Outfront Media (OUT) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Quarterly period ended	Mar. 31, 2023
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)		164,986,946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 42.8	$ 40.4
Receivables, less allowance ($18.3 in 2023 and $20.2 in 2022)	260.1	315.5
Prepaid lease and franchise costs	8.2	9.1
Other prepaid expenses	20.9	19.8
Other current assets	7.7	5.6
Total current assets	339.7	390.4
Noncurrent assets:
Property and equipment, net	700.1	699.8
Goodwill	2,076.5	2,076.4
Intangible assets	842.5	858.5
Operating lease assets	1,664.1	1,562.6
Prepaid MTA equipment deployment costs	382	363.2
Other assets	34.8	39.1
Total assets	6,039.7	5,990
Current liabilities:
Accounts payable	53.7	65.4
Accrued compensation	33	68
Accrued interest	18.3	31.1
Accrued lease and franchise costs	45.7	64.9
Other accrued expenses	52.4	47.6
Deferred revenues	54.8	35.3
Short-term debt	115	30
Short-term operating lease liabilities	201.6	188.1
Other current liabilities	19.6	21.2
Total current liabilities	594.1	551.6
Noncurrent liabilities:
Long-term debt, net	2,627.3	2,626
Deferred income tax liabilities, net	16.2	15.2
Asset retirement obligation	37.8	37.8
Operating lease liabilities	1,459.6	1,369
Other liabilities	40.4	41.2
Total liabilities	4,775.4	4,640.8
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	119.8
Stockholders’ equity:
Common stock (2023 - 450.0 shares authorized, and 165.0 shares issued and outstanding; 2022 - 450.0 shares authorized, and 164.2 issued and outstanding)	1.6	1.6
Additional paid-in capital	2,411.8	2,416.3
Distribution in excess of earnings	(1,264.2)	(1,183.4)
Accumulated other comprehensive loss	(8.8)	(9.1)
Total stockholders' equity	1,140.4	1,225.4
Non-controlling interests	4.1	4
Total equity	1,264.3	1,349.2
Total liabilities and equity	$ 6,039.7	$ 5,990

Consolidated Statement of Finan

Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 18.3	$ 20.2
Preferred stock authorized (shares)	50,000,000	50,000,000
Series A Preferred Stock issued (shares)	125,000	100,000
Series A Preferred Stock outstanding (shares)	125,000	100,000
Common stock authorized (shares)	450,000,000	450,000,000
Common stock issued (shares)	164,981,632	164,200,000
Common stock outstanding (shares)	164,981,632	164,200,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Billboard	$ 320.6	$ 298.2
Transit and other	75.2	75.3
Total revenues	395.8	373.5
Expenses:
Operating	235.5	212.8
Selling, general and administrative	107.9	98.4
Net (gain) loss on dispositions	0.3	(0.3)
Depreciation	20.1	19.3
Amortization	21.8	14.8
Total expenses	385.6	345
Operating income	10.2	28.5
Interest expense, net	(37.7)	(30.7)
Other expense, net	0	(0.1)
Loss before benefit (provision) for income taxes and equity in earnings of investee companies	(27.5)	(2.3)
Benefit (provision) for income taxes	(0.4)	2.1
Equity in earnings of investee companies, net of tax	(0.8)	0.3
Net income (loss) before allocation to non-controlling interests	(28.7)	0.1
Net income attributable to non-controlling interests	0.2	0.2
Net loss attributable to OUTFRONT Media Inc.	$ (28.9)	$ (0.1)
Net loss per common share:
Basic (in dollars per share)	$ (0.19)	$ (0.04)
Diluted (in dollars per share)	$ (0.19)	$ (0.04)
Weighted average shares outstanding:
Basic (in shares)	164.5	152
Diluted (in shares)	164.5	152

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss) before allocation to non-controlling interests	$ (28.7)	$ 0.1
Net income attributable to non-controlling interests	0.2	0.2
Net loss attributable to OUTFRONT Media Inc.	(28.9)	(0.1)
Other comprehensive income, net of tax:
Cumulative translation adjustments	0.3	2.7
Change in fair value of interest rate swap agreements	0	0.3
Total other comprehensive income, net of tax	0.3	3
Total comprehensive income (loss)	$ (28.6)	$ 2.9

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 Earnings Series A Preferred Stock	Distribution in Excess of Earnings Common stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Series A Preferred Stock outstanding (shares) at Dec. 31, 2021				400,000
Series A Preferred Stock (dollars) at Dec. 31, 2021				$ 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				100,000
Series A Preferred Stock (dollars) at Mar. 31, 2022				$ 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
Total equity at Dec. 31, 2021	1,390.5
Common stock outstanding (shares) at Dec. 31, 2021					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
Total equity at Mar. 31, 2022	$ 1,338.9
Common stock outstanding (shares) at Mar. 31, 2022					164,000,000
Series A Preferred Stock outstanding (shares) at Dec. 31, 2022	100,000			100,000
Series A Preferred Stock (dollars) at Dec. 31, 2022	$ 119.8			$ 119.8
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends		(2.2)	(49.7)					(2.2)	(49.7)
Series A Preferred Stock outstanding (shares) at Mar. 31, 2023	125,000			100,000
Series A Preferred Stock (dollars) at Mar. 31, 2023	$ 119.8			$ 119.8
Total stockholders' equity at Dec. 31, 2022	1,225.4				$ 1.6	2,416.3	(1,183.4)			(9.1)
Non-controlling interests at Dec. 31, 2022	4										4
Total equity at Dec. 31, 2022	$ 1,349.2
Common stock outstanding (shares) at Dec. 31, 2022	164,200,000				164,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to OUTFRONT Media Inc.	$ (28.9)						(28.9)
Net income attributable to non-controlling interests	0.2										0.2
Net income (loss) before allocation to non-controlling interests	(28.7)
Other comprehensive income	0.3									0.3
Other comprehensive income (loss) - total equity	0.3
Stock-based payments: Vested (shares)					1,400,000
Stock-based payments: Amortization	7.8					7.8
Shares paid for tax withholding for stock-based payments (shares)					(600,000)
Shares paid for tax withholding for stock-based payments	(12.3)					(12.3)
Dividends		(2.2)	$ (49.7)					$ (2.2)	$ (49.7)
Dividends, Preferred Stock, Cash		$ (2.2)
Other	(0.1)
Noncontrolling interests - Other											(0.1)
Total stockholders' equity at Mar. 31, 2023	1,140.4				$ 1.6	$ 2,411.8	$ (1,264.2)			$ (8.8)
Non-controlling interests at Mar. 31, 2023	4.1										$ 4.1
Total equity at Mar. 31, 2023	$ 1,264.3
Common stock outstanding (shares) at Mar. 31, 2023	164,981,632				165,000,000

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
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%	7%
Dividends declared per common share ($ per share)	$ 0.30	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net loss attributable to OUTFRONT Media Inc.	$ (28.9)	$ (0.1)
Adjustments to reconcile net loss to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.2	0.2
Depreciation and amortization	41.9	34.1
Deferred tax (benefit) provision	1	(1.3)
Stock-based compensation	7.8	7.9
Provision for doubtful accounts	1.4	1.7
Accretion expense	0.8	0.7
Net gain on dispositions	0.3	(0.3)
Equity in earnings of investee companies, net of tax	0.8	(0.3)
Distributions from investee companies	0.8	0.3
Amortization of deferred financing costs and debt discount and premium	1.6	1.6
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables	54	44.1
Increase in prepaid MTA equipment deployment costs	(18.8)	(15.4)
Increase (decrease) in prepaid expenses and other current assets	(1)	3.4
Decrease in accounts payable and accrued expenses	(70.9)	(64.2)
Increase in operating lease assets and liabilities	4.2	1.7
Increase in deferred revenues	19.5	12.1
Decrease in income taxes	(4.2)	(3)
Other, net	(1.1)	(2.7)
Net cash flow provided by operating activities	9.4	20.5
Investing Activities:
Capital expenditures	(22.6)	(16.9)
Acquisitions	(5.1)	(9.6)
MTA franchise rights	(0.1)	(2.1)
Net proceeds from dispositions	0.1	0.8
Net cash flow used for investing activities	(27.7)	(27.8)
Financing Activities:
Proceeds from borrowings under short-term debt facilities	85	0
Taxes withheld for stock-based compensation	(12.3)	(10.9)
Dividends	(52)	(51.5)
Net cash flow provided by (used for) financing activities	20.7	(62.4)
Effect of exchange rate changes on cash and cash equivalents	0	0.6
Net increase (decrease) in cash and cash equivalents	2.4	(69.1)
Cash, cash equivalents and restricted cash at beginning of period	40.4	424.8
Cash and cash equivalents at end of period	42.8	355.7
Supplemental disclosure of cash flow Information:
Cash paid for income taxes	3.6	2.1
Cash paid for interest	49.2	42.6
Non-cash investing and financing activities:
Accrued purchases of property and equipment	5.9	7.3
Accrued MTA franchise rights	3	3.8
Taxes withheld for stock-based compensation	$ 0	$ 0.1

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2022, filed with the SEC on February 23, 2023. 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 events such as the COVID-19 pandemic and the current heightened levels of inflation, 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. Out-of-Period Adjustment

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards In the first quarter of 2023, we adopted the Financial Accounting Standards Board’s (the “FASB”) guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if it had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. We will implement this guidance when accounting for business combinations in the future. Recent Pronouncements

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
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 $ 112.2 $ 112.2 Buildings 15 to 35 years 56.6 56.5 Advertising structures 3 to 20 years 2,015.8 2,006.8 Furniture, equipment and other 3 to 10 years 190.2 183.4 Construction in progress 41.8 38.5 2,416.6 2,397.4 Less: Accumulated depreciation 1,716.5 1,697.6 Property and equipment, net $ 700.1 $ 699.8

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
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, 2023: Permits and leasehold agreements $ 1,601.8 $ (884.7) $ 717.1 Franchise agreements 533.2 (423.1) 110.1 Other intangible assets 20.1 (4.8) 15.3 Total intangible assets $ 2,155.1 $ (1,312.6) $ 842.5 As of December 31, 2022: Permits and leasehold agreements $ 1,597.6 $ (868.7) $ 728.9 Franchise agreements 533.2 (418.6) 114.6 Other intangible assets 18.9 (3.9) 15.0 Total intangible assets $ 2,149.7 $ (1,291.2) $ 858.5 In the three months ended March 31, 2023, we acquired approximately 30 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $5.7 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 10.1 years. All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $21.8 million in the three months ended March 31, 2023, and $14.8 million in the three months ended March 31, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases Lessee The following table presents our operating lease assets and liabilities: As of (in millions, except years and percentages) March 31, December 31, Operating lease assets $ 1,664.1 $ 1,562.6 Short-term operating lease liabilities 201.6 188.1 Non-current operating lease liabilities 1,459.6 1,369.0 Weighted-average remaining lease term 10.8 years 11.0 years Weighted-average discount rate 6.0 % 5.8 % The components of our lease expenses were as follows: Three Months Ended March 31, (in millions) 2023 2022 Operating expenses (a) $ 120.9 $ 106.7 Selling, general and administrative expenses 3.1 2.7 Variable costs (a) 32.5 25.0 Cash paid for operating leases 137.7 118.4 Leased assets obtained in exchange for new operating lease liabilities 172.1 81.9 (a) Includes an out-of-period adjustment of $5.2 million recorded in the three months ended March 31, 2023, related to variable billboard property lease expenses (see Note 1. Description of Business and Basis of Presentation ). For each of the three months ended March 31, 2023 and 2022, sublease income related to office properties was immaterial. Lessor We recorded rental income of $298.4 million for the three months ended March 31, 2023, and $288.3 million for the three months ended March 31, 2022, in Revenues

Asset Retirement Obligation

Asset Retirement Obligation	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 37.8 Accretion expense 0.8 Liabilities settled (0.8) As of March 31, 2023 $ 37.8

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On January 18, 2023, we entered into a transaction with an affiliate of Providence Equity Partners L.L.C. (the “Providence Affiliate”) in connection with the Providence Affiliate’s purchase of a lease for certain outdoor advertising assets (the “Assets”) from a third-party seller. Pursuant to an agreement between us and the Providence Affiliate (the “Billboard Agreement”), we agreed to exclusively market, license and make advertising space available on the Assets to third-party advertisers for a term of up to ten years (the “Transaction”). In return, we will retain all revenues from the sale of advertising with respect to the Assets less the following payments to the Providence Affiliate or its payment designee, as applicable: (i) a minimum annual guarantee payment paid to the Providence Affiliate’s payment designee that increases from approximately $1.8 million to $3.5 million during the term of the Billboard Agreement; (ii) a minimum annual guarantee payment paid to the Providence Affiliate that increases from $8.5 million to $12.0 million by year six and adjusted for inflation thereafter through year ten; (iii) a percentage revenue share payment on gross revenues generated above $22.0 million paid to the Providence Affiliate during the term of the Billboard Agreement; (iv) a percentage revenue share payment on net revenues until $100.0 million is paid to the Providence Affiliate or its payment designee, as applicable; and (v) a one-time payment of $10.0 million paid to the Providence Affiliate on the fifth anniversary of the closing of the Transaction (the “Transaction Closing”) if we have not yet acquired the Assets as described below. The Billboard Agreement also provides that (i) we have the option to acquire the Assets from the Providence Affiliate between the third and seventh anniversaries of the Transaction Closing at pre-agreed prices depending on the time at which we exercise the option; (ii) prior to the seventh anniversary of the Transaction Closing, we have a right of first offer prior to any sale of the Assets by the Providence Affiliate to a third-party; and (iii) in the event of a termination of the Billboard Agreement by the Providence Affiliate after a sale to a third-party, we may in certain circumstances be entitled to receive a termination payment. As of March 31, 2023, operating lease assets related to the Billboard Agreement were $ 97.0 million 95.0 million Operating lease assets and non-current Operating lease liabilities , respectively, on the Consolidated Statements of Financial Position. Billboard revenues related to the Billboard Agreement were $1.9 million and operating lease expenses related to the Billboard Agreement were $2.3 million in the three months ended March 31, 2023, and are recorded in Revenues and Operating expenses, respectively, on the Consolidated Statement of Operations. 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 $10.6 million as of March 31, 2023, and $12.2 million as of December 31, 2022, 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 $1.0 million in the three months ended March 31, 2023, and $1.7 million in the three months ended March 31, 2022.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt, net, consists of the following: As of (in millions, except percentages) March 31, December 31, Short-term debt: AR Facility $ 115.0 $ 30.0 Total short-term debt 115.0 30.0 Long-term debt: Term loan, due 2026 598.7 598.6 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 (21.4) (22.6) Total long-term debt, net 2,627.3 2,626.0 Total debt, net $ 2,742.3 $ 2,656.0 Weighted average cost of debt 5.4 % 5.2 % Term Loan The interest rate on the term loan due in 2026 (the “Term Loan”) was 6.6% per annum as of March 31, 2023. As of March 31, 2023, a discount of $1.3 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, 2023, 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, 2023 and 2022. As of March 31, 2023, we had issued letters of credit totaling approximately $6.4 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of March 31, 2023, we had issued letters of credit totaling approximately $77.0 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, 2023 and 2022. Accounts Receivable Securitization Facility As of March 31, 2023, we have a $150.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in May 2025, 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, 2023, there were $115.0 million outstanding borrowings under the AR Facility, at a borrowing rate of 5.7%. As of March 31, 2023, borrowing capacity remaining under the AR Facility was $21.5 million based on approximately $293.1 million of accounts receivable that could be used as collateral for the AR Facility in accordance with the agreements governing the AR Facility. The commitment fee based on the amount of unused commitments under the AR Facility was $0.1 million for the three months ended March 31, 2023, and immaterial for the three months ended March 31, 2022. 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, 2023, our Consolidated Total Leverage Ratio was 5.1 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, 2023, our Consolidated Net Secured Leverage Ratio was 1.1 to 1.0 in accordance with the Credit Agreement. As of March 31, 2023, we are in compliance with our debt covenants. Deferred Financing Costs As of March 31, 2023, we had deferred $23.1 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.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Equity As of March 31, 2023, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 164,981,632 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized, with 125,000 shares of our Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”), par value $0.01 per share, 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. During the three months ended March 31, 2023, we paid cash dividends of $2.2 million on the Series A Preferred Stock. As of March 31, 2023, 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. 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, 2023. As of March 31, 2023, we had approximately $232.5 million of capacity remaining under the ATM Program. On May 3, 2023, 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, 2023, to stockholders of record at the close of business on June 2, 2023.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table summarizes revenues by source: Three Months Ended March 31, (in millions) 2023 2022 Billboard: Static displays $ 215.1 $ 206.0 Digital displays 88.9 81.4 Other 16.6 10.8 Billboard revenues 320.6 298.2 Transit: Static displays 38.8 41.2 Digital displays 28.1 25.9 Other 6.5 6.4 Total transit revenues 73.4 73.5 Other 1.8 1.8 Transit and other revenues 75.2 75.3 Total revenues $ 395.8 $ 373.5 Rental income was $298.4 million in the three months ended March 31, 2023, and $288.3 million in the three months ended March 31, 2022, 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) 2023 2022 United States: Billboard $ 306.1 $ 283.4 Transit and other 70.3 70.8 Other 1.8 1.8 Total United States revenues 378.2 356.0 Canada 17.6 17.5 Total revenues $ 395.8 $ 373.5 We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2022, during the three months ended March 31, 2023.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions We completed several asset acquisitions for a total purchase price of approximately $5.1 million in the three months ended March 31, 2023, and $9.6 million in the three months ended March 31, 2022. 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, 2023
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, 2023 and 2022. Three Months Ended March 31, (in millions) 2023 2022 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.8 $ 7.9 Tax benefit (0.4) (0.4) Stock-based compensation expense, net of tax $ 7.4 $ 7.5 As of March 31, 2023, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $51.9 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, 2023, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2022 2,644,039 $ 24.28 Granted: RSUs 1,036,567 19.17 PRSUs 619,447 20.54 Vested: RSUs (871,327) 24.82 PRSUs (514,611) 25.37 Forfeitures: RSUs (17,613) 24.64 PRSUs (4,635) 23.31 Non-vested as of March 31, 2023 2,891,867 21.25

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Components of net periodic pension cost: Interest cost $ 0.6 $ 0.5 Expected return on plan assets (0.7) (0.7) Net periodic pension cost $ (0.1) $ (0.2) In 2023, we do not expect to contribute to our defined benefit pension plans.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 TRSs. As such, we have provided for their federal, state and foreign income taxes. Tax years 2019 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, 2023
Earnings Per Share [Abstract]
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) Three Months Ended March 31, (in millions) 2023 2022 Net loss available for common stockholders $ (28.9) $ (0.1) Less: Distributions to holders of Series A Preferred Stock 2.2 5.4 Less: Distributions to holders of Class A equity interests of a subsidiary — 0.1 Net loss available for common stockholders, basic and diluted $ (31.1) $ (5.6) Weighted average shares for basic and diluted EPS (a)(b)(c) 164.5 152.0 (a) The potential impact of 1.4 million granted RSUs and PRSUs in the three months ended March 31, 2023, and 1.1 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2022, were antidilutive. (b) The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended March 31, 2023, and 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, were antidilutive.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. 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, 2023, and we do not expect to recoup any equipment deployment costs in the remainder of 2023. • 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, 2023, we had no recoupment from incremental revenues. As of March 31, 2023, 15,200 digital displays had been installed, composed of 5,002 digital advertising screens on subway and train platforms and entrances, 5,658 smaller-format digital advertising screens on rolling stock and 4,540 MTA communications displays. In the three months ended March 31, 2023, 1,047 installations occurred. (in millions) Beginning Balance Deployment Costs Incurred Recoupment/MTA Funding Amortization Ending Balance Three months ended March 31, 2023: Prepaid MTA equipment deployment costs $ 363.2 $ 18.8 $ — $ — $ 382.0 Other current assets 1.6 — — — 1.6 Intangible assets (franchise agreements) 62.0 — — (2.0) 60.0 Total $ 426.8 $ 18.8 $ — $ (2.0) $ 443.6 Year ended December 31, 2022: Prepaid MTA equipment deployment costs $ 279.8 $ 83.4 $ — $ — $ 363.2 Other current assets 5.2 0.1 (3.7) — 1.6 Intangible assets (franchise agreements) 63.0 5.4 — (6.4) 62.0 Total $ 348.0 $ 88.9 $ (3.7) $ (6.4) $ 426.8 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, 2023, the outstanding letters of credit were approximately $83.4 million and outstanding surety bonds were approximately $169.9 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, 2023
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) 2023 2022 Revenues: U.S. Media $ 376.4 $ 354.2 Other 19.4 19.3 Total revenues $ 395.8 $ 373.5 We present Operating income before Depreciation , Amortization , Net (gain) loss on dispositions and Stock-based compensation (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments. Three Months Ended March 31, (in millions) 2023 2022 Net income (loss) before allocation to non-controlling interests $ (28.7) $ 0.1 (Benefit) provision for income taxes 0.4 (2.1) Equity in earnings of investee companies, net of tax 0.8 (0.3) Interest expense, net 37.7 30.7 Other expense, net — 0.1 Operating income 10.2 28.5 Net (gain) loss on dispositions 0.3 (0.3) Depreciation and amortization 41.9 34.1 Stock-based compensation 7.8 7.9 Total Adjusted OIBDA $ 60.2 $ 70.2 Adjusted OIBDA: U.S. Media $ 72.1 $ 80.1 Other 1.1 0.6 Corporate (13.0) (10.5) Total Adjusted OIBDA $ 60.2 $ 70.2 Three Months Ended March 31, (in millions) 2023 2022 Operating income (loss): U.S. Media $ 33.3 $ 49.3 Other (2.3) (2.4) Corporate (20.8) (18.4) Total operating income $ 10.2 $ 28.5 Net gain (loss) on dispositions: U.S. Media $ 0.3 $ (0.3) Total gain (loss) on dispositions $ 0.3 $ (0.3) Depreciation and amortization: U.S. Media $ 38.5 $ 31.1 Other 3.4 3.0 Total depreciation and amortization $ 41.9 $ 34.1 Capital expenditures: U.S. Media $ 22.0 $ 16.1 Other 0.6 0.8 Total capital expenditures $ 22.6 $ 16.9 As of (in millions) March 31, December 31, 2022 Assets: U.S. Media $ 5,772.9 $ 5,732.1 Other 235.3 240.4 Corporate 31.5 17.5 Total assets $ 6,039.7 $ 5,990.0

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
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 events such as the COVID-19 pandemic and the current heightened levels of inflation, 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.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
New Accounting Standards	Adoption of New Accounting StandardsIn the first quarter of 2023, we adopted the Financial Accounting Standards Board’s (the “FASB”) guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if it had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. We will implement this guidance when accounting for business combinations in the future.

Intangible Assets (Policies)

Intangible Assets (Policies)	3 Months Ended
	Mar. 31, 2023
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.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 112.2 $ 112.2 Buildings 15 to 35 years 56.6 56.5 Advertising structures 3 to 20 years 2,015.8 2,006.8 Furniture, equipment and other 3 to 10 years 190.2 183.4 Construction in progress 41.8 38.5 2,416.6 2,397.4 Less: Accumulated depreciation 1,716.5 1,697.6 Property and equipment, net $ 700.1 $ 699.8

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: Permits and leasehold agreements $ 1,601.8 $ (884.7) $ 717.1 Franchise agreements 533.2 (423.1) 110.1 Other intangible assets 20.1 (4.8) 15.3 Total intangible assets $ 2,155.1 $ (1,312.6) $ 842.5 As of December 31, 2022: Permits and leasehold agreements $ 1,597.6 $ (868.7) $ 728.9 Franchise agreements 533.2 (418.6) 114.6 Other intangible assets 18.9 (3.9) 15.0 Total intangible assets $ 2,149.7 $ (1,291.2) $ 858.5

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Operating lease assets and liabilities, lessee	The following table presents our operating lease assets and liabilities: As of (in millions, except years and percentages) March 31, December 31, Operating lease assets $ 1,664.1 $ 1,562.6 Short-term operating lease liabilities 201.6 188.1 Non-current operating lease liabilities 1,459.6 1,369.0 Weighted-average remaining lease term 10.8 years 11.0 years Weighted-average discount rate 6.0 % 5.8 %
Lease expenses, lessee	The components of our lease expenses were as follows: Three Months Ended March 31, (in millions) 2023 2022 Operating expenses (a) $ 120.9 $ 106.7 Selling, general and administrative expenses 3.1 2.7 Variable costs (a) 32.5 25.0 Cash paid for operating leases 137.7 118.4 Leased assets obtained in exchange for new operating lease liabilities 172.1 81.9 (a) Includes an out-of-period adjustment of $5.2 million recorded in the three months ended March 31, 2023, related to variable billboard property lease expenses (see Note 1. Description of Business and Basis of Presentation ).

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 37.8 Accretion expense 0.8 Liabilities settled (0.8) As of March 31, 2023 $ 37.8

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt, net, consists of the following: As of (in millions, except percentages) March 31, December 31, Short-term debt: AR Facility $ 115.0 $ 30.0 Total short-term debt 115.0 30.0 Long-term debt: Term loan, due 2026 598.7 598.6 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 (21.4) (22.6) Total long-term debt, net 2,627.3 2,626.0 Total debt, net $ 2,742.3 $ 2,656.0 Weighted average cost of debt 5.4 % 5.2 %

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenues by source: Three Months Ended March 31, (in millions) 2023 2022 Billboard: Static displays $ 215.1 $ 206.0 Digital displays 88.9 81.4 Other 16.6 10.8 Billboard revenues 320.6 298.2 Transit: Static displays 38.8 41.2 Digital displays 28.1 25.9 Other 6.5 6.4 Total transit revenues 73.4 73.5 Other 1.8 1.8 Transit and other revenues 75.2 75.3 Total revenues $ 395.8 $ 373.5
Revenue from External Customers by Geographic Areas	The following table summarizes revenues by geography: Three Months Ended March 31, (in millions) 2023 2022 United States: Billboard $ 306.1 $ 283.4 Transit and other 70.3 70.8 Other 1.8 1.8 Total United States revenues 378.2 356.0 Canada 17.6 17.5 Total revenues $ 395.8 $ 373.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022. Three Months Ended March 31, (in millions) 2023 2022 Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ 7.8 $ 7.9 Tax benefit (0.4) (0.4) Stock-based compensation expense, net of tax $ 7.4 $ 7.5
Activity of RSUs and PRSUs Issued to Our Employees	The following table summarizes activity for the three months ended March 31, 2023, of RSUs and PRSUs issued to our employees. Activity Weighted Average Per Share Grant Date Fair Market Value Non-vested as of December 31, 2022 2,644,039 $ 24.28 Granted: RSUs 1,036,567 19.17 PRSUs 619,447 20.54 Vested: RSUs (871,327) 24.82 PRSUs (514,611) 25.37 Forfeitures: RSUs (17,613) 24.64 PRSUs (4,635) 23.31 Non-vested as of March 31, 2023 2,891,867 21.25

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Components of net periodic pension cost: Interest cost $ 0.6 $ 0.5 Expected return on plan assets (0.7) (0.7) Net periodic pension cost $ (0.1) $ (0.2)

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended March 31, (in millions) 2023 2022 Net loss available for common stockholders $ (28.9) $ (0.1) Less: Distributions to holders of Series A Preferred Stock 2.2 5.4 Less: Distributions to holders of Class A equity interests of a subsidiary — 0.1 Net loss available for common stockholders, basic and diluted $ (31.1) $ (5.6) Weighted average shares for basic and diluted EPS (a)(b)(c) 164.5 152.0 (a) The potential impact of 1.4 million granted RSUs and PRSUs in the three months ended March 31, 2023, and 1.1 million granted RSUs, PRSUs and stock options in the three months ended March 31, 2022, were antidilutive. (b) The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Preferred Stock in the three months ended March 31, 2023, and 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, were antidilutive.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: Prepaid MTA equipment deployment costs $ 363.2 $ 18.8 $ — $ — $ 382.0 Other current assets 1.6 — — — 1.6 Intangible assets (franchise agreements) 62.0 — — (2.0) 60.0 Total $ 426.8 $ 18.8 $ — $ (2.0) $ 443.6 Year ended December 31, 2022: Prepaid MTA equipment deployment costs $ 279.8 $ 83.4 $ — $ — $ 363.2 Other current assets 5.2 0.1 (3.7) — 1.6 Intangible assets (franchise agreements) 63.0 5.4 — (6.4) 62.0 Total $ 348.0 $ 88.9 $ (3.7) $ (6.4) $ 426.8

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Revenues: U.S. Media $ 376.4 $ 354.2 Other 19.4 19.3 Total revenues $ 395.8 $ 373.5
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income	Three Months Ended March 31, (in millions) 2023 2022 Net income (loss) before allocation to non-controlling interests $ (28.7) $ 0.1 (Benefit) provision for income taxes 0.4 (2.1) Equity in earnings of investee companies, net of tax 0.8 (0.3) Interest expense, net 37.7 30.7 Other expense, net — 0.1 Operating income 10.2 28.5 Net (gain) loss on dispositions 0.3 (0.3) Depreciation and amortization 41.9 34.1 Stock-based compensation 7.8 7.9 Total Adjusted OIBDA $ 60.2 $ 70.2 Adjusted OIBDA: U.S. Media $ 72.1 $ 80.1 Other 1.1 0.6 Corporate (13.0) (10.5) Total Adjusted OIBDA $ 60.2 $ 70.2
Tabular Disclosure by Reportable Segments	Three Months Ended March 31, (in millions) 2023 2022 Operating income (loss): U.S. Media $ 33.3 $ 49.3 Other (2.3) (2.4) Corporate (20.8) (18.4) Total operating income $ 10.2 $ 28.5 Net gain (loss) on dispositions: U.S. Media $ 0.3 $ (0.3) Total gain (loss) on dispositions $ 0.3 $ (0.3) Depreciation and amortization: U.S. Media $ 38.5 $ 31.1 Other 3.4 3.0 Total depreciation and amortization $ 41.9 $ 34.1 Capital expenditures: U.S. Media $ 22.0 $ 16.1 Other 0.6 0.8 Total capital expenditures $ 22.6 $ 16.9
Reconciliation of Assets from Segment to Consolidated	As of (in millions) March 31, December 31, 2022 Assets: U.S. Media $ 5,772.9 $ 5,732.1 Other 235.3 240.4 Corporate 31.5 17.5 Total assets $ 6,039.7 $ 5,990.0

Description of Business and B_3

Description of Business and Basis of Presentation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) markets segment	Mar. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of largest domestic markets in which the entity operates | markets	25
Approximate number of markets in which the entity operates | markets	150
Number of operating segments | segment	2
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating | $	$ 235.5	$ 212.8
Out-of-period adjustment	For the three months ended March 31, 2023, the Company recorded an out-of-period adjustment relating to variable billboard property lease expenses and accrued lease and franchise costs in 2022, resulting in a $5.2 million increase in Operating expenses for the three months ended March 31, 2023. The Company assessed the materiality of the amount reflected in this adjustment on its previously issued financial statements in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108 and concluded that the amount was not material, individually or in the aggregate, to any of its previously issued financial statements
Immaterial Error Correction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating | $	$ 5.2

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, 2023	Dec. 31, 2022
Property and Equipment [Line Items]
Property and equipment	$ 2,416.6	$ 2,397.4
Less: Accumulated depreciation	1,716.5	1,697.6
Property and equipment, net	700.1	699.8
Land
Property and Equipment [Line Items]
Property and equipment	112.2	112.2
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 56.6	$ 56.5
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	$ 2,015.8	$ 2,006.8
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	$ 190.2	$ 183.4
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	$ 41.8	$ 38.5

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 20.1	$ 19.3

Intangible Assets Schedule of F

Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 2,155.1	$ 2,149.7
Accumulated amortization	(1,312.6)	(1,291.2)
Intangible assets	842.5	858.5
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,601.8	1,597.6
Accumulated amortization	(884.7)	(868.7)
Intangible assets	717.1	728.9
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	533.2	533.2
Accumulated amortization	(423.1)	(418.6)
Intangible assets	110.1	114.6
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	20.1	18.9
Accumulated amortization	(4.8)	(3.9)
Intangible assets	$ 15.3	$ 15

Intangible Assets Narrative (De

Intangible Assets Narrative (Details) - Intangible Assets $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Displays	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross	$ 2,155.1		$ 2,149.7
Amortization	$ 21.8	$ 14.8
Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	10 years 1 month 6 days
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,601.8		$ 1,597.6
Permits and leasehold agreements | Series of Individually Immaterial Asset Acquisitions
Finite-Lived Intangible Assets [Line Items]
Gross	$ 5.7
Permits and leasehold agreements | Static and Digital Displays | Series of Individually Immaterial Asset Acquisitions | Minimum
Finite-Lived Intangible Assets [Line Items]
Approximate number of displays acquired | Displays	30

Lease assets and liabilities, l

Lease assets and liabilities, lessee (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,664.1	$ 1,562.6
Short-term operating lease liabilities	201.6	188.1
Non-current operating lease liabilities	$ 1,459.6	$ 1,369
Weighted-average remaining lease term	10 years 9 months 18 days	11 years
Weighted-average discount rate	6%	5.80%

Lease expenses (Details)

Lease expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Variable lease costs	$ 32.5	[1]	$ 25
Cash paid for operating leases	137.7		118.4
Operating lease asset obtained in exchange for operating lease liability	172.1		81.9
Operating	235.5		212.8
Immaterial Error Correction
Lessee, Lease, Description [Line Items]
Variable lease costs	5.2
Operating	5.2
Operating expense
Lessee, Lease, Description [Line Items]
Operating lease costs	120.9	[1]	106.7
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 3.1		$ 2.7
[1]Includes an out-of-period adjustment of $5.2 million recorded in the three months ended March 31, 2023, related to variable billboard property lease expenses

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Rental income	$ 298.4	$ 288.3

Asset Retirement Obligation - N

Asset Retirement Obligation - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
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, 2023 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2022	$ 37.8
Accretion expense	0.8
Liabilities settled	(0.8)
As of March 31, 2023	$ 37.8

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Displays joint_venture		Mar. 31, 2022 USD ($)	Jan. 18, 2033 USD ($)	Jan. 18, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Operating lease assets	$ 1,664.1					$ 1,562.6
Operating lease liabilities	1,459.6					1,369
Billboard	320.6		$ 298.2
Management fee revenue	1		1.7
Other Assets
Related Party Transaction [Line Items]
Equity method investments	10.6					$ 12.2
Minimum | 2 Times Square And 1600 Broadway
Related Party Transaction [Line Items]
Lessee, Operating Lease, Liability to be Paid Annually					$ 1.8
Maximum | 2 Times Square And 1600 Broadway | Forecast
Related Party Transaction [Line Items]
Lessee, Operating Lease, Liability to be Paid Annually				$ 3.5
Operating expense
Related Party Transaction [Line Items]
Operating lease costs	$ 120.9	[1]	$ 106.7
LA And Vancouver Joint Ventures
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50%
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
Beneficial Owner
Related Party Transaction [Line Items]
Lessee, Operating Lease, Term of Contract					10 years
Lessee, Operating Lease, Liability to be Paid Annually Years One Through Five					$ 8.5
Lessee, Operating Lease, Liability To Be Paid Annually, Years Six Through Ten					12
Lessee, Operating Lease, Liability To Be Paid, Year Five					10
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease assets
Operating lease assets	$ 97
Operating lease liabilities	$ 95
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities
Beneficial Owner | Minimum
Related Party Transaction [Line Items]
Lessee, Operating Lease, Liability, to be Paid					22
Beneficial Owner | Maximum
Related Party Transaction [Line Items]
Lessee, Operating Lease, Liability, to be Paid					$ 100
Beneficial Owner | Operating expense
Related Party Transaction [Line Items]
Operating lease costs	$ 2.3
Beneficial Owner | Revenues
Related Party Transaction [Line Items]
Billboard	$ 1.9
[1]Includes an out-of-period adjustment of $5.2 million recorded in the three months ended March 31, 2023, related to variable billboard property lease expenses

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term debt	$ 115	$ 30
Long-term debt, net	2,627.3	2,626
Total debt, net	$ 2,742.3	$ 2,656
Weighted average cost of debt	5.40%	5.20%
Term loan, due 2026
Debt Instrument [Line Items]
Maturity date	Nov. 18, 2026
Term loan, due 2026 | Secured debt
Debt Instrument [Line Items]
Long-term debt, net	$ 598.7	$ 598.6
Maturity date	Nov. 18, 2026	Nov. 18, 2026
6.250% senior unsecured notes, due 2025 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	6.25%	6.25%
Maturity date	Jun. 15, 2025	Jun. 15, 2025
5.000% senior unsecured notes, due 2027 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	5%	5%
Maturity date	Aug. 15, 2027	Aug. 15, 2027
4.250% senior unsecured notes, due 2029 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	4.25%	4.25%
Maturity date	Jan. 15, 2029	Jan. 15, 2029
4.625% senior unsecured notes, due 2030 | Senior unsecured notes
Debt Instrument [Line Items]
Debt interest rate percentage	4.625%	4.625%
Maturity date	Mar. 15, 2030	Mar. 15, 2030
AR Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount	$ 115	$ 30
Short-term debt | AR Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount	115
Long-term debt
Debt Instrument [Line Items]
Debt issuance costs	(21.4)	(22.6)
Long-term debt | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	2,050	2,050
Long-term debt | 6.250% senior unsecured notes, due 2025 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	400	400
Long-term debt | 5.000% senior unsecured notes, due 2027 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	650	650
Long-term debt | 4.250% senior unsecured notes, due 2029 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	500	500
Long-term debt | 4.625% senior unsecured notes, due 2030 | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net	$ 500	$ 500

Debt - Narrative (Details) - De

Debt - Narrative (Details) - Debt Instruments $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt Covenant, 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, Restricted cash limit	$ 150
Debt Covenant, maximum consolidated total leverage ratio	6
Consolidated total leverage ratio	5.1
Deferred financing costs	$ 23.1
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value	$ 2,500	$ 2,500
Term loan, due 2026
Debt Instrument [Line Items]
Maturity date	Nov. 18, 2026
Secured debt | Term loan, due 2026
Debt Instrument [Line Items]
Interest rate at period end	6.60%
Unamortized debt discount	$ 1.3
Maturity date	Nov. 18, 2026	Nov. 18, 2026
Revolving credit facility
Debt Instrument [Line Items]
Debt Covenant, maximum consolidated net secured leverage ratio, REIT Election	4.5
Net secured leverage ratio	1.1

Debt - Narrative (Details) - Li

Debt - Narrative (Details) - Line of Credit Facility - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500
Commitment fee for unused commitments	$ 0.4	$ 0.4
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	6.4
Letter of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	81
Letters of credit outstanding, amount	77
AR Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	150
Credit facility, outstanding amount	115		$ 30
Commitment fee for unused commitments	$ 0.1
Credit facility, expiration date	May 30, 2025
AR Facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount	$ 115
Line of credit facility, remaining borrowing capacity	$ 21.5
Borrowing rate	5.70%
AR securitization facilities | Maximum
Line of Credit Facility [Line Items]
Debt instrument, collateral amount	$ 293.1

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended
	Jun. 30, 2023	Jun. 01, 2023	May 03, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Nov. 21, 2017
Class of Stock [Line Items]
Common stock authorized (shares)				450,000,000		450,000,000
Common stock, par value per share ($ per share)				$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock issued (shares)				164,981,632		164,200,000
Common stock outstanding (shares)				164,981,632		164,200,000
Preferred stock authorized (shares)				50,000,000		50,000,000
Preferred stock, par value per share ($ per share)				$ 0.01
Series A Preferred Stock issued (shares)				125,000		100,000
Series A Preferred Stock outstanding (shares)				125,000		100,000
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%	7%
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
Series A Preferred Stock, Common shares issuable (shares)				62.50
Dividends paid				$ 52	$ 51.5
Dividends declared per common share ($ per share)				$ 0.30	$ 0.30
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 03, 2023
Dividends payable, date to be paid	Jun. 30, 2023
Dividends payable, date of record		Jun. 02, 2023
Maximum
Class of Stock [Line Items]
Dividend Percentage In Excess Of Required Distributions For A REIT				5%
At-The-Market Equity Offering Program
Class of Stock [Line Items]
ATM Program, authorized amount outstanding				$ 232.5				$ 300
Shares issued under the ATM Program (shares)				0
Noncontrolling Interest
Class of Stock [Line Items]
Dividends paid				$ 0	$ 0.1
Series A Preferred Stock
Class of Stock [Line Items]
Series A Preferred Stock outstanding (shares)				100,000	100,000	100,000	400,000
Stock Redeemed or Called During Period, Shares					(300,000)
Dividends					$ 3.2
Common stock
Class of Stock [Line Items]
Common stock outstanding (shares)				165,000,000	164,000,000	164,200,000	145,600,000
Stock Issued During Period, Shares, Conversion of Convertible Securities					17,400,000
Series A Preferred Stock
Class of Stock [Line Items]
Series A Preferred Stock, Common shares issuable (shares)				7,800,000
Dividends paid				$ 2.2
Dividends				$ (2.2)	$ (5.4)

Revenues Disaggregation of Reve

Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Billboard	$ 320.6	$ 298.2
Transit	75.2	75.3
Revenues	395.8	373.5
Static displays
Disaggregation of Revenue [Line Items]
Billboard	215.1	206
Transit	38.8	41.2
Digital displays
Disaggregation of Revenue [Line Items]
Billboard	88.9	81.4
Transit	28.1	25.9
Other
Disaggregation of Revenue [Line Items]
Billboard	16.6	10.8
Transit	6.5	6.4
Transit
Disaggregation of Revenue [Line Items]
Transit	73.4	73.5
Other Revenues
Disaggregation of Revenue [Line Items]
Transit	$ 1.8	$ 1.8

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Rental income	$ 298.4	$ 288.3

Revenues Revenue from External

Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Billboard	$ 320.6	$ 298.2
Transit and other	75.2	75.3
Revenues	395.8	373.5
United States
Disaggregation of Revenue [Line Items]
Billboard	306.1	283.4
Revenues	378.2	356
Canada
Disaggregation of Revenue [Line Items]
Revenues	17.6	17.5
Transit and other
Disaggregation of Revenue [Line Items]
Transit and other	73.4	73.5
Transit and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	70.3	70.8
Other
Disaggregation of Revenue [Line Items]
Billboard	16.6	10.8
Transit and other	6.5	6.4
Other Revenues
Disaggregation of Revenue [Line Items]
Transit and other	1.8	1.8
Other Revenues | United States
Disaggregation of Revenue [Line Items]
Transit and other	$ 1.8	$ 1.8

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2018 USD ($) Displays	Dec. 31, 2023 USD ($) Displays
Asset Acquisition [Line Items]
Acquisitions | $	$ 5.1	$ 9.6
Acquired businesses
Asset Acquisition [Line Items]
Acquisitions | $			$ 35.4
Acquired businesses | Subsequent event
Asset Acquisition [Line Items]
Acquisitions | $				$ 9.2
Digital displays | Acquired businesses
Asset Acquisition [Line Items]
Number of displays | Displays			14
Digital displays | Acquired businesses | Subsequent event
Asset Acquisition [Line Items]
Number of displays | Displays				4
Static displays | Acquired businesses
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, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit	$ (0.4)	$ (0.4)
Stock-based compensation expense, net of tax	7.4	7.5
Restricted Stock Units and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expenses, before income taxes	$ 7.8	$ 7.9

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Restricted Stock Units and Performance Restricted Stock Units $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested RSUs and PSUs	$ 51.9
Expected recognition period for non-vested RSUs and PSUs	2 years 1 month 6 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Unvested Restricted Stock Units and Performance Restricted Stock Units Roll Forward (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units and Performance Restricted Stock Units
RSUs and PRSUs, Nonvested, Number of Shares
Non-vested as of December 31, 2022 (shares) | shares	2,644,039
Non-vested as of March 31, 2023 (shares) | shares	2,891,867
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2022 ($ per share) | $ / shares	$ 24.28
Weighted Average Grant Date Fair Value, Non-Vested, as of March 31, 2023 ($ per share) | $ / shares	$ 21.25
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares
Granted (shares) | shares	1,036,567
Vested (shares) | shares	(871,327)
Forfeitures (shares) | shares	(17,613)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 19.17
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	24.82
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 24.64
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares
Granted (shares) | shares	619,447
Vested (shares) | shares	(514,611)
Forfeitures (shares) | shares	(4,635)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 20.54
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	25.37
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 23.31

Retirement Benefits - Schedule

Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 0.6	$ 0.5
Expected return on plan assets	(0.7)	(0.7)
Net periodic pension cost	$ (0.1)	$ (0.2)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Minimum
Operating Loss Carryforwards [Line Items]
Open tax year	2019

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to OUTFRONT Media Inc.	$ (28.9)	$ (0.1)
Dividends	52	51.5
Net income (loss) available for common stockholders, basic	(31.1)	(5.6)
Net income (loss) available for common stockholders, diluted	$ (31.1)	$ (5.6)
Weighted average number of shares for basic EPS (shares)	164.5	152
Weighted average number of shares for diluted EPS (shares)	164.5	152
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dividends	$ 2.2	$ 5.4
Noncontrolling Interest
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dividends	$ 0	$ 0.1
Stock compensation plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)	1.4	1.1
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)	7.8	19.1
Noncontrolling Interest
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS calculation (shares)		0.3

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details)			3 Months Ended	7 Months Ended	60 Months Ended	80 Months Ended
	Jul. 29, 2021 Displays	Jul. 28, 2021	Mar. 31, 2023 USD ($) Displays	Dec. 31, 2020 USD ($)	Dec. 31, 2026	Apr. 01, 2028 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
MTA equipment deployment costs | $			$ 443,600,000				$ 426,800,000	$ 348,000,000
Equipment Deployment Costs Percentage				30%
Standalone letters of credit and sublimit to revolving credit facility
Other Commitments [Line Items]
Letters of credit outstanding, amount | $			83,400,000
Surety Bond
Other Commitments [Line Items]
Surety bonds outstanding | $			$ 169,900,000
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%
Additional equipment deployment cost percentage						2.50%
Metropolitan Transportation Authority ("MTA")
Other Commitments [Line Items]
Equipment Deployment Costs Percentage				70%
Maximum | MTA Agreement | Subsequent event
Other Commitments [Line Items]
Decrease in revenue percentage						5%
Maximum | Metropolitan Transportation Authority ("MTA")
Other Commitments [Line Items]
MTA equipment deployment costs | $				$ 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		5,002
MTA smaller-format digital advertising screens rolling stock
Other Commitments [Line Items]
Number of displays | Displays	15,896		5,658
MTA communication displays
Other Commitments [Line Items]
Number of displays | Displays	9,283		4,540
MTA displays installed
Other Commitments [Line Items]
Number of displays | Displays			15,200
Number of display additions | Displays			1,047

Commitment and Contingencies MT

Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Change In MTA Deployment Costs [Roll Forward]
Prepaid MTA equipment deployment costs, beginning of period	$ 363.2	$ 279.8	$ 279.8
Other current assets, beginning of period	5.6
Intangible assets, gross, beginning of period	2,149.7
MTA deployment costs, beginning of period	426.8	348	348
Amortization	21.8	14.8
MTA equipment development cost additions	18.8		88.9
Total recoupment and MTA funding			(3.7)
Prepaid MTA equipment deployment costs, end of period	382		363.2
Intangible assets, gross, end of period	2,155.1		2,149.7
Other current assets, end of period	7.7		5.6
MTA deployment costs, end of period	443.6		426.8
MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Other current assets, beginning of period	1.6	5.2	5.2
Deployment costs incurred	18.8		83.4
Other current assets			0.1
Amortization	(2)		(6.4)
Other current assets, end of period	1.6		1.6
MTA Funding
Change In MTA Deployment Costs [Roll Forward]
Other current assets			(3.7)
Franchise agreements
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period	533.2
Intangible assets, gross, end of period	533.2		533.2
Franchise agreements | MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Intangible assets, gross, beginning of period	62	$ 63	63
Intangible asset additions			5.4
Amortization	(2)		(6.4)
Intangible assets, gross, end of period	$ 60		$ 62

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 395.8	$ 373.5
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Revenues	376.4	354.2
Operating segments | Other
Segment Reporting Information [Line Items]
Revenues	$ 19.4	$ 19.3

Segment Information - Adjusted

Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net income (loss) before allocation to non-controlling interests	$ (28.7)	$ 0.1
(Benefit) provision for income taxes	0.4	(2.1)
Equity in earnings of investee companies, net of tax	0.8	(0.3)
Interest expense, net	37.7	30.7
Other expense, net	0	0.1
Operating income	10.2	28.5
Net (gain) loss on dispositions	0.3	(0.3)
Depreciation and amortization	41.9	34.1
Stock-based compensation	7.8	7.9
Adjusted OIBDA	60.2	70.2
Capital expenditures	22.6	16.9
Operating segments
Segment Reporting Information [Line Items]
Operating income	10.2	28.5
Net (gain) loss on dispositions	0.3	(0.3)
Depreciation and amortization	41.9	34.1
Capital expenditures	22.6	16.9
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Operating income	33.3	49.3
Net (gain) loss on dispositions	0.3	(0.3)
Depreciation and amortization	38.5	31.1
Adjusted OIBDA	72.1	80.1
Capital expenditures	22	16.1
Operating segments | Other
Segment Reporting Information [Line Items]
Operating income	(2.3)	(2.4)
Depreciation and amortization	3.4	3
Adjusted OIBDA	1.1	0.6
Capital expenditures	0.6	0.8
Corporate
Segment Reporting Information [Line Items]
Operating income	(20.8)	(18.4)
Adjusted OIBDA	$ (13)	$ (10.5)

Segment Information - Reconci_2

Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 6,039.7	$ 5,990
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Total assets	5,772.9	5,732.1
Operating segments | Other
Segment Reporting Information [Line Items]
Total assets	235.3	240.4
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 31.5	$ 17.5