax Act on net deferred tax assets (a) — (2.1 ) — Gain on dispositions (0.5 ) (0.9 ) — Other, net (0.9 ) (1.0 ) (0.4 ) Provision for income taxes $ (4.9 ) $ (4.1 ) $ (5.4 ) (a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% for tax years beginning after December 31, 2017. The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2018 2017 Deferred income tax assets: Provision for expenses and losses $ 1.1 $ 0.9 Postretirement and other employee benefits 3.6 3.8 Tax credit and loss carryforwards 0.8 2.2 Total deferred income tax assets 5.5 6.9 Deferred income tax liabilities: Property, equipment and intangible assets (19.5 ) (22.4 ) Total deferred income tax liabilities (19.5 ) (22.4 ) Deferred income tax liabilities, net $ (14.0 ) $ (15.5 ) As of December 31, 2018 , we had net operating loss carryforwards for Canadian jurisdictions of $3.3 million , which expire in various years from 2019 through 2037. Our undistributed earnings of foreign subsidiaries not includable in our federal income tax returns that could be subject to additional income taxes if remitted was approximately $6.2 million as of December 31, 2018 , and $4.1 million as of December 31, 2017 . No provision was recorded for taxes that could result from the remittance of such undistributed earnings since we intend to declare dividends to our shareholders in an amount sufficient to offset such distributions and intend to reinvest the remainder outside of the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for undistributed earnings is not practicable. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. (in millions) As of January 1, 2016 $ 0.8 Additions for current year tax positions 0.1 Reductions for prior year tax positions (0.3 ) As of December 31, 2016 0.6 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.2 ) As of December 31, 2017 0.6 Additions for current year tax positions 0.3 Reductions for prior year tax positions (0.3 ) As of December 31, 2018 $ 0.6 The reserve for uncertain tax positions of $0.6 million as of December 31, 2018 , includes $0.4 million which would affect our effective income tax rate if and when recognized in future years. We recognize interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented. We are subject to taxation in the U.S. and various state, local and foreign jurisdictions. Tax years 2015 to present are open for examination by the tax authorities. Our TRSs are currently under examination by the Internal Revenue Service for the 2016 tax year. We are currently under examination by New York State for the portion of the 2014 tax year beginning on July 17, 2014, when we began operating as a REIT. New York City has completed its audit of our TRSs for the 2014 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (“EPS”) | Earnings Per Share (“EPS”) Year Ended December 31, (in millions) 2018 2017 2016 Net income available for common stockholders $ 107.9 $ 125.8 $ 90.9 Less: Distributions to holders of Class A equity interests of a subsidiary (b) 2.7 1.4 — Net income available for common stockholders, basic and diluted $ 105.2 $ 124.4 $ 90.9 Weighted average shares for basic EPS 139.3 138.5 137.9 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.3 0.4 0.5 Weighted average shares for diluted EPS (a)(b) 139.6 138.9 138.4 (a) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options for 2018, 0.1 million granted RSUs, PRSUs and stock options for 2017 and 0.5 million granted RSUs, PRSUs and stock options for 2016 was antidilutive. (b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 10. Equity to the Consolidated Financial Statements.) The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 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 varying renewal, cancellation 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. Under the MTA agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock (with deployment scheduled to commence in 2019), and (iii) 7,829 MTA communications displays. In addition, we are obligated to pay to the MTA 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 displays throughout the transit system. As presented in the table below, MTA equipment deployment costs are being recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operation. As of December 31, 2018 , 1,229 digital displays had been installed, of which 934 installations occurred in the fourth quarter. For the full year of 2019, we expect our MTA equipment deployment costs to be approximately $175.0 million . (in millions) Beginning Balance Deployment Costs Incurred Recoupment Amortization Ending Balance Year Ended December 31, 2018: Prepaid MTA equipment deployment costs $ 4.7 $ 76.5 $ (1.7 ) $ — $ 79.5 Intangible assets (franchise agreements) 0.9 14.7 — (0.8 ) 14.8 Total $ 5.6 $ 91.2 $ (1.7 ) $ (0.8 ) $ 94.3 Year Ended December 31, 2017: Prepaid MTA equipment deployment costs $ — $ 4.7 $ — $ — $ 4.7 Intangible assets (franchise agreements) — 0.9 — — 0.9 Total $ — $ 5.6 $ — $ — $ 5.6 As of December 31, 2018 , minimum rental payments under non-cancellable operating leases with original terms in excess of one year and guaranteed minimum annual payments are as follows: (in millions) Operating Leases Guaranteed Minimum Annual Payments 2019 $ 154.8 $ 209.7 2020 151.8 191.7 2021 139.1 187.6 2022 126.2 186.2 2023 109.8 188.7 2024 and thereafter 574.6 769.1 Total minimum payments $ 1,256.3 $ 1,733.0 Rent expense was $393.6 million in 2018 , $377.7 million in 2017 and $372.1 million in 2016 , including contingent rent amounts of $91.0 million in 2018 , $84.7 million in 2017 and $88.1 million in 2016 . Rent expense is primarily reflected in operating expenses on the Consolidated Statements of Operations and includes rent on cancellable leases and leases with terms under one year, as well as contingent rent, none of which are included in the operating lease commitments in the table above. Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of December 31, 2018 , the outstanding letters of credit were approximately $208.9 million and outstanding surety bonds were approximately $27.2 million , and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As of April 1, 2016, we manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other . The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other . Year Ended December 31, (in millions) 2018 2017 2016 Revenues: U.S. Media $ 1,466.8 $ 1,406.5 $ 1,393.8 Other 139.4 114.0 120.1 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 We present Operating income before Depreciation , Amortization , Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges, Impairment charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. Year Ended December 31, (in millions) 2018 2017 2016 Net income $ 107.9 $ 125.8 $ 90.9 Provision for income taxes 4.9 4.1 5.4 Equity in earnings of investee companies, net of tax (4.1 ) (4.8 ) (5.3 ) Interest expense, net 125.7 116.9 113.8 Other (income) expense, net 0.4 (0.3 ) 0.1 Operating income 234.8 241.7 204.9 Restructuring charges 2.1 6.4 2.5 Loss on real estate assets held for sale — — 1.3 Net gain on dispositions (5.5 ) (14.3 ) (1.9 ) Impairment charge 42.9 — — Depreciation and amortization 185.0 189.8 224.2 Stock-based compensation 20.2 20.5 18.0 Total Adjusted OIBDA $ 479.5 $ 444.1 $ 449.0 Adjusted OIBDA: U.S. Media $ 500.2 $ 478.1 $ 473.8 Other 17.3 8.4 17.8 Corporate (38.0 ) (42.4 ) (42.6 ) Total Adjusted OIBDA $ 479.5 $ 444.1 $ 449.0 Year Ended December 31, (in millions) 2018 2017 2016 Operating income (loss): U.S. Media $ 342.8 $ 320.6 $ 269.5 Other (49.4 ) (16.0 ) (4.0 ) Corporate (58.6 ) (62.9 ) (60.6 ) Total operating income $ 234.8 $ 241.7 $ 204.9 Net (gain) loss on dispositions: U.S. Media $ (5.3 ) $ (14.4 ) $ (1.7 ) Other (0.2 ) 0.1 (0.2 ) Total gain on dispositions $ (5.5 ) $ (14.3 ) $ (1.9 ) Depreciation and amortization: U.S. Media $ 161.8 $ 169.6 $ 203.5 Other 23.2 20.2 20.7 Total depreciation and amortization $ 185.0 $ 189.8 $ 224.2 Capital expenditures: U.S. Media $ 73.0 $ 63.9 $ 54.8 Other 9.3 6.9 4.6 Total capital expenditures $ 82.3 $ 70.8 $ 59.4 As of December 31, (in millions) 2018 2017 2016 Assets: U.S. Media $ 3,610.0 $ 3,528.8 $ 3,578.8 Other 202.5 263.8 145.5 Corporate 16.2 15.6 14.2 Total assets $ 3,828.7 $ 3,808.2 $ 3,738.5 Year Ended December 31, (in millions) 2018 2017 2016 Revenues (a) : United States $ 1,521.6 $ 1,447.3 $ 1,435.2 Canada 84.6 73.2 67.3 Latin America — — 11.4 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 (a) Revenues classifications are based on the geography of the advertising. As of December 31, (in millions) 2018 2017 2016 Long-lived assets (a) : United States $ 3,255.0 $ 3,216.4 3,255.0 Canada 122.5 189.1 73.9 Total long-lived assets $ 3,377.5 $ 3,405.5 $ 3,328.9 (a) |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 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 8. Debt to the Consolidated Financial Statements). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries, including the SPV; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below. As of December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 12.0 $ — $ 40.7 $ — $ 52.7 Receivables, less allowances — — 52.7 232.1 (19.9 ) 264.9 Other current assets — 1.0 176.3 81.5 (146.9 ) 111.9 Total current assets — 13.0 229.0 354.3 (166.8 ) 429.5 Property and equipment, net — — 604.3 48.6 — 652.9 Goodwill — — 2,059.9 19.8 — 2,079.7 Intangible assets — — 478.4 58.8 — 537.2 Investment in subsidiaries 1,102.8 3,257.5 261.9 — (4,622.2 ) — Prepaid MTA equipment deployment costs — — 60.6 — — 60.6 Other assets — 2.3 63.4 3.1 — 68.8 Intercompany — — 81.0 100.7 (181.7 ) — Total assets $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 Total current liabilities $ — $ 18.0 $ 375.5 $ 175.9 $ (166.8 ) $ 402.6 Long-term debt — 2,149.6 — — — 2,149.6 Deferred income tax liabilities, net — — — 17.0 — 17.0 Asset retirement obligation — — 29.9 4.3 — 34.2 Deficit in excess of investment of subsidiaries — — 2,154.7 — (2,154.7 ) — Other liabilities — 2.4 74.9 2.7 — 80.0 Intercompany — — 100.7 81.0 (181.7 ) — Total liabilities — 2,170.0 2,735.7 280.9 (2,503.2 ) 2,683.4 Total stockholders’ equity 1,102.8 1,102.8 1,102.8 261.9 (2,467.5 ) 1,102.8 Non-controlling interests — — — 42.5 — 42.5 Total equity 1,102.8 1,102.8 1,102.8 304.4 (2,467.5 ) 1,145.3 Total liabilities and equity $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 As of December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Receivables, less allowances — — 42.1 202.7 (13.7 ) 231.1 Other current assets — 1.0 89.0 20.0 (13.4 ) 96.6 Total current assets — 11.2 134.8 257.1 (27.1 ) 376.0 Property and equipment, net — — 609.1 53.0 — 662.1 Goodwill — — 2,059.9 68.1 — 2,128.0 Intangible assets — — 511.5 69.4 — 580.9 Investment in subsidiaries 1,181.1 3,333.6 293.4 — (4,808.1 ) — Other assets — 3.3 55.1 2.8 — 61.2 Intercompany — — 123.9 148.3 (272.2 ) — Total assets $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 Total current liabilities $ — $ 21.7 $ 199.4 $ 105.6 $ (27.1 ) $ 299.6 Long-term debt — 2,145.3 — — — 2,145.3 Deferred income tax liabilities, net — — — 19.6 — 19.6 Asset retirement obligation — — 29.7 5.0 — 34.7 Deficit in excess of investment of subsidiaries — — 2,152.5 — (2,152.5 ) — Other liabilities — — 76.7 5.7 — 82.4 Intercompany — — 148.3 123.9 (272.2 ) — Total liabilities — 2,167.0 2,606.6 259.8 (2,451.8 ) 2,581.6 Total stockholders’ equity 1,181.1 1,181.1 1,181.1 293.4 (2,655.6 ) 1,181.1 Non-controlling interests — — — 45.5 — 45.5 Total equity 1,181.1 1,181.1 1,181.1 338.9 (2,655.6 ) 1,226.6 Total liabilities and stockholders’ equity $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,040.1 $ 72.3 $ — $ 1,112.4 Transit and other — — 480.8 13.0 — 493.8 Total revenues — — 1,520.9 85.3 — 1,606.2 Expenses: Operating — — 808.3 51.6 — 859.9 Selling, general and administrative 1.6 0.2 276.6 8.6 — 287.0 Restructuring charges — — 2.1 — — 2.1 Net gain on dispositions — — (5.3 ) (0.2 ) — (5.5 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 73.3 12.6 — 85.9 Amortization — — 90.2 8.9 — 99.1 Total expenses 1.6 0.2 1,245.2 124.4 — 1,371.4 Operating income (loss) (1.6 ) (0.2 ) 275.7 (39.1 ) — 234.8 Interest expense, net — (118.4 ) (3.8 ) (3.5 ) — (125.7 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (118.6 ) 271.9 (43.0 ) — 108.7 Benefit (provision) for income taxes — — (6.1 ) 1.2 — (4.9 ) Equity in earnings of investee companies, net of tax 109.5 228.1 (156.3 ) 1.1 (178.3 ) 4.1 Net income (loss) $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Net income (loss) $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Total other comprehensive loss, net of tax (14.3 ) (14.3 ) (14.3 ) (12.1 ) 40.7 (14.3 ) Total comprehensive income (loss) $ 93.6 $ 95.2 $ 95.2 $ (52.8 ) $ (137.6 ) $ 93.6 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 997.5 $ 61.5 $ — $ 1,059.0 Transit and other — — 449.4 12.1 — 461.5 Total revenues — — 1,446.9 73.6 — 1,520.5 Expenses: Operating — — 784.6 50.6 — 835.2 Selling, general and administrative 1.6 0.9 246.2 13.0 — 261.7 Restructuring charges — — 2.5 3.9 — 6.4 Net loss on dispositions — — (14.4 ) 0.1 — (14.3 ) Depreciation — — 77.3 12.4 — 89.7 Amortization — — 94.0 6.1 — 100.1 Total expenses 1.6 0.9 1,190.2 86.1 — 1,278.8 Operating income (loss) (1.6 ) (0.9 ) 256.7 (12.5 ) — 241.7 Interest expense, net — (113.9 ) (2.3 ) (0.7 ) — (116.9 ) Other income, net — — — 0.3 — 0.3 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (114.8 ) 254.4 (12.9 ) — 125.1 Benefit (provision) for income taxes — — (11.3 ) 7.2 — (4.1 ) Equity in earnings of investee companies, net of tax 127.4 242.2 (115.7 ) 0.8 (249.9 ) 4.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Total other comprehensive income, net of tax 10.8 10.8 10.8 10.8 (32.4 ) 10.8 Total comprehensive income $ 136.6 $ 138.2 $ 138.2 $ 5.9 $ (282.3 ) $ 136.6 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,005.6 $ 65.4 $ — $ 1,071.0 Transit and other — — 429.6 13.3 — 442.9 Total revenues — — 1,435.2 78.7 — 1,513.9 Expenses: Operating — — 764.9 53.2 — 818.1 Selling, general and administrative 1.5 0.2 246.7 16.4 — 264.8 Restructuring charges — — 2.5 — — 2.5 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net gain on dispositions — — (1.7 ) (0.2 ) — (1.9 ) Depreciation — — 94.1 14.8 — 108.9 Amortization — — 112.3 3.0 — 115.3 Total expenses 1.5 0.2 1,218.8 88.5 — 1,309.0 Operating income (loss) (1.5 ) (0.2 ) 216.4 (9.8 ) — 204.9 Interest expense, net — (113.6 ) (0.2 ) — — (113.8 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.5 ) (113.8 ) 216.2 (9.9 ) — 91.0 Benefit (provision) for income taxes — — (6.4 ) 1.0 — (5.4 ) Equity in earnings of investee companies, net of tax 92.4 206.2 (117.4 ) 1.0 (176.9 ) 5.3 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Total other comprehensive income, net of tax 102.4 102.4 102.4 102.6 (307.4 ) 102.4 Total comprehensive income $ 193.3 $ 194.8 $ 194.8 $ 94.7 $ (484.3 ) $ 193.3 Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.6 ) $ (110.6 ) $ 331.8 $ (5.3 ) $ — $ 214.3 Investing activities: Capital expenditures — — (70.0 ) (12.3 ) — (82.3 ) Acquisitions — — (7.0 ) — — (7.0 ) MTA franchise rights — — (13.3 ) — — (13.3 ) Proceeds from dispositions — — 7.6 0.3 — 7.9 Return of investment in investee companies — — 4.3 — — 4.3 Cash used for investing activities — — (78.4 ) (12.0 ) — (90.4 ) Financing activities: Proceeds from long-term debt borrowings — 104.0 — — — 104.0 Repayments of long-term debt borrowings — (104.0 ) — — — (104.0 ) Proceeds from borrowings under short-term debt facilities — — 75.0 170.0 — 245.0 Repayments of borrowings under short-term debt facilities — — — (165.0 ) — (165.0 ) Payments of deferred financing costs — (0.2 ) — (0.1 ) — (0.3 ) Proceeds from shares issued under the ATM Program 15.3 — — — — 15.3 Earnout payment related to prior acquisition — — (0.4 ) — — (0.4 ) Taxes withheld for stock-based compensation — — (8.4 ) — — (8.4 ) Dividends (201.2 ) — — (2.7 ) — (203.9 ) Intercompany 187.5 112.6 (321.9 ) 21.8 — — Cash provided by (used for) financing activities 1.6 112.4 (255.7 ) 24.0 — (117.7 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — (0.4 ) — (0.4 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 1.8 (2.3 ) 6.3 — 5.8 Cash, cash equivalents and restricted cash at beginning of period — 10.2 3.7 34.4 — 48.3 Cash, cash equivalents and restricted cash at end of period $ — $ 12.0 $ 1.4 $ 40.7 $ — $ 54.1 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.7 ) $ (108.5 ) $ 329.5 $ 30.0 $ — $ 249.3 Investing activities: Capital expenditures — — (63.6 ) (7.2 ) — (70.8 ) Acquisitions — — (17.6 ) (51.6 ) — (69.2 ) MTA franchise rights — — (0.9 ) — — (0.9 ) Proceeds from dispositions — — 5.5 0.1 — 5.6 Cash used for investing activities — — (76.6 ) (58.7 ) — (135.3 ) Financing activities: Proceeds from long-term debt borrowings — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — 160.0 — 250.0 Repayments of borrowings under short-term debt facilities — (90.0 ) — (80.0 ) — (170.0 ) Payments of deferred financing costs — (8.0 ) — (0.5 ) — (8.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Earnout payment related to prior acquisition — — (2.0 ) — — (2.0 ) Taxes withheld for stock-based compensation — — (8.5 ) — — (8.5 ) Dividends (200.4 ) — — (1.4 ) — (201.8 ) Intercompany 200.9 107.0 (274.3 ) (33.6 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.7 107.3 (285.0 ) 44.5 — (131.5 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — 0.6 — 0.6 Net increase (decrease) in cash, cash equivalents and restricted cash — (1.2 ) (32.1 ) 16.4 — (16.9 ) Cash, cash equivalents and restricted cash at beginning of period — 11.4 35.8 18.0 — 65.2 Cash, cash equivalents and restricted cash at end of period $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (111.3 ) $ 399.1 $ 0.8 $ — $ 287.1 Investing activities: Capital expenditures — — (54.8 ) (4.6 ) — (59.4 ) Acquisitions — — (67.9 ) — — (67.9 ) Proceeds from dispositions — — 2.9 87.7 — 90.6 Cash provided by (used for) investing activities — — (119.8 ) 83.1 — (36.7 ) Financing activities: Repayments of long-term debt borrowings — (90.0 ) — — — (90.0 ) Proceeds from borrowings under short-term debt facilities — 35.0 — — — 35.0 Repayments of borrowings under short-term debt facilities — (35.0 ) — — — (35.0 ) Payments of deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (7.3 ) — — (7.3 ) Dividends (188.6 ) — — — — (188.6 ) Intercompany 190.1 131.5 (244.5 ) (77.1 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.5 41.1 (252.0 ) (77.1 ) — (286.5 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — (0.3 ) — (0.3 ) Net increase (decrease) in cash, cash equivalents and restricted cash — (70.2 ) 27.3 6.5 — (36.4 ) Cash, cash equivalents and restricted cash at beginning of period — 81.6 8.5 11.5 — 101.6 Cash, cash equivalents and restricted cash at end of period $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) Our revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. 2018 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 309.9 $ 367.2 $ 379.7 $ 410.0 $ 1,466.8 Other 28.0 34.5 34.5 42.4 139.4 Total revenues $ 337.9 $ 401.7 $ 414.2 $ 452.4 $ 1,606.2 Adjusted OIBDA: U.S. Media $ 88.9 $ 131.2 $ 136.2 $ 143.9 $ 500.2 Other (0.8 ) 4.2 4.2 9.7 17.3 Corporate (6.9 ) (10.2 ) (11.1 ) (9.8 ) (38.0 ) Total Adjusted OIBDA 81.2 125.2 129.3 143.8 479.5 Restructuring charges (1.1 ) (0.2 ) (0.1 ) (0.7 ) (2.1 ) Net gain on dispositions 0.2 2.7 1.3 1.3 5.5 Impairment charge — (42.9 ) (a) — — (42.9 ) Depreciation (21.1 ) (21.3 ) (21.0 ) (22.5 ) (85.9 ) Amortization (22.5 ) (25.0 ) (25.8 ) (25.8 ) (99.1 ) Stock-based compensation (5.0 ) (5.6 ) (4.8 ) (4.8 ) (20.2 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Operating income (loss): U.S. Media $ 50.6 $ 93.8 $ 96.0 $ 102.4 $ 342.8 Other (7.0 ) (45.1 ) (1.2 ) 3.9 (49.4 ) Corporate (11.9 ) (15.8 ) (15.9 ) (15.0 ) (58.6 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Net income (loss) $ 9.1 $ (5.2 ) $ 46.8 $ 57.2 $ 107.9 Net income (loss) per common share: Basic $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.76 Diluted $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.75 (a) As a result of an 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 on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill to the Consolidated Financial Statements. 2017 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 307.1 $ 367.1 $ 363.0 $ 369.3 $ 1,406.5 Other 23.5 29.1 (a) 29.4 (a) 32.0 (a) 114.0 Total revenues $ 330.6 $ 396.2 $ 392.4 $ 401.3 $ 1,520.5 Adjusted OIBDA: U.S. Media $ 92.4 $ 128.3 $ 129.2 $ 128.2 $ 478.1 Other (1.1 ) 4.0 (a) 1.9 (a) 3.6 (a) 8.4 Corporate (11.1 ) (10.3 ) (10.3 ) (10.7 ) (42.4 ) Total Adjusted OIBDA 80.2 122.0 120.8 121.1 444.1 Restructuring charges (1.8 ) (2.9 ) (1.6 ) (0.1 ) (6.4 ) Net gain (loss) on dispositions (0.4 ) (0.1 ) 14.1 0.7 14.3 Depreciation (22.9 ) (23.1 ) (22.3 ) (21.4 ) (89.7 ) Amortization (23.7 ) (25.4 ) (25.5 ) (25.5 ) (100.1 ) Stock-based compensation (5.4 ) (5.5 ) (5.2 ) (4.4 ) (20.5 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Operating income (loss): U.S. Media $ 47.5 $ 83.9 $ 100.7 $ 88.5 $ 320.6 Other (5.0 ) (3.1 ) (a) (4.9 ) (a) (3.0 ) (a) (16.0 ) Corporate (16.5 ) (15.8 ) (15.5 ) (15.1 ) (62.9 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Net income $ 2.5 $ 37.1 $ 50.7 $ 35.5 $ 125.8 Net income per common share: Basic $ 0.02 $ 0.27 $ 0.36 $ 0.25 $ 0.90 Diluted $ 0.02 $ 0.27 $ 0.36 $ 0.25 $ 0.90 (a) On June 13, 2017, we completed the Transaction. (See Note 10. Equity and Note 13. Acquisitions and Dispositions : Acquisitions to the Consolidated Financial Statements.) |
II - Valuation and Qualifying A
II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2018 $ 11.5 $ — $ 1.9 $ (0.1 ) $ 2.6 $ 10.7 Year ended December 31, 2017 9.2 — 4.4 0.1 2.2 11.5 Year ended December 31, 2016 8.9 — 3.6 — 3.3 9.2 |
III - Schedule of Real Estate a
III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2018 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 40,157 displays — (2) (2) (2) $ 82.0 $ 1,370.3 1,452.3 $ (1,066.3 ) Various Various 5 to 20 years Canada - 5,031 displays — (2) (2) (2) 2.1 270.0 272.1 (249.6 ) Various Various 5 to 20 years $ 84.1 $ 1,640.3 $ 1,724.4 $ (1,315.9 ) Structures added subsequent to January 1, 2014 United States - 1,968 displays $ 13.4 $ 141.4 $ (12.5 ) $ 13.4 $ 128.9 $ 142.3 $ (5.9 ) Various Various 5 to 20 years Canada - 225 displays — 20.2 — — 20.2 20.2 (1.4 ) Various Various 5 to 20 years $ 13.4 $ 161.6 $ (12.5 ) $ 13.4 $ 149.1 $ 162.5 $ (7.3 ) Total United States - 42,125 displays $ 95.4 $ 1,499.2 $ 1,594.6 $ (1,072.2 ) Various Various 5 to 20 years Canada - 5,256 displays 2.1 290.2 292.3 (251.0 ) Various Various 5 to 20 years $ 97.5 $ 1,789.4 $ 1,886.9 $ (1,323.2 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2018 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2018 2017 2016 Gross real estate assets: Balance at the beginning of the year $ 1,845.2 $ 1,787.3 $ 1,778.7 New Investments 27.2 22.0 9.1 Redevelopments 29.0 23.4 23.7 Recurring capital expenditures 12.8 13.0 14.5 Purchase price accounting adjustments — — 1.0 Land acquisitions 3.5 4.6 0.6 Additions for construction of / improvements to structures 72.5 63.0 48.9 Assets sold or written-off (2.9 ) (28.9 ) (49.4 ) Foreign exchange (27.9 ) 23.8 9.1 Balance at the end of the year $ 1,886.9 $ 1,845.2 $ 1,787.3 Accumulated depreciation: Balance at the beginning of the year $ 1,280.7 $ 1,208.5 $ 1,137.7 Depreciation 69.1 76.2 98.2 Assets sold or written-off (2.3 ) (24.5 ) (34.6 ) Foreign exchange (24.3 ) 20.5 7.2 Balance at the end of the year $ 1,323.2 $ 1,280.7 $ 1,208.5 |
Description of Business and B_2
Description of Business and Basis of Presentation Accounting (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [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 at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation— The consolidated financial statements include the accounts of OUTFRONT Media Inc. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights. Investments over which we have a significant influence or ownership of more than 20% but less than or equal to 50% , without a controlling interest, are accounted for under the equity method. Investments of 20% |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash —Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. We classify cash balances that are legally restricted pursuant to contractual arrangements as restricted cash. |
Receivables | Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. |
New York Metropolitan Authority Agreement | New York Metropolitan Transportation Authority (the “MTA”) Agreement— Under the MTA Agreement, as title of the various digital displays we are obligated to deploy transfers to the MTA on installation, the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions—We routinely acquire out-of-home advertising assets, including advertising structures, permits and leasehold agreements. We determine the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, we allocate the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets— Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a non-cash charge. Long-lived assets held for sale are required to be measured at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets— Goodwill is allocated to various reporting units. Goodwill is not amortized but is tested qualitatively and/or quantitatively at the reporting-unit level annually for impairment on October 31 of each year and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. A qualitative test assesses macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events, as well as events affecting a reporting unit. If after the qualitative assessment, we determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. We may also choose to only perform a quantitative assessment. We compute the estimated fair value of each reporting unit for which we perform a quantitative assessment 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. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded as a non-cash charge for the difference up to the carrying value of the goodwill. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years |
Hedging Activities | Hedging Activities—As of December 31, 2018, we utilized interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. These interest rate swaps have been designated and qualify as cash flow hedges and, as a result, changes in the fair value of these swaps are recorded in Other comprehensive income (loss) before taxes on the Consolidated Statements of Comprehensive Income. |
Revenue Recognition | Revenue Recognition —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) providing print production services for 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. Print 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 a relative standalone selling price basis. Deferred revenues primarily consist of revenues paid in advance of being earned. |
Concentration of Credit Risk | Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. |
Billboard Property Lease and Transit Franchise Expenses | Billboard Property Lease and Transit Franchise Expenses —Our billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues we generate from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months . The fixed component of lease costs is expensed evenly over the non-cancellable contract term, and contingent rent is expensed as incurred when the related revenues are recognized. |
Direct Lease Acquisition Costs | Direct Lease Acquisition Costs— Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within Amortization |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions— The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. Any gain or loss on translation is included within other comprehensive income (loss) and Accumulated other comprehensive loss on our Consolidated Statement of Financial Position. Foreign currency transaction gains and losses are included in Other income (expense), net, |
Income Taxes | Income Taxes— As of July 17, 2014, we began operating as a REIT. Accordingly, we generally will not be subject to U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and certain of our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, the taxable income of our TRSs will be subject to federal, state and foreign income taxation at regular corporate rates. Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. |
Asset Retirement Obligation | Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or non-renewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in selling, general and administrative expenses and the capitalized cost is depreciated over the expected useful life of the related asset. |
Stock-based Compensation | Stock-based Compensation—We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Goodwill In the second quarter of 2018, we early adopted 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. Under that new guidance, which is applied prospectively, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference up to the carrying value of the goodwill. 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 against Goodwill on the Consolidated Statement of Financial Position related to our Canadian reporting unit. (See Note 5. 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 impact of the adoption of the new 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 $7.0 million , additional operating expenses of $4.8 million and additional selling, general and administrative expenses of $2.2 million in our Sports Marketing operating segment in 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 11. Revenues to the Consolidated Financial Statements.) |
Recent Pronouncements | Recent Pronouncements Leases In February 2016 (updated in July 2018 and December 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. The update in July 2018 provides an additional (optional) transition method to adopt the new lease standard, allowing entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. The update also provides lessors a practical expedient to allow them to not separate non-lease components from the associated lease component and instead to account for those components as a single component if certain criteria are met. We plan to utilize the updated transition method beginning January 1, 2019. The updated practical expedient for lessors will not have a material effect on our consolidated financial statements. As of December 31, 2018 , we had approximately 20,800 lease agreements in the U.S. and approximately 2,800 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently finalizing our implementation of a new lease software system which will enable us to comply with the on-going requirements of this standard, as well as finalizing the impact of adoption on January 1, 2019. This standard will have a significant impact on our consolidated financial statements, as we expect to recognize right-of-use asset and lease liability in excess of $1.0 billion |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years As of December 31, (in millions) 2018 2017 Land $ 97.5 $ 94.4 Buildings and improvements 48.7 51.3 Advertising structures 1,789.4 1,750.8 Furniture, equipment and other 134.3 120.7 Construction in progress 19.3 27.4 2,089.2 2,044.6 Less accumulated depreciation 1,436.3 1,382.5 Property and equipment, net $ 652.9 $ 662.1 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash [Abstract] | |
Restricted Cash | As of (in millions) December 31, 2018 December 31, 2017 December 31, 2016 Cash and cash equivalents $ 52.7 $ 48.3 $ 65.2 Restricted cash 1.4 — — Cash, cash equivalents and restricted cash $ 54.1 $ 48.3 $ 65.2 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Depreciation is computed using the straight-line method over the estimated useful lives as follows: Buildings and improvements 20 to 40 years Advertising structures 5 to 20 years Furniture, equipment and other 3 to 10 years As of December 31, (in millions) 2018 2017 Land $ 97.5 $ 94.4 Buildings and improvements 48.7 51.3 Advertising structures 1,789.4 1,750.8 Furniture, equipment and other 134.3 120.7 Construction in progress 19.3 27.4 2,089.2 2,044.6 Less accumulated depreciation 1,436.3 1,382.5 Property and equipment, net $ 652.9 $ 662.1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the years ended December 31, 2018 and 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 — (5.4 ) (5.4 ) Impairment — (42.9 ) (42.9 ) As of December 31, 2018 $ 2,054.0 $ 25.7 $ 2,079.7 (a) Non-deductible addition associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions to the Consolidated Financial Statements). |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of December 31, 2018: Permits and leasehold agreements (a) $ 1,107.4 $ (697.6 ) $ 409.8 Franchise agreements 470.7 (357.1 ) 113.6 Other intangible assets (a) 46.9 (33.1 ) 13.8 Total intangible assets $ 1,625.0 $ (1,087.8 ) $ 537.2 As of December 31, 2017: Permits and leasehold agreements $ 1,111.3 $ (661.6 ) $ 449.7 Franchise agreements 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) Includes additions associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions to the Consolidated Financial Statements). |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2019 through 2023 , to be as follows: (in millions) 2019 2020 2021 2022 2023 Amortization expense $ 55.5 $ 50.9 $ 49.3 $ 44.5 $ 43.7 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | Year Ended December 31, (in millions) 2018 2017 Balance, at beginning of period $ 34.7 $ 34.1 Accretion expense 2.4 2.3 Additions 0.2 0.2 Liabilities settled (2.7 ) (2.3 ) Foreign currency translation adjustments (0.4 ) 0.4 Balance, at end of period $ 34.2 $ 34.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt, net, consists of the following: As of (in millions, except percentages) December 31, 2018 December 31, Short-term debt: AR Facility $ 85.0 $ 80.0 Repurchase Facility 75.0 — Total short-term debt 160.0 80.0 Long-term debt: Term loan, due 2024 668.1 667.8 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 549.7 549.6 5.625% senior unsecured notes, due 2024 502.2 502.6 5.875% senior unsecured notes, due 2025 450.0 450.0 Total senior unsecured notes 1,501.9 1,502.2 Debt issuance costs (20.4 ) (24.7 ) Total long-term debt, net 2,149.6 2,145.3 Total debt, net $ 2,309.6 $ 2,225.3 Weighted average cost of debt 5.1 % 4.8 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in the components of accumulated other comprehensive loss. (in millions) Cumulative Translation Adjustments Net Actuarial Gain (Loss) Loss on Interest Rate Cash Flow Swaps Accumulated Other Comprehensive Loss As of December 31, 2015 $ (112.2 ) $ (8.7 ) $ — $ (120.9 ) Other comprehensive income (loss) before reclassifications (a) 102.3 (0.3 ) — 102.0 Amortization of actuarial losses reclassified to net income (b) — 0.4 — 0.4 Total other comprehensive income (loss), net of tax 102.3 0.1 — 102.4 As of December 31, 2016 (9.9 ) (8.6 ) — (18.5 ) Other comprehensive income (loss) before reclassifications 11.8 (1.4 ) — 10.4 Amortization of actuarial losses reclassified to net income (b) — 0.4 — 0.4 Total other comprehensive income, net of tax 11.8 (1.0 ) — 10.8 As of December 31, 2017 1.9 (9.6 ) — (7.7 ) Other comprehensive income (loss) before reclassifications (14.5 ) 1.9 (2.4 ) (15.0 ) Amortization of actuarial losses reclassified to net income (b) — 0.7 — 0.7 Total other comprehensive income (loss), net of tax (14.5 ) 2.6 (2.4 ) (14.3 ) As of December 31, 2018 $ (12.6 ) $ (7.0 ) $ (2.4 ) $ (22.0 ) (a) On April 1, 2016, in connection with the Disposition, we recognized $99.9 million in unrealized foreign currency translation losses. (b) See Note 15. Retirement Benefits |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenues by source: Years Ended December 31, (in millions) 2018 2017 2016 Billboard: Static displays $ 858.1 $ 839.7 $ 880.3 Digital displays 216.1 173.7 155.9 Other 38.2 45.6 34.8 Billboard revenues 1,112.4 1,059.0 1,071.0 Transit: Static displays 339.9 339.5 331.7 Digital displays 59.6 45.3 39.8 Other 39.5 35.9 30.0 Total transit revenues 439.0 420.7 401.5 Sports marketing and other 54.8 40.8 41.4 Transit and other revenues 493.8 461.5 442.9 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 |
Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography: Years Ended December 31, (in millions) 2018 2017 2016 United States: Billboard $ 1,040.8 $ 997.9 $ 1,005.6 Transit and other 426.0 408.6 388.2 Sports marketing and other 54.8 40.8 41.4 Total United States revenues 1,521.6 1,447.3 1,435.2 Canada 84.6 73.2 67.3 Latin America — — 11.4 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 Year Ended December 31, (in millions) 2018 2017 2016 Revenues (a) : United States $ 1,521.6 $ 1,447.3 $ 1,435.2 Canada 84.6 73.2 67.3 Latin America — — 11.4 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 (a) Revenues |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for 2018 , 2017 and 2016 . Year Ended December 31, (in millions) 2018 2017 2016 RSUs and PRSUs $ 20.2 $ 20.3 $ 17.8 Stock options — 0.2 0.2 Stock-based compensation expense, before income taxes 20.2 20.5 18.0 Tax benefit (1.3 ) (2.0 ) (1.9 ) Stock-based compensation expense, net of tax $ 18.9 $ 18.5 $ 16.1 |
Activity of RSUs and PRSUs issued to our employees | The following table summarizes the 2018 activity of the RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2017 1,632,120 $ 24.43 Granted: RSUs 837,517 21.43 PRSUs 383,913 21.52 Vested: RSUs (608,090 ) 24.36 PRSUs (298,964 ) 24.81 Forfeitures: RSUs (98,673 ) 22.75 PRSUs (123,843 ) 24.25 Non-vested as of December 31, 2018 1,723,980 22.39 |
Activity of stock options issued to our employees | The following table summarizes the activity of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2017 165,293 $ 20.69 Exercised (23,446 ) 6.25 Outstanding as of December 31, 2018 141,847 23.08 Exercisable as of December 31, 2018 141,847 23.08 |
Cash proceeds received and tax benefit from stock option exercises | The following table summarizes other information relating to stock option exercises. Year Ended December 31, (in millions) 2018 2017 2016 Tax benefit of stock option exercises $ — $ 0.1 $ — Intrinsic value of stock option exercises 0.4 2.1 — |
Stock options outstanding and exercisable by price | The following table summarizes information concerning outstanding and exercisable stock options to purchase our common stock under the Stock Plan as of December 31, 2018 . Outstanding Exercisable Range of Exercise Price Number of Options Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Options Weighted Average Exercise Price $10 to 14.99 28,488 0.62 $ 12.12 28,488 $ 12.12 $20 to 24.99 9,946 2.12 20.07 9,946 20.07 $25 to 29.99 103,413 2.72 26.39 103,413 26.39 141,847 141,847 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Change in benefit obligation | The following table sets forth the change in benefit obligation for our pension plans. As of December 31, (in millions) 2018 2017 2016 Benefit obligation, beginning of year $ 57.8 $ 48.3 $ 44.9 Service cost 1.8 1.6 1.6 Interest cost 2.0 2.0 1.9 Actuarial (gain) loss (5.6 ) 3.7 0.2 Benefits paid (2.0 ) (1.4 ) (1.5 ) Cumulative translation adjustments (4.1 ) 3.6 1.2 Benefit obligation, end of year $ 49.9 $ 57.8 $ 48.3 |
Change in plan assets | The following table sets forth the change in plan assets for our pension plans. As of December 31, (in millions) 2018 2017 Fair value of plan assets, beginning of year $ 52.3 $ 43.6 Actual return on plan assets (0.9 ) 4.9 Employer contributions 2.0 2.0 Benefits paid (2.0 ) (1.4 ) Cumulative translation adjustments (3.9 ) 3.2 Fair value of plan assets, end of year $ 47.5 $ 52.3 |
Funded status and amounts recognized in consolidated statement of financial position | The unfunded status of pension benefit obligations and the related amounts recognized on the Consolidated Statement of Financial Position were as follows: As of December 31, (in millions) 2018 2017 Unfunded status, end of year $ (2.4 ) $ (5.4 ) Amounts recognized on the Consolidated Statement of Financial Position: Other noncurrent liabilities (2.4 ) (5.4 ) Net amounts recognized (2.4 ) (5.4 ) |
Amounts recognized in accumulated other comprehensive income (loss) | The following amounts were recognized in accumulated other comprehensive loss on the Consolidated Statement of Financial Position. As of December 31, (in millions) 2018 2017 Net actuarial loss $ (9.3 ) $ (12.9 ) Deferred income taxes 2.3 3.3 Net amount recognized in accumulated other comprehensive loss $ (7.0 ) $ (9.6 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. As of December 31, (in millions) 2018 2017 Projected benefit obligation $ 49.9 $ 57.8 Accumulated benefit obligation 46.9 53.9 Fair value of plan assets 47.5 52.3 |
Schedule of Net Benefit Costs | The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). As of December 31, (in millions) 2018 2017 2016 Service cost $ 1.8 $ 1.6 $ 1.6 Interest cost 2.0 2.0 1.9 Expected return on plan assets (2.6 ) (2.3 ) (2.1 ) Amortization of actuarial losses (a) 0.7 0.6 0.6 Amortization of transitional obligation — (0.1 ) (0.1 ) Settlement cost 0.1 — — Net periodic pension cost $ 2.0 $ 1.8 $ 1.9 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | (in millions) Year Ended December 31, 2018 Actuarial gains $ 2.1 Amortization of actuarial losses (a) 0.6 Cumulative translation adjustments 0.8 Settlement cost 0.1 3.6 Deferred income taxes (1.0 ) Recognized in other comprehensive income, net of tax $ 2.6 (a) |
Weighted average assumptions used to determine benefit obligations and net periodic cost | As of and for the Year Ended December 31, 2018 2017 Weighted average assumptions used to determine benefit obligations: Discount rate 4.0 % 3.5 % Rate of compensation increase 3.0 3.0 Weighted average assumptions used to determine net periodic cost: Discount rate 3.5 4.0 Expected long-term return on plan assets 5.1 5.1 Rate of compensation increase 3.0 3.0 |
Pension plan assets categorized according to the FASB fair value hierarchy | The following tables set forth our pension plan assets measured at fair value on a recurring basis as of December 31, 2018 and 2017 . These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. As of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 1.0 $ — $ 1.0 Fixed income securities: Corporate and government related securities — 14.2 — 14.2 Corporate bonds (b) 0.7 — — 0.7 Equity securities (c) : U.S. equity 0.6 — — 0.6 International equity 0.3 27.1 — 27.4 Insurance contracts — — 3.6 3.6 Total assets $ 1.6 $ 42.3 $ 3.6 $ 47.5 As of December 31, 2017 (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ — $ 1.0 $ — $ 1.0 Fixed income securities: Corporate and government related securities — 15.3 — 15.3 Corporate bonds (b) 0.8 — — 0.8 Equity securities (c) : U.S. equity 1.0 — — 1.0 International equity 0.4 29.4 — 29.8 Insurance contracts — — 4.4 4.4 Total assets $ 2.2 $ 45.7 $ 4.4 $ 52.3 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse industries, substantially all investment grade. (c) |
Significant changes in Level 3 plan assets | Significant changes in Level 3 plan assets are as follows: Year Ended December 31, (in millions) 2018 2017 Insurance contracts: Beginning of year $ 4.4 $ 4.7 Payments (0.5 ) (0.5 ) Actuarial loss (0.1 ) (0.3 ) Interest income 0.1 0.2 Cumulative translation adjustments (0.3 ) 0.3 End of year $ 3.6 $ 4.4 |
Schedule of Expected Benefit Payments | (in millions) 2019 2020 2021 2022 2023 2024-2028 Estimated future benefit payments for pension plans 1.7 1.7 1.9 2.0 2.1 12.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The U.S. and foreign components of Income (loss) before provision for income taxes and equity in earnings of investee companies were as follows: Year Ended December 31, (in millions) 2018 2017 2016 United States $ 157.3 $ 139.2 $ 100.9 Foreign (48.6 ) (14.1 ) (9.9 ) Income before provision for income taxes and equity in earnings of investee companies $ 108.7 $ 125.1 $ 91.0 |
Book Income (Loss) To REIT Taxable Income Reconciliation | The following table reconciles Income (loss) before provision for income taxes and equity in earnings of investee companies to REIT taxable income. Year Ended December 31, (in millions) 2018 2017 2016 Income (loss) before provision for income taxes and equity in earnings of investee companies $ 108.7 $ 125.1 $ 91.0 Net (income) loss of TRSs 38.4 (2.4 ) 5.4 Income from REIT operations 147.1 122.7 96.4 Book depreciation in excess of tax depreciation 24.4 29.5 50.8 Book amortization in excess of tax amortization (10.6 ) (1.8 ) 12.2 Tax dividend from foreign subsidiary (a) 2.1 5.6 41.0 Book/tax differences - stock-based compensation (1.4 ) (2.2 ) 4.2 Book/tax differences - deferred gain for tax (1.4 ) (13.1 ) (3.5 ) Book/tax differences - capitalized costs 6.4 5.7 6.0 Book/tax differences - other 11.1 (0.2 ) 6.4 REIT taxable income (estimated) $ 177.7 $ 146.2 $ 213.5 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Provision for income taxes are as follows: Year Ended December 31, (in millions) 2018 2017 2016 Current: Federal $ (2.4 ) $ (6.9 ) $ (4.0 ) State and local (2.3 ) (2.2 ) (1.5 ) Foreign (0.6 ) 0.1 (1.7 ) (5.3 ) (9.0 ) (7.2 ) Deferred tax benefit (liability): Federal (1.0 ) (2.2 ) (0.7 ) State and local (0.4 ) (0.1 ) (0.2 ) Foreign 1.8 7.2 2.7 0.4 4.9 1.8 Provision for income taxes $ (4.9 ) $ (4.1 ) $ (5.4 ) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% in 2018 and 35% in 2017 and 2016, and the Provision for income taxes is summarized as follows: Year Ended December 31, (in millions) 2018 2017 2016 Provision for income taxes on income at U.S. statutory rate $ (22.8 ) $ (43.8 ) $ (31.9 ) REIT dividends paid deduction 30.9 42.9 33.8 State and local taxes, net of federal tax benefit (2.3 ) (1.6 ) (1.6 ) Effect of foreign operations (9.3 ) 2.4 (2.4 ) Resolution of prior year tax — — (2.9 ) Effect of the Tax Act on net deferred tax assets (a) — (2.1 ) — Gain on dispositions (0.5 ) (0.9 ) — Other, net (0.9 ) (1.0 ) (0.4 ) Provision for income taxes $ (4.9 ) $ (4.1 ) $ (5.4 ) (a) Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% |
Schedule of Deferred Tax Assets and Liabilities | The following table is a summary of the components of deferred income tax assets and liabilities. As of December 31, (in millions) 2018 2017 Deferred income tax assets: Provision for expenses and losses $ 1.1 $ 0.9 Postretirement and other employee benefits 3.6 3.8 Tax credit and loss carryforwards 0.8 2.2 Total deferred income tax assets 5.5 6.9 Deferred income tax liabilities: Property, equipment and intangible assets (19.5 ) (22.4 ) Total deferred income tax liabilities (19.5 ) (22.4 ) Deferred income tax liabilities, net $ (14.0 ) $ (15.5 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. (in millions) As of January 1, 2016 $ 0.8 Additions for current year tax positions 0.1 Reductions for prior year tax positions (0.3 ) As of December 31, 2016 0.6 Additions for current year tax positions 0.2 Reductions for prior year tax positions (0.2 ) As of December 31, 2017 0.6 Additions for current year tax positions 0.3 Reductions for prior year tax positions (0.3 ) As of December 31, 2018 $ 0.6 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, (in millions) 2018 2017 2016 Net income available for common stockholders $ 107.9 $ 125.8 $ 90.9 Less: Distributions to holders of Class A equity interests of a subsidiary (b) 2.7 1.4 — Net income available for common stockholders, basic and diluted $ 105.2 $ 124.4 $ 90.9 Weighted average shares for basic EPS 139.3 138.5 137.9 Dilutive potential shares from grants of RSUs, PRSUs and stock options (a) 0.3 0.4 0.5 Weighted average shares for diluted EPS (a)(b) 139.6 138.9 138.4 (a) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options for 2018, 0.1 million granted RSUs, PRSUs and stock options for 2017 and 0.5 million granted RSUs, PRSUs and stock options for 2016 was antidilutive. (b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 10. Equity to the Consolidated Financial Statements.) The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
MTA Agreement schedule | (in millions) Beginning Balance Deployment Costs Incurred Recoupment Amortization Ending Balance Year Ended December 31, 2018: Prepaid MTA equipment deployment costs $ 4.7 $ 76.5 $ (1.7 ) $ — $ 79.5 Intangible assets (franchise agreements) 0.9 14.7 — (0.8 ) 14.8 Total $ 5.6 $ 91.2 $ (1.7 ) $ (0.8 ) $ 94.3 Year Ended December 31, 2017: Prepaid MTA equipment deployment costs $ — $ 4.7 $ — $ — $ 4.7 Intangible assets (franchise agreements) — 0.9 — — 0.9 Total $ — $ 5.6 $ — $ — $ 5.6 |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2018 , minimum rental payments under non-cancellable operating leases with original terms in excess of one year and guaranteed minimum annual payments are as follows: (in millions) Operating Leases Guaranteed Minimum Annual Payments 2019 $ 154.8 $ 209.7 2020 151.8 191.7 2021 139.1 187.6 2022 126.2 186.2 2023 109.8 188.7 2024 and thereafter 574.6 769.1 Total minimum payments $ 1,256.3 $ 1,733.0 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other . Year Ended December 31, (in millions) 2018 2017 2016 Revenues: U.S. Media $ 1,466.8 $ 1,406.5 $ 1,393.8 Other 139.4 114.0 120.1 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 |
Adjusted OIBDA by segment and Reconciliation to Consolidated Net Income | Year Ended December 31, (in millions) 2018 2017 2016 Net income $ 107.9 $ 125.8 $ 90.9 Provision for income taxes 4.9 4.1 5.4 Equity in earnings of investee companies, net of tax (4.1 ) (4.8 ) (5.3 ) Interest expense, net 125.7 116.9 113.8 Other (income) expense, net 0.4 (0.3 ) 0.1 Operating income 234.8 241.7 204.9 Restructuring charges 2.1 6.4 2.5 Loss on real estate assets held for sale — — 1.3 Net gain on dispositions (5.5 ) (14.3 ) (1.9 ) Impairment charge 42.9 — — Depreciation and amortization 185.0 189.8 224.2 Stock-based compensation 20.2 20.5 18.0 Total Adjusted OIBDA $ 479.5 $ 444.1 $ 449.0 Adjusted OIBDA: U.S. Media $ 500.2 $ 478.1 $ 473.8 Other 17.3 8.4 17.8 Corporate (38.0 ) (42.4 ) (42.6 ) Total Adjusted OIBDA $ 479.5 $ 444.1 $ 449.0 |
Tabular Disclosure by Reportable Segments | Year Ended December 31, (in millions) 2018 2017 2016 Operating income (loss): U.S. Media $ 342.8 $ 320.6 $ 269.5 Other (49.4 ) (16.0 ) (4.0 ) Corporate (58.6 ) (62.9 ) (60.6 ) Total operating income $ 234.8 $ 241.7 $ 204.9 Net (gain) loss on dispositions: U.S. Media $ (5.3 ) $ (14.4 ) $ (1.7 ) Other (0.2 ) 0.1 (0.2 ) Total gain on dispositions $ (5.5 ) $ (14.3 ) $ (1.9 ) Depreciation and amortization: U.S. Media $ 161.8 $ 169.6 $ 203.5 Other 23.2 20.2 20.7 Total depreciation and amortization $ 185.0 $ 189.8 $ 224.2 Capital expenditures: U.S. Media $ 73.0 $ 63.9 $ 54.8 Other 9.3 6.9 4.6 Total capital expenditures $ 82.3 $ 70.8 $ 59.4 |
Reconciliation of Assets from Segment to Consolidated | As of December 31, (in millions) 2018 2017 2016 Assets: U.S. Media $ 3,610.0 $ 3,528.8 $ 3,578.8 Other 202.5 263.8 145.5 Corporate 16.2 15.6 14.2 Total assets $ 3,828.7 $ 3,808.2 $ 3,738.5 |
Schedule of Revenue from External Customers by Geographic Area | The following table summarizes revenues by geography: Years Ended December 31, (in millions) 2018 2017 2016 United States: Billboard $ 1,040.8 $ 997.9 $ 1,005.6 Transit and other 426.0 408.6 388.2 Sports marketing and other 54.8 40.8 41.4 Total United States revenues 1,521.6 1,447.3 1,435.2 Canada 84.6 73.2 67.3 Latin America — — 11.4 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 Year Ended December 31, (in millions) 2018 2017 2016 Revenues (a) : United States $ 1,521.6 $ 1,447.3 $ 1,435.2 Canada 84.6 73.2 67.3 Latin America — — 11.4 Total revenues $ 1,606.2 $ 1,520.5 $ 1,513.9 (a) Revenues |
Long-lived Assets by Geographic Areas | As of December 31, (in millions) 2018 2017 2016 Long-lived assets (a) : United States $ 3,255.0 $ 3,216.4 3,255.0 Canada 122.5 189.1 73.9 Total long-lived assets $ 3,377.5 $ 3,405.5 $ 3,328.9 (a) |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Balance Sheet | As of December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 12.0 $ — $ 40.7 $ — $ 52.7 Receivables, less allowances — — 52.7 232.1 (19.9 ) 264.9 Other current assets — 1.0 176.3 81.5 (146.9 ) 111.9 Total current assets — 13.0 229.0 354.3 (166.8 ) 429.5 Property and equipment, net — — 604.3 48.6 — 652.9 Goodwill — — 2,059.9 19.8 — 2,079.7 Intangible assets — — 478.4 58.8 — 537.2 Investment in subsidiaries 1,102.8 3,257.5 261.9 — (4,622.2 ) — Prepaid MTA equipment deployment costs — — 60.6 — — 60.6 Other assets — 2.3 63.4 3.1 — 68.8 Intercompany — — 81.0 100.7 (181.7 ) — Total assets $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 Total current liabilities $ — $ 18.0 $ 375.5 $ 175.9 $ (166.8 ) $ 402.6 Long-term debt — 2,149.6 — — — 2,149.6 Deferred income tax liabilities, net — — — 17.0 — 17.0 Asset retirement obligation — — 29.9 4.3 — 34.2 Deficit in excess of investment of subsidiaries — — 2,154.7 — (2,154.7 ) — Other liabilities — 2.4 74.9 2.7 — 80.0 Intercompany — — 100.7 81.0 (181.7 ) — Total liabilities — 2,170.0 2,735.7 280.9 (2,503.2 ) 2,683.4 Total stockholders’ equity 1,102.8 1,102.8 1,102.8 261.9 (2,467.5 ) 1,102.8 Non-controlling interests — — — 42.5 — 42.5 Total equity 1,102.8 1,102.8 1,102.8 304.4 (2,467.5 ) 1,145.3 Total liabilities and equity $ 1,102.8 $ 3,272.8 $ 3,838.5 $ 585.3 $ (4,970.7 ) $ 3,828.7 As of December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Receivables, less allowances — — 42.1 202.7 (13.7 ) 231.1 Other current assets — 1.0 89.0 20.0 (13.4 ) 96.6 Total current assets — 11.2 134.8 257.1 (27.1 ) 376.0 Property and equipment, net — — 609.1 53.0 — 662.1 Goodwill — — 2,059.9 68.1 — 2,128.0 Intangible assets — — 511.5 69.4 — 580.9 Investment in subsidiaries 1,181.1 3,333.6 293.4 — (4,808.1 ) — Other assets — 3.3 55.1 2.8 — 61.2 Intercompany — — 123.9 148.3 (272.2 ) — Total assets $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 Total current liabilities $ — $ 21.7 $ 199.4 $ 105.6 $ (27.1 ) $ 299.6 Long-term debt — 2,145.3 — — — 2,145.3 Deferred income tax liabilities, net — — — 19.6 — 19.6 Asset retirement obligation — — 29.7 5.0 — 34.7 Deficit in excess of investment of subsidiaries — — 2,152.5 — (2,152.5 ) — Other liabilities — — 76.7 5.7 — 82.4 Intercompany — — 148.3 123.9 (272.2 ) — Total liabilities — 2,167.0 2,606.6 259.8 (2,451.8 ) 2,581.6 Total stockholders’ equity 1,181.1 1,181.1 1,181.1 293.4 (2,655.6 ) 1,181.1 Non-controlling interests — — — 45.5 — 45.5 Total equity 1,181.1 1,181.1 1,181.1 338.9 (2,655.6 ) 1,226.6 Total liabilities and stockholders’ equity $ 1,181.1 $ 3,348.1 $ 3,787.7 $ 598.7 $ (5,107.4 ) $ 3,808.2 |
Condensed Income Statement | Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,040.1 $ 72.3 $ — $ 1,112.4 Transit and other — — 480.8 13.0 — 493.8 Total revenues — — 1,520.9 85.3 — 1,606.2 Expenses: Operating — — 808.3 51.6 — 859.9 Selling, general and administrative 1.6 0.2 276.6 8.6 — 287.0 Restructuring charges — — 2.1 — — 2.1 Net gain on dispositions — — (5.3 ) (0.2 ) — (5.5 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 73.3 12.6 — 85.9 Amortization — — 90.2 8.9 — 99.1 Total expenses 1.6 0.2 1,245.2 124.4 — 1,371.4 Operating income (loss) (1.6 ) (0.2 ) 275.7 (39.1 ) — 234.8 Interest expense, net — (118.4 ) (3.8 ) (3.5 ) — (125.7 ) Other expense, net — — — (0.4 ) — (0.4 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (118.6 ) 271.9 (43.0 ) — 108.7 Benefit (provision) for income taxes — — (6.1 ) 1.2 — (4.9 ) Equity in earnings of investee companies, net of tax 109.5 228.1 (156.3 ) 1.1 (178.3 ) 4.1 Net income (loss) $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Net income (loss) $ 107.9 $ 109.5 $ 109.5 $ (40.7 ) $ (178.3 ) $ 107.9 Total other comprehensive loss, net of tax (14.3 ) (14.3 ) (14.3 ) (12.1 ) 40.7 (14.3 ) Total comprehensive income (loss) $ 93.6 $ 95.2 $ 95.2 $ (52.8 ) $ (137.6 ) $ 93.6 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 997.5 $ 61.5 $ — $ 1,059.0 Transit and other — — 449.4 12.1 — 461.5 Total revenues — — 1,446.9 73.6 — 1,520.5 Expenses: Operating — — 784.6 50.6 — 835.2 Selling, general and administrative 1.6 0.9 246.2 13.0 — 261.7 Restructuring charges — — 2.5 3.9 — 6.4 Net loss on dispositions — — (14.4 ) 0.1 — (14.3 ) Depreciation — — 77.3 12.4 — 89.7 Amortization — — 94.0 6.1 — 100.1 Total expenses 1.6 0.9 1,190.2 86.1 — 1,278.8 Operating income (loss) (1.6 ) (0.9 ) 256.7 (12.5 ) — 241.7 Interest expense, net — (113.9 ) (2.3 ) (0.7 ) — (116.9 ) Other income, net — — — 0.3 — 0.3 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.6 ) (114.8 ) 254.4 (12.9 ) — 125.1 Benefit (provision) for income taxes — — (11.3 ) 7.2 — (4.1 ) Equity in earnings of investee companies, net of tax 127.4 242.2 (115.7 ) 0.8 (249.9 ) 4.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Net income (loss) $ 125.8 $ 127.4 $ 127.4 $ (4.9 ) $ (249.9 ) $ 125.8 Total other comprehensive income, net of tax 10.8 10.8 10.8 10.8 (32.4 ) 10.8 Total comprehensive income $ 136.6 $ 138.2 $ 138.2 $ 5.9 $ (282.3 ) $ 136.6 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 1,005.6 $ 65.4 $ — $ 1,071.0 Transit and other — — 429.6 13.3 — 442.9 Total revenues — — 1,435.2 78.7 — 1,513.9 Expenses: Operating — — 764.9 53.2 — 818.1 Selling, general and administrative 1.5 0.2 246.7 16.4 — 264.8 Restructuring charges — — 2.5 — — 2.5 Loss on real estate assets held for sale — — — 1.3 — 1.3 Net gain on dispositions — — (1.7 ) (0.2 ) — (1.9 ) Depreciation — — 94.1 14.8 — 108.9 Amortization — — 112.3 3.0 — 115.3 Total expenses 1.5 0.2 1,218.8 88.5 — 1,309.0 Operating income (loss) (1.5 ) (0.2 ) 216.4 (9.8 ) — 204.9 Interest expense, net — (113.6 ) (0.2 ) — — (113.8 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.5 ) (113.8 ) 216.2 (9.9 ) — 91.0 Benefit (provision) for income taxes — — (6.4 ) 1.0 — (5.4 ) Equity in earnings of investee companies, net of tax 92.4 206.2 (117.4 ) 1.0 (176.9 ) 5.3 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Net income (loss) $ 90.9 $ 92.4 $ 92.4 $ (7.9 ) $ (176.9 ) $ 90.9 Total other comprehensive income, net of tax 102.4 102.4 102.4 102.6 (307.4 ) 102.4 Total comprehensive income $ 193.3 $ 194.8 $ 194.8 $ 94.7 $ (484.3 ) $ 193.3 |
Condensed Cash Flow Statement | Year Ended December 31, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.6 ) $ (110.6 ) $ 331.8 $ (5.3 ) $ — $ 214.3 Investing activities: Capital expenditures — — (70.0 ) (12.3 ) — (82.3 ) Acquisitions — — (7.0 ) — — (7.0 ) MTA franchise rights — — (13.3 ) — — (13.3 ) Proceeds from dispositions — — 7.6 0.3 — 7.9 Return of investment in investee companies — — 4.3 — — 4.3 Cash used for investing activities — — (78.4 ) (12.0 ) — (90.4 ) Financing activities: Proceeds from long-term debt borrowings — 104.0 — — — 104.0 Repayments of long-term debt borrowings — (104.0 ) — — — (104.0 ) Proceeds from borrowings under short-term debt facilities — — 75.0 170.0 — 245.0 Repayments of borrowings under short-term debt facilities — — — (165.0 ) — (165.0 ) Payments of deferred financing costs — (0.2 ) — (0.1 ) — (0.3 ) Proceeds from shares issued under the ATM Program 15.3 — — — — 15.3 Earnout payment related to prior acquisition — — (0.4 ) — — (0.4 ) Taxes withheld for stock-based compensation — — (8.4 ) — — (8.4 ) Dividends (201.2 ) — — (2.7 ) — (203.9 ) Intercompany 187.5 112.6 (321.9 ) 21.8 — — Cash provided by (used for) financing activities 1.6 112.4 (255.7 ) 24.0 — (117.7 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — (0.4 ) — (0.4 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 1.8 (2.3 ) 6.3 — 5.8 Cash, cash equivalents and restricted cash at beginning of period — 10.2 3.7 34.4 — 48.3 Cash, cash equivalents and restricted cash at end of period $ — $ 12.0 $ 1.4 $ 40.7 $ — $ 54.1 Year Ended December 31, 2017 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.7 ) $ (108.5 ) $ 329.5 $ 30.0 $ — $ 249.3 Investing activities: Capital expenditures — — (63.6 ) (7.2 ) — (70.8 ) Acquisitions — — (17.6 ) (51.6 ) — (69.2 ) MTA franchise rights — — (0.9 ) — — (0.9 ) Proceeds from dispositions — — 5.5 0.1 — 5.6 Cash used for investing activities — — (76.6 ) (58.7 ) — (135.3 ) Financing activities: Proceeds from long-term debt borrowings — 8.3 — — — 8.3 Proceeds from borrowings under short-term debt facilities — 90.0 — 160.0 — 250.0 Repayments of borrowings under short-term debt facilities — (90.0 ) — (80.0 ) — (170.0 ) Payments of deferred financing costs — (8.0 ) — (0.5 ) — (8.5 ) Proceeds from stock option exercises 1.2 — — — — 1.2 Earnout payment related to prior acquisition — — (2.0 ) — — (2.0 ) Taxes withheld for stock-based compensation — — (8.5 ) — — (8.5 ) Dividends (200.4 ) — — (1.4 ) — (201.8 ) Intercompany 200.9 107.0 (274.3 ) (33.6 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.7 107.3 (285.0 ) 44.5 — (131.5 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — 0.6 — 0.6 Net increase (decrease) in cash, cash equivalents and restricted cash — (1.2 ) (32.1 ) 16.4 — (16.9 ) Cash, cash equivalents and restricted cash at beginning of period — 11.4 35.8 18.0 — 65.2 Cash, cash equivalents and restricted cash at end of period $ — $ 10.2 $ 3.7 $ 34.4 $ — $ 48.3 Year Ended December 31, 2016 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash provided by (used for) operating activities $ (1.5 ) $ (111.3 ) $ 399.1 $ 0.8 $ — $ 287.1 Investing activities: Capital expenditures — — (54.8 ) (4.6 ) — (59.4 ) Acquisitions — — (67.9 ) — — (67.9 ) Proceeds from dispositions — — 2.9 87.7 — 90.6 Cash provided by (used for) investing activities — — (119.8 ) 83.1 — (36.7 ) Financing activities: Repayments of long-term debt borrowings — (90.0 ) — — — (90.0 ) Proceeds from borrowings under short-term debt facilities — 35.0 — — — 35.0 Repayments of borrowings under short-term debt facilities — (35.0 ) — — — (35.0 ) Payments of deferred financing costs — (0.4 ) — — — (0.4 ) Taxes withheld for stock-based compensation — — (7.3 ) — — (7.3 ) Dividends (188.6 ) — — — — (188.6 ) Intercompany 190.1 131.5 (244.5 ) (77.1 ) — — Other — — (0.2 ) — — (0.2 ) Cash provided by (used for) financing activities 1.5 41.1 (252.0 ) (77.1 ) — (286.5 ) Effect of exchange rate on cash, cash equivalents and restricted cash — — — (0.3 ) — (0.3 ) Net increase (decrease) in cash, cash equivalents and restricted cash — (70.2 ) 27.3 6.5 — (36.4 ) Cash, cash equivalents and restricted cash at beginning of period — 81.6 8.5 11.5 — 101.6 Cash, cash equivalents and restricted cash at end of period $ — $ 11.4 $ 35.8 $ 18.0 $ — $ 65.2 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | 2018 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 309.9 $ 367.2 $ 379.7 $ 410.0 $ 1,466.8 Other 28.0 34.5 34.5 42.4 139.4 Total revenues $ 337.9 $ 401.7 $ 414.2 $ 452.4 $ 1,606.2 Adjusted OIBDA: U.S. Media $ 88.9 $ 131.2 $ 136.2 $ 143.9 $ 500.2 Other (0.8 ) 4.2 4.2 9.7 17.3 Corporate (6.9 ) (10.2 ) (11.1 ) (9.8 ) (38.0 ) Total Adjusted OIBDA 81.2 125.2 129.3 143.8 479.5 Restructuring charges (1.1 ) (0.2 ) (0.1 ) (0.7 ) (2.1 ) Net gain on dispositions 0.2 2.7 1.3 1.3 5.5 Impairment charge — (42.9 ) (a) — — (42.9 ) Depreciation (21.1 ) (21.3 ) (21.0 ) (22.5 ) (85.9 ) Amortization (22.5 ) (25.0 ) (25.8 ) (25.8 ) (99.1 ) Stock-based compensation (5.0 ) (5.6 ) (4.8 ) (4.8 ) (20.2 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Operating income (loss): U.S. Media $ 50.6 $ 93.8 $ 96.0 $ 102.4 $ 342.8 Other (7.0 ) (45.1 ) (1.2 ) 3.9 (49.4 ) Corporate (11.9 ) (15.8 ) (15.9 ) (15.0 ) (58.6 ) Total operating income $ 31.7 $ 32.9 $ 78.9 $ 91.3 $ 234.8 Net income (loss) $ 9.1 $ (5.2 ) $ 46.8 $ 57.2 $ 107.9 Net income (loss) per common share: Basic $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.76 Diluted $ 0.06 $ (0.04 ) $ 0.33 $ 0.40 $ 0.75 (a) As a result of an 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 on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill to the Consolidated Financial Statements. 2017 (in millions) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year Revenues: U.S. Media $ 307.1 $ 367.1 $ 363.0 $ 369.3 $ 1,406.5 Other 23.5 29.1 (a) 29.4 (a) 32.0 (a) 114.0 Total revenues $ 330.6 $ 396.2 $ 392.4 $ 401.3 $ 1,520.5 Adjusted OIBDA: U.S. Media $ 92.4 $ 128.3 $ 129.2 $ 128.2 $ 478.1 Other (1.1 ) 4.0 (a) 1.9 (a) 3.6 (a) 8.4 Corporate (11.1 ) (10.3 ) (10.3 ) (10.7 ) (42.4 ) Total Adjusted OIBDA 80.2 122.0 120.8 121.1 444.1 Restructuring charges (1.8 ) (2.9 ) (1.6 ) (0.1 ) (6.4 ) Net gain (loss) on dispositions (0.4 ) (0.1 ) 14.1 0.7 14.3 Depreciation (22.9 ) (23.1 ) (22.3 ) (21.4 ) (89.7 ) Amortization (23.7 ) (25.4 ) (25.5 ) (25.5 ) (100.1 ) Stock-based compensation (5.4 ) (5.5 ) (5.2 ) (4.4 ) (20.5 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Operating income (loss): U.S. Media $ 47.5 $ 83.9 $ 100.7 $ 88.5 $ 320.6 Other (5.0 ) (3.1 ) (a) (4.9 ) (a) (3.0 ) (a) (16.0 ) Corporate (16.5 ) (15.8 ) (15.5 ) (15.1 ) (62.9 ) Total operating income $ 26.0 $ 65.0 $ 80.3 $ 70.4 $ 241.7 Net income $ 2.5 $ 37.1 $ 50.7 $ 35.5 $ 125.8 Net income per common share: Basic $ 0.02 $ 0.27 $ 0.36 $ 0.25 $ 0.90 Diluted $ 0.02 $ 0.27 $ 0.36 $ 0.25 $ 0.90 (a) On June 13, 2017, we completed the Transaction. (See Note 10. Equity and Note 13. Acquisitions and Dispositions : Acquisitions to the Consolidated Financial Statements.) |
II - Valuation and Qualifying_2
II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2018 $ 11.5 $ — $ 1.9 $ (0.1 ) $ 2.6 $ 10.7 Year ended December 31, 2017 9.2 — 4.4 0.1 2.2 11.5 Year ended December 31, 2016 8.9 — 3.6 — 3.3 9.2 |
III - Schedule of Real Estate_2
III - Schedule of Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount at December 31, 2018 (3) Description (1) Encumbrances Land Structures and Improvements Land Structures and Improvements Total Accumulated Depreciation Construction Date Acquisition Date Useful Lives Structures added prior to January 1, 2014 United States - 40,157 displays — (2) (2) (2) $ 82.0 $ 1,370.3 1,452.3 $ (1,066.3 ) Various Various 5 to 20 years Canada - 5,031 displays — (2) (2) (2) 2.1 270.0 272.1 (249.6 ) Various Various 5 to 20 years $ 84.1 $ 1,640.3 $ 1,724.4 $ (1,315.9 ) Structures added subsequent to January 1, 2014 United States - 1,968 displays $ 13.4 $ 141.4 $ (12.5 ) $ 13.4 $ 128.9 $ 142.3 $ (5.9 ) Various Various 5 to 20 years Canada - 225 displays — 20.2 — — 20.2 20.2 (1.4 ) Various Various 5 to 20 years $ 13.4 $ 161.6 $ (12.5 ) $ 13.4 $ 149.1 $ 162.5 $ (7.3 ) Total United States - 42,125 displays $ 95.4 $ 1,499.2 $ 1,594.6 $ (1,072.2 ) Various Various 5 to 20 years Canada - 5,256 displays 2.1 290.2 292.3 (251.0 ) Various Various 5 to 20 years $ 97.5 $ 1,789.4 $ 1,886.9 $ (1,323.2 ) ______________________ (1) No single asset exceeded 5% of the total gross carrying amount as of December 31, 2018 . (2) This information is omitted as it would be impracticable to compile on a site-by-site basis. (3) Includes sites under construction. The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. 2018 2017 2016 Gross real estate assets: Balance at the beginning of the year $ 1,845.2 $ 1,787.3 $ 1,778.7 New Investments 27.2 22.0 9.1 Redevelopments 29.0 23.4 23.7 Recurring capital expenditures 12.8 13.0 14.5 Purchase price accounting adjustments — — 1.0 Land acquisitions 3.5 4.6 0.6 Additions for construction of / improvements to structures 72.5 63.0 48.9 Assets sold or written-off (2.9 ) (28.9 ) (49.4 ) Foreign exchange (27.9 ) 23.8 9.1 Balance at the end of the year $ 1,886.9 $ 1,845.2 $ 1,787.3 Accumulated depreciation: Balance at the beginning of the year $ 1,280.7 $ 1,208.5 $ 1,137.7 Depreciation 69.1 76.2 98.2 Assets sold or written-off (2.3 ) (24.5 ) (34.6 ) Foreign exchange (24.3 ) 20.5 7.2 Balance at the end of the year $ 1,323.2 $ 1,280.7 $ 1,208.5 |
Description of Business and B_3
Description of Business and Basis of Presentation - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018marketssegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Largest Markets in Which the Entity Operates, Domestic | 25 |
Number of Markets in Which the Entity Operates | 140 |
Number of Operating Segments | segment | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building and building improvements | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Building and building improvements | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 40 years |
Advertising structures | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Advertising structures | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 20 years |
Furniture, equipment and other | Minimum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Furniture, equipment and other | Maximum | |
Property and Equipment [Line Items] | |
Property and Equipment, Useful Life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)leases | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | [1] | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)leases | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Summary of Accounting Policies [Line Items] | ||||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||||
Customer Billing Term | 30 days | |||||||
Impairment charge | $ 0 | $ 0 | $ 42.9 | $ 0 | $ 42.9 | $ 0 | $ 0 | |
Transit and other | 493.8 | 461.5 | 442.9 | |||||
Operating | 859.9 | 835.2 | 818.1 | |||||
Selling, general and administrative | 287 | $ 261.7 | $ 264.8 | |||||
Expected impact of adoption of lease standard | $ 1,000 | |||||||
Minimum | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Equity method investment ownership percentage | 20.00% | 20.00% | ||||||
Customer contract term | 28 days | |||||||
Intangible asset, useful life | 5 years | |||||||
Operating lease term | 1 month | 1 month | ||||||
Prepaid lease term | 1 month | |||||||
Maximum | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Equity method investment ownership percentage | 50.00% | 50.00% | ||||||
Cost method investment ownership percentage | 20.00% | 20.00% | ||||||
Customer contract term | 12 months | |||||||
Intangible asset, useful life | 40 years | |||||||
Prepaid lease term | 12 months | |||||||
Direct Lease Acquisition Cost | Minimum | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Intangible asset, useful life | 28 days | |||||||
Direct Lease Acquisition Cost | Maximum | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Intangible asset, useful life | 1 year | |||||||
United States | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Number of leases | leases | 20,800 | 20,800 | ||||||
Canada | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Number of leases | leases | 2,800 | 2,800 | ||||||
Adjustments for new accounting pronouncement | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Transit and other | $ 7 | |||||||
Operating | 4.8 | |||||||
Selling, general and administrative | 2.2 | |||||||
Canada | ||||||||
Summary of Accounting Policies [Line Items] | ||||||||
Goodwill accumulated impairment | $ 42.9 | $ 42.9 | ||||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 52.7 | $ 48.3 | $ 65.2 | |
Restricted cash | 1.4 | 0 | 0 | |
Cash, cash equivalents and restricted cash | $ 54.1 | $ 48.3 | $ 65.2 | $ 101.6 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property and Equipment [Line Items] | ||
Property and equipment | $ 2,089.2 | $ 2,044.6 |
Less: accumulated depreciation | 1,436.3 | 1,382.5 |
Property and equipment, net | 652.9 | 662.1 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 97.5 | 94.4 |
Building and building improvements | ||
Property and Equipment [Line Items] | ||
Property and equipment | 48.7 | 51.3 |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | 1,789.4 | 1,750.8 |
Furniture, equipment and other | ||
Property and Equipment [Line Items] | ||
Property and equipment | 134.3 | 120.7 |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 19.3 | $ 27.4 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||||||||||
Depreciation | $ 22.5 | $ 21 | $ 21.3 | $ 21.1 | $ 21.4 | $ 22.3 | $ 23.1 | $ 22.9 | $ 85.9 | $ 89.7 | $ 108.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Goodwill [Roll Forward] | |||||||||
Goodwill, Beginning Balance | $ 2,128 | $ 2,128 | $ 2,089.4 | ||||||
Additions | 34.3 | ||||||||
Currency translation adjustments | (5.4) | 4.3 | |||||||
Impairment charge | $ 0 | $ 0 | $ (42.9) | 0 | (42.9) | 0 | $ 0 | ||
Goodwill, Ending Balance | 2,079.7 | 2,079.7 | 2,128 | 2,089.4 | |||||
U.S. Media | |||||||||
Goodwill [Roll Forward] | |||||||||
Goodwill, Beginning Balance | 2,054 | 2,054 | 2,054 | ||||||
Additions | 0 | ||||||||
Currency translation adjustments | 0 | 0 | |||||||
Impairment charge | 0 | ||||||||
Goodwill, Ending Balance | 2,054 | 2,054 | 2,054 | 2,054 | |||||
Other | |||||||||
Goodwill [Roll Forward] | |||||||||
Goodwill, Beginning Balance | $ 74 | 74 | 35.4 | ||||||
Additions | 34.3 | 34.3 | [2] | ||||||
Currency translation adjustments | (5.4) | 4.3 | |||||||
Impairment charge | (42.9) | ||||||||
Goodwill, Ending Balance | $ 25.7 | $ 25.7 | $ 74 | $ 35.4 | |||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill | ||||||||
[2] | Non-deductible addition associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - Goodwill - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||||||
Impairment charge | $ 0 | $ 0 | $ 42.9 | $ 0 | $ 42.9 | $ 0 | $ 0 | |
Goodwill | 2,079.7 | 2,079.7 | 2,128 | $ 2,089.4 | ||||
Canada | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill accumulated impairment | 42.9 | 42.9 | ||||||
Goodwill | $ 19.8 | $ 19.8 | $ 68.1 | |||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,625 | $ 1,613.8 | |
Accumulated Amortization | (1,087.8) | (1,032.9) | |
Intangible assets | 537.2 | 580.9 | |
Permits and leasehold agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,107.4 | [1] | 1,111.3 |
Accumulated Amortization | (697.6) | (661.6) | |
Intangible assets | 409.8 | 449.7 | |
Franchise agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 470.7 | 455.4 | |
Accumulated Amortization | (357.1) | (346.2) | |
Intangible assets | 113.6 | 109.2 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 46.9 | [1] | 47.1 |
Accumulated Amortization | (33.1) | (25.1) | |
Intangible assets | $ 13.8 | $ 22 | |
[1] | Includes additions associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 55.5 |
2,020 | 50.9 |
2,021 | 49.3 |
2,022 | 44.5 |
2,023 | $ 43.7 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Narrative (Details) - Intangible Assets - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization of intangible assets | $ 25.8 | $ 25.8 | $ 25 | $ 22.5 | $ 25.5 | $ 25.5 | $ 25.4 | $ 23.7 | $ 99.1 | $ 100.1 | $ 115.3 |
Amortization of direct lease acquisition costs | $ 43.2 | $ 40 | $ 38.2 | ||||||||
Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 5 years | ||||||||||
Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 40 years | ||||||||||
Direct Lease Acquisition Cost | Minimum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 28 days | ||||||||||
Direct Lease Acquisition Cost | Maximum | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible asset, useful life | 1 year |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 12 Months Ended |
Dec. 31, 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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning of period | $ 34.7 | $ 34.1 | |
Accretion expense | 2.4 | 2.3 | $ 2.4 |
Additions | 0.2 | 0.2 | |
Liabilities settled | (2.7) | (2.3) | |
Foreign currency translation adjustments | (0.4) | 0.4 | |
End of period | $ 34.2 | $ 34.7 | $ 34.1 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)joint_ventureDisplays | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||
Equity method investment ownership percentage | 50.00% | ||
Equity Method Investments | $ | $ 16.1 | $ 19.5 | |
Management fee revenue | $ | $ 7.8 | $ 7.4 | $ 7.3 |
Transit shelter joint ventures | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Number of Investments | joint_venture | 2 | ||
Acquired business | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Number of Investments | joint_venture | 4 | ||
Equity Method Investment, Number Of Displays | Displays | 13 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Short-term debt | $ 160 | $ 80 |
Long-term debt, net | 2,149.6 | 2,145.3 |
Debt issuance costs | (20.4) | (24.7) |
Total debt, net | $ 2,309.6 | $ 2,225.3 |
Weighted average cost of debt | 5.10% | 4.80% |
Secured Debt | Term loan due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 668.1 | $ 667.8 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 1,501.9 | 1,502.2 |
Senior Notes | 5.250% senior unsecured notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 549.7 | 549.6 |
Senior Notes | 5.625% senior unsecured notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 502.2 | 502.6 |
Senior Notes | 5.875% senior unsecured notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 450 | 450 |
Short-term debt | AR Facility | ||
Debt Instrument [Line Items] | ||
Credit facility borrowings | 85 | 80 |
Short-term debt | Repurchase Facility | ||
Debt Instrument [Line Items] | ||
Credit facility borrowings | $ 75 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 26, 2019USD ($) | Sep. 30, 2018USD ($) | |
Line of Credit Facility [Line Items] | |||||
Covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | ||||
Maximum consolidated total leverage ratio | 6 | ||||
Consolidated total leverage ratio | 4.6 | ||||
Fair value of net liability for swap positions | $ 2.4 | ||||
Debt Instrument [Line Items] | |||||
Deferred finance costs | $ 24.1 | ||||
One-month LIBOR rate | 2.50% | ||||
Secured Debt | Term loan due 2024 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 16, 2024 | Mar. 16, 2024 | |||
Interest rate at period end | 4.30% | ||||
Debt discount | $ 1.9 | ||||
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 150 | ||||
Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | |||
Debt interest rate percentage | 5.25% | 5.25% | |||
Debt discount | $ 0.3 | ||||
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 100 | ||||
Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | |||
Debt interest rate percentage | 5.625% | 5.625% | |||
Unamortized debt premium | $ 2.2 | ||||
Senior Notes | 5.875% senior unsecured notes, due 2025 | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | |||
Debt interest rate percentage | 5.875% | 5.875% | |||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 430 | ||||
Credit facility, expiration date | Mar. 16, 2022 | ||||
Credit facility borrowings | $ 0 | ||||
Commitment fee for unused commitments | $ 1.4 | $ 1.5 | $ 1.8 | ||
Covenant description | The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. | ||||
Maximum consolidated net secured leverage ratio | 1.4 | ||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | ||||
Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 150 | ||||
Letters of credit outstanding | 142.9 | ||||
Letter of Credit sublimit to revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding | $ 66 | ||||
AR Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 100 | ||||
Credit facility, expiration date | Jun. 30, 2021 | ||||
Repurchase Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 75 | $ 75 | |||
Level 2 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt at fair value | 2,300 | 2,300 | |||
Interest Rate Cash Flow Hedge Liability at Fair Value | 2.4 | ||||
Maximum | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Debt covenant, restricted cash limit | 150 | ||||
Maximum | AR Securitization Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Collateral amount | 216 | ||||
Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 150 | ||||
Fixed interest rate | 3.00% | ||||
Receive rate | one-month LIBOR | ||||
Derivative, Maturity Date | Dec. 29, 2021 | ||||
Short-term debt | AR Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility borrowings | $ 85 | 80 | |||
Weighted average interest rate | 3.50% | ||||
Remaining borrowing capacity | $ 15 | ||||
Short-term debt | Repurchase Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, expiration date | Sep. 6, 2019 | ||||
Credit facility borrowings | $ 75 | $ 0 | |||
Weighted average interest rate | 3.70% | ||||
Remaining borrowing capacity | $ 0 | ||||
Short-term debt | Subsequent Event | AR Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility borrowings | $ 65 | ||||
Weighted average interest rate | 3.60% | ||||
Short-term debt | Subsequent Event | Repurchase Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility borrowings | $ 75 | ||||
Weighted average interest rate | 3.70% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ (7.7) | $ (18.5) | $ (120.9) | ||
Other comprehensive income (loss) before reclassifications | (15) | 10.4 | 102 | ||
Amortization of actuarial losses reclassified to net income | 0.7 | 0.4 | 0.4 | ||
Total other comprehensive income (loss), net of tax | (14.3) | 10.8 | 102.4 | ||
Ending balance | (22) | (7.7) | (18.5) | ||
Cumulative Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 1.9 | (9.9) | (112.2) | ||
Other comprehensive income (loss) before reclassifications | (14.5) | 11.8 | 102.3 | [1] | |
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | (14.5) | 11.8 | 102.3 | ||
Ending balance | (12.6) | 1.9 | (9.9) | ||
Net Actuarial Gain (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (9.6) | (8.6) | (8.7) | ||
Other comprehensive income (loss) before reclassifications | 1.9 | (1.4) | (0.3) | ||
Amortization of actuarial losses reclassified to net income | [2] | 0.7 | 0.4 | 0.4 | |
Total other comprehensive income (loss), net of tax | 2.6 | (1) | 0.1 | ||
Ending balance | (7) | (9.6) | (8.6) | ||
Loss on Interest Rate Cash Flow Swaps | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | (2.4) | 0 | 0 | ||
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | (2.4) | 0 | 0 | ||
Ending balance | $ (2.4) | $ 0 | $ 0 | ||
[1] | On April 1, 2016, in connection with the Disposition, we recognized $99.9 million | ||||
[2] | See Note 15. Retirement Benefits |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss -Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |||
Recognized unrealized foreign currency translation losses | $ 99.9 | ||
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss) | $ (1) | $ (0.3) |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Millions | Mar. 29, 2019 | Mar. 08, 2019 | Feb. 26, 2019$ / shares | Jun. 13, 2017 | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Nov. 21, 2017USD ($) |
Class of Stock [Line Items] | ||||||||||
Common Stock, Shares Authorized | shares | 450,000,000 | 450,000,000 | 450,000,000 | |||||||
Common Stock, Shares, Issued | shares | 140,239,977 | 140,239,977 | 138,644,917 | |||||||
Common Stock, Outstanding | shares | 140,239,977 | 140,239,977 | 138,644,917 | |||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | ||||||||
Preferred Stock, Shares Issued | shares | 0 | 0 | ||||||||
Preferred Stock, Shares Outstanding | shares | 0 | 0 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Temporary Equity, Contract Terms | The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. | |||||||||
Dividends | $ (203.9) | $ (201.8) | $ (188.6) | |||||||
Exchange Ratio Class A Equity Interests For Common Stock | 1 | |||||||||
Restriction For Disposition of Assets Acquired | 5 years | |||||||||
Common stock issued during the period (shares) | shares | 7,442 | 79,690 | ||||||||
Value of shares issued for services rendered | $ 0.1 | 0.1 | ||||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ 284.5 | $ 284.5 | $ 300 | |||||||
Issuance of stock for purchase of property and equipment | $ 1.9 | |||||||||
Dividends declared per common share | $ / shares | $ 1.44 | $ 1.44 | $ 1.36 | |||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends declared per common share | $ / shares | $ 0.36 | |||||||||
Ordinary dividend | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends Payable, Date to be Paid | Mar. 29, 2019 | |||||||||
Dividends Payable, Date of Record | Mar. 8, 2019 | |||||||||
At-the-market equity offering program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Commissions paid on issuance of common stock | $ 0.2 | |||||||||
Common stock issued during the period (shares) | shares | 750,000 | |||||||||
Common stock issued during the period, gross proceeds | $ 15.5 | $ 15.3 | ||||||||
Common stock issued during the period, net proceeds | 15.3 | |||||||||
Additional paid-in capital | ||||||||||
Class of Stock [Line Items] | ||||||||||
Value of shares issued for services rendered | 0.1 | |||||||||
Issuance of stock for purchase of property and equipment | $ 1.9 | |||||||||
Additional paid-in capital | At-the-market equity offering program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock issued during the period, gross proceeds | $ 15.3 | |||||||||
Non-controlling interests | ||||||||||
Class of Stock [Line Items] | ||||||||||
Equity issued for acquisition (shares) | shares | 1,953,407 | 1,953,407 | ||||||||
Dividends | $ 2.7 | $ (1.4) | $ 0 | |||||||
Conversion of Stock, Shares Converted | shares | 207,354 | |||||||||
Non-controlling interests | Tranche 1 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption Restriction Period | 1 year | |||||||||
Percentage Of Redeemable Equity Interests | 55.00% | |||||||||
Non-controlling interests | Tranche 2 | ||||||||||
Class of Stock [Line Items] | ||||||||||
Redemption Restriction Period | 18 months | |||||||||
Percentage Of Redeemable Equity Interests | 45.00% |
Revenues -Narrative (Details)
Revenues -Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer [Abstract] | |||
Remaining performance obligation | $ 80.2 | ||
Remaining performance obligation, expected timing of satisfaction | 5 years | ||
Rental income | $ 1,074.2 | $ 1,013.4 | $ 1,036.2 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | $ 1,112.4 | $ 1,059 | $ 1,071 | ||||||||
Transit and other | 493.8 | 461.5 | 442.9 | ||||||||
Revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | 1,606.2 | 1,520.5 | 1,513.9 |
Static displays | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | 858.1 | 839.7 | 880.3 | ||||||||
Transit and other | 339.9 | 339.5 | 331.7 | ||||||||
Digital displays | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | 216.1 | 173.7 | 155.9 | ||||||||
Transit and other | 59.6 | 45.3 | 39.8 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Billboard | 38.2 | 45.6 | 34.8 | ||||||||
Transit and other | 39.5 | 35.9 | 30 | ||||||||
Transit franchise contract | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Transit and other | 439 | 420.7 | 401.5 | ||||||||
Sports marketing and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Transit and other | $ 54.8 | $ 40.8 | $ 41.4 |
Revenues Revenue from External
Revenues Revenue from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenue from External Customer [Line Items] | ||||||||||||
Billboard | $ 1,112.4 | $ 1,059 | $ 1,071 | |||||||||
Transit and other | 493.8 | 461.5 | 442.9 | |||||||||
Revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | 1,606.2 | 1,520.5 | 1,513.9 | |
United States | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Billboard | 1,040.8 | 997.9 | 1,005.6 | |||||||||
Revenues | [1] | 1,521.6 | 1,447.3 | 1,435.2 | ||||||||
Canada | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenues | 84.6 | 73.2 | 67.3 | |||||||||
Latin America | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenues | 0 | 0 | 11.4 | |||||||||
Transit franchise contract | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | 439 | 420.7 | 401.5 | |||||||||
Transit franchise contract | United States | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | 426 | 408.6 | 388.2 | |||||||||
Sports marketing and other | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | 54.8 | 40.8 | 41.4 | |||||||||
Sports marketing and other | United States | ||||||||||||
Revenue from External Customer [Line Items] | ||||||||||||
Transit and other | $ 54.8 | $ 40.8 | $ 41.4 | |||||||||
[1] | Revenues classifications are based on the geography of the advertising. |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2.1 | $ 6.4 | $ 2.5 |
Restructuring Reserve | 1.9 | ||
Operating segments | U.S. Media | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.9 | 2.3 | $ 2.5 |
Operating segments | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.8 | $ 4.1 | |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.4 |
Acquisitions and Dispositions -
Acquisitions and Dispositions -Narrative (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($)Displays | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Apr. 01, 2016USD ($) | ||
Business Acquisitions and Dispositions [Line Items] | ||||||
Total purchase price of acquisitions | $ 7 | $ 113.8 | $ 67.9 | |||
Cash portion of purchase price of acquisitions | 7 | 69.2 | 67.9 | |||
Issuance of shares of a subsidiary for an acquisition | 0 | 44.6 | 0 | |||
Finite-lived Intangible Assets Acquired | 68 | |||||
Goodwill acquired | 34.3 | |||||
Deferred tax liabilities acquired | 17 | |||||
Other assets and liabilities acquired | 9.1 | |||||
Proceeds from dispositions | $ 82 | |||||
Loss on real estate assets held for sale | 0 | 0 | 1.3 | |||
Proceeds from exchange of assets | 7.9 | $ 5.6 | $ 90.6 | |||
Disposal of assets in an exchange | 14.1 | |||||
Acquired business | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Total purchase price of acquisitions | 94.4 | |||||
Cash portion of purchase price of acquisitions | 50 | |||||
Non-controlling interests | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Issuance of shares of a subsidiary for an acquisition | $ 44.4 | |||||
Equity issued for acquisition (shares) | shares | 1,953,407 | 1,953,407 | ||||
Other | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Goodwill acquired | $ 34.3 | $ 34.3 | [1] | |||
Exchange of Productive Assets | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Proceeds from exchange of assets | $ 3.2 | |||||
Subsequent Event | Acquired business | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Total purchase price of acquisitions | $ 35.4 | |||||
Digital displays | Subsequent Event | Acquired business | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Number Of Displays | Displays | 14 | |||||
Static displays | Subsequent Event | Acquired business | ||||||
Business Acquisitions and Dispositions [Line Items] | ||||||
Number Of Displays | Displays | 7 | |||||
[1] | Non-deductible addition associated with the Transaction (as defined below, see Note 10. Equity and Note 13. Acquisitions and Dispositions |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs related to non-vested RSUs and PSUs | $ 16.4 | ||
Remaining Contractual Life | 2 years 3 months | ||
Share Price | $ 18.12 | ||
Options Outstanding, Intrinsic Value | $ 0.2 | ||
Options Exercisable, Weighted Average Remaining Contractual Term | 2 years 3 months | ||
Options Exercisable, Intrinsic Value | $ 0.2 | ||
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected recognition period for non-vested RSUs and PSUs | 1 year 9 months 18 days | ||
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Performance Shares (PRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Condition Period | 1 year | ||
Performance Shares (PRSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout on stock-based compensation awards | 0.00% | ||
Performance Shares (PRSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout on stock-based compensation awards | 120.00% | ||
Omnibus Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,000,000 | ||
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs and PSUs, Vested in Period, Fair Value | $ 19.2 | $ 20 | $ 11.6 |
Omnibus Stock Incentive Plan | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 4 years | ||
Omnibus Stock Incentive Plan | Stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Expiration Period | 8 years | ||
Omnibus Stock Incentive Plan | Stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Expiration Period | 10 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 20.2 | $ 20.5 | $ 18 |
Tax benefit | (1.3) | (2) | (1.9) |
Stock-based compensation expense, net of tax | 18.9 | 18.5 | 16.1 |
Restricted Stock Units and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | 20.2 | 20.3 | 17.8 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 0 | $ 0.2 | $ 0.2 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Share Units Roll Forward (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Restricted Stock Units and Performance Restricted Stock Units | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Non-vested RSUs and PRSUs, beginning balance | shares | 1,632,120 |
Non-vested RSUs and PRSUs, ending balance | shares | 1,723,980 |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $ / shares | $ 24.43 |
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $ / shares | $ 22.39 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Employee transfers and grants | shares | 837,517 |
Vested | shares | (608,090) |
Forfeited | shares | (98,673) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $ / shares | $ 21.43 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.36 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 22.75 |
Performance Shares (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares | |
Employee transfers and grants | shares | 383,913 |
Vested | shares | (298,964) |
Forfeited | shares | (123,843) |
Weighted Average Per Share Grant Date Fair Market Value | |
Weighted Average Grant Date Fair Value, Grants in Period (per share) | $ / shares | $ 21.52 |
Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.81 |
Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.25 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Omnibus Stock Incentive Plan - Stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding | 141,847 | 165,293 |
Exercise of stock options | (23,446) | |
Number of options exerciseable | 141,847 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price, options outstanding | $ 23.08 | $ 20.69 |
Weighted average exercise price, options exercised | 6.25 | |
Weighted average exercise price, options exerciseable | $ 23.08 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit of stock option exercises | $ 0 | $ 0.1 | $ 0 |
Intrinsic value of stock option exercises | $ 0.4 | $ 2.1 | $ 0 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Options by Exercise Price (Details) - Omnibus Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | shares | 141,847 |
Number of Options, Exercisable | shares | 141,847 |
$10 to 14.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $ 10 |
Exercise Price Range, Upper Range Limit | $ 14.99 |
Number of Options, Outstanding | shares | 28,488 |
Options Outstanding Remaining Contractual Life (Years) | 7 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 12.12 |
Number of Options, Exercisable | shares | 28,488 |
Options Exercisable, Weighted Average Exercise Price | $ 12.12 |
$20 to 24.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 20 |
Exercise Price Range, Upper Range Limit | $ 24.99 |
Number of Options, Outstanding | shares | 9,946 |
Options Outstanding Remaining Contractual Life (Years) | 2 years 1 month 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 20.07 |
Number of Options, Exercisable | shares | 9,946 |
Options Exercisable, Weighted Average Exercise Price | $ 20.07 |
$25 to 29.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | 25 |
Exercise Price Range, Upper Range Limit | $ 29.99 |
Number of Options, Outstanding | shares | 103,413 |
Options Outstanding Remaining Contractual Life (Years) | 2 years 8 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $ 26.39 |
Number of Options, Exercisable | shares | 103,413 |
Options Exercisable, Weighted Average Exercise Price | $ 26.39 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)plan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Defined Benefit Pension Plans | plan | 2 | ||
Defined Benefit Plan Benefit Calculation Condition Period | 5 years | ||
Defined Benefit Plan Vesting Condition Period | 2 years | ||
Accumulated benefit obligation | $ 46.9 | $ 53.9 | |
Estimated amortization from AOCI of net actuarial losses | 0.4 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1 | ||
Multiemployer Plan, Contributions by Employer | 3.8 | 3.3 | $ 2.9 |
Defined Contribution Plan, employer contributions | $ 5.5 | $ 4.8 | $ 4.5 |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 31.00% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan Asset Allocations | 59.00% |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 57.8 | $ 48.3 | $ 44.9 |
Service cost | 1.8 | 1.6 | 1.6 |
Interest cost | 2 | 2 | 1.9 |
Actuarial (gain) loss | (5.6) | 3.7 | 0.2 |
Benefits paid | (2) | (1.4) | (1.5) |
Cumulative translation adjustments | (4.1) | 3.6 | 1.2 |
Benefit obligation, end of year | $ 49.9 | $ 57.8 | $ 48.3 |
Retirement Benefits - Schedul_2
Retirement Benefits - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 52.3 | $ 43.6 |
Actual return on plan assets | (0.9) | 4.9 |
Employer contributions | 2 | 2 |
Benefits paid | (2) | (1.4) |
Cumulative translation adjustments | (3.9) | 3.2 |
Fair value of plan assets, end of year | $ 47.5 | $ 52.3 |
Retirement Benefits - Schedul_3
Retirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Unfunded status, end of year | $ (2.4) | $ (5.4) |
Other noncurrent liabilities | (2.4) | (5.4) |
Net amounts recognized | $ (2.4) | $ (5.4) |
Retirement Benefits - Schedul_4
Retirement Benefits - Schedule of Net Period Benefit Cost Not yet Recognized (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | $ (9.3) | $ (12.9) | ||
Deferred income taxes | 2.3 | 3.3 | ||
Accumulated other comprehensive loss | (22) | (7.7) | $ (18.5) | $ (120.9) |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated other comprehensive loss | $ (7) | $ (9.6) | $ (8.6) | $ (8.7) |
Retirement Benefits - Schedul_5
Retirement Benefits - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 49.9 | $ 57.8 |
Accumulated benefit obligation | 46.9 | 53.9 |
Fair value of plan assets | $ 47.5 | $ 52.3 |
Retirement Benefits - Schedul_6
Retirement Benefits - Schedule of Components of Net Periodic Pension Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Defined Benefit Plan, Net Periodic Pension Cost [Abstract] | ||||
Service cost | $ 1.8 | $ 1.6 | $ 1.6 | |
Interest cost | 2 | 2 | 1.9 | |
Expected return on plan assets | (2.6) | (2.3) | (2.1) | |
Amortization of actuarial losses | [1] | 0.7 | 0.6 | 0.6 |
Amortization of transitional obligation | 0 | (0.1) | (0.1) | |
Settlement cost | 0.1 | 0 | 0 | |
Net periodic pension cost | $ 2 | $ 1.8 | $ 1.9 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement Benefits - Schedul_7
Retirement Benefits - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actuarial gains | $ (2.1) | |||
Amortization of actuarial losses | [1] | 0.6 | ||
Cumulative translation adjustments | 0.8 | |||
Settlement cost | 0.1 | |||
Total other comprehensive income (loss), before tax | 3.6 | |||
Deferred income taxes | (1) | |||
Total other comprehensive income (loss), net of tax | (14.3) | $ 10.8 | $ 102.4 | |
Net Actuarial Gain (Loss) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total other comprehensive income (loss), net of tax | $ 2.6 | $ (1) | $ 0.1 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement Benefits - Schedul_8
Retirement Benefits - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Benefit Obligation [Abstract] | ||
Discount rate | 4.00% | 3.50% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.50% | 4.00% |
Expected long-term return on plan assets | 5.10% | 5.10% |
Rate of compensation increase | 3.00% | 3.00% |
Retirement Benefits - Schedul_9
Retirement Benefits - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 47.5 | $ 52.3 | $ 43.6 | |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1.6 | 2.2 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 42.3 | 45.7 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 3.6 | 4.4 | ||
Cash and cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 1 | 1 | ||
Cash and cash equivalents | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [1] | 1 | 1 | |
Cash and cash equivalents | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and government related securities | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 14.2 | 15.3 | ||
Corporate and government related securities | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and government related securities | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 14.2 | 15.3 | ||
Corporate and government related securities | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [2] | 0.7 | 0.8 | |
Corporate bonds | Level 1 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [2] | 0.7 | 0.8 | |
Corporate bonds | Level 2 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Level 3 | Fixed income securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.6 | 1 | ||
U.S. equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.6 | 1 | ||
U.S. equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
U.S. equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
International equity | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 27.4 | 29.8 | ||
International equity | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0.3 | 0.4 | ||
International equity | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | [3] | 27.1 | 29.4 | |
International equity | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 3.6 | 4.4 | ||
Insurance contracts | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of plan assets | $ 3.6 | $ 4.4 | $ 4.7 | |
[1] | Assets categorized as Level 2 reflect investments in money market funds. | |||
[2] | Securities of diverse industries, substantially all investment grade. | |||
[3] | Assets categorized as Level 2 reflect investments in common collective funds. |
Retirement Benefits - Schedu_10
Retirement Benefits - Schedule of Significant Changes in Level 3 Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | $ 52.3 | $ 43.6 | |
Payments | (2) | (1.4) | |
Actuarial (gain) loss | (5.6) | 3.7 | $ 0.2 |
Interest income | (0.9) | 4.9 | |
Cumulative translation adjustments | (3.9) | 3.2 | |
Fair value of plan assets, end of year | 47.5 | 52.3 | 43.6 |
Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.4 | ||
Fair value of plan assets, end of year | 3.6 | 4.4 | |
Insurance contracts | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.4 | ||
Fair value of plan assets, end of year | 3.6 | 4.4 | |
Insurance contracts | Level 3 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of plan assets, beginning of year | 4.4 | 4.7 | |
Payments | (0.5) | (0.5) | |
Actuarial (gain) loss | (0.1) | (0.3) | |
Interest income | 0.1 | 0.2 | |
Cumulative translation adjustments | (0.3) | 0.3 | |
Fair value of plan assets, end of year | $ 3.6 | $ 4.4 | $ 4.7 |
Retirement Benefits - Schedu_11
Retirement Benefits - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2,019 | $ 1.7 |
2,020 | 1.7 |
2,021 | 1.9 |
2,022 | 2 |
2,023 | 2.1 |
2024-2028 | $ 12.8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Cash paid for income taxes | $ 8.4 | $ 6.8 | $ 1.2 | |
Foreign Earnings Repatriated | $ 12.6 | |||
Effective Income Tax Rate Reconciliation, Percent, Excluding Non-Cash Benefit Resulting From REIT Conversion and Foreign Exchange Loss | (4.70%) | (3.30%) | (5.90%) | |
Operating Loss Carryforwards | $ 3.3 | |||
Undistributed Earnings of Foreign Subsidiaries | 6.2 | $ 4.1 | ||
Unrecognized Tax Benefits | 0.6 | $ 0.6 | $ 0.6 | $ 0.8 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0.4 | |||
Minimum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2019 | |||
Tax years subject to examination | 2,015 | |||
Maximum | ||||
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | |||
Foreign | ||||
Operating Loss Carryforwards [Line Items] | ||||
Proceeds from Dividends Received | $ 7 | |||
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 | ||||
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 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
United States | $ 157.3 | $ 139.2 | $ 100.9 |
Foreign | (48.6) | (14.1) | (9.9) |
Income before provision for income taxes and equity in earnings of investee companies | $ 108.7 | $ 125.1 | $ 91 |
Income Taxes - Book Income to R
Income Taxes - Book Income to REIT Taxable Income Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Book Income to REIT Taxable Income Reconciliation [Line Items] | ||||
Income before provision for income taxes and equity in earnings of investee companies | $ 108.7 | $ 125.1 | $ 91 | |
Book depreciation in excess of tax depreciation | 24.4 | 29.5 | 50.8 | |
Book amortization in excess of tax amortization | (10.6) | (1.8) | 12.2 | |
Tax dividend from foreign subsidiary | 2.1 | 5.6 | [1] | 41 |
Book/tax differences - stock-based compensation | (1.4) | (2.2) | 4.2 | |
Book/tax differences - deferred gain for tax | (1.4) | (13.1) | (3.5) | |
Book/tax differences - capitalized costs | 6.4 | 5.7 | 6 | |
Book/tax differences - other | 11.1 | (0.2) | 6.4 | |
REIT taxable income (estimated) | 177.7 | 146.2 | 213.5 | |
Taxable REIT Subsidiaries | ||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | ||||
Income before provision for income taxes and equity in earnings of investee companies | 38.4 | (2.4) | 5.4 | |
Qualified REIT Subsidiaries | ||||
Book Income to REIT Taxable Income Reconciliation [Line Items] | ||||
Income before provision for income taxes and equity in earnings of investee companies | $ 147.1 | $ 122.7 | $ 96.4 | |
[1] | In 2017, the tax dividend from foreign subsidiary consists of a $12.6 million one-time deemed repatriation of foreign unremitted earnings under the Tax Act, net of a $7.0 million |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Income Tax (Expense) Benefit, Continuing Operations [Abstract] | |||
Federal | $ (2.4) | $ (6.9) | $ (4) |
State and local | (2.3) | (2.2) | (1.5) |
Foreign | (0.6) | 0.1 | (1.7) |
Current income tax expense | (5.3) | (9) | (7.2) |
Federal | (1) | (2.2) | (0.7) |
State and local | (0.4) | (0.1) | (0.2) |
Foreign | 1.8 | 7.2 | 2.7 |
Deferred tax benefit | 0.4 | 4.9 | 1.8 |
Provision for income taxes | $ (4.9) | $ (4.1) | $ (5.4) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes on income at U.S. statutory rate | $ (22.8) | $ (43.8) | $ (31.9) | |
REIT dividends paid deduction | 30.9 | 42.9 | 33.8 | |
State and local taxes, net of federal tax benefit | (2.3) | (1.6) | (1.6) | |
Effect of foreign operations | (9.3) | 2.4 | (2.4) | |
Resolution of prior year tax | 0 | 0 | (2.9) | |
Effect of the Tax Act on deferred tax assets | 0 | (2.1) | [1] | 0 |
Gain on dispositions | (0.5) | (0.9) | 0 | |
Other, net | (0.9) | (1) | (0.4) | |
Provision for income taxes | $ (4.9) | $ (4.1) | $ (5.4) | |
[1] | Impact on our net deferred tax assets resulting from the Tax Act’s reduction of corporate income tax rates from 35% to 21% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Income Tax Assets: | ||
Provision for expenses and losses | $ 1.1 | $ 0.9 |
Postretirement and other employee benefits | 3.6 | 3.8 |
Tax credit and loss carryforwards | 0.8 | 2.2 |
Total deferred income tax assets | 5.5 | 6.9 |
Deferred Income Tax Liabilities: | ||
Property, equipment and intangible assets | (19.5) | (22.4) |
Total deferred income tax liabilities | (19.5) | (22.4) |
Deferred income tax liabilities, net | $ (14) | $ (15.5) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning of Period | $ 0.6 | $ 0.6 | $ 0.8 |
Additions for current year tax positions | 0.3 | 0.2 | 0.1 |
Reductions for prior year tax positions | (0.3) | (0.2) | (0.3) |
Unrecognized Tax Benefits, End of Period | $ 0.6 | $ 0.6 | $ 0.6 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Net income | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 107.9 | $ 125.8 | $ 90.9 | |||
Payments of Dividends | (203.9) | (201.8) | (188.6) | |||||||||||
Net income available for common shareholders, basic and diluted | $ 105.2 | $ 124.4 | $ 90.9 | |||||||||||
Basic (shares) | 139,300,000 | 138,500,000 | 137,900,000 | |||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options | 300,000 | [1] | 400,000 | [1] | 500,000 | |||||||||
Diluted (shares) | [1] | 139,600,000 | [2] | 138,900,000 | 138,400,000 | |||||||||
Non-controlling interests | ||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Payments of Dividends | $ 2.7 | $ (1.4) | $ 0 | |||||||||||
Equity issued for acquisition (shares) | 1,953,407 | 1,953,407 | ||||||||||||
Stock Compensation Plan | ||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Antidilutive securities excluded from EPS calculation (shares) | 400,000 | 100,000 | 500,000 | |||||||||||
Non-controlling interests | ||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||
Antidilutive securities excluded from EPS calculation (shares) | 1,900,000 | 1,100,000 | ||||||||||||
[1] | The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options for 2018, 0.1 million granted RSUs, PRSUs and stock options for 2017 and 0.5 million | |||||||||||||
[2] | On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 10. Equity to the Consolidated Financial Statements.) The potential impact of 1.9 million shares of Class A equity interests of Outfront Canada was antidilutive for 2018 and 1.1 million shares of Class A equity interests of Outfront Canada was antidilutive for 2017 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($)Displays | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Displays | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Other Commitments [Line Items] | |||||
Rent Expense | $ 393.6 | $ 377.7 | $ 372.1 | ||
Rent Expense, Contingent Rent Amounts | 91 | 84.7 | $ 88.1 | ||
MTA Equipment Development Cost Additions | $ 91.2 | $ 5.6 | |||
MTA digital advertising screens on subway and train platforms and entrances | |||||
Other Commitments [Line Items] | |||||
Number Of Displays | Displays | 8,565 | 8,565 | |||
MTA smaller-format digital advertising screens rolling stock | |||||
Other Commitments [Line Items] | |||||
Number Of Displays | Displays | 37,716 | 37,716 | |||
MTA communication displays | |||||
Other Commitments [Line Items] | |||||
Number Of Displays | Displays | 7,829 | 7,829 | |||
MTA displays installed | |||||
Other Commitments [Line Items] | |||||
Number Of Displays | Displays | 1,229 | 1,229 | |||
Number Of Display Additions | Displays | 934 | ||||
Letter of Credit | |||||
Other Commitments [Line Items] | |||||
Letters of credit outstanding | $ 142.9 | $ 142.9 | |||
Standalone letters of credit and sublimit to revolving credit facility | |||||
Other Commitments [Line Items] | |||||
Letters of credit outstanding | 208.9 | 208.9 | |||
Surety Bond | |||||
Other Commitments [Line Items] | |||||
Surety Bonds Outstanding | $ 27.2 | $ 27.2 | |||
Subsequent Event | |||||
Other Commitments [Line Items] | |||||
MTA Equipment Development Cost Additions | $ 175 |
Commitment and Contingencies _2
Commitment and Contingencies - MTA Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Prepaid MTA equipment deployment costs, beginning of period | $ 4.7 | $ 0 | $ 4.7 | $ 0 | |||||||
Intangible assets, gross, beginning of period | 1,613.8 | 1,613.8 | |||||||||
MTA deployment costs, beginning of period | 5.6 | 0 | 5.6 | 0 | |||||||
Amortization of intangible assets | $ 25.8 | $ 25.8 | $ 25 | 22.5 | $ 25.5 | $ 25.5 | $ 25.4 | 23.7 | 99.1 | 100.1 | $ 115.3 |
MTA Equipment Development Cost Additions | 91.2 | 5.6 | |||||||||
Prepaid MTA equipment deployment costs, end of period | 79.5 | 4.7 | 79.5 | 4.7 | 0 | ||||||
Intangible assets, gross, end of period | 1,625 | 1,613.8 | 1,625 | 1,613.8 | |||||||
MTA deployment costs, end of period | 94.3 | 5.6 | 94.3 | 5.6 | 0 | ||||||
MTA equipment deployment costs | |||||||||||
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Deployment costs incurred | 76.5 | 4.7 | |||||||||
Recoupment | (1.7) | ||||||||||
Amortization of intangible assets | (0.8) | ||||||||||
Franchise agreements | |||||||||||
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Intangible assets, gross, beginning of period | 455.4 | 455.4 | |||||||||
Intangible assets, gross, end of period | 470.7 | 455.4 | 470.7 | 455.4 | |||||||
Franchise agreements | MTA equipment deployment costs | |||||||||||
Change In MTA Deployment Costs [Roll Forward] | |||||||||||
Intangible assets, gross, beginning of period | $ 0.9 | $ 0 | 0.9 | 0 | |||||||
Intangible asset additions | 14.7 | 0.9 | |||||||||
Amortization of intangible assets | (0.8) | ||||||||||
Intangible assets, gross, end of period | $ 14.8 | $ 0.9 | $ 14.8 | $ 0.9 | $ 0 |
Commitment and Contingencies _3
Commitment and Contingencies - Contractual Obligation, Fiscal Year Maturity Schedule (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,019 | $ 154.8 |
2,020 | 151.8 |
2,021 | 139.1 |
2,022 | 126.2 |
2,023 | 109.8 |
2024 and thereafter | 574.6 |
Operating Leases, Future Minimum Payments Due | 1,256.3 |
Guaranteed Minimum Annual Payments | |
Other Commitment, Fiscal Year Maturity [Abstract] | |
2,019 | 209.7 |
2,020 | 191.7 |
2,021 | 187.6 |
2,022 | 186.2 |
2,023 | 188.7 |
2024 and thereafter | 769.1 |
Guaranteed minimum annual payments | $ 1,733 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 1,606.2 | $ 1,520.5 | $ 1,513.9 | |||
U.S. Media | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 410 | 379.7 | 367.2 | 309.9 | 369.3 | 363 | 367.1 | 307.1 | 1,466.8 | 1,406.5 | ||||
Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 42.4 | $ 34.5 | $ 34.5 | $ 28 | $ 32 | [1] | $ 29.4 | [1] | $ 29.1 | [1] | $ 23.5 | 139.4 | 114 | |
Operating segments | U.S. Media | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,466.8 | 1,406.5 | 1,393.8 | |||||||||||
Operating segments | Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $ 139.4 | $ 114 | $ 120.1 | |||||||||||
[1] | On June 13, 2017, we completed the Transaction. (See Note 10. Equity and Note 13. Acquisitions and Dispositions : Acquisitions |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net income | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 107.9 | $ 125.8 | $ 90.9 | ||||
Provision for income taxes | 4.9 | 4.1 | 5.4 | ||||||||||||
Equity in earnings of investee companies, net of tax | (4.1) | (4.8) | (5.3) | ||||||||||||
Interest expense, net | 125.7 | 116.9 | 113.8 | ||||||||||||
Other income (expense), net | 0.4 | (0.3) | 0.1 | ||||||||||||
Operating income (loss) | 91.3 | 78.9 | 32.9 | 31.7 | 70.4 | 80.3 | 65 | 26 | 234.8 | 241.7 | 204.9 | ||||
Restructuring charges | 2.1 | 6.4 | 2.5 | ||||||||||||
Loss on real estate assets held for sale | 0 | 0 | 1.3 | ||||||||||||
Net gain on dispositions | (1.3) | (1.3) | (2.7) | (0.2) | (0.7) | (14.1) | 0.1 | 0.4 | (5.5) | (14.3) | (1.9) | ||||
Impairment charge | 0 | 0 | 42.9 | [1] | 0 | 42.9 | 0 | 0 | |||||||
Depreciation and amortization | 185 | 189.8 | 224.2 | ||||||||||||
Stock-based compensation | 4.8 | 4.8 | 5.6 | 5 | 4.4 | 5.2 | 5.5 | 5.4 | 20.2 | 20.5 | 18 | ||||
Adjusted OIBDA | 143.8 | 129.3 | 125.2 | 81.2 | 121.1 | 120.8 | 122 | 80.2 | 479.5 | 444.1 | 449 | ||||
Capital expenditures | 82.3 | 70.8 | 59.4 | ||||||||||||
U.S. Media | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating income (loss) | 102.4 | 96 | 93.8 | 50.6 | 88.5 | 100.7 | 83.9 | 47.5 | 342.8 | 320.6 | |||||
Impairment charge | 0 | ||||||||||||||
Adjusted OIBDA | 143.9 | 136.2 | 131.2 | 88.9 | 128.2 | 129.2 | 128.3 | 92.4 | 500.2 | 478.1 | |||||
Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating income (loss) | 3.9 | (1.2) | (45.1) | (7) | (3) | [2] | (4.9) | [2] | (3.1) | [2] | (5) | (49.4) | (16) | ||
Impairment charge | 42.9 | ||||||||||||||
Adjusted OIBDA | 9.7 | 4.2 | 4.2 | (0.8) | 3.6 | [2] | 1.9 | [2] | 4 | (1.1) | 17.3 | 8.4 | |||
Operating segments | U.S. Media | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating income (loss) | 342.8 | 320.6 | 269.5 | ||||||||||||
Restructuring charges | 0.9 | 2.3 | 2.5 | ||||||||||||
Net gain on dispositions | (5.3) | (14.4) | (1.7) | ||||||||||||
Depreciation and amortization | 161.8 | 169.6 | 203.5 | ||||||||||||
Adjusted OIBDA | 500.2 | 478.1 | 473.8 | ||||||||||||
Capital expenditures | 73 | 63.9 | 54.8 | ||||||||||||
Operating segments | Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating income (loss) | (49.4) | (16) | (4) | ||||||||||||
Restructuring charges | 0.8 | 4.1 | |||||||||||||
Net gain on dispositions | (0.2) | 0.1 | (0.2) | ||||||||||||
Depreciation and amortization | 23.2 | 20.2 | 20.7 | ||||||||||||
Adjusted OIBDA | 17.3 | 8.4 | 17.8 | ||||||||||||
Capital expenditures | 9.3 | 6.9 | 4.6 | ||||||||||||
Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating income (loss) | (15) | (15.9) | (15.8) | (11.9) | (15.1) | (15.5) | (15.8) | (16.5) | (58.6) | (62.9) | (60.6) | ||||
Restructuring charges | 0.4 | ||||||||||||||
Adjusted OIBDA | $ (9.8) | $ (11.1) | $ (10.2) | $ (6.9) | $ (10.7) | $ (10.3) | $ (10.3) | $ (11.1) | $ (38) | $ (42.4) | $ (42.6) | ||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill | ||||||||||||||
[2] | On June 13, 2017, we completed the Transaction. (See Note 10. Equity and Note 13. Acquisitions and Dispositions : Acquisitions |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Assets | $ 3,828.7 | $ 3,808.2 | $ 3,738.5 |
Operating segments | U.S. Media | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,610 | 3,528.8 | 3,578.8 |
Operating segments | Other | |||
Segment Reporting Information [Line Items] | |||
Assets | 202.5 | 263.8 | 145.5 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 16.2 | $ 15.6 | $ 14.2 |
Segment Information - Schedule
Segment Information - Schedule of Revenue from External Customers by Geographic Location (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 1,606.2 | $ 1,520.5 | $ 1,513.9 | |
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 1,521.6 | 1,447.3 | 1,435.2 | ||||||||
Canada | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 84.6 | 73.2 | 67.3 | |||||||||
Latin America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 0 | $ 0 | $ 11.4 | |||||||||
[1] | Revenues classifications are based on the geography of the advertising. |
Segment Information - Long Live
Segment Information - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | $ 3,377.5 | $ 3,405.5 | $ 3,328.9 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | 3,255 | 3,216.4 | 3,255 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | [1] | $ 122.5 | $ 189.1 | $ 73.9 |
[1] | Reflects total assets less current assets, investments and non-current deferred tax assets. |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information -Narrative (Details) | Dec. 31, 2018 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment ownership percentage | 50.00% |
Subsidiary Issuer | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment ownership percentage | 100.00% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information -Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 52.7 | $ 48.3 | $ 65.2 | |
Receivables, less allowances | 264.9 | 231.1 | ||
Other current assets | 111.9 | 96.6 | ||
Total current assets | 429.5 | 376 | ||
Property and equipment, net | 652.9 | 662.1 | ||
Goodwill | 2,079.7 | 2,128 | 2,089.4 | |
Intangible assets | 537.2 | 580.9 | ||
Investments in subsidiaries | 0 | 0 | ||
Prepaid MTA equipment deployment costs | 60.6 | 0 | ||
Other assets | 68.8 | 61.2 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,828.7 | 3,808.2 | 3,738.5 | |
Total current liabilities | 402.6 | 299.6 | ||
Long-term debt, net | 2,149.6 | 2,145.3 | ||
Deferred income tax liabilities, net | 17 | 19.6 | ||
Asset retirement obligation | 34.2 | 34.7 | 34.1 | |
Deficit In excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 80 | 82.4 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,683.4 | 2,581.6 | ||
Total stockholders’ equity | 1,102.8 | 1,181.1 | 1,232.9 | $ 1,212.6 |
Non-controlling interests | 42.5 | 45.5 | ||
Total equity | 1,145.3 | 1,226.6 | $ 1,233 | $ 1,212.6 |
Total liabilities and equity | 3,828.7 | 3,808.2 | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, less allowances | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investments in subsidiaries | 1,102.8 | 1,181.1 | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 0 | 0 | ||
Intercompany | 0 | 0 | ||
Total assets | 1,102.8 | 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 | 1,102.8 | 1,181.1 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 1,102.8 | 1,181.1 | ||
Total liabilities and equity | 1,102.8 | 1,181.1 | ||
Subsidiary Issuer | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 12 | 10.2 | ||
Receivables, less allowances | 0 | 0 | ||
Other current assets | 1 | 1 | ||
Total current assets | 13 | 11.2 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investments in subsidiaries | 3,257.5 | 3,333.6 | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 2.3 | 3.3 | ||
Intercompany | 0 | 0 | ||
Total assets | 3,272.8 | 3,348.1 | ||
Total current liabilities | 18 | 21.7 | ||
Long-term debt, net | 2,149.6 | 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 | 2.4 | 0 | ||
Intercompany | 0 | 0 | ||
Total liabilities | 2,170 | 2,167 | ||
Total stockholders’ equity | 1,102.8 | 1,181.1 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 1,102.8 | 1,181.1 | ||
Total liabilities and equity | 3,272.8 | 3,348.1 | ||
Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 3.7 | ||
Receivables, less allowances | 52.7 | 42.1 | ||
Other current assets | 176.3 | 89 | ||
Total current assets | 229 | 134.8 | ||
Property and equipment, net | 604.3 | 609.1 | ||
Goodwill | 2,059.9 | 2,059.9 | ||
Intangible assets | 478.4 | 511.5 | ||
Investments in subsidiaries | 261.9 | 293.4 | ||
Prepaid MTA equipment deployment costs | 60.6 | |||
Other assets | 63.4 | 55.1 | ||
Intercompany | 81 | 123.9 | ||
Total assets | 3,838.5 | 3,787.7 | ||
Total current liabilities | 375.5 | 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 | 2,154.7 | 2,152.5 | ||
Other liabilities | 74.9 | 76.7 | ||
Intercompany | 100.7 | 148.3 | ||
Total liabilities | 2,735.7 | 2,606.6 | ||
Total stockholders’ equity | 1,102.8 | 1,181.1 | ||
Non-controlling interests | 0 | 0 | ||
Total equity | 1,102.8 | 1,181.1 | ||
Total liabilities and equity | 3,838.5 | 3,787.7 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 40.7 | 34.4 | ||
Receivables, less allowances | 232.1 | 202.7 | ||
Other current assets | 81.5 | 20 | ||
Total current assets | 354.3 | 257.1 | ||
Property and equipment, net | 48.6 | 53 | ||
Goodwill | 19.8 | 68.1 | ||
Intangible assets | 58.8 | 69.4 | ||
Investments in subsidiaries | 0 | 0 | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 3.1 | 2.8 | ||
Intercompany | 100.7 | 148.3 | ||
Total assets | 585.3 | 598.7 | ||
Total current liabilities | 175.9 | 105.6 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities, net | 17 | 19.6 | ||
Asset retirement obligation | 4.3 | 5 | ||
Deficit In excess of investment in subsidiaries | 0 | 0 | ||
Other liabilities | 2.7 | 5.7 | ||
Intercompany | 81 | 123.9 | ||
Total liabilities | 280.9 | 259.8 | ||
Total stockholders’ equity | 261.9 | 293.4 | ||
Non-controlling interests | 42.5 | 45.5 | ||
Total equity | 304.4 | 338.9 | ||
Total liabilities and equity | 585.3 | 598.7 | ||
Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, less allowances | (19.9) | (13.7) | ||
Other current assets | (146.9) | (13.4) | ||
Total current assets | (166.8) | (27.1) | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investments in subsidiaries | (4,622.2) | (4,808.1) | ||
Prepaid MTA equipment deployment costs | 0 | |||
Other assets | 0 | 0 | ||
Intercompany | (181.7) | (272.2) | ||
Total assets | (4,970.7) | (5,107.4) | ||
Total current liabilities | (166.8) | (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 | (2,154.7) | (2,152.5) | ||
Other liabilities | 0 | 0 | ||
Intercompany | (181.7) | (272.2) | ||
Total liabilities | (2,503.2) | (2,451.8) | ||
Total stockholders’ equity | (2,467.5) | (2,655.6) | ||
Non-controlling interests | 0 | 0 | ||
Total equity | (2,467.5) | (2,655.6) | ||
Total liabilities and equity | $ (4,970.7) | $ (5,107.4) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information -Condensed Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | $ 1,112.4 | $ 1,059 | $ 1,071 | |||||||||
Transit and other | 493.8 | 461.5 | 442.9 | |||||||||
Total revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | 1,606.2 | 1,520.5 | 1,513.9 | |
Operating | 859.9 | 835.2 | 818.1 | |||||||||
Selling, general and administrative | 287 | 261.7 | 264.8 | |||||||||
Restructuring charges | 2.1 | 6.4 | 2.5 | |||||||||
Loss on real estate assets held for sale | 0 | 0 | 1.3 | |||||||||
Net gain on dispositions | (1.3) | (1.3) | (2.7) | (0.2) | (0.7) | (14.1) | 0.1 | 0.4 | (5.5) | (14.3) | (1.9) | |
Impairment charge | 0 | 0 | 42.9 | [1] | 0 | 42.9 | 0 | 0 | ||||
Depreciation | 22.5 | 21 | 21.3 | 21.1 | 21.4 | 22.3 | 23.1 | 22.9 | 85.9 | 89.7 | 108.9 | |
Amortization | 25.8 | 25.8 | 25 | 22.5 | 25.5 | 25.5 | 25.4 | 23.7 | 99.1 | 100.1 | 115.3 | |
Total expenses | 1,371.4 | 1,278.8 | 1,309 | |||||||||
Operating income (loss) | 91.3 | 78.9 | 32.9 | 31.7 | 70.4 | 80.3 | 65 | 26 | 234.8 | 241.7 | 204.9 | |
Interest income (expense), net | (125.7) | (116.9) | (113.8) | |||||||||
Other income (expense), net | (0.4) | 0.3 | (0.1) | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 108.7 | 125.1 | 91 | |||||||||
Benefit (provision) for income taxes | (4.9) | (4.1) | (5.4) | |||||||||
Equity in earnings of investee companies, net of tax | 4.1 | 4.8 | 5.3 | |||||||||
Net income | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | 107.9 | 125.8 | 90.9 | |
Total other comprehensive income, net of tax | (14.3) | 10.8 | 102.4 | |||||||||
Total comprehensive income (loss) | 93.6 | 136.6 | 193.3 | |||||||||
Parent Company | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 1.6 | 1.6 | 1.5 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 0 | |||||||||||
Net gain on dispositions | 0 | 0 | 0 | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 1.6 | 1.6 | 1.5 | |||||||||
Operating income (loss) | (1.6) | (1.6) | (1.5) | |||||||||
Interest income (expense), net | 0 | 0 | 0 | |||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (1.6) | (1.6) | (1.5) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | 109.5 | 127.4 | 92.4 | |||||||||
Net income | 107.9 | 125.8 | 90.9 | |||||||||
Total other comprehensive income, net of tax | (14.3) | 10.8 | 102.4 | |||||||||
Total comprehensive income (loss) | 93.6 | 136.6 | 193.3 | |||||||||
Subsidiary Issuer | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0.2 | 0.9 | 0.2 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 0 | |||||||||||
Net gain on dispositions | 0 | 0 | 0 | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 0.2 | 0.9 | 0.2 | |||||||||
Operating income (loss) | (0.2) | (0.9) | (0.2) | |||||||||
Interest income (expense), net | (118.4) | (113.9) | (113.6) | |||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (118.6) | (114.8) | (113.8) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | 228.1 | 242.2 | 206.2 | |||||||||
Net income | 109.5 | 127.4 | 92.4 | |||||||||
Total other comprehensive income, net of tax | (14.3) | 10.8 | 102.4 | |||||||||
Total comprehensive income (loss) | 95.2 | 138.2 | 194.8 | |||||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 1,040.1 | 997.5 | 1,005.6 | |||||||||
Transit and other | 480.8 | 449.4 | 429.6 | |||||||||
Total revenues | 1,520.9 | 1,446.9 | 1,435.2 | |||||||||
Operating | 808.3 | 784.6 | 764.9 | |||||||||
Selling, general and administrative | 276.6 | 246.2 | 246.7 | |||||||||
Restructuring charges | 2.1 | 2.5 | 2.5 | |||||||||
Loss on real estate assets held for sale | 0 | |||||||||||
Net gain on dispositions | (5.3) | (14.4) | (1.7) | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 73.3 | 77.3 | 94.1 | |||||||||
Amortization | 90.2 | 94 | 112.3 | |||||||||
Total expenses | 1,245.2 | 1,190.2 | 1,218.8 | |||||||||
Operating income (loss) | 275.7 | 256.7 | 216.4 | |||||||||
Interest income (expense), net | (3.8) | (2.3) | (0.2) | |||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 271.9 | 254.4 | 216.2 | |||||||||
Benefit (provision) for income taxes | (6.1) | (11.3) | (6.4) | |||||||||
Equity in earnings of investee companies, net of tax | (156.3) | (115.7) | (117.4) | |||||||||
Net income | 109.5 | 127.4 | 92.4 | |||||||||
Total other comprehensive income, net of tax | (14.3) | 10.8 | 102.4 | |||||||||
Total comprehensive income (loss) | 95.2 | 138.2 | 194.8 | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 72.3 | 61.5 | 65.4 | |||||||||
Transit and other | 13 | 12.1 | 13.3 | |||||||||
Total revenues | 85.3 | 73.6 | 78.7 | |||||||||
Operating | 51.6 | 50.6 | 53.2 | |||||||||
Selling, general and administrative | 8.6 | 13 | 16.4 | |||||||||
Restructuring charges | 0 | 3.9 | 0 | |||||||||
Loss on real estate assets held for sale | 1.3 | |||||||||||
Net gain on dispositions | (0.2) | 0.1 | (0.2) | |||||||||
Impairment charge | 42.9 | |||||||||||
Depreciation | 12.6 | 12.4 | 14.8 | |||||||||
Amortization | 8.9 | 6.1 | 3 | |||||||||
Total expenses | 124.4 | 86.1 | 88.5 | |||||||||
Operating income (loss) | (39.1) | (12.5) | (9.8) | |||||||||
Interest income (expense), net | (3.5) | (0.7) | 0 | |||||||||
Other income (expense), net | (0.4) | 0.3 | (0.1) | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (43) | (12.9) | (9.9) | |||||||||
Benefit (provision) for income taxes | 1.2 | 7.2 | 1 | |||||||||
Equity in earnings of investee companies, net of tax | 1.1 | 0.8 | 1 | |||||||||
Net income | (40.7) | (4.9) | (7.9) | |||||||||
Total other comprehensive income, net of tax | (12.1) | 10.8 | 102.6 | |||||||||
Total comprehensive income (loss) | (52.8) | 5.9 | 94.7 | |||||||||
Eliminations | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Billboard | 0 | 0 | 0 | |||||||||
Transit and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||
Loss on real estate assets held for sale | 0 | |||||||||||
Net gain on dispositions | 0 | 0 | 0 | |||||||||
Impairment charge | 0 | |||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization | 0 | 0 | 0 | |||||||||
Total expenses | 0 | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||
Interest income (expense), net | 0 | 0 | 0 | |||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0 | 0 | 0 | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings of investee companies, net of tax | (178.3) | (249.9) | (176.9) | |||||||||
Net income | (178.3) | (249.9) | (176.9) | |||||||||
Total other comprehensive income, net of tax | 40.7 | (32.4) | (307.4) | |||||||||
Total comprehensive income (loss) | $ (137.6) | $ (282.3) | $ (484.3) | |||||||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information -Condensed Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used for) operating activities | $ 214.3 | $ 249.3 | $ 287.1 |
Capital expenditures | (82.3) | (70.8) | (59.4) |
Acquisitions | (7) | (69.2) | (67.9) |
MTA franchise rights | (13.3) | (0.9) | 0 |
Proceeds from dispositions | 7.9 | 5.6 | 90.6 |
Return of investment in investee companies | 4.3 | 0 | 0 |
Net cash provided by (used for) investing activities | (90.4) | (135.3) | (36.7) |
Proceeds from long-term debt borrowings | 104 | 8.3 | 0 |
Repayments of long-term debt borrowings | (104) | 0 | (90) |
Proceeds from borrowings under short-term debt facilities | 245 | 250 | 35 |
Repayments of borrowings under short-term debt facilities | (165) | (170) | (35) |
Payments of deferred financing costs | (0.3) | (8.5) | (0.4) |
Proceeds from shares issued under the ATM Program | 15.3 | 0 | 0 |
Proceeds from stock option exercises | 0 | 1.2 | 0 |
Earnout payment related to prior acquisition | (0.4) | (2) | 0 |
Taxes withheld for stock-based compensation | (8.4) | (8.5) | (7.3) |
Dividends | (203.9) | (201.8) | (188.6) |
Intercompany | 0 | 0 | 0 |
Other | 0 | (0.2) | (0.2) |
Net cash provided by (used for) financing activities | (117.7) | (131.5) | (286.5) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.4) | 0.6 | (0.3) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5.8 | (16.9) | (36.4) |
Cash, cash equivalents and restricted cash at beginning of year | 48.3 | 65.2 | 101.6 |
Cash, cash equivalents and restricted cash at end of year | 54.1 | 48.3 | 65.2 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used for) operating activities | (1.6) | (1.7) | (1.5) |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
MTA franchise rights | 0 | 0 | |
Proceeds from dispositions | 0 | 0 | 0 |
Return of investment in investee companies | 0 | ||
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 | |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Proceeds from shares issued under the ATM Program | 15.3 | ||
Proceeds from stock option exercises | 1.2 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | (201.2) | (200.4) | (188.6) |
Intercompany | 187.5 | 200.9 | 190.1 |
Other | 0 | 0 | |
Net cash provided by (used for) financing activities | 1.6 | 1.7 | 1.5 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at end of year | 0 | 0 | 0 |
Subsidiary Issuer | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used for) operating activities | (110.6) | (108.5) | (111.3) |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
MTA franchise rights | 0 | 0 | |
Proceeds from dispositions | 0 | 0 | 0 |
Return of investment in investee companies | 0 | ||
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings | 104 | 8.3 | |
Repayments of long-term debt borrowings | (104) | (90) | |
Proceeds from borrowings under short-term debt facilities | 0 | 90 | 35 |
Repayments of borrowings under short-term debt facilities | 0 | (90) | (35) |
Payments of deferred financing costs | (0.2) | (8) | (0.4) |
Proceeds from shares issued under the ATM Program | 0 | ||
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany | 112.6 | 107 | 131.5 |
Other | 0 | 0 | |
Net cash provided by (used for) financing activities | 112.4 | 107.3 | 41.1 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1.8 | (1.2) | (70.2) |
Cash, cash equivalents and restricted cash at beginning of year | 10.2 | 11.4 | 81.6 |
Cash, cash equivalents and restricted cash at end of year | 12 | 10.2 | 11.4 |
Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used for) operating activities | 331.8 | 329.5 | 399.1 |
Capital expenditures | (70) | (63.6) | (54.8) |
Acquisitions | (7) | (17.6) | (67.9) |
MTA franchise rights | (13.3) | (0.9) | |
Proceeds from dispositions | 7.6 | 5.5 | 2.9 |
Return of investment in investee companies | 4.3 | ||
Net cash provided by (used for) investing activities | (78.4) | (76.6) | (119.8) |
Proceeds from long-term debt borrowings | 0 | 0 | |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 75 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Proceeds from shares issued under the ATM Program | 0 | ||
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | (0.4) | (2) | |
Taxes withheld for stock-based compensation | (8.4) | (8.5) | (7.3) |
Dividends | 0 | 0 | 0 |
Intercompany | (321.9) | (274.3) | (244.5) |
Other | (0.2) | (0.2) | |
Net cash provided by (used for) financing activities | (255.7) | (285) | (252) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2.3) | (32.1) | 27.3 |
Cash, cash equivalents and restricted cash at beginning of year | 3.7 | 35.8 | 8.5 |
Cash, cash equivalents and restricted cash at end of year | 1.4 | 3.7 | 35.8 |
Non-Guarantor Subsidiaries | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used for) operating activities | (5.3) | 30 | 0.8 |
Capital expenditures | (12.3) | (7.2) | (4.6) |
Acquisitions | 0 | (51.6) | 0 |
MTA franchise rights | 0 | 0 | |
Proceeds from dispositions | 0.3 | 0.1 | 87.7 |
Return of investment in investee companies | 0 | ||
Net cash provided by (used for) investing activities | (12) | (58.7) | 83.1 |
Proceeds from long-term debt borrowings | 0 | 0 | |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 170 | 160 | 0 |
Repayments of borrowings under short-term debt facilities | (165) | (80) | 0 |
Payments of deferred financing costs | (0.1) | 0.5 | 0 |
Proceeds from shares issued under the ATM Program | 0 | ||
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | (2.7) | 1.4 | 0 |
Intercompany | 21.8 | (33.6) | (77.1) |
Other | 0 | 0 | |
Net cash provided by (used for) financing activities | 24 | 44.5 | (77.1) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.4) | 0.6 | (0.3) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6.3 | 16.4 | 6.5 |
Cash, cash equivalents and restricted cash at beginning of year | 34.4 | 18 | 11.5 |
Cash, cash equivalents and restricted cash at end of year | 40.7 | 34.4 | 18 |
Eliminations | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used for) operating activities | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
MTA franchise rights | 0 | 0 | |
Proceeds from dispositions | 0 | 0 | 0 |
Return of investment in investee companies | 0 | ||
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 | |
Repayments of long-term debt borrowings | 0 | 0 | |
Proceeds from borrowings under short-term debt facilities | 0 | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 | 0 |
Payments of deferred financing costs | 0 | 0 | 0 |
Proceeds from shares issued under the ATM Program | 0 | ||
Proceeds from stock option exercises | 0 | ||
Earnout payment related to prior acquisition | 0 | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Intercompany | 0 | 0 | 0 |
Other | 0 | 0 | |
Net cash provided by (used for) financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at end of year | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Revenues | $ 452.4 | $ 414.2 | $ 401.7 | $ 337.9 | $ 401.3 | $ 392.4 | $ 396.2 | $ 330.6 | $ 1,606.2 | $ 1,520.5 | $ 1,513.9 | ||||
Adjusted OIBDA | 143.8 | 129.3 | 125.2 | 81.2 | 121.1 | 120.8 | 122 | 80.2 | 479.5 | 444.1 | 449 | ||||
Restructuring charges | (0.7) | (0.1) | (0.2) | (1.1) | (0.1) | (1.6) | (2.9) | (1.8) | (2.1) | (6.4) | |||||
Net (gain) loss on dispositions | 1.3 | 1.3 | 2.7 | 0.2 | 0.7 | 14.1 | (0.1) | (0.4) | 5.5 | 14.3 | 1.9 | ||||
Impairment charge | 0 | 0 | (42.9) | [1] | 0 | (42.9) | 0 | 0 | |||||||
Depreciation | (22.5) | (21) | (21.3) | (21.1) | (21.4) | (22.3) | (23.1) | (22.9) | (85.9) | (89.7) | (108.9) | ||||
Amortization | (25.8) | (25.8) | (25) | (22.5) | (25.5) | (25.5) | (25.4) | (23.7) | (99.1) | (100.1) | (115.3) | ||||
Stock-based compensation | (4.8) | (4.8) | (5.6) | (5) | (4.4) | (5.2) | (5.5) | (5.4) | (20.2) | (20.5) | (18) | ||||
Operating income (loss) | 91.3 | 78.9 | 32.9 | 31.7 | 70.4 | 80.3 | 65 | 26 | 234.8 | 241.7 | 204.9 | ||||
Net income (loss) | $ 57.2 | $ 46.8 | $ (5.2) | $ 9.1 | $ 35.5 | $ 50.7 | $ 37.1 | $ 2.5 | $ 107.9 | $ 125.8 | $ 90.9 | ||||
Basic ($ per share) | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.25 | $ 0.36 | $ 0.27 | $ 0.02 | $ 0.76 | $ 0.90 | $ 0.66 | ||||
Diluted ($ per share) | $ 0.40 | $ 0.33 | $ (0.04) | $ 0.06 | $ 0.25 | $ 0.36 | $ 0.27 | $ 0.02 | $ 0.75 | $ 0.90 | $ 0.66 | ||||
U.S. Media | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Revenues | $ 410 | $ 379.7 | $ 367.2 | $ 309.9 | $ 369.3 | $ 363 | $ 367.1 | $ 307.1 | $ 1,466.8 | $ 1,406.5 | |||||
Adjusted OIBDA | 143.9 | 136.2 | 131.2 | 88.9 | 128.2 | 129.2 | 128.3 | 92.4 | 500.2 | 478.1 | |||||
Impairment charge | 0 | ||||||||||||||
Operating income (loss) | 102.4 | 96 | 93.8 | 50.6 | 88.5 | 100.7 | 83.9 | 47.5 | 342.8 | 320.6 | |||||
Other | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Revenues | 42.4 | 34.5 | 34.5 | 28 | 32 | [2] | 29.4 | [2] | 29.1 | [2] | 23.5 | 139.4 | 114 | ||
Adjusted OIBDA | 9.7 | 4.2 | 4.2 | (0.8) | 3.6 | [2] | 1.9 | [2] | 4 | (1.1) | 17.3 | 8.4 | |||
Impairment charge | (42.9) | ||||||||||||||
Operating income (loss) | 3.9 | (1.2) | (45.1) | (7) | (3) | [2] | (4.9) | [2] | (3.1) | [2] | (5) | (49.4) | (16) | ||
Corporate | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Adjusted OIBDA | (9.8) | (11.1) | (10.2) | (6.9) | (10.7) | (10.3) | (10.3) | (11.1) | (38) | (42.4) | $ (42.6) | ||||
Operating income (loss) | $ (15) | $ (15.9) | $ (15.8) | $ (11.9) | $ (15.1) | $ (15.5) | $ (15.8) | $ (16.5) | $ (58.6) | $ (62.9) | $ (60.6) | ||||
[1] | As a result of an 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 $42.9 million on the Consolidated Statement of Operations. See Note 5. Goodwill and Other Intangible Assets : Goodwill | ||||||||||||||
[2] | On June 13, 2017, we completed the Transaction. (See Note 10. Equity and Note 13. Acquisitions and Dispositions : Acquisitions |
II - Valuation and Qualifying_3
II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts: - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 11.5 | $ 9.2 | $ 8.9 |
Balance Acquired through Acquisitions | 0 | 0 | 0 |
Charged to Costs and Expenses | 1.9 | 4.4 | 3.6 |
Charged to Other Accounts | (0.1) | 0.1 | 0 |
Deductions | 2.6 | 2.2 | 3.3 |
Balance at End of Period | $ 10.7 | $ 11.5 | $ 9.2 |
III - Schedule of Real Estate_3
III - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)assetdisplay | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | $ 1,886.9 | [1],[2] | $ 1,845.2 | $ 1,778.7 | $ 1,886.9 | [1],[2] | |
Accumulated Depreciation | (1,323.2) | (1,208.5) | (1,208.5) | (1,323.2) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the beginning of the year | 1,845.2 | 1,787.3 | 1,778.7 | ||||
Additions for construction of / improvements to structures | 72.5 | 63 | 48.9 | ||||
Assets sold or written-off | (2.9) | (28.9) | (49.4) | ||||
Foreign exchange | (27.9) | 23.8 | 9.1 | ||||
Balance at the end of the year | 1,886.9 | [1],[2] | 1,845.2 | 1,787.3 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the beginning of the year | 1,280.7 | 1,208.5 | 1,137.7 | ||||
Depreciation | 69.1 | 76.2 | 98.2 | ||||
Assets sold or written-off | (2.3) | (24.5) | (34.6) | ||||
Foreign exchange | (24.3) | 20.5 | 7.2 | ||||
Balance at the end of the year | 1,323.2 | 1,280.7 | 1,208.5 | ||||
United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Gross carrying amount at the end of the year | [2] | 1,594.6 | 1,594.6 | ||||
Accumulated Depreciation | (1,072.2) | $ (1,072.2) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 42,125 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,594.6 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,072.2 | ||||||
Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | $ 0 | ||||||
Gross carrying amount at the end of the year | [2] | 292.3 | 292.3 | ||||
Accumulated Depreciation | (251) | $ (251) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,256 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 292.3 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | $ 251 | ||||||
Assets | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Number of assets which exceed concentration risk % | asset | 0 | ||||||
Assets | Maximum | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Concentration Risk, Percentage | 5.00% | ||||||
Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | $ 1,724.4 | $ 1,724.4 | ||||
Accumulated Depreciation | (1,315.9) | (1,315.9) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,724.4 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,315.9 | ||||||
Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,452.3 | 1,452.3 | ||||
Accumulated Depreciation | (1,066.3) | $ (1,066.3) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 40,157 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,452.3 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1,066.3 | ||||||
Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 272.1 | $ 272.1 | ||||
Accumulated Depreciation | (249.6) | $ (249.6) | |||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 5,031 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 272.1 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | $ 249.6 | ||||||
Structures Added Prior to 1/1/2014 | Maximum | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Maximum | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 20 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Prior to 1/1/2014 | Minimum | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Life Used for Depreciation | 5 years | ||||||
Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 1,968 | ||||||
Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate, Number of Units, as of date | display | 225 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | $ 162.5 | $ 162.5 | ||||
Accumulated Depreciation | (7.3) | (7.3) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 162.5 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 7.3 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 142.3 | 142.3 | ||||
Accumulated Depreciation | (5.9) | (5.9) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 142.3 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 5.9 | ||||||
Structures Added Subsequent to 1/1/2014 | Real estate | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 20.2 | 20.2 | ||||
Accumulated Depreciation | (1.4) | (1.4) | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 20.2 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the year | 1.4 | ||||||
Advertising structures | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,789.4 | 1,789.4 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,789.4 | |||||
Advertising structures | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,499.2 | 1,499.2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,499.2 | |||||
Advertising structures | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 290.2 | 290.2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 290.2 | |||||
Advertising structures | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,640.3 | 1,640.3 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,640.3 | |||||
Advertising structures | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 1,370.3 | 1,370.3 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 1,370.3 | |||||
Advertising structures | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 270 | 270 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 270 | |||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 149.1 | 149.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 149.1 | |||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 128.9 | 128.9 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 128.9 | |||||
Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 20.2 | 20.2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 20.2 | |||||
Land | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 97.5 | 97.5 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 97.5 | |||||
Land | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 95.4 | 95.4 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 95.4 | |||||
Land | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 2.1 | 2.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 2.1 | |||||
Land | Structures Added Prior to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 84.1 | 84.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 84.1 | |||||
Land | Structures Added Prior to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 82 | 82 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 82 | |||||
Land | Structures Added Prior to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 2.1 | 2.1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 2.1 | |||||
Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 13.4 | 13.4 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 13.4 | |||||
Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 13.4 | 13.4 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 13.4 | |||||
Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | [2] | 0 | 0 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | [2] | 0 | |||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 161.6 | 161.6 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 161.6 | ||||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 141.4 | 141.4 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 141.4 | ||||||
Initial Acquisition Cost | Advertising structures | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 20.2 | 20.2 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 20.2 | ||||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 13.4 | 13.4 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 13.4 | ||||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 13.4 | 13.4 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 13.4 | ||||||
Initial Acquisition Cost | Land | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 0 | 0 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 12.5 | 12.5 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 12.5 | ||||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | United States | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 12.5 | 12.5 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 12.5 | ||||||
Costs Capitalized Subsequent to Acquisition | Structures Added Subsequent to 1/1/2014 | Canada | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Gross carrying amount at the end of the year | 0 | $ 0 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Balance at the end of the year | 0 | ||||||
New Investments | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 27.2 | 22 | 9.1 | ||||
Redevelopments | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 29 | 23.4 | 23.7 | ||||
Recurring Capital Expenditures | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 12.8 | 13 | 14.5 | ||||
Purchase price accounting adjustments | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | 0 | 0 | 1 | ||||
Land Acquisitions | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||||||
Additions for construction of / improvements to structures | $ 3.5 | $ 4.6 | $ 0.6 | ||||
[1] | No single asset exceeded 5% of the total gross carrying amount as of December 31, 2018 | ||||||
[2] | Includes sites under construction. |