Document and Entity Information
Document and Entity Information Document - $ / shares | 9 Months Ended | ||||||
Sep. 30, 2019 | Nov. 04, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Cover page. | |||||||
Document Type | 10-Q | ||||||
Document Quarterly Report | true | ||||||
Quarterly period ended | Sep. 30, 2019 | ||||||
Document Transition Report | false | ||||||
Commission File Number | 001-36367 | ||||||
Exact name of registrant as specified in its charter | OUTFRONT Media Inc. | ||||||
State or other jurisdiction of incorporation or organization | MD | ||||||
I.R.S. Employer Identification No. | 46-4494703 | ||||||
Entity Address, Address Line One | 405, Lexington Avenue, 17th Floor | ||||||
Entity Address, City or Town | New York, | ||||||
Entity Address, State or Province | NY | ||||||
Zip Code | 10174 | ||||||
City Area Code | 212 | ||||||
Registrant's telephone number, including area code | 297-6400 | ||||||
Filed all reports required to be filed by Section 13 or 15(d) | Yes | ||||||
Entity Interactive Data Current | Yes | ||||||
Entity filer category | Large Accelerated Filer | ||||||
Entity Small Business | false | ||||||
Emerging growth company | false | ||||||
Entity Shell Company | false | ||||||
Title of 12(b) Security | Common Stock | ||||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Trading Symbol | OUT | ||||||
Security Exchange Name | NYSE | ||||||
Shares outstanding | 143,524,982 | ||||||
Current Fiscal Year End Date | --12-31 | ||||||
Document Fiscal Year Focus | 2019 | ||||||
Document Fiscal Period Focus | Q3 | ||||||
Amendment Flag | false | ||||||
Entity Central Index Key | 0001579877 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 58.3 | $ 52.7 |
Restricted cash | 5.4 | 1.4 |
Receivables, less allowance ($11.9 in 2019 and $10.7 in 2018) | 290.7 | 264.9 |
Prepaid lease and transit franchise costs | 12.5 | 69.3 |
Prepaid MTA equipment deployment costs | 60.7 | 18.9 |
Other prepaid expenses | 21.9 | 13.9 |
Other current assets | 10.5 | 8.4 |
Total current assets | 460 | 429.5 |
Noncurrent assets: | ||
Property and equipment, net | 665.8 | 652.9 |
Goodwill | 2,082.8 | 2,079.7 |
Intangible assets | 548.6 | 537.2 |
Operating lease assets | 1,408.1 | 0 |
Prepaid MTA equipment deployment costs | 83 | 60.6 |
Other assets | 72.6 | 68.8 |
Total assets | 5,320.9 | 3,828.7 |
Current liabilities: | ||
Accounts payable | 53.4 | 56.5 |
Accrued compensation | 45.1 | 47.1 |
Accrued interest | 23.6 | 19.1 |
Accrued lease and transit franchise costs | 48.6 | 44.2 |
Other accrued expenses | 38.4 | 31.2 |
Deferred revenues | 38.9 | 29.8 |
Short-term debt | 210 | 160 |
Short-term operating lease liabilities | 169.4 | 0 |
Other current liabilities | 17.7 | 14.7 |
Total current liabilities | 645.1 | 402.6 |
Noncurrent liabilities: | ||
Long-term debt, net | 2,212.5 | 2,149.6 |
Deferred income tax liabilities, net | 18.7 | 17 |
Asset retirement obligation | 35 | 34.2 |
Operating lease liabilities | 1,237.7 | 0 |
Other liabilities | 45.7 | 80 |
Total liabilities | 4,194.7 | 2,683.4 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock (2019 - 450.0 shares authorized, and 143.5 shares issued and outstanding; 2018 - 450.0 shares authorized, and 140.2 issued and outstanding) | 1.4 | 1.4 |
Additional paid-in capital | 2,067.6 | 1,995 |
Distribution in excess of earnings | (957.3) | (871.6) |
Accumulated other comprehensive loss | (18.7) | (22) |
Total stockholders' equity | 1,093 | 1,102.8 |
Non-controlling interests | 33.2 | 42.5 |
Total equity | 1,126.2 | 1,145.3 |
Total liabilities and equity | $ 5,320.9 | $ 3,828.7 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 11.9 | $ 10.7 |
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
Common Stock, Shares Issued | 143,524,043 | 140,239,977 |
Common Stock, Shares Outstanding | 143,524,043 | 140,239,977 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Billboard | $ 312 | $ 290.6 | $ 868.8 | $ 810.3 |
Transit and other | 150.5 | 123.6 | 425.3 | 343.5 |
Total revenues | 462.5 | 414.2 | 1,294.1 | 1,153.8 |
Expenses: | ||||
Operating | 245.5 | 215.3 | 702.7 | 624.4 |
Selling, general and administrative | 82.3 | 74.4 | 237.1 | 209.1 |
Restructuring charges | 0 | 0.1 | 0.3 | 1.4 |
Net gain on dispositions | (1.9) | (1.3) | (3) | (4.2) |
Impairment charge | 0 | 0 | 0 | 42.9 |
Depreciation | 22.4 | 21 | 64.9 | 63.4 |
Amortization | 28.7 | 25.8 | 81 | 73.3 |
Total expenses | 377 | 335.3 | 1,083 | 1,010.3 |
Operating income | 85.5 | 78.9 | 211.1 | 143.5 |
Interest expense, net | (33.9) | (32) | (100.5) | (93) |
Loss on extinguishment of debt | (11) | 0 | (11) | 0 |
Other income (expense), net | 0 | 0.2 | 0.1 | (0.1) |
Income before provision for income taxes and equity in earnings of investee companies | 40.6 | 47.1 | 99.7 | 50.4 |
Provision for income taxes | (3.3) | (1) | (8.5) | (2.4) |
Equity in earnings of investee companies, net of tax | 1.4 | 0.7 | 3.9 | 2.7 |
Net income | $ 38.7 | $ 46.8 | $ 95.1 | $ 50.7 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.27 | $ 0.33 | $ 0.66 | $ 0.35 |
Diluted (in dollars per share) | $ 0.27 | $ 0.33 | $ 0.66 | $ 0.35 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 143.4 | 139.3 | 142.1 | 139.1 |
Diluted (in shares) | 144.2 | 141.5 | 142.7 | 139.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 38.7 | $ 46.8 | $ 95.1 | $ 50.7 |
Other comprehensive income (loss), net of tax: | ||||
Cumulative translation adjustments | (0.8) | 1.7 | 6.4 | (9.8) |
Net actuarial gain | 0.2 | 0 | 0.1 | 0.6 |
Change in fair value of interest rate swap agreements | (0.4) | 0 | (3.2) | 0 |
Total other comprehensive income (loss), net of tax | (1) | 1.7 | 3.3 | (9.2) |
Total comprehensive income | $ 37.7 | $ 48.5 | $ 98.4 | $ 41.5 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Distribution in Excess of Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | At-The-Market Equity Offering Program | At-The-Market Equity Offering ProgramAdditional Paid-In Capital |
Shares of common stock, beginning balance at Dec. 31, 2017 | 138,600,000 | |||||||
Total stockholders' equity, beginning balance at Dec. 31, 2017 | $ 1,181.1 | |||||||
Non-controlling interests, beginning balance at Dec. 31, 2017 | $ 45.5 | |||||||
Total equity, beginning balance at Dec. 31, 2017 | 1,226.6 | $ 1.4 | $ 1,963 | $ (775.6) | $ (7.7) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 50.7 | 50.7 | ||||||
Other comprehensive income (loss) | (9.2) | (9.2) | ||||||
Other comprehensive income (loss) - total equity | (9.2) | |||||||
Stock-based payments: Vested (shares) | 1,000,000 | |||||||
Stock-based payments: Amortization | 15.4 | 15.4 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (300,000) | |||||||
Shares paid for tax withholding for stock-based payments | (8.2) | (8.2) | ||||||
Class A equity interest redemptions (shares) | 200,000 | |||||||
Class A equity interest redemptions | 4.2 | 4.2 | ||||||
Decrease in non-controlling interests due to redemptions | (4.2) | |||||||
Dividends | (152.7) | (152.7) | ||||||
Stock Issued During Period, Value, Issued for Services | 0.1 | 0.1 | ||||||
Other | 1.1 | |||||||
Issuance of shares of a subsidiary | 1 | |||||||
Shares of common stock, ending balance at Sep. 30, 2018 | 139,500,000 | |||||||
Total stockholders' equity, ending balance at Sep. 30, 2018 | 1,081.4 | |||||||
Non-controlling interests, ending balance at Sep. 30, 2018 | 42.3 | |||||||
Total equity, ending balance at Sep. 30, 2018 | 1,123.7 | $ 1.4 | 1,974.5 | (877.6) | (16.9) | |||
Shares of common stock, beginning balance at Jun. 30, 2018 | 139,300,000 | |||||||
Total stockholders' equity, beginning balance at Jun. 30, 2018 | 1,074.8 | |||||||
Non-controlling interests, beginning balance at Jun. 30, 2018 | 45.7 | |||||||
Total equity, beginning balance at Jun. 30, 2018 | 1,120.5 | $ 1.4 | 1,965.5 | (873.5) | (18.6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 46.8 | 46.8 | ||||||
Other comprehensive income (loss) | 1.7 | 1.7 | ||||||
Other comprehensive income (loss) - total equity | 1.7 | |||||||
Stock-based payments: Amortization | 4.8 | 4.8 | ||||||
Shares paid for tax withholding for stock-based payments | (0.1) | (0.1) | ||||||
Class A equity interest redemptions (shares) | 200,000 | |||||||
Class A equity interest redemptions | 4.2 | 4.2 | ||||||
Decrease in non-controlling interests due to redemptions | (4.2) | |||||||
Dividends | (50.9) | (50.9) | ||||||
Stock Issued During Period, Value, Issued for Services | 0.1 | 0.1 | ||||||
Other | 0.9 | |||||||
Issuance of shares of a subsidiary | 0.8 | |||||||
Shares of common stock, ending balance at Sep. 30, 2018 | 139,500,000 | |||||||
Total stockholders' equity, ending balance at Sep. 30, 2018 | 1,081.4 | |||||||
Non-controlling interests, ending balance at Sep. 30, 2018 | 42.3 | |||||||
Total equity, ending balance at Sep. 30, 2018 | 1,123.7 | $ 1.4 | 1,974.5 | (877.6) | (16.9) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of a new accounting standard | $ (24.8) | (24.8) | ||||||
Shares of common stock, beginning balance at Dec. 31, 2018 | 140,239,977 | 140,200,000 | ||||||
Total stockholders' equity, beginning balance at Dec. 31, 2018 | $ 1,102.8 | |||||||
Non-controlling interests, beginning balance at Dec. 31, 2018 | 42.5 | 42.5 | ||||||
Total equity, beginning balance at Dec. 31, 2018 | 1,145.3 | $ 1.4 | 1,995 | (871.6) | (22) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 95.1 | 95.1 | ||||||
Other comprehensive income (loss) | 3.3 | 3.3 | ||||||
Other comprehensive income (loss) - total equity | 3.3 | |||||||
Stock-based payments: Vested (shares) | 900,000 | |||||||
Stock-based payments: Amortization | 16.4 | 16.4 | ||||||
Shares paid for tax withholding for stock-based payments (shares) | (400,000) | |||||||
Shares paid for tax withholding for stock-based payments | (7.7) | (7.7) | ||||||
Class A equity interest redemptions (shares) | 600,000 | |||||||
Class A equity interest redemptions | 13 | 13 | ||||||
Decrease in non-controlling interests due to redemptions | (13) | |||||||
Shares issued under the ATM Program | 2,200,000 | 2,150,000 | ||||||
Other | $ 50.8 | $ 50.8 | ||||||
Dividends | (156) | (156) | ||||||
Stock Issued During Period, Value, Issued for Services | 0.1 | 0.1 | ||||||
Other | $ 3.8 | |||||||
Issuance of shares of a subsidiary | 3.7 | |||||||
Shares of common stock, ending balance at Sep. 30, 2019 | 143,524,043 | 143,500,000 | ||||||
Total stockholders' equity, ending balance at Sep. 30, 2019 | $ 1,093 | |||||||
Non-controlling interests, ending balance at Sep. 30, 2019 | 33.2 | 33.2 | ||||||
Total equity, ending balance at Sep. 30, 2019 | 1,126.2 | $ 1.4 | 2,067.6 | (957.3) | (18.7) | |||
Shares of common stock, beginning balance at Jun. 30, 2019 | 143,300,000 | |||||||
Total stockholders' equity, beginning balance at Jun. 30, 2019 | 1,097.7 | |||||||
Non-controlling interests, beginning balance at Jun. 30, 2019 | 37.2 | |||||||
Total equity, beginning balance at Jun. 30, 2019 | 1,134.9 | $ 1.4 | 2,057.9 | (943.9) | (17.7) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 38.7 | 38.7 | ||||||
Other comprehensive income (loss) | (1) | (1) | ||||||
Other comprehensive income (loss) - total equity | (1) | |||||||
Stock-based payments: Amortization | 5.6 | 5.6 | ||||||
Class A equity interest redemptions (shares) | 200,000 | |||||||
Class A equity interest redemptions | 4.1 | 4.1 | ||||||
Decrease in non-controlling interests due to redemptions | (4.1) | |||||||
Shares issued under the ATM Program | 0 | |||||||
Dividends | (52.1) | (52.1) | ||||||
Other | $ 0.1 | |||||||
Issuance of shares of a subsidiary | 0.1 | |||||||
Shares of common stock, ending balance at Sep. 30, 2019 | 143,524,043 | 143,500,000 | ||||||
Total stockholders' equity, ending balance at Sep. 30, 2019 | $ 1,093 | |||||||
Non-controlling interests, ending balance at Sep. 30, 2019 | 33.2 | $ 33.2 | ||||||
Total equity, ending balance at Sep. 30, 2019 | $ 1,126.2 | $ 1.4 | $ 2,067.6 | $ (957.3) | $ (18.7) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 1.08 | $ 1.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities: | ||
Net income | $ 95.1 | $ 50.7 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||
Depreciation and amortization | 145.9 | 136.7 |
Deferred tax (benefit) provision | 1.2 | (1.8) |
Stock-based compensation | 16.4 | 15.4 |
Provision for doubtful accounts | 4 | 0.7 |
Accretion expense | 1.9 | 1.8 |
Net gain on dispositions | (3) | (4.2) |
Impairment charge | 0 | 42.9 |
Loss on extinguishment of debt | 11 | 0 |
Equity in earnings of investee companies, net of tax | (3.9) | (2.7) |
Distributions from investee companies | 3.1 | 1.5 |
Amortization of deferred financing costs and debt discount and premium | 4.9 | 4.2 |
Cash paid for direct lease acquisition costs | (34.5) | (30.2) |
Change in assets and liabilities, net of investing and financing activities: | ||
Increase in receivables | (29.2) | (30.9) |
Increase in prepaid MTA equipment deployment costs | (64.2) | (48.8) |
(Increase) decrease in prepaid expenses and other current assets | (10.4) | 1.1 |
Increase (decrease) in accounts payable and accrued expenses | 3 | (0.4) |
Increase in deferred revenues | 9.1 | 8.8 |
Decrease in income taxes | (0.5) | (3.1) |
Other, net | 12.2 | (4.3) |
Net cash flow provided by (used for) operating activities | 162.1 | 137.4 |
Investing Activities: | ||
Capital expenditures | (65.4) | (62.1) |
Acquisitions | (60.7) | (5.6) |
MTA franchise rights | (16.9) | (9.4) |
Net proceeds from dispositions | 4.9 | 6 |
Net cash flow provided by (used for) investing activities | (138.1) | (71.1) |
Financing Activities: | ||
Proceeds from long-term debt borrowings | 760 | 89 |
Repayments of long-term debt borrowings | (695) | (79) |
Proceeds from borrowings under short-term debt facilities | 280 | 200 |
Repayments of borrowings under short-term debt facilities | (230) | (105) |
Payments of deferred financing costs | (9.5) | (0.2) |
Payment of debt extinguishment charges | (7.4) | 0 |
Proceeds from shares issued under the ATM Program | 50.9 | 0 |
Taxes withheld for stock-based compensation | (7.7) | (8.2) |
Dividends | (156) | (152.9) |
Net cash flow provided by (used for) financing activities | (14.7) | (56.3) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.3 | (0.2) |
Net increase in cash, cash equivalents and restricted cash | 9.6 | 9.8 |
Cash, cash equivalents and restricted cash, beginning of period | 54.1 | 48.3 |
Cash, cash equivalents and restricted cash, end of period | 63.7 | 58.1 |
Supplemental disclosure of cash flow Information: | ||
Cash paid for income taxes | 7.9 | 7.2 |
Cash paid for interest | 92.3 | 79.2 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 10.9 | 6.1 |
Accrued MTA franchise rights | $ 2.3 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on February 27, 2019 . |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Leases In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the modified retrospective transition method to adopt the new lease standard. The modified retrospective transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. 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 determines 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 regardless of their classification. We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions. At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term. Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements. Recent Pronouncements |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 , we have $5.4 million of restricted cash deposited in the escrow account. As of (in millions) September 30, 2019 September 30, 2018 December 31, 2018 Cash and cash equivalents $ 58.3 $ 56.7 $ 52.7 Restricted cash 5.4 1.4 1.4 Cash, cash equivalents and restricted cash $ 63.7 $ 58.1 $ 54.1 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Effective January 1, 2019, we adopted the FASB’s guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the transition method to adopt the new lease standard. See Note 2. New Accounting Standards : Adoption of New Accounting Standards . Lessee We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts. Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment. We rent or sublease certain real estate to third parties. As of September 30, 2019 , we have operating lease assets of $1.4 billion , short-term operating lease liabilities of $169.4 million and non-current operating lease liabilities of $1.2 billion . For the three months ended September 30, 2019 , we recorded operating lease costs of $103.5 million in Operating expenses and $2.5 million in Selling, general and administrative expenses. For the three months ended September 30, 2019 , these costs include $26.3 million of variable operating lease costs. For the nine months ended September 30, 2019 , we recorded operating lease costs of $300.5 million in Operating expenses and $6.9 million in Selling, general and administrative expenses. For the nine months ended September 30, 2019 , these costs include $66.2 million of variable operating lease costs. For the three and nine months ended September 30, 2019 , sublease income was immaterial. As of September 30, 2019 , minimum rental payments under operating leases are as follows: (in millions) Operating Leases 2019 $ 49.5 2020 257.4 2021 239.2 2022 221.4 2023 198.8 2024 and thereafter 999.9 Total operating lease payments 1,966.2 Less: Interest 559.1 Present value of lease liabilities $ 1,407.1 As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows: (in millions) Non-Cancellable Operating Leases 2019 $ 154.8 2020 151.8 2021 139.1 2022 126.2 2023 109.8 2024 and thereafter 574.6 Total minimum payments $ 1,256.3 As of September 30, 2019 , the weighted-average remaining lease term was 10.2 years and the weighted-average discount rate was 6.1% . For the nine months ended September 30, 2019 , cash paid for operating leases was $296.5 million . Leased assets obtained in exchange for new operating lease liabilities was $321.9 million . Lessor Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net ) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. We recorded rental income of $301.3 million for the three months ended September 30, 2019 , and $839.4 million for the nine months ended September 30, 2019 , in Revenues on our Consolidated Statement of Operations. As of September 30, 2019 , rental payments to be received under non-cancellable operating leases are as follows: (in millions) Rental Income 2019 $ 234.7 2020 157.7 2021 16.7 2022 5.3 2023 2.9 2024 and thereafter 1.9 Total minimum payments $ 419.2 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives September 30, December 31, Land $ 98.5 $ 97.5 Buildings 20 to 40 years 49.9 48.7 Advertising structures 5 to 20 years 1,838.2 1,789.4 Furniture, equipment and other 3 to 10 years 150.9 134.3 Construction in progress 30.2 19.3 2,167.7 2,089.2 Less: accumulated depreciation 1,501.9 1,436.3 Property and equipment, net $ 665.8 $ 652.9 Depreciation expense was $22.4 million in the three months ended September 30, 2019 , $21.0 million in the three months ended September 30, 2018 , $64.9 million in the nine months ended September 30, 2019 and $63.4 million in the nine months ended September 30, 2018 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 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 September 30, 2019: Permits and leasehold agreements $ 1,144.6 $ (725.7 ) $ 418.9 Franchise agreements 489.1 (367.6 ) 121.5 Other intangible assets 47.0 (38.8 ) 8.2 Total intangible assets $ 1,680.7 $ (1,132.1 ) $ 548.6 As of December 31, 2018: Permits and leasehold agreements $ 1,107.4 $ (697.6 ) $ 409.8 Franchise agreements 470.7 (357.1 ) 113.6 Other intangible assets 46.9 (33.1 ) 13.8 Total intangible assets $ 1,625.0 $ (1,087.8 ) $ 537.2 All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $28.7 million in the three months ended September 30, 2019 , and $25.8 million in the three months ended September 30, 2018 , which includes the amortization of direct lease acquisition costs of $13.6 million in the three months ended September 30, 2019 , and $11.9 million in the three months ended September 30, 2018 . Amortization expense was $81.0 million in the nine months ended September 30, 2019 , and $73.3 million in the nine months ended September 30, 2018 , which includes the amortization of direct lease acquisition costs of $36.9 million in the nine months ended September 30, 2019 , and $31.7 million in the nine months ended September 30, 2018 . 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. |
Asset Retirement Obligation
Asset Retirement Obligation | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2018 $ 34.2 Accretion expense 1.9 Additions 0.3 Liabilities settled (1.5 ) Foreign currency translation adjustments 0.1 As of September 30, 2019 $ 35.0 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which currently operate a total of 11 billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $16.8 million as of September 30, 2019 , and $16.1 million as of December 31, 2018 , and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $2.2 million in each of the three months ended September 30, 2019 and 2018, $6.1 million in the nine months ended September 30, 2019 and $5.7 million in the nine months ended September 30, 2018 . |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt, net, consists of the following: As of (in millions, except percentages) September 30, December 31, Short-term debt: AR Facility $ 120.0 $ 85.0 Repurchase Facility 90.0 75.0 Total short-term debt 210.0 160.0 Long-term debt: Revolving credit facility 15.0 — Term loan, due 2024 618.5 668.1 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 — 549.7 5.625% senior unsecured notes, due 2024 501.9 502.2 5.875% senior unsecured notes, due 2025 450.0 450.0 5.000% senior unsecured notes, due 2027 650.0 — Total senior unsecured notes 1,601.9 1,501.9 Debt issuance costs (22.9 ) (20.4 ) Total long-term debt, net 2,212.5 2,149.6 Total debt, net $ 2,422.5 $ 2,309.6 Weighted average cost of debt 4.9 % 5.1 % Term Loan The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.0% per annum as of September 30, 2019 . As of September 30, 2019 , a discount of $1.5 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 September 30, 2019 , there were $15.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.0% . The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2019 and 2018, $1.1 million in the nine months ended September 30, 2019 , and $1.0 million in the nine months ended September 30, 2018 . As of September 30, 2019 , we had issued letters of credit totaling approximately $2.0 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of September 30, 2019 , we had issued letters of credit totaling approximately $71.0 million under our aggregate $150.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and nine months ended September 30, 2019 and 2018 . Effective October 2, 2019, we reduced our standalone letter of credit facilities by $42.0 million and effective October 3, 2019, we further reduced our standalone letter of credit facilities by $30.0 million . As of November 4, 2019, our standalone letter of credit facilities totaled $78.0 million . Accounts Receivable Securitization Facilities As of September 30, 2019 , we have a $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended. On July 19, 2019 , the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million , (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million , (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity. In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ 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 SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility. In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility. As of September 30, 2019 , there were $120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 3.1% , and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 3.2% . As of September 30, 2019 , borrowing capacity remaining under the AR Facility was $5.0 million based on approximately $329.0 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 for each of the three and nine months ended September 30, 2019 and 2018. As of November 4, 2019 , there were $105.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.0% , and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.1% . Senior Unsecured Notes On July 15, 2019 , we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “Old Notes”), pay accrued and unpaid interest on the Old Notes, pay fees and expenses in connection with the Notes offering and Old Notes redemption. In the third quarter of 2019 , we recorded a Loss on extinguishment of debt of $11.0 million relating to the Old Notes on the Consolidated Statement of Operations. As of September 30, 2019 , a premium of $1.9 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 September 30, 2019 , our Consolidated Net Secured Leverage Ratio was 1.3 to 1.0 in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of September 30, 2019 , our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of September 30, 2019 , we are in compliance with our debt covenants. Deferred Financing Costs As of September 30, 2019 , we had deferred $25.9 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 We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $5.6 million as of September 30, 2019 , and $2.4 million as of December 31, 2018, and is included in Other liabilities on our Consolidated Statement of Financial Position. As of September 30, 2019 , under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million , under a weighted-average fixed interest rate of 2.7% , with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022 . The one-month LIBOR rate was approximately 2.0% as of September 30, 2019 . 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 $2.5 billion as of September 30, 2019 , and $2.3 billion as of December 31, 2018 . The fair value of our debt as of both September 30, 2019 , and December 31, 2018, is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $5.6 million as of September 30, 2019 , and $2.4 million as of December 31, 2018 . The aggregate fair value of our interest rate cash flow swap agreements as of both September 30, 2019 and December 31, 2018 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | Equity As of September 30, 2019 , 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 143,524,043 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. In June 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”). 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. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years , unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. During the nine months ended September 30, 2019 , we made distributions of $1.5 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 September 30, 2019 , 774,727 Class A equity interests have been redeemed for shares of the Company’s common stock. In the nine months ended September 30, 2019 , we issued 8,166 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. During the nine months ended September 30, 2019 , 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million , for total net proceeds of $51.2 million . No shares were sold under the ATM Program during the three months ended September 30, 2019 . As of September 30, 2019 , we had approximately $232.5 million of capacity remaining under the ATM Program. On October 22, 2019 , we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2019 , to stockholders of record at the close of business on December 6, 2019 . |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following table summarizes revenues by source: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Billboard: Static displays $ 234.7 $ 223.9 $ 658.1 $ 630.6 Digital displays 65.8 57.4 179.0 152.6 Other 11.5 9.3 31.7 27.1 Billboard revenues 312.0 290.6 868.8 810.3 Transit: Static displays 94.1 87.0 270.2 238.8 Digital displays 27.6 15.2 72.6 39.9 Other 11.6 9.6 33.3 27.2 Total transit revenues 133.3 111.8 376.1 305.9 Sports marketing and other 17.2 11.8 49.2 37.6 Transit and other revenues 150.5 123.6 425.3 343.5 Total revenues $ 462.5 $ 414.2 $ 1,294.1 $ 1,153.8 Rental income was $301.3 million in the three months ended September 30, 2019 , $281.9 million in the three months ended September 30, 2018 , $839.4 million in the nine months ended September 30, 2019 , and $785.0 million in the nine months ended September 30, 2018 , and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 United States: Billboard $ 292.8 $ 271.3 $ 814.1 $ 760.1 Transit and other 129.9 108.4 366.6 296.7 Sports marketing and other 17.2 11.8 49.2 37.6 Total United States revenues 439.9 391.5 1,229.9 1,094.4 Canada 22.6 22.7 64.2 59.4 Total revenues $ 462.5 $ 414.2 $ 1,294.1 $ 1,153.8 We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2018 , during the three months ended March 31, 2019. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | Restructuring Charges For the three months ended September 30, 2018 , we recorded restructuring charges of $0.1 million , which was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the nine months ended September 30, 2019 , we recorded restructuring charges of $0.3 million associated with the elimination of a corporate management position. For the nine months ended September 30, 2018 , we recorded restructuring charges of $1.4 million , of which $0.8 million was recorded in Other for severance charges primarily associated with the reorganization of our Sports Marketing operating segment and $0.6 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. As of September 30, 2019 , $0.5 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions We completed several asset acquisitions for a total purchase price of approximately $41.7 million in the nine months ended September 30, 2019 , and $5.6 million in the nine months ended September 30, 2018 . In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million . As of September 30, 2019 , we have completed this acquisition except with respect to four digital displays, which we expect to acquire in 2020 for an estimated purchase price of $9.2 million , subject to customary closing conditions and the timing of site development. In the first quarter of 2019, we entered into an agreement to acquire eight digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million . In connection with the execution of the agreement and a subsequent amendment, we paid a deposit of $5.0 million to an escrow agent, which is included in Other assets on our Consolidated Statement of Financial Position, and in the third quarter of 2019, we paid a deposit of $14.0 million to an escrow account, which is also included in Other assets on our Consolidated Statement of Financial Position. The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Effective as of June 10, 2019, we amended the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”) to, among other things, increase the number of shares of our common stock reserved for issuance under our prior plan by 5,100,000 shares, so that the aggregate number of shares reserved for issuance under the Stock Plan is 13,100,000 shares of our common stock. The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 . Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 5.6 $ 4.8 $ 16.4 $ 15.4 Tax benefit (0.4 ) (0.4 ) (1.1 ) (1.1 ) Stock-based compensation expense, net of tax $ 5.2 $ 4.4 $ 15.3 $ 14.3 As of September 30, 2019 , total unrecognized compensation cost related to non-vested RSUs and PRSUs was $29.6 million , which is expected to be recognized over a weighted average period of 2.0 years . RSUs and PRSUs The following table summarizes activity for the nine months ended September 30, 2019 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2018 1,723,980 $ 22.39 Granted: RSUs 853,965 21.73 PRSUs 376,418 21.41 Vested: RSUs (586,553 ) 21.99 PRSUs (246,542 ) 21.99 Forfeitures: RSUs (42,425 ) 22.16 PRSUs (5,250 ) 22.17 Non-vested as of September 30, 2019 2,073,593 22.10 Stock Options The following table summarizes activity for the nine months ended September 30, 2019 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2018 141,847 $ 23.08 Exercised (15,319 ) 10.78 Outstanding as of September 30, 2019 126,528 24.57 Exercisable as of September 30, 2019 126,528 24.57 |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Components of net periodic pension cost: Service cost $ 0.6 $ 0.3 $ 1.5 $ 1.1 Interest cost 0.5 0.5 1.5 1.4 Expected return on plan assets (0.7 ) (0.5 ) (2.0 ) (1.6 ) Amortization of net actuarial losses (a) 0.1 0.2 0.4 0.5 Amortization of transitional obligation — (0.1 ) — (0.1 ) Net periodic pension cost $ 0.5 $ 0.4 $ 1.4 $ 1.3 (a) Reflects amounts reclassified from accumulated other comprehensive income to net income. In the nine months ended September 30, 2019 , we contributed $1.1 million to our pension plans. In 2019 , we expect to contribute approximately $1.6 million to our pension plans. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
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 TRSs. As such, we have provided for their federal, state and foreign income taxes. In the second quarter of 2019, we had recorded a provision for uncertain tax positions of $4.5 million to correct an error related to prior open tax years. In the third quarter of 2019, pursuant to an audit for the 2016 tax year, the Internal Revenue Service has issued a Notice of Proposed Adjustment, increasing our tax liability by $2.2 million , which represents a settlement of the $4.5 million provision for uncertain tax positions recorded in the second quarter of 2019. Tax years 2016 to present are open for examination by the tax authorities. New York State has concluded an audit of our 2014 tax year without proposing any adjustments. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three and nine months ended September 30, 2019 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Net income available for common stockholders (a) $ 38.7 $ 46.8 $ 95.1 $ 50.7 Less: Distributions to holders of Class A equity interests of a subsidiary 0.4 0.6 1.5 2.0 Net income available for common stockholders, basic and diluted (a) $ 38.3 $ 46.2 $ 93.6 $ 48.7 Weighted average shares for basic EPS 143.4 139.3 142.1 139.1 Dilutive potential shares from grants of RSUs, PRSUs and stock options (b) 0.8 0.3 0.6 0.3 Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary (c) — 1.9 — — Weighted average shares for diluted EPS 144.2 141.5 142.7 139.4 (a) Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary. (b) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018 , 0.1 million in the nine months ended September 30, 2019 , and 0.4 million in the nine months ended September 30, 2018 , were antidilutive. (c) The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019 , 1.5 million in the nine months ended September 30, 2019 , and 1.9 million in the nine months ended September 30, 2018 , was antidilutive. (See Note 10. Equity |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of 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 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 New York Metropolitan Transportation Authority (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, and (iii) 7,829 MTA communications displays, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. 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 September 30, 2019 , 3,740 digital displays had been installed, of which 972 installations occurred in the three months ended September 30, 2019 , for a total of 2,511 installations in the nine months ended September 30, 2019 . For the full year of 2019, we expect our MTA equipment deployment costs to be approximately $150.0 million . (in millions) Beginning Balance Deployment Costs Incurred Recoupment Amortization Ending Balance Nine months ended September 30, 2019: Prepaid MTA equipment deployment costs $ 79.5 $ 83.3 $ (19.1 ) $ — $ 143.7 Intangible assets (franchise agreements) 14.8 17.8 — (2.1 ) 30.5 Total $ 94.3 $ 101.1 $ (19.1 ) $ (2.1 ) $ 174.2 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 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 September 30, 2019 , the outstanding letters of credit were approximately $73.0 million and outstanding surety bonds were approximately $162.1 million , and were not recorded on the Consolidated Statements of Financial Position. Legal Matters On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other . The following tables set forth our financial performance by segment. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Revenues: U.S. Media $ 422.7 $ 379.7 $ 1,180.7 $ 1,056.8 Other 39.8 34.5 113.4 97.0 Total revenues $ 462.5 $ 414.2 $ 1,294.1 $ 1,153.8 We present Operating income before Depreciation , Amortization , Net gain on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Net income $ 38.7 $ 46.8 $ 95.1 $ 50.7 Provision for income taxes 3.3 1.0 8.5 2.4 Equity in earnings of investee companies, net of tax (1.4 ) (0.7 ) (3.9 ) (2.7 ) Interest expense, net 33.9 32.0 100.5 93.0 Loss on extinguishment of debt 11.0 — 11.0 — Other (income) expense, net — (0.2 ) (0.1 ) 0.1 Operating income 85.5 78.9 211.1 143.5 Restructuring charges — 0.1 0.3 1.4 Net gain on dispositions (1.9 ) (1.3 ) (3.0 ) (4.2 ) Impairment charge — — — 42.9 Depreciation and amortization 51.1 46.8 145.9 136.7 Stock-based compensation 5.6 4.8 16.4 15.4 Total Adjusted OIBDA $ 140.3 $ 129.3 $ 370.7 $ 335.7 Adjusted OIBDA: U.S. Media $ 147.3 $ 136.2 $ 387.7 $ 356.3 Other 4.3 4.2 14.3 7.6 Corporate (11.3 ) (11.1 ) (31.3 ) (28.2 ) Total Adjusted OIBDA $ 140.3 $ 129.3 $ 370.7 $ 335.7 Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Operating income (loss): U.S. Media $ 103.1 $ 96.0 $ 260.5 $ 240.4 Other (0.7 ) (1.2 ) (1.4 ) (53.3 ) Corporate (16.9 ) (15.9 ) (48.0 ) (43.6 ) Total operating income $ 85.5 $ 78.9 $ 211.1 $ 143.5 Net (gain) loss on dispositions: U.S. Media $ (1.9 ) $ (1.1 ) $ (3.2 ) $ (4.0 ) Other — (0.2 ) 0.2 (0.2 ) Total gain on dispositions $ (1.9 ) $ (1.3 ) $ (3.0 ) $ (4.2 ) Impairment charge: Other $ — $ — $ — $ 42.9 Total impairment charge $ — $ — $ — $ 42.9 Depreciation and amortization: U.S. Media $ 46.1 $ 41.2 $ 130.4 $ 119.3 Other 5.0 5.6 15.5 17.4 Total depreciation and amortization $ 51.1 $ 46.8 $ 145.9 $ 136.7 Capital expenditures: U.S. Media $ 25.1 $ 14.0 $ 63.4 $ 54.0 Other 0.7 1.7 2.0 8.1 Total capital expenditures $ 25.8 $ 15.7 $ 65.4 $ 62.1 As of (in millions) September 30, 2019 December 31, 2018 Assets: U.S. Media $ 5,011.8 $ 3,610.0 Other 294.8 202.5 Corporate 14.3 16.2 Total assets $ 5,320.9 $ 3,828.7 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2019 | |
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 9. 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 September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 7.2 $ 1.3 $ 49.8 $ — $ 58.3 Receivables, less allowance — — — 339.9 (49.2 ) 290.7 Other current assets — 1.2 190.3 69.2 (149.7 ) 111.0 Total current assets — 8.4 191.6 458.9 (198.9 ) 460.0 Property and equipment, net — — 616.7 49.1 — 665.8 Goodwill — — 2,059.9 22.9 — 2,082.8 Intangible assets — — 476.3 72.3 — 548.6 Operating lease assets — — 1,294.4 113.7 — 1,408.1 Investment in subsidiaries 1,093.0 3,325.2 331.6 — (4,749.8 ) — Prepaid MTA equipment deployment costs — — 83.0 — — 83.0 Other assets — 1.5 67.4 3.7 — 72.6 Intercompany — — 81.0 87.7 (168.7 ) — Total assets $ 1,093.0 $ 3,335.1 $ 5,201.9 $ 808.3 $ (5,117.4 ) $ 5,320.9 Total current liabilities $ — $ 24.0 $ 579.6 $ 240.4 $ (198.9 ) $ 645.1 Long-term debt, net — 2,212.5 — — — 2,212.5 Deferred income tax liabilities, net — — — 18.7 — 18.7 Operating lease liability — — 1,140.4 97.3 — 1,237.7 Asset retirement obligation — — 30.6 4.4 — 35.0 Deficit in excess of investment of subsidiaries — — 2,232.2 — (2,232.2 ) — Other liabilities — 5.6 38.4 1.7 — 45.7 Intercompany — — 87.7 81.0 (168.7 ) — Total liabilities — 2,242.1 4,108.9 443.5 (2,599.8 ) 4,194.7 Total stockholders’ equity 1,093.0 1,093.0 1,093.0 331.6 (2,517.6 ) 1,093.0 Non-controlling interests — — — 33.2 — 33.2 Total equity 1,093.0 1,093.0 1,093.0 364.8 (2,517.6 ) 1,126.2 Total liabilities and equity $ 1,093.0 $ 3,335.1 $ 5,201.9 $ 808.3 $ (5,117.4 ) $ 5,320.9 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 allowance — — 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, net — 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 Three Months Ended September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 290.8 $ 21.2 $ — $ 312.0 Transit and other — — 147.1 3.4 — 150.5 Total revenues — — 437.9 24.6 — 462.5 Expenses: Operating — — 231.9 13.6 — 245.5 Selling, general and administrative 0.4 0.1 80.3 1.5 — 82.3 Net gain on dispositions — — (1.9 ) — — (1.9 ) Depreciation — — 19.8 2.6 — 22.4 Amortization — — 26.3 2.4 — 28.7 Total expenses 0.4 0.1 356.4 20.1 — 377.0 Operating income (loss) (0.4 ) (0.1 ) 81.5 4.5 — 85.5 Interest expense, net — (31.9 ) (0.7 ) (1.3 ) — (33.9 ) Loss on extinguishment of debt — (11.0 ) — — — (11.0 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.4 ) (43.0 ) 80.8 3.2 — 40.6 Provision for income taxes — — (1.8 ) (1.5 ) — (3.3 ) Equity in earnings of investee companies, net of tax 39.1 82.1 (39.9 ) 0.3 (80.2 ) 1.4 Net income $ 38.7 $ 39.1 $ 39.1 $ 2.0 $ (80.2 ) $ 38.7 Net income $ 38.7 $ 39.1 $ 39.1 $ 2.0 $ (80.2 ) $ 38.7 Total other comprehensive loss, net of tax (1.0 ) (1.0 ) (1.0 ) (0.7 ) 2.7 (1.0 ) Total comprehensive income $ 37.7 $ 38.1 $ 38.1 $ 1.3 $ (77.5 ) $ 37.7 Three Months Ended September 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 271.1 $ 19.5 $ — $ 290.6 Transit and other — — 120.3 3.3 — 123.6 Total revenues — — 391.4 22.8 — 414.2 Expenses: Operating — — 202.6 12.7 — 215.3 Selling, general and administrative 0.4 0.1 71.1 2.8 — 74.4 Restructuring charges — — 0.1 — — 0.1 Net gain on dispositions — — (1.1 ) (0.2 ) — (1.3 ) Depreciation — — 18.1 2.9 — 21.0 Amortization — — 23.4 2.4 — 25.8 Total expenses 0.4 0.1 314.2 20.6 — 335.3 Operating income (loss) (0.4 ) (0.1 ) 77.2 2.2 — 78.9 Interest expense, net — (30.1 ) (1.0 ) (0.9 ) — (32.0 ) Other expense, net — — — 0.2 — 0.2 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.4 ) (30.2 ) 76.2 1.5 — 47.1 Benefit (provision) for income taxes — — (1.6 ) 0.6 — (1.0 ) Equity in earnings of investee companies, net of tax 47.2 77.4 (27.4 ) 0.4 (96.9 ) 0.7 Net income $ 46.8 $ 47.2 $ 47.2 $ 2.5 $ (96.9 ) $ 46.8 Net income $ 46.8 $ 47.2 $ 47.2 $ 2.5 $ (96.9 ) $ 46.8 Total other comprehensive income, net of tax 1.7 1.7 1.7 1.7 (5.1 ) 1.7 Total comprehensive income $ 48.5 $ 48.9 $ 48.9 $ 4.2 $ (102.0 ) $ 48.5 Nine Months Ended September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 811.2 $ 57.6 $ — $ 868.8 Transit and other — — 415.9 9.4 — 425.3 Total revenues — — 1,227.1 67.0 — 1,294.1 Expenses: Operating — — 663.9 38.8 — 702.7 Selling, general and administrative 1.2 0.2 227.6 8.1 — 237.1 Restructuring charges — — 0.3 — — 0.3 Net gain on dispositions — — (3.1 ) 0.1 — (3.0 ) Depreciation — — 57.0 7.9 — 64.9 Amortization — — 74.1 6.9 — 81.0 Total expenses 1.2 0.2 1,019.8 61.8 — 1,083.0 Operating income (loss) (1.2 ) (0.2 ) 207.3 5.2 — 211.1 Interest expense, net — (94.1 ) (2.4 ) (4.0 ) — (100.5 ) Loss on extinguishment of debt — (11.0 ) — — — (11.0 ) Other income, net — — — 0.1 — 0.1 Income (loss) before provision for income taxes and equity in earnings of investee companies (1.2 ) (105.3 ) 204.9 1.3 — 99.7 Provision for income taxes — — (8.4 ) (0.1 ) — (8.5 ) Equity in earnings of investee companies, net of tax 96.3 201.6 (100.2 ) 0.9 (194.7 ) 3.9 Net income $ 95.1 $ 96.3 $ 96.3 $ 2.1 $ (194.7 ) $ 95.1 Net income $ 95.1 $ 96.3 $ 96.3 $ 2.1 $ (194.7 ) $ 95.1 Total other comprehensive income, net of tax 3.3 3.3 3.3 6.4 (13.0 ) 3.3 Total comprehensive income $ 98.4 $ 99.6 $ 99.6 $ 8.5 $ (207.7 ) $ 98.4 Nine Months Ended September 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 759.6 $ 50.7 $ — $ 810.3 Transit and other — — 334.4 9.1 — 343.5 Total revenues — — 1,094.0 59.8 — 1,153.8 Expenses: Operating — — 585.3 39.1 — 624.4 Selling, general and administrative 1.2 0.2 202.1 5.6 — 209.1 Restructuring charges — — 1.4 — — 1.4 Net gain on dispositions — — (4.0 ) (0.2 ) — (4.2 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 53.6 9.8 — 63.4 Amortization — — 67.0 6.3 — 73.3 Total expenses 1.2 0.2 905.4 103.5 — 1,010.3 Operating income (loss) (1.2 ) (0.2 ) 188.6 (43.7 ) — 143.5 Interest expense, net — (88.1 ) (2.8 ) (2.1 ) — (93.0 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.2 ) (88.3 ) 185.8 (45.9 ) — 50.4 Benefit (provision) for income taxes — — (4.1 ) 1.7 — (2.4 ) Equity in earnings of investee companies, net of tax 51.9 140.2 (129.8 ) 0.8 (60.4 ) 2.7 Net income (loss) $ 50.7 $ 51.9 $ 51.9 $ (43.4 ) $ (60.4 ) $ 50.7 Net income (loss) $ 50.7 $ 51.9 $ 51.9 $ (43.4 ) $ (60.4 ) $ 50.7 Total other comprehensive loss, net of tax (9.2 ) (9.2 ) (9.2 ) (9.2 ) 27.6 (9.2 ) Total comprehensive income (loss) $ 41.5 $ 42.7 $ 42.7 $ (52.6 ) $ (32.8 ) $ 41.5 Nine Months Ended September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.2 ) $ (84.4 ) $ 227.4 $ 20.3 $ — $ 162.1 Investing activities: Capital expenditures — — (59.8 ) (5.6 ) — (65.4 ) Acquisitions — — (60.7 ) — — (60.7 ) MTA franchise rights — — (16.9 ) — — (16.9 ) Net proceeds from dispositions — — 4.9 — — 4.9 Net cash flow used for investing activities — — (132.5 ) (5.6 ) — (138.1 ) Financing activities: Proceeds from long-term debt borrowings — 760.0 — — — 760.0 Repayments of long-term debt borrowings — (695.0 ) — — — (695.0 ) Proceeds from borrowings under short-term debt facilities — — 90.0 190.0 — 280.0 Repayments of borrowings under short-term debt facilities — — (75.0 ) (155.0 ) — (230.0 ) Payments of deferred financing costs — (9.3 ) (0.2 ) — — (9.5 ) Payment of debt extinguishment charges — (7.4 ) — — — (7.4 ) Proceeds from shares issued under the ATM Program 50.9 — — — — 50.9 Taxes withheld for stock-based compensation — — (7.7 ) — — (7.7 ) Dividends (154.5 ) — — (1.5 ) — (156.0 ) Intercompany 104.8 31.3 (96.7 ) (39.4 ) — — Net cash flow provided by (used for) financing activities 1.2 79.6 (89.6 ) (5.9 ) — (14.7 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — — 0.3 — 0.3 Net increase (decrease) in cash, cash equivalents and restricted cash — (4.8 ) 5.3 9.1 — 9.6 Cash, cash equivalents and restricted cash at beginning of period — 12.0 1.4 40.7 — 54.1 Cash, cash equivalents and restricted cash at end of period $ — $ 7.2 $ 6.7 $ 49.8 $ — $ 63.7 Nine Months Ended September 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.2 ) $ (74.5 ) $ 216.2 $ (3.1 ) $ — $ 137.4 Investing activities: Capital expenditures — — (52.5 ) (9.6 ) — (62.1 ) Acquisitions — — (5.6 ) — — (5.6 ) MTA franchise rights — — (9.4 ) — — (9.4 ) Net proceeds from dispositions — — 5.7 0.3 — 6.0 Net cash flow used for investing activities — — (61.8 ) (9.3 ) — (71.1 ) Financing activities: Proceeds from long-term debt borrowings — 89.0 — — — 89.0 Repayments of long-term debt borrowings — (79.0 ) — — — (79.0 ) Proceeds from borrowings under short-term debt facilities — — 75.0 125.0 — 200.0 Repayments of borrowings under short-term debt facilities — — — (105.0 ) — (105.0 ) Payments of deferred financing costs — (0.1 ) — (0.1 ) — (0.2 ) Taxes withheld for stock-based compensation — — (8.2 ) — — (8.2 ) Dividends (150.9 ) — — (2.0 ) — (152.9 ) Intercompany 152.1 74.3 (216.2 ) (10.2 ) — — Net cash flow provided by (used for) financing activities 1.2 84.2 (149.4 ) 7.7 — (56.3 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — — (0.2 ) — (0.2 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 9.7 5.0 (4.9 ) — 9.8 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 $ — $ 19.9 $ 8.7 $ 29.5 $ — $ 58.1 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions. |
Leases (Policies)
Leases (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases - Lessee | We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts. Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement or amendment. We rent or sublease certain real estate to third parties. |
Leases - Lessor | Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment, Net ) are utilized to lease advertising space to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year and do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | As of (in millions) September 30, 2019 September 30, 2018 December 31, 2018 Cash and cash equivalents $ 58.3 $ 56.7 $ 52.7 Restricted cash 5.4 1.4 1.4 Cash, cash equivalents and restricted cash $ 63.7 $ 58.1 $ 54.1 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Minimum rental payments under operating leases | As of September 30, 2019 , minimum rental payments under operating leases are as follows: (in millions) Operating Leases 2019 $ 49.5 2020 257.4 2021 239.2 2022 221.4 2023 198.8 2024 and thereafter 999.9 Total operating lease payments 1,966.2 Less: Interest 559.1 Present value of lease liabilities $ 1,407.1 |
Minimum rental payments under non-cancellable operating leases with original terms in excess of one year | As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows: (in millions) Non-Cancellable Operating Leases 2019 $ 154.8 2020 151.8 2021 139.1 2022 126.2 2023 109.8 2024 and thereafter 574.6 Total minimum payments $ 1,256.3 |
Minimum rental payments to be received | As of September 30, 2019 , rental payments to be received under non-cancellable operating leases are as follows: (in millions) Rental Income 2019 $ 234.7 2020 157.7 2021 16.7 2022 5.3 2023 2.9 2024 and thereafter 1.9 Total minimum payments $ 419.2 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | The table below presents the balances of major classes of assets and accumulated depreciation. As of (in millions) Estimated Useful Lives September 30, December 31, Land $ 98.5 $ 97.5 Buildings 20 to 40 years 49.9 48.7 Advertising structures 5 to 20 years 1,838.2 1,789.4 Furniture, equipment and other 3 to 10 years 150.9 134.3 Construction in progress 30.2 19.3 2,167.7 2,089.2 Less: accumulated depreciation 1,501.9 1,436.3 Property and equipment, net $ 665.8 $ 652.9 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: (in millions) Gross Accumulated Amortization Net As of September 30, 2019: Permits and leasehold agreements $ 1,144.6 $ (725.7 ) $ 418.9 Franchise agreements 489.1 (367.6 ) 121.5 Other intangible assets 47.0 (38.8 ) 8.2 Total intangible assets $ 1,680.7 $ (1,132.1 ) $ 548.6 As of December 31, 2018: Permits and leasehold agreements $ 1,107.4 $ (697.6 ) $ 409.8 Franchise agreements 470.7 (357.1 ) 113.6 Other intangible assets 46.9 (33.1 ) 13.8 Total intangible assets $ 1,625.0 $ (1,087.8 ) $ 537.2 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience. (in millions) As of December 31, 2018 $ 34.2 Accretion expense 1.9 Additions 0.3 Liabilities settled (1.5 ) Foreign currency translation adjustments 0.1 As of September 30, 2019 $ 35.0 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt, net, consists of the following: As of (in millions, except percentages) September 30, December 31, Short-term debt: AR Facility $ 120.0 $ 85.0 Repurchase Facility 90.0 75.0 Total short-term debt 210.0 160.0 Long-term debt: Revolving credit facility 15.0 — Term loan, due 2024 618.5 668.1 Senior unsecured notes: 5.250% senior unsecured notes, due 2022 — 549.7 5.625% senior unsecured notes, due 2024 501.9 502.2 5.875% senior unsecured notes, due 2025 450.0 450.0 5.000% senior unsecured notes, due 2027 650.0 — Total senior unsecured notes 1,601.9 1,501.9 Debt issuance costs (22.9 ) (20.4 ) Total long-term debt, net 2,212.5 2,149.6 Total debt, net $ 2,422.5 $ 2,309.6 Weighted average cost of debt 4.9 % 5.1 % |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenues by source: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Billboard: Static displays $ 234.7 $ 223.9 $ 658.1 $ 630.6 Digital displays 65.8 57.4 179.0 152.6 Other 11.5 9.3 31.7 27.1 Billboard revenues 312.0 290.6 868.8 810.3 Transit: Static displays 94.1 87.0 270.2 238.8 Digital displays 27.6 15.2 72.6 39.9 Other 11.6 9.6 33.3 27.2 Total transit revenues 133.3 111.8 376.1 305.9 Sports marketing and other 17.2 11.8 49.2 37.6 Transit and other revenues 150.5 123.6 425.3 343.5 Total revenues $ 462.5 $ 414.2 $ 1,294.1 $ 1,153.8 |
Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 United States: Billboard $ 292.8 $ 271.3 $ 814.1 $ 760.1 Transit and other 129.9 108.4 366.6 296.7 Sports marketing and other 17.2 11.8 49.2 37.6 Total United States revenues 439.9 391.5 1,229.9 1,094.4 Canada 22.6 22.7 64.2 59.4 Total revenues $ 462.5 $ 414.2 $ 1,294.1 $ 1,153.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018 . Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 5.6 $ 4.8 $ 16.4 $ 15.4 Tax benefit (0.4 ) (0.4 ) (1.1 ) (1.1 ) Stock-based compensation expense, net of tax $ 5.2 $ 4.4 $ 15.3 $ 14.3 |
Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the nine months ended September 30, 2019 , of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2018 1,723,980 $ 22.39 Granted: RSUs 853,965 21.73 PRSUs 376,418 21.41 Vested: RSUs (586,553 ) 21.99 PRSUs (246,542 ) 21.99 Forfeitures: RSUs (42,425 ) 22.16 PRSUs (5,250 ) 22.17 Non-vested as of September 30, 2019 2,073,593 22.10 |
Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the nine months ended September 30, 2019 , of stock options issued to our employees. Activity Weighted Average Exercise Price Outstanding as of December 31, 2018 141,847 $ 23.08 Exercised (15,319 ) 10.78 Outstanding as of September 30, 2019 126,528 24.57 Exercisable as of September 30, 2019 126,528 24.57 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Components of net periodic pension cost: Service cost $ 0.6 $ 0.3 $ 1.5 $ 1.1 Interest cost 0.5 0.5 1.5 1.4 Expected return on plan assets (0.7 ) (0.5 ) (2.0 ) (1.6 ) Amortization of net actuarial losses (a) 0.1 0.2 0.4 0.5 Amortization of transitional obligation — (0.1 ) — (0.1 ) Net periodic pension cost $ 0.5 $ 0.4 $ 1.4 $ 1.3 (a) Reflects amounts reclassified from accumulated other comprehensive income to net income. |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Net income available for common stockholders (a) $ 38.7 $ 46.8 $ 95.1 $ 50.7 Less: Distributions to holders of Class A equity interests of a subsidiary 0.4 0.6 1.5 2.0 Net income available for common stockholders, basic and diluted (a) $ 38.3 $ 46.2 $ 93.6 $ 48.7 Weighted average shares for basic EPS 143.4 139.3 142.1 139.1 Dilutive potential shares from grants of RSUs, PRSUs and stock options (b) 0.8 0.3 0.6 0.3 Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary (c) — 1.9 — — Weighted average shares for diluted EPS 144.2 141.5 142.7 139.4 (a) Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary. (b) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018 , 0.1 million in the nine months ended September 30, 2019 , and 0.4 million in the nine months ended September 30, 2018 , were antidilutive. (c) The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019 , 1.5 million in the nine months ended September 30, 2019 , and 1.9 million in the nine months ended September 30, 2018 , was antidilutive. (See Note 10. Equity |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
MTA agreement schedule | (in millions) Beginning Balance Deployment Costs Incurred Recoupment Amortization Ending Balance Nine months ended September 30, 2019: Prepaid MTA equipment deployment costs $ 79.5 $ 83.3 $ (19.1 ) $ — $ 143.7 Intangible assets (franchise agreements) 14.8 17.8 — (2.1 ) 30.5 Total $ 94.3 $ 101.1 $ (19.1 ) $ (2.1 ) $ 174.2 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 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Revenues: U.S. Media $ 422.7 $ 379.7 $ 1,180.7 $ 1,056.8 Other 39.8 34.5 113.4 97.0 Total revenues $ 462.5 $ 414.2 $ 1,294.1 $ 1,153.8 |
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Net income $ 38.7 $ 46.8 $ 95.1 $ 50.7 Provision for income taxes 3.3 1.0 8.5 2.4 Equity in earnings of investee companies, net of tax (1.4 ) (0.7 ) (3.9 ) (2.7 ) Interest expense, net 33.9 32.0 100.5 93.0 Loss on extinguishment of debt 11.0 — 11.0 — Other (income) expense, net — (0.2 ) (0.1 ) 0.1 Operating income 85.5 78.9 211.1 143.5 Restructuring charges — 0.1 0.3 1.4 Net gain on dispositions (1.9 ) (1.3 ) (3.0 ) (4.2 ) Impairment charge — — — 42.9 Depreciation and amortization 51.1 46.8 145.9 136.7 Stock-based compensation 5.6 4.8 16.4 15.4 Total Adjusted OIBDA $ 140.3 $ 129.3 $ 370.7 $ 335.7 Adjusted OIBDA: U.S. Media $ 147.3 $ 136.2 $ 387.7 $ 356.3 Other 4.3 4.2 14.3 7.6 Corporate (11.3 ) (11.1 ) (31.3 ) (28.2 ) Total Adjusted OIBDA $ 140.3 $ 129.3 $ 370.7 $ 335.7 |
Tabular Disclosure by Reportable Segments | Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Operating income (loss): U.S. Media $ 103.1 $ 96.0 $ 260.5 $ 240.4 Other (0.7 ) (1.2 ) (1.4 ) (53.3 ) Corporate (16.9 ) (15.9 ) (48.0 ) (43.6 ) Total operating income $ 85.5 $ 78.9 $ 211.1 $ 143.5 Net (gain) loss on dispositions: U.S. Media $ (1.9 ) $ (1.1 ) $ (3.2 ) $ (4.0 ) Other — (0.2 ) 0.2 (0.2 ) Total gain on dispositions $ (1.9 ) $ (1.3 ) $ (3.0 ) $ (4.2 ) Impairment charge: Other $ — $ — $ — $ 42.9 Total impairment charge $ — $ — $ — $ 42.9 Depreciation and amortization: U.S. Media $ 46.1 $ 41.2 $ 130.4 $ 119.3 Other 5.0 5.6 15.5 17.4 Total depreciation and amortization $ 51.1 $ 46.8 $ 145.9 $ 136.7 Capital expenditures: U.S. Media $ 25.1 $ 14.0 $ 63.4 $ 54.0 Other 0.7 1.7 2.0 8.1 Total capital expenditures $ 25.8 $ 15.7 $ 65.4 $ 62.1 |
Reconciliation of Assets from Segment to Consolidated | As of (in millions) September 30, 2019 December 31, 2018 Assets: U.S. Media $ 5,011.8 $ 3,610.0 Other 294.8 202.5 Corporate 14.3 16.2 Total assets $ 5,320.9 $ 3,828.7 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Statement of Financial Position | As of September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ 7.2 $ 1.3 $ 49.8 $ — $ 58.3 Receivables, less allowance — — — 339.9 (49.2 ) 290.7 Other current assets — 1.2 190.3 69.2 (149.7 ) 111.0 Total current assets — 8.4 191.6 458.9 (198.9 ) 460.0 Property and equipment, net — — 616.7 49.1 — 665.8 Goodwill — — 2,059.9 22.9 — 2,082.8 Intangible assets — — 476.3 72.3 — 548.6 Operating lease assets — — 1,294.4 113.7 — 1,408.1 Investment in subsidiaries 1,093.0 3,325.2 331.6 — (4,749.8 ) — Prepaid MTA equipment deployment costs — — 83.0 — — 83.0 Other assets — 1.5 67.4 3.7 — 72.6 Intercompany — — 81.0 87.7 (168.7 ) — Total assets $ 1,093.0 $ 3,335.1 $ 5,201.9 $ 808.3 $ (5,117.4 ) $ 5,320.9 Total current liabilities $ — $ 24.0 $ 579.6 $ 240.4 $ (198.9 ) $ 645.1 Long-term debt, net — 2,212.5 — — — 2,212.5 Deferred income tax liabilities, net — — — 18.7 — 18.7 Operating lease liability — — 1,140.4 97.3 — 1,237.7 Asset retirement obligation — — 30.6 4.4 — 35.0 Deficit in excess of investment of subsidiaries — — 2,232.2 — (2,232.2 ) — Other liabilities — 5.6 38.4 1.7 — 45.7 Intercompany — — 87.7 81.0 (168.7 ) — Total liabilities — 2,242.1 4,108.9 443.5 (2,599.8 ) 4,194.7 Total stockholders’ equity 1,093.0 1,093.0 1,093.0 331.6 (2,517.6 ) 1,093.0 Non-controlling interests — — — 33.2 — 33.2 Total equity 1,093.0 1,093.0 1,093.0 364.8 (2,517.6 ) 1,126.2 Total liabilities and equity $ 1,093.0 $ 3,335.1 $ 5,201.9 $ 808.3 $ (5,117.4 ) $ 5,320.9 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 allowance — — 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, net — 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 |
Condensed Statement of Operations | Three Months Ended September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 290.8 $ 21.2 $ — $ 312.0 Transit and other — — 147.1 3.4 — 150.5 Total revenues — — 437.9 24.6 — 462.5 Expenses: Operating — — 231.9 13.6 — 245.5 Selling, general and administrative 0.4 0.1 80.3 1.5 — 82.3 Net gain on dispositions — — (1.9 ) — — (1.9 ) Depreciation — — 19.8 2.6 — 22.4 Amortization — — 26.3 2.4 — 28.7 Total expenses 0.4 0.1 356.4 20.1 — 377.0 Operating income (loss) (0.4 ) (0.1 ) 81.5 4.5 — 85.5 Interest expense, net — (31.9 ) (0.7 ) (1.3 ) — (33.9 ) Loss on extinguishment of debt — (11.0 ) — — — (11.0 ) Income (loss) before provision for income taxes and equity in earnings of investee companies (0.4 ) (43.0 ) 80.8 3.2 — 40.6 Provision for income taxes — — (1.8 ) (1.5 ) — (3.3 ) Equity in earnings of investee companies, net of tax 39.1 82.1 (39.9 ) 0.3 (80.2 ) 1.4 Net income $ 38.7 $ 39.1 $ 39.1 $ 2.0 $ (80.2 ) $ 38.7 Net income $ 38.7 $ 39.1 $ 39.1 $ 2.0 $ (80.2 ) $ 38.7 Total other comprehensive loss, net of tax (1.0 ) (1.0 ) (1.0 ) (0.7 ) 2.7 (1.0 ) Total comprehensive income $ 37.7 $ 38.1 $ 38.1 $ 1.3 $ (77.5 ) $ 37.7 Three Months Ended September 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 271.1 $ 19.5 $ — $ 290.6 Transit and other — — 120.3 3.3 — 123.6 Total revenues — — 391.4 22.8 — 414.2 Expenses: Operating — — 202.6 12.7 — 215.3 Selling, general and administrative 0.4 0.1 71.1 2.8 — 74.4 Restructuring charges — — 0.1 — — 0.1 Net gain on dispositions — — (1.1 ) (0.2 ) — (1.3 ) Depreciation — — 18.1 2.9 — 21.0 Amortization — — 23.4 2.4 — 25.8 Total expenses 0.4 0.1 314.2 20.6 — 335.3 Operating income (loss) (0.4 ) (0.1 ) 77.2 2.2 — 78.9 Interest expense, net — (30.1 ) (1.0 ) (0.9 ) — (32.0 ) Other expense, net — — — 0.2 — 0.2 Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (0.4 ) (30.2 ) 76.2 1.5 — 47.1 Benefit (provision) for income taxes — — (1.6 ) 0.6 — (1.0 ) Equity in earnings of investee companies, net of tax 47.2 77.4 (27.4 ) 0.4 (96.9 ) 0.7 Net income $ 46.8 $ 47.2 $ 47.2 $ 2.5 $ (96.9 ) $ 46.8 Net income $ 46.8 $ 47.2 $ 47.2 $ 2.5 $ (96.9 ) $ 46.8 Total other comprehensive income, net of tax 1.7 1.7 1.7 1.7 (5.1 ) 1.7 Total comprehensive income $ 48.5 $ 48.9 $ 48.9 $ 4.2 $ (102.0 ) $ 48.5 Nine Months Ended September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 811.2 $ 57.6 $ — $ 868.8 Transit and other — — 415.9 9.4 — 425.3 Total revenues — — 1,227.1 67.0 — 1,294.1 Expenses: Operating — — 663.9 38.8 — 702.7 Selling, general and administrative 1.2 0.2 227.6 8.1 — 237.1 Restructuring charges — — 0.3 — — 0.3 Net gain on dispositions — — (3.1 ) 0.1 — (3.0 ) Depreciation — — 57.0 7.9 — 64.9 Amortization — — 74.1 6.9 — 81.0 Total expenses 1.2 0.2 1,019.8 61.8 — 1,083.0 Operating income (loss) (1.2 ) (0.2 ) 207.3 5.2 — 211.1 Interest expense, net — (94.1 ) (2.4 ) (4.0 ) — (100.5 ) Loss on extinguishment of debt — (11.0 ) — — — (11.0 ) Other income, net — — — 0.1 — 0.1 Income (loss) before provision for income taxes and equity in earnings of investee companies (1.2 ) (105.3 ) 204.9 1.3 — 99.7 Provision for income taxes — — (8.4 ) (0.1 ) — (8.5 ) Equity in earnings of investee companies, net of tax 96.3 201.6 (100.2 ) 0.9 (194.7 ) 3.9 Net income $ 95.1 $ 96.3 $ 96.3 $ 2.1 $ (194.7 ) $ 95.1 Net income $ 95.1 $ 96.3 $ 96.3 $ 2.1 $ (194.7 ) $ 95.1 Total other comprehensive income, net of tax 3.3 3.3 3.3 6.4 (13.0 ) 3.3 Total comprehensive income $ 98.4 $ 99.6 $ 99.6 $ 8.5 $ (207.7 ) $ 98.4 Nine Months Ended September 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Billboard $ — $ — $ 759.6 $ 50.7 $ — $ 810.3 Transit and other — — 334.4 9.1 — 343.5 Total revenues — — 1,094.0 59.8 — 1,153.8 Expenses: Operating — — 585.3 39.1 — 624.4 Selling, general and administrative 1.2 0.2 202.1 5.6 — 209.1 Restructuring charges — — 1.4 — — 1.4 Net gain on dispositions — — (4.0 ) (0.2 ) — (4.2 ) Impairment charge — — — 42.9 — 42.9 Depreciation — — 53.6 9.8 — 63.4 Amortization — — 67.0 6.3 — 73.3 Total expenses 1.2 0.2 905.4 103.5 — 1,010.3 Operating income (loss) (1.2 ) (0.2 ) 188.6 (43.7 ) — 143.5 Interest expense, net — (88.1 ) (2.8 ) (2.1 ) — (93.0 ) Other expense, net — — — (0.1 ) — (0.1 ) Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies (1.2 ) (88.3 ) 185.8 (45.9 ) — 50.4 Benefit (provision) for income taxes — — (4.1 ) 1.7 — (2.4 ) Equity in earnings of investee companies, net of tax 51.9 140.2 (129.8 ) 0.8 (60.4 ) 2.7 Net income (loss) $ 50.7 $ 51.9 $ 51.9 $ (43.4 ) $ (60.4 ) $ 50.7 Net income (loss) $ 50.7 $ 51.9 $ 51.9 $ (43.4 ) $ (60.4 ) $ 50.7 Total other comprehensive loss, net of tax (9.2 ) (9.2 ) (9.2 ) (9.2 ) 27.6 (9.2 ) Total comprehensive income (loss) $ 41.5 $ 42.7 $ 42.7 $ (52.6 ) $ (32.8 ) $ 41.5 |
Condensed Statements of Cash Flows | Nine Months Ended September 30, 2019 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.2 ) $ (84.4 ) $ 227.4 $ 20.3 $ — $ 162.1 Investing activities: Capital expenditures — — (59.8 ) (5.6 ) — (65.4 ) Acquisitions — — (60.7 ) — — (60.7 ) MTA franchise rights — — (16.9 ) — — (16.9 ) Net proceeds from dispositions — — 4.9 — — 4.9 Net cash flow used for investing activities — — (132.5 ) (5.6 ) — (138.1 ) Financing activities: Proceeds from long-term debt borrowings — 760.0 — — — 760.0 Repayments of long-term debt borrowings — (695.0 ) — — — (695.0 ) Proceeds from borrowings under short-term debt facilities — — 90.0 190.0 — 280.0 Repayments of borrowings under short-term debt facilities — — (75.0 ) (155.0 ) — (230.0 ) Payments of deferred financing costs — (9.3 ) (0.2 ) — — (9.5 ) Payment of debt extinguishment charges — (7.4 ) — — — (7.4 ) Proceeds from shares issued under the ATM Program 50.9 — — — — 50.9 Taxes withheld for stock-based compensation — — (7.7 ) — — (7.7 ) Dividends (154.5 ) — — (1.5 ) — (156.0 ) Intercompany 104.8 31.3 (96.7 ) (39.4 ) — — Net cash flow provided by (used for) financing activities 1.2 79.6 (89.6 ) (5.9 ) — (14.7 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — — 0.3 — 0.3 Net increase (decrease) in cash, cash equivalents and restricted cash — (4.8 ) 5.3 9.1 — 9.6 Cash, cash equivalents and restricted cash at beginning of period — 12.0 1.4 40.7 — 54.1 Cash, cash equivalents and restricted cash at end of period $ — $ 7.2 $ 6.7 $ 49.8 $ — $ 63.7 Nine Months Ended September 30, 2018 (in millions) Parent Company Subsidiary Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash flow provided by (used for) operating activities $ (1.2 ) $ (74.5 ) $ 216.2 $ (3.1 ) $ — $ 137.4 Investing activities: Capital expenditures — — (52.5 ) (9.6 ) — (62.1 ) Acquisitions — — (5.6 ) — — (5.6 ) MTA franchise rights — — (9.4 ) — — (9.4 ) Net proceeds from dispositions — — 5.7 0.3 — 6.0 Net cash flow used for investing activities — — (61.8 ) (9.3 ) — (71.1 ) Financing activities: Proceeds from long-term debt borrowings — 89.0 — — — 89.0 Repayments of long-term debt borrowings — (79.0 ) — — — (79.0 ) Proceeds from borrowings under short-term debt facilities — — 75.0 125.0 — 200.0 Repayments of borrowings under short-term debt facilities — — — (105.0 ) — (105.0 ) Payments of deferred financing costs — (0.1 ) — (0.1 ) — (0.2 ) Taxes withheld for stock-based compensation — — (8.2 ) — — (8.2 ) Dividends (150.9 ) — — (2.0 ) — (152.9 ) Intercompany 152.1 74.3 (216.2 ) (10.2 ) — — Net cash flow provided by (used for) financing activities 1.2 84.2 (149.4 ) 7.7 — (56.3 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash — — — (0.2 ) — (0.2 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 9.7 5.0 (4.9 ) — 9.8 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 $ — $ 19.9 $ 8.7 $ 29.5 $ — $ 58.1 |
Description of Business and B_3
Description of Business and Basis of Presentation - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019marketssegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of largest domestic markets in which the entity operates | 25 |
Approximate number of markets in which the entity operates | 150 |
Number of operating segments | segment | 3 |
New Accounting Standards Narrat
New Accounting Standards Narrative (Details) $ in Millions | Sep. 30, 2019USD ($) | Mar. 31, 2019leases | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of leases | leases | 23,600 | |||
Operating lease liability | $ 1,407.1 | $ 1,200 | ||
Right-of-use operating lease asset | $ 1,408.1 | 1,200 | $ 0 | |
Net Assets | 1,300 | |||
Cumulative effect of a new accounting standard | $ 24.8 | $ (24.8) |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Restricted Cash [Abstract] | |||
Restricted cash | $ 5.4 | $ 1.4 | $ 1.4 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Restricted Cash [Abstract] | |||||
Cash and cash equivalents | $ 58.3 | $ 52.7 | $ 56.7 | ||
Restricted cash | 5.4 | 1.4 | 1.4 | ||
Cash, cash equivalents and restricted cash | $ 63.7 | $ 54.1 | $ 58.1 | $ 58.1 | $ 48.3 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease assets | $ 1,408.1 | $ 1,408.1 | $ 1,200 | $ 0 | ||
Short-term operating lease liabilities | 169.4 | 169.4 | 0 | |||
Operating lease liabilities | 1,237.7 | 1,237.7 | $ 0 | |||
Variable lease costs | $ 26.3 | $ 66.2 | ||||
Weighted average remaining lease term | 10 years 2 months 12 days | 10 years 2 months 12 days | ||||
Weighted average discount rate | 6.10% | 6.10% | ||||
Cash paid for operating leases | $ 296.5 | |||||
Operating lease asset obtained in exchange for operating lease liability | 321.9 | |||||
Lessor, Lease, Description [Line Items] | ||||||
Rental income | $ 301.3 | $ 281.9 | $ 839.4 | $ 785 | ||
Minimum | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Customer lease term | 28 days | 28 days | ||||
Maximum | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Customer lease term | 1 year | 1 year | ||||
Operating expense | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease costs | $ 103.5 | $ 300.5 | ||||
Selling, general and administrative | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease costs | $ 2.5 | $ 6.9 |
Leases Minimum rental payments
Leases Minimum rental payments under operating leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 | $ 49.5 | |
2020 | 257.4 | |
2021 | 239.2 | |
2022 | 221.4 | |
2023 | 198.8 | |
2024 and thereafter | 999.9 | |
Total operating lease payments | 1,966.2 | |
Less: Interest | 559.1 | |
Present value of lease liabilities | $ 1,407.1 | $ 1,200 |
Leases Minimum rental payment_2
Leases Minimum rental payments under non-cancellable leases with original terms in excess of one year (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 154.8 |
2020 | 151.8 |
2021 | 139.1 |
2022 | 126.2 |
2023 | 109.8 |
2024 and thereafter | 574.6 |
Total minimum payments | $ 1,256.3 |
Leases Minimum rental payment_3
Leases Minimum rental payments to be received (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 234.7 |
2020 | 157.7 |
2021 | 16.7 |
2022 | 5.3 |
2023 | 2.9 |
2024 and thereafter | 1.9 |
Total minimum payments | $ 419.2 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 2,167.7 | $ 2,089.2 |
Less: accumulated depreciation | 1,501.9 | 1,436.3 |
Property and equipment, net | 665.8 | 652.9 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 98.5 | 97.5 |
Buildings | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 49.9 | 48.7 |
Buildings | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 20 years | |
Buildings | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 40 years | |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,838.2 | 1,789.4 |
Advertising structures | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 5 years | |
Advertising structures | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 20 years | |
Furniture, equipment and other | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 150.9 | 134.3 |
Furniture, equipment and other | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
Furniture, equipment and other | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 10 years | |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 30.2 | $ 19.3 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 22.4 | $ 21 | $ 64.9 | $ 63.4 |
Intangible Assets Schedule of F
Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,680.7 | $ 1,625 |
Accumulated amortization | (1,132.1) | (1,087.8) |
Intangible assets | 548.6 | 537.2 |
Permits and leasehold agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,144.6 | 1,107.4 |
Accumulated amortization | (725.7) | (697.6) |
Intangible assets | 418.9 | 409.8 |
Franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 489.1 | 470.7 |
Accumulated amortization | (367.6) | (357.1) |
Intangible assets | 121.5 | 113.6 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 47 | 46.9 |
Accumulated amortization | (38.8) | (33.1) |
Intangible assets | $ 8.2 | $ 13.8 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - Intangible Assets - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 28.7 | $ 25.8 | $ 81 | $ 73.3 |
Amortization of direct lease acquisition costs | $ 13.6 | $ 11.9 | $ 36.9 | $ 31.7 |
Direct lease acquisition costs | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 28 days | |||
Direct lease acquisition costs | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 1 year |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligation, expected term | 50 years |
Asset retirement obligations, description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2018 | $ 34.2 |
Accretion expense | 1.9 |
Additions | 0.3 |
Liabilities settled | (1.5) |
Foreign currency translation adjustments | 0.1 |
As of September 30, 2019 | $ 35 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)joint_ventureDisplays | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)joint_ventureDisplays | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Equity method investments | $ | $ 16.8 | $ 16.8 | $ 16.1 | ||
Management fee revenue | $ | $ 2.2 | $ 2.2 | $ 6.1 | $ 5.7 | |
Transit shelter joint ventures | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 2 | 2 | |||
Acquired businesses | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, number of investments | joint_venture | 4 | 4 | |||
Equity method investment, number of displays | Displays | 11 | 11 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | Jul. 15, 2019 | Jun. 14, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Total short-term debt | $ 210 | $ 160 | ||
Long-term debt, net | 2,212.5 | 2,149.6 | ||
Total debt, net | $ 2,422.5 | $ 2,309.6 | ||
Weighted average cost of debt | 4.90% | 5.10% | ||
Secured debt | Term loan, due 2024 | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 16, 2024 | Mar. 16, 2024 | ||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.25% | |||
Maturity date | Jan. 31, 2022 | |||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.625% | 5.625% | ||
Maturity date | Feb. 15, 2024 | Feb. 15, 2024 | ||
Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.875% | 5.875% | ||
Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||
Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | $ 650 | |||
Stated interest rate | 5.00% | 5.00% | ||
Maturity date | Aug. 15, 2027 | Aug. 15, 2027 | ||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.25% | |||
Maturity date | Jan. 31, 2022 | |||
Short-term debt | AR Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, outstanding amount | $ 120 | $ 85 | ||
Short-term debt | Repurchase facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, outstanding amount | 90 | 75 | ||
Long-term debt | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | (22.9) | (20.4) | ||
Long-term debt | Secured debt | Term loan, due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 618.5 | 668.1 | ||
Long-term debt | Senior unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 1,601.9 | 1,501.9 | ||
Long-term debt | Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 0 | 549.7 | ||
Long-term debt | Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 501.9 | 502.2 | ||
Long-term debt | Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 450 | 450 | ||
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, net | 650 | 0 | ||
Long-term debt | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, outstanding amount | $ 15 | $ 0 |
Debt - Narrative (Details) - De
Debt - Narrative (Details) - Debt Instruments $ in Millions | Jul. 15, 2019USD ($) | Jun. 14, 2019 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Long-term debt, net | $ 2,212.5 | $ 2,212.5 | $ 2,149.6 | ||||
Loss on extinguishment of debt | (11) | $ 0 | $ (11) | $ 0 | |||
Debt Instrument, covenant description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | ||||||
Consolidated Total Leverage Ratio | 4.4 | ||||||
Debt Covenant, Maximum Consolidated Total Leverage Ratio | 6 | ||||||
Deferred financing costs | 25.9 | $ 25.9 | |||||
Fair Value, Inputs, Level 2 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt at fair value | $ 2,500 | $ 2,500 | $ 2,300 | ||||
Secured debt | Term loan, due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate at period end | 4.00% | 4.00% | |||||
Unamortized debt discount | $ 1.5 | $ 1.5 | |||||
Maturity date | Mar. 16, 2024 | Mar. 16, 2024 | |||||
Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, net | $ 650 | ||||||
Stated interest rate | 5.00% | 5.00% | 5.00% | ||||
Maturity date | Aug. 15, 2027 | Aug. 15, 2027 | |||||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.25% | ||||||
Maturity date | Jan. 31, 2022 | ||||||
Debt instrument, repurchase date | Jul. 15, 2019 | ||||||
Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.625% | 5.625% | 5.625% | ||||
Maturity date | Feb. 15, 2024 | Feb. 15, 2024 | |||||
Debt face amount | $ 100 | $ 100 | |||||
Unamortized premium | 1.9 | $ 1.9 | |||||
Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.25% | ||||||
Maturity date | Jan. 31, 2022 | ||||||
Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, 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 | 1.3 | ||||||
Debt Covenant, Maximum Consolidated Net Secured Coverage Ratio, REIT Election | 4 | ||||||
Revolving credit facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Covenant Restricted Cash Limit | $ 150 | $ 150 |
Debt - Narrative (Details) - Li
Debt - Narrative (Details) - Line of Credit Facility - USD ($) $ in Millions | Oct. 03, 2019 | Oct. 02, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Nov. 04, 2019 | Jul. 19, 2019 | Jul. 18, 2019 |
Line of Credit Facility [Line Items] | ||||||||||
Derivative, Variable Interest Rate | 2.00% | 2.00% | ||||||||
Interest rate cash flow hedge liability at fair value | $ 5.6 | $ 5.6 | ||||||||
Derivative liability | $ 2.4 | |||||||||
Fair Value, Inputs, Level 2 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate cash flow hedge liability at fair value | 5.6 | 5.6 | $ 2.4 | |||||||
Interest Rate Swap | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Derivative liability, notional amount | $ 200 | $ 200 | ||||||||
Derivative, fixed interest rate | 2.70% | 2.70% | ||||||||
Debt instrument, description of variable rate basis | one-month LIBOR | |||||||||
Maximum | Interest Rate Swap | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Derivative, maturity date | Jun. 30, 2022 | |||||||||
Revolving credit facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 430 | $ 430 | ||||||||
Credit facility, expiration date | Mar. 16, 2022 | Mar. 16, 2022 | ||||||||
Commitment fee for unused commitments | 0.4 | $ 0.4 | $ 1.1 | $ 1 | ||||||
Revolving credit facility | Long-term debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility, outstanding amount | $ 15 | $ 15 | $ 0 | |||||||
Line of Credit Facility, Interest Rate at Period End | 4.00% | 4.00% | ||||||||
Letter of credit sublimit to revolving credit facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Letters of credit outstanding, amount | $ 2 | $ 2 | ||||||||
Letter of credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | 150 | 150 | ||||||||
Letters of credit outstanding, amount | 71 | 71 | ||||||||
Letter of credit | Subsequent Event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 78 | |||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 30 | $ 42 | ||||||||
AR Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | 125 | $ 125 | $ 125 | $ 100 | ||||||
Credit facility, expiration date | Jun. 30, 2022 | |||||||||
AR Facility | Short-term debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility, outstanding amount | $ 120 | $ 120 | 85 | |||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.10% | 3.10% | ||||||||
Line of credit facility, remaining borrowing capacity | $ 5 | $ 5 | ||||||||
AR Facility | Short-term debt | Subsequent Event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility, outstanding amount | $ 105 | |||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.00% | |||||||||
Repurchase facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | 90 | $ 90 | $ 90 | $ 75 | ||||||
Credit facility, expiration date | Jun. 30, 2020 | |||||||||
Repurchase facility | Short-term debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility, outstanding amount | $ 90 | $ 90 | $ 75 | |||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.20% | 3.20% | ||||||||
Line of credit facility, remaining borrowing capacity | $ 0 | $ 0 | ||||||||
Repurchase facility | Short-term debt | Subsequent Event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility, outstanding amount | $ 90 | |||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.10% | |||||||||
AR securitization facilities | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, collateral amount | $ 329 | $ 329 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2019 | Dec. 06, 2019 | Oct. 22, 2019 | Jun. 13, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Nov. 21, 2017 |
Class of Stock [Line Items] | |||||||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||||
Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common Stock, Shares Issued | 143,524,043 | 143,524,043 | 140,239,977 | ||||||||||
Common Stock, Shares Outstanding | 143,524,043 | 143,524,043 | 140,239,977 | ||||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||||||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | |||||||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||||||
Restriction for disposition of assets acquired | 5 years | ||||||||||||
Distributions to holders of Class A equity interests of a subsidiary | $ 156 | $ 152.9 | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 8,166 | ||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 0.1 | $ 0.1 | $ 0.1 | ||||||||||
Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 1.08 | $ 1.08 | |||||||||
Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends Payable, Date Declared | Oct. 22, 2019 | ||||||||||||
Dividends declared per common share (in dollars per share) | $ 0.36 | ||||||||||||
Ordinary dividend | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends Payable, Date to be Paid | Dec. 31, 2019 | ||||||||||||
Dividends Payable, Date of Record | Dec. 6, 2019 | ||||||||||||
At-The-Market Equity Offering Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
At-The-Market Equity Offering Program, Authorized Amount Outstanding | $ 232.5 | $ 232.5 | $ 300 | ||||||||||
Shares issued under the ATM Program | 0 | 2,150,000 | |||||||||||
Shares issued under the ATM Program (value) | $ 52 | ||||||||||||
Payments of Stock Issuance Costs | 0.8 | ||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 51.2 | ||||||||||||
Noncontrolling Interest | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity interest issued for an acquisition (in shares) | 1,953,407 | ||||||||||||
Distributions to holders of Class A equity interests of a subsidiary | $ 0.4 | $ 0.6 | $ 1.5 | $ 2 | |||||||||
Equity interests redeemed during the period | 774,727 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Billboard | $ 312 | $ 290.6 | $ 868.8 | $ 810.3 |
Transit | 150.5 | 123.6 | 425.3 | 343.5 |
Revenues | 462.5 | 414.2 | 1,294.1 | 1,153.8 |
Static displays | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 234.7 | 223.9 | 658.1 | 630.6 |
Transit | 94.1 | 87 | 270.2 | 238.8 |
Digital displays | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 65.8 | 57.4 | 179 | 152.6 |
Transit | 27.6 | 15.2 | 72.6 | 39.9 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 11.5 | 9.3 | 31.7 | 27.1 |
Transit | 11.6 | 9.6 | 33.3 | 27.2 |
Transit | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit | 133.3 | 111.8 | 376.1 | 305.9 |
Sports marketing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit | $ 17.2 | $ 11.8 | $ 49.2 | $ 37.6 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||||
Rental income | $ 301.3 | $ 281.9 | $ 839.4 | $ 785 |
Revenues Revenue from External
Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Billboard | $ 312 | $ 290.6 | $ 868.8 | $ 810.3 |
Transit and other | 150.5 | 123.6 | 425.3 | 343.5 |
Revenues | 462.5 | 414.2 | 1,294.1 | 1,153.8 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Billboard | 292.8 | 271.3 | 814.1 | 760.1 |
Revenues | 439.9 | 391.5 | 1,229.9 | 1,094.4 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 22.6 | 22.7 | 64.2 | 59.4 |
Transit and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 133.3 | 111.8 | 376.1 | 305.9 |
Transit and other | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 129.9 | 108.4 | 366.6 | 296.7 |
Sports marketing and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | 17.2 | 11.8 | 49.2 | 37.6 |
Sports marketing and other | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Transit and other | $ 17.2 | $ 11.8 | $ 49.2 | $ 37.6 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 0.1 | $ 0.3 | $ 1.4 |
Restructuring reserve | $ 0.5 | 0.5 | ||
Operating segments | Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0.8 | |||
Operating segments | U.S. Media | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.1 | $ 0.6 | ||
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.3 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($)Displays | Sep. 30, 2019USD ($)Displays | Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($)Displays | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($)Displays | |
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 41.7 | $ 5.6 | ||||
Acquired businesses | ||||||
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 35.4 | |||||
Acquired businesses | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 9.2 | |||||
Acquired businesses | Digital displays | ||||||
Business Acquisition [Line Items] | ||||||
Number of displays | Displays | 14 | 14 | ||||
Acquired businesses | Digital displays | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Number of displays | Displays | 4 | |||||
Acquired businesses | Static displays | ||||||
Business Acquisition [Line Items] | ||||||
Number of displays | Displays | 7 | 7 | ||||
Acquired businesses other | ||||||
Business Acquisition [Line Items] | ||||||
Deposit for pending acquisition | $ 14 | $ 5 | ||||
Acquired businesses other | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Noncash or part noncash acquisition, value of assets acquired | $ 24 | |||||
Acquired businesses other | Digital displays | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Number of displays | Displays | 8 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit | $ (0.4) | $ (0.4) | $ (1.1) | $ (1.1) |
Stock-based compensation expense, net of tax | 5.2 | 4.4 | 15.3 | 14.3 |
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before income taxes | $ 5.6 | $ 4.8 | $ 16.4 | $ 15.4 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 10, 2019 | Jun. 09, 2019 | |
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation not yet recognized, share-based awards other than options | $ 29.6 | ||
Compensation cost not yet recognized, period for recognition | 2 years | ||
Omnibus Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock plan shares authorized | 13,100,000 | 5,100,000 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Non-vested as of December 31, 2018 | shares | 1,723,980 |
Non-vested as of September 30, 2019 | shares | 2,073,593 |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2018 ($ per share) | $ / shares | $ 22.39 |
Weighted Average Grant Date Fair Value, Non-Vested, as of September 30, 2019 ($ per share) | $ / shares | $ 22.10 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 853,965 |
Vested | shares | (586,553) |
Forfeitures | shares | (42,425) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares | $ 21.73 |
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares | 21.99 |
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares | $ 22.16 |
Performance Restricted Stock Units (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 376,418 |
Vested | shares | (246,542) |
Forfeitures | shares | (5,250) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares | $ 21.41 |
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares | 21.99 |
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares | $ 22.17 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of December 31, 2018 | shares | 141,847 |
Exercised | shares | (15,319) |
Outstanding as of September 30, 2019 | shares | 126,528 |
Exercisable as of September 30, 2019 | shares | 126,528 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted average exercise price, options outstanding, as of December 31, 2018 | $ / shares | $ 23.08 |
Weighted average exercise price, options exercised | $ / shares | 10.78 |
Weighted average exercise price, options outstanding, as of September 30, 2019 | $ / shares | 24.57 |
Weighted average exercise price, options exercisable, as of September 30, 2019 | $ / shares | $ 24.57 |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||||
Service cost | $ 0.6 | $ 0.3 | $ 1.5 | $ 1.1 | |
Interest cost | 0.5 | 0.5 | 1.5 | 1.4 | |
Expected return on plan assets | (0.7) | (0.5) | (2) | (1.6) | |
Amortization of net actuarial losses | [1] | 0.1 | 0.2 | 0.4 | 0.5 |
Amortization of transition obligation | 0 | (0.1) | 0 | (0.1) | |
Net periodic pension cost | $ 0.5 | $ 0.4 | $ 1.4 | $ 1.3 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income to net income. |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Retirement Benefits [Abstract] | |
Pension contributions | $ 1.1 |
Estimated employer contributions in current fiscal year | $ 1.6 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Unrecognized Tax Benefits, Increase resulting from current period tax positions | $ 4.5 | ||
Unrecognized Tax Benefits, Increase in liability resulting from prior year | $ 2.2 | $ 2.2 | |
Unrecognized Tax Benefits, Decrease resulting from settlements with taxing authorities | $ 4.5 | ||
Minimum | |||
Operating Loss Carryforwards [Line Items] | |||
Open Tax Year | 2016 | ||
New York State Division of Taxation and Finance | Minimum | |||
Operating Loss Carryforwards [Line Items] | |||
Income Tax Examination, Year under Examination | 2014 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Net income available to common stockholders | [1] | $ 38.7 | $ 46.8 | $ 95.1 | $ 50.7 |
Less: Distributions to holders of Class A equity interests of a subsidiary | 156 | 152.9 | |||
Net income available to common stockholders, basic and diluted | [1] | $ 38.3 | $ 46.2 | $ 93.6 | $ 48.7 |
Weighted average shares for basic EPS | 143.4 | 139.3 | 142.1 | 139.1 | |
Dilutive potential shares from grants of RSUs, PRSUs and stock options | [2] | 0.8 | 0.3 | 0.6 | 0.3 |
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary | [3] | 0 | 1.9 | 0 | 0 |
Weighted average shares for diluted EPS | 144.2 | 141.5 | 142.7 | 139.4 | |
Noncontrolling Interest | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Less: Distributions to holders of Class A equity interests of a subsidiary | $ 0.4 | $ 0.6 | $ 1.5 | $ 2 | |
Noncontrolling Interest | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 1.3 | 1.5 | 1.9 | ||
Stock compensation plan | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, number of shares | 0.4 | 0.1 | 0.4 | ||
[1] | Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary. | ||||
[2] | The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018 , 0.1 million in the nine months ended September 30, 2019 , and 0.4 million in the nine months ended September 30, 2018 , were antidilutive. | ||||
[3] | The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019 , 1.5 million in the nine months ended September 30, 2019 , and 1.9 million in the nine months ended September 30, 2018 , was antidilutive. (See Note 10. Equity |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)Displays | Sep. 30, 2019USD ($)Displays | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Other Commitments [Line Items] | ||||
MTA equipment development cost additions | $ | $ 101.1 | $ 91.2 | ||
Subsequent Event | ||||
Other Commitments [Line Items] | ||||
MTA equipment development cost additions | $ | $ 150 | |||
Standalone letters of credit and sublimit to revolving credit facility [Member] | ||||
Other Commitments [Line Items] | ||||
Letters of credit outstanding, amount | $ | $ 73 | 73 | ||
Surety Bond | ||||
Other Commitments [Line Items] | ||||
Surety bonds outstanding | $ | $ 162.1 | $ 162.1 | ||
MTA digital advertising screens on subway and train platforms | ||||
Other Commitments [Line Items] | ||||
Number of displays | 8,565 | 8,565 | ||
MTA smaller-format digital advertising screens rolling stock | ||||
Other Commitments [Line Items] | ||||
Number of displays | 37,716 | 37,716 | ||
MTA communication displays | ||||
Other Commitments [Line Items] | ||||
Number of displays | 7,829 | 7,829 | ||
MTA displays installed | ||||
Other Commitments [Line Items] | ||||
Number of displays | 3,740 | 3,740 | ||
Number of display additions | 972 | 2,511 |
Commitment and Contingencies MT
Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Change In MTA Deployment Costs [Roll Forward] | |||||
Prepaid MTA equipment deployment costs, beginning of period | $ 79.5 | $ 4.7 | $ 4.7 | ||
Intangible assets, gross, beginning of period | 1,625 | ||||
MTA deployment costs, beginning of period | 94.3 | 5.6 | 5.6 | ||
Amortization of intangible assets | $ 28.7 | $ 25.8 | 81 | 73.3 | |
MTA equipment development cost additions | 101.1 | 91.2 | |||
Prepaid MTA equipment deployment costs, end of period | 143.7 | 143.7 | 79.5 | ||
Intangible assets, gross, end of period | 1,680.7 | 1,680.7 | 1,625 | ||
MTA deployment costs, end of period | 174.2 | 174.2 | 94.3 | ||
MTA equipment deployment costs | |||||
Change In MTA Deployment Costs [Roll Forward] | |||||
Dployment costs incurred | 83.3 | 76.5 | |||
Recoupment | (19.1) | (1.7) | |||
Amortization of intangible assets | (2.1) | (0.8) | |||
Franchise agreements | |||||
Change In MTA Deployment Costs [Roll Forward] | |||||
Intangible assets, gross, beginning of period | 470.7 | ||||
Intangible assets, gross, end of period | 489.1 | 489.1 | 470.7 | ||
Franchise agreements | MTA equipment deployment costs | |||||
Change In MTA Deployment Costs [Roll Forward] | |||||
Intangible assets, gross, beginning of period | 14.8 | $ 0.9 | 0.9 | ||
Intangible asset additions | 17.8 | 14.7 | |||
Amortization of intangible assets | (2.1) | (0.8) | |||
Intangible assets, gross, end of period | $ 30.5 | $ 30.5 | $ 14.8 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 462.5 | $ 414.2 | $ 1,294.1 | $ 1,153.8 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 422.7 | 379.7 | 1,180.7 | 1,056.8 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 39.8 | $ 34.5 | $ 113.4 | $ 97 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net income | $ 38.7 | $ 46.8 | $ 95.1 | $ 50.7 |
Provision for income taxes | 3.3 | 1 | 8.5 | 2.4 |
Equity in earnings of investee companies, net of tax | (1.4) | (0.7) | (3.9) | (2.7) |
Interest expense, net | 33.9 | 32 | 100.5 | 93 |
Loss on extinguishment of debt | 11 | 0 | 11 | 0 |
Other (income) expense, net | 0 | (0.2) | (0.1) | 0.1 |
Operating income | 85.5 | 78.9 | 211.1 | 143.5 |
Restructuring charges | 0 | 0.1 | 0.3 | 1.4 |
Net gain on dispositions | (1.9) | (1.3) | (3) | (4.2) |
Impairment charge | 0 | 0 | 0 | 42.9 |
Depreciation and amortization | 51.1 | 46.8 | 145.9 | 136.7 |
Stock-based compensation | 5.6 | 4.8 | 16.4 | 15.4 |
Adjusted OIBDA | 140.3 | 129.3 | 370.7 | 335.7 |
Capital expenditures | 65.4 | 62.1 | ||
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 85.5 | 78.9 | 211.1 | 143.5 |
Net gain on dispositions | (1.9) | (1.3) | (3) | (4.2) |
Impairment charge | 0 | 0 | 0 | 42.9 |
Depreciation and amortization | 51.1 | 46.8 | 145.9 | 136.7 |
Capital expenditures | 25.8 | 15.7 | 65.4 | 62.1 |
Operating segments | U.S. Media | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 103.1 | 96 | 260.5 | 240.4 |
Restructuring charges | 0.1 | 0.6 | ||
Net gain on dispositions | (1.9) | (1.1) | (3.2) | (4) |
Depreciation and amortization | 46.1 | 41.2 | 130.4 | 119.3 |
Adjusted OIBDA | 147.3 | 136.2 | 387.7 | 356.3 |
Capital expenditures | 25.1 | 14 | 63.4 | 54 |
Operating segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | (0.7) | (1.2) | (1.4) | (53.3) |
Restructuring charges | 0.8 | |||
Net gain on dispositions | 0 | (0.2) | 0.2 | (0.2) |
Impairment charge | 0 | 0 | 0 | 42.9 |
Depreciation and amortization | 5 | 5.6 | 15.5 | 17.4 |
Adjusted OIBDA | 4.3 | 4.2 | 14.3 | 7.6 |
Capital expenditures | 0.7 | 1.7 | 2 | 8.1 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | (16.9) | (15.9) | (48) | (43.6) |
Restructuring charges | 0.3 | |||
Adjusted OIBDA | $ (11.3) | $ (11.1) | $ (31.3) | $ (28.2) |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,320.9 | $ 3,828.7 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,011.8 | 3,610 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 294.8 | 202.5 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 14.3 | $ 16.2 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Narrative (Details) | Sep. 30, 2019 |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Parent Company | |
Wholly Owned Domestic Subsidiaries [Line Items] | |
Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Condensed Statements of Financial Position, Captions [Line Items] | |||||||
Cash and cash equivalents | $ 58.3 | $ 52.7 | $ 56.7 | ||||
Receivables, less allowance | 290.7 | 264.9 | |||||
Other current assets | 111 | 111.9 | |||||
Total current assets | 460 | 429.5 | |||||
Property and equipment, net | 665.8 | 652.9 | |||||
Goodwill | 2,082.8 | 2,079.7 | |||||
Intangible assets | 548.6 | 537.2 | |||||
Operating lease assets | 1,408.1 | $ 1,200 | 0 | ||||
Investment in subsidiaries | 0 | 0 | |||||
Prepaid MTA equipment deployment costs | 83 | 60.6 | |||||
Other assets | 72.6 | 68.8 | |||||
Intercompany | 0 | 0 | |||||
Total assets | 5,320.9 | 3,828.7 | |||||
Total current liabilities | 645.1 | 402.6 | |||||
Long-term debt, net | 2,212.5 | 2,149.6 | |||||
Deferred income tax liabilities, net | 18.7 | 17 | |||||
Operating lease liabilities | 1,237.7 | 0 | |||||
Asset retirement obligation | 35 | 34.2 | |||||
Deficit in excess of investment in subsidiaries | 0 | 0 | |||||
Other liabilities | 45.7 | 80 | |||||
Intercompany | 0 | 0 | |||||
Total liabilities | 4,194.7 | 2,683.4 | |||||
Total stockholders' equity | 1,093 | $ 1,097.7 | 1,102.8 | 1,081.4 | $ 1,074.8 | $ 1,181.1 | |
Non-controlling interests | 33.2 | 42.5 | |||||
Total equity | 1,126.2 | $ 1,134.9 | 1,145.3 | $ 1,123.7 | $ 1,120.5 | $ 1,226.6 | |
Total liabilities and equity | 5,320.9 | 3,828.7 | |||||
Eliminations | |||||||
Condensed Statements of Financial Position, Captions [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Receivables, less allowance | (49.2) | (19.9) | |||||
Other current assets | (149.7) | (146.9) | |||||
Total current assets | (198.9) | (166.8) | |||||
Property and equipment, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Intangible assets | 0 | 0 | |||||
Operating lease assets | 0 | ||||||
Investment in subsidiaries | (4,749.8) | (4,622.2) | |||||
Prepaid MTA equipment deployment costs | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Intercompany | (168.7) | (181.7) | |||||
Total assets | (5,117.4) | (4,970.7) | |||||
Total current liabilities | (198.9) | (166.8) | |||||
Long-term debt, net | 0 | 0 | |||||
Deferred income tax liabilities, net | 0 | 0 | |||||
Operating lease liabilities | 0 | ||||||
Asset retirement obligation | 0 | 0 | |||||
Deficit in excess of investment in subsidiaries | (2,232.2) | (2,154.7) | |||||
Other liabilities | 0 | 0 | |||||
Intercompany | (168.7) | (181.7) | |||||
Total liabilities | (2,599.8) | (2,503.2) | |||||
Total stockholders' equity | (2,517.6) | (2,467.5) | |||||
Non-controlling interests | 0 | 0 | |||||
Total equity | (2,517.6) | (2,467.5) | |||||
Total liabilities and equity | (5,117.4) | (4,970.7) | |||||
Parent Company | |||||||
Condensed Statements of Financial Position, Captions [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Receivables, less allowance | 0 | 0 | |||||
Other current assets | 0 | 0 | |||||
Total current assets | 0 | 0 | |||||
Property and equipment, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Intangible assets | 0 | 0 | |||||
Operating lease assets | 0 | ||||||
Investment in subsidiaries | 1,093 | 1,102.8 | |||||
Prepaid MTA equipment deployment costs | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Intercompany | 0 | 0 | |||||
Total assets | 1,093 | 1,102.8 | |||||
Total current liabilities | 0 | 0 | |||||
Long-term debt, net | 0 | 0 | |||||
Deferred income tax liabilities, net | 0 | 0 | |||||
Operating lease liabilities | 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 | 1,093 | 1,102.8 | |||||
Non-controlling interests | 0 | 0 | |||||
Total equity | 1,093 | 1,102.8 | |||||
Total liabilities and equity | 1,093 | 1,102.8 | |||||
Subsidiary Issuer | |||||||
Condensed Statements of Financial Position, Captions [Line Items] | |||||||
Cash and cash equivalents | 7.2 | 12 | |||||
Receivables, less allowance | 0 | 0 | |||||
Other current assets | 1.2 | 1 | |||||
Total current assets | 8.4 | 13 | |||||
Property and equipment, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Intangible assets | 0 | 0 | |||||
Operating lease assets | 0 | ||||||
Investment in subsidiaries | 3,325.2 | 3,257.5 | |||||
Prepaid MTA equipment deployment costs | 0 | 0 | |||||
Other assets | 1.5 | 2.3 | |||||
Intercompany | 0 | 0 | |||||
Total assets | 3,335.1 | 3,272.8 | |||||
Total current liabilities | 24 | 18 | |||||
Long-term debt, net | 2,212.5 | 2,149.6 | |||||
Deferred income tax liabilities, net | 0 | 0 | |||||
Operating lease liabilities | 0 | ||||||
Asset retirement obligation | 0 | 0 | |||||
Deficit in excess of investment in subsidiaries | 0 | 0 | |||||
Other liabilities | 5.6 | 2.4 | |||||
Intercompany | 0 | 0 | |||||
Total liabilities | 2,242.1 | 2,170 | |||||
Total stockholders' equity | 1,093 | 1,102.8 | |||||
Non-controlling interests | 0 | 0 | |||||
Total equity | 1,093 | 1,102.8 | |||||
Total liabilities and equity | 3,335.1 | 3,272.8 | |||||
Guarantor Subsidiaries | |||||||
Condensed Statements of Financial Position, Captions [Line Items] | |||||||
Cash and cash equivalents | 1.3 | 0 | |||||
Receivables, less allowance | 0 | 52.7 | |||||
Other current assets | 190.3 | 176.3 | |||||
Total current assets | 191.6 | 229 | |||||
Property and equipment, net | 616.7 | 604.3 | |||||
Goodwill | 2,059.9 | 2,059.9 | |||||
Intangible assets | 476.3 | 478.4 | |||||
Operating lease assets | 1,294.4 | ||||||
Investment in subsidiaries | 331.6 | 261.9 | |||||
Prepaid MTA equipment deployment costs | 83 | 60.6 | |||||
Other assets | 67.4 | 63.4 | |||||
Intercompany | 81 | 81 | |||||
Total assets | 5,201.9 | 3,838.5 | |||||
Total current liabilities | 579.6 | 375.5 | |||||
Long-term debt, net | 0 | 0 | |||||
Deferred income tax liabilities, net | 0 | 0 | |||||
Operating lease liabilities | 1,140.4 | ||||||
Asset retirement obligation | 30.6 | 29.9 | |||||
Deficit in excess of investment in subsidiaries | 2,232.2 | 2,154.7 | |||||
Other liabilities | 38.4 | 74.9 | |||||
Intercompany | 87.7 | 100.7 | |||||
Total liabilities | 4,108.9 | 2,735.7 | |||||
Total stockholders' equity | 1,093 | 1,102.8 | |||||
Non-controlling interests | 0 | 0 | |||||
Total equity | 1,093 | 1,102.8 | |||||
Total liabilities and equity | 5,201.9 | 3,838.5 | |||||
Non-Guarantor Subsidiaries | |||||||
Condensed Statements of Financial Position, Captions [Line Items] | |||||||
Cash and cash equivalents | 49.8 | 40.7 | |||||
Receivables, less allowance | 339.9 | 232.1 | |||||
Other current assets | 69.2 | 81.5 | |||||
Total current assets | 458.9 | 354.3 | |||||
Property and equipment, net | 49.1 | 48.6 | |||||
Goodwill | 22.9 | 19.8 | |||||
Intangible assets | 72.3 | 58.8 | |||||
Operating lease assets | 113.7 | ||||||
Investment in subsidiaries | 0 | 0 | |||||
Prepaid MTA equipment deployment costs | 0 | 0 | |||||
Other assets | 3.7 | 3.1 | |||||
Intercompany | 87.7 | 100.7 | |||||
Total assets | 808.3 | 585.3 | |||||
Total current liabilities | 240.4 | 175.9 | |||||
Long-term debt, net | 0 | 0 | |||||
Deferred income tax liabilities, net | 18.7 | 17 | |||||
Operating lease liabilities | 97.3 | ||||||
Asset retirement obligation | 4.4 | 4.3 | |||||
Deficit in excess of investment in subsidiaries | 0 | 0 | |||||
Other liabilities | 1.7 | 2.7 | |||||
Intercompany | 81 | 81 | |||||
Total liabilities | 443.5 | 280.9 | |||||
Total stockholders' equity | 331.6 | 261.9 | |||||
Non-controlling interests | 33.2 | 42.5 | |||||
Total equity | 364.8 | 304.4 | |||||
Total liabilities and equity | $ 808.3 | $ 585.3 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | $ 312 | $ 290.6 | $ 868.8 | $ 810.3 |
Transit and other | 150.5 | 123.6 | 425.3 | 343.5 |
Total revenues | 462.5 | 414.2 | 1,294.1 | 1,153.8 |
Operating | 245.5 | 215.3 | 702.7 | 624.4 |
Selling, general and administrative | 82.3 | 74.4 | 237.1 | 209.1 |
Restructuring charges | 0 | 0.1 | 0.3 | 1.4 |
Net gain on dispositions | (1.9) | (1.3) | (3) | (4.2) |
Impairment charge | 0 | 0 | 0 | 42.9 |
Depreciation | 22.4 | 21 | 64.9 | 63.4 |
Amortization | 28.7 | 25.8 | 81 | 73.3 |
Total expenses | 377 | 335.3 | 1,083 | 1,010.3 |
Operating income (loss) | 85.5 | 78.9 | 211.1 | 143.5 |
Interest expense, net | (33.9) | (32) | (100.5) | (93) |
Loss on extinguishment of debt | (11) | 0 | (11) | 0 |
Other income (expense), net | 0 | 0.2 | 0.1 | (0.1) |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 40.6 | 47.1 | 99.7 | 50.4 |
Benefit (provision) for income taxes | (3.3) | (1) | (8.5) | (2.4) |
Equity in earnings of investee companies, net of tax | 1.4 | 0.7 | 3.9 | 2.7 |
Net income | 38.7 | 46.8 | 95.1 | 50.7 |
Total other comprehensive income (loss), net of tax | (1) | 1.7 | 3.3 | (9.2) |
Total comprehensive income (loss) | 37.7 | 48.5 | 98.4 | 41.5 |
Eliminations | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | 0 | |
Net gain on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 0 | |||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 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 | 0 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | (80.2) | (96.9) | (194.7) | (60.4) |
Net income | (80.2) | (96.9) | (194.7) | (60.4) |
Total other comprehensive income (loss), net of tax | 2.7 | (5.1) | (13) | 27.6 |
Total comprehensive income (loss) | (77.5) | (102) | (207.7) | (32.8) |
Parent Company | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0.4 | 0.4 | 1.2 | 1.2 |
Restructuring charges | 0 | 0 | 0 | |
Net gain on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 0 | |||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0.4 | 0.4 | 1.2 | 1.2 |
Operating income (loss) | (0.4) | (0.4) | (1.2) | (1.2) |
Interest expense, net | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | ||
Other income (expense), net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (0.4) | (0.4) | (1.2) | (1.2) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | 39.1 | 47.2 | 96.3 | 51.9 |
Net income | 38.7 | 46.8 | 95.1 | 50.7 |
Total other comprehensive income (loss), net of tax | (1) | 1.7 | 3.3 | (9.2) |
Total comprehensive income (loss) | 37.7 | 48.5 | 98.4 | 41.5 |
Subsidiary Issuer | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 0 | 0 | 0 | 0 |
Transit and other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Operating | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0.1 | 0.1 | 0.2 | 0.2 |
Restructuring charges | 0 | 0 | 0 | |
Net gain on dispositions | 0 | 0 | 0 | 0 |
Impairment charge | 0 | |||
Depreciation | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Total expenses | 0.1 | 0.1 | 0.2 | 0.2 |
Operating income (loss) | (0.1) | (0.1) | (0.2) | (0.2) |
Interest expense, net | (31.9) | (30.1) | (94.1) | (88.1) |
Loss on extinguishment of debt | (11) | (11) | ||
Other income (expense), net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (43) | (30.2) | (105.3) | (88.3) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of investee companies, net of tax | 82.1 | 77.4 | 201.6 | 140.2 |
Net income | 39.1 | 47.2 | 96.3 | 51.9 |
Total other comprehensive income (loss), net of tax | (1) | 1.7 | 3.3 | (9.2) |
Total comprehensive income (loss) | 38.1 | 48.9 | 99.6 | 42.7 |
Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 290.8 | 271.1 | 811.2 | 759.6 |
Transit and other | 147.1 | 120.3 | 415.9 | 334.4 |
Total revenues | 437.9 | 391.4 | 1,227.1 | 1,094 |
Operating | 231.9 | 202.6 | 663.9 | 585.3 |
Selling, general and administrative | 80.3 | 71.1 | 227.6 | 202.1 |
Restructuring charges | 0.1 | 0.3 | 1.4 | |
Net gain on dispositions | (1.9) | (1.1) | (3.1) | (4) |
Impairment charge | 0 | |||
Depreciation | 19.8 | 18.1 | 57 | 53.6 |
Amortization | 26.3 | 23.4 | 74.1 | 67 |
Total expenses | 356.4 | 314.2 | 1,019.8 | 905.4 |
Operating income (loss) | 81.5 | 77.2 | 207.3 | 188.6 |
Interest expense, net | (0.7) | (1) | (2.4) | (2.8) |
Loss on extinguishment of debt | 0 | 0 | ||
Other income (expense), net | 0 | 0 | 0 | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 80.8 | 76.2 | 204.9 | 185.8 |
Benefit (provision) for income taxes | (1.8) | (1.6) | (8.4) | (4.1) |
Equity in earnings of investee companies, net of tax | (39.9) | (27.4) | (100.2) | (129.8) |
Net income | 39.1 | 47.2 | 96.3 | 51.9 |
Total other comprehensive income (loss), net of tax | (1) | 1.7 | 3.3 | (9.2) |
Total comprehensive income (loss) | 38.1 | 48.9 | 99.6 | 42.7 |
Non-Guarantor Subsidiaries | ||||
Condensed Statements of Operations, Captions [Line Items] | ||||
Billboard | 21.2 | 19.5 | 57.6 | 50.7 |
Transit and other | 3.4 | 3.3 | 9.4 | 9.1 |
Total revenues | 24.6 | 22.8 | 67 | 59.8 |
Operating | 13.6 | 12.7 | 38.8 | 39.1 |
Selling, general and administrative | 1.5 | 2.8 | 8.1 | 5.6 |
Restructuring charges | 0 | 0 | 0 | |
Net gain on dispositions | 0 | (0.2) | 0.1 | (0.2) |
Impairment charge | 42.9 | |||
Depreciation | 2.6 | 2.9 | 7.9 | 9.8 |
Amortization | 2.4 | 2.4 | 6.9 | 6.3 |
Total expenses | 20.1 | 20.6 | 61.8 | 103.5 |
Operating income (loss) | 4.5 | 2.2 | 5.2 | (43.7) |
Interest expense, net | (1.3) | (0.9) | (4) | (2.1) |
Loss on extinguishment of debt | 0 | 0 | ||
Other income (expense), net | 0.2 | 0.1 | (0.1) | |
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 3.2 | 1.5 | 1.3 | (45.9) |
Benefit (provision) for income taxes | (1.5) | 0.6 | (0.1) | 1.7 |
Equity in earnings of investee companies, net of tax | 0.3 | 0.4 | 0.9 | 0.8 |
Net income | 2 | 2.5 | 2.1 | (43.4) |
Total other comprehensive income (loss), net of tax | (0.7) | 1.7 | 6.4 | (9.2) |
Total comprehensive income (loss) | $ 1.3 | $ 4.2 | $ 8.5 | $ (52.6) |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | $ 162.1 | $ 137.4 |
Capital expenditures | (65.4) | (62.1) |
Acquisitions | (60.7) | (5.6) |
MTA franchise rights | (16.9) | (9.4) |
Net proceeds from dispositions | 4.9 | 6 |
Net cash flow provided by (used for) investing activities | (138.1) | (71.1) |
Proceeds from long-term debt borrowings | 760 | 89 |
Repayments of long-term debt borrowings | (695) | (79) |
Proceeds from borrowings under short-term debt facilities | 280 | 200 |
Repayments of borrowings under short-term debt facilities | (230) | (105) |
Payments of deferred financing costs | (9.5) | (0.2) |
Payment of debt extinguishment charges | (7.4) | 0 |
Proceeds from shares issued under the ATM Program | 50.9 | 0 |
Taxes withheld for stock-based compensation | (7.7) | (8.2) |
Dividends | (156) | (152.9) |
Intercompany | 0 | 0 |
Net cash flow provided by (used for) financing activities | (14.7) | (56.3) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.3 | (0.2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 9.6 | 9.8 |
Cash, cash equivalents and restricted cash, beginning of period | 54.1 | 48.3 |
Cash, cash equivalents and restricted cash, end of period | 63.7 | 58.1 |
Eliminations | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 0 | 0 |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | 0 |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 |
Proceeds from borrowings under short-term debt facilities | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Payment of debt extinguishment charges | 0 | |
Proceeds from shares issued under the ATM Program | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | 0 | 0 |
Net cash flow provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
Parent Company | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (1.2) | (1.2) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | 0 |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 |
Proceeds from borrowings under short-term debt facilities | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 |
Payments of deferred financing costs | 0 | 0 |
Payment of debt extinguishment charges | 0 | |
Proceeds from shares issued under the ATM Program | 50.9 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | (154.5) | (150.9) |
Intercompany | 104.8 | 152.1 |
Net cash flow provided by (used for) financing activities | 1.2 | 1.2 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
Subsidiary Issuer | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | (84.4) | (74.5) |
Capital expenditures | 0 | 0 |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | 0 |
Net proceeds from dispositions | 0 | 0 |
Net cash flow provided by (used for) investing activities | 0 | 0 |
Proceeds from long-term debt borrowings | 760 | 89 |
Repayments of long-term debt borrowings | (695) | (79) |
Proceeds from borrowings under short-term debt facilities | 0 | 0 |
Repayments of borrowings under short-term debt facilities | 0 | 0 |
Payments of deferred financing costs | (9.3) | (0.1) |
Payment of debt extinguishment charges | (7.4) | |
Proceeds from shares issued under the ATM Program | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | 0 | 0 |
Intercompany | 31.3 | 74.3 |
Net cash flow provided by (used for) financing activities | 79.6 | 84.2 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (4.8) | 9.7 |
Cash, cash equivalents and restricted cash, beginning of period | 12 | 10.2 |
Cash, cash equivalents and restricted cash, end of period | 7.2 | 19.9 |
Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 227.4 | 216.2 |
Capital expenditures | (59.8) | (52.5) |
Acquisitions | (60.7) | (5.6) |
MTA franchise rights | (16.9) | (9.4) |
Net proceeds from dispositions | 4.9 | 5.7 |
Net cash flow provided by (used for) investing activities | (132.5) | (61.8) |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 |
Proceeds from borrowings under short-term debt facilities | 90 | 75 |
Repayments of borrowings under short-term debt facilities | (75) | 0 |
Payments of deferred financing costs | (0.2) | 0 |
Payment of debt extinguishment charges | 0 | |
Proceeds from shares issued under the ATM Program | 0 | |
Taxes withheld for stock-based compensation | (7.7) | (8.2) |
Dividends | 0 | 0 |
Intercompany | (96.7) | (216.2) |
Net cash flow provided by (used for) financing activities | (89.6) | (149.4) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5.3 | 5 |
Cash, cash equivalents and restricted cash, beginning of period | 1.4 | 3.7 |
Cash, cash equivalents and restricted cash, end of period | 6.7 | 8.7 |
Non-Guarantor Subsidiaries | ||
Condensed Statements of Cash Flows, Captions [Line Items] | ||
Net cash flow provided by (used for) operating activities | 20.3 | (3.1) |
Capital expenditures | (5.6) | (9.6) |
Acquisitions | 0 | 0 |
MTA franchise rights | 0 | 0 |
Net proceeds from dispositions | 0 | 0.3 |
Net cash flow provided by (used for) investing activities | (5.6) | (9.3) |
Proceeds from long-term debt borrowings | 0 | 0 |
Repayments of long-term debt borrowings | 0 | 0 |
Proceeds from borrowings under short-term debt facilities | 190 | 125 |
Repayments of borrowings under short-term debt facilities | (155) | (105) |
Payments of deferred financing costs | 0 | (0.1) |
Payment of debt extinguishment charges | 0 | |
Proceeds from shares issued under the ATM Program | 0 | |
Taxes withheld for stock-based compensation | 0 | 0 |
Dividends | (1.5) | (2) |
Intercompany | (39.4) | (10.2) |
Net cash flow provided by (used for) financing activities | (5.9) | 7.7 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.3 | (0.2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 9.1 | (4.9) |
Cash, cash equivalents and restricted cash, beginning of period | 40.7 | 34.4 |
Cash, cash equivalents and restricted cash, end of period | $ 49.8 | $ 29.5 |