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 | |
Emerging growth company | o | |||
As of | ||||||||
(in millions) | June 30, 2017 | December 31, 2016 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Receivables, less allowance ($9.4 in 2017 and $9.2 in 2016) | ||||||||
Prepaid lease and transit franchise costs | ||||||||
Other prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property and equipment, net (Note 3) | ||||||||
Goodwill (Note 4) | ||||||||
Intangible assets (Note 4) | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued compensation | ||||||||
Accrued interest | ||||||||
Accrued lease costs | ||||||||
Other accrued expenses | ||||||||
Deferred revenues | ||||||||
Short-term debt (Note 7) | ||||||||
Other current liabilities | ||||||||
Total current liabilities | ||||||||
Long-term debt, net (Note 7) | ||||||||
Deferred income tax liabilities, net | ||||||||
Asset retirement obligation (Note 5) | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 15) | ||||||||
Stockholders’ equity (Note 8): | ||||||||
Common stock (2017 - 450.0 shares authorized, and 138.6 shares issued | ||||||||
and outstanding; 2016 - 450.0 shares authorized, and 138.0 issued and outstanding) | ||||||||
Additional paid-in capital | ||||||||
Distribution in excess of earnings | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total stockholders’ equity | ||||||||
Non-controlling interests | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | ||||||||||||||||
Billboard | $ | $ | $ | $ | ||||||||||||
Transit and other | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses: | ||||||||||||||||
Operating | ||||||||||||||||
Selling, general and administrative | ||||||||||||||||
Restructuring charges | ||||||||||||||||
Loss on real estate assets held for sale | ||||||||||||||||
Net loss on dispositions | ||||||||||||||||
Depreciation | ||||||||||||||||
Amortization | ||||||||||||||||
Total expenses | ||||||||||||||||
Operating income | ||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income, net | ||||||||||||||||
Income before benefit for income taxes and equity in earnings of investee companies | ||||||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ( | ) | ||||||||||
Equity in earnings of investee companies, net of tax | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Dividends declared per common share | $ | $ | $ | $ | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Cumulative translation adjustments | ||||||||||||||||
Net actuarial gain (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
Total other comprehensive income, net of tax | ||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | ||||||||||||
(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 | Non-Controlling Interests | Total Equity | |||||||||||||||||||||||
Balance as of December 31, 2015 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | — | $ | |||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based payments: | — | — | |||||||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Dividends ($0.68 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Balance as of June 30, 2016 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Balance as of December 31, 2016 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||
Cumulative prior period adjustment to amortization of estimated forfeitures | — | — | ( | ) | — | — | — | ||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Issuance of shares of a subsidiary | — | — | — | — | — | — | |||||||||||||||||||||||||
Dividends ($0.72 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Balance as of June 30, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Operating activities: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Deferred tax benefit | ( | ) | ( | ) | ||||
Stock-based compensation | ||||||||
Provision for doubtful accounts | ||||||||
Accretion expense | ||||||||
Loss on real estate assets held for sale | ||||||||
Net loss on dispositions | ||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||
Distributions from investee companies | ||||||||
Amortization of deferred financing costs and debt discount and premium | ||||||||
Cash paid for direct lease acquisition costs | ( | ) | ( | ) | ||||
Change in assets and liabilities, net of investing and financing activities | ( | ) | ( | ) | ||||
Net cash flow provided by operating activities | ||||||||
Investing activities: | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Acquisitions | ( | ) | ( | ) | ||||
Net proceeds from dispositions | ||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ||||
Financing activities: | ||||||||
Proceeds from long-term debt borrowings - term loan | ||||||||
Repayments of long-term borrowings - term loan | ( | ) | ||||||
Proceeds from borrowings under revolving credit facility | ||||||||
Repayments of borrowings under revolving credit facility | ( | ) | ( | ) | ||||
Payments of deferred financing costs | ( | ) | ( | ) | ||||
Proceeds from stock option exercises | ||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||
Dividends | ( | ) | ( | ) | ||||
Other | ( | ) | ( | ) | ||||
Net cash flow used for financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||
Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
Cash and cash equivalents at beginning of period | ||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||
Six Months Ended | ||||||||
June 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for income taxes | $ | $ | ||||||
Cash paid for interest | ||||||||
Non-cash investing and financing activities: | ||||||||
Accrued purchases of property and equipment | $ | $ | ||||||
Issuance of shares of a subsidiary for an acquisition | ||||||||
As of | ||||||||||
(in millions) | Estimated Useful Lives | June 30, 2017 | December 31, 2016 | |||||||
Land | $ | $ | ||||||||
Buildings | 20 to 40 years | |||||||||
Advertising structures(a) | 5 to 20 years | |||||||||
Furniture, equipment and other | 3 to 10 years | |||||||||
Construction in progress | ||||||||||
Less: accumulated depreciation | ||||||||||
Property and equipment, net | $ | $ | ||||||||
(a) |
(in millions) | U.S. Media | Other | Total | |||||||||
As of December 31, 2015 | $ | $ | $ | |||||||||
Currency translation adjustments | ||||||||||||
Additions | ||||||||||||
Dispositions | ( | ) | ( | ) | ||||||||
As of December 31, 2016 | ||||||||||||
Currency translation adjustments | ||||||||||||
Additions(a) | ||||||||||||
As of June 30, 2017 | $ | $ | $ | |||||||||
(a) |
(in millions) | Gross | Accumulated Amortization | Net | |||||||||
As of June 30, 2017: | ||||||||||||
Permits and leasehold agreements(a) | $ | $ | ( | ) | $ | |||||||
Franchise agreements | ( | ) | ||||||||||
Other intangible assets(a) | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
As of December 31, 2016: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
(a) |
(in millions) | ||||
As of December 31, 2016 | $ | |||
Accretion expense | ||||
Additions | ||||
Liabilities settled | ( | ) | ||
Foreign currency translation adjustments | ||||
As of June 30, 2017 | $ | |||
As of | ||||||||
(in millions, except percentages) | June 30, 2017 | December 31, 2016 | ||||||
Term loan | $ | $ | ||||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | ||||||||
5.625% senior unsecured notes, due 2024 | ||||||||
5.875% senior unsecured notes, due 2025 | ||||||||
Total senior unsecured notes | ||||||||
Debt issuance costs | ( | ) | ( | ) | ||||
Total long-term debt, net | $ | $ | ||||||
Weighted average cost of debt | % | % | ||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | $ | $ | $ | $ | ||||||||||||
Stock options | ||||||||||||||||
Stock-based compensation expense, before income taxes | ||||||||||||||||
Tax benefit | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Stock-based compensation expense, net of tax | $ | $ | $ | $ | ||||||||||||
Activity | Weighted Average Per Share Grant Date Fair Market Value | ||||||
Non-vested as of December 31, 2016 | $ | ||||||
Granted: | |||||||
RSUs | |||||||
PRSUs | |||||||
Vested: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Forfeitures: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Non-vested as of June 30, 2017 | |||||||
Activity | Weighted Average Exercise Price | ||||||
Outstanding as of December 31, 2016 | $ | ||||||
Exercised | ( | ) | |||||
Outstanding as of June 30, 2017 | |||||||
Exercisable as of June 30, 2017 | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Components of net periodic pension cost: | ||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of net actuarial losses(a) | ||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ | ||||||||||||
(a) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Weighted average shares for basic EPS | ||||||||||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | ||||||||||||||||
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(b) | ||||||||||||||||
Weighted average shares for diluted EPS | ||||||||||||||||
(a) |
(b) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
(Benefit) provision for income taxes | ( | ) | ||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Interest expense, net | ||||||||||||||||
Other expense, net | ( | ) | ( | ) | ( | ) | ||||||||||
Operating income | ||||||||||||||||
Restructuring charges | ||||||||||||||||
Loss on real estate assets held for sale | ||||||||||||||||
Net loss on dispositions | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Stock-based compensation | ||||||||||||||||
Total Adjusted OIBDA | $ | $ | $ | $ | ||||||||||||
Adjusted OIBDA: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Corporate | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total Adjusted OIBDA | $ | $ | $ | $ | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating income (loss): | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ( | ) | ( | ) | ( | ) | ||||||||||
Corporate | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total operating income | $ | $ | $ | $ | ||||||||||||
Net loss on dispositions: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Total loss on dispositions | $ | $ | $ | $ | ||||||||||||
Depreciation and amortization: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ | ||||||||||||
Capital expenditures: | ||||||||||||||||
U.S. Media | $ | $ | $ | $ | ||||||||||||
Other | ||||||||||||||||
Total capital expenditures | $ | $ | $ | $ | ||||||||||||
As of | ||||||||
(in millions) | June 30, 2017 | December 31, 2016 | ||||||
Assets: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Corporate | ||||||||
Total assets | $ | $ | ||||||
As of June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Receivables, less allowance | ( | ) | ||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||
Total current assets | ( | ) | ||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Investment in subsidiaries | ( | ) | ||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total current liabilities | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Long-term debt, net | ||||||||||||||||||||||||
Deferred income tax liabilities, net | ||||||||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Deficit in excess of investment of subsidiaries | ( | ) | ||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total liabilities | ( | ) | ||||||||||||||||||||||
Total stockholders’ equity | ( | ) | ||||||||||||||||||||||
Non-controlling interests | ( | ) | ||||||||||||||||||||||
Total equity | ( | ) | ||||||||||||||||||||||
Total liabilities and equity | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
As of December 31, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Receivables, less allowances | ||||||||||||||||||||||||
Other current assets | ||||||||||||||||||||||||
Total current assets | ||||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Investment in subsidiaries | ( | ) | ||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total current liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Long-term debt, net | ||||||||||||||||||||||||
Deferred income tax liabilities, net | ||||||||||||||||||||||||
Asset retirement obligation | ||||||||||||||||||||||||
Deficit in excess of investment of subsidiaries | ( | ) | ||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total liabilities | ( | ) | ||||||||||||||||||||||
Total stockholders’ equity | ( | ) | ||||||||||||||||||||||
Non-controlling interests | ( | ) | ||||||||||||||||||||||
Total equity | ( | ) | ||||||||||||||||||||||
Total liabilities and equity | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Transit and other | ||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||
Net gain on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other income, net | ||||||||||||||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | ||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Total other comprehensive income, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Transit and other | ||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||
Net gain on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ||||||||||||||||||||
Provision for income taxes | ( | ) | ( | ) | ||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
Net income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Net income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total other comprehensive income, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Transit and other | ||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||
Net gain on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest income (expense), net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other income, net | ||||||||||||||||||||||||
Income (loss) before benefit for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Benefit for income taxes | ||||||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Total other comprehensive income, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Billboard | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Transit and other | ||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||
Loss on real estate assets held for sale | ||||||||||||||||||||||||
Net loss on dispositions | ||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Income (loss) before provision for income taxes and equity in earnings of investee companies | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Provision for income taxes | ( | ) | ( | ) | ||||||||||||||||||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Total other comprehensive income, net of tax | ( | ) | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Acquisitions | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from long-term borrowings - term loan | ||||||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | ||||||||||||||||||||||||
Repayments of borrowings under revolving credit facility | ( | ) | ( | ) | ||||||||||||||||||||
Payments of deferred financing costs | ( | ) | ( | ) | ||||||||||||||||||||
Proceeds from stock option exercises | ||||||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ||||||||||||||||||||
Intercompany | ( | ) | ( | ) | ||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||
(in millions) | Parent Company | Subsidiary Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash flow provided by (used for) operating activities | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Acquisitions | ( | ) | ( | ) | ||||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Net cash flow provided by (used for) investing activities | ( | ) | ( | ) | ||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Repayments of long-term borrowings -term loan | ( | ) | ( | ) | ||||||||||||||||||||
Proceeds from borrowings under revolving credit facility | ||||||||||||||||||||||||
Repayments of borrowings under revolving credit facility | ( | ) | ( | ) | ||||||||||||||||||||
Payments of deferred financing costs | ( | ) | ( | ) | ||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ||||||||||||||||||||
Intercompany | ( | ) | ( | ) | ||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
(in millions, except percentages) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Revenues | $ | 396.2 | $ | 385.3 | 3 | % | $ | 726.8 | $ | 733.7 | (1 | )% | ||||||||||
Organic revenues(a)(b) | 395.5 | 384.5 | 3 | 721.6 | 717.2 | 1 | ||||||||||||||||
Operating income | 65.0 | 59.0 | 10 | 91.0 | 83.2 | 9 | ||||||||||||||||
Adjusted OIBDA(b) | 122.0 | 123.0 | (1 | ) | 202.2 | 211.1 | (4 | ) | ||||||||||||||
Funds from operations (“FFO”)(b) | 79.7 | 79.2 | 1 | 123.6 | 127.7 | (3 | ) | |||||||||||||||
Adjusted FFO (“AFFO”)(b) | 78.1 | 87.0 | (10 | ) | 116.6 | 133.2 | (12 | ) | ||||||||||||||
Net income | 37.1 | 28.5 | 30 | 39.6 | 26.2 | 51 | ||||||||||||||||
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, 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” and “Revenues” sections of this MD&A for reconciliations of Operating income to Adjusted OIBDA, Net income to FFO and AFFO, and Revenues to organic revenues. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating income | $ | 65.0 | $ | 59.0 | $ | 91.0 | $ | 83.2 | ||||||||
Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 | ||||||||||||
Loss on real estate assets held for sale | — | — | — | 1.3 | ||||||||||||
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 | ||||||||||||
Depreciation | 23.1 | 28.5 | 46.0 | 57.6 | ||||||||||||
Amortization | 25.4 | 30.4 | 49.1 | 58.7 | ||||||||||||
Stock-based compensation | 5.5 | 4.5 | 10.9 | 9.3 | ||||||||||||
Adjusted OIBDA | $ | 122.0 | $ | 123.0 | $ | 202.2 | $ | 211.1 | ||||||||
Net income | $ | 37.1 | $ | 28.5 | $ | 39.6 | $ | 26.2 | ||||||||
Depreciation of billboard advertising structures | 20.0 | 26.1 | 40.0 | 52.7 | ||||||||||||
Amortization of real estate-related intangible assets | 12.2 | 14.2 | 24.4 | 27.6 | ||||||||||||
Amortization of direct lease acquisition costs | 10.2 | 10.1 | 18.9 | 19.0 | ||||||||||||
Loss on real estate assets held for sale | — | — | — | 1.3 | ||||||||||||
Net loss on disposition of billboard advertising structures | 0.1 | 0.2 | 0.5 | 0.6 | ||||||||||||
Adjustment related to equity-based investments | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||
FFO | $ | 79.7 | $ | 79.2 | $ | 123.6 | $ | 127.7 | ||||||||
FFO per weighted average shares outstanding: | ||||||||||||||||
Basic | $ | 0.58 | $ | 0.57 | $ | 0.89 | $ | 0.93 | ||||||||
Diluted | $ | 0.57 | $ | 0.57 | $ | 0.89 | $ | 0.92 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
FFO | $ | 79.7 | $ | 79.2 | $ | 123.6 | $ | 127.7 | ||||||||
Non-cash portion of income taxes | (1.8 | ) | 4.7 | (6.1 | ) | 1.4 | ||||||||||
Cash paid for direct lease acquisition costs | (8.6 | ) | (8.7 | ) | (20.3 | ) | (19.3 | ) | ||||||||
Maintenance capital expenditures | (7.5 | ) | (4.3 | ) | (12.6 | ) | (8.3 | ) | ||||||||
Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 | ||||||||||||
Other depreciation | 3.1 | 2.4 | 6.0 | 4.9 | ||||||||||||
Other amortization | 3.0 | 6.1 | 5.8 | 12.1 | ||||||||||||
Stock-based compensation | 5.5 | 4.5 | 10.9 | 9.3 | ||||||||||||
Non-cash effect of straight-line rent | 0.7 | 0.3 | 1.0 | 0.6 | ||||||||||||
Accretion expense | 0.6 | 0.6 | 1.2 | 1.2 | ||||||||||||
Amortization of deferred financing costs | 1.3 | 1.8 | 3.2 | 3.2 | ||||||||||||
Income tax effect of adjustments(a) | (0.8 | ) | — | (0.8 | ) | — | ||||||||||
AFFO | $ | 78.1 | $ | 87.0 | $ | 116.6 | $ | 133.2 | ||||||||
AFFO per weighted average shares outstanding: | ||||||||||||||||
Basic | $ | 0.56 | $ | 0.63 | $ | 0.84 | $ | 0.97 | ||||||||
Diluted | $ | 0.56 | $ | 0.63 | $ | 0.84 | $ | 0.96 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.21 | $ | 0.29 | $ | 0.19 | ||||||||
Diluted | $ | 0.27 | $ | 0.21 | $ | 0.28 | $ | 0.19 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 138.6 | 137.9 | 138.4 | 137.8 | ||||||||||||
Diluted | 139.3 | 138.3 | 139.1 | 138.2 | ||||||||||||
(a) | Income tax effect related to Restructuring charges. |
(in constant dollars)(b) | (in constant dollars)(b) | |||||||||||||||||||||||||||||||||||
(in millions, except | Three Months Ended June 30, | % | Three Months Ended June 30, | % | Six Months Ended June 30, | % | Six Months Ended June 30, | % | ||||||||||||||||||||||||||||
percentages) | 2017 | 2016 | Change | 2016 | Change | 2017 | 2016 | Change | 2016 | Change | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 274.2 | $ | 273.6 | — | % | $ | 272.9 | — | % | $ | 510.2 | $ | 524.0 | (3 | )% | $ | 523.7 | (3 | )% | ||||||||||||||||
Transit and other | 122.0 | 111.7 | 9 | 111.6 | 9 | 216.6 | 209.7 | 3 | 209.6 | 3 | ||||||||||||||||||||||||||
Total revenues | 396.2 | 385.3 | 3 | $ | 384.5 | 3 | 726.8 | 733.7 | (1 | ) | $ | 733.3 | (1 | ) | ||||||||||||||||||||||
Foreign currency exchange impact | — | (0.8 | ) | — | (0.4 | ) | ||||||||||||||||||||||||||||||
Constant dollar revenues(b) | $ | 396.2 | $ | 384.5 | $ | 726.8 | $ | 733.3 | ||||||||||||||||||||||||||||
Organic revenues(a): | ||||||||||||||||||||||||||||||||||||
Billboard | $ | 273.5 | $ | 272.9 | — | $ | 272.9 | — | $ | 507.5 | $ | 511.6 | (1 | ) | $ | 511.6 | (1 | ) | ||||||||||||||||||
Transit and other | 122.0 | 111.6 | 9 | 111.6 | 9 | 214.1 | 205.6 | 4 | 205.6 | 4 | ||||||||||||||||||||||||||
Total organic revenues(a) | 395.5 | 384.5 | 3 | 384.5 | 3 | 721.6 | 717.2 | 1 | 717.2 | 1 | ||||||||||||||||||||||||||
Non-organic revenues: | ||||||||||||||||||||||||||||||||||||
Billboard | 0.7 | 0.7 | — | — | * | 2.7 | 12.4 | (78 | ) | 12.1 | (78 | ) | ||||||||||||||||||||||||
Transit and other | — | 0.1 | * | — | * | 2.5 | 4.1 | (39 | ) | 4.0 | (38 | ) | ||||||||||||||||||||||||
Total non-organic revenues | 0.7 | 0.8 | (13 | ) | — | * | 5.2 | 16.5 | (68 | ) | 16.1 | (68 | ) | |||||||||||||||||||||||
Total revenues | $ | 396.2 | $ | 385.3 | 3 | $ | 384.5 | 3 | $ | 726.8 | $ | 733.7 | (1 | ) | $ | 733.3 | (1 | ) | ||||||||||||||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures, 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 | Six Months Ended | |||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Expenses: | ||||||||||||||||||||||
Operating | $ | 213.3 | $ | 201.6 | 6 | % | $ | 405.2 | $ | 401.4 | 1 | % | ||||||||||
Selling, general and administrative | 66.4 | 65.2 | 2 | 130.3 | 130.5 | — | ||||||||||||||||
Restructuring charges | 2.9 | 0.4 | * | 4.7 | 0.4 | * | ||||||||||||||||
Loss on real estate assets held for sale | — | — | * | — | 1.3 | * | ||||||||||||||||
Net loss on dispositions | 0.1 | 0.2 | (50 | ) | 0.5 | 0.6 | (17 | ) | ||||||||||||||
Depreciation | 23.1 | 28.5 | (19 | ) | 46.0 | 57.6 | (20 | ) | ||||||||||||||
Amortization | 25.4 | 30.4 | (16 | ) | 49.1 | 58.7 | (16 | ) | ||||||||||||||
Total expenses | $ | 331.2 | $ | 326.3 | 2 | $ | 635.8 | $ | 650.5 | (2 | ) | |||||||||||
* | Calculation is not meaningful. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Billboard property lease | $ | 93.9 | $ | 90.7 | 4 | % | $ | 181.4 | $ | 181.1 | — | % | ||||||||||
Transit franchise | 63.4 | 57.7 | 10 | 113.2 | 109.8 | 3 | ||||||||||||||||
Posting, maintenance and other | 56.0 | 53.2 | 5 | 110.6 | 110.5 | — | ||||||||||||||||
Total operating expenses | $ | 213.3 | $ | 201.6 | 6 | $ | 405.2 | $ | 401.4 | 1 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | ||||||||||||||||
U.S. Media | $ | 367.1 | $ | 356.5 | $ | 674.2 | $ | 669.1 | ||||||||
Other | 29.1 | 28.8 | 52.6 | 64.6 | ||||||||||||
Total revenues | 396.2 | 385.3 | 726.8 | 733.7 | ||||||||||||
Foreign currency exchange impact | — | (0.8 | ) | — | (0.4 | ) | ||||||||||
Constant dollar revenues(a) | $ | 396.2 | $ | 384.5 | $ | 726.8 | $ | 733.3 | ||||||||
(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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating income | $ | 65.0 | $ | 59.0 | $ | 91.0 | $ | 83.2 | ||||||||
Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 | ||||||||||||
Loss on real estate assets held for sale | — | — | — | 1.3 | ||||||||||||
Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 | ||||||||||||
Depreciation | 23.1 | 28.5 | 46.0 | 57.6 | ||||||||||||
Amortization | 25.4 | 30.4 | 49.1 | 58.7 | ||||||||||||
Stock-based compensation | 5.5 | 4.5 | 10.9 | 9.3 | ||||||||||||
Total Adjusted OIBDA | $ | 122.0 | $ | 123.0 | $ | 202.2 | $ | 211.1 | ||||||||
Adjusted OIBDA: | ||||||||||||||||
U.S. Media | $ | 128.3 | $ | 123.7 | $ | 220.7 | $ | 218.6 | ||||||||
Other | 4.0 | 8.4 | 2.9 | 10.6 | ||||||||||||
Corporate | (10.3 | ) | (9.1 | ) | (21.4 | ) | (18.1 | ) | ||||||||
Total Adjusted OIBDA | $ | 122.0 | $ | 123.0 | $ | 202.2 | $ | 211.1 | ||||||||
Operating income (loss): | ||||||||||||||||
U.S. Media | $ | 83.9 | $ | 69.7 | $ | 131.4 | $ | 112.8 | ||||||||
Other | (3.1 | ) | 2.9 | (8.1 | ) | (2.2 | ) | |||||||||
Corporate | (15.8 | ) | (13.6 | ) | (32.3 | ) | (27.4 | ) | ||||||||
Total operating income | $ | 65.0 | $ | 59.0 | $ | 91.0 | $ | 83.2 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | % | June 30, | % | |||||||||||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Revenues: | ||||||||||||||||||||||
Billboard | $ | 259.2 | $ | 258.7 | — | % | $ | 484.3 | $ | 487.0 | (1 | )% | ||||||||||
Transit and other | 107.9 | 97.8 | 10 | 189.9 | 182.1 | 4 | ||||||||||||||||
Total revenues | $ | 367.1 | $ | 356.5 | 3 | $ | 674.2 | $ | 669.1 | 1 | ||||||||||||
Organic revenues(a): | ||||||||||||||||||||||
Billboard | $ | 259.2 | $ | 258.7 | — | $ | 482.3 | $ | 485.1 | (1 | ) | |||||||||||
Transit and other | 107.9 | 97.8 | 10 | 187.4 | 179.3 | 5 | ||||||||||||||||
Total organic revenues | 367.1 | 356.5 | 3 | 669.7 | 664.4 | 1 | ||||||||||||||||
Non-organic revenues: | ||||||||||||||||||||||
Billboard | — | — | * | 2.0 | 1.9 | 5 | ||||||||||||||||
Transit and other | — | — | * | 2.5 | 2.8 | (11 | ) | |||||||||||||||
Total non-organic revenues | — | — | * | 4.5 | 4.7 | (4 | ) | |||||||||||||||
Total revenues | 367.1 | 356.5 | 3 | 674.2 | 669.1 | 1 | ||||||||||||||||
Operating expenses | (194.1 | ) | (186.1 | ) | 4 | (367.2 | ) | (360.5 | ) | 2 | ||||||||||||
SG&A expenses | (44.7 | ) | (46.7 | ) | (4 | ) | (86.3 | ) | (90.0 | ) | (4 | ) | ||||||||||
Adjusted OIBDA | $ | 128.3 | $ | 123.7 | 4 | $ | 220.7 | $ | 218.6 | 1 | ||||||||||||
Operating income | $ | 83.9 | $ | 69.7 | 20 | $ | 131.4 | $ | 112.8 | 16 | ||||||||||||
Restructuring charges | 0.1 | 0.4 | (75 | ) | 1.9 | 0.4 | * | |||||||||||||||
Net loss on dispositions | 0.1 | 0.2 | (50 | ) | 0.5 | 0.6 | (17 | ) | ||||||||||||||
Depreciation and amortization | 44.2 | 53.4 | (17 | ) | 86.9 | 104.8 | (17 | ) | ||||||||||||||
Adjusted OIBDA | $ | 128.3 | $ | 123.7 | 4 | $ | 220.7 | $ | 218.6 | 1 | ||||||||||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude revenues associated with significant acquisitions and divestitures (“non-organic revenues”). |
(in constant dollars)(a) | (in constant dollars)(a) | |||||||||||||||||||||||||||||||||||
(in millions, except | Three Months Ended June 30, | % | Three Months Ended June 30, | % | Six Months Ended June 30, | % | Six Months Ended June 30, | % | ||||||||||||||||||||||||||||
percentages) | 2017 | 2016 | Change | 2016 | Change | 2017 | 2016 | Change | 2016 | Change | ||||||||||||||||||||||||||
Total revenues | $ | 29.1 | $ | 28.8 | 1 | % | $ | 28.0 | 4 | % | $ | 52.6 | $ | 64.6 | (19 | )% | $ | 64.2 | (18 | )% | ||||||||||||||||
Operating expenses | (19.2 | ) | (15.5 | ) | 24 | (15.1 | ) | 27 | (38.0 | ) | (40.9 | ) | (7 | ) | (40.8 | ) | (7 | ) | ||||||||||||||||||
SG&A expenses | (5.9 | ) | (4.9 | ) | 20 | (4.6 | ) | 28 | (11.7 | ) | (13.1 | ) | (11 | ) | (13.0 | ) | (10 | ) | ||||||||||||||||||
Adjusted OIBDA | $ | 4.0 | $ | 8.4 | (52 | ) | $ | 8.3 | (52 | ) | $ | 2.9 | $ | 10.6 | (73 | ) | $ | 10.4 | (72 | ) | ||||||||||||||||
Operating income (loss) | $ | (3.1 | ) | $ | 2.9 | * | $ | (8.1 | ) | $ | (2.2 | ) | * | |||||||||||||||||||||||
Restructuring charges | 2.8 | — | * | 2.8 | — | * | ||||||||||||||||||||||||||||||
Loss on real estate assets held for sale | — | — | * | — | 1.3 | * | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4.3 | 5.5 | (22 | ) | 8.2 | 11.5 | (29 | ) | ||||||||||||||||||||||||||||
Adjusted OIBDA | $ | 4.0 | $ | 8.4 | (52 | ) | $ | 2.9 | $ | 10.6 | (73 | ) | ||||||||||||||||||||||||
* | Calculation is not meaningful. |
(a) | 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) | June 30, 2017 | December 31, 2016 | % Change | ||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 23.1 | $ | 65.2 | (65 | )% | |||||
Receivables, less allowance ($9.4 in 2017 and $9.2 in 2016) | 237.7 | 222.0 | 7 | ||||||||
Prepaid lease and transit franchise costs | 66.5 | 67.4 | (1 | ) | |||||||
Other prepaid expenses | 13.7 | 15.8 | (13 | ) | |||||||
Other current assets | 9.2 | 7.8 | 18 | ||||||||
Total current assets | 350.2 | 378.2 | (7 | ) | |||||||
Liabilities: | |||||||||||
Accounts payable | 55.6 | 85.6 | (35 | ) | |||||||
Accrued compensation | 23.0 | 33.9 | (32 | ) | |||||||
Accrued interest | 16.0 | 15.7 | 2 | ||||||||
Accrued lease costs | 26.8 | 26.7 | — | ||||||||
Other accrued expenses | 45.3 | 54.8 | (17 | ) | |||||||
Deferred revenues | 27.7 | 20.2 | 37 | ||||||||
Short-term debt | 85.0 | — | * | ||||||||
Other current liabilities | 18.0 | 14.6 | 23 | ||||||||
Total current liabilities | 297.4 | 251.5 | 18 | ||||||||
Working capital | $ | 52.8 | $ | 126.7 | (58 | ) | |||||
* | Calculation is not meaningful. |
As of | ||||||||
(in millions, except percentages) | June 30, 2017 | December 31, 2016 | ||||||
Term loan | $ | 667.6 | $ | 659.0 | ||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.5 | 549.5 | ||||||
5.625% senior unsecured notes, due 2024 | 502.8 | 503.0 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,502.3 | 1,502.5 | ||||||
Debt issuance costs | (26.3 | ) | (24.7 | ) | ||||
Total long-term debt, net | $ | 2,143.6 | $ | 2,136.8 | ||||
Weighted average cost of debt | 4.8 | % | 4.8 | % | ||||
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2017 | 2018-2019 | 2020-2021 | 2022 and thereafter | |||||||||||||||
Long-term debt | $ | 2,170.0 | $ | — | $ | — | $ | — | $ | 2,170.0 | ||||||||||
Interest | 750.2 | 106.9 | 214.1 | 214.1 | 215.1 | |||||||||||||||
Total | $ | 2,920.2 | $ | 106.9 | $ | 214.1 | $ | 214.1 | $ | 2,385.1 | ||||||||||
Six Months Ended | |||||||||||
June 30, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Cash provided by operating activities | $ | 79.1 | $ | 104.7 | (24 | )% | |||||
Cash used for investing activities | (99.9 | ) | (3.4 | ) | * | ||||||
Cash used for financing activities | (21.7 | ) | (142.1 | ) | (85 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.2 | 100 | ||||||||
Net decrease to cash and cash equivalents | $ | (42.1 | ) | $ | (40.6 | ) | 4 | ||||
* | Calculation is not meaningful. |
Six Months Ended | |||||||||||
June 30, | % | ||||||||||
(in millions, except percentages) | 2017 | 2016 | Change | ||||||||
Growth | $ | 29.6 | $ | 21.7 | 36 | % | |||||
Maintenance | 12.6 | 8.3 | 52 | ||||||||
Total capital expenditures | $ | 42.2 | $ | 30.0 | 41 | ||||||
• | Declines in advertising and general economic conditions; |
• | Competition; |
• | Government regulation; |
• | Our inability to increase the number of digital advertising displays in our portfolio or provide digital advertising displays to our customers; |
• | 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 other key employees; |
• | 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 Canadian business; |
• | A breach of our security measures; |
• | Changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; |
• | 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; and |
• | Establishing an operating partnership as part of our REIT structure. |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorizations | ||||||||||
April 1, 2017 through April 30, 2017 | — | $ | — | — | — | ||||||||
May 1, 2017 through May 31, 2017 | — | — | — | — | |||||||||
June 1, 2017 through June 30, 2017 | — | — | — | — | |||||||||
Total | — | — | — | — | |||||||||
OUTFRONT MEDIA INC. | ||||
By: | /s/ Donald R. Shassian | |||
Name: | Donald R. Shassian | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
(Principal Financial Officer) | ||||
Exhibit Number | Description | |
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 | |
(b) | The Term shall end upon the first to occur of any of the following events: |
(i) | Executive’s death; |
(ii) | OUTFRONT’s termination of Executive’s employment due to Executive’s Disability (as defined in paragraph 7); |
(iii) | OUTFRONT’s termination of Executive’s employment for Cause (as defined in paragraph 8(a)); |
(iv) | a Termination Without Cause (as defined in paragraph 8(b)); |
(v) | a Termination for Good Reason (as defined in paragraph 8(b)); or |
(vi) | Executive’s voluntary termination without Good Reason (as described in paragraph 8(a)(ii)). |
(b) | During the Term, Executive assumes a duty to perform the obligations of Executive’s position with OUTFRONT in a loyal and diligent manner, including, among other things, avoiding conflicts of interest (e.g., leveraging business relationships, contacts or other assets for any personal gain or advantage or the gain or advantage of any person or entity other than OUTFRONT) and promptly informing OUTFRONT of any business opportunities Executive has been offered and that may be of interest to OUTFRONT. Executive represents and agrees that it shall be a violation of the obligations of this Agreement to, among other things, engage in or prepare to engage in competitive activity while employed by OUTFRONT (e.g., to plan, coordinate or prepare to start to engage in any competitive activity). If Executive desires to engage in outside business activities during the scope of Executive’s employment with OUTFRONT, such activities must be fully disclosed in writing in advance to a member of OUTFRONT’s Legal Department so that OUTFRONT may evaluate whether such outside business activities violate the terms of this Agreement, with such evaluation and determination being made by OUTFRONT in its sole discretion. This paragraph shall not in any way limit any common law or statutory duties owed by Executive to OUTFRONT. |
(i) | OUTFRONT agrees Executive shall be eligible to be considered for participation in OUTFRONT’s Executive Bonus Plan (the “EBP”), i.e., OUTFRONT’s current bonus plan, or any successor plans to the EBP. Executive shall have an annual bonus target equal to fifty percent (50%) of her Salary (“Target Bonus”). Since the EBP is administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the EBP, if any, shall be determined on an annual basis at the sole discretion of the Board of Directors of OUTFRONT (the “Board”), or the appropriate committee of such Board. The Bonus for any calendar year may be subject to proration for the portion of such calendar year that Executive was employed by OUTFRONT. |
(ii) | Notwithstanding the foregoing, Executive’s Bonus for any calendar year shall be payable, less applicable deductions and withholding taxes, by no later than March 15 of the year following the year in which the Bonus was considered earned. |
(c) | Long-Term Incentive Compensation. During the Term, Executive shall be eligible to be considered for participation in the OUTFRONT Media Inc. Omnibus Stock Incentive Plan (the “LTIP”), or any successor plans to the LTIP, and shall be recommended for an annual grant with a Target Long-Term Incentive value equal to Three Hundred Fifty Thousand Dollars ($350,000). Since the LTIP is administered under procedures that are not subject to contractual arrangements, eligibility for consideration is no guarantee of actual participation (or of meeting any target amounts), and the precise amount, form and timing of the awards under the LTIP, if any, shall be determined on an annual basis at the sole discretion of the Board, or the appropriate committee of such Board. |
(i) | employ or solicit the employment of any person who is then or has been within six (6) months prior thereto, an employee of OUTFRONT or any of its affiliated companies; or |
(ii) | do any act or thing to cause, bring about, or induce any interference with, disturbance to, or interruption of any of the then-existing relationships (whether or not such relationships have been reduced to formal contracts) of OUTFRONT or any of its affiliated companies with any customer, employee, consultant or supplier. |
(e) | Litigation. |
(i) | Executive agrees that during the Term, and for the greater of: (A) twelve (12) months thereafter; or (B) during the pendency of any litigation or other proceeding, (x) Executive shall not communicate with anyone (other than Executive’s own attorneys and tax advisors), except to the extent necessary in the performance of Executive’s duties under this Agreement, with respect to the facts or subject matter of any pending or potential litigation, or regulatory or administrative proceeding involving OUTFRONT, or any of OUTFRONT’s affiliated companies, other than any litigation or other proceeding in which Executive is a party-in-opposition, without giving prior notice to OUTFRONT or its counsel; and (y) in the event that any other party attempts to obtain information or documents from Executive with respect to such matters, either through formal legal process such as a subpoena or by informal means such as interviews, Executive shall promptly notify OUTFRONT’s counsel before providing any information or documents. |
(ii) | Executive agrees to cooperate with OUTFRONT and its attorneys, both during and after the termination of Executive’s employment, in connection with any litigation or other proceeding arising out of or relating to matters in which Executive was involved prior to the termination of Executive’s employment. Executive’s cooperation shall include, without limitation, providing assistance to OUTFRONT’s counsel, experts or consultants, and providing truthful testimony in pretrial and trial or hearing proceedings. In the event that Executive’s cooperation is requested after the termination of Executive’s employment, OUTFRONT will (A) seek to minimize interruptions to Executive’s schedule to the extent consistent with its interests in the matter; and (B) reimburse Executive for all reasonable and appropriate out-of-pocket expenses actually incurred by Executive in connection with such cooperation upon reasonable substantiation of such expenses within sixty (60) calendar days following the date on which OUTFRONT receives appropriate documentation with respect to such expenses, but in no event later than December 31 of the year following the year in which Executive incurs the related expenses. |
(iii) | Executive agrees that during the Term and at any time thereafter, to the fullest extent permitted by law, Executive will not testify voluntarily in any lawsuit or other proceeding which directly or indirectly involves OUTFRONT or any of its affiliated companies, or which may create the impression that such testimony is endorsed or approved by OUTFRONT or any of its affiliated companies, without advance notice (including the general nature of the testimony) to and, if such testimony is without subpoena or other compulsory legal process, the approval of the General Counsel (or equivalent position thereof) of OUTFRONT. |
(iv) | Notwithstanding the foregoing, this Agreement shall not preclude Executive from participating in any governmental investigation of OUTFRONT, and Executive is not obligated under this Agreement to provide any notice to OUTFRONT regarding Executive’s participation in any governmental investigation of OUTFRONT. |
(i) | for the portion of the calendar year from January 1st until the date on which Executive first receives compensation under the STD program, bonus compensation shall be determined in accordance with the EBP (i.e., based upon OUTFRONT’s achievement of its goals and OUTFRONT’s good faith estimate of Executive’s achievement of Executive’s personal goals) and prorated for such period; and |
(ii) | for any subsequent portion of that calendar year and any portion of the following calendar year in which Executive receives compensation under the STD program, bonus compensation shall be in an amount equal to Executive’s Target Bonus and prorated for such period(s). |
(ii) | Voluntary Termination without Good Reason. Executive may, at her option, resign from her employment under this Agreement at any time without Good Reason (as defined below) by providing OUTFRONT with at least thirty (30) days’ advance written notice, in which case, Executive shall be paid the Accrued Obligations (as defined in paragraph 8(c)), and such resignation shall not be deemed to be a breach of this Agreement. |
(i) | a severance amount equal to twelve (12) months of Executive’s then current base Salary described in paragraph 3(a), payable in accordance with OUTFRONT’s then effective payroll practices (the “Severance Payment”); |
(ii) | a prorated bonus for that portion of the year of such termination during which Executive actively rendered services, paid in accordance with the EBP (the “Pro-Rata Bonus”). The precise amount of bonus payable, if any, will be determined in a manner consistent with the manner bonus pay determinations are made for comparable executives, and such bonus, if any, less applicable deductions and withholding taxes, shall be payable by March 15 of the calendar year following the calendar year in which the termination occurs in accordance with EBP guidelines; |
(iii) | all outstanding equity awards (or portions thereof) granted to Executive on or after the commencement of the Term in connection with Executive’s |
(iv) | to the extent that the Termination Without Cause or Termination for Good Reason is considered a “separation from service” within the meaning of Section 409A, and which results in Executive’s loss of eligibility for medical and/or dental benefits under OUTFRONT’s then effective benefit plans, Executive shall be eligible for continued coverage under the existing plans applicable to Executive and/or continued medical and dental coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act, 29 U.S.C. section 1161 et seq. (“COBRA”) until the earlier of (A) the date that is twelve (12) months from the date of Executive’s termination, or (B) the date on which Executive becomes eligible for medical and dental coverage from a third-party employer. If Executive elects to continue Executive’s coverage under OUTFRONT’s medical and/or dental plans under COBRA, and if Executive signs the release described in paragraph 8(f) hereof, OUTFRONT will provide Executive’s coverage at no cost for a time period up to twelve (12) months (assuming Executive does not become covered under another group plan sooner). Any COBRA coverage beyond this time period will be at Executive’s own cost. The amount OUTFRONT will pay for continued medical and/ or dental COBRA coverage following Executive’s Termination Without Cause or Termination for Good Reason, if any, will be treated as taxable income and will be reported on a Form W-2, and OUTFRONT may withhold taxes from Executive’s compensation for this purpose. The parties agree that, consistent with the provisions of Section 409A, the following in-kind benefit rules shall also apply: (x) the amount of in-kind benefits paid during a calendar year will not affect the in-kind benefits, if any, provided |
(i) | Notwithstanding any provision in this Agreement to the contrary, prior to payment by OUTFRONT of any amount or provision of any benefit pursuant to paragraph 8(c), within sixty (60) days following Executive’s termination of employment, (A) Executive shall have executed and delivered to OUTFRONT a general release in a form satisfactory to OUTFRONT and (B) such general release shall have become effective and irrevocable in its entirety (such date, the “Release Effective Date”); provided, however, that if, at the time any cash severance payments are scheduled to be paid to Executive pursuant to paragraph 8(c) Executive has not executed a general release that has become effective and irrevocable in its entirety, then any such cash severance payments shall be held and accumulated without interest, and shall be paid to her on the first regular payroll date following the Release Effective Date. Executive’s failure or refusal to sign and deliver the release or her revocation of an executed and delivered release in accordance with applicable laws, whether intentionally or unintentionally, will result in the forfeiture of the payments and benefits under paragraph 8(c). Notwithstanding the foregoing, if the sixty (60) day period does not begin and end in the same calendar year, then the Release Effective Date shall occur no earlier than January 1st of the calendar year following the calendar year in which her termination occurs. |
(ii) | Notwithstanding any provision in this Agreement to the contrary, the payments and benefits described in paragraph 8(c) shall immediately cease, and OUTFRONT shall have no further obligations to Executive with respect thereto, in the event that Executive materially breaches any provision of paragraph 6 hereof. |
By: | /s/ Jeremy J. Male ______ Jeremy J. Male Chief Executive Officer |
• | A $75,000 annual board retainer, payable in equal installments quarterly in advance; |
• | A $10,000 annual committee member retainer, payable in equal installments quarterly in advance; |
• | A $20,000 annual retainer for the Company’s lead independent director, payable in equal installments quarterly in advance; and |
• | A $20,000 annual committee chair retainer for the chair of each committee of the board of directors, payable in equal installments quarterly in advance. |
• | An annual grant on the date of the Company’s Annual Meeting of Stockholders of Restricted Share Units (“RSUs”) with a value of $120,000 based on the closing price of the Company’s common stock on the New York Stock Exchange on the date of grant, which RSUs will vest one year from the date of grant, with dividend equivalents accruing on such RSUs in the amounts equal to the regular cash dividends paid on our common stock and such accrued dividend equivalents shall convert to shares of our common stock on the date of vesting; and |
• | A prorated RSU grant if he or she joins the board of directors following the date of the annual RSU grant, but during the calendar year of the grant. |
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 |
6 Months Ended | |
|---|---|---|
Jun. 30, 2017 |
Aug. 03, 2017 |
|
| 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 | Jun. 30, 2017 | |
| Document Fiscal Year Focus | 2017 | |
| Document Fiscal Period Focus | Q2 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 138,624,217 |
Consolidated Statement of Financial Position (Parenthetical) (Unaudited) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for receivables | $ 9.4 | $ 9.2 |
| Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
| Common Stock, Shares Issued | 138,617,908 | 138,044,896 |
| Common Stock, Shares Outstanding | 138,617,908 | 138,044,896 |
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Revenues [Abstract] | ||||
| Billboard | $ 274.2 | $ 273.6 | $ 510.2 | $ 524.0 |
| Transit and other | 122.0 | 111.7 | 216.6 | 209.7 |
| Total revenues | 396.2 | 385.3 | 726.8 | 733.7 |
| Expenses: | ||||
| Operating | 213.3 | 201.6 | 405.2 | 401.4 |
| Selling, general and administrative | 66.4 | 65.2 | 130.3 | 130.5 |
| Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 |
| Loss on real estate assets held for sale | 0.0 | 0.0 | 0.0 | 1.3 |
| Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
| Depreciation | 23.1 | 28.5 | 46.0 | 57.6 |
| Amortization | 25.4 | 30.4 | 49.1 | 58.7 |
| Total expenses | 331.2 | 326.3 | 635.8 | 650.5 |
| Operating income | 65.0 | 59.0 | 91.0 | 83.2 |
| Interest expense, net | (28.6) | (28.7) | (56.7) | (57.3) |
| Other income, net | 0.1 | 0.2 | 0.1 | 0.0 |
| Income before benefit for income taxes and equity in earnings of investee companies | 36.5 | 30.5 | 34.4 | 25.9 |
| Benefit (provision) for income taxes | (0.9) | (3.4) | 2.8 | (2.1) |
| Equity in earnings of investee companies, net of tax | 1.5 | 1.4 | 2.4 | 2.4 |
| Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 |
| Net income per common share: | ||||
| Basic (in dollars per share) | $ 0.27 | $ 0.21 | $ 0.29 | $ 0.19 |
| Diluted (in dollars per share) | $ 0.27 | $ 0.21 | $ 0.28 | $ 0.19 |
| Weighted average shares outstanding: | ||||
| Basic (in shares) | 138.6 | 137.9 | 138.4 | 137.8 |
| Diluted (in shares) | 139.3 | 138.3 | 139.1 | 138.2 |
| Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 |
| Other comprehensive income, net of tax: | ||||
| Cumulative translation adjustments | 4.4 | 99.9 | 5.5 | 106.4 |
| Net actuarial gain (loss) | (0.1) | 0.1 | (0.1) | (0.4) |
| Total other comprehensive income, net of tax | 4.3 | 100.0 | 5.4 | 106.0 |
| Total comprehensive income | $ 41.4 | $ 128.5 | $ 45.0 | $ 132.2 |
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
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|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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| Statement of Stockholders' Equity [Abstract] | ||||||
| Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||
Description of Business and Basis of Presentation |
6 Months Ended |
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Jun. 30, 2017 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. On April 1, 2016, we sold all of our equity interests in certain of our subsidiaries (the “Disposition”), which held all of the assets of our outdoor advertising business in Latin America (see Note 10. Acquisitions and Dispositions: Dispositions to the Consolidated Financial Statements). The operating results of our outdoor advertising business in Latin America through April 1, 2016, are included in our Consolidated Financial Statements for the three months ended March 31, 2016. Basis of Presentation and Use of Estimates The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”). In the opinion of our management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain reclassifications of prior year’s data have been made to conform to the current period’s presentation. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 23, 2017. |
New Accounting Standards |
6 Months Ended |
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Jun. 30, 2017 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance that simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. We have elected to account for forfeitures as they occur, which we adopted on a modified retrospective basis and resulted in an increase of $0.5 million to Additional paid in capital, offset by a decrease of $0.5 million to Distribution in excess of earnings on our Consolidated Statement of Financial Position and Consolidated Statement of Equity as of June 30, 2017. Business Combinations During the first quarter of 2017, we adopted the FASB’s guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is being applied on a prospective basis. Adoption of this guidance did not have a material effect on our consolidated financial statements. Recent Pronouncements Goodwill In January 2017, the FASB issued guidance simplifying the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual impairment tests performed on testing dates after January 1, 2017. We do not expect this guidance to have a material effect on our consolidated financial statements. Statement of Cash Flows In August 2016, the FASB issued guidance which clarifies presentation of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is to be applied on a retrospective basis and is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted and must be reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact of this guidance on our consolidated financial statements. Leases In February 2016, the FASB issued guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification 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. Lessors will 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. As of December 31, 2016, we had approximately 22,600 lease agreements in the U.S. and approximately 3,200 lease agreements in Canada, the majority of which will be classified as operating leases under the new guidance. We are currently evaluating our lease contracts and planning for the implementation of this standard. This standard will require us to recognize a right-of-use asset and lease liability for the present value of minimum lease payments for operating leases with a term greater than 12 months and will have a significant impact on our consolidated financial statements. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Revenue from Contracts with Customers In May 2014 (updated in August 2015, March 2016, April 2016 and May 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. Our billboard lease revenues will be recognized under the new lease standard. The revenue recognition guidance will be primarily applicable to our multi-year transit advertising contracts with municipalities in the U.S. and Canada, and marketing and multimedia rights agreements with colleges, universities and other educational institutions. We are currently evaluating the impact of this guidance on our consolidated financial statements.
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Property and Equipment |
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| Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation.
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets For the six months ended June 30, 2017 and the year ended December 31, 2016, the changes in the book value of goodwill by segment were as follows:
Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following:
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| 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 |
6 Months Ended |
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Jun. 30, 2017 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions |
Debt |
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| Debt | Debt Long-term debt, net, consists of the following:
On March 16, 2017, the Company, along with its wholly owned subsidiaries, Outfront Media Capital LLC (“Finance LLC”) and Outfront Media Capital Corporation (together with Finance LLC, the “Borrowers”), and other guarantor subsidiaries party thereto, entered into an amendment (the “Amendment”) to its credit agreement and its related security agreement, each dated January 31, 2014 (together, and as amended, supplemented or otherwise modified, the “Credit Agreement”). The Amendment provides for (i) the extension of the maturity date of the Borrower’s existing revolving credit facility (the “Revolving Credit Facility”) from January 31, 2019, to March 16, 2022, (ii) the extension of the maturity date of the Borrower’s existing term loan (the “Term Loan” and together with the Revolving Credit Facility, the “Senior Credit Facilities”) from January 31, 2021, to March 16, 2024, (iii) an increase to the Revolving Credit Facility by $5.0 million to $430.0 million, (iv) the incurrence of a $10.0 million incremental term loan primarily to cover transaction fees and expenses, which increases the outstanding principal balance of the Term Loan to $670.0 million, and (v) revisions to certain provisions of the Credit Agreement to, among other things, lower the interest rate floor for all loans to 0.0% and update covenants for greater operational and financial flexibility to the Company (including incurrence of additional indebtedness), as well as include other ministerial changes to the Credit Agreement. The remaining terms of the Credit Agreement, as amended by the Amendment, are substantially the same as the terms under the existing Credit Agreement, including with respect to events of default and loan acceleration. On June 30, 2017, certain subsidiaries of the Company entered into a three-year $100.0 million revolving accounts receivable securitization facility (the “AR Facility”) with The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as a committed purchaser, group agent and administrative agent (“BTMU”). Term Loan The interest rate on the Term Loan was 3.5% per annum as of June 30, 2017. As of June 30, 2017, a discount of $2.4 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility As of June 30, 2017, there were $85.0 million of outstanding borrowings under the Revolving Credit Facility at a weighted average borrowing rate of approximately 3.1%. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in the three months ended June 30, 2017, $0.5 million in the three months ended June 30, 2016, $0.6 million in the six months ended June 30, 2017, and $1.0 million in the six months ended June 30, 2016. As of June 30, 2017, we had issued letters of credit totaling approximately $1.5 million against the Revolving Credit Facility. As of August 4, 2017, there were no outstanding borrowings under the Revolving Credit Facility. Accounts Receivable Securitization Facility On June 30, 2017, we entered into a three-year, $100.0 million AR Facility. In connection with the AR Facility, Outfront Media LLC, a wholly-owned subsidiary of the Company, will sell and/or contribute its existing and future accounts receivable and certain related assets to Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company (the “SPV”). The SPV will transfer an undivided interest in the accounts receivable to certain purchasers from time to time (the “Purchasers”). Outfront Media LLC will service the accounts receivables on behalf of the SPV for a fee. The SPV has granted the Purchasers a security interest in all of its assets, which primarily consist of the accounts receivable relating to the Company’s qualified REIT subsidiaries, in order to secure its obligations under the agreements governing the AR Facility. The Company has agreed to guarantee the performance of Outfront Media LLC, in its capacity as originator and servicer, of its obligations under the agreements governing the AR Facility. Neither Outfront Media LLC nor the SPV guarantees the collectability of the receivables under the AR Facility. In addition, the SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV’s assets before the assets become available to the Company. Accordingly, the SPV’s assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPV may be remitted to the Company. The AR Facility is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings will be presented as liabilities on our Consolidated Statements of Financial Position, (ii) our Consolidated Statements of Operations reflect the associated charges for bad debt expense related to pledged accounts receivable (a component of selling, general and administrative expenses) and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows. As of June 30, 2017, there were no outstanding borrowings under the AR Facility. The total fees under the AR Facility were immaterial for each of the three and six months ended June 30, 2017. As of August 4, 2017, there were $70.0 million of outstanding borrowings under the AR Facility at a borrowing rate of approximately 2.1%, which were used to repay amounts under the Revolving Credit Facility. Senior Unsecured Notes As of June 30, 2017, a discount of $0.5 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 June 30, 2017, a premium of $2.8 million on $100.0 million aggregate principal amount of the 5.625% Senior Unsecured Notes due 2024, remains unamortized. The premium is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Debt Covenants The Credit Agreement governing the Senior Credit Facilities, the agreements governing the AR Facility, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that 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, 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 third party 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 June 30, 2017, our Consolidated Net Secured Leverage Ratio was 1.6 to 1.0, as adjusted to give pro forma effect to an acquisition, in accordance with the Credit Agreement. The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. As of June 30, 2017, our Consolidated Total Leverage Ratio was 5.0 to 1.0, as adjusted to give pro forma effect to an acquisition, in accordance with the Credit Agreement. As of June 30, 2017, we are in compliance with our debt covenants. Letter of Credit Facilities In May 2017, we increased our aggregate letter of credit facilities from $80.0 million to $111.8 million. As of June 30, 2017, we had issued letters of credit totaling approximately $96.0 million under our aggregate $111.8 million letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three and six months ended June 30, 2017 and 2016. Deferred Financing Costs As of June 30, 2017, we had deferred $31.2 million in fees and expenses associated with the Term Loan, Revolving 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 and our senior unsecured notes. Fair Value |
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Equity |
6 Months Ended |
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Jun. 30, 2017 | |
| Equity [Abstract] | |
| Equity | Equity On June 13, 2017, certain subsidiaries of OUTFRONT Media Inc. acquired the equity interests of certain subsidiaries of All Vision LLC (“All Vision”), which hold substantially all of All Vision’s existing outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”) (see Note 10. Acquisitions and Dispositions). In connection with the Transaction, the Company issued 1,953,407 shares of Class A equity interests of a subsidiary of the Company that controls its Canadian business (“Outfront Canada”). The Class A equity interests are entitled to receive priority cash distributions from Outfront Canada at the same time and in the same per share amount as the dividends paid on shares of the Company’s common stock. The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability. As of June 30, 2017, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 138,617,908 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. |
Restructuring Charges |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring charges | Restructuring Charges |
Acquisitions and Dispositions |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Business Combinations [Abstract] | |
| Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In connection with the Transaction, the Company paid approximately $94.4 million for the assets, comprised of $50.0 million in cash and $44.4 million, or 1,953,407 shares, of Class A equity interests of Outfront Canada, subject to post-closing adjustments (upward or downward) for closing date working capital and indebtedness, and for the achievement of certain operating income before depreciation and amortization targets relating to All Vision’s assets in 2017 and 2018. The issued Class A equity interests of Outfront Canada are redeemable non-controlling interests and are included in Non-controlling interests on our Consolidated Statement of Financial Position based on actual foreign currency exchange rates on the closing date of the Transaction compared to the negotiated foreign currency exchange rate used in the valuation described above. The preliminary allocation of the purchase price of approximately $94.4 million is based on management’s estimate of the fair value of the assets acquired and liabilities assumed on the closing date of the Transaction, which was $50.3 million of identified intangible assets, $44.1 million of goodwill, $14.6 million of deferred tax liabilities and $14.6 million of other assets and liabilities (primarily property and equipment). These preliminary estimates may be revised in future periods. Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill. Including the Transaction, we completed several acquisitions for a total purchase price of approximately $102.4 million in the six months ended June 30, 2017, and $61.3 million in the six months ended June 30, 2016. Dispositions |
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 and six months ended June 30, 2017 and 2016.
As of June 30, 2017, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $28.0 million, which is expected to be recognized over a weighted average period of 2.1 years, and total unrecognized compensation cost related to non-vested stock options was immaterial. RSUs and PRSUs The following table summarizes activity for the six months ended June 30, 2017, of RSUs and PRSUs issued to our employees.
Stock Options The following table summarizes activity for the six months ended June 30, 2017, of stock options issued to our employees.
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Retirement Benefits |
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits | Retirement Benefits The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
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Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes We are organized in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, we have not provided for U.S. federal income tax on our REIT taxable income that we distribute to our stockholders. We have elected to treat our subsidiaries that participate in certain non-REIT qualifying activities, and our foreign subsidiaries, as 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. |
Earnings Per Share ("EPS") |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share (EPS) | Earnings Per Share (“EPS”)
(b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 8. Equity.)
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Commitment and Contingencies |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of operating lease arrangements and guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have 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. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. Under most of these agreements, the school is entitled to receive the greater of a percentage of the relevant revenue, net of agency commissions, or a specified guaranteed minimum annual payment. The New York Metropolitan Transportation Authority (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, in any combination, each for a ten-year contract, with an additional potential five-year renewal period. On May 18, 2016, we submitted a response to the MTA. In mid-October, the MTA issued a follow-up request that refined its timeline and bid requirements, particularly relating to digital deployment and the communications platform and we submitted our response on December 12, 2016. On May 26, 2017, we entered into an agreement with the MTA to extend the expiration of our existing contracts for transit advertising services to September 30, 2017, unless earlier terminated by the MTA on 30 days’ notice. 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 $125.1 million as of June 30, 2017, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information As of April 1, 2016, we manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing. International and Sports Marketing do not meet the criteria to be a reportable segment and accordingly, are both included in Other. The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other.
We present Operating income before Depreciation, Amortization, Net 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 |
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| 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, including the SPV; (v) elimination entries necessary to consolidate the Parent Company and the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Outfront Media Capital Corporation is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.
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Description of Business and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2017 | |
| 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) |
6 Months Ended |
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Jun. 30, 2017 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Pronouncements | Adoption of New Accounting Standards Stock Compensation During the first quarter of 2017, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance that simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as the classification in the statement of cash flows. We have elected to account for forfeitures as they occur, which we adopted on a modified retrospective basis and resulted in an increase of $0.5 million to Additional paid in capital, offset by a decrease of $0.5 million to Distribution in excess of earnings on our Consolidated Statement of Financial Position and Consolidated Statement of Equity as of June 30, 2017. Business Combinations During the first quarter of 2017, we adopted the FASB’s guidance clarifying the definition of a business for acquisitions and dispositions. The guidance is being applied on a prospective basis. Adoption of this guidance did not have a material effect on our consolidated financial statements. |
Property and Equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | The table below presents the balances of major classes of assets and accumulated depreciation.
(a) As of June 30, 2017, includes $14.2 million associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions).
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Goodwill and Other Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | For the six months ended June 30, 2017 and the year ended December 31, 2016, the changes in the book value of goodwill by segment were as follows:
(a) Non-tax deductible addition associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions).
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| Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following:
(a) Includes additions associated with the Transaction (as defined below, see Note 10. Acquisitions and Dispositions).
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Asset Retirement Obligation (Tables) |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
| 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) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Long-term debt, net, consists of the following:
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Stock-Based Compensation (Tables) |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 and six months ended June 30, 2017 and 2016.
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| Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the six months ended June 30, 2017, 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 six months ended June 30, 2017, of stock options issued to our employees.
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Retirement Benefits (Tables) |
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs | The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:
(a) Reflects amounts reclassified from accumulated other comprehensive income to net income.
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Earnings Per Share (Tables) |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted |
(b) On June 13, 2017, 1,953,407 shares of Class A equity interests of Outfront Canada were issued, which may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments), at our option, after a certain time period. (See Note 8. Equity.)
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment. Historical financial information by reportable segment has been recast to reflect the current period’s presentation. On April 1, 2016, we completed the Disposition. Historical operating results for our advertising business in Latin America are included in Other.
|
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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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Statement of Financial Position |
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| Condensed Statement of Operations |
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| Condensed Statements of Cash Flows |
|
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Description of Business and Basis of Presentation - Narrative (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
markets
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of largest domestic markets in which the entity operates | 25 |
| Approximate number of markets in which the entity operates | 150 |
| Number of operating segments | segment | 3 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|||||
| Property and Equipment [Line Items] | |||||||||
| Property and equipment | $ 2,028.9 | $ 2,028.9 | $ 1,961.2 | ||||||
| Depreciation | 23.1 | $ 28.5 | 46.0 | $ 57.6 | |||||
| Advertising structures | |||||||||
| Property and Equipment [Line Items] | |||||||||
| Property and equipment | 1,744.8 | [1] | 1,744.8 | [1] | $ 1,696.6 | ||||
| Acquired businesses | Advertising structures | |||||||||
| Property and Equipment [Line Items] | |||||||||
| Property and equipment | [1] | $ 14.2 | $ 14.2 | ||||||
| |||||||||
Goodwill and Other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
||||
| Goodwill [Roll Forward] | |||||
| Goodwill, Beginning Balance | $ 2,089.4 | $ 2,074.7 | |||
| Currency translation adjustments | 2.2 | 1.1 | |||
| Additions | 44.1 | [1] | 13.9 | ||
| Dispositions | (0.3) | ||||
| Goodwill, Ending Balance | 2,135.7 | 2,089.4 | |||
| U.S. Media | |||||
| Goodwill [Roll Forward] | |||||
| Goodwill, Beginning Balance | 2,054.0 | 2,040.1 | |||
| Currency translation adjustments | 0.0 | 0.0 | |||
| Additions | 0.0 | 13.9 | |||
| Dispositions | 0.0 | ||||
| Goodwill, Ending Balance | 2,054.0 | 2,054.0 | |||
| Other | |||||
| Goodwill [Roll Forward] | |||||
| Goodwill, Beginning Balance | 35.4 | 34.6 | |||
| Currency translation adjustments | 2.2 | 1.1 | |||
| Additions | 44.1 | [1] | 0.0 | ||
| Dispositions | (0.3) | ||||
| Goodwill, Ending Balance | $ 81.7 | $ 35.4 | |||
| |||||
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 1,592.9 | $ 1,535.0 |
| Accumulated amortization | (1,020.0) | (989.7) |
| Intangible assets | 572.9 | 545.3 |
| Permits and leasehold agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 1,088.4 | 1,038.0 |
| Accumulated amortization | (657.6) | (636.1) |
| Intangible assets | 430.8 | 401.9 |
| Franchise agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 452.5 | 451.6 |
| Accumulated amortization | (341.3) | (336.6) |
| Intangible assets | 111.2 | 115.0 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 52.0 | 45.4 |
| Accumulated amortization | (21.1) | (17.0) |
| Intangible assets | $ 30.9 | $ 28.4 |
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization of intangible assets | $ 25.4 | $ 30.4 | $ 49.1 | $ 58.7 |
| Amortization of direct lease acquisition costs | $ 10.2 | $ 10.1 | $ 18.9 | $ 19.0 |
| Maximum | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Intangible asset, useful life | 1 year | |||
| Direct lease acquisition costs | Minimum | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Intangible asset, useful life | 28 days | |||
Asset Retirement Obligation - Narrative (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| 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 |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
USD ($)
| |
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
| As of December 31, 2016 | $ 34.1 |
| Accretion expense | 1.2 |
| Additions | 0.1 |
| Liabilities settled | (0.7) |
| Foreign currency translation adjustments | 0.1 |
| As of June 30, 2017 | $ 34.8 |
Related Party Transactions - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2017
USD ($)
joint_venture
Displays
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
joint_venture
Displays
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
| Related Party Transaction [Line Items] | |||||
| Equity method investment, ownership percentage | 50.00% | 50.00% | |||
| Equity method investments | $ | $ 22.6 | $ 22.6 | $ 21.7 | ||
| Management fee revenue | $ | $ 2.0 | $ 1.8 | $ 3.5 | $ 3.5 | |
| Transit shelter joint ventures | |||||
| Related Party Transaction [Line Items] | |||||
| Equity method investment, number of investments | joint_venture | 2 | 2 | |||
| Acquired businesses | |||||
| Related Party Transaction [Line Items] | |||||
| Equity method investment, number of investments | joint_venture | 3 | 3 | |||
| Equity method investment, number of displays | Displays | 15 | 15 | |||
Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
| Debt Instrument [Line Items] | ||
| Long-term debt, net | $ 2,143.6 | $ 2,136.8 |
| Debt issuance costs | $ (26.3) | $ (24.7) |
| Weighted average cost of debt | 4.80% | 4.80% |
| Secured debt | Term loan, due 2024 | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Mar. 16, 2024 | |
| Long-term debt, net | $ 667.6 | |
| Secured debt | Term loan, due 2021 | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Jan. 31, 2021 | |
| Long-term debt, net | $ 659.0 | |
| Senior unsecured notes | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, net | $ 1,502.3 | $ 1,502.5 |
| Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Jan. 31, 2022 | Jan. 31, 2022 |
| Long-term debt, net | $ 549.5 | $ 549.5 |
| Stated interest rate | 5.25% | 5.25% |
| Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Jan. 31, 2024 | Jan. 31, 2024 |
| Long-term debt, net | $ 502.8 | $ 503.0 |
| Stated interest rate | 5.625% | 5.625% |
| Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||
| Debt Instrument [Line Items] | ||
| Maturity date | Mar. 15, 2025 | Mar. 15, 2025 |
| Long-term debt, net | $ 450.0 | $ 450.0 |
| Stated interest rate | 5.875% | 5.875% |
Debt - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 16, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Aug. 04, 2017
USD ($)
|
May 18, 2017
USD ($)
|
May 17, 2017
USD ($)
|
|
| Line of Credit Facility [Line Items] | ||||||||||
| Outstanding letters of credit and surety bonds | $ 125.1 | $ 125.1 | $ 125.1 | |||||||
| Debt Instrument, Covenant Description | The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0. | |||||||||
| Maximum consolidated total leverage ratio | 6.0 | |||||||||
| Consolidated Total Leverage Ratio | 5.0 | |||||||||
| Debt Instrument [Line Items] | ||||||||||
| Document Period End Date | Jun. 30, 2017 | |||||||||
| Deferred financing costs | $ 31.2 | $ 31.2 | $ 31.2 | |||||||
| Secured debt | Term loan, due 2021 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Maturity date | Jan. 31, 2021 | |||||||||
| Secured debt | Term loan, due 2024 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Incremental increase of term loan | $ 10.0 | |||||||||
| Term Loan principal balance | 670.0 | |||||||||
| Interest rate at period end | 3.50% | 3.50% | 3.50% | |||||||
| Unamortized debt discount | $ 2.4 | $ 2.4 | $ 2.4 | |||||||
| Maturity date | Mar. 16, 2024 | |||||||||
| Senior unsecured notes | 5.250% senior unsecured notes, due 2022 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Unamortized debt discount | 0.5 | 0.5 | $ 0.5 | |||||||
| Debt face amount | $ 150.0 | $ 150.0 | $ 150.0 | |||||||
| Stated interest rate | 5.25% | 5.25% | 5.25% | 5.25% | ||||||
| Maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||||||||
| Senior unsecured notes | 5.625% senior unsecured notes, due 2024 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Debt face amount | $ 100.0 | $ 100.0 | $ 100.0 | |||||||
| Stated interest rate | 5.625% | 5.625% | 5.625% | 5.625% | ||||||
| Maturity date | Jan. 31, 2024 | Jan. 31, 2024 | ||||||||
| Unamortized premium | $ 2.8 | $ 2.8 | $ 2.8 | |||||||
| Senior unsecured notes | 5.875% senior unsecured notes, due 2025 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 5.875% | 5.875% | 5.875% | 5.875% | ||||||
| Maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||||||||
| Minimum | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Interest rate floor | 0.00% | 0.00% | 0.00% | |||||||
| Fair Value, Inputs, Level 2 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Long-term debt at fair value | $ 2,300.0 | $ 2,300.0 | $ 2,300.0 | $ 2,200.0 | ||||||
| Revolving Credit Facility | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Revolving credit facility increase | 5.0 | |||||||||
| Maximum borrowing capacity | $ 430.0 | |||||||||
| Credit facility, expiration date | Mar. 16, 2022 | Jan. 31, 2019 | ||||||||
| Line of Credit Facility, Interest Rate During Period | 3.10% | 3.10% | 3.10% | |||||||
| Commitment fee for unused commitments | $ 0.4 | $ 0.5 | $ 0.6 | $ 1.0 | ||||||
| Outstanding letters of credit and surety bonds | $ 1.5 | 1.5 | $ 1.5 | |||||||
| Consolidated Net Secured Leverage Ratio | 1.6 | |||||||||
| Debt Instrument, Covenant Description | 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. | |||||||||
| Maximum consolidated net secured coverage ratio | 4.0 | |||||||||
| Revolving Credit Facility | Short-term debt | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Revolving credit facility, outstanding amount | 85.0 | 85.0 | $ 85.0 | |||||||
| Revolving Credit Facility | Short-term debt | Subsequent Event | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Revolving credit facility, outstanding amount | $ 0.0 | |||||||||
| Revolving Credit Facility | Maximum | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Debt covenant, restricted cash limit | 150.0 | 150.0 | 150.0 | |||||||
| Accounts Receivable Securitization Program | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Maximum borrowing capacity | $ 100.0 | 100.0 | 100.0 | |||||||
| Line of Credit Facility, Expiration Period | 3 years | |||||||||
| Accounts Receivable Securitization Program | Short-term debt | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Revolving credit facility, outstanding amount | $ 0.0 | 0.0 | 0.0 | |||||||
| Accounts Receivable Securitization Program | Short-term debt | Subsequent Event | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Revolving credit facility, outstanding amount | $ 70.0 | |||||||||
| Line of Credit Facility, Interest Rate During Period | 2.10% | |||||||||
| Letter of Credit | ||||||||||
| Line of Credit Facility [Line Items] | ||||||||||
| Maximum borrowing capacity | 111.8 | 111.8 | 111.8 | $ 111.8 | $ 80.0 | |||||
| Outstanding letters of credit and surety bonds | $ 96.0 | $ 96.0 | $ 96.0 | |||||||
Equity - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Sep. 29, 2017 |
Sep. 08, 2017 |
Jul. 25, 2017
$ / shares
|
Jun. 13, 2017
shares
|
Jun. 30, 2017
$ / shares
shares
|
Jun. 30, 2016
$ / shares
|
Jun. 30, 2017
$ / shares
shares
|
Jun. 30, 2016
$ / shares
|
Dec. 31, 2016
$ / shares
shares
|
Dec. 31, 2015
$ / shares
|
|
| Class of Stock [Line Items] | ||||||||||
| Temporary Equity, Contract Terms | The Class A equity interests may be redeemed by the holders in exchange for shares of the Company’s common stock on a one-for-one basis (subject to anti-dilution adjustments) or, at the Company’s option, cash equal to the then fair market value of the shares of the Company’s common stock commencing (i) one year after closing, with respect to 55% of the Class A equity interests, and (ii) 18 months after closing, with respect to the remaining 45% of the Class A equity interests. In connection with the Transaction, the Company has agreed to limitations on its ability to sell or otherwise dispose of the assets acquired from All Vision for a period of five years, unless it pays holders of the Class A equity interests in Outfront Canada an amount intended to approximate their resulting tax liability | |||||||||
| Exchange Ratio Class A Equity Interests For Common Stock | 1 | |||||||||
| Restriction For Disposition of Assets Acquired | 5 years | |||||||||
| Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | 450,000,000 | |||||||
| Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
| Common Stock, Shares Issued | 138,617,908 | 138,617,908 | 138,044,896 | |||||||
| Common Stock, Shares Outstanding | 138,617,908 | 138,617,908 | 138,044,896 | |||||||
| Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||||
| Preferred stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||
| Preferred Stock, Shares Issued | 0 | 0 | ||||||||
| Preferred Stock, Shares Outstanding | 0 | 0 | ||||||||
| Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 | ||||||
| Subsequent Event | ||||||||||
| Class of Stock [Line Items] | ||||||||||
| Dividends Payable, Date Declared | Jul. 25, 2017 | |||||||||
| Dividends declared per common share (in dollars per share) | $ / shares | $ 0.36 | |||||||||
| Dividends Payable, Date to be Paid | Sep. 29, 2017 | |||||||||
| Dividends Payable, Date of Record | Sep. 08, 2017 | |||||||||
| Noncontrolling Interest | ||||||||||
| Class of Stock [Line Items] | ||||||||||
| Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||||||
| Noncontrolling Interest | Tranche 1 | ||||||||||
| Class of Stock [Line Items] | ||||||||||
| Redemption Restriction Period | 1 year | |||||||||
| Percentage Of Redeemable Equity Interests | 55.00% | |||||||||
| Noncontrolling Interest | Tranche 2 | ||||||||||
| Class of Stock [Line Items] | ||||||||||
| Redemption Restriction Period | 18 months | |||||||||
| Percentage Of Redeemable Equity Interests | 45.00% | |||||||||
Restructuring Charges Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring Reserve | $ 4.2 | $ 4.2 | ||
| Restructuring charges | 2.9 | $ 0.4 | 4.7 | $ 0.4 |
| Operating segments | Other | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | 2.8 | 2.8 | ||
| Operating segments | U.S. Media | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charges | $ 0.1 | $ 0.4 | $ 1.9 | $ 0.4 |
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 13, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Apr. 01, 2016 |
||||
| Business Acquisition [Line Items] | ||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ 57.8 | $ 61.3 | ||||||
| Equity interest of a subsidiary issued for an acquisition (value) | 44.6 | 0.0 | ||||||
| Noncash or Part Noncash Acquisition, Value of Assets Acquired | 102.4 | $ 61.3 | ||||||
| Finite-lived Intangible Assets Acquired | 50.3 | |||||||
| Goodwill, Acquired During Period | 44.1 | [1] | $ 13.9 | |||||
| Acquired deferred tax liabilities | 14.6 | |||||||
| Acquired other assets and liabilities | 14.6 | |||||||
| Proceeds from dispositions | $ 82.0 | |||||||
| Other | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Goodwill, Acquired During Period | $ 44.1 | [1] | $ 0.0 | |||||
| Noncontrolling Interest | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Equity interest of a subsidiary issued for an acquisition (value) | $ 44.4 | |||||||
| Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||||
| Acquired businesses | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | $ (50.0) | |||||||
| Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 94.4 | |||||||
| ||||||||
Stock-Based Compensation - Narrative (Details) - Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation not yet recognized, share-based awards other than options | $ 28.0 |
| Compensation cost not yet recognized, period for recognition | 2 years 1 month 6 days |
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock-based compensation expense, before income taxes | $ 5.5 | $ 4.5 | $ 10.9 | $ 9.3 |
| Tax benefit | (0.5) | (0.5) | (1.0) | (1.0) |
| Stock-based compensation expense, net of tax | 5.0 | 4.0 | 9.9 | 8.3 |
| Restricted share 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 | 5.5 | 4.5 | 10.8 | 9.2 |
| Stock options | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock-based compensation expense, before income taxes | $ 0.0 | $ 0.0 | $ 0.1 | $ 0.1 |
Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
$ / shares
shares
| |
| Restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”) | |
| RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
| Non-vested as of beginning of period | shares | 1,637,141 |
| Non-vested as of end of period | shares | 1,649,628 |
| RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
| Weighted Average Grant Date Fair Value, Non-Vested, Beginning Balance (per share) | $ / shares | $ 22.71 |
| Weighted Average Grant Date Fair Value, Non-Vested, Ending Balance (per share) | $ / shares | $ 24.41 |
| Restricted Stock Units (RSUs) | |
| RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
| Granted | shares | 522,064 |
| Vested | shares | (521,920) |
| Forfeitures | shares | (22,897) |
| RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
| Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 26.92 |
| Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 23.26 |
| Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 24.05 |
| Performance Restricted Stock Units (PRSUs) | |
| RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward] | |
| Granted | shares | 254,931 |
| Vested | shares | (197,341) |
| Forfeitures | shares | (22,350) |
| RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
| Weighted Average Grant Date Fair Value, Grants (per share) | $ / shares | $ 27.17 |
| Weighted Average Grant Date Fair Value, Vested (per share) | $ / shares | 24.18 |
| Weighted Average Grant Date Fair Value, Forfeited (per share) | $ / shares | $ 19.01 |
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
| Outstanding as of December 31, 2016 | shares | 294,897 |
| Exercised | shares | (129,604) |
| Outstanding as of June 30, 2017 | shares | 165,293 |
| Exercisable as of June 30, 2017 | shares | 139,439 |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
| Weighted average exercise price, options outstanding, as of December 31, 2016 | $ / shares | $ 15.72 |
| Weighted average exercise price, options exercised | $ / shares | 9.37 |
| Weighted average exercise price, options outstanding, as of June 30, 2017 | $ / shares | 20.69 |
| Weighted average exercise price, options exercisable | $ / shares | $ 19.64 |
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||||
| Service cost | $ 0.4 | $ 0.3 | $ 0.7 | $ 0.7 | ||
| Interest cost | 0.4 | 0.5 | 0.9 | 0.9 | ||
| Expected return on plan assets | (0.6) | (0.6) | (1.1) | (1.1) | ||
| Amortization of net actuarial losses | [1] | 0.2 | 0.2 | 0.3 | 0.3 | |
| Net periodic pension cost | $ 0.4 | $ 0.4 | $ 0.8 | $ 0.8 | ||
| ||||||
Retirement Benefits - Narrative (Details) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
USD ($)
| |
| Retirement Benefits [Abstract] | |
| Pension contributions | $ 1.1 |
| Estimated future employer contributions in current fiscal year | $ 2.2 |
Earnings Per Share ("EPS") (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 13, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||
| Earnings Per Share [Abstract] | ||||||||||
| Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 | ||||||
| Weighted average shares for basic EPS | 138,600,000 | 137,900,000 | 138,400,000 | 137,800,000 | ||||||
| Dilutive potential shares from grants of RSUs, PRSUs and stock options | [1] | 300,000 | 400,000 | 500,000 | 400,000 | |||||
| Incremental Dilutive Impact Of Redeemable Equity Interests | [2] | 400,000 | 0 | 200,000 | 0 | |||||
| Weighted average shares for diluted EPS | 139,300,000 | 138,300,000 | 139,100,000 | 138,200,000 | ||||||
| Antidilutive securities excluded from computation of earnings per share | 600,000 | 500,000 | 400,000 | 500,000 | ||||||
| Noncontrolling Interest | ||||||||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||
| Equity interest issued for an acquisition (in shares) | 1,953,407 | 1,953,407 | ||||||||
| ||||||||||
Commitment and Contingencies - Narrative (Details) $ in Millions |
Jun. 30, 2017
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Outstanding letters of credit and surety bonds | $ 125.1 |
Segment Information - Narrative (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 3 |
Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 396.2 | $ 385.3 | $ 726.8 | $ 733.7 |
| Operating segments | U.S. Media | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 367.1 | 356.5 | 674.2 | 669.1 |
| Operating segments | Other | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 29.1 | $ 28.8 | $ 52.6 | $ 64.6 |
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Segment Reporting Information [Line Items] | ||||
| Net income | $ 37.1 | $ 28.5 | $ 39.6 | $ 26.2 |
| (Benefit) provision for income taxes | 0.9 | 3.4 | (2.8) | 2.1 |
| Equity in earnings of investee companies, net of tax | (1.5) | (1.4) | (2.4) | (2.4) |
| Interest expense, net | 28.6 | 28.7 | 56.7 | 57.3 |
| Other expense, net | (0.1) | (0.2) | (0.1) | 0.0 |
| Operating income | 65.0 | 59.0 | 91.0 | 83.2 |
| Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 |
| Loss on real estate assets held for sale | 0.0 | 0.0 | 0.0 | 1.3 |
| Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
| Depreciation and amortization | 48.5 | 58.9 | 95.1 | 116.3 |
| Stock-based compensation | 5.5 | 4.5 | 10.9 | 9.3 |
| Adjusted OIBDA | 122.0 | 123.0 | 202.2 | 211.1 |
| Capital expenditures | 42.2 | 30.0 | ||
| Operating segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
| Depreciation and amortization | 48.5 | 58.9 | 95.1 | 116.3 |
| Capital expenditures | 25.6 | 15.6 | 42.2 | 30.0 |
| Operating segments | U.S. Media | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income | 83.9 | 69.7 | 131.4 | 112.8 |
| Restructuring charges | 0.1 | 0.4 | 1.9 | 0.4 |
| Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
| Depreciation and amortization | 44.2 | 53.4 | 86.9 | 104.8 |
| Adjusted OIBDA | 128.3 | 123.7 | 220.7 | 218.6 |
| Capital expenditures | 23.7 | 15.1 | 39.5 | 28.6 |
| Operating segments | Other | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income | (3.1) | 2.9 | (8.1) | (2.2) |
| Restructuring charges | 2.8 | 2.8 | ||
| Depreciation and amortization | 4.3 | 5.5 | 8.2 | 11.5 |
| Adjusted OIBDA | 4.0 | 8.4 | 2.9 | 10.6 |
| Capital expenditures | 1.9 | 0.5 | 2.7 | 1.4 |
| Corporate | ||||
| Segment Reporting Information [Line Items] | ||||
| Operating income | (15.8) | (13.6) | (32.3) | (27.4) |
| Adjusted OIBDA | $ (10.3) | $ (9.1) | $ (21.4) | $ (18.1) |
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 3,800.7 | $ 3,738.5 |
| Operating segments | U.S. Media | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 3,534.0 | 3,578.8 |
| Operating segments | Other | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 247.6 | 145.5 |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 19.1 | $ 14.2 |
Condensed Consolidating Financial Information - Narrative (Details) |
Jun. 30, 2017 |
|---|---|
| Wholly Owned Domestic Subsidiaries [Line Items] | |
| Equity method investment, ownership percentage | 50.00% |
| Parent Company | |
| Wholly Owned Domestic Subsidiaries [Line Items] | |
| Equity method investment, ownership percentage | 100.00% |
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|---|---|---|---|---|
| Condensed Statements of Financial Position, Captions [Line Items] | ||||
| Cash and cash equivalents | $ 23.1 | $ 65.2 | $ 61.0 | $ 101.6 |
| Receivables, less allowance | 237.7 | 222.0 | ||
| Other current assets | 89.4 | 91.0 | ||
| Total current assets | 350.2 | 378.2 | ||
| Property and equipment, net | 677.1 | 665.0 | ||
| Goodwill | 2,135.7 | 2,089.4 | 2,074.7 | |
| Intangible assets | 572.9 | 545.3 | ||
| Investment in subsidiaries | 0.0 | 0.0 | ||
| Other assets | 64.8 | 60.6 | ||
| Intercompany | 0.0 | 0.0 | ||
| Total assets | 3,800.7 | 3,738.5 | ||
| Total current liabilities | 297.4 | 251.5 | ||
| Long-term debt, net | 2,143.6 | 2,136.8 | ||
| Deferred income tax liabilities, net | 20.5 | 8.5 | ||
| Asset retirement obligation | 34.8 | 34.1 | ||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
| Other liabilities | 77.8 | 74.6 | ||
| Intercompany | 0.0 | 0.0 | ||
| Total liabilities | 2,574.1 | 2,505.5 | ||
| Total stockholders' equity | 1,181.9 | 1,232.9 | 1,255.6 | 1,212.6 |
| Non-controlling interests | 44.7 | 0.1 | ||
| Total equity | 1,226.6 | 1,233.0 | 1,255.6 | 1,212.6 |
| Total liabilities and equity | 3,800.7 | 3,738.5 | ||
| Eliminations | ||||
| Condensed Statements of Financial Position, Captions [Line Items] | ||||
| Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
| Receivables, less allowance | (29.4) | 0.0 | ||
| Other current assets | (10.0) | 0.0 | ||
| Total current assets | (39.4) | 0.0 | ||
| Property and equipment, net | 0.0 | 0.0 | ||
| Goodwill | 0.0 | 0.0 | ||
| Intangible assets | 0.0 | 0.0 | ||
| Investment in subsidiaries | (5,100.9) | (4,719.3) | ||
| Other assets | 0.0 | 0.0 | ||
| Intercompany | (272.1) | (109.7) | ||
| Total assets | (5,412.4) | (4,829.0) | ||
| Total current liabilities | (39.4) | 0.0 | ||
| Long-term debt, net | 0.0 | 0.0 | ||
| Deferred income tax liabilities, net | 0.0 | 0.0 | ||
| Asset retirement obligation | 0.0 | 0.0 | ||
| Deficit in excess of investment in subsidiaries | (2,236.0) | (2,138.9) | ||
| Other liabilities | 0.0 | 0.0 | ||
| Intercompany | (272.1) | (109.7) | ||
| Total liabilities | (2,547.5) | (2,248.6) | ||
| Total stockholders' equity | (2,775.5) | (2,580.2) | ||
| Non-controlling interests | (89.4) | (0.2) | ||
| Total equity | (2,864.9) | (2,580.4) | ||
| Total liabilities and equity | (5,412.4) | (4,829.0) | ||
| Parent Company | ||||
| Condensed Statements of Financial Position, Captions [Line Items] | ||||
| Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
| Receivables, less allowance | 0.0 | 0.0 | ||
| Other current assets | 0.0 | 0.0 | ||
| Total current assets | 0.0 | 0.0 | ||
| Property and equipment, net | 0.0 | 0.0 | ||
| Goodwill | 0.0 | 0.0 | ||
| Intangible assets | 0.0 | 0.0 | ||
| Investment in subsidiaries | 1,226.6 | 1,233.0 | ||
| Other assets | 0.0 | 0.0 | ||
| Intercompany | 0.0 | 0.0 | ||
| Total assets | 1,226.6 | 1,233.0 | ||
| Total current liabilities | 0.0 | 0.0 | ||
| Long-term debt, net | 0.0 | 0.0 | ||
| Deferred income tax liabilities, net | 0.0 | 0.0 | ||
| Asset retirement obligation | 0.0 | 0.0 | ||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
| Other liabilities | 0.0 | 0.0 | ||
| Intercompany | 0.0 | 0.0 | ||
| Total liabilities | 0.0 | 0.0 | ||
| Total stockholders' equity | 1,181.9 | 1,232.9 | ||
| Non-controlling interests | 44.7 | 0.1 | ||
| Total equity | 1,226.6 | 1,233.0 | ||
| Total liabilities and equity | 1,226.6 | 1,233.0 | ||
| Subsidiary Issuer | ||||
| Condensed Statements of Financial Position, Captions [Line Items] | ||||
| Cash and cash equivalents | 13.6 | 11.4 | 22.7 | 81.6 |
| Receivables, less allowance | 0.0 | 0.0 | ||
| Other current assets | 1.2 | 1.1 | ||
| Total current assets | 14.8 | 12.5 | ||
| Property and equipment, net | 0.0 | 0.0 | ||
| Goodwill | 0.0 | 0.0 | ||
| Intangible assets | 0.0 | 0.0 | ||
| Investment in subsidiaries | 3,462.6 | 3,371.9 | ||
| Other assets | 3.8 | 1.1 | ||
| Intercompany | 0.0 | 0.0 | ||
| Total assets | 3,481.2 | 3,385.5 | ||
| Total current liabilities | 111.0 | 15.7 | ||
| Long-term debt, net | 2,143.6 | 2,136.8 | ||
| Deferred income tax liabilities, net | 0.0 | 0.0 | ||
| Asset retirement obligation | 0.0 | 0.0 | ||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
| Other liabilities | 0.0 | 0.0 | ||
| Intercompany | 0.0 | 0.0 | ||
| Total liabilities | 2,254.6 | 2,152.5 | ||
| Total stockholders' equity | 1,181.9 | 1,232.9 | ||
| Non-controlling interests | 44.7 | 0.1 | ||
| Total equity | 1,226.6 | 1,233.0 | ||
| Total liabilities and equity | 3,481.2 | 3,385.5 | ||
| Guarantor Subsidiaries | ||||
| Condensed Statements of Financial Position, Captions [Line Items] | ||||
| Cash and cash equivalents | 3.3 | 35.8 | 14.4 | 8.5 |
| Receivables, less allowance | 46.3 | 207.9 | ||
| Other current assets | 76.9 | 77.9 | ||
| Total current assets | 126.5 | 321.6 | ||
| Property and equipment, net | 620.0 | 621.4 | ||
| Goodwill | 2,059.9 | 2,059.9 | ||
| Intangible assets | 521.0 | 545.3 | ||
| Investment in subsidiaries | 411.7 | 114.4 | ||
| Other assets | 58.7 | 56.9 | ||
| Intercompany | 123.8 | 42.7 | ||
| Total assets | 3,921.6 | 3,762.2 | ||
| Total current liabilities | 206.4 | 223.4 | ||
| Long-term debt, net | 0.0 | 0.0 | ||
| Deferred income tax liabilities, net | 0.8 | 0.0 | ||
| Asset retirement obligation | 30.1 | 29.7 | ||
| Deficit in excess of investment in subsidiaries | 2,236.0 | 2,138.9 | ||
| Other liabilities | 73.4 | 70.2 | ||
| Intercompany | 148.3 | 67.0 | ||
| Total liabilities | 2,695.0 | 2,529.2 | ||
| Total stockholders' equity | 1,181.9 | 1,232.9 | ||
| Non-controlling interests | 44.7 | 0.1 | ||
| Total equity | 1,226.6 | 1,233.0 | ||
| Total liabilities and equity | 3,921.6 | 3,762.2 | ||
| Non-Guarantor Subsidiaries | ||||
| Condensed Statements of Financial Position, Captions [Line Items] | ||||
| Cash and cash equivalents | 6.2 | 18.0 | $ 23.9 | $ 11.5 |
| Receivables, less allowance | 220.8 | 14.1 | ||
| Other current assets | 21.3 | 12.0 | ||
| Total current assets | 248.3 | 44.1 | ||
| Property and equipment, net | 57.1 | 43.6 | ||
| Goodwill | 75.8 | 29.5 | ||
| Intangible assets | 51.9 | 0.0 | ||
| Investment in subsidiaries | 0.0 | 0.0 | ||
| Other assets | 2.3 | 2.6 | ||
| Intercompany | 148.3 | 67.0 | ||
| Total assets | 583.7 | 186.8 | ||
| Total current liabilities | 19.4 | 12.4 | ||
| Long-term debt, net | 0.0 | 0.0 | ||
| Deferred income tax liabilities, net | 19.7 | 8.5 | ||
| Asset retirement obligation | 4.7 | 4.4 | ||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | ||
| Other liabilities | 4.4 | 4.4 | ||
| Intercompany | 123.8 | 42.7 | ||
| Total liabilities | 172.0 | 72.4 | ||
| Total stockholders' equity | 411.7 | 114.4 | ||
| Non-controlling interests | 0.0 | 0.0 | ||
| Total equity | 411.7 | 114.4 | ||
| Total liabilities and equity | $ 583.7 | $ 186.8 |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Condensed Statements of Operations, Captions [Line Items] | ||||
| Billboard | $ 274.2 | $ 273.6 | $ 510.2 | $ 524.0 |
| Transit and other | 122.0 | 111.7 | 216.6 | 209.7 |
| Total revenues | 396.2 | 385.3 | 726.8 | 733.7 |
| Operating | 213.3 | 201.6 | 405.2 | 401.4 |
| Selling, general and administrative | 66.4 | 65.2 | 130.3 | 130.5 |
| Restructuring charges | 2.9 | 0.4 | 4.7 | 0.4 |
| Loss on real estate assets held for sale | 0.0 | 0.0 | 0.0 | 1.3 |
| Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
| Depreciation | 23.1 | 28.5 | 46.0 | 57.6 |
| Amortization | 25.4 | 30.4 | 49.1 | 58.7 |
| Total expenses | 331.2 | 326.3 | 635.8 | 650.5 |
| Operating income (loss) | 65.0 | 59.0 | 91.0 | 83.2 |
| Interest income (expense), net | (28.6) | (28.7) | (56.7) | (57.3) |
| Other income, net | 0.1 | 0.2 | 0.1 | 0.0 |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 36.5 | 30.5 | 34.4 | 25.9 |
| Benefit (provision) for income taxes | (0.9) | (3.4) | 2.8 | (2.1) |
| Equity in earnings of investee companies, net of tax | 1.5 | 1.4 | 2.4 | 2.4 |
| Net income (loss) | 37.1 | 28.5 | 39.6 | 26.2 |
| Total other comprehensive income (loss), net of tax | 4.3 | 100.0 | 5.4 | 106.0 |
| Total comprehensive income | 41.4 | 128.5 | 45.0 | 132.2 |
| Eliminations | ||||
| Condensed Statements of Operations, Captions [Line Items] | ||||
| Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, general and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
| Restructuring charges | 0.0 | 0.0 | 0.0 | 0.0 |
| Loss on real estate assets held for sale | 0.0 | |||
| Net loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
| Total expenses | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating income (loss) | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
| Other income, net | 0.0 | 0.0 | 0.0 | |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0.0 | 0.0 | 0.0 | 0.0 |
| Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | (72.8) | (58.1) | (75.3) | (46.9) |
| Net income (loss) | (72.8) | (58.1) | (75.3) | (46.9) |
| Total other comprehensive income (loss), net of tax | (12.9) | (300.0) | (16.2) | (318.0) |
| Total comprehensive income | (85.7) | (358.1) | (91.5) | (364.9) |
| Parent Company | ||||
| Condensed Statements of Operations, Captions [Line Items] | ||||
| Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, general and administrative | 0.4 | 0.3 | 0.8 | 0.7 |
| Restructuring charges | 0.0 | 0.0 | 0.0 | 0.0 |
| Loss on real estate assets held for sale | 0.0 | |||
| Net loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
| Total expenses | 0.4 | 0.3 | 0.8 | 0.7 |
| Operating income (loss) | (0.4) | (0.3) | (0.8) | (0.7) |
| Interest income (expense), net | 0.0 | 0.0 | 0.0 | 0.0 |
| Other income, net | 0.0 | 0.0 | 0.0 | |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (0.4) | (0.3) | (0.8) | (0.7) |
| Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 37.5 | 28.8 | 40.4 | 26.9 |
| Net income (loss) | 37.1 | 28.5 | 39.6 | 26.2 |
| Total other comprehensive income (loss), net of tax | 4.3 | 100.0 | 5.4 | 106.0 |
| Total comprehensive income | 41.4 | 128.5 | 45.0 | 132.2 |
| Subsidiary Issuer | ||||
| Condensed Statements of Operations, Captions [Line Items] | ||||
| Billboard | 0.0 | 0.0 | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 | 0.0 | 0.0 |
| Selling, general and administrative | 0.1 | 0.0 | 0.8 | 0.1 |
| Restructuring charges | 0.0 | 0.0 | 0.0 | 0.0 |
| Loss on real estate assets held for sale | 0.0 | |||
| Net loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 | 0.0 | 0.0 |
| Total expenses | 0.1 | 0.0 | 0.8 | 0.1 |
| Operating income (loss) | (0.1) | 0.0 | (0.8) | (0.1) |
| Interest income (expense), net | (28.5) | (28.7) | (56.5) | (57.2) |
| Other income, net | 0.0 | 0.0 | 0.0 | |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (28.6) | (28.7) | (57.3) | (57.3) |
| Benefit (provision) for income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 66.1 | 57.5 | 97.7 | 84.2 |
| Net income (loss) | 37.5 | 28.8 | 40.4 | 26.9 |
| Total other comprehensive income (loss), net of tax | 4.3 | 100.0 | 5.4 | 106.0 |
| Total comprehensive income | 41.8 | 128.8 | 45.8 | 132.9 |
| Guarantor Subsidiaries | ||||
| Condensed Statements of Operations, Captions [Line Items] | ||||
| Billboard | 259.2 | 258.7 | 484.3 | 487.0 |
| Transit and other | 118.7 | 108.3 | 211.0 | 202.9 |
| Total revenues | 377.9 | 367.0 | 695.3 | 689.9 |
| Operating | 201.5 | 191.2 | 381.9 | 371.3 |
| Selling, general and administrative | 62.4 | 61.6 | 121.7 | 120.0 |
| Restructuring charges | 0.0 | 0.4 | 1.8 | 0.4 |
| Loss on real estate assets held for sale | 0.0 | |||
| Net loss on dispositions | 0.1 | 0.2 | 0.5 | 0.6 |
| Depreciation | 20.2 | 24.5 | 40.2 | 49.1 |
| Amortization | 24.5 | 29.8 | 47.7 | 57.2 |
| Total expenses | 308.7 | 307.7 | 593.8 | 598.6 |
| Operating income (loss) | 69.2 | 59.3 | 101.5 | 91.3 |
| Interest income (expense), net | (0.2) | 0.0 | (0.3) | (0.1) |
| Other income, net | 0.0 | 0.0 | 0.0 | |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 69.0 | 59.3 | 101.2 | 91.2 |
| Benefit (provision) for income taxes | (1.9) | (3.4) | 0.0 | (2.1) |
| Equity in earnings of investee companies, net of tax | (29.6) | (27.1) | (60.8) | (62.2) |
| Net income (loss) | 37.5 | 28.8 | 40.4 | 26.9 |
| Total other comprehensive income (loss), net of tax | 4.3 | 100.0 | 5.4 | 106.0 |
| Total comprehensive income | 41.8 | 128.8 | 45.8 | 132.9 |
| Non-Guarantor Subsidiaries | ||||
| Condensed Statements of Operations, Captions [Line Items] | ||||
| Billboard | 15.0 | 14.9 | 25.9 | 37.0 |
| Transit and other | 3.3 | 3.4 | 5.6 | 6.8 |
| Total revenues | 18.3 | 18.3 | 31.5 | 43.8 |
| Operating | 11.8 | 10.4 | 23.3 | 30.1 |
| Selling, general and administrative | 3.5 | 3.3 | 7.0 | 9.7 |
| Restructuring charges | 2.9 | 0.0 | 2.9 | 0.0 |
| Loss on real estate assets held for sale | 1.3 | |||
| Net loss on dispositions | 0.0 | 0.0 | 0.0 | 0.0 |
| Depreciation | 2.9 | 4.0 | 5.8 | 8.5 |
| Amortization | 0.9 | 0.6 | 1.4 | 1.5 |
| Total expenses | 22.0 | 18.3 | 40.4 | 51.1 |
| Operating income (loss) | (3.7) | 0.0 | (8.9) | (7.3) |
| Interest income (expense), net | 0.1 | 0.0 | 0.1 | 0.0 |
| Other income, net | 0.1 | 0.2 | 0.1 | |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (3.5) | 0.2 | (8.7) | (7.3) |
| Benefit (provision) for income taxes | 1.0 | 0.0 | 2.8 | 0.0 |
| Equity in earnings of investee companies, net of tax | 0.3 | 0.3 | 0.4 | 0.4 |
| Net income (loss) | (2.2) | 0.5 | (5.5) | (6.9) |
| Total other comprehensive income (loss), net of tax | 4.3 | 100.0 | 5.4 | 106.0 |
| Total comprehensive income | $ 2.1 | $ 100.5 | $ (0.1) | $ 99.1 |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | $ 79.1 | $ 104.7 |
| Capital expenditures | (42.2) | (30.0) |
| Acquisitions | (57.8) | (61.3) |
| Net proceeds from dispositions | 0.1 | 87.9 |
| Net cash flow provided by (used for) investing activities | (99.9) | (3.4) |
| Proceeds from long-term borrowings - term loan | 8.3 | 0.0 |
| Repayments of long-term borrowings - term loan | 0.0 | (40.0) |
| Proceeds from borrowings under revolving credit facility | 90.0 | 35.0 |
| Repayments of borrowings under revolving credit facility | (5.0) | (35.0) |
| Payments of deferred financing costs | (7.5) | (0.4) |
| Proceeds from stock option exercises | 1.2 | 0.0 |
| Taxes withheld for stock-based compensation | (8.1) | (6.8) |
| Dividends | (100.4) | (94.7) |
| Intercompany | 0.0 | 0.0 |
| Other | (0.2) | (0.2) |
| Net cash flow provided by (used for) financing activities | (21.7) | (142.1) |
| Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.2 |
| Net decrease in cash and cash equivalents | (42.1) | (40.6) |
| Cash and cash equivalents at beginning of period | 65.2 | 101.6 |
| Cash and cash equivalents at end of period | 23.1 | 61.0 |
| Eliminations | ||
| Condensed Statements of Cash Flows, 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 borrowings - term loan | 0.0 | |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Payments of 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 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 |
| Parent Company | ||
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (0.8) | (0.8) |
| 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 borrowings - term loan | 0.0 | |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Payments of deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 1.2 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | (100.4) | (94.7) |
| Intercompany | 100.0 | 95.5 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 0.8 | 0.8 |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net 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 Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | (53.8) | (58.1) |
| 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 borrowings - term loan | 8.3 | |
| Repayments of long-term borrowings - term loan | (40.0) | |
| Proceeds from borrowings under revolving credit facility | 90.0 | 35.0 |
| Repayments of borrowings under revolving credit facility | (5.0) | (35.0) |
| Payments of deferred financing costs | (7.5) | (0.4) |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | (29.8) | 39.6 |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 56.0 | (0.8) |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net decrease in cash and cash equivalents | 2.2 | (58.9) |
| Cash and cash equivalents at beginning of period | 11.4 | 81.6 |
| Cash and cash equivalents at end of period | 13.6 | 22.7 |
| Guarantor Subsidiaries | ||
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 132.5 | 161.3 |
| Capital expenditures | (39.5) | (28.6) |
| Acquisitions | (6.2) | (61.3) |
| Net proceeds from dispositions | 0.1 | 0.4 |
| Net cash flow provided by (used for) investing activities | (45.6) | (89.5) |
| Proceeds from long-term borrowings - term loan | 0.0 | |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Payments of deferred financing costs | 0.0 | 0.0 |
| Proceeds from stock option exercises | 0.0 | |
| Taxes withheld for stock-based compensation | (8.1) | (6.8) |
| Dividends | 0.0 | 0.0 |
| Intercompany | (111.1) | (58.9) |
| Other | (0.2) | (0.2) |
| Net cash flow provided by (used for) financing activities | (119.4) | (65.9) |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
| Net decrease in cash and cash equivalents | (32.5) | 5.9 |
| Cash and cash equivalents at beginning of period | 35.8 | 8.5 |
| Cash and cash equivalents at end of period | 3.3 | 14.4 |
| Non-Guarantor Subsidiaries | ||
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 1.2 | 2.3 |
| Capital expenditures | (2.7) | (1.4) |
| Acquisitions | (51.6) | 0.0 |
| Net proceeds from dispositions | 0.0 | 87.5 |
| Net cash flow provided by (used for) investing activities | (54.3) | 86.1 |
| Proceeds from long-term borrowings - term loan | 0.0 | |
| Repayments of long-term borrowings - term loan | 0.0 | |
| Proceeds from borrowings under revolving credit facility | 0.0 | 0.0 |
| Repayments of borrowings under revolving credit facility | 0.0 | 0.0 |
| Payments of 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 | 40.9 | (76.2) |
| Other | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 40.9 | (76.2) |
| Effect of exchange rate changes on cash and cash equivalents | 0.4 | 0.2 |
| Net decrease in cash and cash equivalents | (11.8) | 12.4 |
| Cash and cash equivalents at beginning of period | 18.0 | 11.5 |
| Cash and cash equivalents at end of period | $ 6.2 | $ 23.9 |
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