Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Outfront Media Inc. |
Entity Central Index Key | 1579877 |
Entity Filer Category | Non-accelerated Filer |
Document Type | S-4 |
Document Period End Date | 30-Sep-14 |
Amendment Flag | FALSE |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Assets, Current [Abstract] | |||
Cash and cash equivalents | $272.20 | $29.80 | $20.20 |
Receivables, less allowance | 175.6 | 178.8 | 175.1 |
Deferred income tax assets, net | 2 | 24.5 | 26.1 |
Prepaid lease and transit franchise costs | 75.9 | 62.7 | 65.8 |
Other prepaid expenses | 22.7 | 15.5 | 21.8 |
Other current assets | 12.4 | 5.9 | 6 |
Total current assets | 560.8 | 317.2 | 315 |
Assets, Noncurrent [Abstract] | |||
Property and equipment, net | 704.4 | 755.4 | 807.9 |
Goodwill | 1,860.40 | 1,865.70 | 1,877.20 |
Intangible assets | 320.1 | 364.4 | 420 |
Other assets | 77.1 | 52.8 | 44.8 |
Total assets | 3,522.80 | 3,355.50 | 3,464.90 |
Liabilities, Current [Abstract] | |||
Accounts payable | 54.3 | 80 | 77.7 |
Accrued compensation | 28.4 | 28.2 | 30.3 |
Accrued interest | 28.4 | 0.1 | |
Accrued lease costs | 18.1 | 17.7 | 19.2 |
Other accrued expenses | 42.6 | 37.7 | |
Other accrued expenses (including accrued interest) | 37.8 | 38.2 | |
Deferred revenues | 25.7 | 22.9 | 15.9 |
Other current liabilities | 40.4 | 25.6 | 24.3 |
Total current liabilities | 237.9 | 212.2 | 205.6 |
Liabilities, Noncurrent [Abstract] | |||
Long-term debt | 1,598.20 | 0 | 0 |
Deferred income tax liabilities, net | 22.8 | 288.5 | 313.8 |
Asset retirement obligation | 32.3 | 31.7 | 30.6 |
Other liabilities | 64.6 | 68.7 | 71 |
Total liabilities | 1,955.80 | 601.1 | 621 |
Commitments and Contingencies | |||
Stockholders’ equity/invested equity: | |||
Common Stock | 1.2 | 0 | |
Additional paid-in capital | 1,456.60 | 0 | |
Retained earnings | 188.4 | 0 | |
Invested capital | 0 | 2,829.50 | 2,909.90 |
Accumulated other comprehensive loss | -79.2 | -75.1 | -66 |
Total stockholders’ equity | 1,567 | ||
Total invested equity | 2,754.40 | 2,843.90 | |
Total liabilities and stockholders’ equity/invested equity | $3,522.80 | $3,355.50 | $3,464.90 |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $14.90 | $15.70 | $19.30 |
Common Stock, Authorized | 450,000,000 | 0 | |
Common Stock, Issued | 120,010,462 | 0 | |
Common Stock, Outstanding | 120,010,462 | 0 |
Statement_of_Operations
Statement of Operations (USD $) | 9 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Revenues [Abstract] | ||||||||||
Billboard | $690.20 | $685.80 | $925.70 | $913.60 | $894.20 | |||||
Transit and other | 268.6 | 264.3 | 368.3 | 371 | 382.9 | |||||
Total revenues | 958.8 | 950.1 | 1,294 | [1] | 1,284.60 | [1] | 1,277.10 | [1] | ||
Expenses: | ||||||||||
Operating | 512.3 | 504.5 | 686.9 | 700.1 | 689.4 | |||||
Selling, general and administrative | 161.1 | 146.8 | 199.8 | 181.8 | 178.4 | |||||
Restructuring charges | 6.2 | [2] | 0 | [2] | 0 | 2.5 | 3 | |||
Acquisition costs | 1.4 | [2] | 0 | [2] | ||||||
Net gain (loss) on dispositions | 1.4 | 9.8 | 27.3 | -2.2 | -2 | |||||
Depreciation | 79.3 | 78.3 | 104.5 | 105.9 | 109 | |||||
Amortization | 67.3 | 68.2 | 91.3 | 90.9 | 102.9 | |||||
Total expenses | 826.2 | 788 | 1,055.20 | 1,083.40 | 1,084.70 | |||||
Operating income | 132.6 | 162.1 | 238.8 | 201.2 | 192.4 | |||||
Interest income (expense), net | -57.3 | 0 | ||||||||
Other income (expense), net | -0.5 | 0 | -1.2 | -1 | 0.8 | |||||
Income before income taxes and equity in earnings of investee companies | 74.8 | 162.1 | 237.6 | 200.2 | 193.2 | |||||
Benefit (provision) for income taxes | 202.9 | -70.5 | -96.6 | -89 | -87.8 | |||||
Equity in earnings of investee companies, net of tax | 1.4 | 1.9 | 2.5 | 2.2 | 1.7 | |||||
Net income | $279.10 | $93.50 | $143.50 | $113.40 | $107.10 | |||||
Net income per common share: | ||||||||||
Basic | $2.49 | $0.83 | $1.48 | $1.17 | $1.10 | |||||
Diluted | $2.47 | $0.83 | $1.48 | $1.17 | $1.10 | |||||
Basic and Diluted | $1.48 | $1.17 | $1.10 | |||||||
Weighted average shares outstanding: | ||||||||||
Basic | 112.3 | 112.3 | 97 | 97 | 97 | |||||
Diluted | 112.8 | 112.8 | 97 | 97 | 97 | |||||
Basic and Diluted | 97 | 97 | 97 | |||||||
Dividends declared per common share | $0.74 | $0 | ||||||||
[1] | Revenues classifications are based on customers’ locations. | |||||||||
[2] | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income Statement (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | |||||||||||||
Net income | $50 | $37.20 | $36.40 | $19.90 | $18.80 | $38.70 | $37.20 | $18.70 | $279.10 | $93.50 | $143.50 | $113.40 | $107.10 |
Other comprehensive income (loss), net of tax: | |||||||||||||
Cumulative translation adjustments | -3.1 | -12.3 | -14.9 | 11 | -14.3 | ||||||||
Amortization of net actuarial loss | 0.2 | 0.4 | 5.8 | -1.4 | -3.2 | ||||||||
Deferred tax rate adjustment | -1.2 | 0 | |||||||||||
Total other comprehensive income (loss), net of tax | -4.1 | -11.9 | -9.1 | 9.6 | -17.5 | ||||||||
Total comprehensive income | $275 | $81.60 | $134.40 | $123 | $89.60 |
Statement_of_Invested_EquitySh
Statement of Invested Equity/Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Invested Capital | Accumulated Other Comprehensive Loss | Treasury Stock, at Cost |
In Millions, except Share data | |||||||
Invested Equity, Beginning Balance at Dec. 31, 2010 | $3,221.40 | ($58.10) | |||||
Net income | 107.1 | 107.1 | |||||
Other comprehensive income (loss) | -17.5 | -17.5 | |||||
Net contribution from (distribution to) CBS | -262.3 | ||||||
Invested Equity, Ending Balance at Dec. 31, 2011 | 2,990.60 | 3,066.20 | -75.6 | ||||
Net income | 113.4 | 113.4 | |||||
Other comprehensive income (loss) | 9.6 | 9.6 | |||||
Net contribution from (distribution to) CBS | -269.7 | ||||||
Invested Equity, Ending Balance at Dec. 31, 2012 | 2,843.90 | 2,909.90 | -66 | ||||
Net income | 93.5 | 93.5 | |||||
Other comprehensive income (loss) | -11.9 | -11.9 | |||||
Net contribution from (distribution to) CBS | -126.9 | -126.9 | |||||
Invested Equity, Ending Balance at Sep. 30, 2013 | 2,798.60 | 2,876.50 | -77.9 | ||||
Invested Equity, Beginning Balance at Dec. 31, 2012 | 2,843.90 | 2,909.90 | -66 | ||||
Net income | 143.5 | 143.5 | |||||
Other comprehensive income (loss) | -9.1 | -9.1 | |||||
Net contribution from (distribution to) CBS | -223.9 | ||||||
Shares of Common Stock at Dec. 31, 2013 | 0 | ||||||
Invested Equity, Ending Balance at Dec. 31, 2013 | 2,754.40 | 2,829.50 | -75.1 | ||||
Net income | 279.1 | 278 | 1.1 | ||||
Other comprehensive income (loss) | -4.1 | -4.1 | |||||
Initial Public Offering (shares) | 23,000,000 | ||||||
Initial Public Offering | 615 | 0.2 | 614.8 | ||||
Stock-based compensation: Amortization | 9 | 9 | |||||
Shares paid for tax withholding for stock-based payments | -0.1 | -0.1 | |||||
Retirement of treasury stock | 0 | -0.1 | 0.1 | ||||
Conversion to stockholders' equity (shares) | 97,000,000 | ||||||
Conversion to stockholders' equity | 0 | 1 | 2,829.60 | -2,830.60 | |||
Distribution of debt and IPO proceeds to CBS | -2,038.80 | -2,038.80 | |||||
Dividends | -89.6 | -89.6 | |||||
Net contribution from (distribution to) CBS | 42.1 | 42.1 | |||||
Stockholders' Equity, Ending Balance at Sep. 30, 2014 | $1,567 | $1.20 | $1,456.60 | $188.40 | $0 | ($79.20) | |
Shares of Common Stock at Sep. 30, 2014 | 120,010,462 | 120,000,000 |
Statement_of_Invested_EquitySh1
Statement of Invested Equity/Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Par Value | $0.01 | |
Dividends declared per common share | $0.74 | $0 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating Activities: | ||||||||
Net income | $279.10 | $93.50 | $143.50 | $113.40 | $107.10 | |||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||||
Depreciation and amortization | 146.6 | 146.5 | 195.8 | 196.8 | 211.9 | |||
Deferred tax (benefit) liability | -246.4 | 4.7 | -15.5 | -6.6 | 32.8 | |||
Stock-based compensation | 10.9 | 5.8 | 7.5 | [1] | 5.7 | [1] | 5 | [1] |
Provision for doubtful accounts | 2.3 | 0.3 | 0.4 | 3.1 | 3 | |||
Net (gain) loss on dispositions | -1.4 | -9.8 | -27.3 | 2.2 | 2 | |||
Equity in earnings of investee companies, net of tax | -1.4 | -1.9 | -2.5 | -2.2 | -1.7 | |||
Distributions from investee companies | 3.2 | 3.9 | 4.4 | 6.4 | 6.2 | |||
Amortization of deferred financing costs and debt discount | 10.7 | 0 | ||||||
Increase (Decrease) in Operating Capital [Abstract] | ||||||||
(Increase) decrease in receivables | -7.1 | 7.6 | 7.6 | |||||
Decrease in prepaid expenses and other current assets | 9.5 | 3.9 | 1.2 | |||||
Increase (decrease) in accounts payable and accrued expenses | -32.2 | -26.5 | -35.7 | |||||
Increase (decrease) in deferred revenues | 7.1 | 0.9 | -2.5 | |||||
(Decrease) increase in income taxes | -6.5 | -3.8 | 1.8 | |||||
Other, net | 4 | 5 | 1.4 | |||||
Change in assets and liabilities, net of investing and financing activities | -19.1 | -64.3 | ||||||
Net cash flow provided by operating activities | 184.5 | 178.7 | 281.1 | 305.9 | 340.1 | |||
Investing Activities: | ||||||||
Capital expenditures | -43.6 | -41.5 | -60.9 | -48.2 | -43.6 | |||
Acquisitions | 0 | -10.7 | -11.5 | -0.4 | -7.9 | |||
Proceeds from dispositions | 2.3 | 11.1 | 28.7 | 0.5 | 0.8 | |||
Net cash flow used for investing activities | -41.3 | -41.1 | -43.7 | -48.1 | -50.7 | |||
Financing Activities: | ||||||||
Proceeds from IPO | 615 | 0 | ||||||
Proceeds from long-term debt borrowings | 1,598 | 0 | ||||||
Deferred financing fees | -24.8 | 0 | ||||||
Excess tax benefit from stock-based compensation | 0 | 5.5 | 5.8 | 2.9 | 2.3 | |||
Distribution of debt and IPO proceeds to CBS | -2,038.80 | 0 | ||||||
Net cash contribution from (distribution to) CBS | 39.8 | -138.6 | -232.6 | -279.7 | -269.4 | |||
Dividends | -88.8 | 0 | ||||||
Other | -0.2 | -0.2 | -0.2 | |||||
Net cash flow provided by (used for) financing activities | 100.4 | -133.1 | -227 | -277 | -267.3 | |||
Effect of exchange rate changes on cash and cash equivalents | -1.2 | -0.6 | -0.8 | 1.8 | -3.5 | |||
Net increase in cash and cash equivalents | 242.4 | 3.9 | 9.6 | -17.4 | 18.6 | |||
Cash and cash equivalents at beginning of period | 29.8 | 20.2 | 20.2 | 37.6 | 19 | |||
Cash and cash equivalents at end of period | 272.2 | 24.1 | 29.8 | 20.2 | 37.6 | |||
Supplemental disclosure of cash flow Information: | ||||||||
Cash paid for income taxes | 31.4 | 75.3 | 112.8 | 96.5 | 50.9 | |||
Cash paid for interest | 25.6 | 0 | ||||||
Non-cash investing and financing activities: | ||||||||
Investments in investee companies | 13.1 | 0 | 0 | |||||
Accrued purchases of property and equipment | $3.50 | $1.70 | $12.80 | $15.50 | $10.10 | |||
[1] | (a)Stock-based compensation is classified as a Corporate expense. |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
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 AND BASIS OF PRESENTATION |
Description of Business—Outfront Media Inc. (the “Company”) was formed as an indirect wholly owned subsidiary of CBS Corporation (“CBS”). CBS completed a series of reorganization transactions resulting in the entities comprising CBS’s Outdoor Americas operating segment being consolidated under the Company. The Company provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States, Canada and Latin America. The Company’s portfolio includes billboard displays, which are predominantly located in densely populated major metropolitan areas and along high-traffic expressways and major commuting routes. The Company also has a number of exclusive multiyear contracts to operate advertising displays in municipal transit systems. The Company has displays in all of the 25 largest markets in the United States and over 180 markets across the United States, Canada and Latin America. The Company manages its business through two segments—United States and International. | ||
Description of Business | The Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (“SEC”) with respect to an initial public offering of its common stock (the “Offering”). Upon completion of the Offering, CBS expects to indirectly own at least 80% of Outfront Media Inc.’s outstanding common stock and Outfront Media Inc. will continue to be controlled by CBS. In January 2014, in connection with this transaction, the Company incurred $1.6 billion of indebtedness (“Formation Borrowings”) (See Note 14). | |
On March 14, 2014, the Company’s Board of Directors declared a 970,000-for-one split of the Company’s common stock effected through a stock dividend to CBS. As a result of the stock split, the 100 shares of the Company’s common stock outstanding were converted into 97,000,000 shares, par value $0.01 per share. Accordingly, all share and per share data reflect this stock split for all periods presented. Also on March 14, 2014, the Company’s Board of Directors declared a contingent dividend to CBS, payable in an aggregate amount of 3,000,000 shares of the Company’s common stock less the total number of shares of the Company’s common stock actually purchased by the underwriters in the Offering pursuant to their option to purchase an additional 3,000,000 shares. These shares of the Company’s common stock, if any, are payable to CBS at the end of a 30-day period in which the underwriters may exercise this option. | ||
Outfront Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) was formed as an indirect wholly owned subsidiary of CBS Corporation (“CBS”). We provide advertising space (“displays”) on out-of-home advertising structures and sites in the U.S., Canada and Latin America. Our portfolio includes billboard displays, which are predominantly located in densely populated major metropolitan areas and along high-traffic expressways and major commuting routes. We also have a number of exclusive multi-year contracts to operate advertising displays in municipal transit systems. We have displays in all of the 25 largest markets in the U.S. and over 180 markets across the U.S., Canada and Latin America. We manage our business through two segments - United States (“U.S.”) and International. | During 2013, CBS submitted a private letter ruling request with the Internal Revenue Service (“IRS”) to qualify the Company as a real estate investment trust (“REIT”). If the ruling is granted, the Company intends to elect the status of and qualify to be taxed as a REIT under the Internal Revenue Code of 1986 (the “Code”), after the Company’s separation from CBS. CBS has been advised by the IRS that the IRS has decided to study the current legal standards it uses to define “real estate” for purposes of the REIT provisions of the Code. | |
CBS has advised the Company that it currently intends to dispose of all of the shares of Outfront Media Inc. common stock that it indirectly will own upon the completion of the Offering through a tax-free split-off (the “split-off”) pursuant to which CBS will offer its stockholders the option to exchange their shares of CBS common stock for shares of Outfront Media Inc. common stock in an exchange offer. If CBS does not proceed with the split-off, it could elect to dispose of Outfront Media Inc. common stock in a number of different types of transactions, including open market sales, sales to one or more third parties or pro rata distributions of Outfront Media Inc. shares to CBS’s stockholders or a combination of these transactions. All of these actions are subject to customary approvals, and there are no assurances that such transactions will be completed. | ||
On April 2, 2014, we completed an initial public offering (the “IPO”) of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares. (See Note 2. Initial Public Offering.) | Basis of Presentation—The accompanying combined consolidated financial statements are presented on a “carve-out” basis from CBS’s consolidated financial statements based on the historical results of operations, cash flows, assets and liabilities attributable to its Outdoor Americas operating segment. CBS provides the Company with certain services, such as insurance and support for technology systems, and also provides benefits to the Company’s employees, including certain postemployment benefits, medical, dental, life and disability insurance and participation in a 401(k) savings plan. Charges for these services and benefits are reflected in the combined consolidated financial statements based on the specific identification of costs, assets and liabilities. These financial statements also include allocations of centralized corporate expenses from CBS for services, such as tax, internal audit, cash management and other services. These expenses were determined based on various allocation methods, including factors such as headcount, time and effort spent on matters relating to the Company, and the number of CBS operating entities benefiting from such services. In addition, the Company’s income tax provision and related tax accounts are presented as if these amounts were calculated on a separate tax return basis. Management believes that the assumptions and estimates used in preparation of the underlying combined consolidated financial statements are reasonable. However, the combined consolidated financial statements herein do not necessarily reflect what the Company’s financial position, results of operations or cash flows would have been if the Company had been a stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of the Company’s future results of operations, financial position or cash flows. | |
On April 16, 2014, CBS received a private letter ruling from the Internal Revenue Service (“IRS”) with respect to certain issues relevant to our ability to qualify as a real estate investment trust (“REIT”). On July 16, 2014, we ceased to be a member of the CBS consolidated tax group and on July 17, 2014, we began operating in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes for the tax year commencing July 17, 2014, and ending December 31, 2014. | We have revised the previously reported condensed consolidated Statement of Cash Flows for the years ended December 31, 2013, 2012 and 2011. Historically, non-cash purchases of property and equipment were previously included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $2.7 million for the year ended December 31, 2013, and decreased Net cash used in investing activities and decreased Net cash provided by operating activities by $5.4 million, and $2.0 million for the years ended December 31, 2012 and 2011, respectively. We do not believe that these misclassifications were material to the previously reported interim or annual financial statements. The above adjustments had no effect on previously reported Statements of Operations, Statements of Financial Position or Statements of Invested Equity/Stockholders' Equity. | |
On July 16, 2014, CBS completed a registered offer to exchange 97,000,000 shares of our common stock that were owned by CBS for outstanding shares of CBS Class B common stock (the “Exchange Offer”). In connection with the Exchange Offer, CBS disposed of all of its shares of our common stock and as of July 16, 2014, we were separated from CBS (the “Separation”) and were no longer a subsidiary of CBS. | ||
On October 1, 2014, we completed our acquisition of certain outdoor advertising businesses (the “Acquired Business”) from Van Wagner Communications, LLC, now known as OA VW LLC (“Van Wagner”), for $690.0 million in cash, plus working capital adjustments (the “Acquisition”). The Acquisition was funded with the net proceeds from the issuance and sale of the New Senior Notes (as defined in Note 18. Subsequent Events) and cash on hand. In nine months ended September 30, 2014, we recorded $7.6 million of commitment and other fees in Interest expense in the Consolidated Statement of Operations associated with a lender commitment to provide a senior unsecured bridge term loan facility for the purpose of financing the Acquisition in the event we did not complete the offering of the New Senior Notes. | ||
On October 20, 2014, we announced the re-branding of the Company to “OUTFRONT media.” Our common stock will begin trading on the New York Stock Exchange under the symbol “OUT,” and our legal name will change, effective November 20, 2014. | ||
On October 29, 2014, we announced that our board of directors approved a quarterly dividend of $0.37 per share. The dividend is payable on December 15, 2014, to stockholders of record of our common stock on November 18, 2014. | ||
On October 29, 2014, our board of directors approved a special dividend of approximately $547.7 million to our stockholders in connection with our conversion to a REIT. The special dividend is payable on December 31, 2014, to stockholders of record on November 20, 2014. The special dividend is the amount of our accumulated earnings and profits as of July 17, 2014, the date we began operating in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes (the “E&P Purge”). Stockholders will have the option to elect to receive their special dividend in all cash or all stock. However, the aggregate amount of cash to be distributed will be approximately $109.5 million. As stated in Note 2. Initial Public Offering, a portion ($100.0 million) of the IPO proceeds was retained by us and will be applied to the cash portion of the E&P Purge. CBS will transfer the balance of the cash portion of the E&P Purge (approximately $9.5 million) to us prior to the special dividend to stockholders. | ||
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 financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform with the current presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our prospectus, filed with the SEC on July 7, 2014. | ||
We have revised the previously reported condensed consolidated Statement of Cash Flows for the nine months ended September 30, 2013. In prior periods, non-cash purchases of property and equipment were previously included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $13.8 million for the nine months ended September 30, 2013. We do not believe that these misclassifications were material to the previously reported interim or annual financial statements. The above adjustments had no effect on previously reported Statements of Operations, Statements of Financial Position or Statements of Invested Equity/Stockholders' Equity. The impacted prior periods will be revised as they are presented in future filings. | ||
The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | ||
Our 2013 financial statements were presented on a “carve-out” basis from CBS’s consolidated financial statements based on the historical results of operations, cash flows, assets and liabilities attributable to its Outdoor Americas operating segment. Management believes that the assumptions and estimates used in the preparation of the underlying consolidated financial statements are reasonable. However, the consolidated financial statements herein do not necessarily reflect what our financial position, results of operations or cash flows would have been if we had been a stand-alone company during the periods presented. As a result, such historical financial information is not necessarily indicative of our future results of operations, financial position or cash flows. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Notes) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Use of Estimates—The preparation of the Company’s combined consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates, judgments, and assumptions that affect the amounts reported in the combined consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | ||
Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. Prior to the Formation Borrowings (See Note 14), the Company carried minimal cash on hand as it participated in CBS’s centralized cash management system. On January 31, 2014, at the time of the Formation Borrowings, such participation ceased. | ||
Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. | ||
Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | ||
Buildings and improvements | 20 to 40 years | |
Advertising structures | 5 to 20 years | |
Furniture, equipment and other | 3 to 10 years | |
For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. | ||
Business Combinations and Asset Acquisitions—The Company routinely acquires out-of-home advertising assets, including advertising structures and permits and leasehold agreements. The Company determines the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, the Company allocates the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. | ||
Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a noncash charge. | ||
Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Each of the Company’s segments consists of two reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a noncash charge. | ||
Revenue Recognition—The Company’s revenues are primarily derived from providing space on advertising displays for local, regional and national advertisements. Contracts with customers generally cover periods ranging from four weeks to twelve months and are generally billed every four weeks. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned, which is typically ratably over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross billing revenues, revenues are reported net of agency commissions. | ||
Deferred revenues primarily consist of revenues paid in advance of being earned. | ||
Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. | ||
Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. The Company performs credit evaluations on its customers and agencies and believes that the allowances for doubtful accounts are adequate. | ||
Billboard Property Lease and Transit Franchise Expenses—The Company’s billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues the Company generates from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months. The fixed component of lease costs is expensed evenly over the contract term, and contingent rent is expensed as it becomes probable, which is consistent with when the related revenues are recognized. | ||
Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that the Company generates under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. | ||
Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within amortization expense in the accompanying Combined Consolidated Statements of Operations. | ||
Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. The resulting translation gains and losses are included as a component of invested equity in accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in “Other income (expense), net” in the Combined Consolidated Statements of Operations. | ||
Income Taxes—Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s effective tax rate represents federal, state, local and foreign taxes, each calculated separately based on each jurisdiction’s earnings before income taxes and equity in earnings of investee companies. | ||
The Company’s income taxes as presented herein, including the provision for income taxes, deferred tax assets and liabilities, and income tax payments are calculated on a separate tax return basis, even though the Company’s U.S. operating results are included in the consolidated federal, and certain state and local income tax returns of CBS. CBS manages its tax position for the benefit of the entire portfolio of its businesses and, as such, the assumptions, methodologies and calculations made for purposes of determining the Company’s tax provision, taxes paid and related tax accounts in the combined consolidated financial statements herein may differ from those made by CBS and, in addition, are not necessarily reflective of the tax strategies that the Company would have followed as a separate stand-alone company. | ||
Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or nonrenewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in operating expenses and the capitalized cost is depreciated over the expected useful life of the related asset. | ||
Stock-based Compensation—CBS issued stock options and restricted stock units (“RSUs”) for CBS Class B Common Stock to certain employees of the Company under its equity incentive plans. CBS measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. | ||
Subsequent Events—The Company performed an evaluation of subsequent events through February 18, 2014, which is the date the financial statements were available to be issued. | ||
Adoption of New Accounting Standards | ||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ||
During 2013, the Company adopted the FASB guidance that requires disclosure of significant amounts reclassified out of accumulated other comprehensive income by component and their corresponding effect on the respective line items of net income (See Note 8). | ||
Fair Value Measurements | ||
During 2012, the Company adopted the FASB amended guidance which clarifies the FASB’s intent about the application of existing fair value measurement requirements and changes in certain principles and requirements for measuring fair value and for disclosing information about fair value measurements. The adoption of this guidance did not have a material effect on the Company’s combined consolidated financial statements. | ||
Recent Pronouncements | ||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||
In July 2013, the FASB issued guidance on the presentation of the reserve for uncertain tax positions when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires the reserve for uncertain tax positions to be presented in the financial statements as a reduction to the deferred tax asset for a tax loss or other tax carryforward that would be applied in the settlement of the uncertain tax position. This guidance, which is effective for interim and annual reporting periods beginning after December 15, 2013, will not have a material effect on the Company’s combined consolidated financial statements. | ||
Obligations Resulting from Joint and Several Liability Arrangements | ||
In February 2013, the FASB issued guidance on the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Under this guidance, the Company is required to measure its obligations under such arrangements as the sum of the amount it agreed to pay in the arrangement among its co-obligors and any additional amount the Company expects to pay on behalf of its co-obligors. The Company is also required to disclose the nature and amount of the obligation. This guidance, which is effective for interim and annual reporting periods beginning after December 15, 2013, will not have a material effect on the Company’s combined consolidated financial statements. |
Initial_Public_Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2014 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | Initial Public Offering |
On March 27, 2014, our registration statement on Form S-11 related to our IPO of our common stock was declared effective by the SEC and on March 28, 2014, our common stock began trading on the New York Stock Exchange under the symbol “CBSO.” On April 2, 2014, we completed an IPO of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares, at a price of $28.00 per share for total net proceeds, after underwriting discounts and commissions, of $615.0 million. Of the total net proceeds, $515.0 million was transferred to a wholly owned subsidiary of CBS as partial consideration for the contribution of the entities comprising CBS’s Outdoor Americas operating segment to us. The remaining $100.0 million was retained by us and will be applied to the cash portion of the E&P Purge to our stockholders. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards |
Adoption of New Accounting Standards | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
During the nine months ended September 30, 2014, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance on the presentation of the reserve for uncertain tax positions when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires the reserve for uncertain tax positions to be presented in the financial statements as a reduction to the deferred tax asset for a tax loss or other tax carryforward that would be applied in the settlement of the uncertain tax position. This guidance did not have a material effect on our consolidated financial statements. | |
Obligations Resulting from Joint and Several Liability Arrangements | |
During the nine months ended September 30, 2014, we adopted FASB guidance on the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Under this guidance, we are required to measure our obligations under such arrangements as the sum of the amount we agreed to pay in the arrangement among our co-obligors and any additional amount we expect to pay on behalf of our co-obligors. We are also required to disclose the nature and amount of the obligation. This guidance did not have a material effect on our consolidated financial statements. | |
Recent Pronouncements | |
Service Concession Arrangements | |
In January 2014, the FASB issued guidance on the accounting for service concession arrangements with public sector entities. This guidance specifies that an operating entity should not account for a service concession arrangement as a lease and the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment. This guidance applies when the public sector entity controls the services that the operating entity must provide within the infrastructure and also controls any residual interest in the infrastructure at the end of the term of the arrangement. We are currently evaluating the impact of this guidance, which is effective for reporting periods beginning after December 15, 2014, on our consolidated financial statements. | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued guidance on reporting discontinued operations and disclosures of disposals of components of an entity. The new guidance changes the requirements, including additional disclosures, for reporting discontinued operations which may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance is effective for interim periods and annual periods beginning after December 31, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. This guidance is not expected to have a material effect on our consolidated financial statements. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued principles-based guidance addressing revenue recognition issues. The guidance may be applied to all contracts with customers regardless of industry-specific or transaction specific fact patterns. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property and Equipment | Property and Equipment | 3) PROPERTY AND EQUIPMENT | |||||||||||||||||
The table below presents the balances of major classes of assets and accumulated depreciation. | |||||||||||||||||||
The table below presents the balances of major classes of assets and accumulated depreciation. | |||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||
As of | |||||||||||||||||||
(in millions) | Estimated Useful Lives | September 30, | December 31, | Land | $ | 88.6 | $ | 87.8 | |||||||||||
2014 | 2013 | ||||||||||||||||||
Land | $ | 88.4 | $ | 88.6 | Buildings and improvements | 45 | 45.7 | ||||||||||||
Building and improvements | 20 to 40 years | 47.5 | 45 | Advertising structures | 1,662.30 | 1,655.90 | |||||||||||||
Advertising structures | 5 to 20 years | 1,662.40 | 1,662.30 | Furniture, equipment and other | 77.2 | 76.3 | |||||||||||||
Furniture, equipment and other | 3 to 10 years | 76.1 | 77.2 | Construction in progress | 18.9 | 13.5 | |||||||||||||
Construction in progress | 15.7 | 18.9 | 1,892.00 | 1,879.20 | |||||||||||||||
1,890.10 | 1,892.00 | Less accumulated depreciation | 1,136.60 | 1,071.30 | |||||||||||||||
Less: accumulated depreciation | 1,185.70 | 1,136.60 | Property and equipment, net | $ | 755.4 | $ | 807.9 | ||||||||||||
Property and equipment, net | $ | 704.4 | $ | 755.4 | Depreciation expense was $104.5 million, $105.9 million and $109.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Depreciation expense was $79.3 million for the nine months ended September 30, 2014, and $78.3 million for the nine months ended September 30, 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets (Notes) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the changes in the book value of goodwill by segment were as follows: | |||||||||||||||||||||||||||||||||
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: | United States | International | Total | ||||||||||||||||||||||||||||||
At December 31, 2011 | $ | 1,758.00 | $ | 114.3 | $ | 1,872.30 | |||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | Currency translation adjustments | — | 4.9 | 4.9 | ||||||||||||||||||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||||||||||
Permits and leasehold agreements | $ | 876 | $ | (681.0 | ) | $ | 195 | At December 31, 2012 | 1,758.00 | 119.2 | 1,877.20 | ||||||||||||||||||||||
Franchise agreements | 442.1 | (317.9 | ) | 124.2 | Currency translation adjustments | — | (5.1 | ) | (5.1 | ) | |||||||||||||||||||||||
Other intangible assets | 2.1 | (1.2 | ) | 0.9 | Dispositions | (6.4 | ) | — | (6.4 | ) | |||||||||||||||||||||||
Total intangible assets | $ | 1,320.20 | $ | (1,000.1 | ) | $ | 320.1 | At December 31, 2013 | $ | 1,751.60 | $ | 114.1 | $ | 1,865.70 | |||||||||||||||||||
The balance in the Company’s United States segment is net of accumulated impairments of $7.19 billion at December 31, 2013 and $7.22 billion at both December 31, 2012 and 2011, which were incurred prior to 2009. | |||||||||||||||||||||||||||||||||
As of December 31, 2013: | The balance in the Company’s International segment is net of accumulated impairments of $489.2 million at December 31, 2013, 2012 and 2011, which were incurred prior to 2009. | ||||||||||||||||||||||||||||||||
Permits and leasehold agreements | $ | 880.6 | $ | (659.0 | ) | $ | 221.6 | The Company’s identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant the Company 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. | |||||||||||||||||||||||||
The Company’s identifiable intangible assets consist of the following: | |||||||||||||||||||||||||||||||||
Franchise agreements | 462.4 | (320.7 | ) | 141.7 | |||||||||||||||||||||||||||||
Other intangible assets | 2.1 | (1.0 | ) | 1.1 | At December 31, 2013 | Gross | Accumulated | Net | |||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | 1,345.10 | $ | (980.7 | ) | $ | 364.4 | Permits and leasehold agreements | $ | 880.6 | $ | (659.0 | ) | $ | 221.6 | ||||||||||||||||||
Franchise agreements | 462.4 | (320.7 | ) | 141.7 | |||||||||||||||||||||||||||||
All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $67.3 million for the nine months ended September 30, 2014, and $68.2 million for the nine months ended September 30, 2013, which includes the amortization of direct lease acquisition costs of $24.2 million for the nine months ended September 30, 2014, and $22.7 million for the nine months ended September 30, 2013. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. | |||||||||||||||||||||||||||||||||
Other intangible assets | 2.1 | (1.0 | ) | 1.1 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 1,345.10 | $ | (980.7 | ) | $ | 364.4 | ||||||||||||||||||||||||||
At December 31, 2012 | Gross | Accumulated | Net | ||||||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||||||
Permits and leasehold agreements | $ | 875.7 | $ | (625.5 | ) | $ | 250.2 | ||||||||||||||||||||||||||
Franchise agreements | 476.9 | (309.0 | ) | 167.9 | |||||||||||||||||||||||||||||
Other intangible assets | 15.7 | (13.8 | ) | 1.9 | |||||||||||||||||||||||||||||
Total intangible assets | $ | 1,368.30 | $ | (948.3 | ) | $ | 420 | ||||||||||||||||||||||||||
All of the Company’s intangible assets, except goodwill, are subject to amortization. Amortization expense was $91.3 million, $90.9 million and $102.9 million for the years ended December 31, 2013, 2012 and 2011, respectively, which includes the amortization of direct lease acquisition costs of $30.9 million, $31.1 million and $32.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. | |||||||||||||||||||||||||||||||||
The Company expects its aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2014 through 2018, to be as follows: | |||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||||||||||
Amortization expense | $ | 57.1 | $ | 55.2 | $ | 50.1 | $ | 27.9 | $ | 21 | |||||||||||||||||||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligation | Asset Retirement Obligation | ASSET RETIREMENT OBLIGATION | |||||||
The following table sets forth the change in the asset retirement obligations associated with the Company’s advertising structures located on leased properties. The obligation is calculated based on the assumption that all of the Company’s advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or nonrenewal of its leases are consistent with the Company’s historical experience. During the last several years, the Company has primarily invested in upgrading certain of its existing structures to digital formats and therefore has not had significant additions to its portfolio of properties. | |||||||||
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. | |||||||||
At December 31, 2011 | $ | 29.3 | |||||||
(in millions) | |||||||||
As of December 31, 2013 | $ | 31.7 | Accretion expense | 1.8 | |||||
Accretion expense | 1.7 | Liabilities settled | (1.0 | ) | |||||
Foreign currency translation adjustments | 0.5 | ||||||||
Additions | 0.2 | ||||||||
At December 31, 2012 | 30.6 | ||||||||
Liabilities settled | (0.8 | ) | |||||||
Foreign currency translation adjustments | (0.5 | ) | Accretion expense | 2.2 | |||||
As of September 30, 2014 | $ | 32.3 | |||||||
Liabilities settled | (0.9 | ) | |||||||
Foreign currency translation adjustments | (0.2 | ) | |||||||
At December 31, 2013 | $ | 31.7 | |||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Related Party Transactions | RELATED PARTY TRANSACTIONS |
CBS Corporation. The Company is indirectly wholly owned by CBS. CBS provides the Company with certain services, such as insurance and support for technology systems, and also provides benefits to the Company’s employees, including certain postemployment benefits, medical, dental, life and disability insurance and participation in a 401(k) savings plan. Charges for these services and benefits are reflected in the combined consolidated financial statements based on the specific identification of costs, assets and liabilities. These financial statements also include allocations of centralized corporate expenses from CBS for services, such as tax, internal audit, cash management and other services. These expenses were determined based on various allocation methods, including factors such as headcount, time and effort spent on matters relating to the Company, and the number of CBS operating entities benefiting from such services. Charges for these services and benefits have been included in selling, general and administrative expenses in the accompanying Combined Consolidated Statements of Operations and totaled $60.9 million, $47.7 million and $46.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. For 2013, these charges also included professional fees associated with matters related to the Company’s election and qualification to be taxed as a REIT and costs related to the Company’s preparation to operate as a stand-alone public company. Management believes that the assumptions and estimates used to allocate these expenses are reasonable. However, the Company’s expenses as a stand-alone company may be different from those reflected in the Combined Consolidated Statements of Operations. | ||
CBS Corporation | Prior to the Formation Borrowings in January 2014, the Company participated in CBS’s centralized cash management system. Under this system, on a daily basis, any excess cash the Company generated was automatically transferred to CBS and any additional daily cash flow needs were funded by CBS. In conjunction therewith, the intercompany transactions between the Company and CBS have been considered to be effectively settled in cash in these financial statements. The net effect of the settlement of these intercompany transactions, in addition to cash transfers to and from CBS, are reflected in “Net cash distribution to CBS” on the Combined Consolidated Statements of Cash Flows and “Net distribution to CBS” on the Combined Consolidated Statements of Invested Equity. The amounts on these financial statement line items differ due to noncash transactions, such as stock-based compensation expense. On January 31, 2014, at the time of the Formation Borrowings, (See Note 14) the Company’s participation in CBS’s centralized cash management system ceased. | |
CBS manages its long-term debt obligations based on the needs of its entire portfolio of businesses. Long-term debt of CBS and related interest expense are not allocated to the Company as none of CBS’s debt is directly attributable to the Company. | ||
Our financial statements as of and for the nine months ended September 30, 2014, include charges from CBS for services, such as tax, internal audit, cash management, insurance, technology systems and other services. In addition, prior to 2014, CBS provided benefits to our employees, including certain post-employment benefits, medical, dental, life and disability insurance and participation in a 401(k) savings plan. Charges for these services and benefits are reflected in the consolidated financial statements based on the specific identification of costs, assets and liabilities or based on various allocation methods, including factors such as headcount, time and effort spent on matters relating to us, and the number of CBS operating entities benefiting from such services. Charges for these services and benefits have been included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and totaled $9.5 million in the nine months ended September 30, 2014, and $48.7 million in the same prior-year period. Also included in these charges are professional fees associated with our planned election to be taxed as a REIT. Our expenses as a stand-alone company may be different from those reflected in the Consolidated Statements of Operations prior to the IPO. Effective January 1, 2014, our employees began participating in employee benefit plans maintained by us. As a result, there were no benefits provided by CBS in the nine months ended September 30, 2014. In addition, during 2014, certain other services previously provided by CBS have been transitioned to us. | For advertising spending placed by CBS and its subsidiaries, the Company recognized total revenues of $14.9 million, $16.6 million and $20.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Other Related Parties. The Company has a 50% ownership interest in two joint ventures that operate transit shelters in Los Angeles and Vancouver. These ventures are accounted for as equity investments. At December 31, 2013 and 2012, these investments totaled $24.1 million and $11.3 million, respectively, and are included in “Other assets” on the Combined Consolidated Balance Sheets. The Company provides management services to these joint ventures. Management fees earned from these joint ventures were immaterial for all periods presented. | ||
As of September 30, 2014, receivables from CBS were $0.3 million and payables to CBS were $1.0 million, which were included in Other current assets and Other current liabilities, respectively, on our Consolidated Statement of Financial Position. As of December 31, 2013, there were no receivables or payables from CBS on our Consolidated Statement of Financial Position. | In 2013, the Company sold 50% of its transit shelter operations in Los Angeles for $17.5 million. The Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture that the Company and buyer own together. This transaction resulted in a gain of $17.5 million in 2013. | |
Viacom Inc. is controlled by National Amusements, Inc., the controlling stockholder of CBS. Revenues recognized for advertising spending placed by various subsidiaries of Viacom Inc. were $9.3 million, $9.4 million and $11.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
On April 2, 2014, we entered into a transition services agreement with CBS, pursuant to which CBS will temporarily provide us with certain services (including legal, finance, information technology, insurance, tax and employment functions), and we will provide certain limited services to CBS. Also on April 2, 2014, we entered into a license agreement with a wholly owned subsidiary of CBS, pursuant to which we have the right to use “CBS” in the corporate names of the Company and our subsidiaries and have the right to use the “CBS” mark and logo on our advertising billboards. On July 16, 2014, we amended the transition services agreement to extend the time periods in which CBS will provide the transition services described above to January 16, 2015 or to July 16, 2015, as applicable depending on the services being provided. Also on July 16, 2014, we amended the license agreement to extend the time period in which we have the right to use “CBS” in the corporate names of the Company and our subsidiaries to December 31, 2014, and have the right to use the “CBS” mark and logo on our advertising displays to March 31, 2016. On October 20, 2014, we announced the re-branding of the Company to “OUTFRONT media.” Our common stock will begin trading on the New York Stock Exchange under the symbol “OUT,” and our legal name will change, effective November 20, 2014. | ||
Prior to the incurrence of indebtedness on January 31, 2014, intercompany transactions between CBS and us were considered to be effectively settled in cash in the financial statements. The net effect of the settlement of these intercompany transactions, in addition to cash transfers to and from CBS, are reflected in Net cash contribution from (distribution to) CBS on the Condensed Consolidated Statements of Cash Flows and Net contribution from (distribution to) CBS on the Consolidated Statements of Invested Equity/Stockholders’ Equity. The amounts on these financial statement line items differ due to non-cash transactions, such as stock-based compensation expense. | ||
For advertising spending placed by CBS and its subsidiaries, we recognized total revenues of $14.5 million, of which $7.7 million was before the Separation, for the nine months ended September 30, 2014, and $12.3 million for the same prior-year period. | ||
On July 16, 2014, CBS completed the Separation and as a result of this transaction, CBS and their affiliates ceased to be related parties. | ||
Other Related Parties | ||
Viacom Inc. is controlled by National Amusements, Inc., the controlling stockholder of CBS. On July 16, 2014, CBS completed the Separation and as a result of this transaction, Viacom Inc. ceased to be a related party. Revenues recognized for advertising spending placed by various subsidiaries of Viacom Inc. were $6.0 million, of which $4.3 million was before the Separation, for the nine months ended September 30, 2014, and $5.6 million for the same prior-year period. | ||
We have a 50% ownership interest in two joint ventures that operate transit shelters in Los Angeles and Vancouver. These ventures are accounted for as equity investments. These investments totaled $22.6 million as of September 30, 2014, and $24.1 million as of December 31, 2013, and are included in Other assets on the Consolidated Statements of Financial Position. We provide sales and management services to these joint ventures. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-Term Debt | ||||||||
Long-term debt consists of the following: | |||||||||
As of | |||||||||
(in millions, except percentages) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Term loan, due 2021 | $ | 798.2 | $ | — | |||||
Senior unsecured notes: | |||||||||
5.250% senior unsecured notes, due 2022 | 400 | — | |||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||
Total senior unsecured notes | 800 | — | |||||||
Total long-term debt | $ | 1,598.20 | $ | — | |||||
Weighted average cost of debt | 4.2 | % | — | % | |||||
Term Loan | |||||||||
On January 31, 2014, two of our wholly owned subsidiaries, Outfront Media Capital LLC (“Capital LLC”) and Outfront Media Capital Corporation (“Finance Corp,” and together with Capital LLC, the “Borrowers”), borrowed $800.0 million under a term loan due in 2021 (the “Term Loan,” together with the Revolving Credit Facility (as defined below), the “Senior Credit Facilities”). The Senior Credit Facilities are governed by a credit agreement, dated as of January 31, 2014 (the “Credit Agreement”). The Term Loan is unconditionally guaranteed by us and our material existing and future direct and indirect wholly owned domestic subsidiaries (except the Borrowers), subject to certain exceptions. The Term Loan is secured, subject to certain exceptions, by substantially all of the assets of the Borrowers and the guarantors, including a first-priority pledge of all the capital stock of our subsidiaries directly held by the Borrowers and the guarantors under the Term Loan. | |||||||||
The Term Loan bears interest at a rate per annum equal to 2.25% plus the greater of the London Interbank Offered Rate (“LIBOR”) or 0.75%. The interest rate on the Term Loan was 3.00% per annum as of September 30, 2014. Interest on the term loan is payable at the end of each LIBOR period, but in no event less frequently than quarterly. The Term Loan was issued at a discount which we are amortizing through Interest expense on the Consolidated Statement of Operations over the life of the Term Loan. As of September 30, 2014, $1.8 million remains unamortized. | |||||||||
Senior Unsecured Notes | |||||||||
On January 31, 2014, the Borrowers issued $400.0 million aggregate principal amount of 5.250% Senior Unsecured Notes due 2022 and $400.0 million aggregate principal amount of 5.625% Senior Unsecured Notes due 2024 (together, the “Senior Notes”) in a private placement. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the Senior Notes is payable on May 15 and November 15 of each year. | |||||||||
On or after February 15, 2017, the Borrowers may redeem at any time, or from time to time, some or all of the 5.250% Senior Unsecured Notes due 2022, and on or after February 15, 2019, the Borrowers may also redeem at any time, or from time to time, some or all of the 5.625% Senior Unsecured Notes due 2024. Prior to such dates, the Borrowers may redeem some or all of the Senior Notes subject to a customary make-whole premium. In addition, prior to February 15, 2017, the Borrowers may redeem up to 35% of the aggregate principal amount of each series of Senior Notes with the proceeds of certain equity offerings. | |||||||||
Pursuant to a registration rights agreement dated January 31, 2014, we and the Borrowers have agreed to use commercially reasonable efforts to cause a registration statement to become effective with the SEC by January 31, 2015, related to an offer to exchange the Senior Notes for registered Senior Notes having substantially identical terms, or, in certain cases, to register the Senior Notes for resale. If we and the Borrowers do not register or exchange the Senior Notes pursuant to the terms of the registration rights agreement, the Borrowers will be required to pay additional interest to the holders of the Senior Notes under certain circumstances. | |||||||||
Revolving Credit Facility | |||||||||
On January 31, 2014, the Borrowers also entered into a $425.0 million Revolving Credit Facility, which matures in 2019 (the “Revolving Credit Facility”). Borrowing rates under the Revolving Credit Facility are based on LIBOR plus a margin based on our 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. Interest on the Revolving Credit Facility is payable at the end of each LIBOR period, but in no event less frequently than quarterly. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility in the nine months ended September 30, 2014, was $1.4 million. As of September 30, 2014, there were no outstanding borrowings under the Revolving Credit Facility. As of September 30, 2014, we had issued letters of credit totaling approximately $20.5 million against the Revolving Credit Facility. The Revolving Credit Facility is unconditionally guaranteed by us and our material existing and future direct and indirect wholly owned domestic subsidiaries (except the Borrowers), subject to certain exceptions. The Revolving Credit Facility is secured, subject to certain exceptions, by substantially all of the assets of the Borrowers and the guarantors, including a first-priority pledge of all the capital stock of our subsidiaries directly held by the Borrowers and the guarantors under the Revolving Credit Facility. | |||||||||
The Credit Agreement contains certain customary affirmative and negative covenants. As of September 30, 2014, the terms of the Revolving Credit Facility require that as an entity being taxed as a REIT, we are required to maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. As of September 30, 2014, our Maximum Consolidated Net Secured Leverage Ratio was 1.6 to 1.0. The Credit Agreement requires, in connection with the incurrence of certain indebtedness, that we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of September 30, 2014, our Consolidated Total Leverage Ratio was 3.9 to 1.0. | |||||||||
Letter of Credit Facility | |||||||||
On January 31, 2014, the Borrowers also entered into a letter of credit facility, pursuant to which we may obtain letters of credit from time to time in an aggregate outstanding face amount of up to $80.0 million. After the first year, the letter of credit facility will automatically extend for successive one-year periods unless either the Borrowers or the issuing bank under it elect not to extend it. The letter of credit facility is unconditionally guaranteed by us and our material existing and future direct and indirect wholly owned domestic subsidiaries (except the Borrowers), subject to certain exceptions, and is secured on an equal and ratable basis by the same collateral that secures the Senior Credit Facilities. The fee under the letter of credit facility in the nine months ended September 30, 2014, was immaterial. On October 1, 2014, we issued letters of credit totaling approximately $10.2 million related to operations of the Acquired Business against the letter of credit facility. | |||||||||
Deferred Financing Costs | |||||||||
We deferred $29.3 million in fees and expenses associated with the Senior Credit Facilities, Senior Notes and letter of credit facility. We are amortizing the deferred fees through Interest expense on the Consolidated Statement of Operations over the term of each debt facility. | |||||||||
Use of Proceeds | |||||||||
On January 31, 2014, we transferred approximately $1.5 billion of the combined proceeds from the Term Loan and the Senior Notes to a wholly owned subsidiary of CBS, which is an amount equal to the net proceeds from the total indebtedness less $50.0 million, which remained with us for general corporate purposes. | |||||||||
Fair Value | |||||||||
Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $1.6 billion as of September 30, 2014. The fair value of our debt is classified as Level 2. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||
Accumulated Comprehensive Income | Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income (loss). | |||||||||||||||||||||||||
(in millions) | Cumulative Translation Adjustments | Net Actuarial Gain (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
As of December 31, 2013 | $ | (69.2 | ) | $ | (5.9 | ) | $ | (75.1 | ) | Cumulative | Net | Accumulated | |||||||||||||
Other comprehensive income before reclassifications | (3.1 | ) | — | (3.1 | ) | Translation | Actuarial | Other | |||||||||||||||||
Adjustments | Gain | Comprehensive | |||||||||||||||||||||||
Amortization of actuarial losses reclassified to net income | — | 0.2 | 0.2 | (Loss) | Income (Loss) | ||||||||||||||||||||
At December 31, 2010 | $ | (51.0 | ) | $ | (7.1 | ) | $ | (58.1 | ) | ||||||||||||||||
Deferred tax rate adjustment | — | (1.2 | ) | (1.2 | ) | Other comprehensive loss | (14.3 | ) | (3.2 | ) | (17.5 | ) | |||||||||||||
At December 31, 2011 | (65.3 | ) | (10.3 | ) | (75.6 | ) | |||||||||||||||||||
Total other comprehensive income, net of tax | (3.1 | ) | (1.0 | ) | (4.1 | ) | Other comprehensive income (loss) | 11 | (1.4 | ) | 9.6 | ||||||||||||||
As of September 30, 2014 | $ | (72.3 | ) | $ | (6.9 | ) | $ | (79.2 | ) | ||||||||||||||||
At December 31, 2012 | (54.3 | ) | (11.7 | ) | (66.0 | ) | |||||||||||||||||||
As of December 31, 2012 | $ | (54.3 | ) | $ | (11.7 | ) | $ | (66.0 | ) | Other comprehensive income (loss) before reclassifications | (14.9 | ) | 5.2 | (9.7 | ) | ||||||||||
Other comprehensive income before reclassifications | (12.3 | ) | — | (12.3 | ) | ||||||||||||||||||||
Amortization of actuarial losses reclassified to net income (a) | — | 0.6 | 0.6 | ||||||||||||||||||||||
Amortization of actuarial losses reclassified to net income | — | 0.4 | 0.4 | ||||||||||||||||||||||
Other comprehensive income (loss) | (14.9 | ) | 5.8 | (9.1 | ) | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (12.3 | ) | 0.4 | (11.9 | ) | ||||||||||||||||||||
At December 31, 2013 | $ | (69.2 | ) | $ | (5.9 | ) | $ | (75.1 | ) | ||||||||||||||||
As of September 30, 2013 | $ | (66.6 | ) | $ | (11.3 | ) | $ | (77.9 | ) | ||||||||||||||||
(a) | See Note 11 for additional details of items reclassified from accumulated other comprehensive income to net income. | ||||||||||||||||||||||||
Net actuarial gain (loss) included in other comprehensive income (loss) is net of a tax expense of $3.3 million for the year ended December 31, 2013, and net of a tax benefit of $.3 million and $2.9 million for the years ended December 31, 2012 and 2011, respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | |
Equity | Equity |
On January 15, 2014, 100 shares of our common stock were issued to CBS. On March 14, 2014, our board of directors declared a 970,000 to 1 stock split. As a result of the stock split, the 100 shares of our common stock then outstanding were converted into 97,000,000 shares of our common stock. The effects of the stock split have been applied retroactively. For purposes of calculating earnings per share, 97,000,000 shares were considered outstanding for all periods presented. | |
On March 25, 2014, our board of directors granted CBS and certain of its affiliates a waiver of the ownership restrictions contained in our charter, subject to certain initial and ongoing conditions designed to protect our status as a REIT. | |
On March 27, 2014, our registration statement on Form S-11 related to our IPO of our common stock was declared effective by the SEC. On April 2, 2014, we completed an IPO of 23,000,000 shares of our common stock, including 3,000,000 shares of our common stock sold pursuant to the underwriters’ option to purchase additional shares, at a price of $28.00 per share. Our total shares issued and outstanding upon completion of the IPO was 120,000,000. (See Note 2. Initial Public Offering.) | |
As of September 30, 2014, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 120,010,462 shares were issued and outstanding; and 50,000,000 shares of our preferred stock, par value $0.01 per share, were authorized with no shares issued and outstanding. | |
On October 29, 2014, our board of directors approved a special dividend of approximately $547.7 million to our stockholders in connection with our conversion to a REIT. The special dividend is payable on December 31, 2014, to stockholders of record as of November 20, 2014. The special dividend is the E&P Purge. Stockholders will have the option to elect to receive their special dividend in all cash or all stock. However, the aggregate amount of cash to be distributed will be approximately $109.5 million. As stated in Note 2. Initial Public Offering, a portion ($100.0 million) of the IPO proceeds was retained by us and will be applied to the cash portion of the E&P Purge. CBS will transfer the balance of the cash portion of the E&P Purge (approximately $9.5 million) to us prior to the special dividend to stockholders. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Restructuring Charges [Abstract] | ||
Restructuring Charges | Restructuring Charges | RESTRUCTURING CHARGES |
During 2012 and 2011, in efforts to reduce its cost structure, the Company recorded restructuring charges of $2.5 million and $3.0 million, respectively, mainly in the United States segment. The charges principally reflected severance costs associated with the elimination of positions. At December 31, 2013, all of the restructuring reserves were fully utilized and at December 31, 2012, $1.1 million of the restructuring reserves were remaining. | ||
In the third quarter of 2014, we recorded a restructuring charge of $6.2 million associated with a management reorganization resulting in the departure of Wally Kelly, President and Chief Operating Officer, from the Company. The restructuring charge is comprised of severance charges, including stock-based compensation of $3.5 million. As of September 30, 2014, a restructuring reserve of $2.5 million is included in Other current liabilities in the Consolidating Statement of Financial Position. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||||||||||||||||||||||||||
Certain of the Company’s employees were granted awards of RSUs and stock options for CBS Class B Common Stock under the CBS equity incentive plans. These awards include an annual grant to certain management employees as well as annual grants under the CBS Fund the Future Program to substantially all of the Company’s U.S. employees. At the time of the Offering, outstanding RSUs for CBS Class B Common Stock held by the Company’s employees will be converted into RSUs for shares of the Company. The fair value of the converted RSUs will equal the fair value of the RSU awards for CBS common stock at the time of conversion. | ||||||||||||||||||||||||||||||||||
On March 18, 2014, our board of directors approved the Omnibus Stock Incentive Plan (the “Stock Plan”) and reserved 8,000,000 shares of our common stock for stock-based awards. Under the Stock Plan, the board of directors is authorized to grant awards of options to purchase shares of our common stock (the “Outfront Options”), stock appreciation rights, restricted and unrestricted stock, restricted share units (“RSUs”), dividend equivalents, performance awards, including performance-based restricted share units (“PRSUs”), and other equity-related awards and cash payments to all of our employees and non-employee directors and employees of our subsidiaries. In addition, consultants and advisors who perform services for us and our subsidiaries may, under certain conditions, receive grants under our Stock Plan. | The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||
RSUs and PRSUs accrue dividend equivalents in amounts equal to the regular cash dividends paid on our common stock and will be paid in either cash or stock. Accrued dividend equivalents payable in stock shall convert to shares of our common stock on the date of vesting. | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
The Stock Plan also provides for the treatment of awards held by our employees that were originally granted under various CBS stock plans. Prior to our IPO, certain of our employees were granted awards of RSUs, PRSUs and stock options for CBS Class B common stock under the CBS equity incentive plans. At the time of the IPO, substantially all outstanding RSUs and PRSUs for CBS Class B common stock (the “CBS RSUs”) were converted into RSUs and PRSUs for our common stock (the “Outfront RSUs”) under the Stock Plan. | RSUs | $ | 6.8 | $ | 5.2 | $ | 4.7 | |||||||||||||||||||||||||||
Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three- to four-year service period. For PRSU awards, the number of shares an employee earns may range from 0% to 120% based on the outcome of a one year performance condition. Compensation expense is recorded based on the probable outcome of the performance condition. On an annual basis, the board of directors will review actual performance and certify the degree to which performance goals applicable to the award have been met. Forfeitures of RSUs are estimated on the date of grant based on historical forfeiture rates. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. | Stock options | 0.7 | 0.5 | 0.3 | ||||||||||||||||||||||||||||||
The following table summarizes our stock-based compensation expense for the nine months ended September 30, 2014 and 2013. | Stock-based compensation expense, before income taxes | 7.5 | 5.7 | 5 | ||||||||||||||||||||||||||||||
Tax benefit | (3.0 | ) | (2.3 | ) | (2.0 | ) | ||||||||||||||||||||||||||||
Nine Months Ended | Stock-based compensation expense, net of tax | $ | 4.5 | $ | 3.4 | $ | 3 | |||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | RSUs | |||||||||||||||||||||||||||||||
RSUs and PRSUs | $ | 9 | $ | 5.4 | Compensation expense for RSUs is determined based upon the market price of the CBS shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a three- to four-year service period. For certain RSU awards the number of shares an employee earns is based on the outcome of performance conditions. Compensation expense is recorded based on the probable outcome of the performance condition. Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. | |||||||||||||||||||||||||||||
The total fair value of RSUs that vested during 2013, 2012 and 2011 was $16.4 million, $11.4 million and $10.1 million, respectively. Total unrecognized compensation cost related to non-vested RSUs at December 31, 2013 was $9.7 million, which is expected to be recognized over a weighted average period of 2.3 years. | ||||||||||||||||||||||||||||||||||
Stock options | 1.9 | 0.4 | The following table summarizes the activity of CBS’s RSUs issued to employees of the Company. | |||||||||||||||||||||||||||||||
Stock-based compensation expense, before income taxes | 10.9 | 5.8 | ||||||||||||||||||||||||||||||||
RSUs | Weighted Average | |||||||||||||||||||||||||||||||||
Tax benefit | (2.8 | ) | (2.4 | ) | Grant Date Fair Value | |||||||||||||||||||||||||||||
Stock-based compensation expense, net of tax | $ | 8.1 | $ | 3.4 | Non-vested at December 31, 2012 | 665,282 | $ | 19.65 | ||||||||||||||||||||||||||
Granted | 190,484 | $ | 47.26 | |||||||||||||||||||||||||||||||
As of September 30, 2014, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $20.6 million, which is expected to be recognized over a weighted average period of 2.9 years, and total unrecognized compensation cost related to non-vested stock options was $0.9 million, which is expected to be recognized over a weighted average period of 2.6 years. | ||||||||||||||||||||||||||||||||||
Vested | (366,273 | ) | $ | 17.43 | ||||||||||||||||||||||||||||||
RSUs and PRSUs | ||||||||||||||||||||||||||||||||||
Forfeited | (17,003 | ) | $ | 31.06 | ||||||||||||||||||||||||||||||
On March 27, 2014, 256,172 non-vested CBS RSUs held by our employees were converted into 561,021 non-vested Outfront RSUs. The number of RSUs was converted at a ratio of approximately 2.2 to 1.0 to preserve the fair value of the awards both before and after conversion. | ||||||||||||||||||||||||||||||||||
The following table summarizes the activity of the RSUs and PRSUs issued to our employees. | Non-vested at December 31, 2013 | 472,490 | $ | 32.09 | ||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||||
CBS RSUs | Outfront RSUs | Stock options vest over a four-year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. On an annual basis, adjustments are made to compensation expense based on actual forfeitures and the forfeiture rates are revised as necessary. | ||||||||||||||||||||||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | Activity | Weighted Average Per Share Grant Date Fair Market Value | RSU and PRSU Dividend Equivalents | The weighted average fair value of stock options as of the grant date was $14.04, $8.83 and $7.59 in 2013, 2012 and 2011, respectively. Compensation expense for stock options is determined based on the grant date fair value of the award using the Black-Scholes options-pricing model with the following weighted average assumptions: | |||||||||||||||||||||||||||||
Non-vested as of December 31, 2013 | 472,490 | $ | 32.09 | |||||||||||||||||||||||||||||||
Employee transfers and grants | 11,875 | 34.66 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Expected dividend yield | 1.38 | % | 2 | % | 2 | % | ||||||||||||||||||||||||||||
Vested | (157,723 | ) | 22.51 | Expected stock price volatility | 35 | % | 40.2 | % | 41.16 | % | ||||||||||||||||||||||||
Risk-free interest rate | 1.2 | % | 1.01 | % | 2.34 | % | ||||||||||||||||||||||||||||
Forfeited | (2,909 | ) | 37.67 | Expected term of options (years) | 5 | 5.02 | 5.06 | |||||||||||||||||||||||||||
Non-vested before conversion | 323,733 | 36.8 | The expected stock price volatility is determined using a weighted average of historical volatility for CBS Class B Common Stock and implied volatility of publicly traded options to purchase CBS Class B Common Stock. Given the existence of an actively traded market for CBS options, the Company was able to derive implied volatility using publicly traded options to purchase CBS Class B Common Stock that were trading near the grant date of the employee stock options at a similar exercise price and a remaining term of greater than one year. | |||||||||||||||||||||||||||||||
The risk-free interest rate is based on a U.S. Treasury rate in effect on the date of grant with a term equal to the expected life. The expected term is determined based on historical employee exercise and post-vesting termination behavior. The expected dividend yield represents the future expectation of the dividend yield based on current rates and historical patterns of dividend changes. | ||||||||||||||||||||||||||||||||||
CBS RSUs converted to Outfront RSUs | (256,172 | ) | 37.77 | Total unrecognized compensation cost related to non-vested stock option awards at December 31, 2013 was $1.7 million, which is expected to be recognized over a weighted average period of 3.0 years. | ||||||||||||||||||||||||||||||
The following table summarizes the Company’s stock option activity under the CBS equity incentive plans. | ||||||||||||||||||||||||||||||||||
Non-vested Outfront RSUs converted from CBS RSUs | 561,021 | $ | 17.24 | |||||||||||||||||||||||||||||||
Non-vested CBS RSUs not converted to Outfront RSUs(a) | 67,561 | 33.16 | Stock | Weighted Average | ||||||||||||||||||||||||||||||
Options | Exercise Price | |||||||||||||||||||||||||||||||||
Granted: | Outstanding at December 31, 2012 | 584,494 | $ | 22.01 | ||||||||||||||||||||||||||||||
RSUs | 478,311 | 29.59 | ||||||||||||||||||||||||||||||||
Granted | 101,611 | $ | 49.64 | |||||||||||||||||||||||||||||||
PRSUs | 168,468 | 29.7 | ||||||||||||||||||||||||||||||||
Exercised | (213,102 | ) | $ | 18.88 | ||||||||||||||||||||||||||||||
Dividend equivalents | 10,032 | |||||||||||||||||||||||||||||||||
Forfeited or Expired | (73,422 | ) | $ | 29.69 | ||||||||||||||||||||||||||||||
Vested: | ||||||||||||||||||||||||||||||||||
RSUs | (67,561 | ) | 33.16 | (5,848 | ) | 25.91 | Outstanding at December 31, 2013 | 399,581 | $ | 29.3 | ||||||||||||||||||||||||
PRSUs | (6,955 | ) | 25.88 | Exercisable at December 31, 2013 | 184,215 | $ | 21.41 | |||||||||||||||||||||||||||
Forfeitures: | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||
RSUs | (27,965 | ) | 24.39 | |||||||||||||||||||||||||||||||
PRSUs | (15,289 | ) | 26.39 | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Cash paid to CBS by employees of the Company for stock option exercises | $ | 4 | $ | 6.5 | $ | 0.8 | ||||||||||||||||||||||||||||
Dividend equivalents | (2 | ) | ||||||||||||||||||||||||||||||||
Non-vested as of September 30, 2014 | — | — | 1,151,743 | 23.78 | 10,030 | Tax benefit of stock option exercises | $ | 2.5 | $ | 0.8 | $ | 0.9 | ||||||||||||||||||||||
Intrinsic value of stock option exercises | $ | 6.1 | $ | 1.9 | $ | 2.1 | ||||||||||||||||||||||||||||
(a) | Reflects CBS RSUs which vested in April 2014. | The following table summarizes information concerning outstanding and exercisable stock options to purchase CBS Class B Common Stock under the CBS equity incentive plans at December 31, 2013. | ||||||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||||||||||||
On July 16, 2014, 219,741 outstanding CBS stock options held by our active employees were converted into 409,207 Outfront Options. Vested outstanding CBS stock options held by former employees of the Company were not converted into Outfront Options. The CBS stock options were converted at a ratio of approximately 1.9 to 1.0 to preserve the intrinsic value of the award at the time of conversion. | Range of | Number | Remaining | Weighted | Number of | Weighted | ||||||||||||||||||||||||||||
Exercise Price | of | Contractual | Average | Options | Average | |||||||||||||||||||||||||||||
The following table summarizes the activity of CBS’ stock options issued to our employees. | Options | Life (Years) | Exercise | Exercise | ||||||||||||||||||||||||||||||
Price | Price | |||||||||||||||||||||||||||||||||
$5 to 9.99 | 47,081 | 3.15 | $ | 5.2 | 47,081 | $ | 5.2 | |||||||||||||||||||||||||||
CBS | CBS | Outfront | Outfront Weighted Average Exercise Price | |||||||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | Stock Options | $10 to 19.99 | 42,036 | 4.16 | $ | 13.43 | 16,179 | $ | 13.43 | ||||||||||||||||||||||||
Outstanding as of December 31, 2013 | 399,581 | $ | 29.3 | |||||||||||||||||||||||||||||||
$20 to 29.99 | 154,985 | 4.22 | $ | 26.99 | 67,087 | $ | 27 | |||||||||||||||||||||||||||
Exercised | (123,260 | ) | 22.04 | |||||||||||||||||||||||||||||||
$30 to 39.99 | 53,868 | 0.18 | $ | 31.03 | 53,868 | $ | 31.03 | |||||||||||||||||||||||||||
Forfeited or expired | (38,523 | ) | 30.75 | |||||||||||||||||||||||||||||||
$40 to 49.99 | 53,592 | 7.12 | $ | 43.21 | — | $ | — | |||||||||||||||||||||||||||
CBS stock options converted to Outfront stock options | (219,741 | ) | 33.27 | |||||||||||||||||||||||||||||||
$50 to 59.99 | 48,019 | 7.72 | $ | 56.81 | — | $ | — | |||||||||||||||||||||||||||
Outstanding Outfront stock options converted from CBS stock options | 409,207 | $ | 17.87 | |||||||||||||||||||||||||||||||
399,581 | 184,215 | |||||||||||||||||||||||||||||||||
Exercised | (2,426 | ) | 14.71 | |||||||||||||||||||||||||||||||
Stock options outstanding at December 31, 2013 have a weighted average remaining contractual life of 4.35 years and the total intrinsic value for “in-the-money” options, based on the closing stock price of CBS Class B Common Stock of $63.74, was $13.8 million. Stock options exercisable at December 31, 2013 have a weighted average remaining contractual life of 2.03 years and the total intrinsic value for “in-the-money” exercisable options was $7.8 million. | ||||||||||||||||||||||||||||||||||
Forfeited or expired | (16,170 | ) | 23.08 | |||||||||||||||||||||||||||||||
Outstanding as of September 30, 2014 | 18,057 | 27.38 | 390,611 | 17.67 | ||||||||||||||||||||||||||||||
Exercisable as of September 30, 2014 | 18,057 | 27.38 | 166,234 | 12.29 | ||||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Taxes | Income Taxes | INCOME TAXES | |||||||||||||||||||||||
The Company’s U.S. operating results have been included in consolidated federal, and certain state and local income tax returns filed by CBS. The income tax expense reflected in the Combined Consolidated Statements of Operations, deferred tax assets and liabilities included in the Combined Consolidated Balance Sheets and income tax payments reflected in the Combined Consolidated Statements of Cash Flows have been prepared as if these amounts were calculated on a separate tax return basis for the Company. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the combined consolidated financial statements herein may not necessarily reflect the Company’s income tax expense or tax payments in the future, or what its tax amounts would have been if the Company had been a stand-alone company during the periods presented. | |||||||||||||||||||||||||
On July 16, 2014, we ceased to be a member of the CBS consolidated tax group and on July 17, 2014, we began operating in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes for the tax year commencing July 17, 2014, and ending December 31, 2014. In the third quarter of 2014, as a result of our REIT conversion, substantially all Deferred income tax liabilities, net, was reversed into Net income via a non-cash benefit of approximately $232.3 million. As a result of our REIT conversion, our expected effective tax rate for the second half of 2014 will be substantially lower than previous periods. Prior to July 17, 2014 our U.S. operating results were included in consolidated federal, and certain state and local income tax returns filed by CBS. The income tax expense reflected in the Consolidated Statements of Operations, deferred tax assets and liabilities included in the Consolidated Statements of Financial Position and income tax payments reflected in the Condensed Consolidated Statements of Cash Flows were prepared as if these amounts were calculated on a separate tax return basis for us. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. However, the consolidated financial statements herein may not necessarily reflect our income tax expense or tax payments, or what our tax amounts would have been if we had been a stand-alone company during the periods prior to July 17, 2014. | Cash paid for income taxes was assumed to be $112.8 million, $96.5 million and $50.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The U.S. and foreign components of income before income taxes and equity in earnings of investee companies were as follows: | |||||||||||||||||||||||||
As a REIT, we must distribute to our stockholders, for the tax year commencing July 17, 2014, and ending December 31, 2014, at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain. To the extent that we satisfy the 90% distribution requirement, but distribute less than 100% of our taxable income, we will be subject to U.S. federal corporate income tax on the undistributed income. In addition, we are subject to a 4% nondeductible excise tax on the amount, if any, by which our distributions in any calendar year are less than a minimum amount specified under U.S. federal income tax laws. We intend to distribute net income to our stockholders in a manner to satisfy the REIT 90% distribution requirement and to avoid the 4% nondeductible excise tax. | |||||||||||||||||||||||||
On September 30, 2014, we distributed a quarterly dividend of $0.37 per share, which we anticipate will be taxed as ordinary income by our stockholders. | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
United States | $ | 239.8 | $ | 201.9 | $ | 178.6 | |||||||||||||||||||
On April 2, 2014, we entered into a tax matters agreement, which governs the respective rights, responsibilities and obligations of CBS and us with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, and other matters regarding taxes for the periods during which we are a member of the CBS consolidated tax group. The tax matters agreement also separately allocates among the parties any tax liability arising as a result of any failure of the Separation to qualify as a tax-free transaction based on actions taken during the two-year period following the Separation. | |||||||||||||||||||||||||
Foreign | (2.2 | ) | (1.7 | ) | 14.6 | ||||||||||||||||||||
Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. | |||||||||||||||||||||||||
Total | $ | 237.6 | $ | 200.2 | $ | 193.2 | |||||||||||||||||||
Excluding the non-cash benefit recorded as a result of our REIT conversion in 2014, the effective income tax rate was 39.3% in the nine months ended September 30, 2014, and 43.5% in the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||||||||||||||
The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision for income taxes is summarized as follows: | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Nine Months Ended | Current: | ||||||||||||||||||||||||
September 30, | Federal | $ | 85.1 | $ | 71.8 | $ | 32.5 | ||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||||
Taxes on income at U.S. statutory rate | $ | 21.2 | $ | 56.7 | State and local | 21.8 | 18.9 | 10.5 | |||||||||||||||||
State and local taxes, net of federal tax benefit | 4.2 | 9.9 | Foreign | 5.2 | 4.9 | 12 | |||||||||||||||||||
Effect of foreign operations | 2.2 | 1.7 | 112.1 | 95.6 | 55 | ||||||||||||||||||||
Reversal of deferred tax liability | (232.3 | ) | — | Deferred | (15.5 | ) | (6.6 | ) | 32.8 | ||||||||||||||||
Other, net | 1.8 | 2.2 | Provision for income taxes | $ | 96.6 | $ | 89 | $ | 87.8 | ||||||||||||||||
Provision for income taxes | $ | (202.9 | ) | $ | 70.5 | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision for income taxes is summarized as follows: | |||||||||||||||||||
The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
Taxes on income at U.S. statutory rate | $ | 83.2 | $ | 70.1 | $ | 67.6 | |||||||||||||||||||
(in millions) | State and local taxes, net of federal tax benefit | 7.6 | 13.4 | 13.1 | |||||||||||||||||||||
As of December 31, 2013 | $ | 4 | |||||||||||||||||||||||
Effect of foreign operations | 4 | 2.2 | 3.4 | ||||||||||||||||||||||
Additions for current year tax positions | 0.1 | ||||||||||||||||||||||||
Audit settlements | — | — | 3.8 | ||||||||||||||||||||||
Reductions for prior year tax positions | (2.9 | ) | |||||||||||||||||||||||
As of September 30, 2014 | $ | 1.2 | Other, net (a) | 1.8 | 3.3 | (0.1 | ) | ||||||||||||||||||
Provision for income taxes | $ | 96.6 | $ | 89 | $ | 87.8 | |||||||||||||||||||
Reductions for prior year tax positions includes $2.1 million of liabilities which were transferred to CBS pursuant to our tax matters agreement. The reduction in this liability did not impact our provision for income taxes during the period. The reserve for uncertain tax positions of $1.2 million as of September 30, 2014, includes $0.8 million which would affect our effective income tax rate if and when recognized in future years. | |||||||||||||||||||||||||
(a) | For 2012, other primarily reflects a charge related to the Company’s domestic production deduction. | ||||||||||||||||||||||||
The following table is a summary of the components of deferred income tax assets and liabilities. | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||||||
Provision for expenses and losses | $ | 31.3 | $ | 35.4 | |||||||||||||||||||||
Postretirement and other employee benefits | 9.9 | 12.7 | |||||||||||||||||||||||
Tax credit and loss carryforwards | 14.6 | 13.7 | |||||||||||||||||||||||
Other | 0.1 | 1.9 | |||||||||||||||||||||||
Total deferred income tax assets | 55.9 | 63.7 | |||||||||||||||||||||||
Valuation allowance | (10.1 | ) | (8.0 | ) | |||||||||||||||||||||
Deferred income tax assets, net | 45.8 | 55.7 | |||||||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||||||
Property, equipment and intangible assets | (309.3 | ) | (340.5 | ) | |||||||||||||||||||||
Other | (0.5 | ) | — | ||||||||||||||||||||||
Total deferred income tax liabilities | (309.8 | ) | (340.5 | ) | |||||||||||||||||||||
Deferred income tax liabilities, net | $ | (264.0 | ) | $ | (284.8 | ) | |||||||||||||||||||
At December 31, 2012, $2.9 million of noncurrent deferred tax assets was included in “Other assets” on the Combined Consolidated Balance Sheet. | |||||||||||||||||||||||||
At December 31, 2013, the Company had net operating loss carryforwards for federal, state and local, and foreign jurisdictions of $47.2 million. Approximately $22.0 million of these losses may be carried forward indefinitely, subject to limitations imposed by local tax laws. The remaining net operating losses expire in various years from 2014 through 2027. | |||||||||||||||||||||||||
The 2013 and 2012 deferred income tax assets were reduced by a valuation allowance of $10.1 million and $8.0 million, respectively, principally relating to income tax benefits from net operating losses which are not expected to be realized. | |||||||||||||||||||||||||
The Company’s international operations have generated cumulative losses, and, therefore have no unremitted earnings. | |||||||||||||||||||||||||
The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | |||||||||||||||||||||||||
At January 1, 2011 | $ | 1.9 | |||||||||||||||||||||||
Additions for current year tax positions | 3.5 | ||||||||||||||||||||||||
At December 31, 2011 | 5.4 | ||||||||||||||||||||||||
Additions for current year tax positions | 3.8 | ||||||||||||||||||||||||
Reductions for prior year tax positions | (4.3 | ) | |||||||||||||||||||||||
At December 31, 2012 | 4.9 | ||||||||||||||||||||||||
Additions for current year tax positions | 0.2 | ||||||||||||||||||||||||
Reductions for prior year tax positions | (1.1 | ) | |||||||||||||||||||||||
At December 31, 2013 | $ | 4 | |||||||||||||||||||||||
The reserve for uncertain tax positions of $4.0 million at December 31, 2013 includes $3.4 million which would affect the Company’s effective income tax rate if and when recognized in future years. | |||||||||||||||||||||||||
The Company recognizes interest and penalty charges related to the reserve for uncertain tax positions as part of income tax expense. These charges were not material for any of the periods presented. |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Compensation and Retirement Disclosure [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: | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Components of net periodic pension cost: | |||||||||||||
Service cost | $ | 1.1 | $ | 1.3 | |||||||||
Interest cost | 1.9 | 1.5 | |||||||||||
Expected return on plan assets | (2.1 | ) | (1.8 | ) | |||||||||
Amortization of actuarial losses(a) | 0.3 | 0.8 | |||||||||||
Net periodic pension cost | $ | 1.2 | $ | 1.8 | |||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. | ||||||||||||
In the nine months ended September 30, 2014, we contributed $1.9 million to our pension plans. In 2014, we expect to contribute approximately $2.0 million to our pension plans. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings Per Share (“EPS”) | ||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Net income | $ | 279.1 | $ | 93.5 | |||||||||
Weighted average shares for basic EPS | 112.3 | 112.3 | |||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | 0.5 | 0.5 | |||||||||||
Weighted average shares for diluted EPS | 112.8 | 112.8 | |||||||||||
(a) | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for the nine months ended September 30, 2014, was antidilutive. |
Commitment_and_Contingencies
Commitment and Contingencies | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||
The Company’s commitments not recorded on the Combined Consolidated Balance Sheets primarily consist of operating lease arrangements and guaranteed minimum franchise payments. These arrangements result from the Company’s normal course of business and represent obligations that are payable over several years. | |||||||||
Off-Balance Sheet Commitments | The Company has long-term operating leases for billboard sites, office space and equipment, which expire at various dates. Certain leases contain renewal and escalation clauses. | ||||||||
The Company has agreements with municipalities and transit operators which entitle it 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. | |||||||||
Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum franchise payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. | At December 31, 2013, minimum rental payments under noncancellable operating leases with terms in excess of one year and guaranteed minimum franchise payments are as follows: | ||||||||
We have long-term operating leases for office space, billboard sites and equipment, which expire at various dates. Certain leases contain renewal and escalation clauses. | |||||||||
Operating | Guaranteed | ||||||||
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. | Leases | Minimum | |||||||
Franchise Payments | |||||||||
Letters of Credit | 2014 | $ | 89.7 | $ | 150.8 | ||||
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. The outstanding letters of credit and surety bonds approximated $99.3 million as of September 30, 2014, of which none was indemnified by CBS, and $78.3 million as of December 31, 2013, all of which was indemnified by CBS, and were not recorded on the Consolidated Statements of Financial Position. | 2015 | 84.2 | 97.2 | ||||||
Legal Matters | 2016 | 73 | 22.7 | ||||||
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. | 2017 | 59.8 | 14.7 | ||||||
2018 | 51.8 | 7.2 | |||||||
2019 and thereafter | 315.5 | 38.7 | |||||||
Total minimum payments | $ | 674 | $ | 331.3 | |||||
Rent expense was $292.0 million in 2013, $283.2 million in 2012 and $279.3 million in 2011, including contingent rent amounts of $35.7 million in 2013, $28.6 million in 2012 and $24.7 million in 2011. Rent expense is primarily reflected in operating expenses on the Combined Consolidated Statements of Operations and includes rent on cancellable leases and leases with terms under one year, as well as contingent rent, none of which are included in the operating lease commitments in the table above. | |||||||||
The Company uses letters of credit and surety bonds, which are indemnified by CBS, primarily as security against nonperformance in the normal course of business. At December 31, 2013, the outstanding letters of credit and surety bonds approximated $78.3 million and were not recorded on the Combined Consolidated Balance Sheet. | |||||||||
Legal Matters | |||||||||
On an ongoing basis, the Company is engaged in lawsuits and governmental proceedings and responds to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”) as the outdoor advertising industry is subject to governmental regulation. 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 the Company’s opinion, none of its current litigation is expected to have a material adverse effect on the Company’s results of operations, financial position or cash flows. |
Segment_Information
Segment Information | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | Segment Information | SEGMENT INFORMATION | |||||||||||||||||||||||
The following tables set forth the Company’s financial performance by segment. The Company manages its operations through two segments—United States and International. | |||||||||||||||||||||||||
The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International. | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | Revenues: | ||||||||||||||||||||||||
(in millions) | 2014 | 2013 | United States | $ | 1,130.10 | $ | 1,098.60 | $ | 1,051.50 | ||||||||||||||||
Revenues: | |||||||||||||||||||||||||
U.S. | $ | 842.4 | $ | 827.6 | International | 163.9 | 186 | 225.6 | |||||||||||||||||
International | 116.4 | 122.5 | Total revenues | $ | 1,294.00 | $ | 1,284.60 | $ | 1,277.10 | ||||||||||||||||
Total revenues | $ | 958.8 | $ | 950.1 | The Company presents operating income (loss) before depreciation and amortization (“OIBDA”), net gain (loss) on dispositions, stock-based compensation and restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Adjusted OIBDA is relevant and useful for users because it allows users to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance. | ||||||||||||||||||||
We present Operating income (loss) before Depreciation, Amortization, Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges and Acquisition costs (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with FASB guidance for segment reporting. | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
Nine Months Ended | United States | $ | 406.4 | $ | 385.4 | $ | 364.7 | ||||||||||||||||||
September 30, | |||||||||||||||||||||||||
(in millions) | 2014 | 2013 | International | 29.1 | 30.5 | 57.2 | |||||||||||||||||||
Net income | $ | 279.1 | $ | 93.5 | |||||||||||||||||||||
Corporate | (20.7 | ) | (7.5 | ) | (7.6 | ) | |||||||||||||||||||
(Benefit) provision for income taxes | (202.9 | ) | 70.5 | Total Adjusted OIBDA | 414.8 | 408.4 | 414.3 | ||||||||||||||||||
Equity in earnings of investee companies, net of tax | (1.4 | ) | (1.9 | ) | Restructuring charges | — | (2.5 | ) | (3.0 | ) | |||||||||||||||
Interest expense (income), net | 57.3 | — | |||||||||||||||||||||||
Net gain (loss) on dispositions | 27.3 | (2.2 | ) | (2.0 | ) | ||||||||||||||||||||
Other (income) expense, net | 0.5 | — | |||||||||||||||||||||||
Depreciation | (104.5 | ) | (105.9 | ) | (109.0 | ) | |||||||||||||||||||
Operating income | 132.6 | 162.1 | Amortization | (91.3 | ) | (90.9 | ) | (102.9 | ) | ||||||||||||||||
Stock-based compensation(a) | (7.5 | ) | (5.7 | ) | (5.0 | ) | |||||||||||||||||||
Restructuring charges(a) | 6.2 | — | Operating income | 238.8 | 201.2 | 192.4 | |||||||||||||||||||
Acquisition costs(a) | 1.4 | — | Other income (expense), net | (1.2 | ) | (1.0 | ) | 0.8 | |||||||||||||||||
Net gain on dispositions | (1.4 | ) | (9.8 | ) | Income before income taxes and equity in earnings of investee companies | 237.6 | 200.2 | 193.2 | |||||||||||||||||
Depreciation and amortization | 146.6 | 146.5 | |||||||||||||||||||||||
Provision for income taxes | (96.6 | ) | (89.0 | ) | (87.8 | ) | |||||||||||||||||||
Stock-based compensation(a) | 7.4 | 5.8 | Equity in earnings of investee companies, net of tax | 2.5 | 2.2 | 1.7 | |||||||||||||||||||
Total Adjusted OIBDA | $ | 292.8 | $ | 304.6 | Net income | $ | 143.5 | $ | 113.4 | $ | 107.1 | ||||||||||||||
Adjusted OIBDA: | (a) | Stock-based compensation is classified as a Corporate expense. | |||||||||||||||||||||||
U.S. | $ | 293 | $ | 300.2 | |||||||||||||||||||||
International | 16.9 | 20 | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
Corporate | (17.1 | ) | (15.6 | ) | Operating income (loss): | ||||||||||||||||||||
Total Adjusted OIBDA | $ | 292.8 | $ | 304.6 | United States | $ | 267.1 | $ | 216.4 | $ | 192.2 | ||||||||||||||
International | (0.1 | ) | (2.0 | ) | 12.8 | ||||||||||||||||||||
(a) | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | Corporate | (28.2 | ) | (13.2 | ) | (12.6 | ) | |||||||||||||||||
Total operating income | $ | 238.8 | $ | 201.2 | $ | 192.4 | |||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
(in millions) | 2014 | 2013 | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
U.S. | $ | 168.5 | $ | 185.4 | Depreciation and amortization: | ||||||||||||||||||||
United States | $ | 166.8 | $ | 165.6 | $ | 168.2 | |||||||||||||||||||
International | (3.8 | ) | (1.9 | ) | |||||||||||||||||||||
Corporate | (32.1 | ) | (21.4 | ) | International | 29 | 31.2 | 43.7 | |||||||||||||||||
Total operating income | $ | 132.6 | $ | 162.1 | |||||||||||||||||||||
Total depreciation and amortization | $ | 195.8 | $ | 196.8 | $ | 211.9 | |||||||||||||||||||
Net (gain) loss on dispositions: | |||||||||||||||||||||||||
U.S. | $ | (1.3 | ) | $ | (10.0 | ) | |||||||||||||||||||
International | (0.1 | ) | 0.2 | Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||
Total gain on dispositions | $ | (1.4 | ) | $ | (9.8 | ) | Capital expenditures: | ||||||||||||||||||
United States | $ | 54.1 | $ | 42.5 | $ | 36.8 | |||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||
U.S. | $ | 125.8 | $ | 124.8 | International | 6.8 | 5.7 | 6.8 | |||||||||||||||||
International | 20.8 | 21.7 | Total capital expenditures | $ | 60.9 | $ | 48.2 | $ | 43.6 | ||||||||||||||||
Total depreciation and amortization | $ | 146.6 | $ | 146.5 | |||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||
U.S. | $ | 37.4 | $ | 37.1 | Assets: | ||||||||||||||||||||
United States | $ | 3,027.60 | $ | 3,114.40 | |||||||||||||||||||||
International | 6.2 | 4.4 | |||||||||||||||||||||||
International | 327.9 | 350.5 | |||||||||||||||||||||||
Total capital expenditures | $ | 43.6 | $ | 41.5 | |||||||||||||||||||||
Total assets | $ | 3,355.50 | $ | 3,464.90 | |||||||||||||||||||||
As of | |||||||||||||||||||||||||
(in millions) | September 30, 2014 | December 31, | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Assets: | Revenues: (a) | ||||||||||||||||||||||||
U.S. | $ | 2,967.00 | $ | 3,027.60 | United States | $ | 1,130.10 | $ | 1,098.60 | $ | 1,051.50 | ||||||||||||||
International | 297.3 | 327.9 | Canada | 84.7 | 99.2 | 138.1 | |||||||||||||||||||
Corporate | 258.5 | — | Latin America | 79.2 | 86.8 | 87.5 | |||||||||||||||||||
Total assets | $ | 3,522.80 | $ | 3,355.50 | Total revenues | $ | 1,294.00 | $ | 1,284.60 | $ | 1,277.10 | ||||||||||||||
(a) | Revenues classifications are based on customers’ locations. | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Long-lived assets: (a) | |||||||||||||||||||||||||
United States | $ | 2,768.50 | $ | 2,782.70 | |||||||||||||||||||||
Canada | 138.1 | 193.7 | |||||||||||||||||||||||
Latin America | 107.6 | 159.3 | |||||||||||||||||||||||
Total long-lived assets | $ | 3,014.20 | $ | 3,135.70 | |||||||||||||||||||||
(a) | Reflects total assets less current assets, investments and noncurrent deferred tax assets. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
New Senior Unsecured Notes | |
On October 1, 2014, the Borrowers issued $150.0 million aggregate principal amount of 5.250% Senior Unsecured Notes due 2022 (the “New 2022 Senior Notes”) in a private placement. The New 2022 Senior Notes are of the same class and series as, and otherwise identical to, the 5.250% Senior Unsecured Notes due 2022 that were previously issued by the Borrowers on January 31, 2014 (see Note 8. Long-Term Debt). Interest on the New 2022 Senior Notes is payable on May 15 and November 15 of each year, beginning on November 15, 2014. The New 2022 Senior Notes were issued at a discount of $0.8 million, which we will amortize through Interest expense on the Consolidated Statement of Operations over the life of the New 2022 Senior Notes. | |
On October 1, 2014, the Borrowers also issued $450.0 million aggregate principal amount of 5.875% Senior Unsecured Notes due 2025 (the “2025 Senior Notes,” together with the “New 2022 Senior Notes,” the “New Senior Notes”) in a private placement. The New Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of its direct and indirect wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities. Interest on the 2025 Senior Notes is payable on March 15 and September 15 of each year, beginning on March 15, 2015. | |
On or after February 15, 2017, the Borrowers may redeem at any time, or from time to time, some or all of the New 2022 Senior Notes and on or after September 15, 2019, the Borrowers may redeem at any time, or from time to time, some or all of the 2025 Senior Notes. Prior to such dates, the Borrowers may redeem some or all of the New Senior Notes subject to a customary make-whole premium. In addition, prior to February 15, 2017, the Borrowers may redeem up to 35% of the aggregate principal amount of the New 2022 Senior Notes and prior to September 15, 2017, the Borrowers may redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes with the proceeds of certain equity offerings. | |
Pursuant to a registration rights agreement dated October 1, 2014, we and the Borrowers have agreed to use commercially reasonable efforts to cause a registration statement to become effective with the SEC by October 1, 2015, related to an offer to exchange the New Senior Notes for registered New Senior Notes having substantially identical terms, or, in certain cases, to register the New Senior Notes for resale. If we and the Borrowers do not register or exchange the New Senior Notes pursuant to the terms of the registration rights agreement, the Borrowers will be required to pay additional interest to the holders of the New Senior Notes under certain circumstances. | |
On October 1, 2014, we deferred $10.8 million of fees and expenses associated with the New Senior Notes. We will amortize the deferred fees through Interest expense on the Consolidated Statement of Operations over the term of the New Senior Notes. As of September 30, 2014, we had accrued $1.6 million of deferred financing costs associated with the New Senior Notes. | |
Acquisition | |
On October 1, 2014, we completed the Acquisition. The Acquisition was funded with the net proceeds from the issuance and sale of the New Senior Notes and cash on hand. The information required to perform the purchase price allocation is not yet available. As a result, the required Accounting Standards Codification 805 disclosures have not been made. | |
In addition, as of November 6, 2014, we completed “tuck-in” acquisitions of advertising structures in the city of Chicago, Illinois, and the surrounding metropolitan area, and two smaller tuck-in acquisitions for approximately $15.0 million in cash. |
Quarterly_Financial_Data_Notes
Quarterly Financial Data (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (unaudited): | ||||||||||||||||||||||||
The Company’s revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, the Company’s revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. | |||||||||||||||||||||||||
2013 | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 245.2 | $ | 285.9 | $ | 296.5 | $ | 302.5 | $ | 1,130.10 | |||||||||||||||
International | 34 | 46.8 | 41.7 | 41.4 | 163.9 | ||||||||||||||||||||
Total revenues | $ | 279.2 | $ | 332.7 | $ | 338.2 | $ | 343.9 | $ | 1,294.00 | |||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 80.1 | $ | 106.5 | $ | 113.6 | $ | 106.2 | $ | 406.4 | |||||||||||||||
International | 0.6 | 11.5 | 7.9 | 9.1 | 29.1 | ||||||||||||||||||||
Corporate | (5.3 | ) | (4.9 | ) | (5.4 | ) | (5.1 | ) | (20.7 | ) | |||||||||||||||
Total Adjusted OIBDA | 75.4 | 113.1 | 116.1 | 110.2 | 414.8 | ||||||||||||||||||||
Net gain (loss) on dispositions | 9.8 | (a) | (0.1 | ) | 0.1 | 17.5 | (b) | 27.3 | |||||||||||||||||
Depreciation | (26.0 | ) | (25.9 | ) | (26.4 | ) | (26.2 | ) | (104.5 | ) | |||||||||||||||
Amortization | (22.9 | ) | (22.7 | ) | (22.6 | ) | (23.1 | ) | (91.3 | ) | |||||||||||||||
Stock-based compensation | (1.6 | ) | (1.6 | ) | (2.6 | ) | (1.7 | ) | (7.5 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 48.2 | $ | 65.2 | $ | 72 | $ | 81.7 | $ | 267.1 | |||||||||||||||
International | (6.6 | ) | 4.1 | 0.6 | 1.8 | (0.1 | ) | ||||||||||||||||||
Corporate | (6.9 | ) | (6.5 | ) | (8.0 | ) | (6.8 | ) | (28.2 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Net income | $ | 19.9 | $ | 36.4 | $ | 37.2 | $ | 50 | $ | 143.5 | |||||||||||||||
(a) | During the first quarter of 2013, the Company exchanged most of its billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | ||||||||||||||||||||||||
(b) | During the fourth quarter of 2013, the Company sold 50% of its transit shelter operations in Los Angeles, and the Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | ||||||||||||||||||||||||
2012 | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 244.6 | $ | 281.7 | $ | 284.9 | $ | 287.4 | $ | 1,098.60 | |||||||||||||||
International | 41.3 | 49.7 | 46.6 | 48.4 | 186 | ||||||||||||||||||||
Total revenues | $ | 285.9 | $ | 331.4 | $ | 331.5 | $ | 335.8 | $ | 1,284.60 | |||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 76.7 | $ | 101.9 | $ | 108.1 | $ | 98.7 | $ | 385.4 | |||||||||||||||
International | 5.9 | 13.3 | 11 | 0.3 | 30.5 | ||||||||||||||||||||
Corporate | (1.7 | ) | (1.6 | ) | (2.0 | ) | (2.2 | ) | (7.5 | ) | |||||||||||||||
Total Adjusted OIBDA | 80.9 | 113.6 | 117.1 | 96.8 | 408.4 | ||||||||||||||||||||
Restructuring charges | — | (0.5 | ) | (1.9 | ) | (0.1 | ) | (2.5 | ) | ||||||||||||||||
Net loss on dispositions | (0.8 | ) | (0.7 | ) | (0.3 | ) | (0.4 | ) | (2.2 | ) | |||||||||||||||
Depreciation | (26.5 | ) | (26.8 | ) | (26.7 | ) | (25.9 | ) | (105.9 | ) | |||||||||||||||
Amortization | (22.1 | ) | (22.8 | ) | (23.0 | ) | (23.0 | ) | (90.9 | ) | |||||||||||||||
Stock-based compensation | (1.3 | ) | (1.5 | ) | (1.5 | ) | (1.4 | ) | (5.7 | ) | |||||||||||||||
Total operating income | $ | 30.2 | $ | 61.3 | $ | 63.7 | $ | 46 | $ | 201.2 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 35.1 | $ | 59.3 | $ | 64.5 | $ | 57.5 | $ | 216.4 | |||||||||||||||
International | (1.9 | ) | 5.1 | 2.7 | (7.9 | ) | (2.0 | ) | |||||||||||||||||
Corporate | (3.0 | ) | (3.1 | ) | (3.5 | ) | (3.6 | ) | (13.2 | ) | |||||||||||||||
Total operating income | $ | 30.2 | $ | 61.3 | $ | 63.7 | $ | 46 | $ | 201.2 | |||||||||||||||
Net income | $ | 18.7 | $ | 37.2 | $ | 38.7 | $ | 18.8 | $ | 113.4 | |||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Text Block] | Condensed Consolidating Information | We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except the Borrowers under the Senior Credit Facilities), including Outdoor Inc., Outfront Media LLC, Outfront Media Group LLC, Outfront Media Outernet Inc., Outfront Media Sports Inc. and Outfront Media L.A. Inc., guarantee the obligations under the Term Loan and the Revolving Credit Facility. The Senior Notes and New Senior Notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Senior Credit Facilities (see Note 14. Subsequent Events and Note 15. Subsequent Events (Unaudited)). The Parent Company and the Subsidiary Issuer were formed in preparation for the split-off. The balances and activity with respect to these entities were minimal prior to our incurrence of indebtedness pursuant to the Senior Credit Facilities and the Senior Notes in January 2014. The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10: | ||||||||||||||||||||||||||||||||||||||||||||||||
We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except the Borrowers under the Senior Credit Facilities), including Outdoor Inc., Outfront Media LLC, Outfront Media Group LLC, Outfront Media Outernet Inc., Outfront Media Sports Inc. and Outfront Media L.A. Inc., guarantee the obligations under the Term Loan and the Revolving Credit Facility. The Senior Notes and New Senior Notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Senior Credit Facilities (see Note 8. Long-Term Debt and Note 17. Subsequent Events). The Parent Company and the Subsidiary Issuer were formed in preparation for the Separation. The balances and activity with respect to these entities were minimal prior to our incurrence of indebtedness pursuant to the Senior Credit Facilities and the Senior Notes in January 2014. The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10: | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer(a) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | |||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 230 | $ | 23.5 | $ | 18.7 | $ | — | $ | 272.2 | Receivables, less allowances | — | — | 146 | 32.8 | — | 178.8 | |||||||||||||||||||||||||||||||
Receivables, less allowances | — | — | 140.9 | 34.7 | — | 175.6 | Other current assets | — | — | 89.1 | 19.5 | — | 108.6 | |||||||||||||||||||||||||||||||||||||
Other current assets | — | 4.1 | 87.4 | 21.5 | — | 113 | Total current assets | — | — | 237.2 | 80 | — | 317.2 | |||||||||||||||||||||||||||||||||||||
Total current assets | — | 234.1 | 251.8 | 74.9 | — | 560.8 | Property and equipment, net | — | — | 628.1 | 127.3 | — | 755.4 | |||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 596.2 | 108.2 | — | 704.4 | Goodwill | — | — | 1,751.60 | 114.1 | — | 1,865.70 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,751.40 | 109 | — | 1,860.40 | Intangible assets | — | — | 364.2 | 0.2 | — | 364.4 | |||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 319.9 | 0.2 | — | 320.1 | Investment in subsidiaries | — | — | 232.9 | — | (232.9 | ) | — | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,567.00 | 2,935.50 | 218.6 | — | (4,721.1 | ) | — | Other assets | — | — | 46.5 | 6.3 | — | 52.8 | ||||||||||||||||||||||||||||||||||||
Other assets | — | 23.9 | 48.1 | 5.1 | — | 77.1 | Intercompany | — | — | 66 | 55.7 | (121.7 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 66.1 | 54.8 | (120.9 | ) | — | Total assets | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | |||||||||||||||||||||||||||||
Total assets | $ | 1,567.00 | $ | 3,193.50 | $ | 3,252.10 | $ | 352.2 | $ | (4,842.0 | ) | $ | 3,522.80 | |||||||||||||||||||||||||||||||||||||
Total current liabilities | $ | — | $ | — | $ | 168.3 | $ | 43.9 | $ | — | $ | 212.2 | ||||||||||||||||||||||||||||||||||||||
Total current liabilities | $ | — | $ | 28.3 | $ | 176.4 | $ | 33.2 | $ | — | $ | 237.9 | Deferred income tax liabilities, net | — | — | 259.4 | 29.1 | — | 288.5 | |||||||||||||||||||||||||||||||
Long-term debt | — | 1,598.20 | — | — | — | 1,598.20 | Asset retirement obligation | — | — | 23.1 | 8.6 | — | 31.7 | |||||||||||||||||||||||||||||||||||||
Deferred income tax liabilities, net | — | — | (1.1 | ) | 23.9 | — | 22.8 | Other liabilities | — | — | 65.6 | 3.1 | — | 68.7 | ||||||||||||||||||||||||||||||||||||
Asset retirement obligation | — | — | 23.7 | 8.6 | — | 32.3 | Intercompany | — | — | 55.7 | 66 | (121.7 | ) | — | ||||||||||||||||||||||||||||||||||||
Deficit in excess of investment in subsidiaries | — | — | 1,368.50 | — | (1,368.5 | ) | — | Total liabilities | — | — | 572.1 | 150.7 | (121.7 | ) | 601.1 | |||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 62.8 | 1.8 | — | 64.6 | Total invested equity | — | — | 2,754.40 | 232.9 | (232.9 | ) | 2,754.40 | ||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 54.8 | 66.1 | (120.9 | ) | — | Total liabilities and invested equity | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | |||||||||||||||||||||||||||||
Total liabilities | — | 1,626.50 | 1,685.10 | 133.6 | (1,489.4 | ) | 1,955.80 | |||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 1,567.00 | 1,567.00 | 1,567.00 | 218.6 | (3,352.6 | ) | 1,567.00 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,567.00 | $ | 3,193.50 | $ | 3,252.10 | $ | 352.2 | $ | (4,842.0 | ) | $ | 3,522.80 | Current assets: | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 9.5 | $ | 10.7 | $ | — | $ | 20.2 | ||||||||||||||||||||||||||||||||||||||
Receivables, less allowances | — | — | 138 | 37.1 | — | 175.1 | ||||||||||||||||||||||||||||||||||||||||||||
(a) | Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities and has not been presented herein. | |||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | — | — | 98.2 | 21.5 | — | 119.7 | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | Total current assets | — | — | 245.7 | 69.3 | — | 315 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Property and equipment, net | — | — | 655.8 | 152.1 | — | 807.9 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | ||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,758.00 | 119.2 | — | 1,877.20 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables, less allowances | — | — | 146 | 32.8 | — | 178.8 | ||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 419.7 | 0.3 | — | 420 | ||||||||||||||||||||||||||||||||||||||||||||
Other current assets | — | — | 89.1 | 19.5 | — | 108.6 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | — | 241 | — | (241.0 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | — | 237.2 | 80 | — | 317.2 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 35.2 | 9.6 | — | 44.8 | ||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 628.1 | 127.3 | — | 755.4 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 65.8 | 56.5 | (122.3 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,751.60 | 114.1 | — | 1,865.70 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,421.20 | $ | 407 | $ | (363.3 | ) | $ | 3,464.90 | |||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 364.2 | 0.2 | — | 364.4 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | — | 232.9 | — | (232.9 | ) | — | Total current liabilities | $ | — | $ | — | $ | 158.7 | $ | 46.9 | $ | — | $ | 205.6 | ||||||||||||||||||||||||||||||
Other assets | — | — | 46.5 | 6.3 | — | 52.8 | Deferred income tax liabilities, net | — | — | 276.8 | 37 | — | 313.8 | |||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 66 | 55.7 | (121.7 | ) | — | Asset retirement obligation | — | — | 28 | 2.6 | — | 30.6 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | Other liabilities | — | — | 57.3 | 13.7 | — | 71 | ||||||||||||||||||||||||||||||
Intercompany | — | — | 56.5 | 65.8 | (122.3 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | $ | — | $ | — | $ | 168.3 | $ | 43.9 | $ | — | $ | 212.2 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | — | — | 577.3 | 166 | (122.3 | ) | 621 | |||||||||||||||||||||||||||||||||||||||||||
Deferred income tax liabilities, net | — | — | 259.4 | 29.1 | — | 288.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total invested equity | — | — | 2,843.90 | 241 | (241.0 | ) | 2,843.90 | |||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation | — | — | 23.1 | 8.6 | — | 31.7 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and invested equity | $ | — | $ | — | $ | 3,421.20 | $ | 407 | $ | (363.3 | ) | $ | 3,464.90 | |||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 65.6 | 3.1 | — | 68.7 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 55.7 | 66 | (121.7 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | — | 572.1 | 150.7 | (121.7 | ) | 601.1 | Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Total invested equity | — | — | 2,754.40 | 232.9 | (232.9 | ) | 2,754.40 | Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 796.6 | $ | 129.1 | $ | — | $ | 925.7 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and invested equity | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | |||||||||||||||||||||||||||||||||||||
Transit and other | — | — | 333.5 | 34.8 | — | 368.3 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 1,130.10 | 163.9 | — | 1,294.00 | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Operating | — | — | 584.2 | 102.7 | — | 686.9 | |||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 599.7 | $ | 90.5 | $ | — | $ | 690.2 | Selling, general and administrative | — | — | 167.7 | 32.1 | — | 199.8 | |||||||||||||||||||||||||||||||
Transit and other | — | — | 242.7 | 25.9 | — | 268.6 | Net (gain) loss on dispositions | — | — | (27.5 | ) | 0.2 | — | (27.3 | ) | |||||||||||||||||||||||||||||||||||
Total revenues | — | — | 842.4 | 116.4 | — | 958.8 | Depreciation | — | — | 80.7 | 23.8 | — | 104.5 | |||||||||||||||||||||||||||||||||||||
Expenses: | Amortization | — | — | 86.1 | 5.2 | — | 91.3 | |||||||||||||||||||||||||||||||||||||||||||
Operating | — | — | 436.2 | 76.1 | — | 512.3 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | — | — | 891.2 | 164 | — | 1,055.20 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 0.9 | — | 136.8 | 23.4 | — | 161.1 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | — | — | 238.9 | (0.1 | ) | — | 238.8 | |||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 6.2 | — | — | 6.2 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses) | — | — | (0.2 | ) | (1.0 | ) | — | (1.2 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition costs | — | — | 1.4 | — | — | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 238.7 | (1.1 | ) | — | 237.6 | |||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | (1.3 | ) | (0.1 | ) | — | (1.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | (93.3 | ) | (3.3 | ) | — | (96.6 | ) | |||||||||||||||||||||||||||||||||||||||||
Depreciation | — | — | 62.2 | 17.1 | — | 79.3 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (1.9 | ) | — | 4.4 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 63.6 | 3.7 | — | 67.3 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | |||||||||||||||||||||||||||||||||||||
Total expenses | 0.9 | — | 705.1 | 120.2 | — | 826.2 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | (0.9 | ) | — | 137.3 | (3.8 | ) | — | 132.6 | Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | ||||||||||||||||||||||||||||
Interest expense | — | (57.3 | ) | (0.1 | ) | 0.1 | — | (57.3 | ) | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (14.9 | ) | (14.9 | ) | 14.9 | (14.9 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income (expenses) | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | 5.8 | 5.6 | (5.6 | ) | 5.8 | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | (0.9 | ) | (57.3 | ) | 137.2 | (4.2 | ) | — | 74.8 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (9.1 | ) | (9.3 | ) | 9.3 | (9.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | 205.2 | (2.3 | ) | — | 202.9 | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 134.4 | $ | (13.7 | ) | $ | 13.7 | $ | 134.4 | |||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | 280 | 337.3 | (62.4 | ) | 0.4 | (553.9 | ) | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 279.1 | $ | 280 | $ | 280 | $ | (6.1 | ) | $ | (553.9 | ) | $ | 279.1 | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 279.1 | $ | 280 | $ | 280 | $ | (6.1 | ) | $ | (553.9 | ) | $ | 279.1 | Revenues: | |||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 770.7 | $ | 142.9 | $ | — | $ | 913.6 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | (3.1 | ) | (3.1 | ) | (3.1 | ) | (3.1 | ) | 9.3 | (3.1 | ) | Transit and other | — | — | 327.9 | 43.1 | — | 371 | ||||||||||||||||||||||||||||||||
Net actuarial loss | 0.2 | 0.2 | 0.2 | 0.2 | (0.6 | ) | 0.2 | Total revenues | — | — | 1,098.60 | 186 | — | 1,284.60 | ||||||||||||||||||||||||||||||||||||
Deferred tax rate adjustment | (1.2 | ) | (1.2 | ) | (1.2 | ) | (1.2 | ) | 3.6 | (1.2 | ) | Expenses: | ||||||||||||||||||||||||||||||||||||||
Operating | — | — | 577.9 | 122.2 | — | 700.1 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (4.1 | ) | (4.1 | ) | (4.1 | ) | (4.1 | ) | 12.3 | (4.1 | ) | |||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | — | — | 148.5 | 33.3 | — | 181.8 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | 275 | $ | 275.9 | $ | 275.9 | $ | (10.2 | ) | $ | (541.6 | ) | $ | 275 | ||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 1.8 | 0.7 | — | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | 1.6 | 0.6 | — | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Depreciation | — | — | 80.4 | 25.5 | — | 105.9 | |||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 589.8 | $ | 96 | $ | — | $ | 685.8 | Amortization | — | — | 85.2 | 5.7 | — | 90.9 | |||||||||||||||||||||||||||||||
Transit and other | — | — | 237.8 | 26.5 | — | 264.3 | Total expenses | — | — | 895.4 | 188 | — | 1,083.40 | |||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 827.6 | 122.5 | — | 950.1 | Operating income (loss) | — | — | 203.2 | (2.0 | ) | — | 201.2 | ||||||||||||||||||||||||||||||||||||
Expenses: | Other income (expenses) | — | — | (0.1 | ) | (0.9 | ) | — | (1.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Operating | — | — | 426.1 | 78.4 | — | 504.5 | ||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 203.1 | (2.9 | ) | — | 200.2 | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | — | — | 122.7 | 24.1 | — | 146.8 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | (87.3 | ) | (1.7 | ) | — | (89.0 | ) | |||||||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | (10.0 | ) | 0.2 | — | (9.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (2.4 | ) | — | 4.6 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | — | 60.5 | 17.8 | — | 78.3 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | |||||||||||||||||||||||||||||||||||||
Amortization | — | — | 64.3 | 3.9 | — | 68.2 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | — | — | 663.6 | 124.4 | — | 788 | Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | ||||||||||||||||||||||||||||||
Operating income (loss) | — | — | 164 | (1.9 | ) | — | 162.1 | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | 11 | 11 | (11.0 | ) | 11 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | (1.4 | ) | (1.3 | ) | 1.3 | (1.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Other income (expenses) | — | — | (0.1 | ) | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | 9.6 | 9.7 | (9.7 | ) | 9.6 | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 163.9 | (1.8 | ) | — | 162.1 | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 123 | $ | 5.1 | $ | (5.1 | ) | $ | 123 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | (68.2 | ) | (2.3 | ) | — | (70.5 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (2.2 | ) | — | 4.1 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 93.5 | $ | (4.1 | ) | $ | 4.1 | $ | 93.5 | Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 93.5 | $ | (4.1 | ) | $ | 4.1 | $ | 93.5 | Billboard | $ | — | $ | — | $ | 746.8 | $ | 147.4 | $ | — | $ | 894.2 | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Transit and other | — | — | 304.7 | 78.2 | — | 382.9 | |||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (12.3 | ) | (12.3 | ) | 12.3 | (12.3 | ) | |||||||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 1,051.50 | 225.6 | — | 1,277.10 | ||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | 0.4 | 0.4 | (0.4 | ) | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (11.9 | ) | (11.9 | ) | 11.9 | (11.9 | ) | Operating | — | — | 554.3 | 135.1 | — | 689.4 | ||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 81.6 | $ | (16.0 | ) | $ | 16 | $ | 81.6 | Selling, general and administrative | — | — | 145.1 | 33.3 | — | 178.4 | ||||||||||||||||||||||||||||||
Restructuring charges | — | — | 2.2 | 0.8 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Net (gain) loss on dispositions | — | — | 2.1 | (0.1 | ) | — | 2 | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | (0.9 | ) | $ | (25.6 | ) | $ | 213.9 | $ | (2.9 | ) | $ | — | $ | 184.5 | Depreciation | — | — | 81.5 | 27.5 | — | 109 | ||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (35.3 | ) | (6.0 | ) | — | (41.3 | ) | Amortization | — | — | 86.7 | 16.2 | — | 102.9 | ||||||||||||||||||||||||||||||||||
Financing activities: | Total expenses | — | — | 871.9 | 212.8 | — | 1,084.70 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from IPO | 615 | — | — | — | — | 615 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | — | — | 179.6 | 12.8 | — | 192.4 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt borrowings | — | 1,598.00 | — | — | — | 1,598.00 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses) | — | — | (0.1 | ) | 0.9 | — | 0.8 | |||||||||||||||||||||||||||||||||||||||||||
Deferred financing fees | — | (24.8 | ) | — | — | — | (24.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 179.5 | 13.7 | — | 193.2 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution of debt and IPO proceeds to CBS | (515.0 | ) | (1,523.8 | ) | — | — | — | (2,038.8 | ) | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | (79.2 | ) | (8.6 | ) | — | (87.8 | ) | |||||||||||||||||||||||||||||||||||||||||
Net cash contribution from CBS | — | — | 39.8 | — | — | 39.8 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | 6.8 | — | (5.1 | ) | 1.7 | |||||||||||||||||||||||||||||||||||||||||||
Dividends | (88.8 | ) | — | — | — | — | (88.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 107.1 | $ | 5.1 | $ | (5.1 | ) | $ | 107.1 | |||||||||||||||||||||||||||||||||||||
Intercompany | (10.3 | ) | 206.2 | (197.0 | ) | 1.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | 0.9 | 255.6 | (157.2 | ) | 1.1 | — | 100.4 | Net income | $ | — | $ | — | $ | 107.1 | $ | 5.1 | $ | (5.1 | ) | $ | 107.1 | |||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (1.2 | ) | — | (1.2 | ) | Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (14.3 | ) | (14.3 | ) | 14.3 | (14.3 | ) | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 230 | 21.4 | (9.0 | ) | — | 242.4 | |||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | (3.2 | ) | (3.0 | ) | 3 | (3.2 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 2.1 | 27.7 | — | 29.8 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (17.5 | ) | (17.3 | ) | 17.3 | (17.5 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 230 | $ | 23.5 | $ | 18.7 | $ | — | $ | 272.2 | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 89.6 | $ | (12.2 | ) | $ | 12.2 | $ | 89.6 | |||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 175 | $ | 3.7 | $ | — | $ | 178.7 | (in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 268.2 | $ | 12.9 | $ | — | $ | 281.1 | ||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (37.2 | ) | (3.9 | ) | — | (41.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (37.0 | ) | (6.7 | ) | — | (43.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 5.5 | — | — | 5.5 | Financing activities: | |||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 5.8 | — | — | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash distribution to CBS | — | — | (143.3 | ) | 4.7 | — | (138.6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash (distribution to)/contribution from CBS | — | — | (244.4 | ) | 11.8 | — | (232.6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (137.8 | ) | 4.7 | — | (133.1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (238.6 | ) | 11.6 | — | (227.0 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | 3.9 | — | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 9.5 | 10.7 | — | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (7.4 | ) | 17 | — | 9.6 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 9.5 | $ | 14.6 | $ | — | $ | 24.1 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 9.5 | 10.7 | — | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 277.3 | $ | 28.6 | $ | — | $ | 305.9 | ||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (42.5 | ) | (5.6 | ) | — | (48.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 2.9 | — | — | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash distribution to CBS | — | — | (238.2 | ) | (41.5 | ) | — | (279.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (235.3 | ) | (41.7 | ) | — | (277.0 | ) | |||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | 1.8 | — | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (0.5 | ) | (16.9 | ) | — | (17.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 10 | 27.6 | — | 37.6 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 9.5 | $ | 10.7 | $ | — | $ | 20.2 | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 284.3 | $ | 55.8 | $ | — | $ | 340.1 | ||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (43.4 | ) | (7.3 | ) | — | (50.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 2.3 | — | — | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash distribution to CBS | — | — | (235.3 | ) | (34.1 | ) | — | (269.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (233.0 | ) | (34.3 | ) | — | (267.3 | ) | |||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (3.5 | ) | — | (3.5 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 7.9 | 10.7 | — | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 2.1 | 16.9 | — | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 10 | $ | 27.6 | $ | — | $ | 37.6 | ||||||||||||||||||||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Schedule II | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | |||||||||||||||||||||
Description | Balance at | Balance | Charged to | Charged | Deductions | Balance at | |||||||||||||||||||
Beginning | Acquired through | Costs and | to Other | End of | |||||||||||||||||||||
of Period | Acquisitions | Expenses | Accounts(a) | Period | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 19.3 | $ | — | $ | 0.4 | $ | — | $ | 4 | $ | 15.7 | |||||||||||||
Year ended December 31, 2012 | $ | 22.4 | $ | — | $ | 3.1 | $ | 0.2 | $ | 6.4 | $ | 19.3 | |||||||||||||
Year ended December 31, 2011 | $ | 29.6 | $ | — | $ | 3 | $ | — | $ | 10.2 | $ | 22.4 | |||||||||||||
Valuation allowance on deferred tax assets: | |||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 8 | $ | — | $ | 3 | $ | — | $ | 0.9 | $ | 10.1 | |||||||||||||
Year ended December 31, 2012 | $ | 7.5 | $ | — | $ | 0.7 | $ | — | $ | 0.2 | $ | 8 | |||||||||||||
Year ended December 31, 2011 | $ | 6.3 | $ | — | $ | 1.3 | $ | — | $ | 0.1 | $ | 7.5 | |||||||||||||
Schedule_III_Schedule_of_Real_
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||
Schedule III | SCHEDULE III – SCHEDULE OF REAL ESTATE AND | |||||||||||||||||||||
ACCUMULATED DEPRECIATION | ||||||||||||||||||||||
AT DECEMBER 31, 2013 | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Description (1) | Encumbrances | Initial | Cost | Gross | Accumulated | Construction | Acquisition | Useful | ||||||||||||||
Cost | Capitalized | Carrying | Depreciation | Date | Date | Lives | ||||||||||||||||
Subsequent | Amount at | |||||||||||||||||||||
to | December 31, | |||||||||||||||||||||
Acquisition | 2013 (3) | |||||||||||||||||||||
United States - | — | (2) | (2) | $ | 1,266.60 | $ | (768.0 | ) | Various | Various | 5 to 20 years | |||||||||||
45,094 displays | ||||||||||||||||||||||
Canada - 6,054 displays | — | (2) | (2) | 348.7 | (258.3 | ) | Various | Various | 5 to 20 years | |||||||||||||
Mexico - 4,657 displays | — | (2) | (2) | 33.1 | (20.5 | ) | Various | Various | 5 to 20 years | |||||||||||||
Argentina - 585 displays | — | (2) | (2) | 1.9 | (0.6 | ) | Various | Various | 5 to 20 years | |||||||||||||
Brazil - 771 displays | — | (2) | (2) | 5.7 | (0.9 | ) | Various | Various | 5 to 20 years | |||||||||||||
Uruguay - 156 displays | — | (2) | (2) | 2 | (1.1 | ) | Various | Various | 5 to 20 years | |||||||||||||
Chile - 890 displays | — | (2) | (2) | 4.3 | (3.3 | ) | Various | Various | 5 to 20 years | |||||||||||||
$ | 1,662.30 | $ | (1,052.7 | ) | ||||||||||||||||||
______________________ | ||||||||||||||||||||||
-1 | No single asset exceeded 5% of the total gross carrying amount at December 31, 2013. | |||||||||||||||||||||
-2 | This information is omitted as it would be impracticable to compile on a site-by-site basis. | |||||||||||||||||||||
-3 | Includes sites under construction. | |||||||||||||||||||||
The following table summarizes the activity for the Company’s real estate assets, which consist of advertising displays, and the related accumulated depreciation. | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Gross real estate assets: | ||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,655.90 | $ | 1,627.10 | $ | 1,607.30 | ||||||||||||||||
Additions for construction of / improvements to structures | 50.6 | 47 | 43.9 | |||||||||||||||||||
Assets sold or written-off | (14.9 | ) | (32.3 | ) | (8.9 | ) | ||||||||||||||||
Foreign exchange | (29.3 | ) | 14.1 | (15.2 | ) | |||||||||||||||||
Balance at the end of the year | $ | 1,662.30 | $ | 1,655.90 | $ | 1,627.10 | ||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||
Balance at the beginning of the year | $ | 990 | $ | 911 | $ | 827.1 | ||||||||||||||||
Depreciation | 97.5 | 98.8 | 101.3 | |||||||||||||||||||
Foreign exchange | (21.1 | ) | 9.9 | (10.2 | ) | |||||||||||||||||
Assets sold or written-off | (13.7 | ) | (29.7 | ) | (7.2 | ) | ||||||||||||||||
Balance at the end of the year | $ | 1,052.70 | $ | 990 | $ | 911 | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | ||
Accounting Policies [Abstract] | |||
Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | Use of Estimates—The preparation of the Company’s combined consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates, judgments, and assumptions that affect the amounts reported in the combined consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments. Prior to the Formation Borrowings (See Note 14), the Company carried minimal cash on hand as it participated in CBS’s centralized cash management system. On January 31, 2014, at the time of the Formation Borrowings, such participation ceased. | ||
Receivables | Receivables—Receivables consist primarily of trade receivables from customers, net of advertising agency commissions, and are stated net of an allowance for doubtful accounts. The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. | ||
Property and Equipment | Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | ||
Buildings and improvements | 20 to 40 years | ||
Advertising structures | 5 to 20 years | ||
Furniture, equipment and other | 3 to 10 years | ||
For advertising structures associated with a contract, the assets are depreciated over the shorter of the contract term or useful life. Maintenance and repair costs to maintain property and equipment in their original operating condition are charged to expense as incurred. Improvements or additions that extend the useful life of the assets are capitalized. When an asset is retired or otherwise disposed of, the associated cost and accumulated depreciation are removed and the resulting gain or loss is recognized. | |||
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions—The Company routinely acquires out-of-home advertising assets, including advertising structures and permits and leasehold agreements. The Company determines the accounting for these transactions by first evaluating whether the assets acquired and liabilities assumed, if any, constitute a business using the guidelines in the Financial Accounting Standards Board (“FASB”) guidance for business combinations. If the assets acquired and liabilities assumed constitute a business, the purchase price is allocated to the tangible and identifiable intangible net assets acquired based on their estimated fair values with the excess of the purchase price over those estimated fair values recorded as goodwill. If the acquired assets do not constitute a business, the Company allocates the purchase price to the individual tangible and intangible assets acquired based on their relative fair values. | ||
Impairment or Disposal of Long-Lived Assets | Impairment of Long-Lived Assets—Long-lived assets are assessed for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows generated by those assets to the respective asset’s carrying value. The amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset and recognized as a noncash charge. | ||
Goodwill and Intangible Assets | Goodwill and Intangible Assets—Goodwill is allocated to various reporting units. Each of the Company’s segments consists of two reporting units. Intangible assets, which primarily consist of acquired permits and leasehold agreements and franchise agreements, are amortized by the straight-line method over their estimated useful lives, which range from five to 40 years. Goodwill is not amortized but is tested at the reporting-unit level annually for impairment and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill exceeds its fair value, an impairment loss is recognized as a noncash charge. | ||
Revenue Recognition | Revenue Recognition—The Company’s revenues are primarily derived from providing space on advertising displays for local, regional and national advertisements. Contracts with customers generally cover periods ranging from four weeks to twelve months and are generally billed every four weeks. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized as earned, which is typically ratably over the contract period. For space provided to advertisers through the use of an advertising agency whose commission is calculated based on a stated percentage of gross billing revenues, revenues are reported net of agency commissions. | ||
Deferred revenues primarily consist of revenues paid in advance of being earned. | |||
Revenues derived from a single contract that contains multiple site locations are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. | |||
Concentration of Credit Risk | Concentration of Credit Risk—In the opinion of management, credit risk is limited due to the large number of customers and advertising agencies utilized. The Company performs credit evaluations on its customers and agencies and believes that the allowances for doubtful accounts are adequate. | ||
Billboard Property Lease and Transit Franchise Expense | Billboard Property Lease and Transit Franchise Expenses—The Company’s billboards are primarily located on leased real property. Lease agreements are negotiated for varying terms ranging from one month to multiple years, most of which provide renewal options. Lease costs consist of a fixed monthly amount and certain lease agreements also include contingent rent based on the revenues the Company generates from the leased site. Property leases are generally paid in advance for periods ranging from one to twelve months. The fixed component of lease costs is expensed evenly over the contract term, and contingent rent is expensed as it becomes probable, which is consistent with when the related revenues are recognized. | ||
Transit franchise agreements generally provide for payment to the municipality or transit operator of the greater of a percentage of the revenues that the Company generates under the related transit contract and a specified guaranteed minimum payment. The costs which are determined based on a percentage of revenues are expensed as incurred when the related revenues are recognized, and the minimum guarantee is expensed over the contract term. | |||
Direct Lease Acquisition Costs | Direct Lease Acquisition Costs—Variable commissions directly associated with billboard revenues are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year. Amortization of direct lease acquisition costs is presented within amortization expense in the accompanying Combined Consolidated Statements of Operations. | ||
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation and Transactions—The assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the balance sheet date, while results of operations are translated at average exchange rates for the respective periods. The resulting translation gains and losses are included as a component of invested equity in accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in “Other income (expense), net” in the Combined Consolidated Statements of Operations. | ||
Income Taxes | As a REIT, we must distribute to our stockholders, for the tax year commencing July 17, 2014, and ending December 31, 2014, at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain. To the extent that we satisfy the 90% distribution requirement, but distribute less than 100% of our taxable income, we will be subject to U.S. federal corporate income tax on the undistributed income. In addition, we are subject to a 4% nondeductible excise tax on the amount, if any, by which our distributions in any calendar year are less than a minimum amount specified under U.S. federal income tax laws. We intend to distribute net income to our stockholders in a manner to satisfy the REIT 90% distribution requirement and to avoid the 4% nondeductible excise tax. | Income Taxes—Income taxes are accounted for under the asset and liability method of accounting. Deferred income tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s effective tax rate represents federal, state, local and foreign taxes, each calculated separately based on each jurisdiction’s earnings before income taxes and equity in earnings of investee companies. | |
The Company’s income taxes as presented herein, including the provision for income taxes, deferred tax assets and liabilities, and income tax payments are calculated on a separate tax return basis, even though the Company’s U.S. operating results are included in the consolidated federal, and certain state and local income tax returns of CBS. CBS manages its tax position for the benefit of the entire portfolio of its businesses and, as such, the assumptions, methodologies and calculations made for purposes of determining the Company’s tax provision, taxes paid and related tax accounts in the combined consolidated financial statements herein may differ from those made by CBS and, in addition, are not necessarily reflective of the tax strategies that the Company would have followed as a separate stand-alone company. | |||
Asset Retirement Obligation | Asset Retirement Obligation—An asset retirement obligation is established for the estimated future obligation, upon termination or nonrenewal of a lease, associated with removing structures from the leased property and, when required by the contract, the cost to return the leased property to its original condition. These obligations are recorded at their present value in the period in which the liability is incurred and are capitalized as part of the related assets’ carrying value. Accretion of the liability is recognized in operating expenses and the capitalized cost is depreciated over the expected useful life of the related asset. | ||
Share-based Compensation | Stock-based Compensation—CBS issued stock options and restricted stock units (“RSUs”) for CBS Class B Common Stock to certain employees of the Company under its equity incentive plans. CBS measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. | ||
Subsequent Events | Subsequent Events—The Company performed an evaluation of subsequent events through February 18, 2014, which is the date the financial statements were available to be issued. | ||
Misclassification Correction | We have revised the previously reported condensed consolidated Statement of Cash Flows for the nine months ended September 30, 2013. In prior periods, non-cash purchases of property and equipment were previously included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $13.8 million for the nine months ended September 30, 2013. We do not believe that these misclassifications were material to the previously reported interim or annual financial statements. The above adjustments had no effect on previously reported Statements of Operations, Statements of Financial Position or Statements of Invested Equity/Stockholders' Equity. The impacted prior periods will be revised as they are presented in future filings. | We have revised the previously reported condensed consolidated Statement of Cash Flows for the years ended December 31, 2013, 2012 and 2011. Historically, non-cash purchases of property and equipment were previously included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $2.7 million for the year ended December 31, 2013, and decreased Net cash used in investing activities and decreased Net cash provided by operating activities by $5.4 million, and $2.0 million for the years ended December 31, 2012 and 2011, respectively. We do not believe that these misclassifications were material to the previously reported interim or annual financial statements. The above adjustments had no effect on previously reported Statements of Operations, Statements of Financial Position or Statements of Invested Equity/Stockholders' Equity.We have revised the previously reported condensed consolidated Statement of Cash Flows for the years ended December 31, 2013, 2012 and 2011. Historically, non-cash purchases of property and equipment were previously included within capital expenditures. The revision increased Net cash used in investing activities and increased Net cash provided by operating activities by $2.7 million for the year ended December 31, 2013, and decreased Net cash used in investing activities and decreased Net cash provided by operating activities by $5.4 million, and $2.0 million for the years ended December 31, 2012 and 2011, respectively. We do not believe that these misclassifications were material to the previously reported interim or annual financial statements. The above adjustments had no effect on previously reported Statements of Operations, Statements of Financial Position or Statements of Invested Equity/Stockholders' Equity. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation. | Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |||||||||||||||||
As of | Buildings and improvements | 20 to 40 years | |||||||||||||||||
(in millions) | Estimated Useful Lives | September 30, | December 31, | Advertising structures | 5 to 20 years | ||||||||||||||
2014 | 2013 | Furniture, equipment and other | 3 to 10 years | ||||||||||||||||
Land | $ | 88.4 | $ | 88.6 | The table below presents the balances of major classes of assets and accumulated depreciation. | ||||||||||||||
Building and improvements | 20 to 40 years | 47.5 | 45 | ||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||
Advertising structures | 5 to 20 years | 1,662.40 | 1,662.30 | ||||||||||||||||
Land | $ | 88.6 | $ | 87.8 | |||||||||||||||
Furniture, equipment and other | 3 to 10 years | 76.1 | 77.2 | ||||||||||||||||
Buildings and improvements | 45 | 45.7 | |||||||||||||||||
Construction in progress | 15.7 | 18.9 | |||||||||||||||||
Advertising structures | 1,662.30 | 1,655.90 | |||||||||||||||||
1,890.10 | 1,892.00 | ||||||||||||||||||
Furniture, equipment and other | 77.2 | 76.3 | |||||||||||||||||
Less: accumulated depreciation | 1,185.70 | 1,136.60 | |||||||||||||||||
Construction in progress | 18.9 | 13.5 | |||||||||||||||||
Property and equipment, net | $ | 704.4 | $ | 755.4 | |||||||||||||||
1,892.00 | 1,879.20 | ||||||||||||||||||
Less accumulated depreciation | 1,136.60 | 1,071.30 | |||||||||||||||||
Property and equipment, net | $ | 755.4 | $ | 807.9 | |||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation. | Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |||||||||||||||||
As of | Buildings and improvements | 20 to 40 years | |||||||||||||||||
(in millions) | Estimated Useful Lives | September 30, | December 31, | Advertising structures | 5 to 20 years | ||||||||||||||
2014 | 2013 | Furniture, equipment and other | 3 to 10 years | ||||||||||||||||
Land | $ | 88.4 | $ | 88.6 | The table below presents the balances of major classes of assets and accumulated depreciation. | ||||||||||||||
Building and improvements | 20 to 40 years | 47.5 | 45 | ||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||
Advertising structures | 5 to 20 years | 1,662.40 | 1,662.30 | ||||||||||||||||
Land | $ | 88.6 | $ | 87.8 | |||||||||||||||
Furniture, equipment and other | 3 to 10 years | 76.1 | 77.2 | ||||||||||||||||
Buildings and improvements | 45 | 45.7 | |||||||||||||||||
Construction in progress | 15.7 | 18.9 | |||||||||||||||||
Advertising structures | 1,662.30 | 1,655.90 | |||||||||||||||||
1,890.10 | 1,892.00 | ||||||||||||||||||
Furniture, equipment and other | 77.2 | 76.3 | |||||||||||||||||
Less: accumulated depreciation | 1,185.70 | 1,136.60 | |||||||||||||||||
Construction in progress | 18.9 | 13.5 | |||||||||||||||||
Property and equipment, net | $ | 704.4 | $ | 755.4 | |||||||||||||||
1,892.00 | 1,879.20 | ||||||||||||||||||
Less accumulated depreciation | 1,136.60 | 1,071.30 | |||||||||||||||||
Property and equipment, net | $ | 755.4 | $ | 807.9 | |||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Goodwill | For the years ended December 31, 2013 and 2012, the changes in the book value of goodwill by segment were as follows: | ||||||||||||||||||||||||||||||||
United States | International | Total | |||||||||||||||||||||||||||||||
At December 31, 2011 | $ | 1,758.00 | $ | 114.3 | $ | 1,872.30 | |||||||||||||||||||||||||||
Currency translation adjustments | — | 4.9 | 4.9 | ||||||||||||||||||||||||||||||
At December 31, 2012 | 1,758.00 | 119.2 | 1,877.20 | ||||||||||||||||||||||||||||||
Currency translation adjustments | — | (5.1 | ) | (5.1 | ) | ||||||||||||||||||||||||||||
Dispositions | (6.4 | ) | — | (6.4 | ) | ||||||||||||||||||||||||||||
At December 31, 2013 | $ | 1,751.60 | $ | 114.1 | $ | 1,865.70 | |||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following: | The Company’s identifiable intangible assets consist of the following: | |||||||||||||||||||||||||||||||
(in millions) | Gross | Accumulated Amortization | Net | At December 31, 2013 | Gross | Accumulated | Net | ||||||||||||||||||||||||||
As of September 30, 2014: | Amortization | ||||||||||||||||||||||||||||||||
Permits and leasehold agreements | $ | 876 | $ | (681.0 | ) | $ | 195 | Permits and leasehold agreements | $ | 880.6 | $ | (659.0 | ) | $ | 221.6 | ||||||||||||||||||
Franchise agreements | 442.1 | (317.9 | ) | 124.2 | Franchise agreements | 462.4 | (320.7 | ) | 141.7 | ||||||||||||||||||||||||
Other intangible assets | 2.1 | (1.2 | ) | 0.9 | Other intangible assets | 2.1 | (1.0 | ) | 1.1 | ||||||||||||||||||||||||
Total intangible assets | $ | 1,320.20 | $ | (1,000.1 | ) | $ | 320.1 | Total intangible assets | $ | 1,345.10 | $ | (980.7 | ) | $ | 364.4 | ||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||||||
Permits and leasehold agreements | $ | 880.6 | $ | (659.0 | ) | $ | 221.6 | At December 31, 2012 | Gross | Accumulated | Net | ||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||||||
Franchise agreements | 462.4 | (320.7 | ) | 141.7 | Permits and leasehold agreements | $ | 875.7 | $ | (625.5 | ) | $ | 250.2 | |||||||||||||||||||||
Other intangible assets | 2.1 | (1.0 | ) | 1.1 | Franchise agreements | 476.9 | (309.0 | ) | 167.9 | ||||||||||||||||||||||||
Total intangible assets | $ | 1,345.10 | $ | (980.7 | ) | $ | 364.4 | Other intangible assets | 15.7 | (13.8 | ) | 1.9 | |||||||||||||||||||||
Total intangible assets | $ | 1,368.30 | $ | (948.3 | ) | $ | 420 | ||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The Company expects its aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2014 through 2018, to be as follows: | ||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||||||||||
Amortization expense | $ | 57.1 | $ | 55.2 | $ | 50.1 | $ | 27.9 | $ | 21 | |||||||||||||||||||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||
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. | The following table sets forth the change in the asset retirement obligations associated with the Company’s advertising structures located on leased properties. The obligation is calculated based on the assumption that all of the Company’s advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or nonrenewal of its leases are consistent with the Company’s historical experience. During the last several years, the Company has primarily invested in upgrading certain of its existing structures to digital formats and therefore has not had significant additions to its portfolio of properties. | |||||||
(in millions) | At December 31, 2011 | $ | 29.3 | ||||||
As of December 31, 2013 | $ | 31.7 | |||||||
Accretion expense | 1.8 | ||||||||
Accretion expense | 1.7 | ||||||||
Liabilities settled | (1.0 | ) | |||||||
Additions | 0.2 | Foreign currency translation adjustments | 0.5 | ||||||
Liabilities settled | (0.8 | ) | At December 31, 2012 | 30.6 | |||||
Foreign currency translation adjustments | (0.5 | ) | |||||||
As of September 30, 2014 | $ | 32.3 | Accretion expense | 2.2 | |||||
Liabilities settled | (0.9 | ) | |||||||
Foreign currency translation adjustments | (0.2 | ) | |||||||
At December 31, 2013 | $ | 31.7 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of long-term debt | Long-term debt consists of the following: | ||||||||
As of | |||||||||
(in millions, except percentages) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Term loan, due 2021 | $ | 798.2 | $ | — | |||||
Senior unsecured notes: | |||||||||
5.250% senior unsecured notes, due 2022 | 400 | — | |||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||
Total senior unsecured notes | 800 | — | |||||||
Total long-term debt | $ | 1,598.20 | $ | — | |||||
Weighted average cost of debt | 4.2 | % | — | % | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the components of accumulated other comprehensive income (loss). | ||||||||||||||||||||||||
(in millions) | Cumulative Translation Adjustments | Net Actuarial Gain (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
As of December 31, 2013 | $ | (69.2 | ) | $ | (5.9 | ) | $ | (75.1 | ) | Cumulative | Net | Accumulated | |||||||||||||
Other comprehensive income before reclassifications | (3.1 | ) | — | (3.1 | ) | Translation | Actuarial | Other | |||||||||||||||||
Adjustments | Gain | Comprehensive | |||||||||||||||||||||||
Amortization of actuarial losses reclassified to net income | — | 0.2 | 0.2 | (Loss) | Income (Loss) | ||||||||||||||||||||
At December 31, 2010 | $ | (51.0 | ) | $ | (7.1 | ) | $ | (58.1 | ) | ||||||||||||||||
Deferred tax rate adjustment | — | (1.2 | ) | (1.2 | ) | Other comprehensive loss | (14.3 | ) | (3.2 | ) | (17.5 | ) | |||||||||||||
At December 31, 2011 | (65.3 | ) | (10.3 | ) | (75.6 | ) | |||||||||||||||||||
Total other comprehensive income, net of tax | (3.1 | ) | (1.0 | ) | (4.1 | ) | Other comprehensive income (loss) | 11 | (1.4 | ) | 9.6 | ||||||||||||||
As of September 30, 2014 | $ | (72.3 | ) | $ | (6.9 | ) | $ | (79.2 | ) | ||||||||||||||||
At December 31, 2012 | (54.3 | ) | (11.7 | ) | (66.0 | ) | |||||||||||||||||||
As of December 31, 2012 | $ | (54.3 | ) | $ | (11.7 | ) | $ | (66.0 | ) | Other comprehensive income (loss) before reclassifications | (14.9 | ) | 5.2 | (9.7 | ) | ||||||||||
Other comprehensive income before reclassifications | (12.3 | ) | — | (12.3 | ) | ||||||||||||||||||||
Amortization of actuarial losses reclassified to net income (a) | — | 0.6 | 0.6 | ||||||||||||||||||||||
Amortization of actuarial losses reclassified to net income | — | 0.4 | 0.4 | ||||||||||||||||||||||
Other comprehensive income (loss) | (14.9 | ) | 5.8 | (9.1 | ) | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (12.3 | ) | 0.4 | (11.9 | ) | ||||||||||||||||||||
At December 31, 2013 | $ | (69.2 | ) | $ | (5.9 | ) | $ | (75.1 | ) | ||||||||||||||||
As of September 30, 2013 | $ | (66.6 | ) | $ | (11.3 | ) | $ | (77.9 | ) | ||||||||||||||||
(a) | See Note 11 for additional details of items reclassified from accumulated other comprehensive income to net income. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the nine months ended September 30, 2014 and 2013. | The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
September 30, | RSUs | $ | 6.8 | $ | 5.2 | $ | 4.7 | |||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | ||||||||||||||||||||||||||||||||
RSUs and PRSUs | $ | 9 | $ | 5.4 | Stock options | 0.7 | 0.5 | 0.3 | ||||||||||||||||||||||||||
Stock options | 1.9 | 0.4 | Stock-based compensation expense, before income taxes | 7.5 | 5.7 | 5 | ||||||||||||||||||||||||||||
Stock-based compensation expense, before income taxes | 10.9 | 5.8 | Tax benefit | (3.0 | ) | (2.3 | ) | (2.0 | ) | |||||||||||||||||||||||||
Stock-based compensation expense, net of tax | $ | 4.5 | $ | 3.4 | $ | 3 | ||||||||||||||||||||||||||||
Tax benefit | (2.8 | ) | (2.4 | ) | ||||||||||||||||||||||||||||||
Stock-based compensation expense, net of tax | $ | 8.1 | $ | 3.4 | ||||||||||||||||||||||||||||||
Activity of RSUs and PRSUs issued to our employees | The following table summarizes the activity of the RSUs and PRSUs issued to our employees. | The following table summarizes the activity of CBS’s RSUs issued to employees of the Company. | ||||||||||||||||||||||||||||||||
CBS RSUs | Outfront RSUs | RSUs | Weighted Average | |||||||||||||||||||||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | Activity | Weighted Average Per Share Grant Date Fair Market Value | RSU and PRSU Dividend Equivalents | Grant Date Fair Value | |||||||||||||||||||||||||||||
Non-vested as of December 31, 2013 | 472,490 | $ | 32.09 | Non-vested at December 31, 2012 | 665,282 | $ | 19.65 | |||||||||||||||||||||||||||
Employee transfers and grants | 11,875 | 34.66 | Granted | 190,484 | $ | 47.26 | ||||||||||||||||||||||||||||
Vested | (157,723 | ) | 22.51 | Vested | (366,273 | ) | $ | 17.43 | ||||||||||||||||||||||||||
Forfeited | (2,909 | ) | 37.67 | Forfeited | (17,003 | ) | $ | 31.06 | ||||||||||||||||||||||||||
Non-vested before conversion | 323,733 | 36.8 | ||||||||||||||||||||||||||||||||
Non-vested at December 31, 2013 | 472,490 | $ | 32.09 | |||||||||||||||||||||||||||||||
CBS RSUs converted to Outfront RSUs | (256,172 | ) | 37.77 | |||||||||||||||||||||||||||||||
Non-vested Outfront RSUs converted from CBS RSUs | 561,021 | $ | 17.24 | |||||||||||||||||||||||||||||||
Non-vested CBS RSUs not converted to Outfront RSUs(a) | 67,561 | 33.16 | ||||||||||||||||||||||||||||||||
Granted: | ||||||||||||||||||||||||||||||||||
RSUs | 478,311 | 29.59 | ||||||||||||||||||||||||||||||||
PRSUs | 168,468 | 29.7 | ||||||||||||||||||||||||||||||||
Dividend equivalents | 10,032 | |||||||||||||||||||||||||||||||||
Vested: | ||||||||||||||||||||||||||||||||||
RSUs | (67,561 | ) | 33.16 | (5,848 | ) | 25.91 | ||||||||||||||||||||||||||||
PRSUs | (6,955 | ) | 25.88 | |||||||||||||||||||||||||||||||
Forfeitures: | ||||||||||||||||||||||||||||||||||
RSUs | (27,965 | ) | 24.39 | |||||||||||||||||||||||||||||||
PRSUs | (15,289 | ) | 26.39 | |||||||||||||||||||||||||||||||
Dividend equivalents | (2 | ) | ||||||||||||||||||||||||||||||||
Non-vested as of September 30, 2014 | — | — | 1,151,743 | 23.78 | 10,030 | |||||||||||||||||||||||||||||
(a) | Reflects CBS RSUs which vested in April 2014. | |||||||||||||||||||||||||||||||||
Weighted average assumptions for Black-Scholes pricing model | Compensation expense for stock options is determined based on the grant date fair value of the award using the Black-Scholes options-pricing model with the following weighted average assumptions: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Expected dividend yield | 1.38 | % | 2 | % | 2 | % | ||||||||||||||||||||||||||||
Expected stock price volatility | 35 | % | 40.2 | % | 41.16 | % | ||||||||||||||||||||||||||||
Risk-free interest rate | 1.2 | % | 1.01 | % | 2.34 | % | ||||||||||||||||||||||||||||
Expected term of options (years) | 5 | 5.02 | 5.06 | |||||||||||||||||||||||||||||||
Activity of CBS's stock options issued to our employees | The following table summarizes the activity of CBS’ stock options issued to our employees. | The following table summarizes the Company’s stock option activity under the CBS equity incentive plans. | ||||||||||||||||||||||||||||||||
CBS | CBS | Outfront | Outfront Weighted Average Exercise Price | Stock | Weighted Average | |||||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | Stock Options | Options | Exercise Price | ||||||||||||||||||||||||||||||
Outstanding as of December 31, 2013 | 399,581 | $ | 29.3 | Outstanding at December 31, 2012 | 584,494 | $ | 22.01 | |||||||||||||||||||||||||||
Exercised | (123,260 | ) | 22.04 | Granted | 101,611 | $ | 49.64 | |||||||||||||||||||||||||||
Forfeited or expired | (38,523 | ) | 30.75 | Exercised | (213,102 | ) | $ | 18.88 | ||||||||||||||||||||||||||
CBS stock options converted to Outfront stock options | (219,741 | ) | 33.27 | Forfeited or Expired | (73,422 | ) | $ | 29.69 | ||||||||||||||||||||||||||
Outstanding Outfront stock options converted from CBS stock options | 409,207 | $ | 17.87 | Outstanding at December 31, 2013 | 399,581 | $ | 29.3 | |||||||||||||||||||||||||||
Exercised | (2,426 | ) | 14.71 | Exercisable at December 31, 2013 | 184,215 | $ | 21.41 | |||||||||||||||||||||||||||
Forfeited or expired | (16,170 | ) | 23.08 | |||||||||||||||||||||||||||||||
Outstanding as of September 30, 2014 | 18,057 | 27.38 | 390,611 | 17.67 | ||||||||||||||||||||||||||||||
Exercisable as of September 30, 2014 | 18,057 | 27.38 | 166,234 | 12.29 | ||||||||||||||||||||||||||||||
Stock option exercises information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Cash paid to CBS by employees of the Company for stock option exercises | $ | 4 | $ | 6.5 | $ | 0.8 | ||||||||||||||||||||||||||||
Tax benefit of stock option exercises | $ | 2.5 | $ | 0.8 | $ | 0.9 | ||||||||||||||||||||||||||||
Intrinsic value of stock option exercises | $ | 6.1 | $ | 1.9 | $ | 2.1 | ||||||||||||||||||||||||||||
Stock options outstanding and exercisable by price | The following table summarizes information concerning outstanding and exercisable stock options to purchase CBS Class B Common Stock under the CBS equity incentive plans at December 31, 2013. | |||||||||||||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||||||||||||
Range of | Number | Remaining | Weighted | Number of | Weighted | |||||||||||||||||||||||||||||
Exercise Price | of | Contractual | Average | Options | Average | |||||||||||||||||||||||||||||
Options | Life (Years) | Exercise | Exercise | |||||||||||||||||||||||||||||||
Price | Price | |||||||||||||||||||||||||||||||||
$5 to 9.99 | 47,081 | 3.15 | $ | 5.2 | 47,081 | $ | 5.2 | |||||||||||||||||||||||||||
$10 to 19.99 | 42,036 | 4.16 | $ | 13.43 | 16,179 | $ | 13.43 | |||||||||||||||||||||||||||
$20 to 29.99 | 154,985 | 4.22 | $ | 26.99 | 67,087 | $ | 27 | |||||||||||||||||||||||||||
$30 to 39.99 | 53,868 | 0.18 | $ | 31.03 | 53,868 | $ | 31.03 | |||||||||||||||||||||||||||
$40 to 49.99 | 53,592 | 7.12 | $ | 43.21 | — | $ | — | |||||||||||||||||||||||||||
$50 to 59.99 | 48,019 | 7.72 | $ | 56.81 | — | $ | — | |||||||||||||||||||||||||||
399,581 | 184,215 | |||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
U.S. and foreign components of earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | The U.S. and foreign components of income before income taxes and equity in earnings of investee companies were as follows: | ||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
United States | $ | 239.8 | $ | 201.9 | $ | 178.6 | |||||||||||||||||||
Foreign | (2.2 | ) | (1.7 | ) | 14.6 | ||||||||||||||||||||
Total | $ | 237.6 | $ | 200.2 | $ | 193.2 | |||||||||||||||||||
Income tax provision components | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision for income taxes is summarized as follows: | The components of the provision for income taxes are as follows: | |||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
September 30, | Current: | ||||||||||||||||||||||||
(in millions) | 2014 | 2013 | Federal | $ | 85.1 | $ | 71.8 | $ | 32.5 | ||||||||||||||||
Taxes on income at U.S. statutory rate | $ | 21.2 | $ | 56.7 | |||||||||||||||||||||
State and local | 21.8 | 18.9 | 10.5 | ||||||||||||||||||||||
State and local taxes, net of federal tax benefit | 4.2 | 9.9 | |||||||||||||||||||||||
Foreign | 5.2 | 4.9 | 12 | ||||||||||||||||||||||
Effect of foreign operations | 2.2 | 1.7 | |||||||||||||||||||||||
112.1 | 95.6 | 55 | |||||||||||||||||||||||
Reversal of deferred tax liability | (232.3 | ) | — | ||||||||||||||||||||||
Deferred | (15.5 | ) | (6.6 | ) | 32.8 | ||||||||||||||||||||
Other, net | 1.8 | 2.2 | |||||||||||||||||||||||
Provision for income taxes | $ | 96.6 | $ | 89 | $ | 87.8 | |||||||||||||||||||
Provision for income taxes | $ | (202.9 | ) | $ | 70.5 | ||||||||||||||||||||
Reconciliation to U.S. federal statutory income tax rate | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision for income taxes is summarized as follows: | ||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Taxes on income at U.S. statutory rate | $ | 83.2 | $ | 70.1 | $ | 67.6 | |||||||||||||||||||
State and local taxes, net of federal tax benefit | 7.6 | 13.4 | 13.1 | ||||||||||||||||||||||
Effect of foreign operations | 4 | 2.2 | 3.4 | ||||||||||||||||||||||
Audit settlements | — | — | 3.8 | ||||||||||||||||||||||
Other, net (a) | 1.8 | 3.3 | (0.1 | ) | |||||||||||||||||||||
Provision for income taxes | $ | 96.6 | $ | 89 | $ | 87.8 | |||||||||||||||||||
(a) | For 2012, other primarily reflects a charge related to the Company’s domestic production deduction. | ||||||||||||||||||||||||
Components of deferred income tax assets and liabilities | The following table is a summary of the components of deferred income tax assets and liabilities. | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||||||
Provision for expenses and losses | $ | 31.3 | $ | 35.4 | |||||||||||||||||||||
Postretirement and other employee benefits | 9.9 | 12.7 | |||||||||||||||||||||||
Tax credit and loss carryforwards | 14.6 | 13.7 | |||||||||||||||||||||||
Other | 0.1 | 1.9 | |||||||||||||||||||||||
Total deferred income tax assets | 55.9 | 63.7 | |||||||||||||||||||||||
Valuation allowance | (10.1 | ) | (8.0 | ) | |||||||||||||||||||||
Deferred income tax assets, net | 45.8 | 55.7 | |||||||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||||||
Property, equipment and intangible assets | (309.3 | ) | (340.5 | ) | |||||||||||||||||||||
Other | (0.5 | ) | — | ||||||||||||||||||||||
Total deferred income tax liabilities | (309.8 | ) | (340.5 | ) | |||||||||||||||||||||
Deferred income tax liabilities, net | $ | (264.0 | ) | $ | (284.8 | ) | |||||||||||||||||||
Schedule of reserve for uncertain tax positions | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. | |||||||||||||||||||||||
(in millions) | At January 1, 2011 | $ | 1.9 | ||||||||||||||||||||||
As of December 31, 2013 | $ | 4 | |||||||||||||||||||||||
Additions for current year tax positions | 3.5 | ||||||||||||||||||||||||
Additions for current year tax positions | 0.1 | ||||||||||||||||||||||||
At December 31, 2011 | 5.4 | ||||||||||||||||||||||||
Reductions for prior year tax positions | (2.9 | ) | |||||||||||||||||||||||
As of September 30, 2014 | $ | 1.2 | Additions for current year tax positions | 3.8 | |||||||||||||||||||||
Reductions for prior year tax positions | (4.3 | ) | |||||||||||||||||||||||
At December 31, 2012 | 4.9 | ||||||||||||||||||||||||
Additions for current year tax positions | 0.2 | ||||||||||||||||||||||||
Reductions for prior year tax positions | (1.1 | ) | |||||||||||||||||||||||
At December 31, 2013 | $ | 4 | |||||||||||||||||||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Change in Benefit Obligation | The following table sets forth the change in benefit obligation for the Company’s pension plans. | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 52.7 | $ | 46.8 | |||||||||||||||||||||||||
Service cost | 1.7 | 1.5 | |||||||||||||||||||||||||||
Interest cost | 2 | 2.2 | |||||||||||||||||||||||||||
Actuarial (gain) loss | (5.1 | ) | 2.7 | ||||||||||||||||||||||||||
Benefits paid | (1.6 | ) | (2.2 | ) | |||||||||||||||||||||||||
Cumulative translation adjustments | (3.7 | ) | 1.7 | ||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 46 | $ | 52.7 | |||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | The following table sets forth the change in plan assets for the Company’s pension plans. | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 40.1 | $ | 34.2 | |||||||||||||||||||||||||
Actual return on plan assets | 4.5 | 2.8 | |||||||||||||||||||||||||||
Employer contributions | 3.8 | 4.1 | |||||||||||||||||||||||||||
Benefits paid | (1.6 | ) | (2.2 | ) | |||||||||||||||||||||||||
Cumulative translation adjustments | (3.1 | ) | 1.2 | ||||||||||||||||||||||||||
Fair value of plan assets, end of year | $ | 43.7 | $ | 40.1 | |||||||||||||||||||||||||
Schedule of Net Funded Status | The funded status of pension benefit obligations and the related amounts recognized on the Combined Consolidated Balance Sheets were as follows: | ||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||
Funded status, end of year | $ | (2.3 | ) | $ | (12.6 | ) | |||||||||||||||||||||||
Amounts recognized on Combined Consolidated Balance Sheets: | |||||||||||||||||||||||||||||
Other noncurrent liabilities | $ | (2.3 | ) | $ | (12.6 | ) | |||||||||||||||||||||||
Net amounts recognized | $ | (2.3 | ) | $ | (12.6 | ) | |||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following amounts were recognized in accumulated other comprehensive loss on the Combined Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||
Net actuarial loss | $ | (10.2 | ) | $ | (19.3 | ) | |||||||||||||||||||||||
Deferred income taxes | 4.3 | 7.6 | |||||||||||||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | (5.9 | ) | $ | (11.7 | ) | |||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. | ||||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||||||
Projected benefit obligation | $ | 2 | $ | 52.7 | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 1.9 | $ | 46.5 | |||||||||||||||||||||||||
Fair value of plan assets | $ | 1.8 | $ | 40.1 | |||||||||||||||||||||||||
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: | The following tables present the components of net periodic pension cost and amounts recognized in other comprehensive income (loss). | |||||||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | Components of net periodic pension cost: | ||||||||||||||||||||||||||
Components of net periodic pension cost: | Service cost | $ | 1.7 | $ | 1.5 | $ | 1.3 | ||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 1.3 | |||||||||||||||||||||||||
Interest cost | 2 | 2.2 | 2.2 | ||||||||||||||||||||||||||
Interest cost | 1.9 | 1.5 | |||||||||||||||||||||||||||
Expected return on plan assets | (2.4 | ) | (2.1 | ) | (2.2 | ) | |||||||||||||||||||||||
Expected return on plan assets | (2.1 | ) | (1.8 | ) | Amortization of actuarial losses | 1 | 0.9 | 0.4 | |||||||||||||||||||||
Amortization of actuarial losses(a) | 0.3 | 0.8 | |||||||||||||||||||||||||||
Net periodic pension cost | $ | 2.3 | $ | 2.5 | $ | 1.7 | |||||||||||||||||||||||
Net periodic pension cost | $ | 1.2 | $ | 1.8 | |||||||||||||||||||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. | ||||||||||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||
Actuarial gains | $ | 7.2 | |||||||||||||||||||||||||||
Amortization of actuarial losses (a) | 1 | ||||||||||||||||||||||||||||
Cumulative translation adjustments | 0.9 | ||||||||||||||||||||||||||||
9.1 | |||||||||||||||||||||||||||||
Deferred income taxes | (3.3 | ) | |||||||||||||||||||||||||||
Recognized in other comprehensive loss, net of tax | $ | 5.8 | |||||||||||||||||||||||||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. | ||||||||||||||||||||||||||||
Schedule of Assumptions Used | Estimated net actuarial losses related to the defined benefit pension plans of approximately $.4 million, will be amortized from accumulated other comprehensive loss into net periodic pension costs in 2014. | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||||||
Discount rate | 5 | % | 4 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic cost for the | |||||||||||||||||||||||||||||
year ended December 31: | |||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.5 | % | |||||||||||||||||||||||||
Expected long-term return on plan assets | 6 | % | 6.2 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | |||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The following tables set forth the Company’s pension plan assets measured at fair value on a recurring basis at December 31, 2013 and 2012. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. | ||||||||||||||||||||||||||||
At December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | — | $ | 2.6 | $ | — | $ | 2.6 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Government related securities | 1.4 | 6.3 | — | 7.7 | |||||||||||||||||||||||||
Corporate bonds (b) | — | 9.6 | — | 9.6 | |||||||||||||||||||||||||
Equity securities: (c) | |||||||||||||||||||||||||||||
U.S. equity | 4.9 | 2.6 | — | 7.5 | |||||||||||||||||||||||||
International equity | — | 16.2 | — | 16.2 | |||||||||||||||||||||||||
Other | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||
Total assets | $ | 6.3 | $ | 37.4 | $ | — | $ | 43.7 | |||||||||||||||||||||
At December 31, 2012 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 0.1 | $ | 1.9 | $ | — | $ | 2 | |||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||
Government related securities | 2.1 | 6.8 | — | 8.9 | |||||||||||||||||||||||||
Corporate bonds (b) | — | 9.1 | — | 9.1 | |||||||||||||||||||||||||
Equity securities: (c) | |||||||||||||||||||||||||||||
U.S. equity | 3.8 | 2 | — | 5.8 | |||||||||||||||||||||||||
International equity | — | 14.2 | — | 14.2 | |||||||||||||||||||||||||
Other | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||
Total assets | $ | 6 | $ | 34.1 | $ | — | $ | 40.1 | |||||||||||||||||||||
(a) | Assets categorized as Level 2 reflect investments in money market funds. | ||||||||||||||||||||||||||||
(b) | Securities of diverse industries, substantially all investment grade. | ||||||||||||||||||||||||||||
(c) | Assets categorized as Level 2 reflect investments in common collective funds. | ||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The estimated future benefit payments for pension plans are as follows: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | ||||||||||||||||||||||||
$1.30 | $1.30 | $1.40 | $1.50 | $1.70 | $13.10 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Weighted Average Number of Shares | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Net income | $ | 279.1 | $ | 93.5 | |||||||||
Weighted average shares for basic EPS | 112.3 | 112.3 | |||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | 0.5 | 0.5 | |||||||||||
Weighted average shares for diluted EPS | 112.8 | 112.8 | |||||||||||
(a) | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for the nine months ended September 30, 2014, was antidilutive. |
Commitment_and_Contingencies_t
Commitment and Contingencies table (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | At December 31, 2013, minimum rental payments under noncancellable operating leases with terms in excess of one year and guaranteed minimum franchise payments are as follows: | |||||||
Operating | Guaranteed | |||||||
Leases | Minimum | |||||||
Franchise Payments | ||||||||
2014 | $ | 89.7 | $ | 150.8 | ||||
2015 | 84.2 | 97.2 | ||||||
2016 | 73 | 22.7 | ||||||
2017 | 59.8 | 14.7 | ||||||
2018 | 51.8 | 7.2 | ||||||
2019 and thereafter | 315.5 | 38.7 | ||||||
Total minimum payments | $ | 674 | $ | 331.3 | ||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International. | The following tables set forth the Company’s financial performance by segment. The Company manages its operations through two segments—United States and International. | |||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
(in millions) | 2014 | 2013 | Revenues: | ||||||||||||||||||||||
Revenues: | United States | $ | 1,130.10 | $ | 1,098.60 | $ | 1,051.50 | ||||||||||||||||||
U.S. | $ | 842.4 | $ | 827.6 | |||||||||||||||||||||
International | 163.9 | 186 | 225.6 | ||||||||||||||||||||||
International | 116.4 | 122.5 | |||||||||||||||||||||||
Total revenues | $ | 1,294.00 | $ | 1,284.60 | $ | 1,277.10 | |||||||||||||||||||
Total revenues | $ | 958.8 | $ | 950.1 | |||||||||||||||||||||
Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income | The Company presents operating income (loss) before depreciation and amortization (“OIBDA”), net gain (loss) on dispositions, stock-based compensation and restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Adjusted OIBDA is relevant and useful for users because it allows users to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance. | ||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||||
Net income | $ | 279.1 | $ | 93.5 | Adjusted OIBDA: | ||||||||||||||||||||
United States | $ | 406.4 | $ | 385.4 | $ | 364.7 | |||||||||||||||||||
(Benefit) provision for income taxes | (202.9 | ) | 70.5 | ||||||||||||||||||||||
International | 29.1 | 30.5 | 57.2 | ||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | (1.4 | ) | (1.9 | ) | |||||||||||||||||||||
Interest expense (income), net | 57.3 | — | Corporate | (20.7 | ) | (7.5 | ) | (7.6 | ) | ||||||||||||||||
Total Adjusted OIBDA | 414.8 | 408.4 | 414.3 | ||||||||||||||||||||||
Other (income) expense, net | 0.5 | — | |||||||||||||||||||||||
Restructuring charges | — | (2.5 | ) | (3.0 | ) | ||||||||||||||||||||
Operating income | 132.6 | 162.1 | |||||||||||||||||||||||
Net gain (loss) on dispositions | 27.3 | (2.2 | ) | (2.0 | ) | ||||||||||||||||||||
Restructuring charges(a) | 6.2 | — | |||||||||||||||||||||||
Depreciation | (104.5 | ) | (105.9 | ) | (109.0 | ) | |||||||||||||||||||
Acquisition costs(a) | 1.4 | — | Amortization | (91.3 | ) | (90.9 | ) | (102.9 | ) | ||||||||||||||||
Stock-based compensation(a) | (7.5 | ) | (5.7 | ) | (5.0 | ) | |||||||||||||||||||
Net gain on dispositions | (1.4 | ) | (9.8 | ) | Operating income | 238.8 | 201.2 | 192.4 | |||||||||||||||||
Depreciation and amortization | 146.6 | 146.5 | |||||||||||||||||||||||
Other income (expense), net | (1.2 | ) | (1.0 | ) | 0.8 | ||||||||||||||||||||
Stock-based compensation(a) | 7.4 | 5.8 | |||||||||||||||||||||||
Income before income taxes and equity in earnings of investee companies | 237.6 | 200.2 | 193.2 | ||||||||||||||||||||||
Total Adjusted OIBDA | $ | 292.8 | $ | 304.6 | |||||||||||||||||||||
Provision for income taxes | (96.6 | ) | (89.0 | ) | (87.8 | ) | |||||||||||||||||||
Equity in earnings of investee companies, net of tax | 2.5 | 2.2 | 1.7 | ||||||||||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
U.S. | $ | 293 | $ | 300.2 | Net income | $ | 143.5 | $ | 113.4 | $ | 107.1 | ||||||||||||||
International | 16.9 | 20 | |||||||||||||||||||||||
(a) | Stock-based compensation is classified as a Corporate expense. | ||||||||||||||||||||||||
Corporate | (17.1 | ) | (15.6 | ) | |||||||||||||||||||||
Total Adjusted OIBDA | $ | 292.8 | $ | 304.6 | |||||||||||||||||||||
(a) | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | ||||||||||||||||||||||||
Schedule of Revenue from External Customers by Geographic Area | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Revenues: (a) | |||||||||||||||||||||||||
United States | $ | 1,130.10 | $ | 1,098.60 | $ | 1,051.50 | |||||||||||||||||||
Canada | 84.7 | 99.2 | 138.1 | ||||||||||||||||||||||
Latin America | 79.2 | 86.8 | 87.5 | ||||||||||||||||||||||
Total revenues | $ | 1,294.00 | $ | 1,284.60 | $ | 1,277.10 | |||||||||||||||||||
(a) | Revenues classifications are based on customers’ locations. | ||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Long-lived assets: (a) | |||||||||||||||||||||||||
United States | $ | 2,768.50 | $ | 2,782.70 | |||||||||||||||||||||
Canada | 138.1 | 193.7 | |||||||||||||||||||||||
Latin America | 107.6 | 159.3 | |||||||||||||||||||||||
Total long-lived assets | $ | 3,014.20 | $ | 3,135.70 | |||||||||||||||||||||
Long-lived Assets by Geographic Area | |||||||||||||||||||||||||
At December 31, | 2013 | 2012 | |||||||||||||||||||||||
Long-lived assets: (a) | |||||||||||||||||||||||||
United States | $ | 2,768.50 | $ | 2,782.70 | |||||||||||||||||||||
Canada | 138.1 | 193.7 | |||||||||||||||||||||||
Latin America | 107.6 | 159.3 | |||||||||||||||||||||||
Total long-lived assets | $ | 3,014.20 | $ | 3,135.70 | |||||||||||||||||||||
(a) | Reflects total assets less current assets, investments and noncurrent deferred tax assets. | ||||||||||||||||||||||||
Tabular Disclosure by Reportable Segments | |||||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
(in millions) | 2014 | 2013 | Operating income (loss): | ||||||||||||||||||||||
Operating income (loss): | United States | $ | 267.1 | $ | 216.4 | $ | 192.2 | ||||||||||||||||||
U.S. | $ | 168.5 | $ | 185.4 | |||||||||||||||||||||
International | (0.1 | ) | (2.0 | ) | 12.8 | ||||||||||||||||||||
International | (3.8 | ) | (1.9 | ) | |||||||||||||||||||||
Corporate | (32.1 | ) | (21.4 | ) | Corporate | (28.2 | ) | (13.2 | ) | (12.6 | ) | ||||||||||||||
Total operating income | $ | 132.6 | $ | 162.1 | Total operating income | $ | 238.8 | $ | 201.2 | $ | 192.4 | ||||||||||||||
Net (gain) loss on dispositions: | |||||||||||||||||||||||||
U.S. | $ | (1.3 | ) | $ | (10.0 | ) | Year Ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||
International | (0.1 | ) | 0.2 | ||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||
Total gain on dispositions | $ | (1.4 | ) | $ | (9.8 | ) | United States | $ | 166.8 | $ | 165.6 | $ | 168.2 | ||||||||||||
Depreciation and amortization: | International | 29 | 31.2 | 43.7 | |||||||||||||||||||||
U.S. | $ | 125.8 | $ | 124.8 | |||||||||||||||||||||
Total depreciation and amortization | $ | 195.8 | $ | 196.8 | $ | 211.9 | |||||||||||||||||||
International | 20.8 | 21.7 | |||||||||||||||||||||||
Total depreciation and amortization | $ | 146.6 | $ | 146.5 | |||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Capital expenditures: | Capital expenditures: | ||||||||||||||||||||||||
U.S. | $ | 37.4 | $ | 37.1 | United States | $ | 54.1 | $ | 42.5 | $ | 36.8 | ||||||||||||||
International | 6.2 | 4.4 | International | 6.8 | 5.7 | 6.8 | |||||||||||||||||||
Total capital expenditures | $ | 43.6 | $ | 41.5 | Total capital expenditures | $ | 60.9 | $ | 48.2 | $ | 43.6 | ||||||||||||||
Reconciliation of Assets from Segment to Consolidated | |||||||||||||||||||||||||
As of | At December 31, | 2013 | 2012 | ||||||||||||||||||||||
(in millions) | September 30, 2014 | December 31, | |||||||||||||||||||||||
2013 | Assets: | ||||||||||||||||||||||||
Assets: | United States | $ | 3,027.60 | $ | 3,114.40 | ||||||||||||||||||||
U.S. | $ | 2,967.00 | $ | 3,027.60 | |||||||||||||||||||||
International | 327.9 | 350.5 | |||||||||||||||||||||||
International | 297.3 | 327.9 | |||||||||||||||||||||||
Total assets | $ | 3,355.50 | $ | 3,464.90 | |||||||||||||||||||||
Corporate | 258.5 | — | |||||||||||||||||||||||
Total assets | $ | 3,522.80 | $ | 3,355.50 | |||||||||||||||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Schedule of long-term debt | Long-term debt consists of the following: | ||||||||||||
As of | |||||||||||||
(in millions, except percentages) | September 30, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Term loan, due 2021 | $ | 798.2 | $ | — | |||||||||
Senior unsecured notes: | |||||||||||||
5.250% senior unsecured notes, due 2022 | 400 | — | |||||||||||
5.625% senior unsecured notes, due 2024 | 400 | — | |||||||||||
Total senior unsecured notes | 800 | — | |||||||||||
Total long-term debt | $ | 1,598.20 | $ | — | |||||||||
Weighted average cost of debt | 4.2 | % | — | % | |||||||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Schedule of long-term debt | On January 31, 2014, the Company incurred long-term debt of $1.6 billion as follows: | ||||||||||||
At | |||||||||||||
31-Jan-14 | |||||||||||||
Term Loan, due 2021, net of discount | $ | 798 | |||||||||||
5.250% Senior Notes due 2022 | 400 | ||||||||||||
5.625% Senior Notes due 2024 | 400 | ||||||||||||
Total long-term debt | $ | 1,598.00 | |||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The Company’s revenues and profits experience seasonality due to seasonal advertising patterns and influences on advertising markets. Typically, the Company’s revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers cut back on spending following the holiday shopping season. | ||||||||||||||||||||||||
2013 | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 245.2 | $ | 285.9 | $ | 296.5 | $ | 302.5 | $ | 1,130.10 | |||||||||||||||
International | 34 | 46.8 | 41.7 | 41.4 | 163.9 | ||||||||||||||||||||
Total revenues | $ | 279.2 | $ | 332.7 | $ | 338.2 | $ | 343.9 | $ | 1,294.00 | |||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 80.1 | $ | 106.5 | $ | 113.6 | $ | 106.2 | $ | 406.4 | |||||||||||||||
International | 0.6 | 11.5 | 7.9 | 9.1 | 29.1 | ||||||||||||||||||||
Corporate | (5.3 | ) | (4.9 | ) | (5.4 | ) | (5.1 | ) | (20.7 | ) | |||||||||||||||
Total Adjusted OIBDA | 75.4 | 113.1 | 116.1 | 110.2 | 414.8 | ||||||||||||||||||||
Net gain (loss) on dispositions | 9.8 | (a) | (0.1 | ) | 0.1 | 17.5 | (b) | 27.3 | |||||||||||||||||
Depreciation | (26.0 | ) | (25.9 | ) | (26.4 | ) | (26.2 | ) | (104.5 | ) | |||||||||||||||
Amortization | (22.9 | ) | (22.7 | ) | (22.6 | ) | (23.1 | ) | (91.3 | ) | |||||||||||||||
Stock-based compensation | (1.6 | ) | (1.6 | ) | (2.6 | ) | (1.7 | ) | (7.5 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 48.2 | $ | 65.2 | $ | 72 | $ | 81.7 | $ | 267.1 | |||||||||||||||
International | (6.6 | ) | 4.1 | 0.6 | 1.8 | (0.1 | ) | ||||||||||||||||||
Corporate | (6.9 | ) | (6.5 | ) | (8.0 | ) | (6.8 | ) | (28.2 | ) | |||||||||||||||
Total operating income | $ | 34.7 | $ | 62.8 | $ | 64.6 | $ | 76.7 | $ | 238.8 | |||||||||||||||
Net income | $ | 19.9 | $ | 36.4 | $ | 37.2 | $ | 50 | $ | 143.5 | |||||||||||||||
(a) | During the first quarter of 2013, the Company exchanged most of its billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | ||||||||||||||||||||||||
(b) | During the fourth quarter of 2013, the Company sold 50% of its transit shelter operations in Los Angeles, and the Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | ||||||||||||||||||||||||
2012 | First | Second | Third | Fourth | Total | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
United States | $ | 244.6 | $ | 281.7 | $ | 284.9 | $ | 287.4 | $ | 1,098.60 | |||||||||||||||
International | 41.3 | 49.7 | 46.6 | 48.4 | 186 | ||||||||||||||||||||
Total revenues | $ | 285.9 | $ | 331.4 | $ | 331.5 | $ | 335.8 | $ | 1,284.60 | |||||||||||||||
Adjusted OIBDA: | |||||||||||||||||||||||||
United States | $ | 76.7 | $ | 101.9 | $ | 108.1 | $ | 98.7 | $ | 385.4 | |||||||||||||||
International | 5.9 | 13.3 | 11 | 0.3 | 30.5 | ||||||||||||||||||||
Corporate | (1.7 | ) | (1.6 | ) | (2.0 | ) | (2.2 | ) | (7.5 | ) | |||||||||||||||
Total Adjusted OIBDA | 80.9 | 113.6 | 117.1 | 96.8 | 408.4 | ||||||||||||||||||||
Restructuring charges | — | (0.5 | ) | (1.9 | ) | (0.1 | ) | (2.5 | ) | ||||||||||||||||
Net loss on dispositions | (0.8 | ) | (0.7 | ) | (0.3 | ) | (0.4 | ) | (2.2 | ) | |||||||||||||||
Depreciation | (26.5 | ) | (26.8 | ) | (26.7 | ) | (25.9 | ) | (105.9 | ) | |||||||||||||||
Amortization | (22.1 | ) | (22.8 | ) | (23.0 | ) | (23.0 | ) | (90.9 | ) | |||||||||||||||
Stock-based compensation | (1.3 | ) | (1.5 | ) | (1.5 | ) | (1.4 | ) | (5.7 | ) | |||||||||||||||
Total operating income | $ | 30.2 | $ | 61.3 | $ | 63.7 | $ | 46 | $ | 201.2 | |||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||
United States | $ | 35.1 | $ | 59.3 | $ | 64.5 | $ | 57.5 | $ | 216.4 | |||||||||||||||
International | (1.9 | ) | 5.1 | 2.7 | (7.9 | ) | (2.0 | ) | |||||||||||||||||
Corporate | (3.0 | ) | (3.1 | ) | (3.5 | ) | (3.6 | ) | (13.2 | ) | |||||||||||||||
Total operating income | $ | 30.2 | $ | 61.3 | $ | 63.7 | $ | 46 | $ | 201.2 | |||||||||||||||
Net income | $ | 18.7 | $ | 37.2 | $ | 38.7 | $ | 18.8 | $ | 113.4 | |||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Financial Position | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer(a) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | (in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 230 | $ | 23.5 | $ | 18.7 | $ | — | $ | 272.2 | Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | |||||||||||||||||||||||||
Receivables, less allowances | — | — | 140.9 | 34.7 | — | 175.6 | Receivables, less allowances | — | — | 146 | 32.8 | — | 178.8 | |||||||||||||||||||||||||||||||||||||
Other current assets | — | 4.1 | 87.4 | 21.5 | — | 113 | Other current assets | — | — | 89.1 | 19.5 | — | 108.6 | |||||||||||||||||||||||||||||||||||||
Total current assets | — | 234.1 | 251.8 | 74.9 | — | 560.8 | Total current assets | — | — | 237.2 | 80 | — | 317.2 | |||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 596.2 | 108.2 | — | 704.4 | Property and equipment, net | — | — | 628.1 | 127.3 | — | 755.4 | |||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,751.40 | 109 | — | 1,860.40 | Goodwill | — | — | 1,751.60 | 114.1 | — | 1,865.70 | |||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 319.9 | 0.2 | — | 320.1 | Intangible assets | — | — | 364.2 | 0.2 | — | 364.4 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,567.00 | 2,935.50 | 218.6 | — | (4,721.1 | ) | — | Investment in subsidiaries | — | — | 232.9 | — | (232.9 | ) | — | |||||||||||||||||||||||||||||||||||
Other assets | — | 23.9 | 48.1 | 5.1 | — | 77.1 | Other assets | — | — | 46.5 | 6.3 | — | 52.8 | |||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 66.1 | 54.8 | (120.9 | ) | — | Intercompany | — | — | 66 | 55.7 | (121.7 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,567.00 | $ | 3,193.50 | $ | 3,252.10 | $ | 352.2 | $ | (4,842.0 | ) | $ | 3,522.80 | Total assets | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | |||||||||||||||||||||||
Total current liabilities | $ | — | $ | 28.3 | $ | 176.4 | $ | 33.2 | $ | — | $ | 237.9 | Total current liabilities | $ | — | $ | — | $ | 168.3 | $ | 43.9 | $ | — | $ | 212.2 | |||||||||||||||||||||||||
Long-term debt | — | 1,598.20 | — | — | — | 1,598.20 | Deferred income tax liabilities, net | — | — | 259.4 | 29.1 | — | 288.5 | |||||||||||||||||||||||||||||||||||||
Deferred income tax liabilities, net | — | — | (1.1 | ) | 23.9 | — | 22.8 | Asset retirement obligation | — | — | 23.1 | 8.6 | — | 31.7 | ||||||||||||||||||||||||||||||||||||
Asset retirement obligation | — | — | 23.7 | 8.6 | — | 32.3 | Other liabilities | — | — | 65.6 | 3.1 | — | 68.7 | |||||||||||||||||||||||||||||||||||||
Deficit in excess of investment in subsidiaries | — | — | 1,368.50 | — | (1,368.5 | ) | — | Intercompany | — | — | 55.7 | 66 | (121.7 | ) | — | |||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 62.8 | 1.8 | — | 64.6 | Total liabilities | — | — | 572.1 | 150.7 | (121.7 | ) | 601.1 | ||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 54.8 | 66.1 | (120.9 | ) | — | Total invested equity | — | — | 2,754.40 | 232.9 | (232.9 | ) | 2,754.40 | |||||||||||||||||||||||||||||||||||
Total liabilities | — | 1,626.50 | 1,685.10 | 133.6 | (1,489.4 | ) | 1,955.80 | Total liabilities and invested equity | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | |||||||||||||||||||||||||||||
Total stockholders’ equity | 1,567.00 | 1,567.00 | 1,567.00 | 218.6 | (3,352.6 | ) | 1,567.00 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,567.00 | $ | 3,193.50 | $ | 3,252.10 | $ | 352.2 | $ | (4,842.0 | ) | $ | 3,522.80 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 9.5 | $ | 10.7 | $ | — | $ | 20.2 | ||||||||||||||||||||||||||||||||||||||
(a) | Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities and has not been presented herein. | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, less allowances | — | — | 138 | 37.1 | — | 175.1 | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | Other current assets | — | — | 98.2 | 21.5 | — | 119.7 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Total current assets | — | — | 245.7 | 69.3 | — | 315 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | ||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 655.8 | 152.1 | — | 807.9 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables, less allowances | — | — | 146 | 32.8 | — | 178.8 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,758.00 | 119.2 | — | 1,877.20 | ||||||||||||||||||||||||||||||||||||||||||||
Other current assets | — | — | 89.1 | 19.5 | — | 108.6 | ||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 419.7 | 0.3 | — | 420 | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | — | 237.2 | 80 | — | 317.2 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | — | 241 | — | (241.0 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | — | 628.1 | 127.3 | — | 755.4 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 35.2 | 9.6 | — | 44.8 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,751.60 | 114.1 | — | 1,865.70 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 65.8 | 56.5 | (122.3 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 364.2 | 0.2 | — | 364.4 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,421.20 | $ | 407 | $ | (363.3 | ) | $ | 3,464.90 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | — | 232.9 | — | (232.9 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | 46.5 | 6.3 | — | 52.8 | Total current liabilities | $ | — | $ | — | $ | 158.7 | $ | 46.9 | $ | — | $ | 205.6 | |||||||||||||||||||||||||||||||
Intercompany | — | — | 66 | 55.7 | (121.7 | ) | — | Deferred income tax liabilities, net | — | — | 276.8 | 37 | — | 313.8 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | Asset retirement obligation | — | — | 28 | 2.6 | — | 30.6 | ||||||||||||||||||||||||||||||
Other liabilities | — | — | 57.3 | 13.7 | — | 71 | ||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | $ | — | $ | — | $ | 168.3 | $ | 43.9 | $ | — | $ | 212.2 | ||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 56.5 | 65.8 | (122.3 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Deferred income tax liabilities, net | — | — | 259.4 | 29.1 | — | 288.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | — | 577.3 | 166 | (122.3 | ) | 621 | |||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation | — | — | 23.1 | 8.6 | — | 31.7 | ||||||||||||||||||||||||||||||||||||||||||||
Total invested equity | — | — | 2,843.90 | 241 | (241.0 | ) | 2,843.90 | |||||||||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 65.6 | 3.1 | — | 68.7 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and invested equity | $ | — | $ | — | $ | 3,421.20 | $ | 407 | $ | (363.3 | ) | $ | 3,464.90 | |||||||||||||||||||||||||||||||||||||
Intercompany | — | — | 55.7 | 66 | (121.7 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | — | 572.1 | 150.7 | (121.7 | ) | 601.1 | |||||||||||||||||||||||||||||||||||||||||||
Total invested equity | — | — | 2,754.40 | 232.9 | (232.9 | ) | 2,754.40 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities and invested equity | $ | — | $ | — | $ | 3,326.50 | $ | 383.6 | $ | (354.6 | ) | $ | 3,355.50 | |||||||||||||||||||||||||||||||||||||
Condensed Consolidating Income Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | (in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 599.7 | $ | 90.5 | $ | — | $ | 690.2 | Billboard | $ | — | $ | — | $ | 796.6 | $ | 129.1 | $ | — | $ | 925.7 | |||||||||||||||||||||||||
Transit and other | — | — | 242.7 | 25.9 | — | 268.6 | Transit and other | — | — | 333.5 | 34.8 | — | 368.3 | |||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 842.4 | 116.4 | — | 958.8 | Total revenues | — | — | 1,130.10 | 163.9 | — | 1,294.00 | |||||||||||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating | — | — | 436.2 | 76.1 | — | 512.3 | Operating | — | — | 584.2 | 102.7 | — | 686.9 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 0.9 | — | 136.8 | 23.4 | — | 161.1 | Selling, general and administrative | — | — | 167.7 | 32.1 | — | 199.8 | |||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 6.2 | — | — | 6.2 | Net (gain) loss on dispositions | — | — | (27.5 | ) | 0.2 | — | (27.3 | ) | |||||||||||||||||||||||||||||||||||
Acquisition costs | — | — | 1.4 | — | — | 1.4 | Depreciation | — | — | 80.7 | 23.8 | — | 104.5 | |||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | (1.3 | ) | (0.1 | ) | — | (1.4 | ) | Amortization | — | — | 86.1 | 5.2 | — | 91.3 | ||||||||||||||||||||||||||||||||||
Depreciation | — | — | 62.2 | 17.1 | — | 79.3 | Total expenses | — | — | 891.2 | 164 | — | 1,055.20 | |||||||||||||||||||||||||||||||||||||
Amortization | — | — | 63.6 | 3.7 | — | 67.3 | Operating income | — | — | 238.9 | (0.1 | ) | — | 238.8 | ||||||||||||||||||||||||||||||||||||
Total expenses | 0.9 | — | 705.1 | 120.2 | — | 826.2 | Other income (expenses) | — | — | (0.2 | ) | (1.0 | ) | — | (1.2 | ) | ||||||||||||||||||||||||||||||||||
Operating income | (0.9 | ) | — | 137.3 | (3.8 | ) | — | 132.6 | Income before income taxes and equity earnings of investee | — | — | 238.7 | (1.1 | ) | — | 237.6 | ||||||||||||||||||||||||||||||||||
Interest expense | — | (57.3 | ) | (0.1 | ) | 0.1 | — | (57.3 | ) | Provision for income taxes | — | — | (93.3 | ) | (3.3 | ) | — | (96.6 | ) | |||||||||||||||||||||||||||||||
Other income (expenses) | — | — | — | (0.5 | ) | — | (0.5 | ) | Equity in earnings of investee companies, net of tax | — | — | (1.9 | ) | — | 4.4 | 2.5 | ||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | (0.9 | ) | (57.3 | ) | 137.2 | (4.2 | ) | — | 74.8 | Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | |||||||||||||||||||||||||||
Provision for income taxes | — | — | 205.2 | (2.3 | ) | — | 202.9 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 143.5 | $ | (4.4 | ) | $ | 4.4 | $ | 143.5 | |||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | 280 | 337.3 | (62.4 | ) | 0.4 | (553.9 | ) | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 279.1 | $ | 280 | $ | 280 | $ | (6.1 | ) | $ | (553.9 | ) | $ | 279.1 | Cumulative translation adjustments | — | — | (14.9 | ) | (14.9 | ) | 14.9 | (14.9 | ) | ||||||||||||||||||||||||||
Net actuarial loss | — | — | 5.8 | 5.6 | (5.6 | ) | 5.8 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 279.1 | $ | 280 | $ | 280 | $ | (6.1 | ) | $ | (553.9 | ) | $ | 279.1 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (9.1 | ) | (9.3 | ) | 9.3 | (9.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | (3.1 | ) | (3.1 | ) | (3.1 | ) | (3.1 | ) | 9.3 | (3.1 | ) | Total comprehensive income | $ | — | $ | — | $ | 134.4 | $ | (13.7 | ) | $ | 13.7 | $ | 134.4 | |||||||||||||||||||||||||
Net actuarial loss | 0.2 | 0.2 | 0.2 | 0.2 | (0.6 | ) | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax rate adjustment | (1.2 | ) | (1.2 | ) | (1.2 | ) | (1.2 | ) | 3.6 | (1.2 | ) | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (4.1 | ) | (4.1 | ) | (4.1 | ) | (4.1 | ) | 12.3 | (4.1 | ) | Revenues: | ||||||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 770.7 | $ | 142.9 | $ | — | $ | 913.6 | ||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | 275 | $ | 275.9 | $ | 275.9 | $ | (10.2 | ) | $ | (541.6 | ) | $ | 275 | ||||||||||||||||||||||||||||||||||||
Transit and other | — | — | 327.9 | 43.1 | — | 371 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 1,098.60 | 186 | — | 1,284.60 | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | Operating | — | — | 577.9 | 122.2 | — | 700.1 | |||||||||||||||||||||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 589.8 | $ | 96 | $ | — | $ | 685.8 | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | — | — | 148.5 | 33.3 | — | 181.8 | ||||||||||||||||||||||||||||||||||||||||||||
Transit and other | — | — | 237.8 | 26.5 | — | 264.3 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 1.8 | 0.7 | — | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 827.6 | 122.5 | — | 950.1 | ||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | 1.6 | 0.6 | — | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | — | — | 426.1 | 78.4 | — | 504.5 | Depreciation | — | — | 80.4 | 25.5 | — | 105.9 | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | — | — | 122.7 | 24.1 | — | 146.8 | Amortization | — | — | 85.2 | 5.7 | — | 90.9 | |||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | (10.0 | ) | 0.2 | — | (9.8 | ) | Total expenses | — | — | 895.4 | 188 | — | 1,083.40 | |||||||||||||||||||||||||||||||||||
Depreciation | — | — | 60.5 | 17.8 | — | 78.3 | Operating income (loss) | — | — | 203.2 | (2.0 | ) | — | 201.2 | ||||||||||||||||||||||||||||||||||||
Amortization | — | — | 64.3 | 3.9 | — | 68.2 | Other income (expenses) | — | — | (0.1 | ) | (0.9 | ) | — | (1.0 | ) | ||||||||||||||||||||||||||||||||||
Total expenses | — | — | 663.6 | 124.4 | — | 788 | Income before income taxes and equity earnings of investee | — | — | 203.1 | (2.9 | ) | — | 200.2 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | — | — | 164 | (1.9 | ) | — | 162.1 | Provision for income taxes | — | — | (87.3 | ) | (1.7 | ) | — | (89.0 | ) | |||||||||||||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | Equity in earnings of investee companies, net of tax | — | — | (2.4 | ) | — | 4.6 | 2.2 | ||||||||||||||||||||||||||||||||||||
Other income (expenses) | — | — | (0.1 | ) | 0.1 | — | — | Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | |||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 163.9 | (1.8 | ) | — | 162.1 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 113.4 | $ | (4.6 | ) | $ | 4.6 | $ | 113.4 | |||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | (68.2 | ) | (2.3 | ) | — | (70.5 | ) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | (2.2 | ) | — | 4.1 | 1.9 | Cumulative translation adjustments | — | — | 11 | 11 | (11.0 | ) | 11 | |||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 93.5 | $ | (4.1 | ) | $ | 4.1 | $ | 93.5 | Net actuarial loss | — | — | (1.4 | ) | (1.3 | ) | 1.3 | (1.4 | ) | |||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | 9.6 | 9.7 | (9.7 | ) | 9.6 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 93.5 | $ | (4.1 | ) | $ | 4.1 | $ | 93.5 | |||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 123 | $ | 5.1 | $ | (5.1 | ) | $ | 123 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (12.3 | ) | (12.3 | ) | 12.3 | (12.3 | ) | |||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | 0.4 | 0.4 | (0.4 | ) | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (11.9 | ) | (11.9 | ) | 11.9 | (11.9 | ) | (in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 81.6 | $ | (16.0 | ) | $ | 16 | $ | 81.6 | Billboard | $ | — | $ | — | $ | 746.8 | $ | 147.4 | $ | — | $ | 894.2 | ||||||||||||||||||||||||
Transit and other | — | — | 304.7 | 78.2 | — | 382.9 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | — | — | 1,051.50 | 225.6 | — | 1,277.10 | ||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | — | — | 554.3 | 135.1 | — | 689.4 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | — | — | 145.1 | 33.3 | — | 178.4 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 2.2 | 0.8 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Net (gain) loss on dispositions | — | — | 2.1 | (0.1 | ) | — | 2 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation | — | — | 81.5 | 27.5 | — | 109 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization | — | — | 86.7 | 16.2 | — | 102.9 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | — | — | 871.9 | 212.8 | — | 1,084.70 | ||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | — | — | 179.6 | 12.8 | — | 192.4 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses) | — | — | (0.1 | ) | 0.9 | — | 0.8 | |||||||||||||||||||||||||||||||||||||||||||
Income before income taxes and equity earnings of investee | — | — | 179.5 | 13.7 | — | 193.2 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | (79.2 | ) | (8.6 | ) | — | (87.8 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | — | — | 6.8 | — | (5.1 | ) | 1.7 | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 107.1 | $ | 5.1 | $ | (5.1 | ) | $ | 107.1 | |||||||||||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 107.1 | $ | 5.1 | $ | (5.1 | ) | $ | 107.1 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | (14.3 | ) | (14.3 | ) | 14.3 | (14.3 | ) | |||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | — | — | (3.2 | ) | (3.0 | ) | 3 | (3.2 | ) | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | — | — | (17.5 | ) | (17.3 | ) | 17.3 | (17.5 | ) | |||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | — | $ | — | $ | 89.6 | $ | (12.2 | ) | $ | 12.2 | $ | 89.6 | |||||||||||||||||||||||||||||||||||||
Condensed Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | (in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | (0.9 | ) | $ | (25.6 | ) | $ | 213.9 | $ | (2.9 | ) | $ | — | $ | 184.5 | Cash provided by operating activities | $ | — | $ | — | $ | 268.2 | $ | 12.9 | $ | — | $ | 281.1 | ||||||||||||||||||||||
Cash used in investing activities | — | — | (35.3 | ) | (6.0 | ) | — | (41.3 | ) | Cash used in investing activities | — | — | (37.0 | ) | (6.7 | ) | — | (43.7 | ) | |||||||||||||||||||||||||||||||
Financing activities: | Financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from IPO | 615 | — | — | — | — | 615 | Excess tax benefit from stock-based compensation | — | — | 5.8 | — | — | 5.8 | |||||||||||||||||||||||||||||||||||||
Proceeds from long-term debt borrowings | — | 1,598.00 | — | — | — | 1,598.00 | Net cash (distribution to)/contribution from CBS | — | — | (244.4 | ) | 11.8 | — | (232.6 | ) | |||||||||||||||||||||||||||||||||||
Deferred financing fees | — | (24.8 | ) | — | — | — | (24.8 | ) | Other | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||||||||||||||||
Distribution of debt and IPO proceeds to CBS | (515.0 | ) | (1,523.8 | ) | — | — | — | (2,038.8 | ) | Cash used in financing activities | — | — | (238.6 | ) | 11.6 | — | (227.0 | ) | ||||||||||||||||||||||||||||||||
Net cash contribution from CBS | — | — | 39.8 | — | — | 39.8 | Effect of exchange rate on cash and cash equivalents | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||||||||||||||||||||
Dividends | (88.8 | ) | — | — | — | — | (88.8 | ) | Net increase (decrease) in cash and cash equivalents | — | — | (7.4 | ) | 17 | — | 9.6 | ||||||||||||||||||||||||||||||||||
Intercompany | (10.3 | ) | 206.2 | (197.0 | ) | 1.1 | — | — | Cash and cash equivalents at beginning of period | — | — | 9.5 | 10.7 | — | 20.2 | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | 0.9 | 255.6 | (157.2 | ) | 1.1 | — | 100.4 | Cash and cash equivalents at end of period | $ | — | $ | — | $ | 2.1 | $ | 27.7 | $ | — | $ | 29.8 | ||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (1.2 | ) | — | (1.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 230 | 21.4 | (9.0 | ) | — | 242.4 | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 2.1 | 27.7 | — | 29.8 | (in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 277.3 | $ | 28.6 | $ | — | $ | 305.9 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 230 | $ | 23.5 | $ | 18.7 | $ | — | $ | 272.2 | ||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (42.5 | ) | (5.6 | ) | — | (48.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 2.9 | — | — | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Net cash distribution to CBS | — | — | (238.2 | ) | (41.5 | ) | — | (279.7 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | — | $ | 175 | $ | 3.7 | $ | — | $ | 178.7 | ||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | — | — | (37.2 | ) | (3.9 | ) | — | (41.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (235.3 | ) | (41.7 | ) | — | (277.0 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 5.5 | — | — | 5.5 | Effect of exchange rate on cash and cash equivalents | — | — | — | 1.8 | — | 1.8 | |||||||||||||||||||||||||||||||||||||
Net cash distribution to CBS | — | — | (143.3 | ) | 4.7 | — | (138.6 | ) | Net increase (decrease) in cash and cash equivalents | — | — | (0.5 | ) | (16.9 | ) | — | (17.4 | ) | ||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (137.8 | ) | 4.7 | — | (133.1 | ) | Cash and cash equivalents at beginning of period | — | — | 10 | 27.6 | — | 37.6 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (0.6 | ) | — | (0.6 | ) | Cash and cash equivalents at end of period | $ | — | $ | — | $ | 9.5 | $ | 10.7 | $ | — | $ | 20.2 | |||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | 3.9 | — | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 9.5 | 10.7 | — | 20.2 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 9.5 | $ | 14.6 | $ | — | $ | 24.1 | Cash provided by operating activities | $ | — | $ | — | $ | 284.3 | $ | 55.8 | $ | — | $ | 340.1 | |||||||||||||||||||||||||
Cash used in investing activities | — | — | (43.4 | ) | (7.3 | ) | — | (50.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | 2.3 | — | — | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash distribution to CBS | — | — | (235.3 | ) | (34.1 | ) | — | (269.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash used in financing activities | — | — | (233.0 | ) | (34.3 | ) | — | (267.3 | ) | |||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate on cash and cash equivalents | — | — | — | (3.5 | ) | — | (3.5 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 7.9 | 10.7 | — | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 2.1 | 16.9 | — | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 10 | $ | 27.6 | $ | — | $ | 37.6 | ||||||||||||||||||||||||||||||||||||||
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation - Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 16, 2014 | Jan. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 15, 2014 | Nov. 20, 2014 | Nov. 18, 2014 | Oct. 29, 2014 | Jan. 31, 2014 | Apr. 02, 2014 | Mar. 14, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 06, 2014 | Oct. 01, 2014 | Mar. 13, 2014 | Dec. 30, 2014 | |
markets | segment | ||||||||||||||||||
segment | markets | ||||||||||||||||||
Long-term debt | $1,598,200,000 | $0 | $0 | ||||||||||||||||
Common Stock, Outstanding | 120,010,462 | 0 | 120,000,000 | ||||||||||||||||
Common Stock, Par Value | $0.01 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 100 | ||||||||||||||||||
Number of Largest Markets in Which the Entity Operates, Domestic | 25 | 25 | |||||||||||||||||
Number of Operating Segments | 2 | 2 | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Approximate Number of Markets in Which the Entity Operates | 180 | ||||||||||||||||||
Shares Exchanged by Parent In Tender Offer | 97,000,000 | ||||||||||||||||||
% ownership by parent | 0.00% | ||||||||||||||||||
Dividends declared per common share | $0.74 | $0 | |||||||||||||||||
Distribution of net debt proceeds to CBS | 2,038,800,000 | 0 | |||||||||||||||||
Proceeds from Initial Public Offering Held for Payment Upon Election of REIT Status | 100,000,000 | ||||||||||||||||||
Subsequent Event | |||||||||||||||||||
Long-term debt | 1,598,000,000 | ||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Acquisition cost | 15,000,000 | 690,000,000 | |||||||||||||||||
Dividends Payable, Date Announced | 29-Oct-14 | ||||||||||||||||||
Distributed Earnings | 547,700,000 | ||||||||||||||||||
Dividends declared per common share | $0.37 | ||||||||||||||||||
Dividends Payable, Date to be Paid | 31-Dec-14 | 15-Dec-14 | |||||||||||||||||
Dividends Payable, Date of Record | 20-Nov-14 | 18-Nov-14 | |||||||||||||||||
Distribution of net debt proceeds to CBS | 109,500,000 | 1,520,000,000 | |||||||||||||||||
Common Stock | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 970,000 | ||||||||||||||||||
Common Stock, Outstanding | 97,000,000 | 100 | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | ||||||||||||||||||
Common Stock | Subsequent Event | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 970,000 | ||||||||||||||||||
Common Stock, Outstanding | 97,000,000 | 100 | |||||||||||||||||
Common Stock, Par Value | 0.01 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | ||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Contingent Stock Dividend | 3,000,000 | ||||||||||||||||||
Common Stock | Shares Sold to Underwriter as Part of Total IPO | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||||||||||||||||
Common Stock | Shares Sold to Underwriter as Part of Total IPO | Subsequent Event | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||||||||||||||||
Minimum | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Approximate Number of Markets in Which the Entity Operates | 180 | ||||||||||||||||||
Building and Improvements | Minimum | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |||||||||||||||||
Building and Improvements | Maximum | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | 40 years | |||||||||||||||||
Advertising Structures | Minimum | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | 5 years | |||||||||||||||||
Advertising Structures | Maximum | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |||||||||||||||||
Furniture, Equipment and Other | Minimum | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | 3 years | |||||||||||||||||
Furniture, Equipment and Other | Maximum | |||||||||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | 10 years | |||||||||||||||||
Bridge Loan [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Commitment fee for unused commitments | 7,600,000 | ||||||||||||||||||
CBS Corp. | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Accounts Receivable, Related Parties, Current | 300,000 | 0 | |||||||||||||||||
CBS Corp. | Subsequent Event | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
Accounts Receivable, Related Parties, Current | 9,500,000 | ||||||||||||||||||
Scenario, Forecast [Member] | Minimum | |||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||
% ownership by parent | 80.00% | ||||||||||||||||||
Operating Activities | |||||||||||||||||||
Prior period misclassification correction | 13,800,000 | 2,700,000 | -5,400,000 | -2,000,000 | |||||||||||||||
Investing Activities | |||||||||||||||||||
Prior period misclassification correction | $13,800,000 | $13,800,000 | $2,700,000 | ($5,400,000) | ($2,000,000) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Building and Improvements | Minimum | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | 20 years |
Building and Improvements | Maximum | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | 40 years |
Advertising Structures | Minimum | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | 5 years |
Advertising Structures | Maximum | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | 20 years |
Furniture, Equipment and Other | Minimum | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | 3 years |
Furniture, Equipment and Other | Maximum | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Narrative (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Summary of Accounting Policies [Line Items] | ||
Customer Billing Term | 28 days | |
Minimum | ||
Summary of Accounting Policies [Line Items] | ||
Customer Contract Term | 1 month | |
Intangible Asset, Useful Life | 5 years | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 month | |
Lessee Leasing Arrangements, Prepaid Lease Term | 1 month | |
Maximum | ||
Summary of Accounting Policies [Line Items] | ||
Customer Contract Term | 12 months | |
Intangible Asset, Useful Life | 40 years | |
Lessee Leasing Arrangements, Prepaid Lease Term | 12 months | |
Direct Lease Acquisition Cost | Minimum | ||
Summary of Accounting Policies [Line Items] | ||
Intangible Asset, Useful Life | 28 days | 28 days |
Direct Lease Acquisition Cost | Maximum | ||
Summary of Accounting Policies [Line Items] | ||
Intangible Asset, Useful Life | 1 year | 1 year |
Initial_Public_Offering_Narrat
Initial Public Offering - Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 02, 2014 | Jan. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Capital Unit [Line Items] | ||||
Proceeds from IPO | $615 | $615 | $0 | |
Stock Issued During Period, Shares, New Issues | 100 | |||
Distribution of IPO proceeds to CBS | 2,038.80 | 0 | ||
Proceeds from Initial Public Offering Held for Payment Upon Election of REIT Status | 100 | |||
Common Stock | ||||
Capital Unit [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | |||
Shares Issued, Price Per Share | $28 | |||
Shares Sold to Underwriter as Part of Total IPO | Common Stock | ||||
Capital Unit [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | |||
IPO Proceeds | ||||
Capital Unit [Line Items] | ||||
Distribution of IPO proceeds to CBS | $515 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property, Plant and Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property and Equipment [Line Items] | |||
Property and Equipment | 1,890.10 | 1,892 | $1,879.20 |
Less: accumulated depreciation | 1,185.70 | 1,136.60 | 1,071.30 |
Property and equipment, net | 704.4 | 755.4 | 807.9 |
Land [Member] | |||
Property and Equipment [Line Items] | |||
Property and Equipment | 88.4 | 88.6 | 87.8 |
Building and Improvements | |||
Property and Equipment [Line Items] | |||
Property and Equipment | 47.5 | 45 | 45.7 |
Building and Improvements | Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |
Building and Improvements | Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | 40 years | |
Advertising Structures | |||
Property and Equipment [Line Items] | |||
Property and Equipment | 1,662.40 | 1,662.30 | 1,655.90 |
Advertising Structures | Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | 5 years | |
Advertising Structures | Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |
Furniture, Equipment and Other | |||
Property and Equipment [Line Items] | |||
Property and Equipment | 76.1 | 77.2 | 76.3 |
Furniture, Equipment and Other | Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | 3 years | |
Furniture, Equipment and Other | Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | 10 years | |
Construction in progress [Member] | |||
Property and Equipment [Line Items] | |||
Property and Equipment | 15.7 | 18.9 | $13.50 |
Property_and_Equipment_Narrati
Property and Equipment - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | |||||||||||||
Depreciation | $26.20 | $26.40 | $25.90 | $26 | $25.90 | $26.70 | $26.80 | $26.50 | $79.30 | $78.30 | $104.50 | $105.90 | $109 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $1,877.20 | $1,872.30 | $1,860.40 |
Currency translation adjustments | -5.1 | 4.9 | |
Dispositions | -6.4 | ||
Goodwill, Ending Balance | 1,865.70 | 1,877.20 | 1,860.40 |
UNITED STATES | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 1,758 | 1,758 | |
Currency translation adjustments | 0 | 0 | |
Dispositions | -6.4 | ||
Goodwill, Ending Balance | 1,751.60 | 1,758 | |
International | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 119.2 | 114.3 | |
Currency translation adjustments | -5.1 | 4.9 | |
Dispositions | 0 | ||
Goodwill, Ending Balance | $114.10 | $119.20 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $1,320.20 | $1,345.10 | $1,368.30 |
Accumulated Amortization | -1,000.10 | -980.7 | -948.3 |
Net | 320.1 | 364.4 | 420 |
Permits and leasehold agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 876 | 880.6 | 875.7 |
Accumulated Amortization | -681 | -659 | -625.5 |
Net | 195 | 221.6 | 250.2 |
Franchise agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 442.1 | 462.4 | 476.9 |
Accumulated Amortization | -317.9 | -320.7 | -309 |
Net | 124.2 | 141.7 | 167.9 |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 2.1 | 2.1 | 15.7 |
Accumulated Amortization | -1.2 | -1 | -13.8 |
Net | $0.90 | $1.10 | $1.90 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Schedule of Finite Lived Future Amortization Expense (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2014 | $57.10 |
2015 | 55.2 |
2016 | 50.1 |
2017 | 27.9 |
2018 | $21 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Amortization | $23.10 | $22.60 | $22.70 | $22.90 | $23 | $23 | $22.80 | $22.10 | $67.30 | $68.20 | $91.30 | $90.90 | $102.90 |
Amortization of direct lease acquisition costs | 24.2 | 22.7 | 30.9 | 31.1 | 32.1 | ||||||||
Minimum | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Intangible Asset, Useful Life | 5 years | ||||||||||||
Maximum | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Intangible Asset, Useful Life | 40 years | ||||||||||||
UNITED STATES | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss | 7,190 | 7,220 | 7,190 | 7,220 | 7,220 | ||||||||
International | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss | $489.20 | $489.20 | $489.20 | $489.20 | $489.20 | ||||||||
Direct Lease Acquisition Cost | Minimum | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Intangible Asset, Useful Life | 28 days | 28 days | |||||||||||
Direct Lease Acquisition Cost | Maximum | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Intangible Asset, Useful Life | 1 year | 1 year |
Asset_Retirement_Obligation_Na
Asset Retirement Obligation - Narrative (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset Retirement Obligation Expected Term | 50 years | 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. | The obligation is calculated based on the assumption that all of the Company’s advertising structures will be removed within the next 50 years |
Asset_Retirement_Obligation_Sc
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning of period | $31.70 | $30.60 | $29.30 |
Accretion expense | 1.7 | 2.2 | 1.8 |
Additions | 0.2 | ||
Liabilities settled | -0.8 | -0.9 | -1 |
Foreign currency translation adjustments | -0.5 | -0.2 | 0.5 |
End of period | $32.30 | $31.70 | $30.60 |
Related_Party_Transactions_Nar
Related Party Transactions - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2016 | Dec. 31, 2014 | Dec. 30, 2014 | |||||
joint_venture | joint_venture | joint_venture | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Revenues | $343.90 | $338.20 | $332.70 | $279.20 | $335.80 | $331.50 | $331.40 | $285.90 | $958.80 | $950.10 | $1,294 | [1] | $1,284.60 | [1] | $1,277.10 | [1] | |||||
Equity Method Investment, Number of Investments | 2 | 2 | 2 | ||||||||||||||||||
Equity Method Investments | 24.1 | 11.3 | 22.6 | 24.1 | 11.3 | ||||||||||||||||
Percentage of Company's ownership in group of assets sold | 50.00% | ||||||||||||||||||||
Proceeds from dispositions | 17.5 | 2.3 | 11.1 | 28.7 | 0.5 | 0.8 | |||||||||||||||
Percentage of Company's ownership in group of assets contributed to a joint venture | 50.00% | ||||||||||||||||||||
Net gain (loss) on dispositions | 17.5 | [2] | 0.1 | -0.1 | 9.8 | [3] | -0.4 | -0.3 | -0.7 | -0.8 | 1.4 | 9.8 | 27.3 | -2.2 | -2 | ||||||
CBS Corp. | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Selling, General and Administrative Expenses from Transactions with Related Party | 9.5 | 48.7 | 60.9 | 47.7 | 46.2 | ||||||||||||||||
Accounts Receivable, Related Parties, Current | 0 | 0.3 | 0 | ||||||||||||||||||
Accounts Payable, Related Parties, Current | 0 | 1 | 0 | ||||||||||||||||||
Revenues | 14.5 | ||||||||||||||||||||
Revenue from Related Parties | 7.7 | 12.3 | 14.9 | 16.6 | 20.1 | ||||||||||||||||
Other Related Parties | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Revenues | 6 | ||||||||||||||||||||
Revenue from Related Parties | 4.3 | 5.6 | 9.3 | 9.4 | 11.4 | ||||||||||||||||
Corporate Joint Venture [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Subsequent Event | CBS Corp. | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Accounts Receivable, Related Parties, Current | $9.50 | ||||||||||||||||||||
Licensing Agreement, Corporate Name, Term of Agreement After the Split-Off | 31-Dec-14 | ||||||||||||||||||||
Licensing Agreement, Mark and Logo, Term of Agreement After the Split-Off | 31-Mar-16 | ||||||||||||||||||||
[1] | Revenues classifications are based on customers’ locations. | ||||||||||||||||||||
[2] | During the fourth quarter of 2013, the Company sold 50% of its transit shelter operations in Los Angeles, and the Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | ||||||||||||||||||||
[3] | During the first quarter of 2013, the Company exchanged most of its billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Long-term debt | $1,598,200,000 | $0 | $0 |
Weighted average cost of debt | 4.20% | 0.00% | |
Secured Debt | Term loan, due 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 798,200,000 | 0 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | 800,000,000 | 0 | |
Senior Notes | 5.250% senior unsecured notes, due 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 400,000,000 | 0 | |
Senior Notes | 5.625% senior unsecured notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $400,000,000 | $0 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 02, 2014 | Dec. 31, 2013 | Oct. 01, 2014 | |
Line of Credit Facility [Line Items] | ||||||||
Outstanding letters of credit and surety bonds | $99,300,000 | $99,300,000 | $78,300,000 | |||||
Covenant description | The Credit Agreement requires, in connection with the incurrence of certain indebtedness, that we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | |||||||
Debt Covenant, Consolidated Total Leverage Ratio | 6 | |||||||
Consolidated Total Leverage Ratio | 3.9 | |||||||
Debt Instrument [Line Items] | ||||||||
Deferred finance costs | 29,300,000 | 29,300,000 | ||||||
Distribution of net debt proceeds to CBS | 2,038,800,000 | 0 | ||||||
Net proceeds retained from incurrence of debt | 50,000,000 | |||||||
Secured Debt | Term loan, due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 800,000,000 | |||||||
Maturity date | 31-Jan-21 | |||||||
Stated interest rate | 2.25% | 2.25% | ||||||
Adjustment to term loan reference rate to arrive at effective rate | plus the greater of the London Interbank Offered Rate (“LIBORâ€) or 0.75% | |||||||
Basis spread on variable rate | 0.75% | |||||||
Interest rate at period end | 3.00% | 3.00% | ||||||
Debt discount | 1,800,000 | 1,800,000 | ||||||
Senior Notes | 5.250% senior unsecured notes, due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 400,000,000 | |||||||
Maturity date | 31-Jan-22 | |||||||
Stated interest rate | 5.25% | |||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||
Senior Notes | 5.625% senior unsecured notes, due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 400,000,000 | |||||||
Maturity date | 31-Jan-24 | |||||||
Stated interest rate | 5.63% | |||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||
Long-term Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Distribution of net debt proceeds to CBS | 1,500,000,000 | |||||||
Fair Value, Inputs, Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt at fair value | 1,600,000,000 | 1,600,000,000 | ||||||
Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 425,000,000 | |||||||
Credit facility, expiration date | 31-Jan-19 | |||||||
Cash adjustment to debt compliance calculation | 150,000,000 | 150,000,000 | ||||||
Commitment fee for unused commitments | 1,400,000 | |||||||
Outstanding letters of credit and surety bonds | 20,500,000 | 20,500,000 | ||||||
Covenant description | The Credit Agreement contains certain customary affirmative and negative covenants. As of September 30, 2014, the terms of the Revolving Credit Facility require that as an entity being taxed as a REIT, we are required to maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. | |||||||
Maximum Consolidated Net Secured Leverage Ratio | 1.6 | |||||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | |||||||
Letter of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 80,000,000 | |||||||
Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred finance costs | 10,800,000 | |||||||
Distribution of net debt proceeds to CBS | 1,520,000,000 | 109,500,000 | ||||||
Net proceeds retained from incurrence of debt | 50,000,000 | |||||||
Subsequent Event | Secured Debt | Term loan, due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 800,000,000 | |||||||
Stated interest rate | 2.25% | |||||||
Adjustment to term loan reference rate to arrive at effective rate | 2.25% plus the greater of the London Interbank Offered Rate (“LIBORâ€) or 0.75%. | |||||||
Basis spread on variable rate | 0.75% | |||||||
Interest rate at period end | 3.00% | |||||||
Subsequent Event | Senior Notes | 5.250% senior unsecured notes, due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 400,000,000 | 150,000,000 | ||||||
Maturity date | 31-Jan-22 | |||||||
Stated interest rate | 5.25% | 5.25% | ||||||
Allowable early redemption percentage for senior notes | 35.00% | 35.00% | ||||||
Subsequent Event | Senior Notes | 5.625% senior unsecured notes, due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 400,000,000 | |||||||
Maturity date | 31-Jan-24 | |||||||
Stated interest rate | 5.63% | |||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||
Subsequent Event | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 425,000,000 | |||||||
Cash adjustment to debt compliance calculation | 150,000,000 | |||||||
Covenant description | The terms of the Revolving Credit Facility require the Company to maintain a maximum consolidated net secured leverage ratio of 3.50 to 1.00, which will be increased to 4.00 to 1.00 if the Company elects to be taxed as a REIT. | |||||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | |||||||
Subsequent Event | Letter of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 80,000,000 | |||||||
Outstanding letters of credit and surety bonds | $10,200,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | ($75.10) | ($66) | ($66) | ($75.60) | ($58.10) | |
Other comprehensive income before reclassifications | -3.1 | -12.3 | -9.7 | |||
Amortization of actuarial losses reclassified to net income | 0.2 | 0.4 | 0.6 | [1] | ||
Deferred tax rate adjustment | -1.2 | 0 | ||||
Total other comprehensive income (loss), net of tax | -4.1 | -11.9 | -9.1 | 9.6 | -17.5 | |
Ending balance | -79.2 | -77.9 | -75.1 | -66 | -75.6 | |
Cumulative Translation Adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | -69.2 | -54.3 | -54.3 | -65.3 | -51 | |
Other comprehensive income before reclassifications | -3.1 | -12.3 | -14.9 | |||
Amortization of actuarial losses reclassified to net income | 0 | 0 | 0 | [1] | ||
Deferred tax rate adjustment | 0 | |||||
Total other comprehensive income (loss), net of tax | -3.1 | -12.3 | -14.9 | 11 | -14.3 | |
Ending balance | -72.3 | -66.6 | -69.2 | -54.3 | -65.3 | |
Net Actuarial Gain (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning balance | -5.9 | -11.7 | -11.7 | -10.3 | -7.1 | |
Other comprehensive income before reclassifications | 0 | 0 | 5.2 | |||
Amortization of actuarial losses reclassified to net income | 0.2 | 0.4 | 0.6 | [1] | ||
Deferred tax rate adjustment | -1.2 | |||||
Total other comprehensive income (loss), net of tax | -1 | 0.4 | 5.8 | -1.4 | -3.2 | |
Ending balance | ($6.90) | ($11.30) | ($5.90) | ($11.70) | ($10.30) | |
[1] | See Note 11 for additional details of items reclassified from accumulated other comprehensive income to net income. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income [Abstract] | |||
Tax benefit (expense) related to actuarial gain (loss) included in other comprehensive income (loss) | ($3.30) | $0.30 | $2.90 |
Equity_Narrative_Details
Equity - Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||
Jul. 16, 2014 | Jan. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 02, 2014 | Mar. 14, 2014 | Dec. 31, 2014 | Dec. 15, 2014 | Nov. 20, 2014 | Nov. 18, 2014 | Oct. 29, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Mar. 13, 2014 | Dec. 30, 2014 | |
Class of Stock [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 100 | ||||||||||||||
Common Stock, Issued | 120,010,462 | 120,000,000 | 0 | ||||||||||||
Common Stock, Outstanding | 120,010,462 | 120,000,000 | 0 | ||||||||||||
Common Stock, Authorized | 450,000,000 | 0 | |||||||||||||
Common Stock, Par Value | $0.01 | ||||||||||||||
Preferred Stock, Shares Authorized | 50,000,000 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $0.01 | ||||||||||||||
Shares Exchanged by Parent In Tender Offer | 97,000,000 | ||||||||||||||
Preferred Stock, Shares Issued | 0 | ||||||||||||||
Preferred Stock, Shares Outstanding | 0 | ||||||||||||||
% ownership by parent | 0.00% | ||||||||||||||
Distribution of net debt proceeds to CBS | $2,038,800,000 | $0 | |||||||||||||
Proceeds from Initial Public Offering Held for Payment Upon Election of REIT Status | 100,000,000 | ||||||||||||||
Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | ||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 970,000 | ||||||||||||||
Common Stock, Outstanding | 97,000,000 | 100 | |||||||||||||
Shares Issued, Price Per Share | $28 | ||||||||||||||
Shares Sold to Underwriter as Part of Total IPO | Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||||||||||||
Subsequent Event | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends Payable, Date of Record | 20-Nov-14 | 18-Nov-14 | |||||||||||||
Dividends Payable, Date Announced | 29-Oct-14 | ||||||||||||||
Distributed Earnings | 547,700,000 | ||||||||||||||
Distribution of net debt proceeds to CBS | 109,500,000 | 1,520,000,000 | |||||||||||||
Dividends Payable, Date to be Paid | 31-Dec-14 | 15-Dec-14 | |||||||||||||
Subsequent Event | Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 23,000,000 | ||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 970,000 | ||||||||||||||
Common Stock, Outstanding | 97,000,000 | 100 | |||||||||||||
Common Stock, Par Value | 0.01 | ||||||||||||||
Subsequent Event | Shares Sold to Underwriter as Part of Total IPO | Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||||||||||||
CBS Corp. | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Accounts Receivable, Related Parties, Current | 300,000 | 0 | |||||||||||||
CBS Corp. | Subsequent Event | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Accounts Receivable, Related Parties, Current | $9,500,000 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Stock-based compensation | $1.70 | $2.60 | $1.60 | $1.60 | $1.40 | $1.50 | $1.50 | $1.30 | $10.90 | $5.80 | $7.50 | [1] | $5.70 | [1] | $5 | [1] | ||
Restructuring reserve | 0 | 1.1 | 2.5 | 0 | 1.1 | |||||||||||||
Restructuring charges | 0.1 | 1.9 | 0.5 | 0 | 6.2 | [2] | 0 | [2] | 0 | 2.5 | 3 | |||||||
Restructuring Charges | ||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||
Stock-based compensation | $3.50 | [2] | ||||||||||||||||
[1] | (a)Stock-based compensation is classified as a Corporate expense. | |||||||||||||||||
[2] | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 16, 2014 | Dec. 31, 2013 | Mar. 27, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 18, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangements, Share-based Payment Awards, Options, Conversion Award Ratio | 1.9 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 6 days | |||||||
Share Price | $63.74 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $13.80 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 10 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 7.8 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Not yet Recognized, Share-based Awards Other than Options | 9.7 | 20.6 | ||||||
Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months | 2 years 11 months | ||||||
Conversion of Award Ratio | 2.2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 16.4 | 11.4 | 10.1 | |||||
Restricted Stock Units (RSUs) | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award Vesting Period | 3 years | 3 years | ||||||
Restricted Stock Units (RSUs) | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award Vesting Period | 4 years | 4 years | ||||||
Performance Restricted Stock Units (PRSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Measurement Period Stock-Based Awards | 1 year | |||||||
Performance Restricted Stock Units (PRSUs) | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Payout on Stock-Based Compensation Award (percent) | 0.00% | |||||||
Performance Restricted Stock Units (PRSUs) | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Payout on Stock-Based Compensation Award (percent) | 120.00% | |||||||
Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months | |||||||
Compensation Not yet Recognized, Stock Options | 0.9 | |||||||
Omnibus Stock Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Shares Available for Grant | 8,000,000 | |||||||
Converted from CBS stock options | 409,207 | |||||||
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-vested Outfront RSUs converted from CBS RSUs | 561,021 | |||||||
CBS Corp. Equity and Incentive Plan | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-vested CBS RSUs converted to Outdoor RSUs | 256,172 | |||||||
CBS Corp. Equity and Incentive Plan | Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||
Compensation Not yet Recognized, Stock Options | $1.70 | |||||||
Award Vesting Period | 4 years | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Converted Awards, Number | -219,741 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $14.04 | $8.83 | $7.59 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense, before income taxes | $10.90 | $5.80 | $7.50 | $5.70 | $5 |
Tax benefit | -2.8 | -2.4 | -3 | -2.3 | -2 |
Stock-based compensation expense, net of tax | 8.1 | 3.4 | 4.5 | 3.4 | 3 |
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense, before income taxes | 6.8 | 5.2 | 4.7 | ||
RSUs and PRSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense, before income taxes | 9 | 5.4 | |||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense, before income taxes | $1.90 | $0.40 | $0.70 | $0.50 | $0.30 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Restricted Stock Units Roll Forward (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 27, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | ||
CBS Corp. Equity and Incentive Plan | Restricted Stock Units (RSUs) | |||||
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (USD per share) | $32.09 | $36.80 | $19.65 | $33.16 | [1] |
Weighted Average Grant Date Fair Value, Grants in Period (USD per share) | $34.66 | $47.26 | |||
Weighted Average Grant Date Fair Value, Vested (USD per share) | $22.51 | $33.16 | $17.43 | ||
Weighted Average Grant Date Fair Value, Forfeited (USD per share) | $37.67 | $31.06 | |||
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (USD per share) | $36.80 | $0 | $32.09 | $33.16 | [1] |
Weighted Average Grant Date Fair Value, Converted Awards (USD per share) | $37.77 | ||||
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested as of beginning of period | 472,490 | 323,733 | 665,282 | ||
Employee transfers and grants | 11,875 | 190,484 | |||
Vested | -157,723 | -67,561 | -366,273 | ||
Forfeited | -2,909 | -17,003 | |||
Non-vested of end of period | 323,733 | 0 | 472,490 | ||
CBS RSUs converted to Outfront RSUs | -256,172 | ||||
CBS RSU's not converted | 67,561 | [1] | |||
Omnibus Stock Incentive Plan | Restricted Stock Units (RSUs) | |||||
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted Average Grant Date Fair Value, Grants in Period (USD per share) | $29.59 | ||||
Weighted Average Grant Date Fair Value, Vested (USD per share) | $25.91 | ||||
Weighted Average Grant Date Fair Value, Forfeited (USD per share) | $24.39 | ||||
Weighted Average Grant Date Fair Value, Converted Awards (USD per share) | $17.24 | ||||
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested Outfront RSUs converted from CBS RSUs | 561,021 | ||||
Employee transfers and grants | 478,311 | ||||
Vested | -5,848 | ||||
Forfeited | -27,965 | ||||
Omnibus Stock Incentive Plan | Performance Restricted Stock Units (PRSUs) | |||||
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted Average Grant Date Fair Value, Grants in Period (USD per share) | $29.70 | ||||
Weighted Average Grant Date Fair Value, Vested (USD per share) | $25.88 | ||||
Weighted Average Grant Date Fair Value, Forfeited (USD per share) | $26.39 | ||||
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |||||
Employee transfers and grants | 168,468 | ||||
Vested | -6,955 | ||||
Forfeited | -15,289 | ||||
Omnibus Stock Incentive Plan | RSUs and PRSUs | |||||
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (USD per share) | $23.78 | ||||
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested of end of period | 1,151,743 | ||||
RSUs and PRSUs | Omnibus Stock Incentive Plan | |||||
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested of end of period | 10,030 | ||||
Dividend equivalents | 10,032 | ||||
Share Based Compensation By Share Based Payment Award Equity Instrument Other Than Options Dividends Forfeited In Period | -2 | ||||
[1] | Reflects CBS RSUs which vested in April 2014. |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.38% | 2.00% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 35.00% | 40.20% | 41.16% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.20% | 1.01% | 2.34% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years 7 days | 5 years 22 days |
StockBased_Compensation_Schedu3
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | Jul. 16, 2014 | Sep. 30, 2014 | |
CBS Corp. Equity and Incentive Plan | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Converted Awards, Number | 219,741 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of options outstanding, beginning balance | 399,581 | 584,494 | ||
Granted | 101,611 | |||
Exercised | -123,260 | -213,102 | ||
Forfeited or expired | -38,523 | -73,422 | ||
Number of options outstanding, ending balance | 18,057 | 399,581 | 18,057 | |
Exercisable as of September 30, 2014 | 18,057 | 184,215 | 18,057 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price, options outstanding, beginning balance | $29.30 | $22.01 | ||
Weighted average exercise price, granted | $49.64 | |||
Weighted average exercise price, exercised | $22.04 | $18.88 | ||
Weighted average exercise price, forfeited or expired | $30.75 | $29.69 | ||
Weighted average exercise price, options outstanding, ending balance | $27.38 | $29.30 | 33.27 | $27.38 |
Weighted average exercise price, options exercisable | $27.38 | $21.41 | $27.38 | |
Omnibus Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Converted from CBS stock options | 409,207 | |||
Exercised | -2,426 | |||
Forfeited or expired | -16,170 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price, exercised | $14.71 | |||
Weighted average exercise price, forfeited or expired | $23.08 | |||
Omnibus Stock Incentive Plan | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of options outstanding, ending balance | 390,611 | 390,611 | ||
Exercisable as of September 30, 2014 | 166,234 | 166,234 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price, options outstanding, ending balance | $17.67 | 17.87 | $17.67 | |
Weighted average exercise price, options exercisable | $12.29 | $12.29 |
StockBased_Compensation_Schedu4
Stock-Based Compensation - Schedule of Additional Stock Option Information (Details) (CBS Corp. Equity and Incentive Plan, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit of stock option exercises | $2.50 | $0.80 | $0.90 |
Intrinsic value of stock options exercises | 6.1 | 1.9 | 2.1 |
CBS Corp. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash paid to CBS by employees of the Company for stock option exercises | $4 | $6.50 | $0.80 |
StockBased_Compensation_Schedu5
Stock-Based Compensation Schedule of Options by Exercise Price (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options, Outstanding | 399,581 |
Number of Options, Exercisable | 184,215 |
CBS Corp. Equity and Incentive Plan | $5 to 9.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $5 |
Exercise Price Range, Upper Range Limit | $9.99 |
Number of Options, Outstanding | 47,081 |
Options Outstanding, Remaining Contractual Life (Years) | 3 years 1 month 24 days |
Options Outstanding, Weighted Average Exercise Price | $5.20 |
Number of Options, Exercisable | 47,081 |
Options Exercisable, Weighted Average Exercise Price | $5.20 |
CBS Corp. Equity and Incentive Plan | $10 to 19.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $10 |
Exercise Price Range, Upper Range Limit | $19.99 |
Number of Options, Outstanding | 42,036 |
Options Outstanding, Remaining Contractual Life (Years) | 4 years 1 month 27 days |
Options Outstanding, Weighted Average Exercise Price | $13.43 |
Number of Options, Exercisable | 16,179 |
Options Exercisable, Weighted Average Exercise Price | $13.43 |
CBS Corp. Equity and Incentive Plan | $20 to 29.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $20 |
Exercise Price Range, Upper Range Limit | $29.99 |
Number of Options, Outstanding | 154,985 |
Options Outstanding, Remaining Contractual Life (Years) | 4 years 2 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $26.99 |
Number of Options, Exercisable | 67,087 |
Options Exercisable, Weighted Average Exercise Price | $27 |
CBS Corp. Equity and Incentive Plan | $30 to 39.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $30 |
Exercise Price Range, Upper Range Limit | $39.99 |
Number of Options, Outstanding | 53,868 |
Options Outstanding, Remaining Contractual Life (Years) | 2 months 4 days |
Options Outstanding, Weighted Average Exercise Price | $31.03 |
Number of Options, Exercisable | 53,868 |
Options Exercisable, Weighted Average Exercise Price | $31.03 |
CBS Corp. Equity and Incentive Plan | $40 to 49.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $40 |
Exercise Price Range, Upper Range Limit | $49.99 |
Number of Options, Outstanding | 53,592 |
Options Outstanding, Remaining Contractual Life (Years) | 7 years 1 month 13 days |
Options Outstanding, Weighted Average Exercise Price | $43.21 |
Number of Options, Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
CBS Corp. Equity and Incentive Plan | $50 to 59.99 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range, Lower Range Limit | $50 |
Exercise Price Range, Upper Range Limit | $59.99 |
Number of Options, Outstanding | 48,019 |
Options Outstanding, Remaining Contractual Life (Years) | 7 years 8 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $56.81 |
Number of Options, Exercisable | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 6 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ||||||||
Cash paid for income taxes | $31.40 | $75.30 | $112.80 | $96.50 | $50.90 | |||
Unrecognized Tax Benefits | 1.2 | 1.2 | 4 | 4.9 | 5.4 | 1.9 | ||
Operating Loss Carryforwards | 47.2 | |||||||
Operating Loss Carryforwards, Not Subject to Expiration | 22 | |||||||
Effective income tax rate, excluding noncash benefit from REIT conversion | 39.30% | 43.50% | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0.8 | 0.8 | 3.4 | |||||
Deferred Tax Benefit Due To REIT Conversion | 232.3 | 232.3 | ||||||
Capital Distribution Per Share | $0.37 | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||||
Deferred Tax Assets, Valuation Allowance | 10.1 | 8 | ||||||
CBS Corp. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Unrecognized Tax Benefit Transferred to Parent | 2.1 | |||||||
Subsequent Event | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Nondeductible Excise Tax Rate | 4.00% | |||||||
Minimum | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Operating Loss Carryforwards, Expiration Date | 1-Jan-14 | |||||||
Minimum | Subsequent Event | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Percent Of REIT Taxable Income To Be Distributed | 90.00% | |||||||
Maximum | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Operating Loss Carryforwards, Expiration Date | 31-Dec-27 | |||||||
Maximum | Subsequent Event | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Percent Of REIT Taxable Income To Be Distributed | 100.00% | |||||||
Other Assets | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Deferred Tax Assets, Net, Noncurrent | $2.90 |
Income_Taxes_Schedule_of_Compe
Income Taxes Schedule of Compenents of Income Tax Expense (Benefit) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||
United States | $239.80 | $201.90 | $178.60 | ||
Foreign | -2.2 | -1.7 | 14.6 | ||
Income before income taxes and equity in earnings of investee companies | 74.8 | 162.1 | 237.6 | 200.2 | 193.2 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Federal | 85.1 | 71.8 | 32.5 | ||
State and Local | 21.8 | 18.9 | 10.5 | ||
Foreign | 5.2 | 4.9 | 12 | ||
Current Income Tax Expense (Benefit) | 112.1 | 95.6 | 55 | ||
Deferred | -246.4 | 4.7 | -15.5 | -6.6 | 32.8 |
Provision for income taxes | ($202.90) | $70.50 | $96.60 | $89 | $87.80 |
Income_Taxes_Schedule_of_Effec
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | ||||||||
Taxes on income at U.S. statutory rate | $21.20 | $56.70 | $83.20 | $70.10 | $67.60 | |||
State and local taxes, net of federal tax benefit | 4.2 | 9.9 | 7.6 | 13.4 | 13.1 | |||
Effect of foreign operations | 2.2 | 1.7 | 4 | 2.2 | 3.4 | |||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 0 | 0 | 3.8 | |||||
Reversal of deferred tax liability | -232.3 | 0 | ||||||
Other, net | 1.8 | 2.2 | 1.8 | [1] | 3.3 | [1] | -0.1 | [1] |
Provision for income taxes | ($202.90) | $70.50 | $96.60 | $89 | $87.80 | |||
[1] | (a)For 2012, other primarily reflects a charge related to the Company’s domestic production deduction. |
Income_Taxes_Schedule_of_Defer
Income Taxes Schedule of Deferred Tax Asset and Liability (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Income Tax Assets: | ||
Provision for expenses and losses | $31.30 | $35.40 |
Postretirement and other employee benefits | 9.9 | 12.7 |
Tax credit and loss carryforwards | 14.6 | 13.7 |
Other | 0.1 | 1.9 |
Total deferred income tax assets | 55.9 | 63.7 |
Valuation allowance | -10.1 | -8 |
Deferred income tax assets, net | 45.8 | 55.7 |
Deferred Income Tax Liabilities: | ||
Property, equipment and intangible assets | -309.3 | -340.5 |
Other | -0.5 | 0 |
Total deferred income tax liabilities | -309.8 | -340.5 |
Deferred income tax liabilities, net | ($264) | ($284.80) |
Income_Taxes_Schedule_of_Unrec
Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized Tax Benefits, Beginning of period | $4 | $4.90 | $5.40 | $1.90 |
Additions for current year tax positions | 0.1 | 0.2 | 3.8 | 3.5 |
Reductions for prior year tax positions | -2.9 | -1.1 | -4.3 | |
Unrecognized Tax Benefits, End of period | $1.20 | $4 | $4.90 | $5.40 |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Benefit Obligation | $41.60 | $46.50 | ||
Estimated amortization from AOCI of net actuarial losses | 0.4 | |||
Expected Future Benefit Payments, Next Twelve Months | 4.1 | |||
Multiemployer Plan, Period Contributions | 1.6 | 1.7 | 1.8 | |
Defined Contribution Plan, employer contributions | 3.7 | 3.4 | 3.2 | |
Pension Contributions | 1.9 | |||
Estimated Future Employer Contributions in Current Fiscal Year | $2 | |||
Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Asset Allocations | 40.00% | |||
Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan Asset Allocations | 54.00% | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Plan's interest in Master Trust | 1.00% |
Retirement_Benefits_Schedule_o
Retirement Benefits - Schedule of Change in Benefit Obligations (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | |||||
Benefit obligation, beginning of period | $46 | $52.70 | $52.70 | $46.80 | |
Service cost | 1.1 | 1.3 | 1.7 | 1.5 | 1.3 |
Interest cost | 1.9 | 1.5 | 2 | 2.2 | 2.2 |
Actuarial gain (loss) | -5.1 | 2.7 | |||
Benefits paid | -1.6 | -2.2 | |||
Cumulative translation adjustments | -3.7 | 1.7 | |||
Benefit obligation, end of period | $46 | $52.70 | $46.80 |
Retirement_Benefits_Schedule_o1
Retirement Benefits Schedule of Changes in Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | ||
Fair value of plan assets, beginning of year | $40.10 | $34.20 |
Actual return on plan assets | 4.5 | 2.8 |
Employer contributions | 3.8 | 4.1 |
Benefits paid | -1.6 | -2.2 |
Cumulative translation adjustments | -3.1 | 1.2 |
Fair value of plan assets, end of year | $43.70 | $40.10 |
Retirement_Benefits_Schedule_o2
Retirement Benefits Schedule of Net Funded Status (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Funded status, end of year | ($2.30) | ($12.60) |
Other noncurrent liabilities | -2.3 | -12.6 |
Net amounts recognized | ($2.30) | ($12.60) |
Retirement_Benefits_Net_Period
Retirement Benefits Net Periodic Benefit Cost Not Yet Recognized (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss | ($10.20) | ($19.30) |
Deferred income taxes | 4.3 | 7.6 |
Net amount recognized in accumulated other comprehensive loss | ($5.90) | ($11.70) |
Retirement_Benefits_Accumulate
Retirement Benefits Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Projected Benefit Obligation | $2 | $52.70 |
Accumulated Benefit Obligation | 1.9 | 46.5 |
Net amount recognized in accumulated other comprehensive loss | $1.80 | $40.10 |
Retirement_Benefits_Schedule_o3
Retirement Benefits - Schedule of Net Benefit Costs (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Compensation and Retirement Disclosure [Abstract] | |||||||
Service cost | $1.10 | $1.30 | $1.70 | $1.50 | $1.30 | ||
Interest cost | 1.9 | 1.5 | 2 | 2.2 | 2.2 | ||
Expected return on plan assets | -2.1 | -1.8 | -2.4 | -2.1 | -2.2 | ||
Amortization of actuarial losses | 0.3 | [1] | 0.8 | [1] | 1 | 0.9 | 0.4 |
Net periodic benefit cost | $1.20 | $1.80 | $2.30 | $2.50 | $1.70 | ||
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement_Benefits_Amounts_Re
Retirement Benefits Amounts Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ||
Actuarial gains | $7.20 | |
Amortization of actuarial losses | 1 | [1] |
Cumulative translation adjustments | 0.9 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 9.1 | |
Deferred income taxes | -3.3 | |
Recognized in other comprehensive loss, net of tax | $5.80 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income. |
Retirement_Benefits_Defined_Be
Retirement Benefits Defined Benefit Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ||
Benefit obligations - Discount Rate | 5.00% | 4.00% |
Rate of Compensation Increase | 3.00% | 3.00% |
Net periodic cost - Discount Rate | 4.00% | 4.50% |
Expected Long-term Return on Assets | 6.00% | 6.20% |
Net periodic cost - Rate of Compensation Increase | 3.00% | 3.00% |
Retirement_Benefits_Schedule_o4
Retirement Benefits Schedule of Allocation of Plan Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $43.70 | $40.10 | $34.20 | ||
Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6.3 | 6 | |||
Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 37.4 | 34.1 | |||
Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Cash and Cash Equivalents | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2.6 | [1] | 2 | ||
Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0.1 | |||
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2.6 | [1] | 1.9 | [1] | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Other Security Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0.1 | 0.1 | |||
Other Security Investments | Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Other Security Investments | Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0.1 | 0.1 | |||
Other Security Investments | Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fixed Income Securities | Government-Related Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 7.7 | 8.9 | |||
Fixed Income Securities | Government-Related Securities | Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1.4 | 2.1 | |||
Fixed Income Securities | Government-Related Securities | Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6.3 | 6.8 | |||
Fixed Income Securities | Government-Related Securities | Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fixed Income Securities | Corporate Bonds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 9.6 | [2] | 9.1 | [2] | |
Fixed Income Securities | Corporate Bonds | Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Fixed Income Securities | Corporate Bonds | Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 9.6 | [2] | 9.1 | [2] | |
Fixed Income Securities | Corporate Bonds | Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [2] | 0 | [2] | |
Equity Securities | US Equity | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 7.5 | 5.8 | |||
Equity Securities | US Equity | Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4.9 | 3.8 | |||
Equity Securities | US Equity | Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2.6 | [3] | 2 | [3] | |
Equity Securities | US Equity | Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Equity Securities | International Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 16.2 | 14.2 | |||
Equity Securities | International Equity Securities | Fair Value, Inputs, Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Equity Securities | International Equity Securities | Fair Value, Inputs, Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 16.2 | [3] | 14.2 | [3] | |
Equity Securities | International Equity Securities | Fair Value, Inputs, Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $0 | $0 | |||
[1] | Assets categorized as Level 2 reflect investments in money market funds. | ||||
[2] | Securities of diverse industries, substantially all investment grade. | ||||
[3] | Assets categorized as Level 2 reflect investments in common collective funds. |
Retirement_Benefits_Schedule_o5
Retirement Benefits Schedule of Expected Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $1.30 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1.5 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1.7 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $13.10 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||
Net income | $50 | $37.20 | $36.40 | $19.90 | $18.80 | $38.70 | $37.20 | $18.70 | $279.10 | $93.50 | $143.50 | $113.40 | $107.10 | ||
Weighted average shares for basic EPS | 112.3 | 112.3 | 97 | 97 | 97 | ||||||||||
Dilutive potential shares from granted RSUs and PRSUs | 0.5 | [1] | 0.5 | [1] | |||||||||||
Weighted average shares for diluted EPS | 112.8 | 112.8 | 97 | 97 | 97 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | ||||||||||||||
[1] | The potential impact of an aggregate 0.1 million granted RSUs, PRSUs and stock options for the nine months ended September 30, 2014, was antidilutive. |
Commitment_and_Contingencies_N
Commitment and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Outstanding letters of credit and surety bonds | $78.30 | $99.30 | ||
Related Party Transaction [Line Items] | ||||
Operating Leases, Future Minimum Payments Due | 674 | |||
Operating Leases, Rent Expense | 292 | 283.2 | 279.3 | |
Operating Leases, Rent Expense, Contingent Rentals | 35.7 | 28.6 | 24.7 | |
CBS Corp. | ||||
Related Party Transaction [Line Items] | ||||
Indemnification of Letters of Credit and Surety Bonds | $78.30 | $0 |
Commitment_and_Contingencies_S
Commitment and Contingencies Schedule of Future Minimum Lease Payments, Operating Lease (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Other Commitments [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $89.70 |
Operating Leases, Future Minimum Payments, Due in Two Years | 84.2 |
Operating Leases, Future Minimum Payments, Due in Three Years | 73 |
Operating Leases, Future Minimum Payments, Due in Four Years | 59.8 |
Operating Leases, Future Minimum Payments, Due in Five Years | 51.8 |
Operating Leases, Future Minimum Payments, Due Thereafter | 315.5 |
Operating Leases, Future Minimum Payments Due | 674 |
Guaranteed Minimum Franchise Payments [Member] | |
Other Commitments [Line Items] | |
Other Commitment, Due in Next Twelve Months | 150.8 |
Other Commitment, Due in Second Year | 97.2 |
Other Commitment, Due in Third Year | 22.7 |
Other Commitment, Due in Fourth Year | 14.7 |
Other Commitment, Due in Fifth Year | 7.2 |
Other Commitment, Due after Fifth Year | 38.7 |
Other Commitment | $331.30 |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | $343.90 | $338.20 | $332.70 | $279.20 | $335.80 | $331.50 | $331.40 | $285.90 | $958.80 | $950.10 | $1,294 | [1] | $1,284.60 | [1] | $1,277.10 | [1] |
UNITED STATES | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 302.5 | 296.5 | 285.9 | 245.2 | 287.4 | 284.9 | 281.7 | 244.6 | 842.4 | 827.6 | 1,130.10 | [1] | 1,098.60 | [1] | 1,051.50 | [1] |
International | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 41.4 | 41.7 | 46.8 | 34 | 48.4 | 46.6 | 49.7 | 41.3 | 116.4 | 122.5 | 163.9 | 186 | 225.6 | |||
CANADA | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 84.7 | [1] | 99.2 | [1] | 138.1 | [1] | ||||||||||
Latin America [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | $79.20 | [1] | $86.80 | [1] | $87.50 | [1] | ||||||||||
[1] | Revenues classifications are based on customers’ locations. |
Segment_Information_Adjusted_O
Segment Information Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Net income | $50 | $37.20 | $36.40 | $19.90 | $18.80 | $38.70 | $37.20 | $18.70 | $279.10 | $93.50 | $143.50 | $113.40 | $107.10 | |||||||
Provision for income taxes | 202.9 | -70.5 | -96.6 | -89 | -87.8 | |||||||||||||||
Equity in earnings of investee companies, net of tax | -1.4 | -1.9 | -2.5 | -2.2 | -1.7 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | 74.8 | 162.1 | 237.6 | 200.2 | 193.2 | |||||||||||||||
Interest Expense | 57.3 | 0 | ||||||||||||||||||
Other (income) expense, net | 0.5 | 0 | 1.2 | 1 | -0.8 | |||||||||||||||
Operating income | 76.7 | 64.6 | 62.8 | 34.7 | 46 | 63.7 | 61.3 | 30.2 | 132.6 | 162.1 | 238.8 | 201.2 | 192.4 | |||||||
Restructuring charges | 0.1 | 1.9 | 0.5 | 0 | 6.2 | [1] | 0 | [1] | 0 | 2.5 | 3 | |||||||||
Acquisition costs | 1.4 | [1] | 0 | [1] | ||||||||||||||||
Net (gain) loss on dispositions | -17.5 | [2] | -0.1 | 0.1 | -9.8 | [3] | 0.4 | 0.3 | 0.7 | 0.8 | -1.4 | -9.8 | -27.3 | 2.2 | 2 | |||||
Depreciation and amortization | 146.6 | 146.5 | 195.8 | 196.8 | 211.9 | |||||||||||||||
Depreciation | 26.2 | 26.4 | 25.9 | 26 | 25.9 | 26.7 | 26.8 | 26.5 | 79.3 | 78.3 | 104.5 | 105.9 | 109 | |||||||
Amortization | 23.1 | 22.6 | 22.7 | 22.9 | 23 | 23 | 22.8 | 22.1 | 67.3 | 68.2 | 91.3 | 90.9 | 102.9 | |||||||
Stock-based compensation | 7.4 | [1] | 5.8 | [1] | ||||||||||||||||
Adjusted OIBDA | 110.2 | 116.1 | 113.1 | 75.4 | 96.8 | 117.1 | 113.6 | 80.9 | 292.8 | 304.6 | 414.8 | 408.4 | 414.3 | |||||||
Capital expenditures | 43.6 | 41.5 | 60.9 | 48.2 | 43.6 | |||||||||||||||
Stock-based compensation | 1.7 | 2.6 | 1.6 | 1.6 | 1.4 | 1.5 | 1.5 | 1.3 | 10.9 | 5.8 | 7.5 | [4] | 5.7 | [4] | 5 | [4] | ||||
UNITED STATES | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Operating income | 81.7 | 72 | 65.2 | 48.2 | 57.5 | 64.5 | 59.3 | 35.1 | 168.5 | 185.4 | 267.1 | 216.4 | 192.2 | |||||||
Net (gain) loss on dispositions | -1.3 | -10 | ||||||||||||||||||
Depreciation and amortization | 125.8 | 124.8 | 166.8 | 165.6 | 168.2 | |||||||||||||||
Adjusted OIBDA | 106.2 | 113.6 | 106.5 | 80.1 | 98.7 | 108.1 | 101.9 | 76.7 | 293 | 300.2 | 406.4 | 385.4 | 364.7 | |||||||
Capital expenditures | 37.4 | 37.1 | 54.1 | 42.5 | 36.8 | |||||||||||||||
International | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Operating income | 1.8 | 0.6 | 4.1 | -6.6 | -7.9 | 2.7 | 5.1 | -1.9 | -3.8 | -1.9 | -0.1 | -2 | 12.8 | |||||||
Net (gain) loss on dispositions | -0.1 | 0.2 | ||||||||||||||||||
Depreciation and amortization | 20.8 | 21.7 | 29 | 31.2 | 43.7 | |||||||||||||||
Adjusted OIBDA | 9.1 | 7.9 | 11.5 | 0.6 | 0.3 | 11 | 13.3 | 5.9 | 16.9 | 20 | 29.1 | 30.5 | 57.2 | |||||||
Capital expenditures | 6.2 | 4.4 | 6.8 | 5.7 | 6.8 | |||||||||||||||
Corporate | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Operating income | -6.8 | -8 | -6.5 | -6.9 | -3.6 | -3.5 | -3.1 | -3 | -32.1 | -21.4 | -28.2 | -13.2 | -12.6 | |||||||
Adjusted OIBDA | -5.1 | -5.4 | -4.9 | -5.3 | -2.2 | -2 | -1.6 | -1.7 | -17.1 | -15.6 | -20.7 | -7.5 | -7.6 | |||||||
Restructuring Charges | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Stock-based compensation | $3.50 | [1] | ||||||||||||||||||
[1] | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | |||||||||||||||||||
[2] | During the fourth quarter of 2013, the Company sold 50% of its transit shelter operations in Los Angeles, and the Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | |||||||||||||||||||
[3] | During the first quarter of 2013, the Company exchanged most of its billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | |||||||||||||||||||
[4] | (a)Stock-based compensation is classified as a Corporate expense. |
Segment_Information_Reconcilia1
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Assets | $3,522.80 | $3,355.50 | $3,464.90 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,967 | 3,027.60 | 3,114.40 |
International | |||
Segment Reporting Information [Line Items] | |||
Assets | 297.3 | 327.9 | 350.5 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Assets | $258.50 | $0 |
Segment_Information_Long_Lived
Segment Information - Long Lived Assets by Geographic Areas (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | $3,014.20 | [1] | $3,135.70 | [1] |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | 2,768.50 | [1] | 2,782.70 | [1] |
CANADA | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | 138.1 | [1] | 193.7 | [1] |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Long-Lived Assets | $107.60 | [1] | $159.30 | [1] |
[1] | (a)Reflects total assets less current assets, investments and noncurrent deferred tax assets. |
Segment_Information_Narrative_
Segment Information - Narrative (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
segment | segment | |
Segment Reporting [Abstract] | ||
Number of Operating Segments | 2 | 2 |
Subsequent_Events_Narrative_De
Subsequent Events Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
Jan. 31, 2014 | Jan. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Oct. 29, 2014 | Nov. 06, 2014 | Sep. 30, 2014 | Oct. 02, 2014 | Apr. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | Feb. 18, 2014 | |
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | $1,598,200,000 | $1,598,200,000 | $0 | $0 | ||||||||||
Proceeds from Initial Public Offering Held for Payment Upon Election of REIT Status | 100,000,000 | |||||||||||||
Deferred finance costs | 29,300,000 | 29,300,000 | ||||||||||||
Covenant description | The Credit Agreement requires, in connection with the incurrence of certain indebtedness, that we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | |||||||||||||
Distribution of net debt proceeds to CBS | 2,038,800,000 | 0 | ||||||||||||
Net proceeds retained from incurrence of debt | 50,000,000 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 100 | |||||||||||||
Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 1,598,000,000 | |||||||||||||
Distributed Earnings | 547,700,000 | |||||||||||||
Acquisition cost | 15,000,000 | 690,000,000 | ||||||||||||
Deferred finance costs | 10,800,000 | |||||||||||||
Number of Businesses Acquired | 2 | |||||||||||||
Proceeds from Debt, Net of Issuance Costs | 1,570,000,000 | |||||||||||||
Distribution of net debt proceeds to CBS | 1,520,000,000 | 109,500,000 | ||||||||||||
Net proceeds retained from incurrence of debt | 50,000,000 | |||||||||||||
Senior Notes | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 800,000,000 | 800,000,000 | 0 | |||||||||||
Term loan, due 2021 | Secured Debt | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 798,200,000 | 798,200,000 | 0 | |||||||||||
Debt face amount | 800,000,000 | |||||||||||||
Stated interest rate | 2.25% | 2.25% | ||||||||||||
Maturity date | 31-Jan-21 | |||||||||||||
Debt discount | 1,800,000 | 1,800,000 | ||||||||||||
Adjustment to term loan reference rate to arrive at effective rate | plus the greater of the London Interbank Offered Rate (“LIBORâ€) or 0.75% | |||||||||||||
Interest rate at period end | 3.00% | 3.00% | ||||||||||||
Basis spread on variable rate | 0.75% | |||||||||||||
Term loan, due 2021 | Secured Debt | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 798,000,000 | |||||||||||||
Debt face amount | 800,000,000 | |||||||||||||
Stated interest rate | 2.25% | |||||||||||||
Adjustment to term loan reference rate to arrive at effective rate | 2.25% plus the greater of the London Interbank Offered Rate (“LIBORâ€) or 0.75%. | |||||||||||||
Interest rate at period end | 3.00% | |||||||||||||
Basis spread on variable rate | 0.75% | |||||||||||||
Senior Notes Due 2025 | Senior Notes | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||||||||
Debt face amount | 450,000,000 | |||||||||||||
Stated interest rate | 5.88% | |||||||||||||
5.250% senior unsecured notes, due 2022 | Senior Notes | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 400,000,000 | 400,000,000 | 0 | |||||||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||||||||
Debt face amount | 400,000,000 | |||||||||||||
Stated interest rate | 5.25% | |||||||||||||
Maturity date | 31-Jan-22 | |||||||||||||
5.250% senior unsecured notes, due 2022 | Senior Notes | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 400,000,000 | |||||||||||||
Allowable early redemption percentage for senior notes | 35.00% | 35.00% | ||||||||||||
Debt face amount | 400,000,000 | 150,000,000 | ||||||||||||
Stated interest rate | 5.25% | 5.25% | ||||||||||||
Maturity date | 31-Jan-22 | |||||||||||||
5.250% senior unsecured notes, due 2022 | Unsecured Debt | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt discount | 800,000 | 800,000 | ||||||||||||
New Senior Notes | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Deferred finance costs | 1,600,000 | 1,600,000 | ||||||||||||
5.625% senior unsecured notes, due 2024 | Senior Notes | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 400,000,000 | 400,000,000 | 0 | |||||||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||||||||
Debt face amount | 400,000,000 | |||||||||||||
Stated interest rate | 5.63% | |||||||||||||
Maturity date | 31-Jan-24 | |||||||||||||
5.625% senior unsecured notes, due 2024 | Senior Notes | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 400,000,000 | |||||||||||||
Allowable early redemption percentage for senior notes | 35.00% | |||||||||||||
Debt face amount | 400,000,000 | |||||||||||||
Stated interest rate | 5.63% | |||||||||||||
Maturity date | 31-Jan-24 | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Maximum borrowing capacity | 425,000,000 | |||||||||||||
Cash adjustment to debt compliance calculation | 150,000,000 | 150,000,000 | ||||||||||||
Covenant description | The Credit Agreement contains certain customary affirmative and negative covenants. As of September 30, 2014, the terms of the Revolving Credit Facility require that as an entity being taxed as a REIT, we are required to maintain a Maximum Consolidated Net Secured Leverage Ratio of no greater than 4.0 to 1.0. | |||||||||||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | |||||||||||||
Revolving Credit Facility | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Long-term debt | 0 | |||||||||||||
Maximum borrowing capacity | 425,000,000 | |||||||||||||
Cash adjustment to debt compliance calculation | 150,000,000 | |||||||||||||
Covenant description | The terms of the Revolving Credit Facility require the Company to maintain a maximum consolidated net secured leverage ratio of 3.50 to 1.00, which will be increased to 4.00 to 1.00 if the Company elects to be taxed as a REIT. | |||||||||||||
Debt Covenant, Maximum Consolidated Net Secured Leverage Ratio | 3.5 | |||||||||||||
Maximum consolidated net secured coverage ratio, REIT election | 4 | |||||||||||||
Letter of Credit | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Maximum borrowing capacity | 80,000,000 | |||||||||||||
Letter of Credit | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Maximum borrowing capacity | $80,000,000 | |||||||||||||
Debt Instrument, Redemption, Period One [Member] | Term loan, due 2021 | Secured Debt | Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt Instrument, Prepayment Fee, Percent on Debt Redeemed | 1.00% |
Subsequent_Events_Schedule_of_
Subsequent Events Schedule of Long Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 |
Debt Instrument [Line Items] | ||||
Long-term debt | $1,598,200,000 | $0 | $0 | |
Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,598,000,000 | |||
Secured Debt | Term loan, due 2021 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 798,200,000 | 0 | ||
Secured Debt | Term loan, due 2021 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 798,000,000 | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 800,000,000 | 0 | ||
Senior Notes | 5.250% senior unsecured notes, due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 400,000,000 | 0 | ||
Senior Notes | 5.250% senior unsecured notes, due 2022 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 400,000,000 | |||
Senior Notes | 5.625% senior unsecured notes, due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 400,000,000 | 0 | ||
Senior Notes | 5.625% senior unsecured notes, due 2024 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $400,000,000 |
Subsequent_Events_Unaudited_Na
Subsequent Events (Unaudited) Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Oct. 02, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Oct. 01, 2014 |
Subsequent Event [Line Items] | ||||
Deferred finance costs | 29.3 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Deferred finance costs | 10.8 | |||
Senior Notes Due 2025 | Senior Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Allowable early redemption percentage for senior notes | 35.00% | |||
Stated interest rate | 5.88% | |||
Debt face amount | 450 | |||
New Senior Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Deferred finance costs | 1.6 | |||
5.250% senior unsecured notes, due 2022 | Senior Notes | ||||
Subsequent Event [Line Items] | ||||
Allowable early redemption percentage for senior notes | 35.00% | |||
Stated interest rate | 5.25% | |||
Debt face amount | 400 | |||
5.250% senior unsecured notes, due 2022 | Senior Notes | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Allowable early redemption percentage for senior notes | 35.00% | 35.00% | ||
Stated interest rate | 5.25% | 5.25% | ||
Debt face amount | 400 | 150 | ||
5.250% senior unsecured notes, due 2022 | Unsecured Debt | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Debt discount | 0.8 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Revenues | $343.90 | $338.20 | $332.70 | $279.20 | $335.80 | $331.50 | $331.40 | $285.90 | $958.80 | $950.10 | $1,294 | [1] | $1,284.60 | [1] | $1,277.10 | [1] | ||||
Adjusted OIBDA | 110.2 | 116.1 | 113.1 | 75.4 | 96.8 | 117.1 | 113.6 | 80.9 | 292.8 | 304.6 | 414.8 | 408.4 | 414.3 | |||||||
Restructuring charges | -0.1 | -1.9 | -0.5 | 0 | -6.2 | [2] | 0 | [2] | 0 | -2.5 | -3 | |||||||||
Net gain (loss) on dispositions | 17.5 | [3] | 0.1 | -0.1 | 9.8 | [4] | -0.4 | -0.3 | -0.7 | -0.8 | 1.4 | 9.8 | 27.3 | -2.2 | -2 | |||||
Depreciation | -26.2 | -26.4 | -25.9 | -26 | -25.9 | -26.7 | -26.8 | -26.5 | -79.3 | -78.3 | -104.5 | -105.9 | -109 | |||||||
Amortization | -23.1 | -22.6 | -22.7 | -22.9 | -23 | -23 | -22.8 | -22.1 | -67.3 | -68.2 | -91.3 | -90.9 | -102.9 | |||||||
Stock-based Compensation | -1.7 | -2.6 | -1.6 | -1.6 | -1.4 | -1.5 | -1.5 | -1.3 | -10.9 | -5.8 | -7.5 | [5] | -5.7 | [5] | -5 | [5] | ||||
Operating Income (Loss) | 76.7 | 64.6 | 62.8 | 34.7 | 46 | 63.7 | 61.3 | 30.2 | 132.6 | 162.1 | 238.8 | 201.2 | 192.4 | |||||||
Net income | 50 | 37.2 | 36.4 | 19.9 | 18.8 | 38.7 | 37.2 | 18.7 | 279.1 | 93.5 | 143.5 | 113.4 | 107.1 | |||||||
Percentage of Company's ownership in group of assets sold | 50.00% | |||||||||||||||||||
Percentage of Company's ownership in group of assets contributed to a joint venture | 50.00% | |||||||||||||||||||
UNITED STATES | ||||||||||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Revenues | 302.5 | 296.5 | 285.9 | 245.2 | 287.4 | 284.9 | 281.7 | 244.6 | 842.4 | 827.6 | 1,130.10 | [1] | 1,098.60 | [1] | 1,051.50 | [1] | ||||
Adjusted OIBDA | 106.2 | 113.6 | 106.5 | 80.1 | 98.7 | 108.1 | 101.9 | 76.7 | 293 | 300.2 | 406.4 | 385.4 | 364.7 | |||||||
Net gain (loss) on dispositions | 1.3 | 10 | ||||||||||||||||||
Operating Income (Loss) | 81.7 | 72 | 65.2 | 48.2 | 57.5 | 64.5 | 59.3 | 35.1 | 168.5 | 185.4 | 267.1 | 216.4 | 192.2 | |||||||
International | ||||||||||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Revenues | 41.4 | 41.7 | 46.8 | 34 | 48.4 | 46.6 | 49.7 | 41.3 | 116.4 | 122.5 | 163.9 | 186 | 225.6 | |||||||
Adjusted OIBDA | 9.1 | 7.9 | 11.5 | 0.6 | 0.3 | 11 | 13.3 | 5.9 | 16.9 | 20 | 29.1 | 30.5 | 57.2 | |||||||
Net gain (loss) on dispositions | 0.1 | -0.2 | ||||||||||||||||||
Operating Income (Loss) | 1.8 | 0.6 | 4.1 | -6.6 | -7.9 | 2.7 | 5.1 | -1.9 | -3.8 | -1.9 | -0.1 | -2 | 12.8 | |||||||
Corporate | ||||||||||||||||||||
Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Adjusted OIBDA | -5.1 | -5.4 | -4.9 | -5.3 | -2.2 | -2 | -1.6 | -1.7 | -17.1 | -15.6 | -20.7 | -7.5 | -7.6 | |||||||
Operating Income (Loss) | ($6.80) | ($8) | ($6.50) | ($6.90) | ($3.60) | ($3.50) | ($3.10) | ($3) | ($32.10) | ($21.40) | ($28.20) | ($13.20) | ($12.60) | |||||||
[1] | Revenues classifications are based on customers’ locations. | |||||||||||||||||||
[2] | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | |||||||||||||||||||
[3] | During the fourth quarter of 2013, the Company sold 50% of its transit shelter operations in Los Angeles, and the Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | |||||||||||||||||||
[4] | During the first quarter of 2013, the Company exchanged most of its billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. | |||||||||||||||||||
[5] | (a)Stock-based compensation is classified as a Corporate expense. |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Narrative (Details) (Parent Company) | Sep. 30, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||
Equity Method Investment, Ownership Percentage | 100.00% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Equity Method Investment, Ownership Percentage | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements Condensed Balance Sheet (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Condensed Consolidating Financial Statements [Abstract] | ||||||
Billboard | $690,200,000 | $685,800,000 | $925,700,000 | $913,600,000 | $894,200,000 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 272,200,000 | 24,100,000 | 29,800,000 | 20,200,000 | 37,600,000 | 19,000,000 |
Receivables, less allowance | 175,600,000 | 178,800,000 | 175,100,000 | |||
Other current assets | 113,000,000 | 108,600,000 | 119,700,000 | |||
Total current assets | 560,800,000 | 317,200,000 | 315,000,000 | |||
Property and equipment, net | 704,400,000 | 755,400,000 | 807,900,000 | |||
Goodwill | 1,860,400,000 | 1,865,700,000 | 1,877,200,000 | 1,872,300,000 | ||
Intangible assets | 320,100,000 | 364,400,000 | 420,000,000 | |||
Investments in subsidiaries | 0 | 0 | 0 | |||
Other assets | 77,100,000 | 52,800,000 | 44,800,000 | |||
Intercompany | 0 | 0 | 0 | |||
Total assets | 3,522,800,000 | 3,355,500,000 | 3,464,900,000 | |||
Total current liabilities | 237,900,000 | 212,200,000 | 205,600,000 | |||
Long-term debt | 1,598,200,000 | 0 | 0 | |||
Deferred income tax liabilities, net | 22,800,000 | 288,500,000 | 313,800,000 | |||
Asset retirement obligation | 32,300,000 | 31,700,000 | 30,600,000 | 29,300,000 | ||
Deficit In Excess Of Investment In Subsidiaries | 0 | |||||
Other liabilities | 64,600,000 | 68,700,000 | 71,000,000 | |||
Intercompany | 0 | 0 | 0 | |||
Total liabilities | 1,955,800,000 | 601,100,000 | 621,000,000 | |||
Total invested equity | 2,798,600,000 | 2,754,400,000 | 2,843,900,000 | 2,990,600,000 | ||
Total stockholders' equity | 1,567,000,000 | |||||
Total liabilities and invested equity/shareholders' equity | 3,522,800,000 | 3,355,500,000 | 3,464,900,000 | |||
Transit and other | 268,600,000 | 264,300,000 | 368,300,000 | 371,000,000 | 382,900,000 | |
Parent Company | ||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||
Billboard | 0 | 0 | 0 | 0 | 0 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Receivables, less allowance | 0 | 0 | 0 | |||
Other current assets | 0 | 0 | 0 | |||
Total current assets | 0 | 0 | 0 | |||
Property and equipment, net | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Intangible assets | 0 | 0 | 0 | |||
Investments in subsidiaries | 1,567,000,000 | 0 | 0 | |||
Other assets | 0 | 0 | 0 | |||
Intercompany | 0 | 0 | 0 | |||
Total assets | 1,567,000,000 | 0 | 0 | |||
Total current liabilities | 0 | 0 | 0 | |||
Long-term debt | 0 | |||||
Deferred income tax liabilities, net | 0 | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | 0 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | |||||
Other liabilities | 0 | 0 | 0 | |||
Intercompany | 0 | 0 | 0 | |||
Total liabilities | 0 | 0 | 0 | |||
Total invested equity | 0 | 0 | ||||
Total stockholders' equity | 1,567,000,000 | |||||
Total liabilities and invested equity/shareholders' equity | 1,567,000,000 | 0 | 0 | |||
Transit and other | 0 | 0 | 0 | 0 | 0 | |
Subsidiary Issuers | ||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||
Billboard | 0 | 0 | 0 | 0 | 0 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 230,000,000 | 0 | 0 | 0 | 0 | 0 |
Receivables, less allowance | 0 | 0 | 0 | |||
Other current assets | 4,100,000 | 0 | 0 | |||
Total current assets | 234,100,000 | 0 | 0 | |||
Property and equipment, net | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Intangible assets | 0 | 0 | 0 | |||
Investments in subsidiaries | 2,935,500,000 | 0 | 0 | |||
Other assets | 23,900,000 | 0 | 0 | |||
Intercompany | 0 | 0 | 0 | |||
Total assets | 3,193,500,000 | 0 | 0 | |||
Total current liabilities | 28,300,000 | 0 | 0 | |||
Long-term debt | 1,598,200,000 | |||||
Deferred income tax liabilities, net | 0 | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | 0 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | |||||
Other liabilities | 0 | 0 | 0 | |||
Intercompany | 0 | 0 | 0 | |||
Total liabilities | 1,626,500,000 | 0 | 0 | |||
Total invested equity | 0 | 0 | ||||
Total stockholders' equity | 1,567,000,000 | |||||
Total liabilities and invested equity/shareholders' equity | 3,193,500,000 | 0 | 0 | |||
Transit and other | 0 | 0 | 0 | 0 | 0 | |
Guarantor Subsidiaries | ||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||
Billboard | 599,700,000 | 589,800,000 | 796,600,000 | 770,700,000 | 746,800,000 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 23,500,000 | 9,500,000 | 2,100,000 | 9,500,000 | 10,000,000 | 2,100,000 |
Receivables, less allowance | 140,900,000 | 146,000,000 | 138,000,000 | |||
Other current assets | 87,400,000 | 89,100,000 | 98,200,000 | |||
Total current assets | 251,800,000 | 237,200,000 | 245,700,000 | |||
Property and equipment, net | 596,200,000 | 628,100,000 | 655,800,000 | |||
Goodwill | 1,751,400,000 | 1,751,600,000 | 1,758,000,000 | |||
Intangible assets | 319,900,000 | 364,200,000 | 419,700,000 | |||
Investments in subsidiaries | 218,600,000 | 232,900,000 | 241,000,000 | |||
Other assets | 48,100,000 | 46,500,000 | 35,200,000 | |||
Intercompany | 66,100,000 | 66,000,000 | 65,800,000 | |||
Total assets | 3,252,100,000 | 3,326,500,000 | 3,421,200,000 | |||
Total current liabilities | 176,400,000 | 168,300,000 | 158,700,000 | |||
Long-term debt | 0 | |||||
Deferred income tax liabilities, net | -1,100,000 | 259,400,000 | 276,800,000 | |||
Asset retirement obligation | 23,700,000 | 23,100,000 | 28,000,000 | |||
Deficit In Excess Of Investment In Subsidiaries | 1,368,500,000 | |||||
Other liabilities | 62,800,000 | 65,600,000 | 57,300,000 | |||
Intercompany | 54,800,000 | 55,700,000 | 56,500,000 | |||
Total liabilities | 1,685,100,000 | 572,100,000 | 577,300,000 | |||
Total invested equity | 2,754,400,000 | 2,843,900,000 | ||||
Total stockholders' equity | 1,567,000,000 | |||||
Total liabilities and invested equity/shareholders' equity | 3,252,100,000 | 3,326,500,000 | 3,421,200,000 | |||
Transit and other | 242,700,000 | 237,800,000 | 333,500,000 | 327,900,000 | 304,700,000 | |
Non-Guarantor Subsidiaries | ||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||
Billboard | 90,500,000 | 96,000,000 | 129,100,000 | 142,900,000 | 147,400,000 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 18,700,000 | 14,600,000 | 27,700,000 | 10,700,000 | 27,600,000 | 16,900,000 |
Receivables, less allowance | 34,700,000 | 32,800,000 | 37,100,000 | |||
Other current assets | 21,500,000 | 19,500,000 | 21,500,000 | |||
Total current assets | 74,900,000 | 80,000,000 | 69,300,000 | |||
Property and equipment, net | 108,200,000 | 127,300,000 | 152,100,000 | |||
Goodwill | 109,000,000 | 114,100,000 | 119,200,000 | |||
Intangible assets | 200,000 | 200,000 | 300,000 | |||
Investments in subsidiaries | 0 | 0 | 0 | |||
Other assets | 5,100,000 | 6,300,000 | 9,600,000 | |||
Intercompany | 54,800,000 | 55,700,000 | 56,500,000 | |||
Total assets | 352,200,000 | 383,600,000 | 407,000,000 | |||
Total current liabilities | 33,200,000 | 43,900,000 | 46,900,000 | |||
Long-term debt | 0 | |||||
Deferred income tax liabilities, net | 23,900,000 | 29,100,000 | 37,000,000 | |||
Asset retirement obligation | 8,600,000 | 8,600,000 | 2,600,000 | |||
Deficit In Excess Of Investment In Subsidiaries | 0 | |||||
Other liabilities | 1,800,000 | 3,100,000 | 13,700,000 | |||
Intercompany | 66,100,000 | 66,000,000 | 65,800,000 | |||
Total liabilities | 133,600,000 | 150,700,000 | 166,000,000 | |||
Total invested equity | 232,900,000 | 241,000,000 | ||||
Total stockholders' equity | 218,600,000 | |||||
Total liabilities and invested equity/shareholders' equity | 352,200,000 | 383,600,000 | 407,000,000 | |||
Transit and other | 25,900,000 | 26,500,000 | 34,800,000 | 43,100,000 | 78,200,000 | |
Eliminations | ||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||
Billboard | 0 | 0 | 0 | 0 | 0 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Receivables, less allowance | 0 | 0 | 0 | |||
Other current assets | 0 | 0 | 0 | |||
Total current assets | 0 | 0 | 0 | |||
Property and equipment, net | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Intangible assets | 0 | 0 | 0 | |||
Investments in subsidiaries | -4,721,100,000 | -232,900,000 | -241,000,000 | |||
Other assets | 0 | 0 | 0 | |||
Intercompany | -120,900,000 | -121,700,000 | -122,300,000 | |||
Total assets | -4,842,000,000 | -354,600,000 | -363,300,000 | |||
Total current liabilities | 0 | 0 | 0 | |||
Long-term debt | 0 | |||||
Deferred income tax liabilities, net | 0 | 0 | 0 | |||
Asset retirement obligation | 0 | 0 | 0 | |||
Deficit In Excess Of Investment In Subsidiaries | -1,368,500,000 | |||||
Other liabilities | 0 | 0 | 0 | |||
Intercompany | -120,900,000 | -121,700,000 | -122,300,000 | |||
Total liabilities | -1,489,400,000 | -121,700,000 | -122,300,000 | |||
Total invested equity | -232,900,000 | -241,000,000 | ||||
Total stockholders' equity | -3,352,600,000 | |||||
Total liabilities and invested equity/shareholders' equity | -4,842,000,000 | -354,600,000 | -363,300,000 | |||
Transit and other | $0 | $0 | $0 | $0 | $0 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements Condensed Income Statements (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | $690.20 | $685.80 | $925.70 | $913.60 | $894.20 | |||||||||||||||
Transit and other | 268.6 | 264.3 | 368.3 | 371 | 382.9 | |||||||||||||||
Total revenues | 343.9 | 338.2 | 332.7 | 279.2 | 335.8 | 331.5 | 331.4 | 285.9 | 958.8 | 950.1 | 1,294 | [1] | 1,284.60 | [1] | 1,277.10 | [1] | ||||
Operating | 512.3 | 504.5 | 686.9 | 700.1 | 689.4 | |||||||||||||||
Selling, general and administrative | 161.1 | 146.8 | 199.8 | 181.8 | 178.4 | |||||||||||||||
Restructuring charges | 0.1 | 1.9 | 0.5 | 0 | 6.2 | [2] | 0 | [2] | 0 | 2.5 | 3 | |||||||||
Acquisition costs | 1.4 | [2] | 0 | [2] | ||||||||||||||||
Net (gain) loss on dispositions | -17.5 | [3] | -0.1 | 0.1 | -9.8 | [4] | 0.4 | 0.3 | 0.7 | 0.8 | -1.4 | -9.8 | -27.3 | 2.2 | 2 | |||||
Depreciation | 26.2 | 26.4 | 25.9 | 26 | 25.9 | 26.7 | 26.8 | 26.5 | 79.3 | 78.3 | 104.5 | 105.9 | 109 | |||||||
Amortization | 23.1 | 22.6 | 22.7 | 22.9 | 23 | 23 | 22.8 | 22.1 | 67.3 | 68.2 | 91.3 | 90.9 | 102.9 | |||||||
Total expenses | 826.2 | 788 | 1,055.20 | 1,083.40 | 1,084.70 | |||||||||||||||
Operating Income (Loss) | 76.7 | 64.6 | 62.8 | 34.7 | 46 | 63.7 | 61.3 | 30.2 | 132.6 | 162.1 | 238.8 | 201.2 | 192.4 | |||||||
Interest income (expense), net | -57.3 | 0 | ||||||||||||||||||
Other income (expense), net | -0.5 | 0 | -1.2 | -1 | 0.8 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | 74.8 | 162.1 | 237.6 | 200.2 | 193.2 | |||||||||||||||
Equity in earnings of investee companies, net of tax | 1.4 | 1.9 | 2.5 | 2.2 | 1.7 | |||||||||||||||
Benefit (provision) for income taxes | 202.9 | -70.5 | -96.6 | -89 | -87.8 | |||||||||||||||
Net income | 50 | 37.2 | 36.4 | 19.9 | 18.8 | 38.7 | 37.2 | 18.7 | 279.1 | 93.5 | 143.5 | 113.4 | 107.1 | |||||||
Cumulative translation adjustments | -3.1 | -12.3 | -14.9 | 11 | -14.3 | |||||||||||||||
Amortization of net actuarial loss | 0.2 | 0.4 | 5.8 | -1.4 | -3.2 | |||||||||||||||
Deferred tax rate adjustment | -1.2 | 0 | ||||||||||||||||||
Total other comprehensive income (loss), net of tax | -4.1 | -11.9 | -9.1 | 9.6 | -17.5 | |||||||||||||||
Total comprehensive income | 275 | 81.6 | 134.4 | 123 | 89.6 | |||||||||||||||
Parent Company | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Transit and other | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total revenues | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Selling, general and administrative | 0.9 | 0 | 0 | 0 | 0 | |||||||||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||||||||||
Acquisition costs | 0 | |||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Amortization | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total expenses | 0.9 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating Income (Loss) | -0.9 | 0 | 0 | 0 | 0 | |||||||||||||||
Interest income (expense), net | 0 | 0 | ||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | -0.9 | 0 | 0 | 0 | 0 | |||||||||||||||
Equity in earnings of investee companies, net of tax | 280 | 0 | 0 | 0 | 0 | |||||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Net income | 279.1 | 0 | 0 | 0 | 0 | |||||||||||||||
Cumulative translation adjustments | -3.1 | 0 | 0 | 0 | 0 | |||||||||||||||
Amortization of net actuarial loss | 0.2 | 0 | 0 | 0 | 0 | |||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -4.1 | 0 | 0 | 0 | 0 | |||||||||||||||
Total comprehensive income | 275 | 0 | 0 | 0 | 0 | |||||||||||||||
Subsidiary Issuers | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Transit and other | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total revenues | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||||||||||
Acquisition costs | 0 | |||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Amortization | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total expenses | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating Income (Loss) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Interest income (expense), net | -57.3 | 0 | ||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | -57.3 | 0 | 0 | 0 | 0 | |||||||||||||||
Equity in earnings of investee companies, net of tax | 337.3 | 0 | 0 | 0 | 0 | |||||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Net income | 280 | 0 | 0 | 0 | 0 | |||||||||||||||
Cumulative translation adjustments | -3.1 | 0 | 0 | 0 | 0 | |||||||||||||||
Amortization of net actuarial loss | 0.2 | 0 | 0 | 0 | 0 | |||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -4.1 | 0 | 0 | 0 | 0 | |||||||||||||||
Total comprehensive income | 275.9 | 0 | 0 | 0 | 0 | |||||||||||||||
Guarantor Subsidiaries | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 599.7 | 589.8 | 796.6 | 770.7 | 746.8 | |||||||||||||||
Transit and other | 242.7 | 237.8 | 333.5 | 327.9 | 304.7 | |||||||||||||||
Total revenues | 842.4 | 827.6 | 1,130.10 | 1,098.60 | 1,051.50 | |||||||||||||||
Operating | 436.2 | 426.1 | 584.2 | 577.9 | 554.3 | |||||||||||||||
Selling, general and administrative | 136.8 | 122.7 | 167.7 | 148.5 | 145.1 | |||||||||||||||
Restructuring charges | 6.2 | 1.8 | 2.2 | |||||||||||||||||
Acquisition costs | 1.4 | |||||||||||||||||||
Net (gain) loss on dispositions | -1.3 | -10 | -27.5 | 1.6 | 2.1 | |||||||||||||||
Depreciation | 62.2 | 60.5 | 80.7 | 80.4 | 81.5 | |||||||||||||||
Amortization | 63.6 | 64.3 | 86.1 | 85.2 | 86.7 | |||||||||||||||
Total expenses | 705.1 | 663.6 | 891.2 | 895.4 | 871.9 | |||||||||||||||
Operating Income (Loss) | 137.3 | 164 | 238.9 | 203.2 | 179.6 | |||||||||||||||
Interest income (expense), net | -0.1 | 0 | ||||||||||||||||||
Other income (expense), net | 0 | -0.1 | -0.2 | -0.1 | -0.1 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | 137.2 | 163.9 | 238.7 | 203.1 | 179.5 | |||||||||||||||
Equity in earnings of investee companies, net of tax | -62.4 | -2.2 | -1.9 | -2.4 | 6.8 | |||||||||||||||
Benefit (provision) for income taxes | 205.2 | -68.2 | -93.3 | -87.3 | -79.2 | |||||||||||||||
Net income | 280 | 93.5 | 143.5 | 113.4 | 107.1 | |||||||||||||||
Cumulative translation adjustments | -3.1 | -12.3 | -14.9 | 11 | -14.3 | |||||||||||||||
Amortization of net actuarial loss | 0.2 | 0.4 | 5.8 | -1.4 | -3.2 | |||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -4.1 | -11.9 | -9.1 | 9.6 | -17.5 | |||||||||||||||
Total comprehensive income | 275.9 | 81.6 | 134.4 | 123 | 89.6 | |||||||||||||||
Non-Guarantor Subsidiaries | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 90.5 | 96 | 129.1 | 142.9 | 147.4 | |||||||||||||||
Transit and other | 25.9 | 26.5 | 34.8 | 43.1 | 78.2 | |||||||||||||||
Total revenues | 116.4 | 122.5 | 163.9 | 186 | 225.6 | |||||||||||||||
Operating | 76.1 | 78.4 | 102.7 | 122.2 | 135.1 | |||||||||||||||
Selling, general and administrative | 23.4 | 24.1 | 32.1 | 33.3 | 33.3 | |||||||||||||||
Restructuring charges | 0 | 0.7 | 0.8 | |||||||||||||||||
Acquisition costs | 0 | |||||||||||||||||||
Net (gain) loss on dispositions | -0.1 | 0.2 | 0.2 | 0.6 | -0.1 | |||||||||||||||
Depreciation | 17.1 | 17.8 | 23.8 | 25.5 | 27.5 | |||||||||||||||
Amortization | 3.7 | 3.9 | 5.2 | 5.7 | 16.2 | |||||||||||||||
Total expenses | 120.2 | 124.4 | 164 | 188 | 212.8 | |||||||||||||||
Operating Income (Loss) | -3.8 | -1.9 | -0.1 | -2 | 12.8 | |||||||||||||||
Interest income (expense), net | 0.1 | 0 | ||||||||||||||||||
Other income (expense), net | -0.5 | 0.1 | -1 | -0.9 | 0.9 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | -4.2 | -1.8 | -1.1 | -2.9 | 13.7 | |||||||||||||||
Equity in earnings of investee companies, net of tax | 0.4 | 0 | 0 | 0 | 0 | |||||||||||||||
Benefit (provision) for income taxes | -2.3 | -2.3 | -3.3 | -1.7 | -8.6 | |||||||||||||||
Net income | -6.1 | -4.1 | -4.4 | -4.6 | 5.1 | |||||||||||||||
Cumulative translation adjustments | -3.1 | -12.3 | -14.9 | 11 | -14.3 | |||||||||||||||
Amortization of net actuarial loss | 0.2 | 0.4 | 5.6 | -1.3 | -3 | |||||||||||||||
Deferred tax rate adjustment | -1.2 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | -4.1 | -11.9 | -9.3 | 9.7 | -17.3 | |||||||||||||||
Total comprehensive income | -10.2 | -16 | -13.7 | 5.1 | -12.2 | |||||||||||||||
Eliminations | ||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||||||||
Billboard | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Transit and other | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total revenues | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Selling, general and administrative | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Restructuring charges | 0 | 0 | 0 | |||||||||||||||||
Acquisition costs | 0 | |||||||||||||||||||
Net (gain) loss on dispositions | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Depreciation | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Amortization | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total expenses | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating Income (Loss) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Interest income (expense), net | 0 | 0 | ||||||||||||||||||
Other income (expense), net | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Income before income taxes and equity in earnings of investee companies | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Equity in earnings of investee companies, net of tax | -553.9 | 4.1 | 4.4 | 4.6 | -5.1 | |||||||||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Net income | -553.9 | 4.1 | 4.4 | 4.6 | -5.1 | |||||||||||||||
Cumulative translation adjustments | 9.3 | 12.3 | 14.9 | -11 | 14.3 | |||||||||||||||
Amortization of net actuarial loss | -0.6 | -0.4 | -5.6 | 1.3 | 3 | |||||||||||||||
Deferred tax rate adjustment | 3.6 | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | 12.3 | 11.9 | 9.3 | -9.7 | 17.3 | |||||||||||||||
Total comprehensive income | ($541.60) | $16 | $13.70 | ($5.10) | $12.20 | |||||||||||||||
[1] | Revenues classifications are based on customers’ locations. | |||||||||||||||||||
[2] | Restructuring charges (including stock-based compensation of $3.5 million), costs related to the Acquisition and stock-based compensation are classified as Corporate expense. | |||||||||||||||||||
[3] | During the fourth quarter of 2013, the Company sold 50% of its transit shelter operations in Los Angeles, and the Company and the buyer each subsequently contributed their respective 50% interests in these operations to a 50/50 joint venture they own together. This transaction resulted in a gain of $17.5 million. | |||||||||||||||||||
[4] | During the first quarter of 2013, the Company exchanged most of its billboards in Salt Lake City for billboards in New Jersey resulting in a gain of $9.8 million. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Cash Flow Statements (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flow provided by operating activities | $184.50 | $178.70 | $281.10 | $305.90 | $340.10 |
Net cash flow used for investing activities | -41.3 | -41.1 | -43.7 | -48.1 | -50.7 |
Proceeds from IPO | 615 | 0 | |||
Proceeds from long-term debt borrowings | 1,598 | 0 | |||
Deferred financing fees | -24.8 | 0 | |||
Distribution of debt and IPO proceeds to CBS | -2,038.80 | 0 | |||
Excess tax benefit from stock-based compensation | 0 | 5.5 | 5.8 | 2.9 | 2.3 |
Net cash contribution from (distribution to) CBS | 39.8 | -138.6 | -232.6 | -279.7 | -269.4 |
Other | -0.2 | -0.2 | -0.2 | ||
Dividends | -88.8 | 0 | |||
Intercompany | 0 | ||||
Net cash flow provided by (used for) financing activities | 100.4 | -133.1 | -227 | -277 | -267.3 |
Effect of exchange rate changes on cash and cash equivalents | -1.2 | -0.6 | -0.8 | 1.8 | -3.5 |
Net increase in cash and cash equivalents | 242.4 | 3.9 | 9.6 | -17.4 | 18.6 |
Cash and cash equivalents at beginning of period | 29.8 | 20.2 | 20.2 | 37.6 | 19 |
Cash and cash equivalents at end of period | 272.2 | 24.1 | 29.8 | 20.2 | 37.6 |
Parent Company | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flow provided by operating activities | -0.9 | 0 | 0 | 0 | 0 |
Net cash flow used for investing activities | 0 | 0 | 0 | 0 | 0 |
Proceeds from IPO | 615 | ||||
Proceeds from long-term debt borrowings | 0 | ||||
Deferred financing fees | 0 | ||||
Distribution of debt and IPO proceeds to CBS | -515 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | 0 | |
Net cash contribution from (distribution to) CBS | 0 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | ||
Dividends | -88.8 | ||||
Intercompany | -10.3 | ||||
Net cash flow provided by (used for) financing activities | 0.9 | 0 | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | 0 |
Subsidiary Issuers | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flow provided by operating activities | -25.6 | 0 | 0 | 0 | 0 |
Net cash flow used for investing activities | 0 | 0 | 0 | 0 | 0 |
Proceeds from IPO | 0 | ||||
Proceeds from long-term debt borrowings | 1,598 | ||||
Deferred financing fees | -24.8 | ||||
Distribution of debt and IPO proceeds to CBS | -1,523.80 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | 0 | |
Net cash contribution from (distribution to) CBS | 0 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | ||
Dividends | 0 | ||||
Intercompany | 206.2 | ||||
Net cash flow provided by (used for) financing activities | 255.6 | 0 | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 230 | 0 | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 230 | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flow provided by operating activities | 213.9 | 175 | 268.2 | 277.3 | 284.3 |
Net cash flow used for investing activities | -35.3 | -37.2 | -37 | -42.5 | -43.4 |
Proceeds from IPO | 0 | ||||
Proceeds from long-term debt borrowings | 0 | ||||
Deferred financing fees | 0 | ||||
Distribution of debt and IPO proceeds to CBS | 0 | ||||
Excess tax benefit from stock-based compensation | 5.5 | 5.8 | 2.9 | 2.3 | |
Net cash contribution from (distribution to) CBS | 39.8 | -143.3 | -244.4 | -238.2 | -235.3 |
Other | 0 | 0 | 0 | ||
Dividends | 0 | ||||
Intercompany | -197 | ||||
Net cash flow provided by (used for) financing activities | -157.2 | -137.8 | -238.6 | -235.3 | -233 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 21.4 | 0 | -7.4 | -0.5 | 7.9 |
Cash and cash equivalents at beginning of period | 2.1 | 9.5 | 9.5 | 10 | 2.1 |
Cash and cash equivalents at end of period | 23.5 | 9.5 | 2.1 | 9.5 | 10 |
Non-Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flow provided by operating activities | -2.9 | 3.7 | 12.9 | 28.6 | 55.8 |
Net cash flow used for investing activities | -6 | -3.9 | -6.7 | -5.6 | -7.3 |
Proceeds from IPO | 0 | ||||
Proceeds from long-term debt borrowings | 0 | ||||
Deferred financing fees | 0 | ||||
Distribution of debt and IPO proceeds to CBS | 0 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | 0 | |
Net cash contribution from (distribution to) CBS | 0 | 4.7 | 11.8 | -41.5 | -34.1 |
Other | -0.2 | -0.2 | -0.2 | ||
Dividends | 0 | ||||
Intercompany | 1.1 | ||||
Net cash flow provided by (used for) financing activities | 1.1 | 4.7 | 11.6 | -41.7 | -34.3 |
Effect of exchange rate changes on cash and cash equivalents | -1.2 | -0.6 | -0.8 | 1.8 | -3.5 |
Net increase in cash and cash equivalents | -9 | 3.9 | 17 | -16.9 | 10.7 |
Cash and cash equivalents at beginning of period | 27.7 | 10.7 | 10.7 | 27.6 | 16.9 |
Cash and cash equivalents at end of period | 18.7 | 14.6 | 27.7 | 10.7 | 27.6 |
Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flow provided by operating activities | 0 | 0 | 0 | 0 | 0 |
Net cash flow used for investing activities | 0 | 0 | 0 | 0 | 0 |
Proceeds from IPO | 0 | ||||
Proceeds from long-term debt borrowings | 0 | ||||
Deferred financing fees | 0 | ||||
Distribution of debt and IPO proceeds to CBS | 0 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | 0 | |
Net cash contribution from (distribution to) CBS | 0 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | ||
Dividends | 0 | ||||
Intercompany | 0 | ||||
Net cash flow provided by (used for) financing activities | 0 | 0 | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Net increase in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 | $0 | $0 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | $19.30 | $22.40 | $29.60 | |||
Balance Acquired through Acquisitions | 0 | 0 | 0 | |||
Charged to Costs and Expenses | 0.4 | 3.1 | 3 | |||
Charged to Other Accounts | 0 | [1] | 0.2 | [1] | 0 | [1] |
Deductions | 4 | 6.4 | 10.2 | |||
Balance at End of Period | 15.7 | 19.3 | 22.4 | |||
Valuation Allowance of Deferred Tax Assets | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Period | 8 | 7.5 | 6.3 | |||
Balance Acquired through Acquisitions | 0 | 0 | 0 | |||
Charged to Costs and Expenses | 3 | 0.7 | 1.3 | |||
Charged to Other Accounts | 0 | [1] | 0 | [1] | 0 | [1] |
Deductions | 0.9 | 0.2 | 0.1 | |||
Balance at End of Period | $10.10 | $8 | $7.50 | |||
[1] | Reflects increase in allowance related to foreign currency translation adjustments. |
III_Schedule_of_Real_Estate_an
III - Schedule of Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Gross carrying amount at the end of the year | $1,662.30 | $1,655.90 | $1,627.10 |
Accumulated Depreciation | -1,052.70 | -990 | -911 |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the beginning of the year | 1,655.90 | 1,627.10 | 1,607.30 |
Additions for construction of / improvements to structures | 50.6 | 47 | 43.9 |
Assets sold or written-off | -14.9 | -32.3 | -8.9 |
Foreign exchange | -29.3 | 14.1 | -15.2 |
Balance at the end of the year | 1,662.30 | 1,655.90 | 1,627.10 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of the year | 990 | 911 | 827.1 |
Depreciation | 97.5 | 98.8 | 101.3 |
Foreign exchange | -21.1 | 9.9 | -10.2 |
Assets sold or written off | -13.7 | -29.7 | -7.2 |
Balance at the end of the year | 1,052.70 | 990 | 911 |
UNITED STATES | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 45,094 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 1,266.60 | ||
Accumulated Depreciation | -768 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 1,266.60 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | 768 | ||
CANADA | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 6,054 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 348.7 | ||
Accumulated Depreciation | -258.3 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 348.7 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | 258.3 | ||
MEXICO | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 4,657 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 33.1 | ||
Accumulated Depreciation | -20.5 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 33.1 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | 20.5 | ||
ARGENTINA | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 585 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 1.9 | ||
Accumulated Depreciation | -0.6 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 1.9 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | 0.6 | ||
BRAZIL | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 771 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 5.7 | ||
Accumulated Depreciation | -0.9 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 5.7 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | 0.9 | ||
URUGUAY | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 156 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 2 | ||
Accumulated Depreciation | -1.1 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 2 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | 1.1 | ||
CHILE | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Displays | 890 | ||
Encumbrances | 0 | ||
Gross carrying amount at the end of the year | 4.3 | ||
Accumulated Depreciation | -3.3 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at the end of the year | 4.3 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at the end of the year | $3.30 | ||
Minimum | UNITED STATES | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Minimum | CANADA | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Minimum | MEXICO | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Minimum | ARGENTINA | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Minimum | BRAZIL | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Minimum | URUGUAY | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Minimum | CHILE | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 5 years | ||
Maximum | UNITED STATES | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Maximum | CANADA | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Maximum | MEXICO | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Maximum | ARGENTINA | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Maximum | BRAZIL | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Maximum | URUGUAY | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Maximum | CHILE | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Life Used for Depreciation | 20 years | ||
Assets | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Assets Which Exceed Concentration Risk % | 0 | ||
Concentration Risk, Percentage | 5.00% |