x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
For the transition period from | to | |||
Maryland | 46-4494703 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
405 Lexington Avenue, 17th Floor New York, NY | 10174 | |
(Address of principal executive offices) | (Zip Code) | |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o | |
As of | ||||||||
(in millions) | March 31, 2016 | December 31, 2015 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 43.2 | $ | 101.6 | ||||
Receivables, less allowance ($9.0 in 2016 and $8.9 in 2015) | 189.0 | 209.5 | ||||||
Prepaid lease and transit franchise costs | 80.4 | 61.5 | ||||||
Other prepaid expenses | 27.3 | 21.9 | ||||||
Assets held for sale | 4.8 | 5.2 | ||||||
Other current assets | 15.8 | 12.5 | ||||||
Total current assets | 360.5 | 412.2 | ||||||
Property and equipment, net (Note 3) | 691.7 | 701.7 | ||||||
Goodwill | 2,101.9 | 2,074.7 | ||||||
Intangible assets (Note 4) | 585.9 | 570.5 | ||||||
Other assets | 59.3 | 56.4 | ||||||
Total assets | $ | 3,799.3 | $ | 3,815.5 | ||||
Liabilities: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 63.8 | $ | 83.6 | ||||
Accrued compensation | 24.3 | 39.4 | ||||||
Accrued interest | 27.2 | 19.5 | ||||||
Accrued lease costs | 24.9 | 28.8 | ||||||
Other accrued expenses | 50.5 | 35.3 | ||||||
Deferred revenues | 31.0 | 20.7 | ||||||
Liabilities held for sale | 21.5 | 25.0 | ||||||
Short-term debt (Note 7) | 35.3 | — | ||||||
Other current liabilities | 13.6 | 13.3 | ||||||
Total current liabilities | 292.1 | 265.6 | ||||||
Long-term debt, net (Note 7) | 2,222.9 | 2,222.0 | ||||||
Deferred income tax liabilities, net | 11.1 | 10.9 | ||||||
Asset retirement obligation (Note 5) | 33.7 | 33.2 | ||||||
Other liabilities | 69.3 | 71.2 | ||||||
Total liabilities | 2,629.1 | 2,602.9 | ||||||
Commitments and contingencies (Note 14) | ||||||||
Stockholders’ equity (Note 8): | ||||||||
Common stock (2016 - 450.0 shares authorized, and 137.9 shares issued | ||||||||
and outstanding; 2015 - 450.0 shares authorized, and 137.6 issued and outstanding) | 1.4 | 1.4 | ||||||
Additional paid-in capital | 1,935.0 | 1,934.3 | ||||||
Distribution in excess of earnings | (651.3 | ) | (602.2 | ) | ||||
Accumulated other comprehensive loss | (114.9 | ) | (120.9 | ) | ||||
Total stockholders’ equity | 1,170.2 | 1,212.6 | ||||||
Total liabilities and stockholders’ equity | $ | 3,799.3 | $ | 3,815.5 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2016 | 2015 | ||||||
Revenues: | ||||||||
Billboard | $ | 250.4 | $ | 246.9 | ||||
Transit and other | 98.0 | 97.0 | ||||||
Total revenues | 348.4 | 343.9 | ||||||
Expenses: | ||||||||
Operating | 199.8 | 198.8 | ||||||
Selling, general and administrative | 65.3 | 61.7 | ||||||
Restructuring charges | — | 0.6 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on dispositions | 0.4 | (0.3 | ) | |||||
Depreciation | 29.1 | 28.7 | ||||||
Amortization | 28.3 | 27.8 | ||||||
Total expenses | 324.2 | 317.3 | ||||||
Operating income | 24.2 | 26.6 | ||||||
Interest expense, net | (28.6 | ) | (27.8 | ) | ||||
Other income (expense), net | (0.2 | ) | 0.1 | |||||
Loss before benefit for income taxes and equity in earnings of investee companies | (4.6 | ) | (1.1 | ) | ||||
Benefit for income taxes | 1.3 | 1.4 | ||||||
Equity in earnings of investee companies, net of tax | 1.0 | 0.8 | ||||||
Net income (loss) | $ | (2.3 | ) | $ | 1.1 | |||
Net income (loss) per common share: | ||||||||
Basic | $ | (0.02 | ) | $ | 0.01 | |||
Diluted | $ | (0.02 | ) | $ | 0.01 | |||
Weighted average shares outstanding: | ||||||||
Basic | 137.6 | 136.9 | ||||||
Diluted | 137.6 | 137.6 | ||||||
Dividends declared per common share | $ | 0.34 | $ | 0.40 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Net income (loss) | $ | (2.3 | ) | $ | 1.1 | |||
Other comprehensive income (loss), net of tax: | ||||||||
Cumulative translation adjustments | 6.5 | (14.1 | ) | |||||
Net actuarial gain (loss) | (0.5 | ) | 1.0 | |||||
Total other comprehensive income (loss), net of tax | 6.0 | (13.1 | ) | |||||
Total comprehensive income (loss) | $ | 3.7 | $ | (12.0 | ) | |||
(in millions, except per share amounts) | Shares of Common Stock | Common Stock ($0.01 per share par value) | Additional Paid-In Capital | Distribution in Excess of Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||
Balance as of December 31, 2014 | 136.6 | $ | 1.4 | $ | 1,911.2 | $ | (377.0 | ) | $ | (90.1 | ) | $ | 1,445.5 | ||||||||||
Net income | — | — | — | 1.1 | — | 1.1 | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (13.1 | ) | (13.1 | ) | |||||||||||||||
Stock-based payments: | |||||||||||||||||||||||
Vested | 0.3 | — | — | — | — | — | |||||||||||||||||
Exercise of stock options | 0.2 | — | 2.0 | — | — | 2.0 | |||||||||||||||||
Amortization | — | — | 4.1 | — | — | 4.1 | |||||||||||||||||
Shares paid for tax withholding for stock-based payments | (0.1 | ) | — | (3.1 | ) | — | — | (3.1 | ) | ||||||||||||||
Issuance of stock for purchase of property and equipment | 0.2 | — | 6.4 | — | — | 6.4 | |||||||||||||||||
Dividends ($0.40 per share) | — | — | — | (54.9 | ) | — | (54.9 | ) | |||||||||||||||
Balance as of March 31, 2015 | 137.2 | $ | 1.4 | $ | 1,920.6 | $ | (430.8 | ) | $ | (103.2 | ) | $ | 1,388.0 | ||||||||||
Balance as of December 31, 2015 | 137.6 | $ | 1.4 | $ | 1,934.3 | $ | (602.2 | ) | $ | (120.9 | ) | $ | 1,212.6 | ||||||||||
Net loss | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
Other comprehensive income | — | — | — | — | 6.0 | 6.0 | |||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||
Vested | 0.5 | — | — | — | — | — | |||||||||||||||||
Amortization | — | — | 4.8 | — | — | 4.8 | |||||||||||||||||
Shares paid for tax withholding for stock-based payments | (0.2 | ) | — | (4.1 | ) | — | — | (4.1 | ) | ||||||||||||||
Dividends ($0.34 per share) | — | — | — | (46.8 | ) | — | (46.8 | ) | |||||||||||||||
Balance as of March 31, 2016 | 137.9 | $ | 1.4 | $ | 1,935.0 | $ | (651.3 | ) | $ | (114.9 | ) | $ | 1,170.2 | ||||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Operating activities: | ||||||||
Net income (loss) | $ | (2.3 | ) | $ | 1.1 | |||
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||||||||
Depreciation and amortization | 57.4 | 56.5 | ||||||
Deferred tax benefit | (0.5 | ) | (0.4 | ) | ||||
Stock-based compensation | 4.8 | 3.6 | ||||||
Provision for doubtful accounts | 0.8 | 0.8 | ||||||
Accretion expense | 0.6 | 0.6 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on dispositions | 0.4 | (0.3 | ) | |||||
Equity in earnings of investee companies, net of tax | (1.0 | ) | (0.8 | ) | ||||
Distributions from investee companies | — | 0.7 | ||||||
Amortization of deferred financing costs and debt discount and premium | 1.4 | 1.5 | ||||||
Change in assets and liabilities, net of investing and financing activities | (29.1 | ) | (57.5 | ) | ||||
Net cash flow provided by operating activities | 33.8 | 5.8 | ||||||
Investing activities: | ||||||||
Capital expenditures | (14.4 | ) | (13.1 | ) | ||||
Acquisitions | (60.5 | ) | (9.9 | ) | ||||
Net proceeds from dispositions | 0.3 | 0.7 | ||||||
Net cash flow used for investing activities | (74.6 | ) | (22.3 | ) | ||||
Financing activities: | ||||||||
Proceeds from long-term debt borrowings - senior notes | — | 103.8 | ||||||
Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 | ||||||
Repayments of borrowings under revolving credit facility | — | (105.0 | ) | |||||
Deferred financing costs | (0.4 | ) | (2.2 | ) | ||||
Proceeds from stock option exercises | — | 2.0 | ||||||
Taxes withheld for stock-based compensation | (5.1 | ) | (3.0 | ) | ||||
Dividends | (47.1 | ) | (54.9 | ) | ||||
Other | (0.2 | ) | (0.4 | ) | ||||
Net cash flow provided by (used for) financing activities | (17.8 | ) | 45.3 | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (1.3 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (58.4 | ) | 27.5 | |||||
Cash and cash equivalents at beginning of period | 101.6 | 28.5 | ||||||
Cash and cash equivalents at end of period | $ | 43.2 | $ | 56.0 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for income taxes | $ | 2.0 | $ | 1.3 | ||||
Cash paid for interest | 19.5 | 19.2 | ||||||
Non-cash investing and financing activities: | ||||||||
Accrued purchases of property and equipment | 5.4 | 0.5 | ||||||
Issuance of stock for purchase of property and equipment | — | 6.4 | ||||||
Taxes withheld for stock-based compensation | 1.5 | 0.1 | ||||||
As of | ||||||||||
(in millions) | Estimated Useful Lives | March 31, 2016 | December 31, 2015 | |||||||
Land | $ | 90.1 | $ | 89.9 | ||||||
Buildings | 20 to 40 years | 46.7 | 44.1 | |||||||
Advertising structures | 5 to 20 years | 1,676.1 | 1,643.6 | |||||||
Furniture, equipment and other | 3 to 10 years | 81.0 | 79.1 | |||||||
Construction in progress | 29.4 | 29.1 | ||||||||
1,923.3 | 1,885.8 | |||||||||
Less: accumulated depreciation | 1,231.6 | 1,184.1 | ||||||||
Property and equipment, net | $ | 691.7 | $ | 701.7 | ||||||
(in millions) | Gross | Accumulated Amortization | Net | |||||||||
As of March 31, 2016: | ||||||||||||
Permits and leasehold agreements | $ | 1,020.6 | $ | (601.0 | ) | $ | 419.6 | |||||
Franchise agreements | 451.2 | (320.2 | ) | 131.0 | ||||||||
Other intangible assets | 46.3 | (11.0 | ) | 35.3 | ||||||||
Total intangible assets | $ | 1,518.1 | $ | (932.2 | ) | $ | 585.9 | |||||
As of December 31, 2015: | ||||||||||||
Permits and leasehold agreements | $ | 996.1 | $ | (589.1 | ) | $ | 407.0 | |||||
Franchise agreements | 447.2 | (314.5 | ) | 132.7 | ||||||||
Other intangible assets | 40.0 | (9.2 | ) | 30.8 | ||||||||
Total intangible assets | $ | 1,483.3 | $ | (912.8 | ) | $ | 570.5 | |||||
(in millions) | ||||
As of December 31, 2015 | $ | 33.2 | ||
Accretion expense | 0.6 | |||
Additions | 0.1 | |||
Liabilities settled | (0.5 | ) | ||
Foreign currency translation adjustments | 0.3 | |||
As of March 31, 2016 | $ | 33.7 | ||
As of | ||||||||
(in millions, except percentages) | March 31, 2016 | December 31, 2015 | ||||||
Term loan, due 2021 | $ | 748.7 | $ | 748.6 | ||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.4 | 549.4 | ||||||
5.625% senior unsecured notes, due 2024 | 503.3 | 503.4 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.7 | 1,502.8 | ||||||
Other | — | 0.3 | ||||||
Debt issuance costs(a) | (28.5 | ) | (29.7 | ) | ||||
Total long-term debt, net | $ | 2,222.9 | $ | 2,222.0 | ||||
Weighted average cost of debt | 4.7 | % | 4.7 | % | ||||
(a) | See Note 2. New Accounting Standards to the Consolidated Financial Statements. |
As of | ||||||||
(in millions) | March 31, 2016 | December 31, 2015 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4.5 | $ | 5.7 | ||||
Receivables, less allowances | 14.0 | 14.5 | ||||||
Other current assets | 10.1 | 7.8 | ||||||
Total current assets | 28.6 | 28.0 | ||||||
Property and equipment, net | 18.0 | 18.3 | ||||||
Goodwill | 60.6 | 60.3 | ||||||
Intangible assets | 0.1 | 0.1 | ||||||
Other assets | 2.2 | 2.1 | ||||||
Total assets | 109.5 | 108.8 | ||||||
Loss on real estate assets held for sale(a) | (104.7 | ) | (103.6 | ) | ||||
Assets held for sale | $ | 4.8 | $ | 5.2 | ||||
Total current liabilities | $ | 16.9 | $ | 20.9 | ||||
Deferred income tax liabilities, net | 1.9 | 1.4 | ||||||
Asset retirement obligation | 2.7 | 2.7 | ||||||
Liabilities held for sale | $ | 21.5 | $ | 25.0 | ||||
(a) | Loss on real estate assets held for sale is primarily comprised of the impact of including unrecognized foreign currency translation adjustment losses in the carrying value of assets held for sale. |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) | $ | 4.7 | $ | 3.5 | ||||
Stock options | 0.1 | 0.1 | ||||||
Stock-based compensation expense, before income taxes | 4.8 | 3.6 | ||||||
Tax benefit | (0.5 | ) | (0.3 | ) | ||||
Stock-based compensation expense, net of tax | $ | 4.3 | $ | 3.3 | ||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | ||||||
Non-vested as of December 31, 2015 | 1,302,932 | $ | 26.48 | ||||
Granted: | |||||||
RSUs | 608,970 | 19.01 | |||||
PRSUs | 319,926 | 19.01 | |||||
Vested: | |||||||
RSUs | (344,481 | ) | 24.45 | ||||
PRSUs | (103,180 | ) | 29.46 | ||||
Forfeitures: | |||||||
RSUs | (10,166 | ) | 29.83 | ||||
PRSUs | (20,325 | ) | 27.68 | ||||
Non-vested as of March 31, 2016 | 1,753,676 | 22.70 | |||||
Activity | Weighted Average Exercise Price | ||||||
Outstanding as of December 31, 2015 | 294,897 | $ | 15.72 | ||||
Outstanding as of March 31, 2016 | 294,897 | 15.72 | |||||
Exercisable as of March 31, 2016 | 232,758 | 13.15 | |||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Components of net periodic pension cost: | ||||||||
Service cost | $ | 0.4 | $ | 0.3 | ||||
Interest cost | 0.4 | 0.4 | ||||||
Expected return on plan assets | (0.5 | ) | (0.5 | ) | ||||
Amortization of net actuarial losses(a) | 0.1 | 0.2 | ||||||
Net periodic pension cost | $ | 0.4 | $ | 0.4 | ||||
(a) | Reflects amounts reclassified from accumulated other comprehensive income (loss) to net income (loss). |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Net income (loss) | $ | (2.3 | ) | $ | 1.1 | |||
Weighted average shares for basic EPS | 137.6 | 136.9 | ||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | — | 0.7 | ||||||
Weighted average shares for diluted EPS | 137.6 | 137.6 | ||||||
(a) | The potential impact of an aggregate 1.0 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2016, and 0.4 million granted RSUs, PRSUs and stock options for the three months ended March 31, 2015, were antidilutive. |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Revenues: | ||||||||
U.S. | $ | 322.9 | $ | 313.9 | ||||
International | 25.5 | 30.0 | ||||||
Total revenues | $ | 348.4 | $ | 343.9 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Net income (loss) | $ | (2.3 | ) | $ | 1.1 | |||
Benefit for income taxes | (1.3 | ) | (1.4 | ) | ||||
Equity in earnings of investee companies, net of tax | (1.0 | ) | (0.8 | ) | ||||
Interest expense, net | 28.6 | 27.8 | ||||||
Other income (expense), net | 0.2 | (0.1 | ) | |||||
Operating income | 24.2 | 26.6 | ||||||
Restructuring charges | — | 0.6 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on dispositions | 0.4 | (0.3 | ) | |||||
Depreciation and amortization | 57.4 | 56.5 | ||||||
Stock-based compensation | 4.8 | 3.6 | ||||||
Total Adjusted OIBDA | $ | 88.1 | $ | 87.0 | ||||
Adjusted OIBDA: | ||||||||
U.S. | $ | 97.7 | $ | 94.4 | ||||
International | (0.6 | ) | 0.1 | |||||
Corporate | (9.0 | ) | (7.5 | ) | ||||
Total Adjusted OIBDA | $ | 88.1 | $ | 87.0 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Operating income (loss): | ||||||||
U.S. | $ | 45.3 | $ | 43.9 | ||||
International | (7.3 | ) | (6.2 | ) | ||||
Corporate | (13.8 | ) | (11.1 | ) | ||||
Total operating income | $ | 24.2 | $ | 26.6 | ||||
Net (gain) loss on dispositions: | ||||||||
U.S. | $ | 0.4 | $ | (0.4 | ) | |||
International | — | 0.1 | ||||||
Total (gain) loss on dispositions | $ | 0.4 | $ | (0.3 | ) | |||
Depreciation and amortization: | ||||||||
U.S. | $ | 52.0 | $ | 50.3 | ||||
International | 5.4 | 6.2 | ||||||
Total depreciation and amortization | $ | 57.4 | $ | 56.5 | ||||
Capital expenditures: | ||||||||
U.S. | $ | 13.5 | $ | 12.1 | ||||
International | 0.9 | 1.0 | ||||||
Total capital expenditures | $ | 14.4 | $ | 13.1 | ||||
As of | ||||||||
(in millions) | March 31, 2016 | December 31, 2015 | ||||||
Assets: | ||||||||
U.S. | $ | 3,647.5 | $ | 3,602.8 | ||||
International(a) | 128.8 | 124.5 | ||||||
Corporate | 23.0 | 88.2 | ||||||
Total assets | $ | 3,799.3 | $ | 3,815.5 | ||||
(a) | Includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
As of March 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 9.8 | $ | 21.9 | $ | 11.5 | $ | — | $ | 43.2 | ||||||||||||
Receivables, less allowance | — | — | 176.8 | 12.2 | — | 189.0 | ||||||||||||||||||
Other current assets(a) | — | 1.5 | 143.8 | 18.4 | (35.4 | ) | 128.3 | |||||||||||||||||
Total current assets | — | 11.3 | 342.5 | 42.1 | (35.4 | ) | 360.5 | |||||||||||||||||
Property and equipment, net | — | — | 639.0 | 52.7 | — | 691.7 | ||||||||||||||||||
Goodwill | — | — | 2,071.2 | 30.7 | — | 2,101.9 | ||||||||||||||||||
Intangible assets | — | — | 585.9 | — | — | 585.9 | ||||||||||||||||||
Investment in subsidiaries | 1,170.2 | 3,445.7 | 22.8 | — | (4,638.7 | ) | — | |||||||||||||||||
Other assets | — | 1.9 | 54.1 | 3.3 | — | 59.3 | ||||||||||||||||||
Intercompany | — | — | 83.3 | 66.7 | (150.0 | ) | — | |||||||||||||||||
Total assets | $ | 1,170.2 | $ | 3,458.9 | $ | 3,798.8 | $ | 195.5 | $ | (4,824.1 | ) | $ | 3,799.3 | |||||||||||
Total current liabilities(a) | $ | — | $ | 65.8 | $ | 193.2 | $ | 68.5 | $ | (35.4 | ) | $ | 292.1 | |||||||||||
Long-term debt, net | — | 2,222.9 | — | — | — | 2,222.9 | ||||||||||||||||||
Deferred income tax liabilities, net | — | — | — | 11.1 | — | 11.1 | ||||||||||||||||||
Asset retirement obligation | — | — | 29.3 | 4.4 | — | 33.7 | ||||||||||||||||||
Deficit in excess of investment of subsidiaries | — | — | 2,275.5 | — | (2,275.5 | ) | — | |||||||||||||||||
Other liabilities | — | — | 63.9 | 5.4 | — | 69.3 | ||||||||||||||||||
Intercompany | — | — | 66.7 | 83.3 | (150.0 | ) | — | |||||||||||||||||
Total liabilities | — | 2,288.7 | 2,628.6 | 172.7 | (2,460.9 | ) | 2,629.1 | |||||||||||||||||
Total stockholders’ equity | 1,170.2 | 1,170.2 | 1,170.2 | 22.8 | (2,363.2 | ) | 1,170.2 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,170.2 | $ | 3,458.9 | $ | 3,798.8 | $ | 195.5 | $ | (4,824.1 | ) | $ | 3,799.3 | |||||||||||
(a) | Includes amounts reclassified as Assets held for sale and Liabilities held for sale, as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
As of December 31, 2015 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 81.6 | $ | 8.5 | $ | 11.5 | $ | — | $ | 101.6 | ||||||||||||
Receivables, less allowances | — | — | 196.5 | 13.0 | — | 209.5 | ||||||||||||||||||
Other current assets(a) | — | 1.1 | 118.1 | 15.9 | (34.0 | ) | 101.1 | |||||||||||||||||
Total current assets | — | 82.7 | 323.1 | 40.4 | (34.0 | ) | 412.2 | |||||||||||||||||
Property and equipment, net | — | — | 649.4 | 52.3 | — | 701.7 | ||||||||||||||||||
Goodwill | — | — | 2,046.0 | 28.7 | — | 2,074.7 | ||||||||||||||||||
Intangible assets | — | — | 570.5 | — | — | 570.5 | ||||||||||||||||||
Investment in subsidiaries | 1,212.6 | 3,369.1 | 25.0 | — | (4,606.7 | ) | — | |||||||||||||||||
Other assets | — | 2.2 | 51.1 | 3.1 | — | 56.4 | ||||||||||||||||||
Intercompany | — | — | 70.6 | 58.9 | (129.5 | ) | — | |||||||||||||||||
Total assets | $ | 1,212.6 | $ | 3,454.0 | $ | 3,735.7 | $ | 183.4 | $ | (4,770.2 | ) | $ | 3,815.5 | |||||||||||
Total current liabilities(a) | $ | — | $ | 19.7 | $ | 212.0 | $ | 67.9 | $ | (34.0 | ) | $ | 265.6 | |||||||||||
Long-term debt, net | — | 2,221.7 | 0.3 | — | — | 2,222.0 | ||||||||||||||||||
Deferred income tax liabilities, net | — | — | — | 10.9 | — | 10.9 | ||||||||||||||||||
Asset retirement obligation | — | — | 29.1 | 4.1 | — | 33.2 | ||||||||||||||||||
Deficit in excess of investment of subsidiaries | — | — | 2,156.5 | — | (2,156.5 | ) | — | |||||||||||||||||
Other liabilities | — | — | 66.3 | 4.9 | — | 71.2 | ||||||||||||||||||
Intercompany | — | — | 58.9 | 70.6 | (129.5 | ) | — | |||||||||||||||||
Total liabilities | — | 2,241.4 | 2,523.1 | 158.4 | (2,320.0 | ) | 2,602.9 | |||||||||||||||||
Total stockholders’ equity | 1,212.6 | 1,212.6 | 1,212.6 | 25.0 | (2,450.2 | ) | 1,212.6 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,212.6 | $ | 3,454.0 | $ | 3,735.7 | $ | 183.4 | $ | (4,770.2 | ) | $ | 3,815.5 | |||||||||||
(a) | Includes amounts reclassified as Assets held for sale and Liabilities held for sale, as applicable, on the Consolidated Statement of Financial Position (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). |
Three Months Ended March 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 228.3 | $ | 22.1 | $ | — | $ | 250.4 | ||||||||||||
Transit and other | — | — | 94.6 | 3.4 | — | 98.0 | ||||||||||||||||||
Total revenues | — | — | 322.9 | 25.5 | — | 348.4 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | — | — | 180.1 | 19.7 | — | 199.8 | ||||||||||||||||||
Selling, general and administrative | 0.4 | 0.1 | 58.4 | 6.4 | — | 65.3 | ||||||||||||||||||
Loss on real estate assets held for sale | — | — | — | 1.3 | — | 1.3 | ||||||||||||||||||
Net loss on dispositions | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||
Depreciation | — | — | 24.6 | 4.5 | — | 29.1 | ||||||||||||||||||
Amortization | — | — | 27.4 | 0.9 | — | 28.3 | ||||||||||||||||||
Total expenses | 0.4 | 0.1 | 290.9 | 32.8 | — | 324.2 | ||||||||||||||||||
Operating income (loss) | (0.4 | ) | (0.1 | ) | 32.0 | (7.3 | ) | — | 24.2 | |||||||||||||||
Interest expense, net | — | (28.5 | ) | (0.1 | ) | — | — | (28.6 | ) | |||||||||||||||
Other expense, net | — | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||||
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (0.4 | ) | (28.6 | ) | 31.9 | (7.5 | ) | — | (4.6 | ) | ||||||||||||||
Benefit for income taxes | — | — | 1.3 | — | — | 1.3 | ||||||||||||||||||
Equity in earnings of investee companies, net of tax | (1.9 | ) | 26.7 | (35.1 | ) | 0.1 | 11.2 | 1.0 | ||||||||||||||||
Net loss | $ | (2.3 | ) | $ | (1.9 | ) | $ | (1.9 | ) | $ | (7.4 | ) | $ | 11.2 | $ | (2.3 | ) | |||||||
Net loss | $ | (2.3 | ) | $ | (1.9 | ) | $ | (1.9 | ) | $ | (7.4 | ) | $ | 11.2 | $ | (2.3 | ) | |||||||
Total other comprehensive income, net of tax | 6.0 | 6.0 | 6.0 | 6.0 | (18.0 | ) | 6.0 | |||||||||||||||||
Total comprehensive income (loss) | $ | 3.7 | $ | 4.1 | $ | 4.1 | $ | (1.4 | ) | $ | (6.8 | ) | $ | 3.7 | ||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | — | $ | — | $ | 221.1 | $ | 25.8 | $ | — | $ | 246.9 | ||||||||||||
Transit and other | — | — | 92.8 | 4.2 | — | 97.0 | ||||||||||||||||||
Total revenues | — | — | 313.9 | 30.0 | — | 343.9 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | — | — | 176.3 | 22.5 | — | 198.8 | ||||||||||||||||||
Selling, general and administrative | 0.5 | — | 53.8 | 7.4 | — | 61.7 | ||||||||||||||||||
Restructuring charges | — | — | 0.6 | — | — | 0.6 | ||||||||||||||||||
Net gain on dispositions | — | — | (0.4 | ) | 0.1 | — | (0.3 | ) | ||||||||||||||||
Depreciation | — | — | 23.5 | 5.2 | — | 28.7 | ||||||||||||||||||
Amortization | — | — | 26.8 | 1.0 | — | 27.8 | ||||||||||||||||||
Total expenses | 0.5 | — | 280.6 | 36.2 | — | 317.3 | ||||||||||||||||||
Operating income (loss) | (0.5 | ) | — | 33.3 | (6.2 | ) | — | 26.6 | ||||||||||||||||
Interest expense, net | — | (27.8 | ) | — | — | — | (27.8 | ) | ||||||||||||||||
Other income, net | — | — | — | 0.1 | — | 0.1 | ||||||||||||||||||
Income (loss) before benefit for income taxes and equity in earnings of investee companies | (0.5 | ) | (27.8 | ) | 33.3 | (6.1 | ) | — | (1.1 | ) | ||||||||||||||
Benefit for income taxes | — | — | 0.3 | 1.1 | — | 1.4 | ||||||||||||||||||
Equity in earnings of investee companies, net of tax | 1.6 | 29.4 | (32.0 | ) | 0.3 | 1.5 | 0.8 | |||||||||||||||||
Net income (loss) | $ | 1.1 | $ | 1.6 | $ | 1.6 | $ | (4.7 | ) | $ | 1.5 | $ | 1.1 | |||||||||||
Net income (loss) | $ | 1.1 | $ | 1.6 | $ | 1.6 | $ | (4.7 | ) | $ | 1.5 | $ | 1.1 | |||||||||||
Total other comprehensive loss, net of tax | (13.1 | ) | (13.1 | ) | (13.1 | ) | (13.1 | ) | 39.3 | (13.1 | ) | |||||||||||||
Total comprehensive loss | $ | (12.0 | ) | $ | (11.5 | ) | $ | (11.5 | ) | $ | (17.8 | ) | $ | 40.8 | $ | (12.0 | ) | |||||||
Three Months Ended March 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | (0.4 | ) | $ | (19.6 | ) | $ | 57.2 | $ | (3.4 | ) | $ | — | $ | 33.8 | |||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | — | (13.5 | ) | (0.9 | ) | — | (14.4 | ) | |||||||||||||||
Acquisitions | — | — | (60.5 | ) | — | — | (60.5 | ) | ||||||||||||||||
Net proceeds from dispositions | — | — | 0.3 | — | — | 0.3 | ||||||||||||||||||
Net cash flow used for investing activities | — | — | (73.7 | ) | (0.9 | ) | — | (74.6 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 35.0 | — | — | — | 35.0 | ||||||||||||||||||
Deferred financing costs | — | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||||||||||
Taxes withheld for stock-based compensation | — | — | (5.1 | ) | — | — | (5.1 | ) | ||||||||||||||||
Dividends | (47.1 | ) | — | — | — | — | (47.1 | ) | ||||||||||||||||
Intercompany | 47.5 | (86.8 | ) | 35.2 | 4.1 | — | — | |||||||||||||||||
Other | — | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||||
Net cash flow provided by (used for) financing activities | 0.4 | (52.2 | ) | 29.9 | 4.1 | — | (17.8 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 0.2 | — | 0.2 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (71.8 | ) | 13.4 | — | — | (58.4 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 81.6 | 8.5 | 11.5 | — | 101.6 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 9.8 | $ | 21.9 | $ | 11.5 | $ | — | $ | 43.2 | ||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | (0.5 | ) | $ | (17.1 | ) | $ | 9.1 | $ | 14.3 | $ | — | $ | 5.8 | ||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | — | (12.1 | ) | (1.0 | ) | — | (13.1 | ) | |||||||||||||||
Acquisitions | — | — | (9.9 | ) | — | — | (9.9 | ) | ||||||||||||||||
Net proceeds from dispositions | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||
Net cash flow used for investing activities | — | — | (21.3 | ) | (1.0 | ) | — | (22.3 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from long-term debt borrowings - senior notes | — | 103.8 | — | — | — | 103.8 | ||||||||||||||||||
Proceeds from borrowings under revolving credit facility | — | 105.0 | — | — | — | 105.0 | ||||||||||||||||||
Repayments of borrowings under revolving credit facility | — | (105.0 | ) | — | — | — | (105.0 | ) | ||||||||||||||||
Deferred financing costs | — | (2.2 | ) | — | — | — | (2.2 | ) | ||||||||||||||||
Proceeds from stock option exercises | 2.0 | — | — | — | — | 2.0 | ||||||||||||||||||
Taxes withheld for stock-based compensation | — | — | (3.0 | ) | — | — | (3.0 | ) | ||||||||||||||||
Dividends | (54.9 | ) | — | — | — | — | (54.9 | ) | ||||||||||||||||
Intercompany | 53.4 | (75.6 | ) | 21.9 | 0.3 | — | — | |||||||||||||||||
Other | — | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||||
Net cash flow provided by financing activities | 0.5 | 26.0 | 18.5 | 0.3 | — | 45.3 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 8.9 | 6.3 | 12.3 | — | 27.5 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 11.5 | 8.8 | 8.2 | — | 28.5 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 20.4 | $ | 15.1 | $ | 20.5 | $ | — | $ | 56.0 | ||||||||||||
Three Months Ended March 31, | |||||||||||
(in millions, except percentages) | 2016 | 2015 | % Change | ||||||||
Revenues | $ | 348.4 | $ | 343.9 | 1 | % | |||||
Organic revenues(a) | 346.8 | 336.7 | 3 | ||||||||
Operating income | 24.2 | 26.6 | (9 | ) | |||||||
Adjusted OIBDA(b) | 88.1 | 87.0 | 1 | ||||||||
Funds from operations (“FFO”)(b) | 48.5 | 49.9 | (3 | ) | |||||||
Adjusted FFO (“AFFO”)(b) | 49.0 | 49.5 | (1 | ) | |||||||
Net income (loss) | (2.3 | ) | 1.1 | * | |||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, revenues associated with business lines we no longer operate, and the impact of foreign currency exchange rates (“non-organic revenues”). We provide organic revenues to understand the underlying growth rate of revenue excluding the impact of non-organic revenue items. Our management believes organic revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. Since organic revenues are not calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Organic revenues, as we calculate it, may not be comparable to similarly titled measures employed by other companies. |
(b) | See the “Reconciliation of Non-GAAP Financial Measures” section of this MD&A for a reconciliation of Operating income to Adjusted OIBDA and Net income (loss) to FFO and AFFO. |
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2016 | 2015 | ||||||
Operating income | $ | 24.2 | $ | 26.6 | ||||
Restructuring charges | — | 0.6 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on dispositions | 0.4 | (0.3 | ) | |||||
Depreciation | 29.1 | 28.7 | ||||||
Amortization | 28.3 | 27.8 | ||||||
Stock-based compensation | 4.8 | 3.6 | ||||||
Adjusted OIBDA | $ | 88.1 | $ | 87.0 | ||||
Net income (loss) | $ | (2.3 | ) | $ | 1.1 | |||
Depreciation of billboard advertising structures | 26.6 | 26.8 | ||||||
Amortization of real estate-related intangible assets | 13.4 | 14.4 | ||||||
Amortization of direct lease acquisition costs | 8.9 | 7.5 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on disposition of billboard advertising structures, net of tax | 0.4 | (0.3 | ) | |||||
Adjustment related to equity-based investments | 0.2 | 0.4 | ||||||
FFO | $ | 48.5 | $ | 49.9 | ||||
FFO per weighted average shares outstanding: | ||||||||
Basic | $ | 0.35 | $ | 0.36 | ||||
Diluted | $ | 0.35 | $ | 0.36 | ||||
FFO | $ | 48.5 | $ | 49.9 | ||||
Adjustment for deferred income taxes | (0.5 | ) | (0.4 | ) | ||||
Cash paid for direct lease acquisition costs | (10.6 | ) | (7.9 | ) | ||||
Maintenance capital expenditures | (4.0 | ) | (6.5 | ) | ||||
Restructuring charges, net of tax | — | 0.5 | ||||||
Other depreciation | 2.5 | 1.9 | ||||||
Other amortization | 6.0 | 5.9 | ||||||
Stock-based compensation | 4.8 | 3.6 | ||||||
Non-cash effect of straight-line rent | 0.3 | 0.4 | ||||||
Accretion expense | 0.6 | 0.6 | ||||||
Amortization of deferred financing costs | 1.4 | 1.5 | ||||||
AFFO | $ | 49.0 | $ | 49.5 | ||||
AFFO per weighted average shares outstanding: | ||||||||
Basic | $ | 0.36 | $ | 0.36 | ||||
Diluted | $ | 0.36 | $ | 0.36 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2016 | 2015 | ||||||
Net income (loss) per common share: | ||||||||
Basic | $ | (0.02 | ) | $ | 0.01 | |||
Diluted | $ | (0.02 | ) | $ | 0.01 | |||
Weighted average shares outstanding: | ||||||||
Basic | 137.6 | 136.9 | ||||||
Diluted | 137.6 | 137.6 | ||||||
(in constant dollars)(b) | ||||||||||||||||||
Three Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Three Months Ended March 31, | % | March 31, | % | |||||||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | 2015 | Change | |||||||||||||
Revenues: | ||||||||||||||||||
Billboard | $ | 250.4 | $ | 246.9 | 1 | % | $ | 243.2 | 3 | % | ||||||||
Transit and other | 98.0 | 97.0 | 1 | 96.5 | 2 | |||||||||||||
Total revenues | $ | 348.4 | $ | 343.9 | 1 | $ | 339.7 | 3 | ||||||||||
Organic revenues(a): | ||||||||||||||||||
Billboard | $ | 249.8 | $ | 241.8 | 3 | $ | 241.8 | 3 | ||||||||||
Transit and other | 97.0 | 94.9 | 2 | 94.9 | 2 | |||||||||||||
Total organic revenues(a) | 346.8 | 336.7 | 3 | 336.7 | 3 | |||||||||||||
Non-organic revenues: | ||||||||||||||||||
Billboard | 0.6 | 5.1 | (88 | ) | 1.4 | (57 | ) | |||||||||||
Transit and other | 1.0 | 2.1 | (52 | ) | 1.6 | (38 | ) | |||||||||||
Total non-organic revenues | 1.6 | 7.2 | (78 | ) | 3.0 | (47 | ) | |||||||||||
Total revenues | $ | 348.4 | $ | 343.9 | 1 | $ | 339.7 | 3 | ||||||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, revenues associated with business lines we no longer operate, and the impact of foreign currency exchange rates (“non-organic revenues”). |
(b) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. We provide constant dollar revenues to understand the underlying growth rate of revenue excluding the impact of changes in foreign currency exchange rates between periods, which are not under management’s direct control. Our management believes constant dollar revenues are useful to users of our financial data because it enables them to better understand the level of growth of our business period to period. Since constant dollar revenues are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, revenues as an indicator of operating performance. Constant dollar revenues, as we calculate them, may not be comparable to similarly titled measures employed by other companies. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | ||||||||
Expenses: | |||||||||||
Operating | $ | 199.8 | $ | 198.8 | 1 | % | |||||
Selling, general and administrative | 65.3 | 61.7 | 6 | ||||||||
Restructuring charges | — | 0.6 | * | ||||||||
Loss on real estate assets held for sale | 1.3 | — | * | ||||||||
Net (gain) loss on dispositions | 0.4 | (0.3 | ) | * | |||||||
Depreciation | 29.1 | 28.7 | 1 | ||||||||
Amortization | 28.3 | 27.8 | 2 | ||||||||
Total expenses | $ | 324.2 | $ | 317.3 | 2 | ||||||
* | Calculation is not meaningful. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | ||||||||
Operating expenses: | |||||||||||
Billboard property lease | $ | 90.4 | $ | 89.3 | 1 | % | |||||
Transit franchise | 52.1 | 52.3 | — | ||||||||
Posting, maintenance and other | 57.3 | 57.2 | — | ||||||||
Total operating expenses | $ | 199.8 | $ | 198.8 | 1 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Revenues: | ||||||||
United States | $ | 322.9 | $ | 313.9 | ||||
International | 25.5 | 30.0 | ||||||
Total revenues | 348.4 | 343.9 | ||||||
Foreign currency exchange impact | — | (4.2 | ) | |||||
Constant dollar revenues(a) | $ | 348.4 | $ | 339.7 | ||||
Operating income | $ | 24.2 | $ | 26.6 | ||||
Restructuring charges | — | 0.6 | ||||||
Loss on real estate assets held for sale | 1.3 | — | ||||||
Net (gain) loss on dispositions | 0.4 | (0.3 | ) | |||||
Depreciation | 29.1 | 28.7 | ||||||
Amortization | 28.3 | 27.8 | ||||||
Stock-based compensation | 4.8 | 3.6 | ||||||
Adjusted OIBDA | $ | 88.1 | $ | 87.0 | ||||
Adjusted OIBDA: | ||||||||
United States | $ | 97.7 | $ | 94.4 | ||||
International | (0.6 | ) | 0.1 | |||||
Corporate | (9.0 | ) | (7.5 | ) | ||||
Total Adjusted OIBDA | $ | 88.1 | $ | 87.0 | ||||
Operating income (loss): | ||||||||
United States | $ | 45.3 | $ | 43.9 | ||||
International | (7.3 | ) | (6.2 | ) | ||||
Corporate | (13.8 | ) | (11.1 | ) | ||||
Total operating income | $ | 24.2 | $ | 26.6 | ||||
(a) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | ||||||||
Revenues: | |||||||||||
Billboard | $ | 228.3 | $ | 221.1 | 3 | % | |||||
Transit and other | 94.6 | 92.8 | 2 | ||||||||
Total revenues | $ | 322.9 | $ | 313.9 | 3 | ||||||
Organic revenues(a): | |||||||||||
Billboard | $ | 227.7 | $ | 219.7 | 4 | ||||||
Transit and other | 93.6 | 91.2 | 3 | ||||||||
Total organic revenues | 321.3 | 310.9 | 3 | ||||||||
Non-organic revenues: | |||||||||||
Billboard | 0.6 | 1.4 | (57 | ) | |||||||
Transit and other | 1.0 | 1.6 | (38 | ) | |||||||
Total non-organic revenues | 1.6 | 3.0 | (47 | ) | |||||||
Total revenues | 322.9 | 313.9 | 3 | ||||||||
Operating expenses | (180.1 | ) | (176.3 | ) | 2 | ||||||
SG&A expenses | (45.1 | ) | (43.2 | ) | 4 | ||||||
Adjusted OIBDA | $ | 97.7 | $ | 94.4 | 3 | ||||||
Operating income | $ | 45.3 | $ | 43.9 | 3 | ||||||
Restructuring charges | — | 0.6 | * | ||||||||
Net (gain) loss on dispositions | 0.4 | (0.4 | ) | * | |||||||
Depreciation and amortization | 52.0 | 50.3 | 3 | ||||||||
Adjusted OIBDA | $ | 97.7 | $ | 94.4 | 3 | ||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, and revenues associated with business lines we no longer operate (“non-organic revenues”). |
(in constant dollars)(b) | ||||||||||||||||||
Three Months | ||||||||||||||||||
Ended | ||||||||||||||||||
Three Months Ended March 31, | % | March 31, | % | |||||||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | 2015 | Change | |||||||||||||
Revenues: | ||||||||||||||||||
Billboard | $ | 22.1 | $ | 25.8 | (14 | )% | $ | 22.1 | — | % | ||||||||
Transit and other | 3.4 | 4.2 | (19 | ) | 3.7 | (8 | ) | |||||||||||
Total revenues | $ | 25.5 | $ | 30.0 | (15 | ) | $ | 25.8 | (1 | ) | ||||||||
Organic revenues(a): | ||||||||||||||||||
Billboard | $ | 22.1 | $ | 22.1 | — | $ | 22.1 | — | ||||||||||
Transit and other | 3.4 | 3.7 | (8 | ) | 3.7 | (8 | ) | |||||||||||
Total organic revenues | 25.5 | 25.8 | (1 | ) | 25.8 | (1 | ) | |||||||||||
Non-organic revenues: | ||||||||||||||||||
Billboard | — | 3.7 | * | — | * | |||||||||||||
Transit and other | — | 0.5 | * | — | * | |||||||||||||
Total non-organic revenues | — | 4.2 | * | — | * | |||||||||||||
Total revenues | $ | 25.5 | $ | 30.0 | (15 | ) | $ | 25.8 | (1 | ) | ||||||||
Canada | $ | 14.1 | $ | 15.5 | (9 | ) | $ | 14.2 | (1 | ) | ||||||||
Latin America | 11.4 | 14.5 | (21 | ) | 11.6 | (2 | ) | |||||||||||
Total revenues | 25.5 | 30.0 | (15 | ) | 25.8 | (1 | ) | |||||||||||
Operating expenses | (19.7 | ) | (22.5 | ) | (12 | ) | (19.3 | ) | 2 | |||||||||
SG&A expenses | (6.4 | ) | (7.4 | ) | (14 | ) | (6.4 | ) | — | |||||||||
Adjusted OIBDA | $ | (0.6 | ) | $ | 0.1 | * | $ | 0.1 | * | |||||||||
Operating income (loss) | $ | (7.3 | ) | $ | (6.2 | ) | 18 | |||||||||||
Loss on real estate assets held for sale | 1.3 | — | * | |||||||||||||||
Net (gain) loss on dispositions | — | 0.1 | * | |||||||||||||||
Depreciation and amortization | 5.4 | 6.2 | (13 | ) | ||||||||||||||
Adjusted OIBDA | $ | (0.6 | ) | $ | 0.1 | * | ||||||||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, revenues associated with business lines we no longer operate, and the impact of foreign currency exchange rates (“non-organic revenues”). |
(b) | Revenues on a constant dollar basis are calculated as reported revenues excluding the impact of foreign currency exchange rates between periods. |
As of | |||||||||||
(in millions, except percentages) | March 31, 2016 | December 31, 2015 | % Change | ||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 43.2 | $ | 101.6 | (57 | )% | |||||
Receivables, less allowance ($9.0 in 2016 and $8.9 in 2015) | 189.0 | 209.5 | (10 | ) | |||||||
Prepaid lease and transit franchise costs | 80.4 | 61.5 | 31 | ||||||||
Other prepaid expenses | 27.3 | 21.9 | 25 | ||||||||
Assets held for sale | 4.8 | 5.2 | (8 | ) | |||||||
Other current assets | 15.8 | 12.5 | 26 | ||||||||
Total current assets | 360.5 | 412.2 | (13 | ) | |||||||
Liabilities: | |||||||||||
Accounts payable | 63.8 | 83.6 | (24 | ) | |||||||
Accrued compensation | 24.3 | 39.4 | (38 | ) | |||||||
Accrued interest | 27.2 | 19.5 | 39 | ||||||||
Accrued lease costs | 24.9 | 28.8 | (14 | ) | |||||||
Other accrued expenses | 50.5 | 35.3 | 43 | ||||||||
Deferred revenues | 31.0 | 20.7 | 50 | ||||||||
Liabilities held for sale | 21.5 | 25.0 | (14 | ) | |||||||
Short-term debt | 35.3 | — | * | ||||||||
Other current liabilities | 13.6 | 13.3 | 2 | ||||||||
Total current liabilities | 292.1 | 265.6 | 10 | ||||||||
Working capital | $ | 68.4 | $ | 146.6 | (53 | ) | |||||
* | Calculation is not meaningful. |
As of | ||||||||
(in millions, except percentages) | March 31, 2016 | December 31, 2015 | ||||||
Term loan, due 2021 | $ | 748.7 | $ | 748.6 | ||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.4 | 549.4 | ||||||
5.625% senior unsecured notes, due 2024 | 503.3 | 503.4 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.7 | 1,502.8 | ||||||
Other | — | 0.3 | ||||||
Debt issuance costs(a) | (28.5 | ) | (29.7 | ) | ||||
Total long-term debt, net | $ | 2,222.9 | $ | 2,222.0 | ||||
Weighted average cost of debt | 4.7 | % | 4.7 | % | ||||
(a) | See Note 2. New Accounting Standards to the Consolidated Financial Statements. |
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2016 | 2017-2018 | 2019-2020 | 2021 and thereafter | |||||||||||||||
Long-term debt | $ | 2,250.0 | $ | — | $ | — | $ | — | $ | 2,250.0 | ||||||||||
Interest | 779.8 | 106.4 | 212.5 | 212.5 | 248.4 | |||||||||||||||
Total | $ | 3,029.8 | $ | 106.4 | $ | 212.5 | $ | 212.5 | $ | 2,498.4 | ||||||||||
Three Months Ended | ||||||||||
March 31, | % | |||||||||
(in millions, except percentages) | 2016 | 2015 | Change | |||||||
Cash provided by operating activities | $ | 33.8 | $ | 5.8 | * | |||||
Cash used for investing activities | (74.6 | ) | (22.3 | ) | * | |||||
Cash provided by (used for) financing activities | (17.8 | ) | 45.3 | * | ||||||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (1.3 | ) | * | ||||||
Net increase (decrease) to cash and cash equivalents | $ | (58.4 | ) | $ | 27.5 | * | ||||
* | Calculation is not meaningful. |
Three Months Ended | |||||||||||
March 31, | % | ||||||||||
(in millions, except percentages) | 2016 | 2015 | Change | ||||||||
Growth | $ | 10.4 | $ | 6.6 | 58 | % | |||||
Maintenance | 4.0 | 6.5 | (38 | ) | |||||||
Total capital expenditures | $ | 14.4 | $ | 13.1 | 10 | ||||||
• | Declines in advertising and general economic conditions; |
• | Competition; |
• | Government regulation; |
• | Our inability to increase the number of digital advertising displays in our portfolio; |
• | Taxes, fees and registration requirements; |
• | Our ability to obtain and renew key municipal contracts on favorable terms; |
• | Decreased government compensation for the removal of lawful billboards; |
• | Content-based restrictions on outdoor advertising; |
• | Environmental, health and safety laws and regulations; |
• | Seasonal variations; |
• | Acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; |
• | Dependence on our management team and advertising executives; |
• | The ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; |
• | Certain provisions of Maryland law may limit the ability of a third party to acquire control of us; |
• | Our rights and the rights of our stockholders to take action against our directors and officers are limited; |
• | Our substantial indebtedness; |
• | Restrictions in the agreements governing our indebtedness; |
• | Incurrence of additional debt; |
• | Interest rate risk exposure from our variable-rate indebtedness; |
• | Our ability to generate cash to service our indebtedness; |
• | Cash available for distributions; |
• | Hedging transactions; |
• | Diverse risks in our international business; |
• | A breach of our security measures; |
• | Failure to comply with regulations regarding privacy and data protection; |
• | The financial information included in our filings with the SEC may not be a reliable indicator of our future results; |
• | Asset impairment charges for goodwill; |
• | Our failure to remain qualified to be taxed as a REIT; |
• | REIT distribution requirements; |
• | Availability of external sources of capital; |
• | We may face other tax liabilities even if we remain qualified to be taxed as a REIT; |
• | Complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; |
• | Our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); |
• | Our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; |
• | REIT ownership limits; |
• | Complying with REIT requirements may limit our ability to hedge effectively; |
• | Failure to meet the REIT income tests as a result of receiving non-qualifying income; |
• | Even if we remain qualified to be taxed as a REIT, and we sell assets, we could be subject to tax on any unrealized net built-in gains in the assets held before electing to be treated as a REIT; |
• | The Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; |
• | Establishing an operating partnership as part of our REIT structure; |
• | Our limited operating history as a REIT; and |
• | We may not be able to engage in desirable strategic or capital-raising transactions as a result of our separation from CBS Corporation, and we could be liable for adverse tax consequences resulting from engaging in significant strategic or capital-raising transactions. |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorizations | ||||||||||
January 1, 2016 through January 31, 2016 | — | $ | — | — | — | ||||||||
February 1, 2016 through February 29 2016 | — | — | — | — | |||||||||
March 1, 2016 through March 31, 2016 | — | — | — | — | |||||||||
Total | — | — | — | — | |||||||||
OUTFRONT MEDIA INC. | ||||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
(Principal Financial Officer and Principal Accounting Officer) | ||||
Exhibit Number | Description | |
3.1 | Articles of Amendment and Restatement of OUTFRONT Media Inc. effective March 28, 2014, as amended by the Articles of Amendment of OUTFRONT Media Inc. effective November 20, 2014 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on November 20, 2014). | |
3.2 | Amended and Restated Bylaws of OUTFRONT Media Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on February 25, 2016). | |
31.1 | Certification of the Chief Executive Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of the Chief Financial Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of the Chief Executive Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002. | |
32.2 | Certification of the Chief Financial Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Calculation Linkbase | |
101.DEF | XBRL Taxonomy Definition Document | |
101.LAB | XBRL Taxonomy Label Linkbase | |
101.PRE | XBRL Taxonomy Presentation Linkbase | |
1. | I have reviewed this Quarterly Report on Form 10-Q of OUTFRONT Media Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Jeremy J. Male | |||
Name: | Jeremy J. Male | |||
Title: | Chairman and Chief Executive Officer | |||
1. | I have reviewed this Quarterly Report on Form 10-Q of OUTFRONT Media Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
By: | /s/ Jeremy J. Male | |||
Name: | Jeremy J. Male | |||
Title: | Chairman and Chief Executive Officer | |||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
Document and Entity Information Document - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
May. 04, 2016 |
|
| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | Outfront Media Inc. | |
| Entity Central Index Key | 0001579877 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2016 | |
| Document Fiscal Year Focus | 2016 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 137,914,318 |
Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for receivables | $ 9.0 | $ 8.9 |
| Common Stock, Authorized | 450,000,000 | 450,000,000 |
| Common Stock, Issued | 137,868,748 | 137,583,604 |
| Common Stock, Outstanding | 137,868,748 | 137,583,604 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Net income (loss) | $ (2.3) | $ 1.1 |
| Other comprehensive income (loss), net of tax: | ||
| Cumulative translation adjustments | 6.5 | (14.1) |
| Net actuarial gain (loss) | (0.5) | 1.0 |
| Total other comprehensive income (loss), net of tax | 6.0 | (13.1) |
| Total comprehensive income (loss) | $ 3.7 | $ (12.0) |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Statement of Stockholders' Equity [Abstract] | ||||
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.40 | ||
Description of Business and Basis of Presentation |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”) which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our 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 150 markets across the U.S. and Canada. We manage our business through two segments - U.S. and International. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries which held all of the assets of our outdoor advertising business in Latin America (see Note 9. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America are included in our Consolidated Financial Statements for the three months ended March 31, 2016 and 2015. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. We elected to adopt the guidance on a retrospective basis. As a result, $28.5 million of debt issuance costs was recorded as a direct deduction from the carrying amount of our debt liability on the Consolidated Statement of Financial Position as of March 31, 2016, and $4.4 million from Other current assets and $25.3 million from Other assets was reclassified to Long-term debt, net, on the Consolidated Statement of Financial Position as of December 31, 2015. Regarding line-of-credit arrangements, we continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance did not have a material effect on our financial statements. Balance Sheet Classification of Deferred Taxes During the first quarter of 2016, we adopted the FASB’s guidance to simplify the presentation of deferred income taxes. We elected to adopt the guidance on a prospective basis. This guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance did not have a material effect on our financial statements. Recent Pronouncements Stock Compensation In March 2016, the FASB issued guidance which simplifies accounting for share-based compensation. The difference between the deduction for tax purposes and the compensation cost recognized for financial reporting on share-based payment awards (excess tax benefits or tax deficiencies, including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit on the statement of operations. Excess tax benefits should be classified with other income tax cash flows as an operating activity on the statement of cash flows. An entity may choose to either continue to accrue forfeitures based on the number of awards expected to vest or can account for forfeitures as they occur. The threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in applicable jurisdictions. Cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity on the statement of cash flows. Each individual amendment is to be applied using either a prospective, retrospective or modified retrospective basis, as required. This guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We do not expect this guidance to have a material effect on our consolidated financial statements. Leases In February 2016, the FASB issued guidance addressing the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This guidance is to be applied on a modified retrospective basis and is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not been previously issued. We are currently evaluating the impact of this guidance on our consolidated financial statements. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016 and April 2016), the FASB issued principles-based guidance addressing revenue recognition issues. The guidance will be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. The guidance requires that the amount of revenue a company should recognize reflect the consideration it expects to be entitled to in exchange for goods and services. This guidance is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Property and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation.
Depreciation expense was $29.1 million for the three months ended March 31, 2016, and $28.7 million for the three months ended March 31, 2015. |
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| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following:
All of our identifiable intangible assets, except goodwill, are subject to amortization. Amortization expense was $28.3 million for the three months ended March 31, 2016, and $27.8 million for the three months ended March 31, 2015, which includes the amortization of direct lease acquisition costs of $8.9 million for the three months ended March 31, 2016, and $7.5 million for the three months ended March 31, 2015. 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. |
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Asset Retirement Obligation |
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation | Asset Retirement Obligation The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
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Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and three joint ventures which operate a total of 16 billboard displays in New York and Boston. All of these ventures are accounted for as equity investments. These investments totaled $22.8 million as of March 31, 2016, and $21.3 million as of December 31, 2015, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $1.7 million in the three months ended March 31, 2016, and $1.5 million in the three months ended March 31, 2015. |
Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Long-term debt, net, consists of the following:
Term Loan The interest rate on the term loan due in 2021 (the “Term Loan”) was 3.0% per annum as of March 31, 2016. As of March 31, 2016, a discount of $1.3 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. On April 29, 2016, we made a payment of $20.0 million on the Term Loan. Senior Unsecured Notes As of March 31, 2016, a discount of $0.6 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022, remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of March 31, 2016, a premium of $3.3 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility We also have a $425.0 million revolving credit facility, which matures in 2019 (the “Revolving Credit Facility”). As of March 31, 2016, there were $35.0 million in outstanding borrowings under the Revolving Credit Facility, which is recorded as Short-term debt on the Consolidated Statement of Financial Position. On April 1, 2016, we repaid the outstanding balance of $35.0 million with a portion of the proceeds from the Transaction (as defined in Note 9. Acquisitions and Dispositions). The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.5 million in the three months ended March 31, 2016 and $0.4 million in the three months ended March 31, 2015. As of March 31, 2016, we had issued letters of credit totaling approximately $31.2 million against the Revolving Credit Facility. Debt Covenants The credit agreement dated January 31, 2014, (the “Credit Agreement”), governing the Term Loan and the Revolving Credit Facility, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers. The terms of the Credit Agreement require that, as long as any commitments remain outstanding under the Revolving Credit Facility, we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of March 31, 2016, our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Transaction (as defined in Note 9. Acquisitions and Dispositions) and to give pro forma effect to two acquisitions, in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we maintain a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of March 31, 2016, our Consolidated Total Leverage Ratio was 5.1 to 1.0, as adjusted for the non-cash loss on real estate assets held for sale related to the Transaction and to give pro forma effect to two acquisitions, in accordance with the Credit Agreement. As of March 31, 2016, we are in compliance with our debt covenants. Letter of Credit Facility As of March 31, 2016, we issued letters of credit totaling approximately $68.6 million under our $80.0 million letter of credit facility. The fee under the letter of credit facility was immaterial in each of the three months ended March 31, 2016 and 2015. Deferred Financing Costs As of March 31, 2016, we had deferred $31.8 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, letter of credit facility and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on the Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, letter of credit facility and our senior unsecured notes. Fair Value Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.3 billion as of March 31, 2016. The fair value of our debt is classified as Level 2. |
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Equity |
3 Months Ended |
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Mar. 31, 2016 | |
| Equity [Abstract] | |
| Equity | Equity As of March 31, 2016, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 137,868,748 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 April 28, 2016, we announced that our board of directors approved a quarterly cash dividend of $0.34 per share on our common stock, payable on June 30, 2016, to stockholders of record at the close of business on June 10, 2016. |
Acquisitions and Dispositions |
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In the three months ended March 31, 2016, we completed several acquisitions for a total purchase price of approximately $60.5 million. Dispositions On October 31, 2015, we entered into an agreement with JCDecaux SA (“JCDecaux”), JCDecaux Latin America Investments Holding SL Unipersonal, a wholly-owned subsidiary of JCDecaux, and Corporacion Americana de Equipamientos Urbanos, S.L., a majority-owned subsidiary of JCDecaux, to sell all of our equity interests in certain of our subsidiaries (the “Transaction”), which hold all of the assets of our outdoor advertising business in Latin America. The Transaction was completed on April 1, 2016, and in connection with the Transaction, we received $82.0 million in cash plus working capital, which is subject to post-closing adjustments. We recorded a loss on real estate assets held for sale of approximately $1.3 million in the three months ended March 31, 2016, on the Consolidated Statement of Operations. In connection with the Transaction, the assets and liabilities of our outdoor advertising business in Latin America has been classified as Assets held for sale and Liabilities held for sale on the Consolidated Statement of Financial Position. The components of Assets held for sale and Liabilities held for sale were as follows:
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Stock-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months ended March 31, 2016 and 2015.
As of March 31, 2016, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $32.1 million, which is expected to be recognized over a weighted average period of 2.3 years, and total unrecognized compensation cost related to non-vested stock options was $0.3 million, which is expected to be recognized over a weighted average period of 1.4 years. RSUs and PRSUs The following table summarizes activity for the three months ended March 31, 2016, of RSUs and PRSUs issued to our employees.
Stock Options The following table summarizes activity for the three months ended March 31, 2016, of stock options issued to our employees.
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Retirement Benefits |
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| 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:
In the three months ended March 31, 2016, we contributed $0.5 million to our pension plans. In 2016, we expect to contribute approximately $2.2 million to our pension plans. |
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Income Taxes |
3 Months Ended |
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Mar. 31, 2016 | |
| Income Taxes [Abstract] | |
| Income Taxes | Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distributed to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as taxable REIT subsidiaries (“TRSs”). As such, we have provided for their federal, state and foreign income taxes. Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results. In the three months ended March 31, 2016 and 2015, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations. |
Earnings Per Share ("EPS") |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share (EPS) | Earnings Per Share (“EPS”)
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Commitment and Contingencies |
3 Months Ended |
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Mar. 31, 2016 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Commitments 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. 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. 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. On July 22, 2015, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to extend our existing transit contract for providing advertising services throughout the New York City subway system from December 31, 2015, to December 31, 2016, unless earlier terminated by the MTA on or after July 1, 2016. On July 22, 2015, we also entered into an agreement with the MTA to modify our existing bus and commuter rail advertising contract to change the MTA’s right to terminate the contract at any time, to a right to terminate at any time on or after July 1, 2016, and the right to exclude billboards on the MTA’s properties from any termination. The December 31, 2016, expiration date of the bus and commuter rail advertising contract remains unchanged. The MTA has issued a “Request for Proposals” to prospective operators for the subway, bus and commuter rail (Metro-North and Long Island Railroad) concessions for a ten-year contract, with an additional five-year renewal period at the MTA’s option, to commence January 1, 2017. Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. The outstanding letters of credit and surety bonds approximated $113.6 million as of March 31, 2016, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows. |
Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information The following tables set forth our financial performance by segment. We manage our operations through two segments—U.S. and International.
We present Operating income (loss) before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and Loss on real estate assets held for sale (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments in accordance with the FASB guidance for segment reporting.
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Condensed Consolidating Financial Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information | Condensed Consolidating Financial Information We and our material existing and future direct and indirect 100% owned domestic subsidiaries (except Finance LLC and Outfront Media Capital Corporation, the borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. Debt). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Finance LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.
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Description of Business and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Pronouncements | Adoption of New Accounting Standards Simplifying the Presentation of Debt Issuance Costs During the first quarter of 2016, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) principles-based guidance addressing the recognition of debt issuance costs related to a recognized debt liability. We elected to adopt the guidance on a retrospective basis. As a result, $28.5 million of debt issuance costs was recorded as a direct deduction from the carrying amount of our debt liability on the Consolidated Statement of Financial Position as of March 31, 2016, and $4.4 million from Other current assets and $25.3 million from Other assets was reclassified to Long-term debt, net, on the Consolidated Statement of Financial Position as of December 31, 2015. Regarding line-of-credit arrangements, we continue to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This guidance did not have a material effect on our financial statements. Balance Sheet Classification of Deferred Taxes During the first quarter of 2016, we adopted the FASB’s guidance to simplify the presentation of deferred income taxes. We elected to adopt the guidance on a prospective basis. This guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance did not have a material effect on our financial statements. |
Property and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation.
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Intangible Assets (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following:
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Asset Retirement Obligation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
| 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.
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Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Long-term debt, net, consists of the following:
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Acquisitions and Dispositions Business Combinations (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposal group | The components of Assets held for sale and Liabilities held for sale were as follows:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three months ended March 31, 2016 and 2015.
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| Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2016, of RSUs and PRSUs issued to our employees.
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| Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2016, of stock options issued to our employees.
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Retirement Benefits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted |
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Segment Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
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| Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income |
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| Tabular Disclosure by Reportable Segments |
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| Reconciliation of Assets from Segment to Consolidated |
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Condensed Consolidating Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheet |
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| Condensed Income Statement |
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| Condensed Cash Flow Statement |
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Description of Business and Basis of Presentation - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2016
markets
segment
| |
| Description of Business and Basis of Presentation [Line Items] | |
| Number of Largest Markets in Which the Entity Operates, Domestic | 25 |
| Number of reportable segments | segment | 2 |
| Minimum | |
| Description of Business and Basis of Presentation [Line Items] | |
| Number of Markets in Which the Entity Operates | 150 |
New Accounting Standards Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Debt issuance costs | $ 28.5 | $ 29.7 |
| Adjustments for new accounting pronouncements | Other noncurrent assets | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Debt issuance costs | (25.3) | |
| Adjustments for new accounting pronouncements | Other current assets | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Debt issuance costs | $ (4.4) |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Property, Plant and Equipment [Abstract] | ||
| Depreciation | $ 29.1 | $ 28.7 |
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 1,518.1 | $ 1,483.3 |
| Accumulated amortization | (932.2) | (912.8) |
| Net | 585.9 | 570.5 |
| Permits and leasehold agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 1,020.6 | 996.1 |
| Accumulated amortization | (601.0) | (589.1) |
| Net | 419.6 | 407.0 |
| Franchise agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 451.2 | 447.2 |
| Accumulated amortization | (320.2) | (314.5) |
| Net | 131.0 | 132.7 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 46.3 | 40.0 |
| Accumulated amortization | (11.0) | (9.2) |
| Net | $ 35.3 | $ 30.8 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization of intangible assets | $ 28.3 | $ 27.8 |
| Amortization of direct lease acquisition costs | $ 8.9 | $ 7.5 |
| Minimum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Direct lease acquisition costs, useful life | 28 days | |
| Maximum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Direct lease acquisition costs, useful life | 1 year | |
Asset Retirement Obligation - Narrative (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Asset Retirement Obligation Disclosure [Abstract] | |
| Asset Retirement Obligation Expected Term | 50 years |
| Asset Retirement Obligations, Description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2016
USD ($)
| |
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
| As of December 31, 2015 | $ 33.2 |
| Accretion expense | 0.6 |
| Additions | 0.1 |
| Liabilities settled | (0.5) |
| Foreign currency translation adjustments | 0.3 |
| As of March 31, 2016 | $ 33.7 |
Related Party Transactions - Narrative (Details) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2016
USD ($)
joint_venture
Displays
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
| Related Party Transaction [Line Items] | |||
| Equity method investment, ownership percentage | 50.00% | ||
| Equity method investments | $ | $ 22.8 | $ 21.3 | |
| Management fee revenue | $ | $ 1.7 | $ 1.5 | |
| Transit shelter joint ventures | |||
| Related Party Transaction [Line Items] | |||
| Equity method investment, number of investments | joint_venture | 2 | ||
| Acquired joint ventures | |||
| Related Party Transaction [Line Items] | |||
| Equity method investment, number of investments | joint_venture | 3 | ||
| Equity method investment, number of displays | Displays | 16 | ||
Equity - Narrative (Details) - $ / shares |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 10, 2016 |
Apr. 28, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Class of Stock [Line Items] | |||||||
| Common Stock, Authorized | 450,000,000 | 450,000,000 | |||||
| Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
| Common Stock, Issued | 137,868,748 | 137,583,604 | |||||
| Common Stock, Outstanding | 137,868,748 | 137,583,604 | |||||
| Preferred Stock, Shares Authorized | 50,000,000 | ||||||
| Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
| Preferred Stock, Shares Issued | 0 | ||||||
| Preferred Stock, Shares Outstanding | 0 | ||||||
| Dividends declared per common share (in dollars per share) | $ 0.34 | $ 0.40 | |||||
| Subsequent Event | |||||||
| Class of Stock [Line Items] | |||||||
| Dividends Payable, Date Declared | Apr. 28, 2016 | ||||||
| Dividends declared per common share (in dollars per share) | $ 0.34 | ||||||
| Dividends Payable, Date to be Paid | Jun. 30, 2016 | ||||||
| Dividends Payable, Date of Record | Jun. 10, 2016 | ||||||
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Apr. 01, 2016 |
|
| Business Acquisition [Line Items] | |||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 60.5 | $ 9.9 | |
| Loss on real estate assets held for sale | $ 1.3 | $ 0.0 | |
| Subsequent Event | |||
| Business Acquisition [Line Items] | |||
| Consideration related to disposition | $ 82.0 | ||
Stock-Based Compensation - Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2016
USD ($)
| |
| Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation not yet recognized, share-based awards other than options | $ 32.1 |
| Compensation cost not yet recognized, period for recognition | 2 years 3 months 30 days |
| Stock options | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation cost not yet recognized, period for recognition | 1 year 5 months 9 days |
| Compensation not yet recognized, stock options | $ 0.3 |
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | $ 4.8 | $ 3.6 |
| Tax benefit | (0.5) | (0.3) |
| Stock-based compensation expense, net of tax | 4.3 | 3.3 |
| Restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | 4.7 | 3.5 |
| Stock options | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | $ 0.1 | $ 0.1 |
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options - $ / shares |
Mar. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
| Outstanding | 294,897 | 294,897 |
| Exercisable as of end of period | 232,758 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
| Weighted average exercise price, options outstanding | $ 15.72 | $ 15.72 |
| Weighted average exercise price, options exercisable | $ 13.15 |
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|||
| Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
| Service cost | $ 0.4 | $ 0.3 | ||
| Interest cost | 0.4 | 0.4 | ||
| Expected return on plan assets | (0.5) | (0.5) | ||
| Amortization of net actuarial losses | [1] | 0.1 | 0.2 | |
| Net periodic pension cost | $ 0.4 | $ 0.4 | ||
| ||||
Retirement Benefits - Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2016
USD ($)
| |
| Compensation and Retirement Disclosure [Abstract] | |
| Pension contributions | $ 0.5 |
| Estimated future employer contributions in current fiscal year | $ 2.2 |
Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|||
| Earnings Per Share [Abstract] | ||||
| Net income (loss) | $ (2.3) | $ 1.1 | ||
| Weighted average shares for basic EPS | 137.6 | 136.9 | ||
| Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 0.0 | 0.7 | |
| Weighted average shares for diluted EPS | 137.6 | 137.6 | ||
| Antidilutive securities excluded from computation of earnings per share | 1.0 | 0.4 | ||
| ||||
Commitment and Contingencies - Narrative (Details) $ in Millions |
Mar. 31, 2016
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Outstanding letters of credit and surety bonds | $ 113.6 |
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 348.4 | $ 343.9 |
| Operating segments | U.S. | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 322.9 | 313.9 |
| Operating segments | International | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 25.5 | $ 30.0 |
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Mar. 31, 2016 |
Dec. 31, 2015 |
||
|---|---|---|---|---|
| Segment Reporting Information [Line Items] | ||||
| Total assets | $ 3,799.3 | $ 3,815.5 | ||
| Operating segments | U.S. | ||||
| Segment Reporting Information [Line Items] | ||||
| Total assets | 3,647.5 | 3,602.8 | ||
| Operating segments | International | ||||
| Segment Reporting Information [Line Items] | ||||
| Total assets | [1] | 128.8 | 124.5 | |
| Corporate | ||||
| Segment Reporting Information [Line Items] | ||||
| Total assets | $ 23.0 | $ 88.2 | ||
| ||||
Segment Information - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2016
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 2 |
Condensed Consolidating Financial Information - Narrative (Details) |
Mar. 31, 2016 |
|---|---|
| Condensed Financial Statements, Captions [Line Items] | |
| Equity method investment, ownership percentage | 50.00% |
| Parent Company | |
| Condensed Financial Statements, Captions [Line Items] | |
| Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Condensed Income Statements, Captions [Line Items] | ||
| Billboard | $ 250.4 | $ 246.9 |
| Transit and other | 98.0 | 97.0 |
| Total revenues | 348.4 | 343.9 |
| Operating | 199.8 | 198.8 |
| Selling, general and administrative | 65.3 | 61.7 |
| Restructuring charges | 0.0 | 0.6 |
| Loss on real estate assets held for sale | 1.3 | 0.0 |
| Net (gain) loss on dispositions | 0.4 | (0.3) |
| Depreciation | 29.1 | 28.7 |
| Amortization | 28.3 | 27.8 |
| Total expenses | 324.2 | 317.3 |
| Operating income (loss) | 24.2 | 26.6 |
| Interest expense, net | (28.6) | (27.8) |
| Other income (expense), net | (0.2) | 0.1 |
| Income (loss) before benefit for income taxes and equity in earnings of investee companies | (4.6) | (1.1) |
| Benefit for income taxes | 1.3 | 1.4 |
| Equity in earnings of investee companies, net of tax | 1.0 | 0.8 |
| Net income (loss) | (2.3) | 1.1 |
| Cumulative translation adjustments | 6.5 | (14.1) |
| Net actuarial gain (loss) | (0.5) | 1.0 |
| Total other comprehensive income (loss), net of tax | 6.0 | (13.1) |
| Total comprehensive income (loss) | 3.7 | (12.0) |
| Parent Company | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Billboard | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 |
| Selling, general and administrative | 0.4 | 0.5 |
| Restructuring charges | 0.0 | |
| Loss on real estate assets held for sale | 0.0 | |
| Net (gain) loss on dispositions | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 |
| Total expenses | 0.4 | 0.5 |
| Operating income (loss) | (0.4) | (0.5) |
| Interest expense, net | 0.0 | 0.0 |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit for income taxes and equity in earnings of investee companies | (0.4) | (0.5) |
| Benefit for income taxes | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | (1.9) | 1.6 |
| Net income (loss) | (2.3) | 1.1 |
| Total other comprehensive income (loss), net of tax | 6.0 | (13.1) |
| Total comprehensive income (loss) | 3.7 | (12.0) |
| Subsidiary Issuer | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Billboard | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 |
| Selling, general and administrative | 0.1 | 0.0 |
| Restructuring charges | 0.0 | |
| Loss on real estate assets held for sale | 0.0 | |
| Net (gain) loss on dispositions | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 |
| Total expenses | 0.1 | 0.0 |
| Operating income (loss) | (0.1) | 0.0 |
| Interest expense, net | (28.5) | (27.8) |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit for income taxes and equity in earnings of investee companies | (28.6) | (27.8) |
| Benefit for income taxes | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 26.7 | 29.4 |
| Net income (loss) | (1.9) | 1.6 |
| Total other comprehensive income (loss), net of tax | 6.0 | (13.1) |
| Total comprehensive income (loss) | 4.1 | (11.5) |
| Guarantor Subsidiaries | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Billboard | 228.3 | 221.1 |
| Transit and other | 94.6 | 92.8 |
| Total revenues | 322.9 | 313.9 |
| Operating | 180.1 | 176.3 |
| Selling, general and administrative | 58.4 | 53.8 |
| Restructuring charges | 0.6 | |
| Loss on real estate assets held for sale | 0.0 | |
| Net (gain) loss on dispositions | 0.4 | (0.4) |
| Depreciation | 24.6 | 23.5 |
| Amortization | 27.4 | 26.8 |
| Total expenses | 290.9 | 280.6 |
| Operating income (loss) | 32.0 | 33.3 |
| Interest expense, net | (0.1) | 0.0 |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit for income taxes and equity in earnings of investee companies | 31.9 | 33.3 |
| Benefit for income taxes | 1.3 | 0.3 |
| Equity in earnings of investee companies, net of tax | (35.1) | (32.0) |
| Net income (loss) | (1.9) | 1.6 |
| Total other comprehensive income (loss), net of tax | 6.0 | (13.1) |
| Total comprehensive income (loss) | 4.1 | (11.5) |
| Non-Guarantor Subsidiaries | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Billboard | 22.1 | 25.8 |
| Transit and other | 3.4 | 4.2 |
| Total revenues | 25.5 | 30.0 |
| Operating | 19.7 | 22.5 |
| Selling, general and administrative | 6.4 | 7.4 |
| Restructuring charges | 0.0 | |
| Loss on real estate assets held for sale | 1.3 | |
| Net (gain) loss on dispositions | 0.0 | 0.1 |
| Depreciation | 4.5 | 5.2 |
| Amortization | 0.9 | 1.0 |
| Total expenses | 32.8 | 36.2 |
| Operating income (loss) | (7.3) | (6.2) |
| Interest expense, net | 0.0 | 0.0 |
| Other income (expense), net | (0.2) | 0.1 |
| Income (loss) before benefit for income taxes and equity in earnings of investee companies | (7.5) | (6.1) |
| Benefit for income taxes | 0.0 | 1.1 |
| Equity in earnings of investee companies, net of tax | 0.1 | 0.3 |
| Net income (loss) | (7.4) | (4.7) |
| Total other comprehensive income (loss), net of tax | 6.0 | (13.1) |
| Total comprehensive income (loss) | (1.4) | (17.8) |
| Eliminations | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Billboard | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 |
| Selling, general and administrative | 0.0 | 0.0 |
| Restructuring charges | 0.0 | |
| Loss on real estate assets held for sale | 0.0 | |
| Net (gain) loss on dispositions | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 |
| Total expenses | 0.0 | 0.0 |
| Operating income (loss) | 0.0 | 0.0 |
| Interest expense, net | 0.0 | 0.0 |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit for income taxes and equity in earnings of investee companies | 0.0 | 0.0 |
| Benefit for income taxes | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 11.2 | 1.5 |
| Net income (loss) | 11.2 | 1.5 |
| Total other comprehensive income (loss), net of tax | (18.0) | 39.3 |
| Total comprehensive income (loss) | $ (6.8) | $ 40.8 |
Condensed Consolidating Financial Information - Condensed Consolidating Cash Flow Statement (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | $ 33.8 | $ 5.8 |
| Capital expenditures | (14.4) | (13.1) |
| Acquisitions | (60.5) | (9.9) |
| Net proceeds from dispositions | 0.3 | 0.7 |
| Net cash flow provided by (used for) investing activities | (74.6) | (22.3) |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | 103.8 |
| Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | (105.0) |
| Deferred financing costs | (0.4) | (2.2) |
| Proceeds from stock option exercises | 0.0 | 2.0 |
| Taxes withheld for stock-based compensation | (5.1) | (3.0) |
| Dividends | (47.1) | (54.9) |
| Intercompany | 0.0 | 0.0 |
| Other | (0.2) | (0.4) |
| Net cash flow provided by (used for) financing activities | (17.8) | 45.3 |
| Effect of exchange rate changes on cash and cash equivalents | 0.2 | (1.3) |
| Net increase (decrease) in cash and cash equivalents | (58.4) | 27.5 |
| Cash and cash equivalents at beginning of period | 101.6 | 28.5 |
| Cash and cash equivalents at end of period | 43.2 | 56.0 |
| Parent Company | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (0.4) | (0.5) |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 2.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | (47.1) | (54.9) |
| Intercompany | 47.5 | 53.4 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 0.4 | 0.5 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
| Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
| Cash and cash equivalents at end of period | 0.0 | 0.0 |
| Subsidiary Issuer | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (19.6) | (17.1) |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings - senior notes | 103.8 | |
| Proceeds from borrowings under revolving credit facility | 35.0 | 105.0 |
| Repayments of borrowings under revolving credit facility | (105.0) | |
| Deferred financing costs | (0.4) | (2.2) |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | (86.8) | (75.6) |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | (52.2) | 26.0 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net increase (decrease) in cash and cash equivalents | (71.8) | 8.9 |
| Cash and cash equivalents at beginning of period | 81.6 | 11.5 |
| Cash and cash equivalents at end of period | 9.8 | 20.4 |
| Guarantor Subsidiaries | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 57.2 | 9.1 |
| Capital expenditures | (13.5) | (12.1) |
| Acquisitions | (60.5) | (9.9) |
| Net proceeds from dispositions | 0.3 | 0.7 |
| Net cash flow provided by (used for) investing activities | (73.7) | (21.3) |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | (5.1) | (3.0) |
| Dividends | 0.0 | 0.0 |
| Intercompany | 35.2 | 21.9 |
| Other | (0.2) | (0.4) |
| Net cash flow provided by (used for) financing activities | 29.9 | 18.5 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net increase (decrease) in cash and cash equivalents | 13.4 | 6.3 |
| Cash and cash equivalents at beginning of period | 8.5 | 8.8 |
| Cash and cash equivalents at end of period | 21.9 | 15.1 |
| Non-Guarantor Subsidiaries | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (3.4) | 14.3 |
| Capital expenditures | (0.9) | (1.0) |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | (0.9) | (1.0) |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | 4.1 | 0.3 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 4.1 | 0.3 |
| Effect of exchange rate changes on cash and cash equivalents | 0.2 | (1.3) |
| Net increase (decrease) in cash and cash equivalents | 0.0 | 12.3 |
| Cash and cash equivalents at beginning of period | 11.5 | 8.2 |
| Cash and cash equivalents at end of period | 11.5 | 20.5 |
| Eliminations | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 0.0 | 0.0 |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings - senior notes | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | |
| Deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | 0.0 | 0.0 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 0.0 | 0.0 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
| Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
| Cash and cash equivalents at end of period | $ 0.0 | $ 0.0 |