Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Quarterly period ended | Mar. 31, 2022 | |
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 | |
Title of 12(b) Security | Common Stock, $0.01, par value | |
Trading Symbol | OUT | |
Security Exchange Name | NYSE | |
Filed all reports required to be filed by Section 13 or 15(d) | Yes | |
Entity Interactive Data Current | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity Small Business | false | |
Emerging growth company | false | |
Entity Shell Company | false | |
Shares outstanding (shares) | 164,009,700 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Central Index Key | 0001579877 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 355.7 | $ 424.8 |
Receivables, less allowance ($20.3 in 2022 and $18.5 in 2021) | 265 | 310.5 |
Prepaid lease and franchise costs | 10.3 | 12.5 |
Other prepaid expenses | 18.5 | 17.8 |
Other current assets | 11.2 | 11.7 |
Total current assets | 660.7 | 777.3 |
Noncurrent assets: | ||
Property and equipment, net | 652.1 | 647.9 |
Goodwill | 2,078.3 | 2,077.8 |
Intangible assets | 609.5 | 614.9 |
Operating lease assets | 1,503.5 | 1,485.5 |
Prepaid MTA equipment deployment costs | 295.2 | 279.8 |
Other assets | 43.7 | 41.5 |
Total assets | 5,843 | 5,924.7 |
Current liabilities: | ||
Accounts payable | 52.6 | 64.9 |
Accrued compensation | 43.2 | 74.5 |
Accrued interest | 17.4 | 30.7 |
Accrued lease and franchise costs | 50.1 | 60.1 |
Other accrued expenses | 46.6 | 40.3 |
Deferred revenues | 43 | 30.9 |
Short-term operating lease liabilities | 194.3 | 187.5 |
Other current liabilities | 18.6 | 18.8 |
Total current liabilities | 465.8 | 507.7 |
Noncurrent liabilities: | ||
Long-term debt, net | 2,621.9 | 2,620.6 |
Deferred income tax liabilities, net | 18.5 | 17.2 |
Asset retirement obligation | 36.9 | 36.4 |
Operating lease liabilities | 1,319.4 | 1,308.4 |
Other liabilities | 41.6 | 43.9 |
Total liabilities | 4,504.1 | 4,534.2 |
Commitments and contingencies | ||
Preferred stock (2022 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding; 2021 - 50.0 shares authorized, and 0.4 shares of Series A Preferred Stock issued and outstanding) | 119.8 | 383.4 |
Stockholders’ equity: | ||
Common stock (2022 - 450.0 shares authorized, and 164.0 shares issued and outstanding; 2021 - 450.0 shares authorized, and 145.6 issued and outstanding) | 1.6 | 1.5 |
Additional paid-in capital | 2,391.3 | 2,119 |
Distribution in excess of earnings | (1,176.8) | (1,122) |
Accumulated other comprehensive loss | (1.4) | (4.4) |
Total stockholders' equity | 1,214.7 | 994.1 |
Non-controlling interests | 4.4 | 13 |
Total equity | 1,338.9 | 1,390.5 |
Total liabilities and equity | $ 5,843 | $ 5,924.7 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 20.3 | $ 18.5 |
Preferred stock authorized (shares) | 50,000,000 | 50,000,000 |
Series A Preferred Stock issued (shares) | 125,000 | 400,000 |
Series A Preferred Stock outstanding (shares) | 125,000 | 400,000 |
Common stock authorized (shares) | 450,000,000 | 450,000,000 |
Common stock issued (shares) | 164,009,700 | 145,600,000 |
Common stock outstanding (shares) | 164,000,000 | 145,600,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Billboard | $ 298.2 | $ 223.6 |
Transit and other | 75.3 | 35.6 |
Total revenues | 373.5 | 259.2 |
Expenses: | ||
Operating | 212.8 | 177.6 |
Selling, general and administrative | 98.4 | 76.5 |
Net gain on dispositions | (0.3) | (0.3) |
Depreciation | 19.3 | 20 |
Amortization | 14.8 | 16.4 |
Total expenses | 345 | 290.2 |
Operating income (loss) | 28.5 | (31) |
Interest expense, net | (30.7) | (34.6) |
Loss on extinguishment of debt | 0 | (6.3) |
Other loss, net | (0.1) | 0 |
Loss before benefit for income taxes and equity in earnings of investee companies | (2.3) | (71.9) |
Benefit for income taxes | 2.1 | 4.7 |
Equity in earnings of investee companies, net of tax | 0.3 | (0.4) |
Net income (loss) before allocation to non-controlling interests | 0.1 | (67.6) |
Net income attributable to non-controlling interests | 0.2 | 0.1 |
Net loss attributable to OUTFRONT Media Inc. | $ (0.1) | $ (67.7) |
Net loss per common share: | ||
Basic (in dollars per share) | $ (0.04) | $ (0.52) |
Diluted (in dollars per share) | $ (0.04) | $ (0.52) |
Weighted average shares outstanding: | ||
Basic (in shares) | 152 | 144.8 |
Diluted (in shares) | 152 | 144.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) before allocation to non-controlling interests | $ 0.1 | $ (67.6) |
Net income attributable to non-controlling interests | 0.2 | 0.1 |
Net loss attributable to OUTFRONT Media Inc. | (0.1) | (67.7) |
Other comprehensive income, net of tax: | ||
Cumulative translation adjustments | 2.7 | 1.3 |
Change in fair value of interest rate swap agreements | 0.3 | 1.2 |
Total other comprehensive income, net of tax | 3 | 2.5 |
Total comprehensive income (loss) | $ 2.9 | $ (65.2) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Series A Preferred Stock | Common stock | Series A Preferred Stock | Common stock | Additional Paid-in Capital | Distribution in Excess of Earnings | Distribution in Excess of EarningsSeries A Preferred Stock | Distribution in Excess of EarningsCommon stock | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Series A Preferred Stock outstanding (shares) at Dec. 31, 2020 | 400,000 | ||||||||||
Series A Preferred Stock (dollars) at Dec. 31, 2020 | $ 383.4 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Dividends | $ 7 | $ 7 | |||||||||
Series A Preferred Stock outstanding (shares) at Mar. 31, 2021 | 400,000 | ||||||||||
Series A Preferred Stock (dollars) at Mar. 31, 2021 | $ 383.4 | ||||||||||
Total stockholders' equity at Dec. 31, 2020 | $ 973.8 | $ 1.4 | $ 2,090.8 | $ (1,100.4) | $ (18) | ||||||
Non-controlling interests at Dec. 31, 2020 | $ 26.5 | ||||||||||
Total equity at Dec. 31, 2020 | 1,383.7 | ||||||||||
Common stock outstanding (shares) at Dec. 31, 2020 | 144,500,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss attributable to OUTFRONT Media Inc. | (67.7) | (67.7) | |||||||||
Net income attributable to non-controlling interests | 0.1 | 0.1 | |||||||||
Net income (loss) before allocation to non-controlling interests | (67.6) | ||||||||||
Other comprehensive income | 2.5 | 2.5 | |||||||||
Other comprehensive income (loss) - total equity | 2.5 | ||||||||||
Stock-based payments: Vested (shares) | 1,000,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0.1 | $ 0.1 | |||||||||
Stock-based payments: Amortization | 6 | 6 | |||||||||
Shares paid for tax withholding for stock-based payments (shares) | (500,000) | ||||||||||
Shares paid for tax withholding for stock-based payments | (8.7) | (8.7) | |||||||||
Decrease in non-controlling interests due to redemptions | (10.7) | ||||||||||
Dividends | (7) | (7) | |||||||||
Class A equity interest redemptions | 10.7 | 10.7 | |||||||||
Class A equity interest redemptions (shares) | 500,000 | ||||||||||
Other stockholders equity | (3.3) | (3.3) | |||||||||
Other | (4.8) | ||||||||||
Noncontrolling interests - Other | (1.5) | ||||||||||
Total stockholders' equity at Mar. 31, 2021 | 906.4 | $ 1.5 | 2,095.5 | (1,175.1) | (15.5) | ||||||
Non-controlling interests at Mar. 31, 2021 | 14.4 | ||||||||||
Total equity at Mar. 31, 2021 | $ 1,304.2 | ||||||||||
Common stock outstanding (shares) at Mar. 31, 2021 | 145,500,000 | ||||||||||
Series A Preferred Stock outstanding (shares) at Dec. 31, 2021 | 400,000 | 400,000 | |||||||||
Series A Preferred Stock (dollars) at Dec. 31, 2021 | $ 383.4 | $ 383.4 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Stock Redeemed or Called During Period, Shares | (300,000) | ||||||||||
Stock Redeemed or Called During Period, Value | $ (266.8) | ||||||||||
Dividends | 5.4 | $ 49.3 | $ (3.2) | 5.4 | $ 49.3 | ||||||
Series A Preferred Stock outstanding (shares) at Mar. 31, 2022 | 125,000 | 100,000 | |||||||||
Series A Preferred Stock (dollars) at Mar. 31, 2022 | $ 119.8 | $ 119.8 | |||||||||
Total stockholders' equity at Dec. 31, 2021 | 994.1 | $ 1.5 | 2,119 | (1,122) | (4.4) | ||||||
Non-controlling interests at Dec. 31, 2021 | 13 | 13 | |||||||||
Total equity at Dec. 31, 2021 | $ 1,390.5 | ||||||||||
Common stock outstanding (shares) at Dec. 31, 2021 | 145,600,000 | 145,600,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss attributable to OUTFRONT Media Inc. | $ (0.1) | (0.1) | |||||||||
Net income attributable to non-controlling interests | 0.2 | 0.2 | |||||||||
Net income (loss) before allocation to non-controlling interests | 0.1 | ||||||||||
Other comprehensive income | 3 | 3 | |||||||||
Other comprehensive income (loss) - total equity | 3 | ||||||||||
Stock-based payments: Vested (shares) | 1,000,000 | ||||||||||
Stock-based payments: Amortization | 7.9 | 7.9 | |||||||||
Shares paid for tax withholding for stock-based payments (shares) | (400,000) | ||||||||||
Shares paid for tax withholding for stock-based payments | (10.9) | (10.9) | |||||||||
Conversion of Stock, Amount Issued | 266.8 | $ 0.1 | 266.7 | ||||||||
Decrease in non-controlling interests due to redemptions | (8.6) | ||||||||||
Dividends | (5.4) | $ (49.3) | 3.2 | $ (5.4) | $ (49.3) | ||||||
Dividends, Preferred Stock, Cash | $ (2.2) | ||||||||||
Stock Redeemed or Called During Period, Value | $ (266.8) | ||||||||||
Stock Redeemed or Called During Period, Shares | (300,000) | ||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 17,400,000 | ||||||||||
Class A equity interest redemptions | 8.6 | 8.6 | |||||||||
Class A equity interest redemptions (shares) | 400,000 | ||||||||||
Other | (0.2) | ||||||||||
Noncontrolling interests - Other | (0.2) | ||||||||||
Total stockholders' equity at Mar. 31, 2022 | 1,214.7 | $ 1.6 | $ 2,391.3 | $ (1,176.8) | $ (1.4) | ||||||
Non-controlling interests at Mar. 31, 2022 | 4.4 | $ 4.4 | |||||||||
Total equity at Mar. 31, 2022 | $ 1,338.9 | ||||||||||
Common stock outstanding (shares) at Mar. 31, 2022 | 164,000,000 | 164,000,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, par value per share ($ per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Series A Preferred Stock, par value per share ($ per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Series A Preferred Stock dividend rate (%) | 7.00% | 7.00% | ||
Dividends declared per common share ($ per share) | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net loss attributable to OUTFRONT Media Inc. | $ (0.1) | $ (67.7) |
Adjustments to reconcile net loss to net cash flow provided by (used for) operating activities: | ||
Net income attributable to non-controlling interests | 0.2 | 0.1 |
Depreciation and amortization | 34.1 | 36.4 |
Deferred tax benefit | (1.3) | (5.2) |
Stock-based compensation | 7.9 | 6 |
Provision (recovery) for doubtful accounts | 1.7 | (2.8) |
Accretion expense | 0.7 | 0.7 |
Net gain on dispositions | (0.3) | (0.3) |
Loss on extinguishment of debt | 0 | 6.3 |
Equity in earnings of investee companies, net of tax | (0.3) | 0.4 |
Distributions from investee companies | 0.3 | 0.3 |
Amortization of deferred financing costs and debt discount and premium | 1.6 | 1.9 |
Change in assets and liabilities, net of investing and financing activities: | ||
Decrease in receivables | 44.1 | 47.2 |
Increase in prepaid MTA equipment deployment costs | (15.4) | (3.6) |
Decrease in prepaid expenses and other current assets | 3.4 | 1.2 |
Decrease in accounts payable and accrued expenses | (64.2) | (46.1) |
Increase in operating lease assets and liabilities | 1.7 | 0.4 |
Increase in deferred revenues | 12.1 | 12.8 |
Decrease in income taxes | (3) | (0.1) |
Other, net | (2.7) | 1.3 |
Net cash flow provided by (used for) operating activities | 20.5 | (10.8) |
Investing Activities: | ||
Capital expenditures | (16.9) | (9.4) |
Acquisitions | (9.6) | (15.8) |
MTA franchise rights | (2.1) | (4.2) |
Net proceeds from dispositions | 0.8 | 1.1 |
Net cash flow used for investing activities | (27.8) | (28.3) |
Financing Activities: | ||
Proceeds from long-term debt borrowings | 0 | 500 |
Repayments of long-term debt borrowings | 0 | (500) |
Repayments of borrowings under short-term debt facilities | 0 | (80) |
Payments of deferred financing costs | 0 | (7.1) |
Payments of debt extinguishment charges | 0 | (4.7) |
Taxes withheld for stock-based compensation | (10.9) | (8.8) |
Dividends | (51.5) | (7.3) |
Other | 0 | (3.7) |
Net cash flow used for financing activities | (62.4) | (111.6) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.6 | 0.3 |
Net decrease in cash, cash equivalents and restricted cash | (69.1) | (150.4) |
Cash, cash equivalents and restricted cash at beginning of period | 424.8 | 712 |
Cash, cash equivalents and restricted cash at end of period | 355.7 | 561.6 |
Supplemental disclosure of cash flow Information: | ||
Cash paid for income taxes | 2.1 | 0.5 |
Cash paid for interest | 42.6 | 39.9 |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 7.3 | 3.8 |
Accrued MTA franchise rights | 3.8 | 7 |
Taxes withheld for stock-based compensation | $ 0.1 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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. 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 currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International. 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. 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, 2021, filed with the SEC on February 24, 2022. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events such as the ongoing novel coronavirus (“COVID-19”) pandemic, 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 materially from these estimates under different assumptions or conditions, including the severity and duration of the COVID-19 pandemic. The COVID-19 pandemic and the related preventative measures taken to help curb the spread, have had, and may continue to have, a significant impact on the global economy and our business. Given the uncertainty around the severity and duration of the COVID-19 pandemic and the measures taken, or may be taken, in response to the COVID-19 pandemic, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards Recent Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance providing optional expedients and exceptions for accounting for contracts, hedging relationships and other transactions that reference to the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance is effective for all entities as of March 12, 2020, through December 31, 2022. We do not expect this guidance to impact our accounting for our existing debt and hedging instruments. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash [Abstract] | |
Restricted Cash | Restricted Cash In August 2021, the escrow agreement in connection with one of our transit franchise contracts, which required us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract, was terminated. As of March 31, 2022, we have no restricted cash. As of (in millions) March 31, March 31, December 31, 2021 Cash and cash equivalents $ 355.7 $ 560.0 $ 424.8 Restricted cash — 1.6 — Cash, cash equivalents and restricted cash $ 355.7 $ 561.6 $ 424.8 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, Land $ 103.3 $ 102.9 Buildings 15 to 35 years 50.6 50.3 Advertising structures 3 to 20 years 1,953.6 1,937.4 Furniture, equipment and other 3 to 10 years 175.6 171.3 Construction in progress 47.8 38.7 2,330.9 2,300.6 Less: Accumulated depreciation 1,678.8 1,652.7 Property and equipment, net $ 652.1 $ 647.9 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022: Permits and leasehold agreements $ 1,311.8 $ (828.3) $ 483.5 Franchise agreements 529.3 (405.4) 123.9 Other intangible assets 4.9 (2.8) 2.1 Total intangible assets $ 1,846.0 $ (1,236.5) $ 609.5 As of December 31, 2021: Permits and leasehold agreements $ 1,303.6 $ (816.5) $ 487.1 Franchise agreements 528.2 (402.7) 125.5 Other intangible assets 4.9 (2.6) 2.3 Total intangible assets $ 1,836.7 $ (1,221.8) $ 614.9 In the three months ended March 31, 2022, we acquired 15 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $6.1 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 13.4 years. All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $14.8 million in the three months ended March 31, 2022, and $16.4 million in the three months ended March 31, 2021. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Lessee As of March 31, 2022, we have operating lease assets of $1.5 billion, short-term operating lease liabilities of $194.3 million and non-current operating lease liabilities of $1.3 billion. As of December 31, 2021, we had operating lease assets of $1.5 billion, short-term operating lease liabilities of $187.5 million and non-current operating lease liabilities of $1.3 billion. As of March 31, 2022, the weighted-average remaining lease term was 10.7 years and the weighted-average discount rate was 5.2%. As of December 31, 2021, the weighted-average remaining lease term was 10.5 years and the weighted-average discount rate was 5.2%. For the three months ended March 31, 2022, we recorded operating lease costs of $106.7 million in Operating expenses and $2.7 million in Selling, general and administrative expenses. For the three months ended March 31, 2022, these costs include $25.0 million of variable operating lease costs. For the three months ended March 31, 2021, we recorded operating lease costs of $93.7 million in Operating expenses and $2.1 million in Selling, general and administrative expenses. For the three months ended March 31, 2021, these costs include $13.9 million of variable operating lease costs. For each of the three months ended March 31, 2022 and 2021, sublease income was immaterial. For the three months ended March 31, 2022, cash paid for operating leases was $118.4 million and leased assets obtained in exchange for new operating lease liabilities was $81.9 million. For the three months ended March 31, 2021, cash paid for operating leases was $97.9 million and leased assets obtained in exchange for new operating lease liabilities was $69.1 million. Lessor We recorded rental income of $288.3 million for the three months ended March 31, 2022, and $215.8 million for the three months ended March 31, 2021, in Revenues |
Asset Retirement Obligation
Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 $ 36.4 Accretion expense 0.7 Additions 0.1 Liabilities settled (0.4) Foreign currency translation adjustments 0.1 As of March 31, 2022 $ 36.9 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
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 seven billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $11.3 million as of March 31, 2022, and $11.2 million as of December 31, 2021, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.7 million in the three months ended March 31, 2022, and $1.1 million in the three months ended March 31, 2021. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt, net, consists of the following: As of (in millions, except percentages) March 31, December 31, Long-term debt: Term loan, due 2026 598.3 598.2 Senior unsecured notes: 6.250% senior unsecured notes, due 2025 400.0 400.0 5.000% senior unsecured notes, due 2027 650.0 650.0 4.250% senior unsecured notes, due 2029 500.0 500.0 4.625% senior unsecured notes, due 2030 500.0 500.0 Total senior unsecured notes 2,050.0 2,050.0 Debt issuance costs (26.4) (27.6) Total long-term debt, net 2,621.9 2,620.6 Total debt, net $ 2,621.9 $ 2,620.6 Weighted average cost of debt 4.3 % 4.3 % Term Loan The interest rate on the term loan due in 2026 (the “Term Loan”) was 2.2% per annum as of March 31, 2022. As of March 31, 2022, a discount of $1.7 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 $500.0 million revolving credit facility, which matures in 2024 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”). As of March 31, 2022, there were no outstanding borrowings under the Revolving Credit Facility. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended March 31, 2022, and 2021. As of March 31, 2022, we had issued letters of credit totaling approximately $4.1 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of March 31, 2022, we had issued letters of credit totaling approximately $72.7 million under our aggregate $81.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2022 and 2021. Accounts Receivable Securitization Facility As of March 31, 2022, we have a revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended. In connection with the AR Facility, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s taxable REIT subsidiaries (“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 may 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. As of March 31, 2022, there were no outstanding borrowings under the AR Facility. As of March 31, 2022, there was no borrowing capacity under the AR Facility due to a voluntary temporary suspension of the AR Facility in accordance with the agreements governing the AR Facility; however, as of March 31, 2022, we had approximately $303.2 million of accounts receivable that could be used as collateral for the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three months ended March 31, 2022 and 2021. Debt Covenants Our credit agreement, dated as of January 31, 2014 (as amended, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that restrict the Company’s and its 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 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 exceptions, (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers, and (iii) incur additional indebtedness. One of the exceptions to the restriction on our ability to incur additional indebtedness is satisfaction of a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of March 31, 2022, our Consolidated Total Leverage Ratio was 5.8 to 1.0 in accordance with the Credit Agreement. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. As of March 31, 2022, our Consolidated Net Secured Leverage Ratio was 1.0 to 1.0 in accordance with the Credit Agreement. As of March 31, 2022, we are in compliance with our debt covenants. Deferred Financing Costs As of March 31, 2022, we had deferred $28.8 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Facility and our senior unsecured notes. Interest Rate Swap Agreement We have an interest rate cash flow swap agreement 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 this swap position was a net liability of approximately $0.1 million as of March 31, 2022, and $0.4 million as of December 31, 2021, and is included in Other current liabilities on our Consolidated Statement of Financial Position. As of March 31, 2022, under the terms of this agreement, we will pay interest based on an aggregate notional amount of $50.0 million, under a weighted-average fixed interest rate of 1.8%, with a receive rate of one-month LIBOR and which matures on June 30, 2022. The one-month LIBOR rate was approximately 0.5% as of March 31, 2022. Fair Value |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity As of March 31, 2022, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized, of which 164,009,700 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized, of which 125,000 shares of Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, were issued and outstanding. The Series A Preferred Stock ranks senior to the shares of the Company’s common stock with respect to dividend and distribution rights. Holders of the Series A Preferred Stock are entitled to a cumulative dividend accruing at the initial rate of 7.0% per year, payable quarterly in arrears, subject to increases as set forth in the Articles Supplementary, effective as of April 20, 2020 (the “Articles”). Dividends may, at the option of the Company, be paid in cash, in-kind, through the issuance of additional shares of Series A Preferred Stock or a combination of cash and in-kind, until April 20, 2028, after which time dividends will be payable solely in cash. So long as any shares of Series A Preferred Stock remain outstanding, the Company may not, without the consent of a specified percentage of holders of shares of Series A Preferred Stock, declare a dividend on, or make any distributions relating to, capital stock that ranks junior to, or on a parity basis with, the Series A Preferred Stock, subject to certain exceptions, including but not limited to (i) any dividend or distribution in cash or capital stock of the Company on or in respect of the capital stock of the Company to the extent that such dividend or distribution is necessary to maintain the Company’s status as a REIT; and (ii) any dividend or distribution in cash in respect of our common stock that, together with the dividends or distributions during the 12-month period immediately preceding such dividend or distribution, is not in excess of 5% of the aggregate dividends or distributions paid by the Company necessary to maintain its REIT status during such 12-month period. If any dividends or distributions in respect of the shares of our common stock are paid in cash, the shares of Series A Preferred Stock will participate in the dividends or distributions on an as-converted basis up to the amount of their accrued dividend for such quarter, which amounts will reduce the dividends payable on the shares of Series A Preferred Stock dollar-for-dollar for such quarter. The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends. On March 1, 2022, 275,000 shares of Series A Preferred Stock were converted into approximately 17.4 million shares of the Company’s common stock, which included $3.2 million of accrued and unpaid dividends through and including the conversion date that were settled in the Company’s common stock in accordance with the Articles. During the three months ended March 31, 2022, we paid cash dividends of $2.2 million on the Series A Preferred Stock. As of March 31, 2022, the maximum number of shares of common stock that could be required to be issued on conversion of the outstanding shares of Series A Preferred Stock was approximately 7.8 million shares. In connection with the acquisition of outdoor advertising assets in Canada in June 2017, 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”), which, among other things, were (i) 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, and (ii) redeemable by the holders in exchange for shares of the Company’s common stock on a one-for-one basis. During the three months ended March 31, 2022, we made distributions of $0.1 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 March 31, 2022, all Class A equity interests have been redeemed for shares of the Company’s common stock and no Class A equity interests are outstanding. 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. No shares were sold under the ATM Program during the three months ended March 31, 2022. As of March 31, 2022, we had approximately $232.5 million of capacity remaining under the ATM Program. On May 2, 2022, we announced that our board of directors approved a quarterly cash dividend of $0.30 per share on our common stock, payable on June 30, 2022, to stockholders of record at the close of business on June 3, 2022. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following table summarizes revenues by source: Three Months Ended March 31, (in millions) 2022 2021 Billboard: Static displays $ 206.0 $ 165.1 Digital displays 81.4 49.3 Other 10.8 9.2 Billboard revenues 298.2 223.6 Transit: Static displays 41.2 23.9 Digital displays 25.9 6.4 Other 6.4 4.6 Total transit revenues 73.5 34.9 Other 1.8 0.7 Transit and other revenues 75.3 35.6 Total revenues $ 373.5 $ 259.2 Rental income was $288.3 million in the three months ended March 31, 2022, and $215.8 million in the three months ended March 31, 2021, and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography: Three Months Ended March 31, (in millions) 2022 2021 United States: Billboard $ 283.4 $ 212.5 Transit and other 70.8 32.9 Other 1.8 0.7 Total United States revenues 356.0 246.1 Canada 17.5 13.1 Total revenues $ 373.5 $ 259.2 We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2021, during the three months ended March 31, 2022. |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges As of March 31, 2022, $0.4 million in restructuring reserves remain outstanding and is included in Other current liabilities |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions We completed several asset acquisitions for a total purchase price of approximately $9.6 million in the three months ended March 31, 2022, and $15.8 million in the three months ended March 31, 2021. 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. In the second quarter of 2019, we completed this acquisition except with respect to four digital displays, which we expect to acquire in 2023 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months ended March 31, 2022 and 2021. Three Months Ended March 31, (in millions) 2022 2021 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.9 $ 6.0 Tax benefit (0.4) (0.3) Stock-based compensation expense, net of tax $ 7.5 $ 5.7 As of March 31, 2022, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $55.2 million, which is expected to be recognized over a weighted average period of 2.1 years. RSUs and PRSUs The following table summarizes activity for the three months ended March 31, 2022, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2021 2,447,246 $ 23.18 Granted: RSUs 908,598 25.24 PRSUs 482,618 24.42 Vested: RSUs (710,912) 24.13 PRSUs (293,773) 21.65 Forfeitures: RSUs (5,925) 23.62 PRSUs (3,061) 26.60 Non-vested as of March 31, 2022 2,824,791 23.89 |
Retirement Benefits
Retirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, (in millions) 2022 2021 Components of net periodic pension cost: Service cost $ — $ 0.1 Interest cost 0.5 0.5 Expected return on plan assets (0.7) (0.8) Amortization of net actuarial losses (a) — 0.2 Net periodic pension cost $ (0.2) $ — (a) Reflects amounts reclassified from accumulated other comprehensive income to net income. In the three months ended March 31, 2022, we contributed $0.1 million to our defined benefit pension plans. In 2022, we expect to contribute approximately $0.1 million to our defined benefit pension plans. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
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 as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. Tax years 2018 to present are open for examination by the tax authorities. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) Three Months Ended March 31, (in millions) 2022 2021 Net loss available for common stockholders $ (0.1) $ (67.7) Less: Distributions to holders of Series A Preferred Stock 5.4 7.0 Less: Distributions to holders of Class A equity interests of a subsidiary 0.1 — Net loss available for common stockholders, basic and diluted $ (5.6) $ (74.7) Weighted average shares for basic and diluted EPS 152.0 144.8 (a) The potential impact of 1.1 million granted RSUs and PRSUs in the three months ended March 31, 2022, and 1.9 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2021, were antidilutive. (b) The potential impact of 19.1 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended March 31, 2022, and 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended March 31, 2021, were antidilutive. (c) The potential impact of 0.3 million of Class A equity interests of Outfront Canada in the three months ended March 31, 2022, and 0.8 million of Class A equity interests of Outfront Canada in the three months ended March 31, 2021, was antidilutive. (See Note 10. Equity |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 that 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. Under the MTA agreement, which was amended in June 2020 and July 2021 (as amended, the “MTA Agreement”): • Deployments . We must deploy, over a number of years, (i) 5,433 digital advertising screens on subway and train platforms and entrances, (ii) 15,896 smaller-format digital advertising screens on rolling stock, and (iii) 9,283 MTA communications displays, subject to modification as agreed-upon by us and the MTA. We are also obligated to deploy certain additional digital advertising screens and MTA communications displays in subway and train stations and rolling stock that the MTA may build or acquire in the future (collectively, the “New Inventory”). • Recoupment of Equipment Deployment Costs. We may retain incremental revenues that exceed an annual base revenue amount for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, recoupable MTA equipment deployment costs are 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 operations. If we do not recoup all costs of deploying advertising and communications screens with respect to the New Inventory by the end of the term of the MTA Agreement, the MTA will be obligated to reimburse us for these costs. Deployment costs in an amount not to exceed $50.7 million, which are deemed authorized before December 31, 2020, will be paid directly by the MTA. For any deployment costs deemed authorized after December 31, 2020, the MTA and the Company will no longer be obligated to directly pay 70% and 30% of the costs, respectively, and these costs will be subject to recoupment in accordance with the MTA Agreement. We did not recoup any equipment deployment costs in the three months ended March 31, 2022, and it is unlikely we will recoup equipment deployment costs in the remainder of 2022. • Payments . We must pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Our payment obligations with respect to guaranteed minimum annual payment amounts owed to the MTA resumed on January 1, 2021, in accordance with the terms of the MTA Agreement, and any guaranteed minimum annual payment amounts that would have been paid for the period from April 1, 2020 through December 31, 2020 (less any revenue share amounts actually paid during this period using an increased revenue share percentage of 65%) will instead be added in equal increments to the guaranteed minimum annual payment amounts owed for the period from January 1, 2022, through December 31, 2026. The MTA Agreement also provides that if prior to April 1, 2028 the balance of unrecovered costs of deploying advertising and communications screens throughout the transit system is equal to or less than zero, then in any year following the year in which such recoupment occurs (the “Recoupment Year”), the MTA is entitled to receive an additional payment equal to 2.5% of the annual base revenue amount for such year calculated in accordance with the MTA Agreement, provided that gross revenues in such year (i) were at least equal to the gross revenues generated in the Recoupment Year, and (ii) did not decline by more than 5% from the prior year. • Term . In July 2021, we extended the initial 10-year term of the MTA Agreement to a 13-year initial term. We have the option to extend this initial 13-year term for an additional five-year period at the end of the 13-year initial term, subject to satisfying certain quantitative and qualitative conditions. During the three months ended March 31, 2022, we had no recoupment from incremental revenues and as of March 31, 2022, $48.5 million has been funded by the MTA. As of March 31, 2022, 12,479 digital displays had been installed, of which 1,387 installations occurred in the three months ended March 31, 2022. (in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization Ending Balance Three months ended March 31, 2022: Prepaid MTA equipment deployment costs $ 279.8 $ 15.4 $ — $ — $ 295.2 Other current assets 5.2 0.1 (3.1) — 2.2 Intangible assets (franchise agreements) 63.0 1.4 — (0.6) 63.8 Total $ 348.0 $ 16.9 $ (3.1) $ (0.6) $ 361.2 Year ended December 31, 2021: Prepaid MTA equipment deployment costs $ 204.6 $ 75.2 $ — $ — $ 279.8 Other current assets 28.0 6.2 (29.0) — 5.2 Intangible assets (franchise agreements) 58.4 14.5 — (9.9) 63.0 Total $ 291.0 $ 95.9 $ (29.0) $ (9.9) $ 348.0 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 March 31, 2022, the outstanding letters of credit were approximately $76.8 million and outstanding surety bonds were approximately $167.1 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 | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International. International does not meet the criteria to be a reportable segment and accordingly, is included in Other . The following tables set forth our financial performance by segment. Three Months Ended March 31, (in millions) 2022 2021 Revenues: U.S. Media $ 354.2 $ 245.4 Other 19.3 13.8 Total revenues $ 373.5 $ 259.2 We present Operating income (loss) before Depreciation , Amortization , Net gain on dispositions , Stock-based compensation and Restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Three Months Ended March 31, (in millions) 2022 2021 Net income (loss) before allocation to non-controlling interests $ 0.1 $ (67.6) Benefit for income taxes (2.1) (4.7) Equity in earnings of investee companies, net of tax (0.3) 0.4 Interest expense, net 30.7 34.6 Loss on extinguishment of debt — 6.3 Other loss, net 0.1 — Operating income (loss) 28.5 (31.0) Net gain on dispositions (0.3) (0.3) Depreciation and amortization 34.1 36.4 Stock-based compensation 7.9 6.0 Total Adjusted OIBDA $ 70.2 $ 11.1 Adjusted OIBDA: U.S. Media $ 80.1 $ 24.6 Other (a) 0.6 (2.0) Corporate (10.5) (11.5) Total Adjusted OIBDA $ 70.2 $ 11.1 Three Months Ended March 31, (in millions) 2022 2021 Operating income (loss): U.S. Media $ 49.3 $ (8.6) Other (2.4) (4.9) Corporate (18.4) (17.5) Total operating income (loss) $ 28.5 $ (31.0) Net gain on dispositions: U.S. Media $ (0.3) $ (0.3) Total gain on dispositions $ (0.3) $ (0.3) Depreciation and amortization: U.S. Media $ 31.1 $ 33.5 Other 3.0 2.9 Total depreciation and amortization $ 34.1 $ 36.4 Capital expenditures: U.S. Media $ 16.1 $ 8.9 Other 0.8 0.5 Total capital expenditures $ 16.9 $ 9.4 As of (in millions) March 31, December 31, 2021 Assets: U.S. Media $ 5,275.6 $ 5,280.7 Other 250.0 248.1 Corporate 317.4 395.9 Total assets $ 5,843.0 $ 5,924.7 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, including the impact of extraordinary events such as the ongoing novel coronavirus (“COVID-19”) pandemic, 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 materially from these estimates under different assumptions or conditions, including the severity and duration of the COVID-19 pandemic. |
Intangible Assets (Policies)
Intangible Assets (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Restricted Cash [Abstract] | |
Restricted Cash | As of (in millions) March 31, March 31, December 31, 2021 Cash and cash equivalents $ 355.7 $ 560.0 $ 424.8 Restricted cash — 1.6 — Cash, cash equivalents and restricted cash $ 355.7 $ 561.6 $ 424.8 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, Land $ 103.3 $ 102.9 Buildings 15 to 35 years 50.6 50.3 Advertising structures 3 to 20 years 1,953.6 1,937.4 Furniture, equipment and other 3 to 10 years 175.6 171.3 Construction in progress 47.8 38.7 2,330.9 2,300.6 Less: Accumulated depreciation 1,678.8 1,652.7 Property and equipment, net $ 652.1 $ 647.9 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022: Permits and leasehold agreements $ 1,311.8 $ (828.3) $ 483.5 Franchise agreements 529.3 (405.4) 123.9 Other intangible assets 4.9 (2.8) 2.1 Total intangible assets $ 1,846.0 $ (1,236.5) $ 609.5 As of December 31, 2021: Permits and leasehold agreements $ 1,303.6 $ (816.5) $ 487.1 Franchise agreements 528.2 (402.7) 125.5 Other intangible assets 4.9 (2.6) 2.3 Total intangible assets $ 1,836.7 $ (1,221.8) $ 614.9 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 $ 36.4 Accretion expense 0.7 Additions 0.1 Liabilities settled (0.4) Foreign currency translation adjustments 0.1 As of March 31, 2022 $ 36.9 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt, net, consists of the following: As of (in millions, except percentages) March 31, December 31, Long-term debt: Term loan, due 2026 598.3 598.2 Senior unsecured notes: 6.250% senior unsecured notes, due 2025 400.0 400.0 5.000% senior unsecured notes, due 2027 650.0 650.0 4.250% senior unsecured notes, due 2029 500.0 500.0 4.625% senior unsecured notes, due 2030 500.0 500.0 Total senior unsecured notes 2,050.0 2,050.0 Debt issuance costs (26.4) (27.6) Total long-term debt, net 2,621.9 2,620.6 Total debt, net $ 2,621.9 $ 2,620.6 Weighted average cost of debt 4.3 % 4.3 % |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes revenues by source: Three Months Ended March 31, (in millions) 2022 2021 Billboard: Static displays $ 206.0 $ 165.1 Digital displays 81.4 49.3 Other 10.8 9.2 Billboard revenues 298.2 223.6 Transit: Static displays 41.2 23.9 Digital displays 25.9 6.4 Other 6.4 4.6 Total transit revenues 73.5 34.9 Other 1.8 0.7 Transit and other revenues 75.3 35.6 Total revenues $ 373.5 $ 259.2 |
Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography: Three Months Ended March 31, (in millions) 2022 2021 United States: Billboard $ 283.4 $ 212.5 Transit and other 70.8 32.9 Other 1.8 0.7 Total United States revenues 356.0 246.1 Canada 17.5 13.1 Total revenues $ 373.5 $ 259.2 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three months ended March 31, 2022 and 2021. Three Months Ended March 31, (in millions) 2022 2021 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.9 $ 6.0 Tax benefit (0.4) (0.3) Stock-based compensation expense, net of tax $ 7.5 $ 5.7 |
Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2022, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2021 2,447,246 $ 23.18 Granted: RSUs 908,598 25.24 PRSUs 482,618 24.42 Vested: RSUs (710,912) 24.13 PRSUs (293,773) 21.65 Forfeitures: RSUs (5,925) 23.62 PRSUs (3,061) 26.60 Non-vested as of March 31, 2022 2,824,791 23.89 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, (in millions) 2022 2021 Components of net periodic pension cost: Service cost $ — $ 0.1 Interest cost 0.5 0.5 Expected return on plan assets (0.7) (0.8) Amortization of net actuarial losses (a) — 0.2 Net periodic pension cost $ (0.2) $ — (a) Reflects amounts reclassified from accumulated other comprehensive income to net income. |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, (in millions) 2022 2021 Net loss available for common stockholders $ (0.1) $ (67.7) Less: Distributions to holders of Series A Preferred Stock 5.4 7.0 Less: Distributions to holders of Class A equity interests of a subsidiary 0.1 — Net loss available for common stockholders, basic and diluted $ (5.6) $ (74.7) Weighted average shares for basic and diluted EPS 152.0 144.8 (a) The potential impact of 1.1 million granted RSUs and PRSUs in the three months ended March 31, 2022, and 1.9 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2021, were antidilutive. (b) The potential impact of 19.1 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended March 31, 2022, and 25.0 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended March 31, 2021, were antidilutive. (c) The potential impact of 0.3 million of Class A equity interests of Outfront Canada in the three months ended March 31, 2022, and 0.8 million of Class A equity interests of Outfront Canada in the three months ended March 31, 2021, was antidilutive. (See Note 10. Equity |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
MTA agreement schedule | (in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization Ending Balance Three months ended March 31, 2022: Prepaid MTA equipment deployment costs $ 279.8 $ 15.4 $ — $ — $ 295.2 Other current assets 5.2 0.1 (3.1) — 2.2 Intangible assets (franchise agreements) 63.0 1.4 — (0.6) 63.8 Total $ 348.0 $ 16.9 $ (3.1) $ (0.6) $ 361.2 Year ended December 31, 2021: Prepaid MTA equipment deployment costs $ 204.6 $ 75.2 $ — $ — $ 279.8 Other current assets 28.0 6.2 (29.0) — 5.2 Intangible assets (franchise agreements) 58.4 14.5 — (9.9) 63.0 Total $ 291.0 $ 95.9 $ (29.0) $ (9.9) $ 348.0 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Three Months Ended March 31, (in millions) 2022 2021 Revenues: U.S. Media $ 354.2 $ 245.4 Other 19.3 13.8 Total revenues $ 373.5 $ 259.2 |
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | Three Months Ended March 31, (in millions) 2022 2021 Net income (loss) before allocation to non-controlling interests $ 0.1 $ (67.6) Benefit for income taxes (2.1) (4.7) Equity in earnings of investee companies, net of tax (0.3) 0.4 Interest expense, net 30.7 34.6 Loss on extinguishment of debt — 6.3 Other loss, net 0.1 — Operating income (loss) 28.5 (31.0) Net gain on dispositions (0.3) (0.3) Depreciation and amortization 34.1 36.4 Stock-based compensation 7.9 6.0 Total Adjusted OIBDA $ 70.2 $ 11.1 Adjusted OIBDA: U.S. Media $ 80.1 $ 24.6 Other (a) 0.6 (2.0) Corporate (10.5) (11.5) Total Adjusted OIBDA $ 70.2 $ 11.1 |
Tabular Disclosure by Reportable Segments | Three Months Ended March 31, (in millions) 2022 2021 Operating income (loss): U.S. Media $ 49.3 $ (8.6) Other (2.4) (4.9) Corporate (18.4) (17.5) Total operating income (loss) $ 28.5 $ (31.0) Net gain on dispositions: U.S. Media $ (0.3) $ (0.3) Total gain on dispositions $ (0.3) $ (0.3) Depreciation and amortization: U.S. Media $ 31.1 $ 33.5 Other 3.0 2.9 Total depreciation and amortization $ 34.1 $ 36.4 Capital expenditures: U.S. Media $ 16.1 $ 8.9 Other 0.8 0.5 Total capital expenditures $ 16.9 $ 9.4 |
Reconciliation of Assets from Segment to Consolidated | As of (in millions) March 31, December 31, 2021 Assets: U.S. Media $ 5,275.6 $ 5,280.7 Other 250.0 248.1 Corporate 317.4 395.9 Total assets $ 5,843.0 $ 5,924.7 |
Description of Business and B_3
Description of Business and Basis of Presentation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022marketssegment | |
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 | 2 |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Restricted Cash [Abstract] | |||
Restricted cash | $ 0 | $ 0 | $ 1,600,000 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 355,700,000 | $ 424,800,000 | $ 560,000,000 | |
Restricted cash | 0 | 0 | 1,600,000 | |
Cash, cash equivalents and restricted cash | $ 355,700,000 | $ 424,800,000 | $ 561,600,000 | $ 712,000,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 2,330.9 | $ 2,300.6 |
Less: Accumulated depreciation | 1,678.8 | 1,652.7 |
Property and equipment, net | 652.1 | 647.9 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 103.3 | 102.9 |
Buildings | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 50.6 | $ 50.3 |
Buildings | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 15 years | 15 years |
Buildings | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 35 years | 35 years |
Advertising structures | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,953.6 | $ 1,937.4 |
Advertising structures | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | 3 years |
Advertising structures | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 20 years | 20 years |
Furniture, equipment and other | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 175.6 | $ 171.3 |
Furniture, equipment and other | Minimum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | 3 years |
Furniture, equipment and other | Maximum | ||
Property and Equipment [Line Items] | ||
Property and equipment, useful life | 10 years | 10 years |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 47.8 | $ 38.7 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 19.3 | $ 20 |
Intangible Assets Schedule of F
Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,846 | $ 1,836.7 |
Accumulated amortization | (1,236.5) | (1,221.8) |
Intangible assets | 609.5 | 614.9 |
Permits and leasehold agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,311.8 | 1,303.6 |
Accumulated amortization | (828.3) | (816.5) |
Intangible assets | 483.5 | 487.1 |
Franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 529.3 | 528.2 |
Accumulated amortization | (405.4) | (402.7) |
Intangible assets | 123.9 | 125.5 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 4.9 | 4.9 |
Accumulated amortization | (2.8) | (2.6) |
Intangible assets | $ 2.1 | $ 2.3 |
Intangible Assets Narrative (De
Intangible Assets Narrative (Details) - Intangible Assets $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)Displays | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,846 | $ 1,836.7 | |
Amortization | $ 14.8 | $ 16.4 | |
Series of Individually Immaterial Asset Acquisitions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset, useful life | 13 years 4 months 24 days | ||
Permits and leasehold agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 1,311.8 | $ 1,303.6 | |
Permits and leasehold agreements | Series of Individually Immaterial Asset Acquisitions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 6.1 | ||
Permits and leasehold agreements | Static and Digital Displays | Series of Individually Immaterial Asset Acquisitions | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of displays | Displays | 15 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease assets | $ 1,503.5 | $ 1,485.5 | |
Short-term operating lease liabilities | 194.3 | 187.5 | |
Operating lease liabilities | $ 1,319.4 | $ 1,308.4 | |
Weighted average remaining lease term | 10 years 8 months 12 days | 10 years 6 months | |
Weighted average discount rate | 5.20% | 5.20% | |
Variable lease costs | $ 25 | $ 13.9 | |
Cash paid for operating leases | 118.4 | 97.9 | |
Operating lease asset obtained in exchange for operating lease liability | 81.9 | 69.1 | |
Rental income | 288.3 | 215.8 | |
Operating expense | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | 106.7 | 93.7 | |
Selling, general and administrative | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | $ 2.7 | $ 2.1 |
Asset Retirement Obligation - N
Asset Retirement Obligation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022 | |
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 | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2021 | $ 36.4 |
Accretion expense | 0.7 |
Additions | 0.1 |
Liabilities settled | (0.4) |
Foreign currency translation adjustments | 0.1 |
As of March 31, 2022 | $ 36.9 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)Displaysjoint_venture | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Equity method investments | $ | $ 11.3 | $ 11.2 | |
Management fee revenue | $ | $ 1.7 | $ 1.1 | |
Transit shelter joint ventures | |||
Related Party Transaction [Line Items] | |||
Equity method investment, number of investments | joint_venture | 2 | ||
Acquired businesses | |||
Related Party Transaction [Line Items] | |||
Equity method investment, number of investments | joint_venture | 4 | ||
Equity method investment, number of displays | Displays | 7 |
Debt - Schedule of Debt Instrum
Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 2,621.9 | $ 2,620.6 |
Total debt, net | $ 2,621.9 | $ 2,620.6 |
Weighted average cost of debt | 4.30% | 4.30% |
Secured debt | Term loan, due 2026 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, due date | Nov. 18, 2026 | Nov. 18, 2026 |
Senior unsecured notes | 6.250% senior unsecured notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.25% | 6.25% |
Senior unsecured notes, due date | Jun. 15, 2025 | Jun. 15, 2025 |
Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.00% | 5.00% |
Senior unsecured notes, due date | Aug. 15, 2027 | Aug. 15, 2027 |
Senior unsecured notes | Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.25% | 4.25% |
Senior unsecured notes, due date | Jan. 15, 2029 | Jan. 15, 2029 |
Senior unsecured notes | 4.625% senior unsecured notes, due 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.625% | 4.625% |
Senior unsecured notes, due date | Mar. 15, 2030 | Mar. 15, 2030 |
Long-term debt | ||
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (26.4) | $ (27.6) |
Long-term debt | Secured debt | Term loan, due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 598.3 | 598.2 |
Long-term debt | Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 2,050 | 2,050 |
Long-term debt | Senior unsecured notes | 6.250% senior unsecured notes, due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 400 | 400 |
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 650 | 650 |
Long-term debt | Senior unsecured notes | Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | 500 | 500 |
Long-term debt | Senior unsecured notes | 4.625% senior unsecured notes, due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt, net | $ 500 | $ 500 |
Debt - Narrative (Details) - De
Debt - Narrative (Details) - Debt Instruments $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Debt Instrument, covenant description | The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Facility) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.5 to 1.0. | |
Debt Covenant, Consolidated total leverage ratio | 6 | |
Consolidated total leverage ratio | 5.8 | |
Deferred financing costs | $ 28.8 | |
Fair Value, Inputs, Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term debt at fair value | $ 2,600 | $ 2,700 |
Secured debt | Term loan, due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 2.20% | |
Unamortized debt discount | $ 1.7 | |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Debt Covenant, Consolidated net secured leverage ratio | 4.5 | |
Consolidated net secured leverage ratio | 1 | |
Revolving credit facility | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Covenant, Restricted cash limit | $ 150 |
Debt - Narrative (Details) - Li
Debt - Narrative (Details) - Line of Credit Facility - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Inputs, Level 2 | |||
Line of Credit Facility [Line Items] | |||
Interest rate cash flow hedge liability at fair value | $ 100,000 | $ 400,000 | |
Interest Rate Swap | |||
Line of Credit Facility [Line Items] | |||
Derivative liability, notional amount | $ 50,000,000 | ||
Derivative, fixed interest rate | 1.80% | ||
Debt instrument, description of variable rate basis | one-month LIBOR | ||
Derivative, maturity date | Jun. 30, 2022 | ||
Variable interest rate | 0.50% | ||
Other liabilities | |||
Line of Credit Facility [Line Items] | |||
Derivative liability | $ 100,000 | $ 400,000 | |
Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 500,000,000 | ||
Commitment fee for unused commitments | $ 400,000 | $ 400,000 | |
Credit facility, expiration date | Nov. 18, 2024 | ||
Revolving credit facility | Long-term debt | |||
Line of Credit Facility [Line Items] | |||
Credit facility, outstanding amount | $ 0 | ||
Letter of credit sublimit to revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding, amount | 4,100,000 | ||
Letter of credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 81,000,000 | ||
Letters of credit outstanding, amount | $ 72,700,000 | ||
AR Facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility, expiration date | Jun. 30, 2022 | ||
AR Facility | Short-term debt | |||
Line of Credit Facility [Line Items] | |||
Credit facility, outstanding amount | $ 0 | ||
Line of credit facility, remaining borrowing capacity | 0 | ||
AR securitization facilities | Maximum | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, collateral amount | $ 303,200,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2022 | Jun. 03, 2022 | May 02, 2022 | Mar. 01, 2022 | Jun. 13, 2017 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 21, 2017 |
Class of Stock [Line Items] | |||||||||||
Common stock authorized (shares) | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||
Common stock, par value per share ($ per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common stock issued (shares) | 164,009,700 | 164,009,700 | 145,600,000 | ||||||||
Common Stock, Shares, Outstanding | 164,000,000 | 164,000,000 | 145,600,000 | ||||||||
Preferred stock authorized (shares) | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred stock, par value per share ($ per share) | $ 0.01 | $ 0.01 | |||||||||
Series A Preferred Stock outstanding (shares) | 125,000 | 125,000 | 400,000 | ||||||||
Series A Preferred Stock issued (shares) | 125,000 | 125,000 | 400,000 | ||||||||
Series A Preferred Stock, par value per share ($ per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Series A Preferred Stock dividend rate (%) | 7.00% | 7.00% | |||||||||
Dividend period | 12 months | ||||||||||
Series A Preferred Stock terms of conversion | The Series A Preferred Stock is convertible at the option of any holder at any time into shares of our common stock at an initial conversion price of $16.00 per share and an initial conversion rate of 62.50 shares of our common stock per share of Series A Preferred Stock, subject to certain anti-dilution adjustments and a share cap as set forth in the Articles. Subject to certain conditions set forth in the Articles (including a change of control), each of the Company and the holders of the Series A Preferred Stock may convert or redeem the Series A Preferred Stock at the prices set forth in the Articles, plus any accrued and unpaid dividends. | ||||||||||
Series A Preferred Stock, conversion price ($ per share) | $ 16 | $ 16 | |||||||||
Series A Preferred Stock, Common shares issuable (shares) | 62.50 | 62.50 | |||||||||
Dividends paid | $ 51.5 | $ 7.3 | |||||||||
Dividends declared per common share ($ per share) | $ 0.30 | ||||||||||
Stock Redeemed or Called During Period, Shares | 275,000 | ||||||||||
Subsequent event | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dividends declared per common share ($ per share) | $ 0.30 | ||||||||||
Subsequent event | Ordinary Dividend | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dividends payable, date declared | May 2, 2022 | ||||||||||
Dividends payable, date to be paid | Jun. 30, 2022 | ||||||||||
Dividends payable, date of record | Jun. 3, 2022 | ||||||||||
Maximum | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dividend Percentage In Excess Of Required Distributions For A REIT | 5.00% | ||||||||||
At-The-Market Equity Offering Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
ATM Program, authorized amount outstanding | $ 232.5 | $ 232.5 | $ 300 | ||||||||
Shares issued under the ATM Program (shares) | 0 | ||||||||||
Noncontrolling Interest | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dividends paid | $ 0.1 | $ 0 | |||||||||
Noncontrolling Interest | Acquired businesses | |||||||||||
Class of Stock [Line Items] | |||||||||||
Business Acquisition, Equity interest issued (shares) | 1,953,407 | 0 | |||||||||
Series A Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Series A Preferred Stock outstanding (shares) | 100,000 | 100,000 | 400,000 | 400,000 | 400,000 | ||||||
Stock Redeemed or Called During Period, Shares | (300,000) | ||||||||||
Dividends | $ 3.2 | ||||||||||
Common stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common Stock, Shares, Outstanding | 164,000,000 | 164,000,000 | 145,500,000 | 145,600,000 | 144,500,000 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 17,400,000 | 17,400,000 | |||||||||
Series A Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Series A Preferred Stock, Common shares issuable (shares) | 7,800,000 | 7,800,000 | |||||||||
Dividends paid | $ 2.2 | ||||||||||
Dividends | $ (5.4) | $ (7) |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Billboard | $ 298.2 | $ 223.6 |
Transit | 75.3 | 35.6 |
Revenues | 373.5 | 259.2 |
Static displays | ||
Disaggregation of Revenue [Line Items] | ||
Billboard | 206 | 165.1 |
Transit | 41.2 | 23.9 |
Digital displays | ||
Disaggregation of Revenue [Line Items] | ||
Billboard | 81.4 | 49.3 |
Transit | 25.9 | 6.4 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Billboard | 10.8 | 9.2 |
Transit | 6.4 | 4.6 |
Transit | ||
Disaggregation of Revenue [Line Items] | ||
Transit | 73.5 | 34.9 |
Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Transit | $ 1.8 | $ 0.7 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Rental income | $ 288.3 | $ 215.8 |
Revenues Revenue from External
Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Billboard | $ 298.2 | $ 223.6 |
Transit and other | 75.3 | 35.6 |
Revenues | 373.5 | 259.2 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Billboard | 283.4 | 212.5 |
Revenues | 356 | 246.1 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17.5 | 13.1 |
Transit and other | ||
Disaggregation of Revenue [Line Items] | ||
Transit and other | 73.5 | 34.9 |
Transit and other | United States | ||
Disaggregation of Revenue [Line Items] | ||
Transit and other | 70.8 | 32.9 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Billboard | 10.8 | 9.2 |
Transit and other | 6.4 | 4.6 |
Other Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Transit and other | 1.8 | 0.7 |
Other Revenues | United States | ||
Disaggregation of Revenue [Line Items] | ||
Transit and other | $ 1.8 | $ 0.7 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Millions | Mar. 31, 2022USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserve | $ 0.4 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2018USD ($)Displays | Dec. 31, 2023USD ($)Displays | |
Asset Acquisition [Line Items] | ||||
Acquisitions | $ | $ 9.6 | $ 15.8 | ||
Acquired businesses | ||||
Asset Acquisition [Line Items] | ||||
Acquisitions | $ | $ 35.4 | |||
Acquired businesses | Subsequent event | ||||
Asset Acquisition [Line Items] | ||||
Acquisitions | $ | $ 9.2 | |||
Acquired businesses | Digital displays | ||||
Asset Acquisition [Line Items] | ||||
Number of displays | Displays | 14 | |||
Acquired businesses | Digital displays | Subsequent event | ||||
Asset Acquisition [Line Items] | ||||
Number of displays | Displays | 4 | |||
Acquired businesses | Static displays | ||||
Asset Acquisition [Line Items] | ||||
Number of displays | Displays | 7 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Tax benefit | $ (0.4) | $ (0.3) |
Stock-based compensation expense, net of tax | 7.5 | 5.7 |
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 expenses, before income taxes | $ 7.9 | $ 6 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation not yet recognized, share-based awards other than options | $ 55.2 |
Compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / 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, 2021 (shares) | shares | 2,447,246 |
Non-vested as of March 31, 2022 (shares) | shares | 2,824,791 |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2021 ($ per share) | $ / shares | $ 23.18 |
Weighted Average Grant Date Fair Value, Non-Vested, as of March 31, 2022 ($ per share) | $ / shares | $ 23.89 |
Restricted Stock Units (RSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted (shares) | shares | 908,598 |
Vested (shares) | shares | (710,912) |
Forfeitures (shares) | shares | (5,925) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares | $ 25.24 |
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares | 24.13 |
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares | $ 23.62 |
Performance Restricted Stock Units (PRSUs) | |
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
Granted (shares) | shares | 482,618 |
Vested (shares) | shares | (293,773) |
Forfeitures (shares) | shares | (3,061) |
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares | $ 24.42 |
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares | 21.65 |
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares | $ 26.60 |
Retirement Benefits - Schedule
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0 | $ 0.1 | |
Interest cost | 0.5 | 0.5 | |
Expected return on plan assets | (0.7) | (0.8) | |
Amortization of net actuarial losses | [1] | 0 | 0.2 |
Net periodic pension cost | $ (0.2) | $ 0 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income to net income. |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Retirement Benefits [Abstract] | |
Pension contributions | $ 0.1 |
Estimated employer contributions in current fiscal year | $ 0.1 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Minimum | |
Operating Loss Carryforwards [Line Items] | |
Open tax year | 2018 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net loss available for common stockholders | $ (0.1) | $ (67.7) |
Dividends | 51.5 | 7.3 |
Net loss available for common stockholders, basic | (5.6) | (74.7) |
Net loss available for common stockholders, diluted | $ (5.6) | $ (74.7) |
Weighted average number of shares for basic EPS (shares) | 152 | 144.8 |
Weighted average number of shares for diluted EPS (shares) | 152 | 144.8 |
Series A Preferred Stock | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Dividends | $ 5.4 | $ 7 |
Noncontrolling Interest | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Dividends | $ 0.1 | $ 0 |
Series A Preferred Stock | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from EPS calculation (shares) | 19.1 | 25 |
Noncontrolling Interest | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from EPS calculation (shares) | 0.3 | 0.8 |
Stock compensation plan | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from EPS calculation (shares) | 1.1 | 1.9 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) | Jul. 29, 2021Displays | Jul. 28, 2021 | Mar. 31, 2022USD ($)Displays | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2022USD ($)Displays | Dec. 31, 2026 | Apr. 01, 2028USD ($) |
Other Commitments [Line Items] | ||||||||
MTA equipment deployment costs limit | $ 361,200,000 | $ 291,000,000 | $ 348,000,000 | $ 361,200,000 | ||||
Equipment Deployment Costs Percentage | 30.00% | |||||||
Standalone letters of credit and sublimit to revolving credit facility | ||||||||
Other Commitments [Line Items] | ||||||||
Letters of credit outstanding, amount | 76,800,000 | 76,800,000 | ||||||
Surety Bond | ||||||||
Other Commitments [Line Items] | ||||||||
Surety bonds outstanding | 167,100,000 | 167,100,000 | ||||||
MTA Agreement | ||||||||
Other Commitments [Line Items] | ||||||||
Contract term | 13 years | 10 years | ||||||
Contract term extension option | 5 years | |||||||
MTA Agreement | Subsequent event | ||||||||
Other Commitments [Line Items] | ||||||||
Revenue share percentage | 65.00% | |||||||
Additional equipment deployment cost percentage | 2.50% | |||||||
MTA equipment deployment costs | ||||||||
Other Commitments [Line Items] | ||||||||
Other current assets | 100,000 | 6,200,000 | ||||||
MTA Funding | ||||||||
Other Commitments [Line Items] | ||||||||
Other current assets | $ (3,100,000) | $ (29,000,000) | $ (48,500,000) | |||||
Metropolitan Transportation Authority ("MTA") | ||||||||
Other Commitments [Line Items] | ||||||||
Equipment Deployment Costs Percentage | 70.00% | |||||||
Maximum | MTA Agreement | Subsequent event | ||||||||
Other Commitments [Line Items] | ||||||||
Decrease in revenue percentage | 5.00% | |||||||
Maximum | Metropolitan Transportation Authority ("MTA") | ||||||||
Other Commitments [Line Items] | ||||||||
MTA equipment deployment costs limit | $ 50,700,000 | |||||||
Minimum | Subsequent event | ||||||||
Other Commitments [Line Items] | ||||||||
Recoupment | $ 0 | |||||||
MTA digital advertising screens on subway and train platforms | ||||||||
Other Commitments [Line Items] | ||||||||
Number of displays | Displays | 5,433 | |||||||
MTA smaller-format digital advertising screens rolling stock | ||||||||
Other Commitments [Line Items] | ||||||||
Number of displays | Displays | 15,896 | |||||||
MTA communication displays | ||||||||
Other Commitments [Line Items] | ||||||||
Number of displays | Displays | 9,283 | |||||||
MTA displays installed | ||||||||
Other Commitments [Line Items] | ||||||||
Number of displays | Displays | 12,479 | 12,479 | ||||||
Number of display additions | Displays | 1,387 |
Commitment and Contingencies MT
Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 21 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Change In MTA Deployment Costs [Roll Forward] | ||||
Prepaid MTA equipment deployment costs, beginning of period | $ 279.8 | $ 204.6 | $ 204.6 | |
Other current assets, beginning of period | 11.7 | |||
Intangible assets, gross, beginning of period | 1,836.7 | |||
MTA deployment costs, beginning of period | 348 | 291 | 291 | |
Amortization | 14.8 | 16.4 | ||
MTA equipment development cost additions | 16.9 | 95.9 | ||
Total recoupment and MTA funding | (3.1) | (29) | ||
Prepaid MTA equipment deployment costs, end of period | 295.2 | 279.8 | $ 295.2 | |
Intangible assets, gross, end of period | 1,846 | 1,836.7 | 1,846 | |
Other current assets, end of period | 11.2 | 11.7 | 11.2 | |
MTA deployment costs, end of period | 361.2 | 348 | 361.2 | |
MTA equipment deployment costs | ||||
Change In MTA Deployment Costs [Roll Forward] | ||||
Other current assets, beginning of period | 5.2 | 28 | 28 | |
Deployment costs incurred | 15.4 | 75.2 | ||
Other current assets | 0.1 | 6.2 | ||
Amortization | (0.6) | (9.9) | ||
Other current assets, end of period | 2.2 | 5.2 | 2.2 | |
MTA Funding | ||||
Change In MTA Deployment Costs [Roll Forward] | ||||
Other current assets | (3.1) | (29) | (48.5) | |
Franchise agreements | ||||
Change In MTA Deployment Costs [Roll Forward] | ||||
Intangible assets, gross, beginning of period | 528.2 | |||
Intangible assets, gross, end of period | 529.3 | 528.2 | 529.3 | |
Franchise agreements | MTA equipment deployment costs | ||||
Change In MTA Deployment Costs [Roll Forward] | ||||
Intangible assets, gross, beginning of period | 63 | $ 58.4 | 58.4 | |
Intangible asset additions | 1.4 | 14.5 | ||
Amortization | (0.6) | (9.9) | ||
Intangible assets, gross, end of period | $ 63.8 | $ 63 | $ 63.8 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Reconcili
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 373.5 | $ 259.2 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Revenues | 354.2 | 245.4 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 19.3 | $ 13.8 |
Segment Information - Adjusted
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net income (loss) before allocation to non-controlling interests | $ 0.1 | $ (67.6) |
Benefit for income taxes | (2.1) | (4.7) |
Equity in earnings of investee companies, net of tax | (0.3) | 0.4 |
Interest expense, net | 30.7 | 34.6 |
Loss on extinguishment of debt | 0 | 6.3 |
Other loss, net | 0.1 | 0 |
Operating income (loss) | 28.5 | (31) |
Net gain on dispositions | (0.3) | (0.3) |
Depreciation and amortization | 34.1 | 36.4 |
Stock-based compensation | 7.9 | 6 |
Adjusted OIBDA | 70.2 | 11.1 |
Capital expenditures | 16.9 | 9.4 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 28.5 | (31) |
Net gain on dispositions | (0.3) | (0.3) |
Depreciation and amortization | 34.1 | 36.4 |
Capital expenditures | 16.9 | 9.4 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 49.3 | (8.6) |
Net gain on dispositions | (0.3) | (0.3) |
Depreciation and amortization | 31.1 | 33.5 |
Adjusted OIBDA | 80.1 | 24.6 |
Capital expenditures | 16.1 | 8.9 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (2.4) | (4.9) |
Depreciation and amortization | 3 | 2.9 |
Adjusted OIBDA | 0.6 | (2) |
Capital expenditures | 0.8 | 0.5 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (18.4) | (17.5) |
Adjusted OIBDA | $ (10.5) | $ (11.5) |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,843 | $ 5,924.7 |
Operating segments | U.S. Media | ||
Segment Reporting Information [Line Items] | ||
Total assets | 5,275.6 | 5,280.7 |
Operating segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 250 | 248.1 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 317.4 | $ 395.9 |